360° Coverage : India asks rich nations to give clear exit policy parameters

1 Updates
India asks rich nations to give clear exit policy parameters
Photo Credit: RAVEENDRAN, Getty Images

India asks rich nations to give clear exit policy parameters

Oct 12 2013, 2:48pm CDT | by IANS

Washington, Oct 12 (IANS) A day after the Group of 20 pressed the US to avoid a potentially devastating default, India Saturday asked advanced economies to give a heads up when they exit from unconventional monetary policies.

Washington, Oct 12 — A day after the Group of 20 pressed the US to avoid a potentially devastating default, India Saturday asked advanced economies to give a heads up when they exit from...

Filed under: news

YouTube Videos

 
 
 

50 weeks ago

India asks rich nations to give clear exit policy parameters

Oct 12 2013, 2:48pm CDT | by IANS

Washington, Oct 12 (IANS) A day after the Group of 20 pressed the US to avoid a potentially devastating default, India Saturday asked advanced economies to give a heads up when they exit from unconventional monetary policies.

Washington, Oct 12 — A day after the Group of 20 pressed the US to avoid a potentially devastating default, India Saturday asked advanced economies to give a heads up when they exit from unconventional monetary policies.

Noting that "global recovery is as yet fragile," Finance Minister P. Chidambaram said, "It needs to be ensured that it is nurtured and put on a ustainable path through appropriate policy actions, both in advanced and emerging market economies."

"Dialogue, cooperation and effective communication, on a multilateral basis, would be important in ensuring this," he told world's financial leaders gathered here for the International Monetary Fund World Bank annual meetings.

"Although the improving economic activity in the US is a good sign," Chidambaram said, "a smooth exit from the unconventional monetary policies poses a major challenge for the policymakers in advanced and emerging economies."

"Given the risks involved in the exit from the unconventional monetary policies, there is a need to communicate clearly to market participants the parameters that will guide the exit," he said.

"Emerging market economies also need to strengthen their domestic fundamentals and be prepared with appropriate policy responses in different scenarios, to meet the challenge arising out of exit from the unconventional monetary policies in advanced economies," he said.

India's warning came amid report that the negotiations between President Barack Obama and Republicans to raise the US debt limit had broken down - just days before the US reaches its borrowing limit Oct 17 - with the White House rejecting Republican's latest offer.

Addressing the International Monetary and Financial Committee on behalf of Bangladesh, Bhutan, India, Sri Lanka, he said "global growth prospects, have not only weakened, but global recovery has become uneven" since the April Fund-Bank meetings.

Economic growth in India slowed down to 5 percent in 2012-13, Chidambaram said partly due to weak and uncertain global macroeconomic environment and partly due to domestic constraints.

India has, therefore, taken measures to ease supply constraints and improve investment climate as also to contain the fiscal deficit and the current account deficit, he said.

Turning to the issue of IMF quota and governance reform, Chidambram stressed the urgent need to immediately conclude the 2010 IMF Quota and Governance Reform, as well as to complete the 15th General Review of Quotas and arrive at a new quota formula, by the agreed timeline of January 2014.

(Arun Kumar can be contacted at arun.kumar@ians.in)

IANS

Source: IANS

 

Don't miss ...

 

blog comments powered by Disqus

Latest stories

Man dies two years after being struck by stray bullet
Santiago, Sep 30 (IANS/EFE) A 23-year-old Chilean man died after two years in a persistent vegetative state as a result of being shot in the head unintentionally by a law enforcement officer during a student protest in October 2012, his family said Monday.
 
 
Over 2,000 Germans volunteer to help battle Ebola
Addia Ababa, Sep 29 (IANS) Over 2,000 Germans have heeded the government's call to register as volunteers for deployment to fight the Ebola virus disease outbreak in Guinea, Liberia and Sierra Leone, the African Union (AU) said in a statement Monday.
 
 
India open minded, wants change, Modi tells top US executives
New York, Sep 29 (IANS) India is open-minded and wants change, Prime Minister Narendra Modi told top executives of American companies, including Google and Citigroup, during a high-powered breakfast meeting here Monday.
 
 
World hunger falls but 805 mn still chronically under-nourished: FAO
Abu Dhabi, Sep 29 (IANS/WAM) Despite the overall progress made in global hunger reduction, 805 million people are estimated to be chronically undernourished in 2012-14, down more than 100 million over the last decade, and 209 million lower than in 1990-92, the UN's Food and Agriculture Organisation (FAO) said Monday.
 
 
 

Latest from the Network

Argentina mulls decriminalising drug use
Buenos Aires, Sep 29 (IANS/EFE) The Argentine government said Monday that it is considering two proposals to modify the law to decriminalise the use of illegal drugs along lines suggested by the head of the country's...
Read more on Politics Balla
 
Clintons meet Modi, praise clean Ganga effort
New York, Sep 29 (IANS) Prime Minister Narendra Modi met former US president Bill Clinton and his wife and former US secretary of state Hillary Clinton who were full of praise for his efforts at cleaning the Ganga...
Read more on Politics Balla
 
Fighting terrorism: Syria accuses US of double standards
United Nations, Sep 29 (IANS) Syria's Deputy Prime Minister Walid Al-Moualem Monday accused the US of using a policy of double standards in fighting terrorism at a high-level debate at the UN. Al-Moualem said that...
Read more on Politics Balla
 
Portugal to take part in global coalition against IS
Lisbon, Sep 29 (IANS) Portugal will be part of the international coalition combating the Islamic State (IS) terrorist organisation, said the country's Defence Minister Jose Pedro Aguiar Branco. "Combatting Islamic '...
Read more on Politics Balla
 
Belgium's biggest terror trial begins
Brussels, Sep 29 (IANS) Belgium's biggest ever trial for alleged terrorism offences began Monday in the northern city of Antwerp. The trial involves 46 defendants accused of conspiring to overthrow Western democracies...
Read more on Politics Balla
 
Italy on terror alert
Brussels, Sep 29 (IANS) Italy was put on a high level of alert for possible terrorist attacks even though no specific threats have been made, Interior Minister Angelino Alfano said Monday. "The alert for Italy is high...
Read more on Politics Balla
 
Spain appeals against Catalonia referendum in Constitutional Court
Madrid, Sep 29 (IANS/EFE) The Spanish government filed an appeal before the country's Constitutional Court Monday after Catalonia's regional president decreed that a referendum be held Nov 9 to decide if the wealthy...
Read more on Politics Balla
 
France, Germany to offer drones to monitor Ukraine truce
Paris, Sep 29 (IANS) France and Germany have offered to deploy drones as part of the Organisation for Security and Cooperation in Europe's (OSCE) efforts to monitor the ceasefire in Ukraine, a government official said...
Read more on Politics Balla
 
Over 2,000 Germans volunteer to help battle Ebola
Addia Ababa, Sep 29 (IANS) Over 2,000 Germans have heeded the government's call to register as volunteers for deployment to fight the Ebola virus disease outbreak in Guinea, Liberia and Sierra Leone, the African Union...
Read more on Business Balla
 
UN chief discusses Syria, Iraq with Turkish foreign minister
United Nations, Sep 29 (IANS) UN Secretary General Ban Ki-moon Monday met Turkish Foreign Minister Mevlut Cavusoglu, and discussed the situation in Iraq and Syria, including international efforts to combat the threat...
Read more on Politics Balla