Economic affairs secretary Subhash Garg is leading the Indian delegation to the World Bank-International Monetary Fund spring meetings beginning here on Monday amid fears of a trade war between the United States and China, the world\u2019s two largest economies.<\/p>\n
Garg, as economic affairs secretary, is the \u201calternate governor\u201d for India on the IMF\u2019s board of governors, and heads the team in the absence of the designated governor, finance minister Arun Jaitley, who is undergoing treatment for a kidney ailment.<\/p>\n
Every IMF member country has a governor and alternate governor on the IMF\u2019s board of governors, which is its highest decision-making body.<\/p>\n
IMF managing director Christine Lagarde set up these spring meetings in a speech in Hong Kong last week in which she warned that though the state of the current global economy was \u201cbright\u201d, \u201cwe can see dark clouds looming\u201d and that the world is in \u201cdanger of being torn apart\u201d.<\/p>\n
Her remarks came after US President Donald Trump threatened to impose tariffs on goods worth $150 billion from China, which has threatened to retaliate with higher duties on American imports. The two sides have only announced their intention to impose higher tariffs, and not done so yet.<\/p>\n
The IMF will on Tuesday release its report on the state of the world\u2019s economy, called the World Economic Outlook, which will include an update and projections on India\u2019s economy.<\/p>\n
The World Bank has weighed in, saying in a report released on Sunday that India had overcome the adverse impact of demonetisation and the Goods and Services Tax \u2014 both disruptive but necessary measures and was bouncing back. It has projected India will grow by 7.3% in 2018 and 7.5% in 2019, up from 6.7% in 2017.<\/p>\n
The bank also said the Indian recovery will make South Asia the world\u2019s fastest growing region.<\/p>\n
There might be more good news in store for India this week.<\/p>\n
The Indian delegation, which will include RBI governor Urjit Patel and Chief Economic Adviser Arvind Subramanian, will attend meetings of the board and the usual side meetings, and events that take place around the spring meetings, such as the G-20. But because of Jaitley\u2019s absence, a lot of political level meetings, such as those with counterparts from other countries such as the US, will not take place.<\/p>\n","protected":false},"excerpt":{"rendered":"
Economic affairs secretary Subhash Garg is leading the Indian delegation to the World Bank-International Monetary Fund spring meetings beginning here on Monday amid fears of a trade war between the United States and China, the world\u2019s two largest economies. Garg, as economic affairs secretary, is the \u201calternate governor\u201d for India on the IMF\u2019s board of […]<\/p>\n","protected":false},"author":1,"featured_media":28360,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[410],"tags":[],"class_list":["post-28359","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts\/28359","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/comments?post=28359"}],"version-history":[{"count":1,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts\/28359\/revisions"}],"predecessor-version":[{"id":28361,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts\/28359\/revisions\/28361"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/media\/28360"}],"wp:attachment":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/media?parent=28359"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/categories?post=28359"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/tags?post=28359"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}