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 30,2020

Coronavirus lockdown in India has been extended till June 30 with more relaxations.

While the lockdown has been extended in containment zones, relaxations outside containment zones include reopening of religious places for public  from June 8. 

Hotels, restaurants and shopping malls also to open from June 8. Decision on opening educational institutions to be taken in July.
 

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News Network
January 23,2020

Jan 23: Hundreds of Central Americans trying to reach the United States were stuck at the Mexico-Guatemala border on Wednesday after the Mexican government beefed up security to meet US demands to contain migrant flows.

Under sustained pressure from President Donald Trump, Mexico's government has adopted tougher measures to reduce the number of people heading towards the U.S. border.

Migrants in Tecun Uman, on the Guatemalan side of the border, were taken by surprise.

"We thought we'd be allowed through just like with the October caravan when they reached Tijuana," said Honduran migrant Ritzy Anabel, who did not give her surname.

"People from Mexico and Guatemala treated them well. But now it's changed because Mexicans don't want (us) to enter."

Many Central Americans migrants heading north are fleeing economic hardship and violence at home. A large caravan of migrants crossed into Mexico and went north in October 2018. Migrants crossing into Mexico earlier this week faced tear gas from security forces, who delivered a firmer response than in previous mass movements at the border.

Even so, about 1,000 migrants, most of them from Honduras, managed to reach Mexican soil on Tuesday. Mexican Foreign Minister Marcelo Ebrard said several hundred of the new arrivals were immediately deported on planes and buses.

On Wednesday, Mexican authorities said that 460 Honduran migrants were deported throughout the day. Other migrants from the group, including families traveling with children, were pondering their next moves.

Honduran Carlos Amador said that while some of his compatriots were returning home, others were hoping for positive news.

Trump has repeatedly threatened to punish Mexico and Central American countries if they fail to clamp down on the migrant flows. That has resulted in a series of agreements aimed at delivering on Trump's campaign promises to curb immigration.

Department of Homeland Security Acting Secretary Chad Wolf called the measures put in place by the Mexican National Guard "effective", adding that dozens of his personnel was on the ground in Central America assisting local immigration and security officials. Trump tweeted: "Sorry, if you come you will be immediately sent back!"

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Agencies
June 29,2020

Tehran, Jun 29: Iran has issued an arrest warrant and asked Interpol for help in detaining President Donald Trump and dozens of others it believes carried out the drone strike that killed a top Iranian general in Baghdad, a local prosecutor reportedly said Monday.

While Trump faces no danger of arrest, the charges underscore the heightened tensions between Iran and the United States since Trump unilaterally withdrew America from Tehran’s nuclear deal with world powers.

Tehran prosecutor Ali Alqasimehr said Trump and more than 30 others whom Iran accuses of involvement in the Jan. 3 strike that killed Gen. Qassem Soleimani in Baghdad face “murder and terrorism charges,” the semiofficial ISNA news agency reported.

Alqasimehr did not identify anyone else sought other than Trump, but stressed that Iran would continue to pursue his prosecution even after his presidency ends.

Interpol, based in Lyon, France, did not immediately respond to a request for comment.

Alqasimehr also was quoted as saying that Iran requested a “red notice” be put out for Trump and the others, which represents the highest level arrest request issued by Interpol. Local authorities end up making the arrests on behalf of the country that request it. The notices cannot force countries to arrest or extradite suspects, but can put government leaders on the spot and limit suspects’ travel.

After receiving a request, Interpol meets by committee and discusses whether or not to share the information with its member states. Interpol has no requirement for making any of the notices public, though some do get published on its website.

It is unlikely Interpol would grant Iran’s request as its guideline for notices forbids it from “undertaking any intervention or activities of a political” nature.

The U.S. killed Soleimani, who oversaw the Revolutionary Guard’s expeditionary Quds Force, and others in the January strike near Baghdad International Airport. It came after months of incidents raising tensions between the two countries and ultimately saw Iran retaliate with a ballistic missile strike targeting American troops in Iraq.

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