Is PM’s commitment of $10 billion to IMF a misplaced charity? -Governance Now

Is PM’s commitment of $10 billion to IMF a misplaced charity?

GN Bureau | June 20, 2012

India has promised a contribution of $10 billion to International Monetary Fund (IMF) to help the Eurozone which is heading towards a financial crisis. The humble contribution of our prime minister has come at a time when economic growth is going down and inflation is going up in the country. Rating agencies Fitch and S&P have downgraded India which may have consequence on attractiveness of India as an investment destination.

The rupee is also trailing weak against dollar and has hit a low of 56.12 against the dollar on Tuesday. Government raised the petrol prices and prices of diesel are expected to go up. This increase in fuel prices is leading to inflation across the country.

With the above state of Indian economy, do you think that the prime minister’s announcement of $10 billion commitment to IMF is a misplaced charity?

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