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
March 11,2020

Jaipur, Mar 11: A 85-year-old man in Jaipur, who had returned from Dubai on February 28, has tested positive for coronavirus, a state government official said on Wednesday.

He was found presumptive positive in the first test on Tuesday and hence, a second test was conducted with fresh samples, the reports of which arrived late Tuesday night, Additional Chief Secretary, Medical and Health, Rohit Kumar Singh, said.

“The man who travelled to Dubai has been tested positive for coronavirus. It has been confirmed now,” Singh said.

“We have also got the manifest of the Spicejet flight he took from Dubai to Jaipur and are doing due diligence on that,” the official said, adding that intense contact tracing was underway.

The man has been kept in isolation at the SMS Hospital here.

“The man came to the hospital on Monday with symptoms of the virus. After the first test, his wife and son too have been kept in isolation at the hospital. The two, however, do not have coronavirus affliction symptoms,” Singh said.

A total of 235 people who came in contact with the octogenarian and his family have already been traced and are being monitored, he said.

Other contacts are also being traced, Singh added.

An Italian couple, who tested positive for COVID-19 last week, are also admitted in the hospital but their condition is improving, he said.

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News Network
March 9,2020

New Delhi, Mar 9: Petrol and diesel prices registered a drop across the country on Monday as global oil prices plummeted around 30 per cent after Saudi Arabia slashed prices and set plans for a dramatic increase in crude production in April.

In New Delhi, petrol price fell by 24 paise intra-day and stood at Rs 70.59 per litre. Diesel in the national capital was retailed at Rs 63.26 per litre on Monday as against Rs 63.51 on Sunday.

The retail price of petrol in Kolkata saw a drop of 23 paise to Rs 73.28 per litre. The diesel price fell by 25 paise in the eastern metropolitan city to retail at Rs 65.59 per litre.

In Mumbai, petrol price was Rs 76.29 per litre as against Rs 76.53 a day earlier. Diesel was retailed at Rs 66.24 per litre, 26 paise lower than on Sunday.

In Chennai, petrol was retailed at Rs 73.33 per litre, 25 paise lower than a day earlier. Diesel price saw a fall of 26 paise to retail at Rs 66.75 per litre in the southern metropolitan.

Global crude oil prices fell by as much as a third following Saudi Arabia's move to start a price war with Russia amid worries over the spread of coronavirus.

Brent crude futures were down 13.29 dollars or 29 per cent at 31.98 dollars a barrel by 04:33 hrs GMT after earlier dropping to 31.02 dollars, their lowest since February 12, 2016.

Brent futures were on track for their biggest daily decline since January 17, 1991 at the start of the first Gulf War.

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News Network
March 2,2020

New Delhi, Mar 2: Senior Congress leader P Chidambaram on Sunday hit out at Union Home Minister Amit Shah for his comments that no one from the minority community will be affected by amended Citizenship Act and asked why then was the community excluded from the law in the first place.

Addressing a rally in Kolkata, Shah assured people of the minority community that not a single person will lose citizenship due to the Citizenship (Amendment) Act (CAA).

"The Home Minister says that no minority will be affected by CAA. If this is correct, they should tell the country who would be affected by CAA. If no one would be affected by CAA, as it currently is, why did the government pass the law?

"If the CAA aims to benefit all minorities (no one will be affected, says HM), then why are Muslims excluded from the list of minorities mentioned in the Act?," the former finance minister asked in a post on Twitter.

At his first public rally in Kolkata after the 2019 general elections, Shah said, "The opposition is terrorising the minorities. I assure every person from the minority community that the CAA only provides citizenship, does not take it away. It won't affect your citizenship."

"The opposition parties are spreading canards that refugees will have to show papers but this is absolutely false. You don't have to show any paper. We will not stop until all refugees are granted citizenship," Shah told the public.

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