IMF calls for 'urgent' action by India amid slowdown

News Network
December 24, 2019

Washington, Dec 24: India's government must take steps quickly to reverse the economic slowdown of an economy that has been one of the engines of global growth, the International Monetary Fund said Monday.

Declining consumption and investment, and falling tax revenue, have combined with other factors to put the brakes on one of the fastest growing economies in the world, the IMF said in its annual review.

After lifting millions out of poverty "India is now in the midst of a significant economic slowdown," Ranil Salgado, of the IMF Asia and Pacific Department, told reporters.

"Addressing the current downturn and returning India to a high growth path requires urgent policy actions."

However, the government has limited space to boost spending to support growth, especially given high debt levels and interest payments, the fund warned

IMF chief economist Gita Gopinath last week said India's slowdown had "surprised to the downside," and said the fund is set to significantly downgrade its growth estimates for the Indian economy in the World Economic Outlook which will be released next month.

The IMF in October slashed its forecast for 2019 by nearly a full point to 6.1 percent, while cutting the outlook for 2020 to 7.0 percent.

Salgado said India's central bank has "room to cut the policy rate further, especially if the economic slowdown continues."

The Reserve Bank of India (RBI) cut the key lending rate five times this year to a nine-year low, but at its last meeting earlier this month defied expectations by keeping policy unchanged.

The central bank slashed its annual growth forecast to 5 percent from 6.1 percent, as consumer demand and manufacturing activity contracts.

Salgado said "the government needs to reinvigorate the reform agenda," including restoring the health of the financial sector in order to "enhance its ability to provide credit to the economy."

Comments

Ahmed
 - 
Tuesday, 24 Dec 2019

Am Not point to all hindus but some hindus who think modi is leader for them....

 

please my dear brother think carefully...the person who lie time to time he is not good leader..

he is just using for his desire or some other desire..

when you dont have job, and empty pocket and your daughter ask for chocklet that time your relize what you have dont by supporting criminal and lier.

 

belive in RAM as leader bcoz he speak truth and thuthfull to his people...but not belive in Devil who say Lie for every second..

 

i hope our hindu brothers from mangalore will understand...

 

Suresh SS
 - 
Tuesday, 24 Dec 2019

Modi will bring India to the worst situation and people will starve to death all RSS Goondas to eat cowdung

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News Network
May 28,2020

May 28: Boeing is cutting more than 12,000 jobs through layoffs and buyouts as the coronavirus pandemic seizes the travel industry, and more cuts are coming.

One of the nation's biggest manufacturers will lay off 6,770 U.S. employees this week, and another 5,520 workers are taking buyout offers to leave voluntarily in the coming wee

Air travel within the U.S. tumbled 96% by mid-April, to fewer than 100,000 people on some days. It has recovered slightly. The Transportation Security Administration said it screened 264,843 people at airports on Tuesday, a drop of 89% compared with the same Tuesday a year ago.

Boeing had said it would cut 10% of a work force that numbered about 160,000. A Boeing spokesperson said Wednesday's actions represent the largest number of job cuts, but several thousand additional jobs will be eliminated in the next few months.

The layoffs are expected to be concentrated in the Seattle area, home to Boeing's commercial-airplanes business. The defense and space division is stable and will help blunt the impact of the decline in air travel and demand for passenger jets, the company said.

Boeing said additional job cuts will be made in international locations, but it did not specify numbers.

"The COVID-19 pandemic's devastating impact on the airline industry means a deep cut in the number of commercial jets and services our customers will need over the next few years, which in turn means fewer jobs on our lines and in our offices," CEO David Calhoun said Wednesday in a memo to employees.

Calhoun said the company faces the challenges of keeping employees safe and working with suppliers and airlines "to assure the traveling public that it can fly safe from infection."

Calhoun warned that Boeing will have to adjust business plans constantly because the pandemic makes it hard to predict the impact on the company's business.

Boeing's crisis began with two crashes of its 737 Max, which led regulators around the world to ground the jetliner last year. The company's problems have deepened with the coronavirus, which has cut global air traffic by up to 90% and caused airlines to postpone or cancel orders and deliveries for new planes.

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Agencies
April 2,2020
Thailand's controversial king has created a category of his own with his idea of self-isolation.
 
According to reports, King Maha Vajiralongkorn, also known as Rama X, has hired out an entire luxury hotel in Germany, where he has been 'self-isolating' with 20 women.
 
The luxury hotel, the Grand Hotel Sonnenbichl, is in the Alpine resort town of Garmisch-Partenkirchen.
 
The 67-year-old king is self-isolating with his entourage that includes a 'harem' of 20 concubines and several servants, reported Bild.
 
However, it is unclear if his four wives are currently living in the same hotel.

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News Network
July 25,2020

Madrid, Jul 25: Spain is witnessing a new surge in virus" coronavirus infections with nearly a thousand cases daily, a month after lifting the pandemic lockdown.

The country is reinstating both voluntary guidelines and mandatory restrictions that it had lifted on June 21, The Washington Post reported.

Spain on Wednesday reported over 224 outbreaks and 2,622 virus" coronavirus cases. According to a report in Washington Post, the new surge is attributed primarily to seasonal farmworkers, people attending family get-togethers and nightclub partyers.

On Thursday, the health ministry reported an additional 971 cases.

"The majority are related to fruit collection and also to the spaces where measures to avoid contact are relaxed," Spain Health Minister Salvador Illa told parliament. "We have to call on citizens to not lose respect for the virus not to be afraid of it, but not to lose respect for it either."

The government of Spain lifted all restrictions put in place to combat virus" coronavirus on June 21 and declared 'a new normal'. 

The virus" coronavirus pandemic till then had killed 24,000 people and infected more than 2,70,166.

Countries around the world are witnessing the second surge of virus" coronavirus. The resurgence could threaten the economic bounce Spain was hoping to get from vacationers eager for summer fun.

The surge in cases has been greatest in the northeastern region of Catalonia with more than 7,953 new confirmed cases since July 10.

Spain's National Epidemiological Survey has predicted that the rate of increase more than doubled in the past three weeks.

Meanwhile, the Catalan government reverted to pre-June 21 confinement rules in Barcelona and a dozen other municipalities in the metropolitan area, as well as in Figueras, Vilafant, La Noguera and Lleida.

Authorities have ordered bars and restaurants to limit indoor occupancy to 50 per cent, reduced sports to fewer than 10 people, closed night clubs and gyms and blocked some cultural activities.

The epidemiologist in charge of the region's biggest hospital warned in an interview last week with the Spanish daily El Pais that the situation in the agricultural hub of Lleida, located about 100 miles west of Barcelona, "had clearly gotten out of hand."

"Nobody foresaw that there would be a number of people coming from abroad to pick fruit in unfavourable conditions and that they might be infected," said epidemiologist Magda Campins of Vall d'Hebron in Barcelona. "And when the infections began to be detected, it was hard to keep tabs on the cases and their contacts because some of them, although they should have been in isolation, got away because they needed to earn money."

Catalonia's Department of Labour, Social Affairs and Family is using a hotel in Lleida to quarantine fruit workers who test positive for COVID-19 but are unable to isolate at home.

In the capital of Madrid, which was the epicentre during the pandemic's first wave in the spring, authorities reported 710 new cases in the past week. The use of face masks is widespread, but the region has shied away from making them mandatory in public.

Madrid's regional health secretary, Enrique Ruiz Escudero, defended that position while citing an uptick in infections in the under-40 age group. He told young people not to let down their guard.

"We can't take even one step backwards. Young people have to be aware of the responsibility they have," Ruiz Escudero said in a news conference Thursday. "I ask them to use the face mask and to maintain a safe distance."

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