If you fail to act against terrorists, we will get it done: US tells Pakistan

Agencies
October 27, 2017

Washington, Oct 27: The Trump administration has firmly told Pakistan that if it fails to take "decisive" actions against terror groups, the US will "adjust" its tactics and strategies to achieve the objective in a "different way", a State Department official today said.

Secretary of State Rex Tillerson has told Pakistan that it must take action against terrorist groups and dismantle their safe havens on its soil, State Department spokesperson Heather Nauert said, a day after Tillerson concluded his maiden trip to Afghanistan, Pakistan and India.

"We have communicated our expectations to Pakistan numerous times that they must take decisive action against terrorist groups based within their own borders," Nauert said.

At a news conference in Geneva, his last stop on the current foreign travel, Tillerson said the US had "a very healthy exchange of information on terrorists, which is what we really hope to achieve with Pakistan."

Tillerson said the message to Pakistan was: "Here's what we need for Pakistan to do. We're asking you to do this; we're not demanding anything. You're a sovereign country. You'll decide what you want to do, but understand this is what we think is necessary. And if you don't want to do that, don't feel you can do it, we'll adjust our tactics and our strategies to achieve the same objective a different way."

Tillerson said that he would not characterise his direct discussions with the Pakistani leadership as lecturing at all.

"It was a very good and open exchange. In fact, we probably listened 80 per cent of the time and we talked 20 per cent. And it was important to me, because I have not engaged with Pakistani leadership previously. And, so my objective was to listen a lot, to hear their perspective," he said.

"We put our points forward. We put our expectations forward in no uncertain terms. There has been significant engagement prior to my visit, and there will be further engagement in the future, as we work through how we want to exchange information and achieve the objective of eliminating these terrorist organisations, wherever they may be located," Tillerson said.

Tillerson described his communication with the Pakistani leadership as very frank and very candid.

"We had the joint meeting with Prime Minister Abbasi and the full leadership team. And then I had a second meeting with Army General Bajwa and a couple of his close advisers, so we could have a more thorough discussion about some of the specifics," he said, adding that he thinks that it was a very open, candid and frank exchange.

"There's nothing to be achieved by lecturing, but we should be very clear about expectations and what we're asking. And either people will step up and meet those expectations or they won't. We are going to chart our course consistent with what Pakistan not just says they do but what they actually do," Tillerson said.

Noting that the future course of action would be based on conditions on the ground, he said the entire South Asia strategy is a conditions-based strategy.

Pakistan Foreign Minister Khawaja Asif in a meeting yesterday with National Assembly Standing Committee on Foreign Affairs said that Pakistan will neither surrender to the US nor compromise on its sovereignty.

Asif claimed that no specific "wish list" has been given to Pakistan by the US.

The US has given a list of 75 wanted terrorists and pressed Islamabad for going tough on Haqqani network.

Responding to a question on Asif's comments, the State Department spokesperson said that Tillerson on his trip has put the US' "expectations" in front of the leadership of Pakistan.

The spokesperson said that Tillerson during his visit to Pakistan told its leadership that America wants to work with Pakistan in a "positive way" because it is also in Islamabad's interest in long-term.

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News Network
February 2,2020

Feb 2: Prime Minister Narendra Modi’s second budget in seven months disappointed investors who were hoping for big-bang stimulus to revive growth in Asia’s third-largest economy.

The fiscal plan -- delivered by Finance Minister Nirmala Sitharaman on Saturday -- proposed tax cuts for individuals and wider deficit targets but failed to provide specific steps to fix a struggling financial sector, improve infrastructure and create jobs. Stocks slumped as a proposal to scrap the dividend distribution tax for companies failed to impress investors.

"Far from being a game changer, the budget provides little in terms of short-term growth stimulus,” said Priyanka Kishore, head of India and South East Asia economics at Oxford Economics Ltd. in Singapore. “While income tax cuts will provide some relief on the consumption front, the multiplier effect is low and the overall stance of the budget is not expansionary."

India has gone from being the world’s fastest-growing major economy three years ago, expanding at 8%, to posting its weakest performance in more than a decade this fiscal year, estimated at 5%.

While the government has taken a number of steps in recent months to spur growth, they’ve fallen short of spurring demand in the consumption-driven economy. Saturday’s budget just added to the glum sentiment.

Okay Budget

“It’s an okay budget but not firing on all cylinders that the market was hoping for,” said Andrew Holland, chief executive officer at Avendus Capital Alternate Strategies in Mumbai.

The government had limited scope for a large stimulus given a huge shortfall in revenues in the current year. The slippage induced Sitharaman to invoke a never-used provision in fiscal laws, allowing the government to exceed the budget gap by 0.5 percentage points. The result: the deficit for the year ending March was widened to 3.8% of gross domestic product from a planned 3.3%.

On Friday, India’s chief economic adviser Krishnamurthy Subramanian said reviving economic growth was an “urgent priority” and deficit goals could be relaxed to achieve that. The adviser’s Economic Survey estimated growth will rebound to 6%-6.5% in the year starting April.

The fiscal gap will narrow to 3.5% next year, as the government budgeted for gross market borrowing to rise marginally to 7.8 trillion rupees from 7.1 trillion rupees in the current year. A plan to earn 2.1 trillion rupees by selling state-owned assets in the year starting April will also help plug the deficit.

Total spending in the coming fiscal year will increase to 30.4 trillion rupees, representing a 13% increase from the current year’s budget, according to latest data.

Key highlights from the budget:

* Tax on annual income up to 1.25 million rupees pared, with riders

* Dividend distribution tax to be levied on investors, instead of companies

* Farm sector budget raised 28%, transport infrastructure gets 7% more

* Spending on education raised 5%

* Fertilizer subsidy cut 10%

Analysts said the muted spending plan to keep the deficit in check will lead to more downside risks to growth in the coming months.

“It is very doubtful that the increase in expenditure will push demand much,” Chakravarthy Rangarajan, former governor at the Reserve Bank of India told BloombergQuint, adding that achieving next year’s budget deficit goal of 3.5% of GDP was doubtful.

With the government sticking to a conservative fiscal path, the focus will now turn to central bank, which is set to review monetary policy on Feb. 6. Given inflation has surged to a five-year high of 7.35%, the RBI is unlikely to lower interest rates.

What Bloomberg’s Economists Say:

The burden of recovery now falls solely on the Reserve Bank of India. With inflation breaching RBI’s target at present, any rate cuts by the central bank are likely to be delayed and contingent upon inflation falling below the upper end of its 2%-6% target range.

-- Abhishek Gupta, India economist

Governor Shaktikanta Das may instead focus on unconventional policy tools such as the Federal Reserve-style Operation Twist -- buying long-end debt while selling short-tenor bonds -- to keep borrowing costs down.

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Agencies
May 12,2020

New Delhi, May 13: Prime Minister Narendra on Tuesday announced Rs 20 lakh crore special economic package for the country to be 'self-reliant' and deal with COVID-19.

"I announce a special economic package today. This will play an important role in the 'Atmanirbhar Bharat Abhiyan.' The announcements made by the government over COVID, decisions of RBI and today's package totals to Rs 20 lakh crore. This is 10 per cent of India's GDP," said Prime Minister Modi in his address to the nation. The Prime Minister said that humanity would not accept defeat from the coronavirus but the people have to stay safe and move forward.

"We had never seen or heard about such a crisis ever before. This is definitely unimaginable for mankind. It is unprecedented. But humanity will not accept defeat from this virus. We have to not only protect ourselves but also move forward," he said.

Talking about the gravity of the virus, Modi said: "It has been four months the world is fighting COVID-19. More than 42 lakh people from different countries have been infected by COVID-19. More than 2.75 lakh people have lost their lives due to the virus. In India too many families have lost their dear ones, I express my condolences to them."

"Today when the entire world is in crisis, we will have to further firm our resolve," he added.

The Prime Minister on Monday held a video conference meeting with Chief Ministers of all states to discuss the road ahead in India's fight against COVID-19 and noted that he was of the firm view that measures needed during the third phase of lockdown will not be needed in the fourth phase.

Prime Minister Modi had said the need was to reduce the transmission rate of the disease and to increase public activity gradually while adhering to all the guidelines and efforts to be made towards achieving both these objectives.

The phase three of the lockdown is coming to an end on May 17.

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coastaldigest.com news network
May 4,2020

Mangaluru, May 4: No major crowds were seen in the coastal city of Mangaluru today except in front of the liquor shops after the district administration relaxed the lockdown norms for 12 hours a day (between 7am and 7pm).

There was no mad rush of vehicles either on city roads when the relaxed lockdown began. There were fewer people to buy essentials in front of grocery and vegetable shops as they had time till late evening.

There was no let down in the number of police pickets as well as curbs on vehicular movement across the city either. 

The government has allowed sale of liquor in CL2 (standalone wine shops) and CL 11 (MSIL outlets) to mop up revenues when Lockdown-3 commenced from Monday. Compared the other parts of Karnataka, the size of queues in front of liquor shops in Mangaluru were smaller. 

Like other parts of the country, the lockdown was imposed in the coastal district on March 24 to prevent the spread of Covid-19. Prior to that, a curfew was imposed in the district from March 22 midnight. The lockdown did not apply to essential services such as sale of food, groceries, milk, vegetables, fruits, and meat and fish. Gradually the district administration had to intensify the lockdown and allow those shops to remain open only between 7 a.m. and 12 noon. 

With the lockdown relaxation extending till 7 p.m., Mangaluru today witnessed people and private vehicles moving freely in the afternoon for the first time in more than a month. However, only those who had to go for work and do other essential activities were seen on roads. After 7 p.m. movements of all kinds of vehicles will be prohibited. 

The relaxation was to facilitate economic activities that had come to a standstill during the first two phases of lockdown. Mangaluru City Police Commissioner Dr P S Harsha, meanwhile, warned the people against misusing lockdown relaxation and venturing out without any genuine reason.

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