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Strong India-China partnership key for global growth: IMFWell-implemented trade agreements can contribute to economic prosperity for all concerned, the top IMF official said. File photo

Strong India-China partnership key for global growth: IMF

28 Apr 2017 | 9:15 PM

WASHINGTON: A strong partnership between India and China, which are currently responsible for half of the global growth, is important for the world, the IMF has said.

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Washington, April 28

A strong partnership between India and China, which are currently responsible for half of the global growth, is important for the world, the IMF has said.

“Global cooperation and pursuing the right policies can help achieve strong, sustained, balanced, and inclusive growth,” Tao Zhang, Deputy Managing Director of the International Monetary Fund, told PTI in an interview.

“India and China are currently responsible for half of the global growth, so a strong economic partnership between these two large economies is very important–for their people and for the world,” he said.

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Well-implemented trade agreements can contribute to economic prosperity for all concerned, the top IMF official said.

“The IMF has always supported an open trade system, as trade has been an engine of growth for the global economy. The objective of open trade conducted under fair rules that are well enforced is a shared objective,” he said.

Under the G-20 framework, China and India, among others, have committed to strengthening the contribution of trade to economies.

“It is an important reaffirmation of the common sense of direction,” he noted.

Zhang said economic integration has been an important source of global economic growth, poverty reduction, and welfare gains, especially for Asia.

Yet integration and technological change have at times been accompanied by dislocations for some groups, which have been accentuated by the sluggish post-crisis recovery.

“More inward-looking policies in major global economies could significantly impact Asia given its heavy reliance on trade,” he said when asked about the fact that protectionism is increasingly gaining ground globally in particular among the developed world.

“Maintaining openness to trade is very important, especially for Asia,” he said.

At the same time, it is important to put in place policies to share the gains from trade more broadly and help those burdened with the cost of adjustment, he added.

“Workers should be equipped to help themselves through active labour market policies and education. For more vulnerable groups, fiscal policies can be deployed. Broader access to credit will also help. Smoother social integration of migrants can increase their economic contributions,” he said.

Zhang said the multilateral system had supported economic integration and the gains it had delivered should be protected.

“International cooperation is needed to reduce excessive external imbalances, promote policy frontier issues such as services and digital trade, strengthen the global financial safety net, mitigate capital flow volatility, and prevent tax avoidance/evasion,” he said.

“In addition to global imbalances and helping countries adjust to external shocks, IMF work continues to sharpen our understanding of the distributional effects of integration and technology as well as the mitigating roles of domestic policies,” the IMF official said.

According to Zhang, the emerging markets near-term growth outlook remains broadly stable despite external pressures, reflecting stronger growth prospects in the US and a rebound in some commodity prices from last year’s lows.

Still, emerging markets remain vulnerable to tighter global financial conditions and capital flow reversals, he opined.

“Emerging economies need to reduce financial vulnerabilities by strengthening corporate and banking system health, while using the exchange rate as a shock absorber.

“Commodity exporters should continue adjusting to lower prices. Structural reforms are needed to boost potential growth,” Zhang said.

“Multilateral cooperation and policy coordination is needed not only among major emerging markets, but all economic players in the world to preserve the global economic expansion, including by preserving an open trading system, safeguarding global financial stability, achieving equitable tax systems, and mitigating and adapting to climate change,” said the top IMF official. PTI

GST to push Indian growth to over 8 per cent: IMF

GST to push Indian growth to over 8 per cent: IMF

28 Apr 2017 | 12:23 PM

WASHINGTON: The ambitious Goods and Services Tax to be implemented from July 1 would help raise India's medium-term growth to above eight per cent, the International Monetary Fund has said adding that the reforms being done is expected to pay off in terms of higher growth in the future.

Govt earmarks Rs 50,000 cr to revive closed fertiliser plants

28 Apr 2017 | 12:54 AM

NEW DELHI: The government has outlined an investment of Rs 50,000 crore for the revival of closed fertiliser plants at Gorakhpur, Barauni, Sindri and Talcher and setting up of gas pipeline network to connect Eastern India to National Gas Grid.

Rupee down 4 paise against dollar in early trade

28 Apr 2017 | 10:03 AM

MUMBAI: The rupee weakened by 4 paise to 64.20 against the US dollar in early trade on Friday on increased month-end demand for the American currency from importers at the Interbank Foreign Exchange.

Amazon Tatkal to help SMBs sell goods within 60 minutes

28 Apr 2017 | 12:54 AM

CHANDIGARH: Online marketplace Amazon has introduced Amazon Tatkal — an initiative to help thousands of small and medium businesses (SMBs) in Punjab.

Govt ratifies 8.65 pc rate of interest on EPF for FY17

28 Apr 2017 | 1:02 AM

New Delhi: The government has ratified 8.65 per cent rate of interest on EPF deposits for 2016-17.

Withdraw EPF for treatment without doctor certificate

28 Apr 2017 | 12:54 AM

New Delhi: Over four crore members of the retirement fund body EPFO can now withdraw funds from their EPF account for treatment of illness and purchasing equipment to deal with handicap without medical certificates.

Maruti Suzuki profit up 36.6% in FY 2016-17

28 Apr 2017 | 12:54 AM

New Delhi: Driven by premium models, Maruti Suzuki India today reported 36.6% jump in its annual profit to a record Rs 7,511 crore for the last fiscal, while fourth-quarter net rose by 15.8%.

Govt extends service tax return filing to April 30

28 Apr 2017 | 12:54 AM

New Delhi: The government has extended the last date for filing service tax return by five days to April 30 due to difficulty in accessing the filing website.

Paytm to pump in Rs 10,000 cr into banking

28 Apr 2017 | 12:54 AM

NEW DELHI: Paytm said on Thursday it will invest Rs 10,000 crore over the next three years to ramp up its banking and financial services business.

Silver moves up by Rs 162/kg in futures trade

Silver moves up by Rs 162/kg in futures trade

27 Apr 2017 | 12:23 PM

NEW DELHI: Silver prices were up by Rs 162 at Rs 40,020 per kg in futures trading on Thursday as speculators indulged in creating fresh positions, even as the metal weakened overseas.

Rupee rules steady at 64.11 against dollar in late morning

Rupee rules steady at 64.11 against dollar in late morning

27 Apr 2017 | 12:00 PM

MUMBAI: The rupee washed out initial gains to quote steady at 64.11 against the dollar in late morning trade on fresh demand for the greenback from banks and importers despite its weakness in overseas market.

SAP unveils ‘GST in a Box’ to become tax-compliant

27 Apr 2017 | 12:45 AM

CHANDIGARH: Enterprise application software provider, SAP yesterday announced the launch of ‘GST in a Box’.

Land, assets of five sick PSU units on the block

27 Apr 2017 | 12:45 AM

NEW DELHI: Land and other immovable assets of five sick public sector units, including HMT Watches and Hindustan Cables, have been put on sale as the government looks to shut the continuously loss-making units.

SEBI brings in reforms, sets stricter rules

27 Apr 2017 | 12:45 AM

Mumbai: Unveiling a raft of reform measures, Sebi on Wednesday approved options in commodity derivatives, unified licence for brokers, mutual fund investments through digital wallets, stricter public offer norms and enhanced safeguards to curb illicit fund flows.

EPFO seeks clarifications on SC ruling over hike in pension

27 Apr 2017 | 12:45 AM

CHANDIGARH: Amid confusion over the implementation of the recent Supreme Court order regarding the payment of pension on actual contribution from salary, which would result in increase in pension, the regional office of Employees Provident Fund Organisation (EPFO) at Chandigarh has sought clarity on the subject from its Central office.

Sensex scales Mount 30,000

Sensex scales Mount 30,000

27 Apr 2017 | 12:45 AM

MUMBAI: Markets raced past milestones on a record-setting spree today, with the benchmark Sensex closing above the 30,000-mark for the first time, while the broader Nifty hit a new peak, buoyed by unabated funds inflows and a global rally.

Markets smash records: Sensex ends above 30k, Nifty at new peak

Markets smash records: Sensex ends above 30k, Nifty at new peak

26 Apr 2017 | 6:13 PM

MUMBAI: Markets raced past milestones on a record-setting spree on Wednesday, with the benchmark Sensex closing above the 30,000-mark for the first time, while the broader Nifty hit a new peak, buoyed by unabated funds inflows and a global rally.

US-based entreprenuer invests $5million in Mohali start-up

26 Apr 2017 | 5:15 PM

CHANDIGARH: Portland-based tech entrepreneur Nitin Khanna has invested US $ 5 million in a Punjab (Mohali)-based startup Isos Inc.

Tata Comm appoints Renuka Ramnath as Chairperson

26 Apr 2017 | 3:17 PM

NEW DELHI: Tata Communications on Wednesday announced that its board has elected private equity veteran Renuka Ramnath as the new Chairperson.

India probing dumping of chemical from 4 countries

26 Apr 2017 | 3:08 PM

NEW DELHI: The government has initiated a probe on alleged dumping of a chemical used in pharmaceutical and agriculture sector from Indonesia, Malaysia, Thailand and Saudi Arabia.

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