The IMF has projected India's economic growth at 9.5 per cent in FY2021-22 and 8.5 per cent in 2022-23. Headline inflation is projected at 5.6 per cent in 2021-22, amid elevated price pressures.
“The crisis is exacerbating poverty and inequalities, while climate change and other shared challenges are becoming more pressing and require our urgent attention,” it added.
Finance Minister Nirmala Sitharaman has said that institutions such as United Nations, World Bank and International Monetary Fund will have to look at reforming themselves.
IMF chief economist Gita Gopinath on Tuesday said that India is doing well in vaccinating people.
India’s growth projection released by the latest World Economic Outlook remains unchanged from its previous WEO (World Economic Outlook) update of July this summer but is a three-percentage point in 2021 and 1.6 percentage point drop from its April projections.
Georgieva said she was looking forward to meeting with the IMF board to brief them on her actions.
Sources said that Finance Minister Shaukat Tarin was keen to conclude the parleys on a positive note during face-to-face meetings with the top IMF management in Washington on October 15.
Cryptocurrencies are digital or virtual currencies in which encryption techniques are used to regulate the generation of their units and verify the transfer of funds, operating independently of a central bank.
IMF said it was deeply concerned with economic conditions in Afghanistan, urging the international community to take urgent steps to stall a "looming humanitarian crisis" in the country.
The International Monetary Fund on Thursday said that the new Taliban government in Afghanistan will not at the current time be allowed to access loans or other resources from the 190-nation lending organisation.
The forecast for 2021-22 is lower than the 12.5 per cent growth in GDP that the international organization predicted in April before the second wave hit India.
IMF Chief Economist Gita Gopinath and NASA scientist Kamlesh Lulla are among the 34 immigrants honoured by a prestigious American foundation ahead of the US Independence Day
At the start of the pandemic, food supply chain disruptions, a shift from food services (such as dining out) towards retail grocery and consumer stockpiling (coupled with sharp appreciation of US dollar) pushed up consumer food price indices in many countries.
"Gradually increasing price on carbon encourages innovation and transition to renewable energy, clean mobility, and low carbon technologies," IMF MD said in prepared remarks at an event hosted by the Brookings Institution.
The International Monetary Fund has proposed a USD 50 billion global vaccination plan that would cover at least 40 percent of the global population by the end of 2021 and at least 60 percent by the first half of 2022.
India is on the right track and is innovating on the policy side, including on digital identity and payments, but it also needs to capture all the segments of the financial market and institutions to make sure that every piece fits together like a puzzle to fuel growth in the country, according to a top IMF official.
Inflation and depleted incomes have raised household indebtedness and food insecurity, it said, urging the IMF and the World Bank to scale up its work to address rising levels of food insecurity and to support countries in achieving Sustainable Development Goal 2 and nutrition for all.
Notably in 2020, India's economy contracted by a record eight per cent, the International Monetary Fund (IMF) said as it projected an impressive 12.5 per cent growth rate for the country in 2021.
The International Monetary Fund has said that India's economy is on the path of gradual recovery.
Gopinath lauded the Serum Institute of India, saying it produces the most number of vaccines in the world in a regular year and has been manufacturing the COVID-19 vaccine doses that are delivered to COVAX and then distributed to countries around the world.
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