Reserve Bank deputy governor KC Chakrabarty on Saturday said the investment in the International Monetary Fund by purchasing $10 billion worth of its notes is a good decision as the country has surplus foreign exchange reserves.

With creditors demanding solutions to the Greek debt crisis and the financial world increasingly on edge, Athens on Wednesday froze pensions, cut civil service salaries and slapped new taxes on everything from cigarettes and alcohol to fuel and precious gems.

The International Monetary Fund has suggested that India should begin fiscal consolidation with the next budget, as the deficit has entered into the double digits due to the stimulus measures taken to revive the economy.

Over 2,500 global leaders in business and politics arrived in this Swiss resort on Wednesday to put their minds together on how best to support the fragile recovery following the worst economic crisis since the 1930s.

The global economy is recovering faster than expected but growth continues to be fragile as many of the developed nations are still dependent on government stimulus, the International Monetary Fund has said.