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
February 12,2020

New Delhi, Feb 12: Unidentified people opened fire at the convoy of the newly elected Aam Aadmi Party legislator Naresh Yadav in Southwest Delhi when he and his supporters were returning home after visiting a temple after his victory, killing a party volunteer, police and a senior AAP leader said.

The firing incident happened in Kishangarh village late Tuesday night.

Police said they have detained a person for questioning and the incident appears to be a case of personal enmity. Sources said seven rounds were fired at the MLA's convoy.

Another person injured in the incident has been admitted to a hospital.

AAP leader Sanjay Singh identified the dead party volunteer as Ashok Mann.

“Convoy of MLA Naresh Yadav attacked in Mehrauli, Ashok Mann killed. Naresh Yadav was returning home after visiting a temple,” Singh said in a tweet in Hindi.

“At least one volunteer has passed away due to bullet wounds. Another is injured,” AAP tweeted.

Ankit Lal, AAP's social media in-charge, added that miscreants in another car opened fire on the MLA's convoy near Fortis Hospital.

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News Network
January 1,2020

Kolkata, Jan 1: US-based Bangladeshi author and playwright Sharbari Zohra Ahmed feels that the people of the country of her origin are more alike than different from Indians as they were originally Hindus.

But Bangladeshis now want to forget their Hindu roots, said the author, who was born in Dhaka and moved to the United States when she was just three weeks old.

Ahmed, who is the co-writer of the Season 1 of 'Quantico', a popular American television drama thriller series starring Priyanka Chopra, rues that her identity as a Bengali is getting lost in Bangladesh due to the influence of right-wing religious groups.

"How can Bangladesh deny its Hindu heritage? We were originally Hindus. Islam came later," Ahmed said while speaking to PTI here recently.

"The British exploited us, stole from us and murdered us," she said about undivided India, adding that the colonialists destroyed the thriving Muslin industry in Dhaka.

Ahmed said the question of her belief and identity in Bangladesh, where the state religion is Islam, has prompted her to write her debut novel 'Dust Under Her Feet'.

The British exploitation of India and the country's partition based on religion has also featured in her novel in a big way.

Ahmed calls Winston Churchill, the British prime minister during World War II, a "racist".

"He took the rice from Bengal to feed his soldiers and didn't care when he was told about that.

"During my research, I learnt that two million Bengalis died in the artificial famine that was created by him. When people praise Churchill, it is like praising Hitler to the Jews. He was horrible," she said.

The author said her novel is an effort to tell the readers what actually happened.

"Great Britain owes us three trillion dollars. You have to put in inflation. Yet, they (the British) still have a colonial mentality and white colonisation is on the rise again," Ahmed, who was in the city to promote her novel, said.

The novel is based in Kolkata, then Calcutta, during World War II when American soldiers were coming to the city in large numbers.

The irony was that while these American soldiers were nice to the locals, they used to segregate the so-called "black" soldiers, the novelist said.

"Calcutta was a cosmopolitan and the rest of the world needs to know how the city's people were exploited, its treasures looted, people divided and hatred instilled in them," she said.

"Kolkata was my choice of place for my debut novel since my mother was born here. She witnessed the 'Direct Action Day' when she was a kid and was traumatised. She saw how a Hindu was killed by Muslims near her home in Park Circus area (in the city)," Ahmed said.

Direct Action Day, also known as the Great Calcutta Killings, was a massive communal riot in the city on August 16, 1946 that continued for the next few days.

Thousands of people were killed in the violence that ultimately paved the way for the partition of India.

'Dust Under Her Feet' is set in the Calcutta of the 1940s and Ahmed in her novel examines the inequities wrought by racism and colonialism.

The story is of young and lovely Yasmine Khan, a doyenne of the nightclub scene in Calcutta.

When the US sets up a large army base in the city to fight the Japanese in Burma, Yasmine spots an opportunity.

The nightclub is where Yasmine builds a family of singers, dancers, waifs and strays.

Every night, the smoke-filled club swarms with soldiers eager to watch her girls dance and sing.

Yasmine meets American soldier Lt Edward Lafaver in the club and for all her cynicism, finds herself falling helplessly for a married man who she is sure will never choose her over his wife.

Outside, the city lives in constant fear of Japanese bombardment at night. An attack and a betrayal test Yasmine's strength and sense of control and her relationship with Edward.

Ahmed teaches creative writing in the MFA program in Manhattanville College and is artist-in-residence in Sacred Heart University's graduate film and television programme.

Comments

abdullah
 - 
Wednesday, 1 Jan 2020

Is she trying to take over Shoorpanakhi Taslim Nasreen? 

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News Network
January 19,2020

Mumbai, Jan 19: After Kerala and Punjab, the Maha Vikas Agadi (MVA) government is also mulling over a resolution against the Citizenship (Amendment) Act, 2019 in Maharashtra Assembly.

Speaking to news agency, Congress spokesperson Raju Waghmare said: "Our senior party leader Balasaheb Thorat has also shared his stand on the CAA. Even Chief Minister Uddhav Thackeray has said that we are against the CAA. As far as the resolution against CAA is concerned, our senior leaders of MVA will sit together and decide."

If this happens, then Maharashtra will be the third state to pass a resolution against CAA, which grants citizenship to non-Muslim refugees from Pakistan, Afghanistan, and Bangladesh, who came to India on or before December 31, 2014.

Emphasising that CAA is 'unconstitutional,' senior lawyer and Congress leader Kapil Sibal has said that every state Assembly has the constitutional right to pass a resolution and seek CAA's withdrawal.

He added that it would be problematic to oppose the CAA if the law is declared to be 'constitutional' by the Supreme Court.

"I believe the CAA is unconstitutional. Every State Assembly has the constitutional right to pass a resolution and seek its withdrawal. When and if the law is declared to be constitutional by the Supreme Court then it will be problematic to oppose it. The fight must go on!" Sibal tweeted.

Earlier speaking at the Kerala Literature Festival on Saturday, the Congress leader had said that constitutionally no state can say that it will not implement the amended Citizenship Act, as doing so will be "unconstitutional".

Kerala government has also approached the Supreme Court against the CAA following the passage of a resolution against it in the state Assembly.

Punjab chief minister Amarinder Singh has also announced that the Congress state government is going to join Kerala in the Supreme Court in the case.

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