Home / Knowledge / News / Textiles / Jaitley to IMF: Ensure future-proof global economy
Jaitley to IMF: Ensure future-proof global economy
18
Apr '16
Finance Minister Arun Jaitley has asked the International Monetary Fund (IMF) to reinforce its resources to ensure ‘future-proofing’ of the global economy against recurrence of financial crisis.

At the meeting of the International Monetary and Financial Committee (IMFC) in Washington on Saturday night, Jaitley said subdued growth and low productivity in advanced economies and elevated risks faced by emerging market economies (EMEs), as also risks of instability of financial system, are hurting global recovery.

He also asked advanced economies to be “mindful” of the spillover effect of their policies on the rest of the world as global headwinds continue to batter global markets.

“Flagging trade volumes, softening commodity prices, idle capacities and anemic economic fundamentals, particularly in a number of large EMEs are increasingly impairing their ability to sustain economic and financial resilience against rising risk premiums and credit risks.”

Moreover, there are the risks of exogenous shocks from asynchronous normalisation of unconventional monetary policies (UMPs) that can produce disorderly adjustments in exchange and volatile capital flows - increasing the cost of managing external exposures and balance of payments, he said.

Jaitley reiterated India’s balanced macroeconomic environment and strong growth prospects make it a ‘bright’ spot in the global scenario.

He said the Indian economy has managed to put across a credible performance with an estimated growth rate of 7.6 per cent in the 2015-16 fiscal as against 7.2 per cent the year before.

“The growth performance is more credible given that it has been achieved despite contraction in our exports due to slowdown in global economy and two consecutive years of monsoon shortfall,” he said.

But he conceded that there are concerns about export growth which is declining consecutively for more than a year due to slowdown in global demand. (SH)

Fibre2Fashion News Desk – India


Must ReadView All

APTMA decries duties on cotton imports in Pakistan

Textiles | On 17th Jul 2018

APTMA decries duties on cotton imports in Pakistan

The All Pakistan Textile Mills Association has termed the...

Luis Quijano

Textiles | On 17th Jul 2018

US varsity student cultivates bacterial cellulose in lab

Luis Quijano, a student at the Liberty University in Lynchburg,...

SAARC Development Fund plans cross-border e-comm platform

Apparel/Garments | On 17th Jul 2018

SAARC Development Fund plans cross-border e-comm platform

SAARC Development Fund (SDF), the cross-border umbrella financing...

Interviews View All

Top executives
Textile industry

Union budget 2018-19 will have positive impact on apparel industry

C. Dhandayuthapani
Mag Solvics Pvt. Ltd

ITME 2016 exploited our full strength like never before

DK Sharma
Velocity Apparelz

We constantly communicate with employees at all levels

Anupam Arya

<div>Jaipur-based Fabriclore Retailing Pvt. Ltd. is attempting to revive...

Ashish M Amin

Premier Looms is a leading provider of cutting-edge machinery and...

Harsh Shah

Fynd is the central online shopping destination for fashion, offering...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Anisha Chaudhari
Threads & Shirts

Threads &amp; Shirts is a freshly-tailored concept providing men/women a...

Sidharth Sinha
Sidharth Sinha

<b>Sidharth Sinha</b> has contributed to the successful rebirth and...

Aditi Somani
Aditi Somani

Aditi Somani specialises in luxury fusion wear with international cuts and ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


July 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search