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
March 8,2020

Panic gripped big tech firms like Facebook and Twitter which decided to close their offices from Seattle to London as more employees tested positive for the new coronavirus.

Facebook shut its three London offices till Monday after an employee was diagnosed with COVID-19.

The social networking giant told nearly 3,000 employees in London to work from home after an employee, who is based in Singapore but visited the London offices between February 24-26, was diagnosed with the new coronavirus, Sky News reported on Friday.

"An employee based in our Singapore office who has been diagnosed with COVID-19 visited our London offices on February 24-26.

"We are therefore closing our London offices until Monday for deep cleaning and employees are working from home until then," the company said in a statement.

There have been 163 cases of coronavirus so far in the UK.

Earlier, Facebook recommended all its Bay Area employees in the US to work from home. The latest precautions come after San Francisco announced its first two coronavirus cases on Thursday.

Facebook has also shut its Seattle office until Monday after one of its contractors was confirmed to be infected with the virus. The infected contractor last visited the Facebook office on February 21. King County health officials said all Facebook sites should work from home until March 31.

Twitter shut its Seattle office for a 'deep clean' after an employee developed COVID-19 like symptoms though final result was still awaited.

"A Seattle-based employee has been advised by doctor about likely COVID-19, though still awaiting the final testing," Twitter said in a tweet on Friday.

"While the employee has not been at a Twitter office for several weeks and hasn't been in contact w/others, we're closing our Seattle office to deep clean," the company added.

According to The Seattle Times, at least 14 people have died due to COVID-19 in Washington State till date.

Amazon, Microsoft, Google and Facebook have advised their employees in Washington State to work from home.

Apple has reportedly suggested its employees at California campuses to work from home as an "extra precaution" while new coronavirus cases spread on the west coast in the US, especially Seattle area.

Apple's flagship developers' conference WWDC 2020 in June is also at the risk of getting cancelled as the Santa Clara public health department has warned against large public gatherings. The event draws nearly 5,000 developers from across the world.

The US death toll from the new coronavirus has climbed to 14, according to Johns Hopkins' tracker, with 329 cases reported across the country.

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News Network
June 17,2020

Vienna, Jun 17: Austrian police fined a man 500 euros for loudly breaking wind after officers stopped him earlier this month to check his identity.

The police defended the massive fine saying he had deliberately emitted a "massive flatulence," lifting his backside from the bench where he was sitting.

The accused complained of what he called the disproportionate and unjustified fine when he gave his account of the June 5 events on the O24 news website.

In reply to social media commentaries that followed, the police in the Austrian capital justified their reaction on Twitter.

"Of course, nobody is put on the spot if one slips out by accident," the police said.

However, in this case, the police said, the young man had appeared "provocative and uncooperative" in general.

He then "slightly raised himself from the bench, looked at the officers and patently, in a completely deliberate way, emitted a massive flatulence in their immediate proximity."

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News Network
January 8,2020

Meerut, Jan 8: Hangman Pawan Jallad, who officials say is being considered to carry out the execution of the four Nirbhaya gangrape case convicts, on Tuesday said he is ready for the job which will send out a strong message in the society.

He said executing those who were involved in the horrific crime will bring "great relief" to him, Nirbhaya's parents and everybody else.

Earlier in the day, a Delhi court issued death warrants against all the four convicts in the Nirbhaya gangrape-murder case and ordered that they are hanged on January 22 at 7 am in Tihar jail.

The death warrant, also known as a black warrant, addressed to the office of the Tihar jail chief, was issued by Additional Sessions Judge Satish Kumar Arora against Mukesh (32), Pawan Gupta (25), Vinay Sharma (26) and Akshay Kumar Singh (31).

"I do not have any information regarding the execution, nobody has spoken to me yet. If anyone approaches me, I am ready to do the job. Earlier, I was asked to be ready for the execution on December 16," Pawan Jallad told reporters here.

"Those who were involved in this brutal incident must be hanged, which will send out a strong message in the society," he said.

"Hanging the Nirbhaya gangrape case convicts will certainly bring great relief to me, her parents and everybody else," he added.

Nirbhaya, a 23-year-old paramedic student, was gang-raped and brutalised on the intervening night of December 16-17, 2012, inside a moving bus in south Delhi by the four men, along with two others, before being dumped on the road.

She died on December 29, 2012, at Mount Elizabeth Hospital in Singapore.

Of the six persons convicted, one allegedly committed suicide in jail and another, a juvenile, was released from a reformation home after serving a three-year term.

When contacted, Jail Superintendent of Meerut prison V P Pandey said he has not yet received any letter from Tihar authorities.

"Last month, we had received a letter asking us to keep Pawan Jallad ready but there is no fresh communication. The Delhi court warrants were issued this evening, maybe we will get the letter for sending him by tomorrow (Wednesday)," he said.

The gangrape of 23-year-old, who came to be known as 'Nirbhaya', the fearless one, sparked outrage across the country. Repulsed, people took to the streets across the country, demanding justice for her and better safety measures for women.

The case led to toughening of India's rape laws.

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