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
January 24,2020

Beijing, Jan 24: As China stepped up measures to control the spread of coronavirus, locking down Wuhan and Huanggang cities in the Hubei province where several Indians live, the Indian Embassy here has set up hotlines for their assistance.

Chinese officials assured all assistance, including food supply, to the Indians who stayed put in the province, the Indian Embassy here said in a press release on Thursday.

Wuhan and its surrounding area became the epicentre of the coronavirus outbreak as the confirmed cases climbed to over 600 mostly from the city and the province with 17 deaths so far.

China has virtually sealed Wuhan and Huanggang cities, halting all public transport, including flight services, and advised people to stay at home and follow the precautions. The two cities put together have a population of over 17 million people.

Chinese officials said the measures have been taken to prevent the spread of the virus to other cities and the world.

Concerns arose for India too as about 700 Indian students, mostly studying medicine in different Chinese universities, resided in Wuhan and its neighbouring areas.

While many of them were believed to have left home for the Chinese New Year holidays, others remained in the city to complete their academic work. However, the exact number is not yet known.

“The Embassy of India has been receiving queries from Indians in Hubei province as well as their relatives in India in connection with the evolving situation of coronavirus infection in China,” the embassy press release said.

The embassy is in touch with relevant Chinese authorities in Beijing and Wuhan as well as Indians in Hubei Province, especially in Wuhan, it said.

“We are closely monitoring the evolving situation in China, including the advisories issued by the World Health Organisation (WHO),” the embassy said.

According to the embassy, Chinese authorities have assured all assistance to residents of Wuhan, including food supply.

“At present, it is reported that supermarkets (particularly those that are government-run) and e-commerce services, including food delivery, continue to remain operational in Wuhan,” it said.

The embassy has started two hotlines for those who wish to get in touch with the Mission in this regard in the following phone numbers:              +8618612083629 and +8618612083617.

“All are advised to also keep track of the embassy's social media accounts (Twitter:@EoIBeijing; Facebook: India in China) for updates on this evolving situation,” the release said.

Meanwhile, the Chinese Foreign ministry said all assistance would be provided to consular officials of the foreign missions to ensure the safety of the foreigners in the country.

Asked whether China would consider any request from the respective countries to move their citizens out of Wuhan, Chinese Foreign Ministry spokesman Geng Shuang said, “We always help foreign consular officials in China in their official jobs, we offer them all the assistance and convenience necessary and we work to guarantee foreign citizens' legitimate rights and interest in China.”

He said while specific detailed would be provided by local officials, China in principle, has always handled issues according to domestic laws, international laws and bilateral consular agreements.

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News Network
February 3,2020

Indore, Feb 3: Senior Congress leader Digvijaya Singh on Sunday attacked the Centre for conferring the Padma Shri on Pakistan-origin singer Adnan Sami, who became an Indian citizen in 2016.

Addressing "Save the Constitution, Save the Country" rally here in Madhya Pradesh, Singh said Sami's father had "pounded India with bombs" when he was serving with the Pakistani Air Force (PAF).

"Since Sami is an artist who has come from Pakistan, I had recommended his case to the Indian government for citizenship. He has got Indian citizenship under the Modi government," the Congress leader said, adding that he never made any recommendation to the government for conferring Padma Shri on Sami.

He said Sami's father had "dropped bombs against us" while flying a Pakistan Air Force combat plane.

"In contrast, Indian Army officer Sanaullah of Assam, who had fought against the enemy, was sent to a detention camp for failing to show documents (during the Assam NRC exercise). This is the citizenship law of the Modi government," he said.

Sami, born in London to a Pakistani Air force veteran, applied for Indian citizenship in 2015 and became a citizen of the country in January 2016.

He was one of the 118 people chosen for the Padma Shri awards by the Centre last month.

Comments

Indian Citizen
 - 
Monday, 3 Feb 2020

 

Nowadays, Modi is uttering Pakistan even in his dream, while putting the India & Indians on the fence.

BSF Officer Sanaullah was deprived of his basic rights and put in the detention center while Adnan Sami was granted citizenship and conferred with prestigious "Padma Shri" Award. Really, Modi & Amit Shah duos doesn't know what they are doing in India.....what a bizzare!!!

 

Indian Citizen
 - 
Monday, 3 Feb 2020

Nowadays, Modi is uttering Pakistan even in his dream, while putting the India & Indians on the fence.

BSF Officer Sanaullah was deprived of his basic rights and put in the detention center while Adnan Sami was granted citizenship and conferred with prestigious "Padma Shri" Award. Really, Modi & Amit Shah duos doesn't know what they are doing in India.....what a bizzare!!!

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News Network
March 31,2020

Washington, Mar 31: The United States has performed over one million coronavirus tests so far, said President Donald Trump on Monday.

"Today, we reached a historic milestone in our war against coronavirus. Over 1 million Americans have now been tested, more than any other country by far, not even close," Trump said during a press briefing.

US Health Secretary Alex Azar said that approximately 100,000 samples are tested for coronavirus daily.

The number of novel coronavirus (COVID-19) cases within the United States surpassed 150,000 and the death toll has reached 2828, according to Johns Hopkins University. 

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