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

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
June 9,2020

Washington, Jun 9: The defacement of Mahatma Gandhi's statue by unknown miscreants was a "disgrace", US President Donald Trump has said, days after it was vandalised with graffiti and spray painting during the nationwide protests against the custodial killing of African-American George Floyd.

The statue, which is across the road from the Indian Embassy, was vandalised on the intervening night of June 2 and 3, prompting the Indian embassy to register a complaint with the local law enforcement agencies.

The incident happened during the week of nationwide protests against the custodial killing of Floyd in Minneapolis on May 25.

"It was a disgrace," Trump made the brief comment at the White House on Monday when asked about the incident.

The Indian Embassy here has taken up the matter with the US Department of State for early investigation into the matter, as also with the Metropolitan Police and National Park Service.

It is working with the US Department of State, Metropolitan Police and National Park Service for expeditious restoration of the statue at the park.

The US president and First Lady Melania Trump, during their visit to India in February, had spent considerable time at the Gandhi Ashram in Ahmedabad. Prime Minister Narendra Modi had personally given them a tour of the historic place.

"The First Lady and I have just had a pleasure of visiting Mahatma Gandhi's Ashram, a few miles from here, where he launched the famous Salt March," Trump had said during his address at the Namaste Trump rally at the Motera Stadium in Ahmedabad on February 24. A day later, Trump and the first lady also laid a wreath at Raj Ghat in New Delhi.

Pictures of Trump and the first lady with Gandhi's spinning wheel during their visit to the Sabarmati Ashram in Ahmedabad are seen hanging on the walls of the White House.

Last week, top US lawmakers and the Trump Campaign condemned the vandalisation of the statue.

"Very disappointing," tweeted Kimberly Guilfoyle, advisor to Donald J Trump for President Inc. and National Chair of the Trump Victory Finance Committees.

North Carolina Senator Tom Tillis said, "It's disgraceful to see the defacing of the Gandhi statue" in Washington DC.

"Gandhi was a pioneer of peaceful protesting, demonstrating the great change it can bring. Rioting, looting and vandalising do not bring us together, he said.

Senator Marco Rubio said, "more evidence that violent radicals and run of the mill crazies have hijacked legitimate protests to create anarchy or for their own purposes."

Protests against the custodial killing of Floyd turned violent in the US and prestigious monuments were damaged. In Washington DC, protestors burnt a historic church and damaged monuments like the Lincoln Memorial.

US Ambassador to India Ken Juster apologised for the incident.

"So sorry to see the desecration of the Gandhi statue in Wash, DC. Please accept our sincere apologies," he said.

"Appalled as well by the horrific death of George Floyd and the awful violence and vandalism. We stand against prejudice & discrimination of any type. We will recover and be better," he said in a tweet last week.

One of the few statues of a foreign leader on a federal land in Washington DC, the statue of Gandhi was dedicated by former prime minister Atal Bihari Vajpayee in the presence of the then US president Bill Clinton on September 16, 2000, during his state visit to the US.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
June 24,2020

Washington, Jun 24: An Indian restaurant in the Sante Fe City of New Mexico, owned by a Sikh, was broken into and vandalised with hate messages scrawled on its walls, a media report said Tuesday.

The damage caused to India Palace restaurant is estimated to be worth USD 100,000, local Santa Fe Reporter said adding that the vandalisation is being investigated by local police and the FBI.

Sikh American Legal Defense and Education Fund (SALDEF) has condemned the incident.

"This kind of hate and violence is unacceptable and swift action must be taken to ensure the safety and security of all Americans," said Kiran Kaur Gill SALDEF executive director.

According to the local daily, tables were overturned, glassware was smashed into piles on the floor, wine racks were emptied, a statue of a goddess was beheaded and computers were stolen.

The vandals also turned over and destroyed food warmers while the front desk area was devastated, plates smashed and the kitchen rendered completely unusable, it said.

"I walked into the kitchen, I saw everything and I was like, hold on, what? What is going on here?" owner Baljit Singh told Santa Fe Reporter. "White power," "Trump 2020," "go home," and far worse were spray-painted on walls, doors, counters and any other available surface.

"Some phrases contained threats of violence and derogatory racial slurs," the daily said.

"Santa Fe is a peaceful town, and the Sikh community has lived here, beautifully integrated, since the 60s," said SALDEF board member Simran Singh, who lives minutes away from the restaurant.

"Tensions have flared recently with the reinvigoration of the Black Lives Matter movement and the removal of statues associated with Spanish colonisers of this area, who committed a number of atrocities," he said.

"Nevertheless, we are seeing an outpouring of love and support around the city and in my experience, our neighbors love and appreciate us, as we love and appreciate them," he added.

SALDEF said that it has seen an unprecedented rise in hate crimes including the April 29 incident wherein a Sikh American Lakhwant Singh was brutally attacked by a man identified as Eric Breeman in Lakewood, Colorado.

Lakhwant Singh was told to "go back to your country," while being attacked. No formal hate crime charges have been brought against the attacker.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
January 31,2020

New Delhi, Jan 31: Slamming the BJP over the Jamia firing incident, Congress leader Priyanka Gandhi Vadra on Friday said such incidents were possible with the ruling party's leaders inciting people to shoot, and asked Prime minister Narendra Modi to answer whether he stands with violence or non-violence.   

Her attack on the government comes a day after tensions in the Jamia area spiralled on Thursday after a man fired a pistol at a group of anti-CAA protesters, injuring a student, before walking away while waving the firearm above his head and shouting "Yeh lo aazadi" amid heavy police presence in the area.

"When the BJP government ministers and party leaders incite people to shoot, give provocative speeches, then all this becomes possible. The Prime Minister should answer what kind of a Delhi he wants to build?" Priyanka Gandhi said in a tweet in Hindi.

Does the PM stand with violence or non-violence, she asked.

"Does he stand with development or with anarchy?" the Congress general secretary said.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.