Imf and india relations

These attempts proved to be self-defeating. World trade declined sharply see chart belowand employment and living standards plummeted in many countries. The new global entity would ensure exchange rate stability and encourage its member countries to eliminate exchange restrictions that hindered trade. The Bretton Woods agreement The IMF was conceived in Julywhen representatives of 45 countries meeting in the town of Bretton Woods, New Hampshire, in the northeastern United States, agreed on a framework for international economic cooperation, to be established after the Second World War.

Imf and india relations

History[ edit ] Even before independence, the Government of India maintained semi-autonomous diplomatic relations. It had colonies such as the Aden Settlementwho sent and received full missions, [12] and was a founder member of both the League of Nations [13] and the United Nations.

During the Cold WarIndia adopted a foreign policy of not aligning itself with any major power bloc. However, India developed close ties with the Soviet Union and received extensive military support from it.

The end of the Cold War significantly affected India's foreign policy, as it did for much of the world. The country now seeks to strengthen its diplomatic and economic ties with the United States, [16] [17] the European Union trading bloc[18] Japan, [19] Israel, [20] Mexico, [21] and Brazil.

States that host an Indian diplomatic mission India Nations that host an Indian diplomatic mission India's foreign policy has always regarded the concept of neighbourhood as one of widening concentric circles, around a central axis of historical and cultural commonalities.

As many as 22 million people of Indian origin live and work abroad and constitute an important link with the mother country. An important role of India's foreign policy has been to ensure their welfare and wellbeing within the framework of the laws of the country where they live.

Nehru served concurrently as Imf and india relations Minister and Minister of External Affairs; he made all major foreign Imf and india relations decisions himself after consulting with his advisers and then entrusted the conduct of international affairs to senior members of the Indian Foreign Service.

His successors continued to exercise considerable control over India's international dealings, although they generally appointed separate ministers of external affairs. By the s, the Office of the Prime Minister had become the de facto coordinator and supraministry of the Indian government.

The enhanced role of the office strengthened the prime minister's control over foreign policy making at the expense of the Ministry of External Affairs. Advisers in the office provided channels of information and policy recommendations in addition to those offered by the Ministry of External Affairs.

A subordinate part of the office—the Research and Analysis Wing RAW —functioned in ways that significantly expanded the information available to the prime minister and his advisers.

The RAW gathered intelligence, provided intelligence analysis to the Office of the Prime Minister, and conducted covert operations abroad. The prime minister's control and reliance on personal advisers in the Office of the Prime Minister was particularly strong under the tenures of Indira Gandhi —77 and —84 and her son, Rajiv —89who succeeded her, and weaker during the periods of coalition governments.

Observers find it difficult to determine whether the locus of decision-making authority on any particular issue lies with the Ministry of External Affairs, the Council of Ministers, the Office of the Prime Minister, or the prime minister himself.

Subrahmanyam in to head a special government task force to study 'Global Strategic Developments' over the next decade. Ministry of External Affairs[ edit ] The Ministry of External Affairs is the Indian government's agency responsible for the foreign relations of India.

World Bank (WB), Relations with | initiativeblog.com

Sushma Swaraj is current Minister of External Affairs. Look East Policy[ edit ] Main article: During the cold war, India's relations with its South East Asian neighbours was not very strong. After the end of the cold war, the government of India particularly realised the importance of redressing this imbalance in India's foreign policy.

Consequently, the Narsimha Rao government in the early nineties of the last century unveiled the look east policy. Initially it focused on renewing political and economic contacts with the countries of East and South-East Asia.

Role of International Monetary Fund (IMF) in India

After the start of liberalisation, it was a very strategic policy decision taken by the government in the foreign policy. To quote Prime Minister Manmohan Singh "it was also a strategic shift in India's vision of the world and India's place in the evolving global economy".

When India gained independence infew Indians had experience in making or conducting foreign policy. However, the country's oldest political party, the Indian National Congresshad established a small foreign department in to make overseas contacts and to publicise its independence struggle.

From the late s on, Jawaharlal Nehruwho had a long-standing interest in world affairs among independence leaders, formulated the Congress stance on international issues.

As a member of the interim government inNehru articulated India's approach to the world. India's international influence varied over the years after independence.

Indian prestige and moral authority were high in the s and facilitated the acquisition of developmental assistance from both East and West. Although the prestige stemmed from India's nonaligned stance, the nation was unable to prevent Cold War politics from becoming intertwined with interstate relations in South Asia.

In the s and s India's international position among developed and developing countries faded in the course of wars with China and Pakistan, disputes with other countries in South Asia, and India's attempt to balance Pakistan's support from the United States and China by signing the Indo-Soviet Treaty of Friendship and Cooperation in August Although India obtained substantial Soviet military and economic aid, which helped to strengthen the nation, India's influence was undercut regionally and internationally by the perception that its friendship with the Soviet Union prevented a more forthright condemnation of the Soviet presence in Afghanistan.

In the late s, India improved relations with the United States, other developed countries, and China while continuing close ties with the Soviet Union.

In the s, India's economic problems and the demise of the bipolar world political system forced India to reassess its foreign policy and adjust its foreign relations.

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Previous policies proved inadequate to cope with the serious domestic and international problems facing India. The end of the Cold War gutted the core meaning of nonalignment and left Indian foreign policy without significant direction. The hard, pragmatic considerations of the early s were still viewed within the nonaligned framework of the past, but the disintegration of the Soviet Union removed much of India's international leverage, for which relations with Russia and the other post-Soviet states could not compensate.This article explores 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 organisations to promote economic and political development while sustaining democratic institutions and relative international political autonomy.

December 16, by Oliver Stuenkel When India’s Finance Minister Pranab Mukherjee and his Brazilian counterpart Guido Mantega announced, during the IMF’s annual . INTERNATIONAL MONETARY FUND (IMF), RELATIONS WITH.

Imf and india relations

INTERNATIONAL MONETARY FUND (IMF), RELATIONS WITH The Bretton Woods Conference was convened in for the purpose of formulating postwar currency plans, as a result of which the International Monetary Fund (IMF) was established.

India, though not yet independent, was among the countries whose representatives . INTERNATIONAL MONETARY FUND (IMF), RELATIONS WITHINTERNATIONAL MONETARY FUND (IMF), RELATIONS WITH The Bretton Woods Conference was convened in for the purpose of formulating postwar currency plans, as a result of which the International Monetary Fund (IMF) was established.

Source for information on International Monetary Fund (IMF), Relations with: Encyclopedia of India . lecture on economic history of india at lbsnaa mussoorie dated 22/9/ 2 india at 70 relations with international monetary fund 1. 2. India became a creditor to the International Monetary Fund in May on the basis of its strong balance of payments and foreign exchange reserves position.

India contributed $ million to the IMF’s Financial Transaction Plan, thus turning from a debtor into a lender to the IMF.

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