India said on Thursday said BRICS nations have demonstrated economic resilience by weathering the global financial crisis rather well and are expected to play central role in post-crisis global economy.
Despite improvement in global financial stability in the past six months, an IMF study has warned that if progress on addressing medium-term challenges falters, rally in financial markets may prove unsustainable.
Five years after the start of the crisis, global financial system is still not well and there is a lot of work to be done by regulators, supervisors, and the private sector to put it on a firmer footing, IMF has said in a report.
The ongoing global economic crisis has impacted development assistance funds provided by world's major economies to developing countries and such aids may fall further from its current levels, former foreign secretary Shyam Saran said here on Friday.
In the backdrop of the global economic crisis in recent years, Prime Minister Manmohan Singh Tuesday warned of "pitfalls" if India did not rise to the occasion and sought a "broad-based consensus" to meet the challenges.
Global capital flows are a two-way traffic between emerging and advanced economies, but the developing world remains vulnerable to volatility in such flows because they have limitations in borrowing in their own currencies in global markets, according to the RBI.
Finance Minister Pranab Mukherjee on Sunday said that the global economic crisis have had an impact on India, but there was no need to panic and the government would not hesitate in taking tough decisions, if needed.
Moody's Investors Service on Friday downgraded the ratings of eight Greek banks by two notches each citing a struggling domestic economy and declining deposits among reasons for the move, which was expected by markets.
Gold futures climbed to a fresh high of Rs 28,800 per 10 grams Tuesday, tracking a firming trend overseas, where the rate topped USD 1,910 an ounce as global financial turmoil raised demand for the metal as a safe haven.
The global economic crisis has encouraged a rash of government reforms that should make it easier to start, run and close businesses around the world, according to a World Bank report released Tuesday night.