Tag: India

The global recovery may be jeopardized by a sustained rise in oil prices India Saturday warned that the global recovery from the worst financial crisis in decades may be jeopardised by a sustained rise in oil prices and speculative movements in commodity derivative markets."The global recovery may be jeopardized by a sustained rise in oil prices," Reserve Bank of India Governor Duvvuri Subbarao said participating in the International Monetary Fund (IMF) and World Bank spring meetings here."Speculative movements in commodity derivative markets are also causing volatility in prices," he said.Special Drawing Rights or SDRs cannot be a reserve currency in the international payment system as it does not meet the necessary conditions to play this role, Subbarao said."The SDR has to be accepted as a liability at the IMF, has to be automatically acceptable as a medium of payment in cross-border transactions, be freely tradable and its price has to be determined by forces of demand and supply," he said."As the SDR does not satisfy these conditions, it cannot be a reserve currency in the international payment system.""Going by the recent initiatives, if at all there is a move to alter the composition of the SDR basket, we could consider ...

Constitution of a welfare fund for the victims of piracy India is lobbying for a reference to the sufferings of hostages in a proposed United Nations Security Council (UNSC) resolution against maritime piracy so that there is greater pressure on ship owners to resolve hijack situations.India also wants the constitution of a welfare fund for the victims of piracy.The UNSC is scheduled to take up a resolution on piracy April 11 that is expected to moot an international judicial mechanism for prosecuting captured pirates."India is hoping that this resolution will also have a reflection on the plight of hostages," a senior external affairs ministry official told IANS, not wishing to be identified because of service rules.According to latest figures, 53 Indian sailors are being held hostage on five different ships. Of them, 17 have been held the longest on MT Savina Caylyn, an Italian ship which was captured over a year ago Feb 8, 2010.Russia has circulated a draft resolution which aims to set up a judicial mechanism to prosecute pirates caught by international navies patrolling the waters off the Horn of Africa. It calls for the establishment of three specialised courts, as well as the construction of two new ...