Professional Documents
Culture Documents
ECONOMICS
Submitted by:
Mannem srinivas gowd
Roll no: 2013066
Semester-3
Visakhapatnam
ACKNOWLEDGEMENT
This project is done as a semester project, as a part of course titled
India and the IMF. I am really thankful to our course instructor
Dr.ramachandrudu, Professor, Department of economics, DAMODARAM
SANJIVAYYA NATIONAL LAW UNIVERSITY, for his valuable guidance
and Assistance, without which the accomplishment of the task would have
never been Possible. I also thank him for giving this opportunity
introduction
conclusion
bibliography
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TABLE OF CONTENTS
Introduction:
India and the IMF have had a friendly relationship, which has been beneficial for both.
The IMF has provided India with loans over the years and this has helped the country to
grow. The IMF has also praised India for it has been able to maintain average growth rate
of its economy.
India can become a financial super power by bringing in more reforms in its economic
policies that will increase its growth rate to 8%.
discussions with the 29 participants from Indias central and state governments, and
invited representatives of other countries' ministries of finance.
The FAD's PFM 2 Division provided the training course in Pune from October 1-5, 2007.
The team of presenters included Messrs. Holger van Eden and Justin Tyson (FAD), Mr.
Jack Diamond (FAD panel of experts), and Mr. Aru Rassapan from the Center for
Development & Research in Evaluation (CeDRE) in Malaysia. Mr. Sang Dae Choi
(World Bank) provided a lecture through video-link on the Korean experience with
introducing performance budgeting1
The proposed loan is among the largest that the I.M.F. has given to India in recent times
and follows a declaration by Prime Minister Chandra Shekhar that he had authorized
senior officials to negotiate such assistance in Washington.
The Commerce Minister, Subramanian Swamy, was quoted today by the newspaper
Economic Times as saying at a meeting of industrialists that the loan agreement will be
signed on Jan. 23.
Mr. Swamy said that the Government would not cut back industrial imports because this
would hurt overall growth. He advocated increased exports to improve India's foreign
exchange reserves and trade deficit.
It has been reported that of the total loan, about $800 million will be disbursed from the
institution's compensatory contingency financing facility and the rest as a standby credit.
Separately, Iran was reported to have agreed to supply India with one million tons of
crude oil. The oil will be supplied in the next three months and Iran has offered 90 days'
credit and "attractive prices," The Times of India said.
The loans provided by IMF to India:
SDR 3,260,405,000
1992
SDR 3,584,905,000
1993
SDR 2,763,180,833
1994
SDR 1,966,633,125
1995
SDR 1,085,250,003
1996
SDR 589,791,667
1997
SDR 284,916,664
1998
SDR 38,500
1999
http://nation.com.pk/business/18-Mar-2009/IMF-lauds-India-for-avoiding-economic-crisis
Conclusion:
the historical relationship between the Government of India (GOI) and the International
Monetary Fund (IMF) as a successful model for the ways in which a developing country
can learn to work with and through multilateral organizations to promote economic and
political development while sustaining democratic institutions and relative international
political autonomy. In the mid-1960s, India's relations with the USA, IMF, and World
Bank were strained after an attempt by these institutions to exert 'leverage' over Indian
economic policies was exposed to parliamentary debate and the scrutiny of a free press.
By the late 1970s, the GOI charted a new course in its interaction with the IMF. In 1981,
India was awarded the largest IMF loan to a developing country up to that time. This
4
http://in.reuters.com/article/2008/11/03/india-economy-adviser-idINDEL12487220081103
article will evaluate India's economic reform strategy in the early 1980s and explain the
development of the concept of 'homegrown conditionality' within the GOI.
Bibliography:
Books:
Jean Dreze and Amartya Sen, India: Development and Participation, Oxford
University Press, 2nd edition, 2002.
Websites:
http://in.reuters.com
http://nation.com
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