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India would now be joining the US, Japan, Germany and France at the <keyword id="6366068" type="ORGANIZATION" weightage="100" keywordseo="INTERNATIONAL-MONETARY-FUND">International Monetary Fund</keyword>'s top table. The world’s largest democracy would also be joined with three other emerging markets; this has happened after the multilateral institution said yes to the much-delayed quota reforms on Wednesday. 
 These changes, which were pending since 2010, has made India stand among the top largest 10 members of the <keyword id="6355408" type="ORGANIZATION" weightage="100" keywordseo="IMF">IMF</keyword>, along with Italy and the UK, as well as fellow newcomers, Brazil, China and Russia. 
 
In the last IMF-World Bank meeting which was held at Lima, Peru, in October last year, India’s finance minister Arun Jaitley had strongly asked for early implementation of these changes. 
 
The reforms recommended that in order for developing countries to be better represented, they needed a 6% shift in quotas in their favour. These changes would raise India's vote share to 2.69% from the current 2.34%. 
 
"These reforms will ensure that the Fund is able to bet-ter meand represent the needs of its members in a rapidly changing global environment," IMF managing director Christine Lagarde said in his official statement. "Today marks a crucial step forward and it is not the end of change as our efforts to strengthen the IMF's governance will continue." 
 
As per the IMF, the changes aim to make better the governance and reflect the increasing role that dynamic emerging markets and developing countries have in the world economy. 
 
"The entry into force of these reforms will reinforce the credibility, effectiveness, and legitimacy of the IMF," said the release. "For the first time, four emerging market countries (Brazil, China, India, Russia) will be among the 10 largest members of the IMF." 
 
<a href="http://fm.cnbc.com/applications/cnbc.com/resources/img/editorial/2014/10/06/102064081-RTXYQYK.1910x1000.jpg">Image source</a>

India gets more voting rights as IMF reforms quota

<ul><li><keyword id="6355408" type="DEFINITION" weightage="20" keywordseo="imf">IMF</keyword> has revised down its earlier projection of 7.4% growth to 7.3% given the recent increase in global oil prices and tightening global financial conditions.</li><li>China’s growth rate also lowered to 6.6% in 2018 and 6.2% in 2019.</li><li>IMF warns rising fuel prices and weak rupee expected to increase inflation to 4.7%.</li></ul>The International Monetary Fund (IMF) has said <keyword id="3658" type="COUNTRY" weightage="20" keywordseo="India">India</keyword> should grow at 7.3% in 2018-2019, up from 6.7% last year but lower than its earlier projection earlier this year. In April, IMF had projected India’s growth rate to be at 7.4%, which it has now revised down given the recent increase in global oil prices and tightening global financial conditions, IMF has said in its <keyword id="188983" type="COMPANY" weightage="20" keywordseo="World-Economic-Outlook">World Economic Outlook</keyword> report. For 2019-20, India’s growth is projected to be at about 7.4%, on the back of the rebound from the shocks of demonetisation and the goods and <keyword id="16056" type="DOMAIN" weightage="20" keywordseo="Services">services</keyword> tax (GST), and improving private consumption and investment climate. In comparison, China is <a href="http://timesofindia.indiatimes.com/articleshow/66127502.cms?utm_source=contentofinterest&amp;utm_medium=text&amp;utm_campaign=cppst">expected </a>to grow at 6.6% in 2018 and 6.2% in 2019. China’s growth projections have been lowered in part due to the impact of US tariffs hitting Chinese exports and slowing external demand growth and financial regulatory tightening, according to the report. China was the fastest growing economy in the world in 2017. According to India’s central bank the Reserve <keyword id="6355303" type="DOMAIN" weightage="20" keywordseo="bank-of-india">Bank of India</keyword>, in 2018-19, India’s GDP is expected to grow at 7.4%, a figure the Indian government said it would <a href="https://economictimes.indiatimes.com/news/economy/policy/indias-gdp-growth-may-exceed-rbis-projection-of-7-4-pc-in-fy19-economic-affairs-secretary/articleshow/66088355.cms">exceed.</a> IMF has said that India’s medium-term growth prospects are strong at 7.75% attributable to structural reforms. Inflation warning However, the recent hike in oil prices and weakening rupee is expected to affect India’s inflation numbers, according to IMF, which has called for a tighter <keyword id="6357126" type="DEFINITION" weightage="20" keywordseo="Monetary-Policy">monetary policy</keyword>. IMF has warned that India’s inflation rate is expected to increase to 4.7% in 2018-19 compared to 4.5% in 2016-17 because of rising fuel prices and accelerating demand. Comparing India to trends in Argentina, IMF has<a href="https://www.livemint.com/Politics/4PjFOlGdpYMX8vwbWFIDZK/IMF-keeps-Indias-growth-forecast-for-201819-unchanged-se.html"> urged </a>India to “re-anchor expectations” where inflation continues to be high and increasing higher due to a sharp currency depreciation. Last week, RBI’s <keyword id="6375120" type="COMPANY" weightage="20" keywordseo="monetary-policy-committee">monetary policy committee</keyword> (MPC) kept interest rates <a href="https://www.businessinsider.in/reserve-bank-of-india-surprises-all-by-keeping-interest-rates-unchanged/articleshow/66086453.cms">unchanged</a> at 6.5% partly on expectation that inflation was manageable, preferring instead a “calibrated tightening of monetary policy.”

IMF predicts India will grow faster than China in 2018 to regain the fastest-growing economy tag

The <keyword id="6366068" type="ORGANIZATION" weightage="100" keywordseo="INTERNATIONAL-MONETARY-FUND">International Monetary Fund</keyword> (<keyword id="6355408" type="ORGANIZATION" weightage="100" keywordseo="IMF">IMF</keyword>) has said that India's economy has recovered from a slump. On account of better exports and investment prospects under the Narendra Modi-led government, IMF has increased India’s FY2014-15 growth forecast to 5.6%. This forecast is 0.2 percentage point higher from the projection made in April this year. 
 
"In India, growth is expected to increase in the rest of 2014 and 2015 as exports and investments continue to pick up and more than offset the effect of an unfavourable monsoon on agriculture," the IMF said. 
 In its <keyword id="188983" type="COMPANY" weightage="80" keywordseo="World-Economic-Outlook">World Economic Outlook</keyword> update, the IMF also said that India’s economy would grow at 6.4% the next year. "India has recovered from its relative slump, and, thanks in part to policy and a renewal of (economic) confidence, growth is expected to exceed five percent again," said IMF chief economist Olivier Blanchard. 
 
The report comes as thumbs up to Prime Minister Narendra Modi, who had promised to revive India’s economy that grew just 4.7% last year. Modi has been trying to minimise red tape, attract foreign investment and bring in global firms to manufacture in India for his ‘make in India’ initiative.

Indian Economy To Grow At 5.6% This Year

New Delhi, Dec 24 () India should "recommit" to cutting on debt by bringing down its public sector borrowing requirements and enhance focus on having a greater fiscal transparency to help investors make informed economic decisions, according to multilateral agency IMF.
 Despite some improvement in reported fiscal deficits, debt as a share of GDP remains little changed over the past decade partly due to increases in off-budget financing, the International Monetary Fund (IMF) further said.
 "More fiscal transparency would mean better economic policy in India...Getting the word out on India's true fiscal stance could yield significant benefits for policymakers and the Indian economy," the Washington-based institution said in a report.
 It pointed out that as part of the Group of 20, India has already committed to publishing general government fiscal information on a quarterly basis, which should enable better monitoring and faster policy reactions.
 "As a complement, India will have to improve the collection and disclosure of information on public enterprises, especially at the state level, in order to better anticipate possible cases of financial distress and minimise their costs for taxpayers," the IMF said.
 It noted that much of the discussion regarding fiscal policies in India focuses on its central and states' government deficits.
 A broader and more relevant measure of the government's fiscal position - and its bearing on the economy - is the public sectors borrowing requirement, which has risen to about 8.5 per cent of GDP, according to IMF estimates.
 "This estimate incorporates some information on central government expenditures, which are financed off-budget through other mechanisms, but is missing information on activities of state public enterprises and lower tiers of government," it said.
 In India's case, household's net financial savings have been lower than the public sector borrowing requirement in recent years, the IMF said adding it implies that private investment projects face stiff competition for funding, making financing more costly and preventing potentially viable projects from being initiated.
 According to the IMF report, the high borrowing requirement of the public sector also holds India back as it strives to catch up with more advanced countries by making private-sector investment more costly.
 It suggested that in the coming years, "India should recommit to debt reduction by reducing its public sector borrowing requirement".
 "Measures to enhance fiscal transparency and improve reporting will play a vital role in this process," the IMF pointed out.
 Going forward, it suggested that the federal and state governments should look to provide the public with more user-friendly and forward-looking information and narratives and adopt common standards to ensure that citizens in all states have equal access to fiscal information. BKS MKJ

India needs to 'recommit' to debt reduction, have greater fiscal transparency: IMF

<ul class="summary-list"><li>The IMF said China will be the largest driver of global economic growth in the next five years.</li><li>China will contribute 22.6% of total world growth, while the US will contribute 11.3%.</li></ul>China will become the biggest driver of global growth over the next five years and will contribute double what the US adds, according to the International Monetary Fund.Based on Bloomberg calculations from data in the <a href="https://www.imf.org/en/Publications/WEO/Issues/2023/04/11/world-economic-outlook-april-2023?cid=bl-com-spring2023flagships-WEOEA2023001" target="_blank" rel="noopener">IMF's World Economic Outlook</a> released last week, China's slice of global gross domestic product expansion will be at 22.6%, India's will be 12.9%, and the US will add 11.3%. They are followed by Indonesia, Germany, Turkey, and Japan, each with a less than 3.6% contribution.Three-quarters of global growth will stem from 20 countries, and over 50% will come from just China, India, the US, and Indonesia.The IMF expects growth contributions from Brazil, Russia, India, and China to outpace Group of Seven nations.Overall, the IMF anticipates global growth to expand about 3% over the next five years in a higher-interest-rate environment. It's the weakest outlook in over 30 years.The group's report highlighted that recent bank turmoil and sticky inflation have <a href="https://markets.businessinsider.com/news/stocks/recession-forecast-risks-inflation-bank-crisis-imf-outlook-growth-downgrade-2023-4">heightened recession risks</a>. March brought the collapse of <a href="https://markets.businessinsider.com/news/stocks/silicon-valley-bank-collapse-sivb-wall-street-reaction-financial-crisis-2023-3">Silicon Valley Bank</a> and <a href="https://markets.businessinsider.com/news/stocks/silicon-valley-bank-signature-depositor-rescues-bank-run-incentive-fdic-2023-3">Signature</a>, in addition to trouble with Silvergate, <a href="https://markets.businessinsider.com/news/stocks/credit-suisse-svb-bank-financial-crisis-stock-price-cds-saudi-2023-3">Credit Suisse</a>, and other names. "Risks to the outlook are squarely to the downside," the IMF said. "Much uncertainty clouds the short- and medium-term outlook as the global economy adjusts to the shocks of 2020–22 and the recent financial sector turmoil. Recession concerns have gained prominence, while worries about stubbornly high inflation persist."

China will become the global economy's biggest growth driver in the next 5 years, doubling the US contribution, IMF says

<div class="KonaFilter image-container float_right"><div class="image on-image">REUTERS/Nacho Doce</div></div>Brazil, Russia, India, China and South Africa (BRICS) have launched a <a href="http://www.businessinsider.com/r-brics-set-up-bank-to-counter-western-hold-on-global-finances-2014-15">$100 billion development bank</a>, dubbed the New Development Bank (NDB). 
The bank will be based in Shanghai and its first CEO will hail from India. The CEO is expected to keep term for five years, followed by one from Brazil and then Russia. 
The bank will have $100 billion Contingency Reserve Arrangement. It will have $50 billion in capital to finance projects.
The bank will primarily invest in infrastructure projects but it is also intended to protect the BRICS against global liquidity pressures.
BRICS nations have long been trying to gain <a href="http://www.businessinsider.com/india-proposes-bric-bank-2012-2">greater clout</a> in the legacy of the Bretton Woods framework, namely the International Monetary Fund (IMF) and the World Bank. Typically World Bank leaders tend to hail from the U.S., while leaders of the IMF come from Europe. The BRICS were visibly disappointed when Christine Lagarde became IMF chief in 2011 over Bank of Mexico governor Agustín Carstens. 
Back then Carstens had <a href="http://www.businessinsider.com/agustin-carstens-emerging-economies-lead-imf-2011-06">argued</a> that emerging markets were one of the first to recover from the global financial crisis "reflecting their sound economic policy and ability to handle crises" and that the IMF needed an "objective leader to serve the international community."
In fact part of the reason the BRICS bank came into existence, is because the <a href="http://shadow.foreignpolicy.com/posts/2014/07/20/the_brics_bank_bretton_woods_and_us_disengagement">U.S. Congress hasn't been able to ratify</a> IMF reforms and give emerging markets the voting rights they've been asking for.
But not everyone is as certain about its success. Ian Bremmer, president of Eurasia Group told Business Insider, that the BRICS bank's "financial architecture is not yet a viable alternative to the Bretton Woods institutions."
Bremmer pointed to the tensions between China and India. "India remains very concerned that china will try to use the bank to extend its influence through Asia," he said. "These internal tensions will hamper coordination and execution as the sides quarrel over the allocation of resources."
He also argues that $100 billion isn't enough to have a meaningful impact on any of the economies other than South Africa.
"If the BRICS extend access to other, smaller countries, where the funds could have a more meaningful impact, it would give the bank a more significant role in the international financial system and potentially offer a viable alternative to the imf for small countries in need of support. this remains an important unanswered question," Bremmer said.
Jim O'Neill also thinks it has little relevance in the near term. But he argues that in the medium to long term it shows "independent commitment to emerging market countries from within emerging markets."
No doubt, there's a lot of kinks to be worked out and it will be interesting to see how rifts within the BRICS play out. And while this bank might not pose a threat to the World Bank and IMF just yet, it will put pressure on Western countries to start pushing through reforms and to recognize the greater role that the emerging markets now play in the global financial sphere.

The BRICS Are Trying To Create A Competitor To The IMF - Here's Why It Won't Have A Big Impact

In the first week of 2019, <keyword id="154034" type="PERSON" weightage="20" keywordseo="Gita-Gopinath">Gita Gopinath</keyword> took over as the <keyword id="69755" type="POSITION" weightage="20" keywordseo="Chief-Economist">chief economist</keyword> of the <keyword id="6366068" type="COMPANY" weightage="20" keywordseo="international-monetary-fund">International Monetary Fund</keyword> (<keyword id="6355408" type="DEFINITION" weightage="20" keywordseo="imf">IMF</keyword>), the international body responsible for ensuring the financial stability of developing countries. Prior to stepping into the role, the Indian-born Gita Gopinath was a tenured economics professor at Harvard. She was appointed to succeed Maurice Obstfeld in October last year. Obstfeld retired on 31 December. As an expert on trade, exchange rates, monetary policy and public debt, Gopinath will be tasked with adapting the IMF’s role in a world beset by an emerging market crisis and unconvinced by the supposed benefits offered by globalisation. Here are five things you should know about her:- She follows in the footsteps of a former <keyword id="30067" type="ORGANIZATION" weightage="20" keywordseo="RBI">RBI</keyword> governor Gopinath is the second Indian to be take over the role of chief economist after <keyword id="6358908" type="PERSON" weightage="20" keywordseo="raghuram-rajan">Raghuram Rajan</keyword>, who was the governor of the Reserve Bank of India from 2013 to 2016. Rajan was named the IMF’s chief economist in 2003 before leaving the organisation in 2006 to join India’s finance ministry as its chief economic advisor. Gopinath’s appointment has led to speculation that she could one day be considered for the top job at India’s central bank. She is the first woman to head the IMF’s research department In addition to being the IMF’s Economic Counsellor, Gopinath will be director of the body’s research department - becoming the first woman to do so. The department is crucial to the IMF’s functioning as it monitors the global economy and policies of member countries and is also tasked with publishing the <keyword id="188983" type="COMPANY" weightage="20" keywordseo="World-Economic-Outlook">World Economic Outlook</keyword> every year. She was a critic of the Modi government’s demonetisation initiative Like Rajan, who said demonetisation “was not a well-thought out exercise”, Gopinath was also vocal in her criticism of the move. In <a href="https://www.business-standard.com/article/economy-policy/not-a-single-macro-economist-thinks-note-ban-was-a-good-idea-gita-gopinath-117122101525_1.html">an interview </a>with Business Standard in December 2017, she went on record to say that demonetisation wasn’t a good idea and the government should have spent more time refining its plans to implement the goods-and-services tax (GST) regime, a reform that she supported. She added that she didn’t know any macroeconomists who thought the note ban was useful. India’s balance of payments crisis in 1991 shaped her academic interests Before moving to America for her Masters and PhD in economics, Gopinath pursued her undergraduate and graduate degrees in economics from Lady Shri Ram College and the Delhi School of Economics. Her time at Delhi University coincided with India’s balance of payments crisis in 1990-91 and this inspired her to pursue her interest in international finance. The crisis, which stemmed from a ballooning of imports in the mid-80s, saw India battle the problem of a fiscal deficit as well as a trade deficit. Faced with a shortfall in its foreign exchange reserves, the government received an emergency loan from the IMF to cover its spending obligations, pledging its gold reserves as collateral. The move led to the liberalisation of the Indian economy. She was the economic advisor to the chief minister of Kerala Between 2016 and 2018, Gopinath has been advising Kerala’s CM, Pinarayi Vijayan, on economic affairs, having reportedly made recommendations on skill development and healthcare. Till date, this is the only role she has taken one that has required her to directly advise a central or state government. Her appointment, however, was the subject of controversy given that her free-market beliefs were in opposition to the ideals of Kerala’s left-wing parties. For example, in January 2018, she flagged the state’s growing welfare expenditure as a potential budgetary concern.

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India gets more voting rights as IMF reforms quota

BI India Bureau

IMF predicts India will grow faster than China in 2018 to regain the fastest-growing economy tag

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Indian Economy To Grow At 5.6% This Year

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India needs to 'recommit' to debt reduction, have greater fiscal transparency: IMF

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China will become the global economy's biggest growth driver in the next 5 years, doubling the US contribution, IMF says

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The BRICS Are Trying To Create A Competitor To The IMF - Here's Why It Won't Have A Big Impact

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India's Gita Gopinath just took over as the chief economist of the IMF— here are 5 things you should know about her

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