IMF calls for 'urgent' action by India amid slowdown

Washington, Feb 19: US President Donald Trump has said he is "saving the big deal" with India for later and he "does not know" if it will be done before the presidential election in November, clearly indicating that a major bilateral trade deal during his visit to Delhi next week might not be on the cards.

"We can have a trade deal with India. But I'm really saving the big deal for later," he told reporters at Joint Base Andrews Tuesday afternoon (local time).

The US and India could sign a "trade package" during the visit, according to media reports.

Asked whether he expects a trade deal with India before the visit, Trump said, "We're doing a very big trade deal with India. We'll have it. I don't know if it'll be done before the election, but we'll have a very big deal with India."

US Trade Representative Robert Lighthizer, the point-person for trade negotiations with India, is likely to not accompany Trump to India, sources said. However, officials have not ruled it out altogether.

In an apparent dissatisfaction over US-India trade ties, Trump said, "We're not treated very well by India." But he praised Prime Minister Narendra Modi and said he is looking forward to his visit to India.

"I happen to like Prime Minister Modi a lot," Trump said.

"He told me we'll have seven million people between the airport and the event. And the stadium, I understand, is sort of semi under construction, but it's going to be the largest stadium in the world. So it's going to be very exciting... I hope you all enjoy it," he told reporters.

Meanwhile, the US-India Strategic and Partnership Forum (USISPF) in a report said the latest quarterly data depict continuation of overall positive bilateral trade trends. The third quarter data reflects some downslide in growth rates.

"It may be due to several reasons, including the unexpected economic slowdown in India's economic growth, impact of US-China trade war, GSP withdrawal from the US side and retaliatory tariffs on specific US goods from the Indian side," USISPF said.

According to the report, the data available for the first three quarters of 2019 (January-September) pulled the overall growth rate in cumulative bilateral trade down to 4.5 percent from 8.4 percent registered for the first two quarters.

Goods and services trade performance in third quarter was dismal at -2.3 percent, in contrast with the impressive 9.6 percent growth witnessed for the first two quarters of the year; while trade in services was up two percent goods trade dropped five percent, the report said.

The cumulative US-India trade in goods and services (USD 110.9 billion) for the first three quarters of 2019 increased 4.5 percent with US exports and imports growing at four percent and five percent respectively.

The US exported USD 45.3 billion worth of goods and services to India in the first three quarters 2019, up 4 percent from the corresponding period in the previous year; and the US imported USD 65.6 billion worth of goods and services from India, up five percent from the previous year's USD 62.5 billion level for the same period, it said.

The USISPF has projected that the total bilateral trade can touch USD 238 billion by 2025 if the current 7.5 percent average annual rate of growth sustains; however, higher growth rates can result in bilateral trade in the range of USD 283 billion and USD 327 billion.

The US remains the top trading partner for India in terms of trade in goods and services, followed by China. While the bilateral trade between US and India is approximately 62 percent in goods and 38 percent in services, the bilateral trade between India and China is dominated by goods.

China had a huge trade surplus of USD 58 billion with India, indicating Beijing's strength in the Indian market, especially in sectors, such as electronics, machinery, organic chemicals, plastics and medical devices.

The US goods exports to India, in comparison, were mainly concentrated in mineral fuels, precious stones, and aircraft. The US faces tough competition with China in the Indian market in areas such as electronics, machinery, organic chemicals and medical devices.

Jun 1: The new coronavirus is losing its potency and has become much less lethal, a senior Italian doctor said on Sunday.

"In reality, the virus clinically no longer exists in Italy," said Alberto Zangrillo, the head of the San Raffaele Hospital in Milan in the northern region of Lombardy, which has borne the brunt of Italy's coronavirus contagion.

"The swabs that were performed over the last 10 days showed a viral load in quantitative terms that was absolutely infinitesimal compared to the ones carried out a month or two months ago," he told RAI television.

Italy has the third-highest death toll in the world from COVID-19, with 33,415 people dying since the outbreak came to light on Feb. 21. It has the sixth-highest global tally of cases at 233,019.

However new infections and fatalities have fallen steadily in May and the country is unwinding some of the most rigid lockdown restrictions introduced anywhere on the continent.

Zangrillo said some experts were too alarmist about the prospect of a second wave of infections and politicians needed to take into account the new reality.

"We've got to get back to being a normal country," he said. "Someone has to take responsibility for terrorizing the country."

The government urged caution, saying it was far too soon to claim victory.

"Pending scientific evidence to support the thesis that the virus has disappeared ... I would invite those who say they are sure of it not to confuse Italians," Sandra Zampa, an undersecretary at the health ministry, said in a statement.

"We should instead invite Italians to maintain the maximum caution, maintain physical distancing, avoid large groups, to frequently wash their hands and to wear masks."

A second doctor from northern Italy told the national ANSA news agency that he was also seeing the coronavirus weaken. "The strength the virus had two months ago is not the same strength it has today," said Matteo Bassetti, head of the infectious diseases clinic at the San Martino hospital in the city of Genoa.

"It is clear that today the COVID-19 disease is different."

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.