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
February 1,2020

New Delhi, Feb 1: Activist Sharjeel Imam's mobile phone and laptop along with some anti-CAA posters have been seized from his house in Bihar's Jehanabad and rented flat in Vasant Kunj, police said on Friday.

Imam was arrested by the Delhi Police's Crime Branch from Jehanabad in a sedition case and he is being questioned by police for his alleged inflammatory speeches in Aligarh and at the Jamia Millia Islamia University here.

During investigation, a laptop and a desktop belonging to Imam were recovered from his rented flat at Vasant Kunj, Deputy Commissioner of Police (Crime) Rajesh Deo said.

His mobile phone was recovered from his house at his native place in Jehanabad's Kako area on the instance of his brother, he said.

Imam had prepared anti-CAA and anti-NRC pamphlets with "misleading and intimidating facts" and then distributed them in various mosques, the copy of which have been recovered, police said.

The shop from where he made photocopies of the pamphlets has also been identified, they added.

Imam was arrested on Tuesday. He was brought to Delhi on Wednesday and produced at the residence of Chief Metropolitan Magistrate Purushottam Pathak in the evening amid tight security after which police were granted his five-day custody.

The PhD scholar at the Jawaharlal Nehru University's Centre for Historical Studies has been booked for sedition and other charges in several states after videos of his alleged inflammatory speeches, made during protests against the Citizenship (Amendment) Act (CAA), were circulated on the social media.

An FIR was registered against Imam by the Delhi Police on January 25 under IPC sections 124A (sedition) and 153A (promoting or attempting to promote disharmony or feelings of enmity on grounds of religion, race, place of birth, residence, language, caste or community or any other ground whatsoever) among others.

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News Network
February 19,2020

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.

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News Network
June 4,2020

Jun 4: Mahatma Gandhi’s statue outside the Indian Embassy in Washington DC was vandalised with graffiti and spray painting by unknown persons allegedly involved in the ongoing protests in the US against the custodial killing of African-American George Floyd.

This has prompted the mission officials to register a complaint with the local law enforcement agencies.

The incident is reported to have taken place on the intervening night of June 2 and 3 in Washington DC.

The Indian embassy has informed the State Department and registered a complaint with local law enforcement agencies, which are now conducting an investigation into the incident.

On Wednesday, a team of officials from Metropolitan Police in consultation with the Diplomatic Security Service and National Park Police visited the site and are conducting inquiries.

Efforts are on to clean up the site at the earliest.

Vandalism of the statue of the apostle of peace comes during the week of nationwide protests against the custodial killing of African-American George Floyd in Minneapolis on May 25.

Several of these protests have turned violent which many times has resulted in damage of some of the most prestigious and sacred American monuments.

In Washington DC, protestors this week burnt a historic church and damaged some of the prime properties and historic places like the national monument and Lincoln Memorial.

One of the few statues of a foreign leader on a federal land in Washington DC, the statue of Mahatma Gandhi was dedicated by the then 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.

In October 1998, the US Congress had authorised the government of India to establish and maintain a memorial “to honour Mahatma Gandhi on Federal land in the District of Columbia."

According to the Indian Embassy website, the sculpture of Mahatma Gandhi is cast in bronze as a statue to a height of 8 feet 8 inches. It shows Gandhi in stride, as a leader and man of action evoking memories of his 1930 protest march against salt-tax, and the many padyatras (long marches) he undertook throughout the length and breadth of the Indian sub-continent.

The statue, the design of which was created by Gautam Pal, is a gift from the Indian Council for Cultural Relations (ICCR). The pedestal for the statue of Mahatma Gandhi is a block of new Imperial Red also known as Ruby Red a block originally weighing 25 tonnes reduced to a size of 9'x7'x3'4". It now weighs 16 tonnes.

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