Gita Gopinath to leave IMF in August, return to Harvard as Professor
IMF Managing Director Kristalina Georgieva will name a successor to Gopinath 'in due course,' the statement added.Kristalina Georgieva offered a glowing tribute, describing Gopinath as 'a rare combination of brilliance and humility,' and credited her with helping steer the IMF through some of the most volatile economic periods in recent history.'Gita came to the Fund as a highly respected academic in macroeconomics and international finance,' Georgieva said. 'Admiration for Gita only grew through her time at the Fund, where her analytical rigor was paired with practical policy advice to the membership during an especially challenging period, which included the pandemic, wars, the cost-of-living crisis, and major shifts in the global trading system.'Gopinath played a pivotal role during the COVID-19 pandemic. She co-authored the IMF's Pandemic Plan, a landmark initiative that set global vaccination targets at feasible costs.'As Chief Economist, Gita ensured that the World Economic Outlook remained the preeminent report on the global economy—an especially impressive achievement during the COVID-19 pandemic,' Georgieva added.She also spearheaded the development of the Integrated Policy Framework (IPF), which provides countries with tools to design macroeconomic and financial stability strategies tailored to their needs.'She represented the Fund with integrity and fortitude in many international fora, notably the G-7 and G-20,' Georgieva noted.In her farewell message, Gopinath expressed gratitude for a 'once-in-a-lifetime opportunity' to work at the IMF, thanking both Georgieva and former IMF chief Christine Lagarde, who had appointed her as Chief Economist.'I now return to my roots in academia,' Gopinath said, 'where I look forward to continuing to push the research frontier in international finance and macroeconomics to address global challenges, and to training the next generation of economists.'- EndsWith inputs from ReutersMust Watch
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Indian Express
23 minutes ago
- Indian Express
C Raja Mohan writes: PM Modi in the UK: Let go of the bilateral baggage
The formal signing of the India-UK Free Trade Agreement during Prime Minister Narendra Modi's visit to London this week marks a long-awaited turning point in bilateral relations. The early 1990s opened a new opportunity for Delhi and London to move beyond the bitter legacies of Partition and the Cold War and build on the fresh possibilities offered by India's economic liberalisation. Only after multiple twists and turns has the wide gap between promise and performance in the relationship begun to close. If Queen Elizabeth II's 1997 visit to India — meant to commemorate the 50th anniversary of Independence — turned into a political fiasco, Modi's meeting this week with King Charles III could mark the beginning of a new and more productive phase. And it comes at a particularly opportune moment. The trade pact, along with expanding cooperation in technology, defence, and education, will help both countries navigate the turbulent effects of US President Donald Trump's political upheaval — whether one sees it as a revolution or a counterrevolution — on American global engagement and the international order. London, the US's closest and most enduring ally, and Delhi, which has built a new foundation for strategic cooperation with Washington, have both been significantly impacted by Trump's policies. Efforts to reboot India-UK ties began promisingly in the 1990s, when Conservative Prime Minister John Major strongly supported India's economic reforms. But the momentum faltered in the early years of the Labour governments (1997-2010), which continued to view India through an outdated colonial lens. What should have been a celebratory and reflective moment during the Queen's 1997 visit was marred by then Foreign Secretary Robin Cook's gratuitous meddling in the Kashmir issue and Indo-Pakistani relations. The resulting outrage was memorably captured by Indian Prime Minister I K Gujral, who called Britain a 'third-rate power'. Gujral was right to object to British overreach, but his characterisation of Britain was far off the mark. In the mid-1990s, the UK ranked among the world's top five economies, with a GDP exceeding the combined economic output of China, India, and Russia at the time. Britain had lost its empire but has remained a power of considerable global influence. Three decades later, it is still the world's sixth-largest economy. Its per capita income — around $55,000—compares starkly with India's $3,000, China's $14,000, and Russia's $15,000. The perception in Delhi of Britain as a 'diminished power' stands in sharp contrast to India's enduring view of Russia as a 'superpower'. This disconnect reflects a lingering anti-colonial mindset and a romanticised view of Russia in Delhi but has little grounding in present-day realities. It ignores the large interface between Indian and British societies that stands in contrast to a narrow government-to-government relationship with Moscow. One of the key drivers of the evolving India-UK relationship has been the effort to shed the lingering colonial condescension in London and entrenched anti-imperial resentment in Delhi. The focus has now shifted to building a pragmatic, forward-looking partnership based on shared interests. It has also meant confronting Delhi's own double standards. While the Indian elite never misses an opportunity to denounce British colonialism, it continues to seek validation from Britain and its institutions. Across the political spectrum, leaders denounce the English language but educate their children in English-medium schools, aspire for admissions to Oxbridge and the Ivy League, and dream of emigration to the Anglosphere. This is not even to mention the popular fascination with Britain in states like Bengal, Gujarat, and Punjab. Overcoming this love-hate relationship was not easy. But the return of the Conservatives to power in 2010 saw an effort to transcend the old entanglements of Kashmir and Pakistan. Prime Minister David Cameron's 2010 visit aimed to reboot bilateral ties. However, the British establishment was not fully prepared for a shift, and the UPA government in Delhi failed to seize the moment. The arrival of the Modi government in 2014 brought a new readiness to reassess Britain. Successive Conservative Prime Ministers — especially Boris Johnson — actively worked with India to imagine a shared future, outlined in the '2030 Roadmap for India-UK Relations'. The free trade agreement being signed this week, the 2024 technology security initiative, and the joint defence industrial roadmap announced this year are all fruits of that vision. Implementing the 2030 roadmap would not have been possible without greater responsiveness from the British establishment. Particularly significant in addressing Delhi's concerns about anti-India extremism is Prime Minister Keir Starmer's reining in the extremist factions within the Labour Party that had taken a hostile stance on India carrying forward the 2030 Roadmap initiated by the Tories. Modi's visit is also an opportunity to reflect on the deep economic and political turbulence within Britain. The Starmer government is struggling to revive a stagnating economy. It has abandoned the strategy of total reliance on services and launched an industrial policy aimed at innovation-led growth in eight key sectors, including advanced manufacturing, defence, clean energy, life sciences, and creative industries. This opens new possibilities for India-UK collaboration. Britain remains a global leader in higher education, scientific research, and technology — and Modi's visit could help identify fresh avenues for partnership in these domains. It is also set to play a critical role in European security amid American retrenchment under Trump. India should recognise the internal political fragmentation in Britain amid mounting pressures on the two-party system. Delhi should also be aware of the rising anti-immigration sentiment in a rapidly changing Britain. It should focus less on sending more students and workers to Britain. Instead, Delhi should be drawing British universities into India and building collaboration with British capital to expand opportunities at home. For too long, Delhi and London have underestimated what they could do for each other. Briefly before Independence, some in both capitals imagined that a partnership between a free India and a post-imperial Britain could preserve London's global stature, amid the rise of America and Soviet Russia, and facilitate India's emergence as a dominant power in the Indian Ocean and beyond. That bold vision was derailed by the trauma of Partition, the chaos of decolonisation, and the polarising currents of the Cold War. But eight decades later, India and Britain stand once again at an inflexion point. As middle powers, they are now better positioned to pursue a more modest, pragmatic goal: To act as force multipliers for each other in a world increasingly shaped by an assertive China and an unpredictable America. The writer is contributing editor on international affairs for The Indian Express and distinguished fellow at the Council on Strategic and Defence Research
Mint
23 minutes ago
- Mint
Foreign investors stocked up on these three mid caps in Q1. Should you?
The April-June quarter brought interesting news for the Indian stock market as foreign institutional investors (FIIs) increased their stakes in several Indian companies. Foreign flows into the Indian market often signal confidence in the country's long-term growth. What's particularly noteworthy is that FIIs invested in diverse sectors including renewable energy, defence, shipbuilding and financial services in Q1. In this piece, we'll dive into three mid cap stocks that saw notable FII buying during the quarter. #1 Premier Energies Ltd Premier Energies is a solar manufacturing powerhouse that's been quietly building its empire since 1995. What makes it stand out is its scale and focus on technology. With a massive 2 GW of capacity for solar cells and 5.1 GW for solar modules, it is equipped to handle high volume. The company's automated production lines achieve an impressive 23.2% cell efficiency. It is also future-ready, planning to introduce advanced TOPCon cell technology. Most of the company's revenue comes from India's booming domestic solar market, which fits perfectly with the government's ambitious renewable energy targets. FIIs' shareholding jumped from about 3% in March to 4.38% in June – a 46% increase in just one quarter. This isn't just a random buying; it shows the company's strong financial performance and expansion plans caught investors' attention. Another important aspect of Premier Energy is its backwards integration strategy. It's setting up a 2-GW solar wafer plant through a joint venture, essentially controlling more of its supply chain. The company's revenue increased 109.76% in FY25 and net profit surged 305%. The Ebidta margin expanded to 28.78% from 15.93% in FY24. This performance was due to India's booming solar demand and the company's growing manufacturing capacity. The company also has a massive order book worth ₹84,456 crore (5.303 MW of capacity), mainly comprising domestic orders, which provides strong revenue visibility. #2 Indian Renewable Energy Development Agency Ltd IREDA is a financial institution focussed on India's clean-energy transition. Established in 1987 as a non-banking financial Institution under the ministry of new and renewable energy, IREDA has spent more than three decades funding renewable energy projects across India. What makes IREDA attractive is its position as the government's primary vehicle for financing India's ambitious renewable energy goals. The company recently achieved a significant milestone in operational autonomy, giving it more freedom to take strategic decisions and expand operations. Foreign investors clearly see IREDA's long-term potential. Their shareholding jumped from 1.75% in March to 2.04% in June – a 38.80% increase – despite weak financials. This suggests FIIs are looking beyond quarterly fluctuations and focusing on IREDA's strategic importance. A key factor that boosted investors' confidence was the recent policy support for IREDA's bonds. The government granted tax-saving status to IREDA bonds under Section 54EC, making them attractive for investors looking to save on capital gains tax. This regulatory backing not only broadens IREDA's investor base but also ensures more consistent and lower-cost capital inflows, strengthening its ability to fund renewable energy projects efficiently. IREDA reported mixed financial results in Q1FY26, with revenue from operations growing 29% year-on-year but net profit declining 36% year-on-year, reflecting operational challenges. IREDA's outstanding loan book grew 26%, while new sanctions jumped 36%. Other key developments, such as ₹2,010-crore fundraise through a qualified institutional placement (QIP), the launch of perpetual bonds worth ₹1,270 crore, and maintaining a healthy margin with a 9.95% yield on loan assets and a 3.60% net interest margin, underscored its role as India's premier renewable-energy financier. #3 Garden Reach Shipbuilders & Engineers Ltd Garden Reach has over six decades of experience in building naval and commercial vessels. Based in Kolkata, It's a government-owned company that has been the backbone of India's maritime defence capabilities since it was nationalised in 1960. It holds the distinction of being the first Indian shipyard to build 100 warships. In 2006 GRSE received Miniratna status, which enhanced its financial and operational autonomy. The company's portfolio spans guided-missile frigates, corvettes, fleet tankers, fast patrol vessels, amphibious warfare vessels for naval applications, and commercial vessels such as research ships, dredgers and tugboats. Beyond shipbuilding, the company also operates engineering and engine divisions, positioning itself as a comprehensive maritime solutions provider in India's expanding defence sectors. Foreign investors seem bullish about GRSE's long-term prospects, with their shareholding increasing 46% from 3.84% in March to 5.33% in June. GRSE's strategic diversification into commercial shipbuilding adds another layer of attraction. The company has secured an order from German clients and signed an MoU for India's first polar research vessel. This diversification reduces dependence on government contracts while positioning GRSE in high-margin, specialised segments with significant export potential. The company delivered strong results in FY25, with revenue from operations increasing 41% year–on-year. Net profit surged 46% while the operating margin remained around 13%. In Q4 FY25, revenue jumped 62% quarter-on-quarter and net profit increased 118%. A significant business development was the ₹430-crore provision write-back from the P-17 Alpha project, reflecting the company's improved cost visibility as the first ship nears delivery. GRSE's order book stands at ₹22,860 crore, providing strong revenue visibility. The company aims to expand capacity from 24 to 28 ships this year, positioning itself for major upcoming defence contracts worth ₹40,000 crore. Conclusion Buying patterns show FIIs are investing in India's structural transformation and not just looking at companies' financials. Despite the mixed quarterly results of the above companies, FII continued to increase their stakes, demonstrating their confidence in the long-term growth of sectors such as renewable energy, defence indigenisation, and financial inclusion. While short-term volatility may continue because of project execution cycles and operational adjustments, the underlying fundamentals of these companies remain robust. For retail investors, FII activity can serve as a valuable signal about India's growth trajectory. However, success will depend on the efficient execution of expansion plans, continuing policy support, and an ability to translate strategic positioning into sustained financial performance. Happy investing! Disclaimer: This article is for information purposes only. It is not a stock recommendation and should not be treated as such. This article is syndicated from
Economic Times
26 minutes ago
- Economic Times
BP-chartered tanker leaves port of Nayara Energy without loading diesel, sources say
The oil tanker Talara, chartered by BP, departed from India's Vadinar port without loading diesel as scheduled. The vessel was expected to load ultra low sulphur diesel for Africa on July 21. This occurred after Nayara Energy, partly owned by Rosneft, faced EU sanctions for dealing with Russian oil. Tired of too many ads? Remove Ads Oil tanker Talara, chartered by energy major BP , has left the Vadinar port of Indian refiner Nayara Energy without loading diesel as planned, according to two industry sources and shipping data on vessel was supposed to load ultra low sulphur diesel on July 21 with the cargo bound for Africa, LSEG data Energy, partly owned by Russia's largest oil producer Rosneft , was among companies sanctioned by the European Union on Friday for dealing with Russian oil
