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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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Agencies
August 1,2020

Mexico City, Aug 1: The number of people, who have died of COVID-19 in Mexico, has risen by 688 to 46,688 within the past 24 hours, Deputy Health Minister Hugo Lopez-Gatell said.

The number of victims in Mexico is now higher than in the United Kingdom, where 46,119 people have died of the disease. The largest number of fatalities - 153,311 - has been recorded in the United States, while Brazil comes second with 92,475 deaths.

Lopez-Gatell also said on late Friday that the number of confirmed coronavirus cases had increased by 8,458 to 424,637 over the past day.

A day earlier, the Latin American nation recorded 7,730 new cases of the coronavirus, with 639 fatalities.

The World Health Organisation (WHO) declared the COVID-19 outbreak a pandemic on March 11. To date, over 17.5 million people have been infected with the coronavirus worldwide, with over 677,000 fatalities, according to Johns Hopkins University.

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News Network
June 25,2020

London, Jun 25: British Prime Minister Boris Johnson has called on India and China to engage in dialogue to sort out their border issues as he described the escalation in eastern Ladakh as "a very serious and worrying situation" which the UK is closely monitoring.

The first official statement of Mr Johnson came during his weekly Prime Minister's Questions (PMQs) in the House of Commons on Wednesday.

Responding to Conservative Party MP Flick Drummond on the implications for British interests of a dispute between a "Commonwealth member and the world's largest democracy on the one side, and a state that challenges our notion of democracy on the other," he described the escalation in eastern Ladakh as "a very serious and worrying situation", which the UK is "monitoring closely".

"Perhaps the best thing I can say... is that we are encouraging both parties to engage in dialogue on the issues on the border and sort it out between them," the Prime Minister said.

In a statement in New Delhi on Wednesday, the Ministry of External Affairs (MEA) said India and China have agreed that expeditious implementation of the previously agreed understanding on disengagement of troops from standoff points in eastern Ladakh would help ensure peace and tranquillity in the border areas.

During the diplomatic talks between India and China, the situation in the region was discussed in detail and the Indian side conveyed its concerns over the violent face-off in Galwan Valley on June 15. Twenty Indian Army personnel were killed in the clash. There were reports of several casualties for the Chinese army too, but China hasn't declared any official number yet.

The talks were held in the midst of escalating tension between the two countries following the violent clashes in Galwan Valley on June 15.

The Indian and Chinese armies are engaged in the standoff in Pangong Tso, Galwan Valley, Demchok and Daulat Beg Oldie in eastern Ladakh. A sizable number of Chinese Army personnel even transgressed into the Indian side of the Line of Actual Control in several areas including Pangong Tso.

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Agencies
August 3,2020

New York, Aug 3: The number of coronavirus cases confirmed all over the world has surpassed 18 million, while the global COVID-19 death toll stands at over 687,000 according to data from the Johns Hopkins University's Coronavirus Resource Center.

As of 06:00 Moscow time on Monday (03:00 GMT), there are 18,017,556 confirmed coronavirus cases in the world. The global death toll from COVID-19 stands at 687,930. The number of recovered individuals stands at 10,649,108.

The United States remains the country with the largest number of cases (4,665,932) and the highest COVID-19 death toll (154,841), according to the latest data from the Johns Hopkins University.

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