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When did India join the IMF?

March 22, 2004 15:02 IST
India and the IMF

When did India join the IMF?
Take the rediff business quiz and see how much you know about India and its association with the International Monetary Fund.

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1. When did India join the IMF?
a) 1945
b) 1947
c) 1950

2. When did India turn a lender to the IMF?
a) 2000
b) 2002
c) 2003

Wrong! Try again..
Wrong!
The correct answer is 2003.
India became a creditor to the International Monetary Fund in May 2003 on the basis of its strong balance of payments and foreign exchange reserves position. India contributed $498 million to the IMF's Financial Transaction Plan, thus turning from a debtor into a lender to the IMF. It made a contribution of $498 million to the International Monetary Fund. The Reserve Bank of India's latest figures say that India's official reserve assets with the IMF had risen to $1,312 million till January 2004.
Correct!
India became a creditor to the International Monetary Fund in May 2003 on the basis of its strong balance of payments and foreign exchange reserves position. India contributed $498 million to the IMF's Financial Transaction Plan, thus turning from a debtor into a lender to the IMF. It made a contribution of $498 million to the International Monetary Fund. The Reserve Bank of India's latest figures say that India's official reserve assets with the IMF had risen to $1,312 million till January 2004.

3. When did IMF open an office in India?
a) 1945
b) 1979
c) 1991

Wrong! Try again..
Wrong!
The correct answer is 1991.
The IMF Resident Office in New Delhi was opened in 1991. The primary function of the office is to facilitate the flow of information between the Government of India, the Reserve Bank of India, and the IMF. The current resident representative of the IMF in India is Michael Wattleworth. The office also employs Poonam Gupta, an economist on leave from IMF headquarters and Sudip Mohapatra as Economist. Alex Jaini has been the Administrative Officer since the office was opened.
Correct!
The IMF Resident Office in New Delhi was opened in 1991. The primary function of the office is to facilitate the flow of information between the Government of India, the Reserve Bank of India, and the IMF. The current resident representative of the IMF in India is Michael Wattleworth. The office also employs Poonam Gupta, an economist on leave from IMF headquarters and Sudip Mohapatra as Economist. Alex Jaini has been the Administrative Officer since the office was opened.

4. Who is the Chief Economist of IMF?
a) Kenneth S Rogoff
b) Raghuram G Rajan
c) Joseph Stiglitz

Wrong! Try again..
Wrong!
The correct answer is Raghuram G Rajan.
Raghuram G Rajan, Professor of Finance at the Graduate School of Business, University of Chicago, is the first person of Indian origin chosen by the International Monetary Fund as its chief economist. At 40, he is not only the youngest individual to hold this position, but also the first from a developing nation. Co-author of the book Saving Capitalism from the Capitalists, (Crown Business, New York, 2003), Rajan has sought to steer clear of the ideological position espoused by the extreme-right Chicago school of economists. He is a firm believer in the virtues of a free market system. He is an electrical engineering graduate from the Indian Institute of Technology, Delhi and also holds an MBA from the Indian Institute of Management, Ahmedabad.
Correct!
Raghuram G Rajan, Professor of Finance at the Graduate School of Business, University of Chicago, is the first person of Indian origin chosen by the International Monetary Fund as its chief economist. At 40, he is not only the youngest individual to hold this position, but also the first from a developing nation. Co-author of the book Saving Capitalism from the Capitalists, (Crown Business, New York, 2003), Rajan has sought to steer clear of the ideological position espoused by the extreme-right Chicago school of economists. He is a firm believer in the virtues of a free market system. He is an electrical engineering graduate from the Indian Institute of Technology, Delhi and also holds an MBA from the Indian Institute of Management, Ahmedabad.

5. Who is currently India's Executive Director to the IMF?
a) Montek Singh Ahluwalia
b) Vijay Kelkar
c) Bobby P Mishra

Wrong! Try again..
Wrong!
The correct answer is Bobby P Mishra.
B (Bobby) P Mishra, additional secretary in the finance ministry, is India Executive Director to the International Monetary Fund. Bobby Mishra, who handled the Fund Bank and external finance division in the Department of Economic Affairs, succeeded Yaga V Reddy at the IMF, who returned after just a few months into his tenure to take over as the Reserve Bank of India Governor. Prior to Y V Reddy, Vijay Kelkar, was assigned to the IMF.
Correct!
B (Bobby) P Mishra, additional secretary in the finance ministry, is India Executive Director to the International Monetary Fund. Bobby Mishra, who handled the Fund Bank and external finance division in the Department of Economic Affairs, succeeded Yaga V Reddy at the IMF, who returned after just a few months into his tenure to take over as the Reserve Bank of India Governor. Prior to Y V Reddy, Vijay Kelkar, was assigned to the IMF.

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Compiled by: Anamika