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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Agencies
August 7,2020

Russia boasts that it's about to become the first country to approve a Covid-19 vaccine, with mass vaccinations planned as early as October using shots that are yet to complete clinical trials -- and scientists worldwide are sounding the alarm that the headlong rush could backfire.

Moscow sees a Sputnik-like propaganda victory, recalling the Soviet Union's launch of the world's first satellite in 1957.

But the experimental Covid-19 shots began first-in-human testing on a few dozen people less than two months ago, and there's no published scientific evidence yet backing Russia's late entry to the global vaccine race, much less explaining why it should be considered a front-runner.

“I'm worried that Russia is cutting corners so that the vaccine that will come out may be not just ineffective, but also unsafe,” said Lawrence Gostin, a global public health law expert at Georgetown University. “It doesn't work that way... Trials come first. That's really important.”

According to Kirill Dmitriev, head of Russia's Direct Investment Fund that bankrolled the effort, a vaccine developed by the Gamaleya research institute in Moscow may be approved in days, before scientists complete what's called a Phase 3 study.

That final-stage study, usually involving tens of thousands of people, is the only way to prove if an experimental vaccine is safe and really works.

Health Minister Mikhail Murashko said members of “risk groups,” such as medical workers, may be offered the vaccine this month.

He didn't clarify whether they would be part of the Phase 3 study that is said to be completed after the vaccine receives “conditional approval.”

Deputy Prime Minister Tatyana Golikova promised to start “industrial production” in September, and Murashko said mass vaccination may begin as early as October.

Dr Anthony Fauci, the top US infectious disease specialist, questioned the fast-track approach last week.

“I do hope that the Chinese and the Russians are actually testing a vaccine before they are administering the vaccine to anyone, because claims of having a vaccine ready to distribute before you do testing I think is problematic at best," he said.

Questions about this vaccine candidate come after the US, Britain and Canada last month accused Russia of using hackers to steal vaccine research from Western labs.

Delivering a vaccine first is a matter of national prestige for the Kremlin as it tries to assert the image of Russia as a global power capable of competing with the US and China.

The notion of being “the first in the world” dominated state news coverage of the effort, with government officials praising reports of the first-step testing.

In April, President Vladimir Putin ordered state officials to shorten the time of clinical trials for a variety of drugs, including potential coronavirus vaccines.

According to Russia's Association of Clinical Trials Organizations, the order set “an unattainable bar” for scientists who, as a result, "joined in on the mad race, hoping to please those at power.”

The association first raised concern in late May, when professor Alexander Gintsburg, head of the Gamaleya institute, said he and other researchers tried the vaccine on themselves.

The move was a “crude violation of the very foundations of clinical research, Russian law and universally accepted international regulations" the group said in an open letter to the government, urging scientists and health officials to adhere to clinical research standards.

But a month later, the Health Ministry authorized clinical trials of the Gamaleya product, with what appeared to be another ethical issue.

Human studies started June 17 among 76 volunteers. Half were injected with a vaccine in liquid form and the other half with a vaccine that came as soluble powder.

Some in the first half were recruited from the military, which raised concerns that servicemen may have been pressured to participate.

Some experts said their desire to perform well would affect the findings. “It's no coincidence media reports we see about the trials among the military said no one had any side effects, while the (other group) reported some," said Vasily Vlassov, a public health expert with Moscow's Higher School of Economics.

As the trials were declared completed and looming regulatory approval was announced last week, questions arose about the vaccine's safety and effectiveness.

Government assurances the drug produced the desired immune response and caused no significant side effects were hardly convincing without published scientific data describing the findings.

The World Health Organization said all vaccine candidates should go through full stages of testing before being rolled out.

“There are established practices and there are guidelines out,” WHO spokesman Christian Lindmeier said Tuesday.

“Between finding or having a clue of maybe having a vaccine that works, and having gone through all the stages, is a big difference.”

Offering an unsafe compound to medical workers on the front lines of the outbreak could make things worse, Georgetown's Gostin said, adding: “What if the vaccine started killing them or making them very ill?”

Vaccines that are not properly tested can cause harm in many ways — from a negative impact on health to creating a false sense of security or undermining trust in vaccinations, said Thomas Bollyky, director of the global health program at the Council on Foreign Relations. 

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Agencies
February 23,2020

Wuhan, Feb 23: Ninety-seven more people died in China due to coronavirus, taking the death toll to 2,442, officials said on Sunday, as a team of WHO experts visited the worst-affected Wuhan city in Hubei province.

By the end of Saturday, a total of 2,442 people had died of the disease and 76,936 confirmed cases of novel coronavirus infection had been reported in 31 provincial-level regions, China's National Health Commission (NHC) said in its daily update on Sunday.

Ninety-six deaths were reported from Hubei province and one from Guangdong province on Saturday besides 648 new confirmed cases of coronavirus infections, it said.

Hubei province, where the virus first emerged in December last, reported 630 new confirmed cases, taking the total confirmed cases in the hard-hit province to 64,084, state-run Xinhua news agency reported.

The NHC also said China's daily number of newly cured and discharged novel coronavirus patients has surpassed that of new confirmed infections for the fifth consecutive day, indicating that cases of infections are coming down.

Saturday saw 2,230 people walk out of hospital after recovery, much higher than the number of the same day's new confirmed infections, which was 648, Xinhua reported.

A total of 22,888 patients infected with the novel coronavirus had been discharged from hospital after recovery by the end of Saturday, NHC said.

Meanwhile, a team of public health experts from the World Health Organisation (WHO) visited Wuhan on Saturday to conduct a detailed probe about the virus which reportedly originated from a seafood market in the city in December last year.

The NHC said WHO experts along with their Chinese counterparts who formed a joint investigation team have held talks with the local health authority in Wuhan and visited relevant healthcare institutions.

The UN team comprises specialists from the United States, Germany, Japan, Nigeria, Russia, Singapore and South Korea, Hong-Kong based South China Morning Post reported.

The 12-member team, which arrived in China on Monday, was initially designated to visit only Beijing, Guangdong and Sichuan provinces, while the worst-affected Hubei province and its capital Wuhan were missing from the list.

However, the team was finally given permission to visit Wuhan by the Chinese government.

Besides controlling the spread of the virus, a major task for the WHO team along with their Chinese counterparts was to come up with standard medicine to cure the disease.

The NHC said on Saturday that the team had met top Chinese respiratory disease expert Zhong Nanshan in Guangdong, and visited the centre for disease control and prevention in Guangdong and the city of Shenzhen, and Sichuan.

The specialists also discussed quarantine measures, the wild animal trade and community prevention measures with their Chinese counterparts, it said.

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News Network
July 5,2020

Washington, Jul 5: US President Donald Trump on Saturday thanked Prime Minister Narendra Modi for his wishes on America's 244th Independence Day.

On Saturday, PM Modi tweeted: "I congratulate @POTUS @realDonaldTrump and the people of the USA on the 244th Independence Day of the USA. As the world's largest democracies, we cherish freedom and human enterprise that this day celebrates. @WhiteHouse"

While replying to PM Modi's wishes, Mr Trump tweeted: "Thank you my friend. America loves India!"

The US President also attended the July 4 American Independence Day celebrations in South Dakota.

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