International Monetary Fund. External Relations Dept.
IMF Managing Director Horst Köhler announced on June 10 that Anoop Singh, currently Director for Special Operations, would succeed Claudio Loser as Director of the IMF’s Western Hemisphere Department. Singh will serve as Director-designate of the Western Hemisphere Department until Loser’s retirement later in the year. For the time being, he will remain in his current position in Special Operations—a unit that, by the end of the summer, management intends to integrate into the IMF’s organizational structure and enhance the IMF’s capacity to manage and prevent financial crises.
This paper reviews the current state of the pension system in India, as well as plans to reform it. Problems with the current system are identified, and, within this context, the appropriate role of the government in retirement saving is discussed. Finally, the OASIS reform proposal is evaluated and additional reform options are presented.
India rebounded strongly from its 1991 balance-of-payments crisis, aided by structural reforms and other policy adjustments. The government has sought to reinvigorate the process of structural and fiscal reform. The paper examines trends in interstate differences in rural poverty; reviews India's postal saving system and possible reform issues; describes and evaluates the current system of pensions and provident funds, and discusses reform options. The paper also briefly reviews the structure of and recent developments in the Indian foreign exchange market.