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
February 18,2020

British lawmaker Debbie Abrahams' e-Business visa was revoked as she was involved in anti-India activities and the cancellation was conveyed to her on February 14, government sources said on Tuesday.

Asserting that the grant, rejection or revocation of a visa or electronic travel authorisation is the sovereign right of a country, the sources said Abrahams was issued an e-Business visa on October 7 last year which was valid till October 5, 2020 for attending business meetings.

"Her e-Business visa was revoked on February 14, 2020 on account of her indulging in activities which went against India's national interest. The rejection of the e-Business visa was intimated to her on February 14," a source said.

Abrahams, who chairs a British parliamentary group on Kashmir, was denied entry into India upon her arrival at the New Delhi airport on Monday.

Government officials had said on Monday also that she was informed in advance that her e-visa had been cancelled.

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News Network
May 27,2020

Muzaffarpur, May 27: A toddler's vain attempt to wake up his dead mother from eternal sleep on a railway platform in Bihar's Muzaffarpur on Wednesday presented the most poignant picture of the massive migrant tragedy unfolding across several states.

A video tweeted by Sanjay Yadav, an aide to RJD leader Tejashwi Yadav, shows the child walking unsteadily up to his mother's body, tugging at the blanket placed over her, and when failing to wake her up, covering his own head with it.

As the mother still lay still, he wobbles away from her, announcements continuing in the background about the arrival and departure of trains that would bring in tens of thousands of people in a rush to get away from hunger and hardship they face in large cities that could sustain them no more.

"This small child doesn't know that the bedsheet with which he is playing is the shroud of his mother who has gone into eternal sleep. This mother died of hunger and thirst after being on a train for four days. Who is responsible for these deaths on trains? Shouldn't the opposition ask uncomfortable questions?" tweeted Yadav.

However, police had a different story to tell.

Ramakant Upadhyay, the Dy SP of the Government Railway Police in Muzaffarpur, said the incident occurred on May 25 when the migrant woman was on way to Muzaffarpur from Ahmedabad by a Shramik Special train.

He told reporters the woman, who was accompanied by her sister and brother-in-law, had died on the Madhubani bound train.

"My sister-in-law died suddenly on the train. We did not face any problem getting food or water," the officer said, quoting the deceased's brother-in-law who he did not name.

He said on getting information, poice brought down the body and sent it for postmortem.

Citing the brother-in-law of the deceased, Upadhyay said she was aged 35 years and was undergoing treatment for "some disease" for the last one year in Ahmedabad. "She was also mentally unstable," he said.

When persistently queried about the cause of death, he said,"Only doctors can tell".

A massive exodus of migrant workers is on in several parts of the country, unprecedented in magnitude since Partition.

The humanitarian crisis still unfolding on highways and railway platforms has shone light on disturbing tales of entire families walking hundreds of kilometres with little children on foot in a seemingly endless march to escape hunger.

People have been found travelling on trucks and in the hollow of concrete mixing plants, and in many cases, dying from hunger and exhaustion before reaching their destinations.

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News Network
July 23,2020

Minneapolis, Jul 23: The former Minneapolis police officer charged with murder in the death of George Floyd was charged Wednesday with multiple felony counts of tax evasion.

Derek Chauvin and his wife, Kellie May Chauvin, were each charged in Washington County with six counts of filing false or fraudulent tax returns for the tax years 2014 through 2019 and three counts of failing to file tax returns for 2016, 2017 and 2018.

Floyd, a Black man who was handcuffed, died May 25 after Chauvin, who is white, pressed his knee against Floyd's neck for nearly eight minutes as Floyd pleaded for air.

Chauvin is charged with second-degree murder, third-degree murder and manslaughter. He and three other officers who were at the scene were fired.

Chauvin is in custody on the charges in the Floyd case. Kellie Chauvin, who filed for divorce after Floyd's death, is not in custody.

Online court records didn't list attorneys for either in the tax evasion case, and calls to Kellie Chauvin did not go through.

Washington County Attorney Pete Orput said the investigation into the Chauvins was started in June by the Minnesota Department of Revenue and Oakdale Police Department.

Authorities allege in the criminal complaints that the Chauvins failed to file income tax returns and pay state income taxes, and that they underreported and underpaid taxes on income they earned from various jobs each year.

The complaints allege that they also failed to pay proper sales tax on a $100,000 BMW purchased in Minnesota in 2018.

Prosecutors say the Chauvins bought the car in Minnetonka but registered it in Florida, where they paid lower sales taxes.

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