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 23,2020

Karachi, May 23: Ninety-seven people were killed and two survived when a passenger plane crashed into homes in Pakistan's southern city of Karachi, health officials said Saturday.

The Pakistan International Airlines (PIA) plane had made multiple approaches to land at the city's airport when it came down in a residential area, damaging buildings and sparking a rescue operation that lasted into the night.

All passengers and crew had been accounted for and the bodies of those killed had been recovered from the crash site, the Sindh Health Ministry said, adding that 19 had been identified.

A local hospital earlier reported it had received the bodies of people killed on the ground.

The site remained cordoned off on Saturday morning.

The crash sent plumes of smoke were into the air as rescue workers and residents searched the debris for people and as firefighters tried to extinguish the flames.

An AFP reporter witnessed charred bodies being loaded into ambulances.

PIA said the plane lost contact with air traffic control just after 2:30 pm (0930 GMT) travelling from Lahore to Karachi.

The disaster comes as Pakistanis prepare to celebrate the end of Ramadan and the beginning of Eid al-Fitr, with many travelling back to their homes in cities and villages.

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Agencies
January 25,2020

Washington, Jan 25: US President Donald Trump's legal team was preparing his defence on Saturday after the Democratic prosecutors ended their marathon 24-hour argument to oust him from office during the Senate trial.

In the arguments spread over three days ending on Friday, the Democrat prosecutors from the House of Representatives that had impeached Trump last month, mostly rehashed the testimonies from the hearings before their committees during the investigation and statements in their chamber.

Like the Democrats' arguments, the Trump defence's counter-arguments, also with 24 hours allotted for it, will be mind-numbing monologues for the most part and the real drama will be on a tussle between the two parties on calling witnesses.

The Democrats failed in their repeated attempts on the first day of the trial on January 28 to include calling testimonies from witnesses in the rules of procedure, but they will get another chance to press their case when the defence rests.

There is a tense wait speckled with speculations to see if the Democrats can get four Republicans to defect and vote to call witnesses after failing to sway a mass defection to get the two-thirds majority to convict Trump.

Trump is charged with abuse of power and obstruction of Congress in the trial presided over by Supreme Court Chief Justice John Roberts with the Senators acting as jurors.

As the time allotted for the prosecution wound down on Friday, the leading prosecutor, Adam Schiff, demanded that the Republican-controlled Senate convict and remove Trump from office, because he was an "imminent threat" to the US and the nation could not wait for the election to throw him out.

Schiff, who heads the House Intelligence Committee that investigated Trump, gave them a personal warning: "No matter how close you are to this president, do you think for a moment that if he felt it was in his interest, he wouldn't ask you to be investigated?

Jerry Nadler, the head of the Judicial Committee that framed the charges in the impeachment, called Trump a "dictator".

Instead of a full sitting of eight hours, the defence will present its case for only two to three hours on Saturday in what Trump's lawyer Jay Sekulow called a "trailer (for) coming attractions" in the defence counterarguments.

They will get to use their remaining time next week.

The shorter session starting with fuller presentations next week is partly a concession to media savvy Trump who tweeted that daytime Saturday when his defence was slated is a "death valley" on TV as few viewers would watch a political event at that time.

With Trump certain to be acquitted because the Democrats do not have the two-thirds vote, the impeachment process and the Senate trial are only meant to be an extended media show in their campaign for the November election.

The Democrats want to spiff up the TV spectacle by calling former National Security Adviser John Bolton and Trump's acting Chief of Staff Mick Mulvaney as witnesses.

Trump could exercise his executive privilege to stop them from testifying, in which case they could go to court to compel their appearance at the Senate trial extending its duration by months if not weeks.

The House charged him with obstruction of Congress because he refused to allow some of this staff to testify and release documents requested by the House investigators.

The Republicans, who want a quick end to the trial, can also counter the Democrats' request for witnesses by calling former Vice President Joe Biden and his son, Hunter, to testify in order to embarrass them and their party.

The Bidens are at the root of the abuse of power charges against Trump.

Trump had asked newly-elected Ukrainian President Volodymyr Zelentsky in a July phone call to investigate the Bidens' dealings in his country as a "favour".

Democrats say that this was inviting foreign intervention in US elections because Joe Biden is the leading Democratic party candidate for the nomination to oppose him.

Moreover, they say that he froze about $400 million in Congressionally-approved military aid for pressure Zelentsky to order the probe and this endangered US national security as Ukraine is at war with Russia.

chiff and the other prosecutors said delaying the aid was an attempt at a quid pro quo.

Zelentsky has said that he did not feel pressured by Trump.

Hunter Biden, who was removed from the Navy allegedly due to drug use and had no energy business experience landed a directorship in a Ukrainian gas company with monthly payments reportedly between $50,000 and $83,000 while his father was overseeing Washington's dealings with Kiev.

The former Vice President has publicly admitted that he got the Ukrainian leaders to fire the prosecutor investigating his son's company.

The Republicans have said that the son's appointment was unethical and the father had the prosecutor removed to protect his son's company.

In their arguments, the Democratic prosecutors said there was nothing wrong in Hunter Biden getting the job and his father had the prosecutor dismissed because he was corrupt.

The defence team is expected to assert that Trump withheld the aid because he wanted to be sure that the new government was not corrupt and the aid was released without a probe.

Anticipating the argument, Schiff said that Trump had allowed the aid to go forward only because it became known and his intent still made him guilty.

In another development impinging on the Trump case, a secret recording said to be of the president ordering the firing of Marie Yovanovitch as US ambassador to Ukraine in 2018 has surfaced.

She was one of the witnesses at the House investigations of the charges against Trump.

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News Network
March 10,2020

Tehran, Mar 10: Twenty-seven people have died from methanol poisoning in Iran after rumours that drinking alcohol can help cure the novel coronavirus infection, state news agency IRNA reported on Monday. The outbreak of the virus in Islamic republic is one of the deadliest outside of China, where the disease originated.

Twenty have died in the southwestern province of Khuzestan and seven in the northern region of Alborz after consuming bootleg alcohol, IRNA said.

Drinking alcohol is banned in Iran for everyone except some non-Muslim religious minorities. Local media regularly report on lethal cases of poisoning caused by bootleg liquor.

A spokesman for Jundishapur medical university in Ahvaz, the capital of Khuzestan, said 218 people had been hospitalised there after being poisoned.

The poisonings were caused by "rumours that drinking alcohol can be effective in treating coronavirus," Ali Ehsanpour said.

The deputy prosecutor of Alborz, Mohammad Aghayari, told IRNA the dead had drunk methanol after being "misled by content online, thinking they were fighting coronavirus and curing it." If ingested in large quantities, methanol can cause blindness, liver damage and death.

Iran has been scrambling to contain the spread of the COVID-19 illness which has hit all of the country's 31 provinces, killing 237 people and infecting 7,161.

According to IRNA, 16 out of 69 confirmed cases have died of coronavirus infection in Khuzestan as of Sunday.

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