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The World Bank says that a lack of credit and drop in private consumption have led to a gloomy growth outlook for India with a steep cut in growth rate for the current fiscal year and only a modest gain projected for the next year.

India's growth rate is forecast to be only 5 per cent for the current fiscal year, weighed down by a growth of only 4.5 per cent in the July-September quarter, according to the 2020 Global Economic Prospects report released on Wednesday.

"In India, [economic] activity was constrained by insufficient credit availability, as well as by subdued private consumption," the Bank said.

The growth rate is forecast by the Bank to pick up to 5.8 per cent in the next fiscal year and to 6.1 per cent in 2021-22.

India's growth rate was 6.8 per cent in 2018-19.

The 5 per cent growth rate projection for the current financial year is a sharp cut of 2.5 per cent from the 7.5 per cent forecast made by the Bank in January last year, toppling it from the rank of the world's fastest growing economy.

India's performance follows a global trend of lowered growth weighed down by developed economies.

The report estimated world economic growth rate to be only 2.4 per cent last year and forecast it to edge up 0.1 per cent to 2.5 per cent in the current year.

Even with the lower growth rate of 5 per cent in the current fiscal year and 5.8 per cent forecast for the next, India holds the second rank among large economies, behind only China with an estimated growth rate of 6.1 per cent for 2019 and 5.9 per cent this year.

The report blamed "weak confidence, liquidity issues in the financial sector" and "weakness in credit from non-bank financial companies" for India's slowdown.

The Bank predicated India's recovery to 5.8 per cent in the coming financial year for India but "on the monetary policy stance remaining accommodative" and the assumption that "the stimulative fiscal and structural measures already taken will begin to pay off."

It also warned that sharper-than-expected slowdown in major external markets such as United States and Europe, would affect South Asia through trade, financial, and confidence channels, especially for countries with strong trade links to these economies."

The Bank said that the growth of advanced economies was 1.6 per cent last year and "is anticipated to slip to 1.4 per cent in 2020 in part due to continued softness in manufacturing."

In contrast the growth of emerging market and developing countries is expected to accelerate from 3.5 per cent last year to 4.1 per cent this year, the report said.

In South Asia, Bangladesh is estimated to have the highest growth rate of 7.2 per cent in the current fiscal year, although down from 8.1 per cent last fiscal year.

But its higher regional growth rates are coming off a lower base with a per capital gross domestic product of $1,698 compared to $2,010 for India.

Bangladesh is expected to grow by 7.3 per cent in the next financial year.

Pakistan's growth rate is estimated at only 2.4 per cent in the current fiscal year and is projected to rise to 3 per cent in the next, according to the Bank.

The Bank blamed monetary tightening in Pakistan for a sharp deceleration in fixed investment and a considerable softening in private consumption for the fall in growth rate from 3.3 per cent in the 2018-19 fiscal year.

Sri Lanka's growth rate was estimated to be 2.7 per cent last year and forecast to grow to 3.3 per cent this year.

Nepal grew by an estimated 6.4 per cent in the current fiscal year and will rise to 6.5 per cent in the next.

Bengaluru, Apr 11: Karnataka Library Department’s mobile application, which is said to be the first of its kind initiative in the country has seen an exponential growth in downloads during the COVID-19 lockdown, a senior Minister said on Friday. The main reason that the application is growing is due to the heavy students demand as schools and colleges are closed during the 21-day nationwide lockdown.

Students are relying on online material for their studies as they can’t step out of the house and risk being infected.

The Library Department's efforts to keep readers active through the lockdown time, by prompting them to utilise its e-initiatives is paying off, Primary and Secondary Education Minister Suresh Kumar said.

"The app is seeing exponential increase in downloads since its launch. As many as 16,500 people have taken it; while ten thousand people have downloaded it during this brief lock down time itself," he said.

E-library mobile app was released by the library department on February 26.

There are over one lakh e-books available on department's digital platform ranging from arts, humanity, school curriculum, competitive exams and self help to classic novels - all for free for the readers.

"Its needless to say, the variety of attractive content that is available in the app is creating all the buzz among the public. Not just the books, the app contains over 600 educational videos too," the Minister said in a statement.

Considering that over 16,500 readers have downloaded the app since its launch a couple of months back, its high time, we see this domain as an opportunity for growth, he said, and stressed on the need for better adaptability approaches to the changing times.

Kanpur, Jan 1: In a seemingly bizarre development, the IIT in Kanpur has set up a panel to decide whether the poem "Hum dekhenge lazim hai ki hum bhi dekhenge", penned by Faiz Ahmad Faiz, is anti-Hindu.

The panel has been set up in response to complaints filed by a faculty member who claimed that the students, during a protest, sang this poem which was anti-Hindu.

The poem reads thus -- "Lazim hai ke hum bhi dekhenge. Jab arz-e-Khuda ke kaabe se. Sab bhut uthwaye jayenge, Hum ahl-e-safa mardood-e-harm. Masnad pe bithaye jayenge. Sab taaj uchale jaenge. Sab takht giraye jayenge. Bas naam rahega Allah ka. Hum dekhenge."

It was the last line that has turned into a bone of contention. Translated into English, it means, 'When thrones will vanish, only Allah's name will remain' -- implying the misleading translation by the professor.

The poem had been written by Faiz in reference to military dictator Zia-ul-Haq in 1979 and was against the military rule in Pakistan. Faiz had left leanings and was an atheist. He was known for his revolutionary writings that kept him in jail for several years.

It may be recalled that the IIT-Kanpur students had taken out a peaceful march on the campus on December 17 in support of the students of Jamia Millia Islamia and during the march, the students sang the Faiz poem.

According to IIT Deputy director Manindra Agarwal: "In the video, the students are seen reciting the Faiz poem which can also be perceived as being anti-Hindu.

The IIT faculty member, in his complaint, has alleged that the students made anti-India and communal statements during their demonstration in solidarity with the Jamia students.

The complaint was based on two lines of the poem, which have obviously been misinterpreted -- "When all idols will be removed, only Allah's name will remain."

The faculty member has stated that "organisers and masterminds must be identified and expelled immediately."

Fifteen other students have also signed the complaint filed by the professor against the protesting students.

Meanwhile, IIT students have said that the faculty member who lodged the complaint has been banned on a social networking site for posting communal content.

In an article published on the IIT-Kanpur student media portal, the students clarified what exactly happened on the day of protest and how their chant was given a 'communal and misleading' turn. They stated that they had recited a few lines of the Faiz poem in reference to the police crackdown on the Jamia students.