Anupam Kher is the new FTII chairman, replaces Gajendra Chauhan

Washington, Feb 1: The Indian economy experienced some abrupt slowdown in 2019 due to turbulence in non-banking financial institutions and major reform measures such as GST and demonetisation, but it is not in a recession, IMF Managing Director Kristalina Georgieva has said.

"The Indian economy indeed has experienced an abrupt slowdown in 2019. We had to revise our growth projections, downwards to four percent for last year. We are expecting 5.8 per cent (growth rate) in 2020 and then an upward trajectory to 6.5 percent in 2021," Georgieva told a group of foreign journalists here on Friday.

"It appears that the main reason for this slowdown was the non-banking financial institutions experiencing a turbulence," she said on the eve of Union Finance Minister Nirmala Sitharaman presenting the annual budget in Parliament on Saturday.

She said India had undertaken some important reforms that over the longer term would be beneficial for the country, but they do have some short-term impact.

"For example, coming with the unified tax system, and the demonetisation that took place. These are steps that over time are beneficial, but of course they might, might be somewhat disruptive over short term," Georgieva said in response to a question.

The International Monetary Fund (IMF) Managing Director said that there is not a lot of fiscal space in India. “But we also recognise that the policies of the government on that side, on the fiscal side have been prudent. We will see how the reading of the budget, the submission of the budget goes, tomorrow,” she said.

In the medium-term, she said, the IMF remains optimistic about India. “This is why we see that upswing potential for the growth in the country,” she said.

Georgieva said that the current economic slowdown cannot be described as a recession. "No.... You're far from that. But it is a significant slowdown, not the recession," she said.

The IMF managing Director noted that the consumption in India also slowed down and that contributed to the overall slowdown in the economy. The IMF would be keen to see what India does to get relatively sound macroeconomic fundamentals to pay off in terms of better growth trajectory, she said ahead of the budget.

One thing that is important for India is that budgetary revenue have been below target. "The country knows that. The finance minister knows it. They need to increase budgetary revenue collection so they can improve their fiscal position. I said it's tight on the spending side, but I also want to stress that there is room to improve collection on the revenue side," she said.

Munbai/New Delhi, May 4: India expects bad debts at its banks could double after the coronavirus crisis brought the economy to a sudden halt, a senior government official and four top bankers said.

Indian banks are already grappling with 9.35 trillion rupees ($123 billion) of soured loans, which was equivalent to about 9.1% of their total assets at the end of September 2019.

"There is a considered view in the government that bank non-performing assets (NPAs) could double to 18-20% by the end of the fiscal year, as 20-25% of outstanding loans face a risk of default," the official with direct knowledge of the matter said.

A fresh surge in bad debt could hit credit growth and delay India's recovery from the coronavirus pandemic.

"These are unprecedented times and the way it's going we can expect banks to report double the amount of NPAs from what we've seen in earlier quarters," the finance head of a top public sector bank told Reuters.

The official and bankers declined to be named as they were not officially authorized to discuss the matter with media.

India's finance ministry declined to comment, while the Reserve Bank of India and Indian Banks' Association, the main industry body, did not immediately respond to emails seeking comment.

The Indian economy has ground to a standstill amid a 40-day nationwide lockdown to rein in the spread of coronavirus cases.

The lockdown has now been extended by a further two weeks, but the government has begun to ease some restrictions in districts that are relatively unscathed by the virus.

India has so far recorded nearly 40,000 cases of the coronavirus and more than 1,300 deaths from COVID-19, the respiratory disease caused by the coronavirus.

'RIDING THE TIGER'

Bankers fear it is unlikely that the economy will fully open up before June or July, and loans, especially those to small- and medium-sized businesses which constitute nearly 20% of overall credit, may be among the worst affected.

This is because all 10 of India's largest cities fall in high-risk red zones, where restrictions will remain stringent.

A report by Axis Bank said that these red zones, which contribute significantly to India's economy, account for roughly 83% of the overall loans made by its banks as of December.

One of the sources, an executive director of a public sector bank, said that economic growth had been sluggish and risks had been heightened, even ahead of the coronavirus crisis.

"Now we have this Black Swan event which means without any meaningful government stimulus, the economy will be in tatters for several more quarters," he said.

McKinsey & Co last month forecast India's economy could contract by around 20% in the three months through June, if the lockdown was extended to mid-May, and growth in the fiscal year was likely to fall 2% to 3%.

Bankers say the only way to stem the steep rise in bad loans is if the RBI significantly relaxes bad asset recognition rules.

Banks have asked the central bank to allow all loans to be categorized as NPAs only after 180 days, which is double the current 90-day window.

"The lockdown is like riding the tiger, once we get off it we'll be in a difficult position," a senior private sector banker said.

Jul 6: Tony Award-nominated actor Nick Cordero, who specialized in playing tough guys on Broadway in such shows as Waitress, A Bronx Tale and Bullets Over Broadway, has died in Los Angeles after suffering severe medical complications after contracting the coronavirus. He was 41.

Cordero died Sunday at Cedars-Sinai hospital after more than 90 days in the hospital, according to his wife Amanda Kloots. “God has another angel in heaven now,” she posted on Instagram. “Nick was such a bright light. He was everyone’s friend, loved to listen, help and especially talk. He was an incredible actor and musician. He loved his family and loved being a father and husband.”

Nick Cordero entered the emergency room on March 30 and had a succession of health setbacks, including mini-strokes, blood clots, septis infections, a tracheostomy and a temporary pacemaker implanted. He had been on a ventilator and unconscious and had his right leg amputated. A double lung transplant was being explored.

Kloots, sent him daily videos of her and their 1-year-old son Elvis, so he could see them if he woke up, and urged friends and fans to join a daily sing-a-long. A GoFundMe page to pay for medical expenses has raised over $600,000.

“I tell him, I say, ‘You’re gonna walk out of this hospital, honey. I believe it. I know you can,’” she told “CBS This Morning” over the summer. ”‘We’re gonna dance again. You’re gonna hold your son again.’ My line is, ‘Don’t get lost. Get focused.’”

The lanky Cordero originated the menacing role of husband Earl opposite his estranged wife, played by Jessie Mueller, in Waitress as well as the role of Sonny in Chazz Palminteri’s A Bronx Tale. It was at Bullets Over Broadway where Cordero met his wife. The two married in 2017.

Cast members from “Waitress” — Jessie Mueller, Keala Settle, Kimik Glenn and songwriter Sara Bareilles — helped raise money for Cordero by covering his song “Live Your Life.” Sylvester Stallone sent a video with best wishes.

Kloots had said that it was difficult to tell whether Cordero understood what happened to him, but said he could respond to commands by looking up and down when he was alert.

Her husband played a mob soldier with a flare for the dramatic in Broadway’s Woody Allen 1994 film adaptation of Bullets Over Broadway, for which he received a Tony nomination for best-featured actor in a musical. He moved to Los Angeles to star in Rock of Ages.

On the small screen, Nick Cordero appeared in several episodes of Blue Bloods and Law & Order: Special Victims Unit, and he had a role in the film Going in Style.

Actor and guitarist for Bruce Springsteen, Stevie Van Zandt offered Cordero his first TV acting gig in the final episode of Lilyhammer. After he was hospitalized, Van Zandt teamed up with Constantine Maroulis and Vincent Pastore to make a video performing “Live Your Life.”

Cordero was last onstage in a Kennedy Center presentation of Littler Shop of Horrors. His off-Broadway credits include The Toxic Avenger and Brooklynite.

The coronavirus has sickened other Broadway veterans, including the actors Danny Burstein, Tony Shalhoub, Brian Stokes Mitchell, Gavin Creel, Aaron Tveit and Laura Bell Bundy as well as composer David Bryan. It has also claimed the life of Tony-winning playwright Terrence McNally.