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 8,2020

Washington, May 8: Four top Republican senators have urged US President Donald Trump to suspend all-new guest worker visas for 60 days and some of its categories, including the H-1B visa, for at least the next year or until unemployment figures return to normal levels in the country.

The unemployment figures in the US have reached an all-time high due to the coronavirus pandemic. The letter has been signed by Senators Ted Cruz, Tom Cotton, Chuck Grassley and Josh Hawley.

"As you know, more than 33 million Americans have filed for unemployment coverage just since mid-March, and approximately one-fifth of the American workforce is currently out of work. This is a stunning difference compared with the historically-low nationwide unemployment rate of just 3.5 per cent in February this year," they said in their letter to the president on Thursday.

The letter, dated May 7, specifically calls for suspension of all non-immigrant guest worker visas for the next 60 days, followed by a continued suspension of certain categories of new non-immigrant guest worker visas for a year or until the national unemployment figures return to normal levels.

"To protect unemployed Americans in the early stages of economic recovery, we urge you to suspend all non-immigrant guest worker visas for the next 60 days," the senators said.

Exceptions to this suspension should be rare, limited to time-sensitive industries such as agriculture and issued only on a case-by-case basis, when the employers can demonstrate that they have been unable to find Americans to take the jobs, the senators wrote.

After 60 days, the senators urged Trump to continue to suspend new non-immigrant guest workers for a year or until the national unemployment figures return to normal levels, whichever comes first.

"That suspension should, at a minimum, include H-2B visas (non-agricultural seasonal workers), H-1B visas (specialty occupation workers) and the Optional Practical Training (OPT) program (extension of foreign student visas after graduation). We also urge you to suspend the EB-5 immigrant visa program, effective immediately," the lawmakers wrote.

The H-1B work visa for foreign technology professionals is highly popular among Indians and a large number of Indians also opt for the EB-5 investors visa.

The senators argued that there is no reason why unemployed Americans and recent college graduates should have to compete in such a limited job market against an influx of additional H-1B workers, most of whom work in business, technology or STEM fields.

"Temporarily suspending the issuance of new H-1B visas would also protect the hundreds of thousands of H-1B workers and their families already working in the United States -- workers who could otherwise be subject to deportation if they are laid off for more than 60 days," they said.

"Of course, appropriate exceptions could also be crafted to the H-1B program suspension to allow for doctors, nurses and other healthcare professionals who wish to come to the United States to assist in combating the coronavirus pandemic," the senators wrote.

Additionally, the United States ought to suspend its Optional Practical Training (OPT) programme, which allows foreign students in the country to extend their stay after graduation for one to three years to get "experience in the field" by taking jobs here, they wrote.

In 2019, more than 223,000 former foreign students had their OPT applications approved or extended. While the merits of such a programme are subject to debate, there is certainly no reason to allow foreign students to stay for three additional years just to take jobs that would otherwise go to unemployed Americans as the country's economy recovers, the lawmakers said.

The senators also urged Trump to remove the EB-5 visa from the exemptions in his Presidential Proclamation issued on April 22, at least until real reforms are adopted.

The EB-5 programme has long been plagued by scandal and fraud, and criticised as effectively functioning as a pay-for-citizenship scheme in many cases. There is no reason that the programme should receive preferential treatment as opposed to other green card programmes for employment-based immigrants, the lawmakers said.

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News Network
February 10,2020

New Delhi, Feb 10: Former Jammu and Kashmir chief minister Omar Abdullah's sister on Monday moved the Supreme Court to challenge his detention under the Public Safety Act.

Senior advocate Kapil Sibal, appearing for the petitioner, mentioned the matter for urgent listing before a bench headed by Justice N V Ramana.

Sibal told the bench that they have filed a habeas corpus petition challenging the detention of Abdullah under the PSA and the matter should be heard this week.

The bench agreed for urgent listing of the matter.

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Agencies
April 28,2020

United Nations, Apr 28: UN chief Antonio Guterres has warned that extremist groups are taking advantage of the COVID-19 lockdowns and intensifying efforts on social media to recruit youths online by exploiting their anger and despair, asserting that the world cannot afford a lost generation due to the unprecedented global health crisis.

The UN Secretary-General made the remarks on Monday during a video conference to review the five years since its adoption of a landmark resolution on youth, peace and security.

We can already see such groups taking advantage of the COVID-19 lockdowns, intensifying their efforts on social media to spread hatred and to recruit young people who may be spending more time at home and online, he said.

Guterres told the Security Council that even before the current crisis, young people were facing enormous challenges.

Listing startling numbers, he said one of every five young people was already not in education, training or employment and one of every four is affected by violence or conflict. Every year, 12 million girls become mothers while they themselves are still children.

These frustrations and, frankly, failures to address them by those in power today, fuel declining confidence in political establishments and institutions. And when such a cycle takes hold, it is all too easy for extremist groups to exploit the anger and despair, and the risk of radicalisation climbs, he said.

Issuing a call to action on youth, peace and security, Guterres said the world cannot afford a lost generation of youth, their lives set back by COVID-19 and their voices stifled by a lack of participation. Let us do far more to tap their talents as we tackle the pandemic and chart a recovery that leads to a more peaceful, sustainable and equitable future for all.

With over 1.54 billion children and youth out-of-school and young people acutely feeling the impact of the COVID-19 crisis, Guterres said countries must do more to harness the talents of young people to address the crisis and its aftermath.

In presenting his first report on the Security Council resolution, the UN chief said youth were already confronting numerous challenges even before the pandemic, including in accessing education, or through being affected by violence and conflict. Those pressing for peace or upholding human rights have been threatened.

Despite these obstacles, young people across the world have joined the common fight against the coronavirus disease, supporting both frontline workers and people in need. And they continue to push for change.

UN Youth Envoy Jayathma Wickramanayake spoke of the need for more meaningful partnerships between young people and the civil society organisations and government institutions that work on the youth, peace and security (YPS) agenda.

To date, there are no national action plans on YPS but I'm pleased to note that in some countries, these are in the process of development, she said.

For a national roadmap to be successful, a participatory, transparent and youth-led process with adequate resources are needed, she said.

Issuing his four-point call to action for the Council, Guterres urged members to do more to address the various challenges facing young people.

He also called for investment in youth participation, but also in their organisations and initiatives.

We must strengthen human rights protections and protect the civic space on which youth participation depends, he said. And fourth, we must emerge from the COVID-19 crisis with a determination to recover better - massively increasing our investment in young people's capacities as we deliver the Sustainable Development Goals.

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