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Former RBI Governor Urjit Patel Appointed As Executive Director At IMF

Newsmantra — Fri, 29 Aug 2025 06:52:33 +0000

Former Reserve Bank of India (RBI) Governor Urjit Patel has been appointed as executive director at the International Monetary Fund(IMF), according to a Ministry of Personnel order. The order by the Appointments Committee of the Cabinet gave its nod to the appointment of Patel as the Executive Director of the IMF for a period of three years. Urjit Patel earlier served as the 24th Governor of the RBI.

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IMF cuts India’s growth rate, forecasts 4.8% growth

Newsmantra — Tue, 21 Jan 2020 10:14:29 +0000

The International Monetary Fund (IMF) cut India’s growth rate by 1.2% in the current financial year. The IMF has forecast growth of 4.8% in India from 6.1% in FY20. However, it projected 5.8% growth in FY-21. IMF reduced India’s growth forecast by 0.9% in FY-22. Expected 6.5% growth in FY-22.

According to the IMF, demand in India was lower than anticipated. With this, the global outlook was expected to remain sluggish.

The International Monetary Fund (IMF) on Monday lowered the current financial year growth rate estimate for India to 4.8 per cent. This was 7.5 percent at the same time last year. The recent growth rate forecast has been under declining trend, which reduced the country’s growth to 6.1 percent in October.

The IMF’s World Economic Outlook (WEO) cut global economic growth projections by 0.1 per cent due to the economic slowdown in India. In this, the global economic projections of 2021 have been cut by 0.2 percent to 3.4 percent.

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SITHARAMAN ASSURENCE TO INTERNATIOAL INVESTORS

Newsmantra — Thu, 17 Oct 2019 08:54:57 +0000

Union Finance Minister Nirmala Sitharaman assured international investors at an interaction session at the IMF’s headquarters that the government was continuously working to bring reforms in economy.

“It (India) is one of the fastest growing (economies) even today. It has the best skilled workers and a government that is continuously doing what is required in the name of reforms, above all democracy and rule of law,” Ms Sitharaman said.

Responding to a question on why investors should allocate funds for India, she said that even if the court system is a bit delayed, India is a transparent and open society. The rule of law works and a lot of reforms happening she said.

“So you will not have anything better… democracy-loving, capitalist-respecting environment… in India,” Ms Sitharaman said at the event hosted by the Federation of Indian Chambers of Commerce and Industry or FICCI

She said the government needs to understand what the expectations of the insurance sector are other than removing of the cap.

Ms Sitharaman said she would be quite open to it and they could send her the details. The Union Finance Minister, however, said she will not be able to give them an assurance at this point of time, but will work on the matter.

Asserting that the government is engaging with everyone and there is no trust deficit with the corporate sector and investors, she said there is a greater understanding that this government is willing to hear and wanting to respond.

The government is committed to maintaining fiscal deficit in India, she said.To a question on the slowdown in the Indian economy, the Finance Minister said the government is taking steps to discuss problems in the “stressed” sectors.

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IMF said India’s economic growth is “much weaker” than expected

Newsmantra — Fri, 13 Sep 2019 07:54:01 +0000

IMF on Thursday said that India’s economic growth is “much weaker” than expected due to corporate and environmental regulatory uncertainty and “lingering weakness” in some non-bank financial companies.
“Again, we will have a fresh set of numbers coming up, but the recent economic growth in India is much weaker than expected, mainly due to corporate and environmental regulatory uncertainty and lingering weakness in some non-bank financial companies and risks to the outlook are tilted to the downside, as we like to say,” IMF spokesman Gerry Rice told reporters at a news conference.

The economic growth slowed to a seven-year low to 5 per cent in April to June quarter from 8 per cent a year ago, as per the government data.

The International Monetary Fund (IMF) has cut its projection for India’s economic growth by 0.3 percentage points to 7 per cent for the fiscal year 2019-20 owing to the “weaker-than-expected outlook” for the domestic demand.

The growth is expected to rise to 7.2 per cent points in FY21, down by the projected growth rate of 7.5 in the earlier report.

The slowdown was largely due to a sharp dip in the manufacturing sector and agriculture output, said the Ministry of Statistics and Programme Implementation in a statement.

The previous low was recorded at 4.9 per cent in April to June 2012-13. Consumer demand and private investment have weakened amid global trade frictions and dampening business sentiment

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