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
April 24,2020

Washington, Apr 24: The number of coronavirus cases in the US has surpassed 850,000, Johns Hopkins University Coronavirus Resource Center data revealed on Thursday (local time).
The country now has registered 8,56,209 cases overall, according to the data, including 47,272 deaths.

The US currently leads the world in the number of reported COVID-19 deaths and confirmed cases.

There are more than 2.6 million COVID-19 cases around the world and more than 1,85,000 deaths, according to the data.

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News Network
April 26,2020

Washington/Seoul, Apr 26: A special train possibly belonging to North Korean leader Kim Jong Un was spotted this week at a resort town in the country, according to satellite images reviewed by a Washington-based North Korea monitoring project, amid conflicting reports about Mr. Kim's health and whereabouts.

The monitoring project, 38 North, said in its report on Saturday that the train was parked at the “leadership station” in Wonsan on April 21 and April 23. The station is reserved for the use of the Kim family, it said.

Though the group said it was probably Kim Jong Un's train, Reuters has not been able to confirm that independently, or whether he was in Wonsan.

“The train's presence does not prove the whereabouts of the North Korean leader or indicate anything about his health but it does lend weight to reports that Kim is staying at an elite area on the country's eastern coast,” the report said.

Speculation about Mr. Kim's health first arose due to his absence from the anniversary of the birthday of North Korea's founding father and Mr. Kim's grandfather, Kim Il Sung, on April 15.

North Korea's state media last reported on Mr. Kim's whereabouts when he presided over a meeting on April 11.

China has dispatched a team to North Korea including medical experts to advise on Kim Jong Un, according to three people familiar with the situation.

A third-generation hereditary leader who came to power after his father's death in 2011, Kim has no clear successor in a nuclear-armed country, which could present major international risk.

On Thursday, U.S. President Donald Trump downplayed reports that Mr. Kim was ill. “I think the report was incorrect,” Mr. Trump told reporters, but he declined to say if he had been in touch with North Korean officials.

Mr. Trump has met Mr. Kim three times in an attempt to persuade him to give up a nuclear weapons program that threatens the United States as well as its Asian neighbors. While talks have stalled, Mr. Trump has continued to hail Mr. Kim as a friend.

Reporting from inside North Korea is notoriously difficult because of tight controls on information.

A Trump administration official said continuing days of North Korean media silence on Mr. Kim's whereabouts had heightened concerns about his condition, and that information remained scant from a country U.S. intelligence has long regarded as a ”black box.”

The U.S. State Department did not immediately respond to questions about the situation on Saturday.

Daily NK, a Seoul-based website that reports on North Korea, cited one unnamed source in North Korea on Monday as saying that Kim had undergone medical treatment in the resort county of Hyangsan north of the capital Pyongyang.

It said that Mr. Kim was recovering after undergoing a cardiovascular procedure on April 12.

Since then, multiple South Korean media reports have cited unnamed sources this week saying that Mr. Kim might be staying in the Wonsan area.

On Friday, local news agency Newsis cited South Korean intelligence sources as reporting that a special train for Mr. Kim's use had been seen in Wonsan, while Mr. Kim's private plane remained in Pyongyang.

Newsis reported Mr. Kim may be sheltering from COVID-19, the respiratory disease caused by the novel coronavirus.

Mr. Kim, believed to be 36, has disappeared from coverage in North Korean state media before. In 2014, he vanished for more than a month and North Korean state TV later showed him walking with a limp.

Speculation about his health has been fanned by his heavy smoking, apparent weight gain since taking power and family history of cardiovascular problems.

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News Network
June 6,2020

Islamabad, Jun 6: Pakistan has reported a record 97 COVID-19 deaths in a single day, taking the total number of fatalities to 1,935, while the number of confirmed cases in the country approached 94,000 after over 4,700 infections were detected, the health ministry said on Saturday.

Punjab registered 35,308 COVID-19 cases, Sindh 34,889, Khyber-Pakhtunkhwa 12,459, Balochistan 5,776 Islamabad 4,323, Gilgit-Baltistan 897 and Pakistan-occupied Kashmir 331 cases, the Ministry of National Health Services said.

The total number of COVID-19 cases reached 93,983 after 4,734 new infections were detected across the country, it said.

With a record 97 fatalities in one day, the death toll in the country has reached 1,935, while 32,581 people have recovered from the disease.

The ministry said that the total number of active COVID-19 cases in Pakistan are 59,467, out of which 1,265 patients are in critical condition.

More than 100 labs in the country have so far conducted 660,508 tests, including 22,185 in the last 24 hours.

There are 747 hospitals across the country with COVID-19 treatment facilities where 5,060 patients are being treated. Others have been asked to self-isolate at home.

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