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 21,2020

United Nations, Mar 21: The UN has called on all nations to stop the use of capital punishment or put a moratorium on it, a day after four men convicted of gang-raping and murdering a 23-year-old woman were hanged in India.

Seven years after the rape and murder of the young medical student, who came to be known as 'Nirbhaya', sent shock waves across the country, the four convicts - Mukesh Singh (32), Pawan Gupta (25), Vinay Sharma (26) and Akshay Kumar Singh (31) - were hanged to death on Friday at 5.30 am in New Delhi's Tihar Jail.

Responding to the hanging, UN Secretary-General Antonio Guterres' spokesperson Stephane Dujarric said the world organisation calls on all nations to stop the use of capital punishment or put a moratorium on it.

"Our position has been clear, is that we call on all States to halt the use of capital punishment or at least put a moratorium on this," Dujarric said at the daily press briefing on Friday.

The horrific gang-rape and murder of the physiotherapy intern on December 16, 2012, who came to be known as Nirbhaya, the fearless, had seared the nation's soul and triggered countrywide outrage.

This was the first time that four men have been hanged together in Tihar Jail, South Asia's largest prison complex that houses more than 16,000 inmates.

The executions were carried out after the men exhausted every possible legal avenue to escape the gallows. Their desperate attempts only postponed the inevitable by less than two months after the first date of execution was set for January 22.

The execution of the four convicts brings the curtains down on the case that shook not just India but also the world with the details of its brutality The widespread protests subsequently paved the way for a change in India's rape laws.

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News Network
February 6,2020

Feb 6: India has been ranked 40th out of 53 countries on a global intellectual property index, even as the country has shown improvement in terms of scores when it comes to the protection of IP and copyright issues, a top American industry body said on Wednesday.

India was placed at 36th position among 50 countries in 2019.

India's score, however, increased from 36.04 per cent (16.22 out of 45) in 2019 to 38.46 per cent (19.23 out of 50) in 2020, a 2.42 per cent jump in an absolute score.

However, India's relative score increased by 6.71 per cent, according to the International IP Index released by Global Innovation Policy Center or GIPC of the US Chambers of Commerce.

This year, it finds itself on the 40th place among 53 countries. Two new Index economies (Greece and the Dominican Republic) scored ahead of India. The Philippines, and Ukraine leapfrogged India.

"Since the release of the 2016 National IPR Policy, the government of India has made a focused effort to support investments in innovation and creativity through increasingly robust IP protection and enforcement," the GIPC said.

Since 2016, India has improved the speed of processing for patent and trademark applications, increased awareness of IP rights among Indian innovators and creators, and facilitated the registration and enforcement of those rights, it added.

According to the eighth edition of the annual report, India's score on the Chamber's International IP Index demonstrates the country's growing investment in IP-driven innovation and creativity. The Index specifically highlights a number of reforms over the last year that strengthen India's overall IP ecosystem, it said.

"In 2019, the Delhi High Court used dynamic injunctions to disable access to copyright-infringing content online, resulting in an increase in India's score on two of the copyright-related indicators," it said.

"The use of these injunctions places India alongside global leaders in copyright enforcement, including Singapore and the UK. As a result, India scores ahead of 24 other economies in the copyright indicators," the report said.

The Delhi High Court also issued a series of judgements that provide clarity on existing statutes related to trademark protection online, resulting in a score increase on one of the trademark-related indicators, it added.

The courts issued two precedential rulings that raised the bar for the damages awarded in IP-infringement cases and may provide a deterrent for future infringement. This resulted in an increase in score on one of the trademark-related indicators, it said.

Global Innovation Policy Center or GIPC said India also continues to score well in the Systemic Efficiency indicator, scoring ahead of 28 other economies in these indicators.

"This is a result of a concerted effort by the Indian government to consult with stakeholders during IP policy formation and create greater awareness about the importance of IP protection,” it said adding that India also remains a leader in the use of targeted incentives and IP assets for small and medium-sized enterprises (SMEs).

“To continue this upward trajectory, much work remains to be done to introduce transformative changes to India’s overall IP framework and take serious steps to consistently implement strong IP standards," the report said.

GIPC has identified several challenges for India. Prominent among them being patentability requirements, patent enforcement, compulsory licensing, patent opposition, regulatory data protection, transparency in reporting seizures by customs, and Singapore Treaty of Law of TMs and Patent Law Treaty.

"We are encouraged that Indian policymakers seem to recognize this Index as a valuable resource in their efforts to strengthen the country’s promising innovation ecosystem and enhance its competitiveness in an increasingly knowledge-based global economy,” the report said.

Observing that no other economy stands to gain more from strong Indian IP than India itself, the report said for example, no industry has been hurt more by copyright violations in India than the country’s own Bollywood industry, which loses almost USD3 billion to piracy each year.

"The number one way the Modi administration can demonstrate its commitment to the success of the Atal Innovation Mission, Accelerating Growth for New India’s Innovations, Make in India, Digital India, and Startup India is to strengthen its IP framework in ways that promote the legal and regulatory certainty necessary for greater R&D investment, high-value jobs, and greater innovative and creative outputs,” it said.

"Strong IP standards can further solidify India's position as the world’s fastest-growing economy, bolstering its reputation as a destination for doing business, foreign businesses’ ability to invest and make in India, thereby supporting the growth of India’s own innovative and creative industries," the report said.

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News Network
June 1,2020

Mumbai, Jun 1: Singer-composer Wajid Khan of music director duo Sajid-Wajid, popular for their work on superstar Salman Khan's films such as "Wanted", "Dabangg" and "Ek Tha Tiger", died in early hours of Monday in a city hospital due to complications arising from a kidney infection. He was 42.

Music composer Salim Merchant, who confirmed the news of Wajid's death, said the composer was hospitalised few days ago at Surana Hospital, Chembur where his condition deteriorated.

"He had multiple issues. He had a kidney issue and had a transplant a while ago. But recently he got to know about kidney infection... He was on the ventilator for the last four days, after his situation started getting worse. Kidney infection was the beginning and then he got critical," Salim told PTI.

The music composer duo made their Bollywood debut with Salman's 1998 movie "Pyaar Kiya Toh Darna Kya" and went on to work on actor's various films including "Garv", "Tere Naam", "Tumko Na Bhool Payenge", "Partner" and the popular "Dabangg" franchise.

Wajid also did playback for Salman in chartbusters like "Mera He Jalwa", "Fevicol Se" and for Akshay Kumar in "Chinta Ta Chita Chita" from the film "Rowdy Rathore", among others. He recently co-composed Salman's songs "Pyaar Karona" and "Bhai Bhai", which the actor released on his YouTube channel.

Wajid along with his brother Sajid served as mentor on singing reality shows "Sa Re Ga Ma Pa 2012" and "Sa Re Ga Ma Pa Singing Superstar".

The composer duo also scored IPL 4 theme song, "Dhoom Dhoom Dhoom Dhadaka", which was sung by Wajid.

Soon after the news of the composer's demise broke, many from the film fraternity took to Twitter to pay tributes.

Actor Priyanka Chopra said she will always remember Wajid's smile.

"The one thing I will always remember is Wajid bhai's laugh. Always smiling. Gone too soon. My condolences to his family and everyone grieving. Rest in peace my friend. You are in my thoughts and prayers," she posted on Twitter.

Actor Parineeti Chopra said Wajid was one of the "nicest" men in the industry.

"Always singing. All heart. Always positive. You will truly be missed Wajid bhai," she tweeted.

Actor Varun Dhawan shared a picture of his filmmaker-father David Dhawan with Wajid and remembered the musician as one of the most positive people in Bollywood.

"Shocked hearing this news @wajidkhan7 bhai was extremely close to me and my family. He was one of the most positive people to be around. We will miss you Wajid bhai thank you for the music," he wrote.

Music composer-singer Vishal Dadlani said he was "heartbroken" after hearing the news.

"Both @SajidMusicKhan and @wajidkhan7 have been close & true friends. The kind who might see the light on and show up at our studio in the middle of the night just to meet and talk and share a laugh. Can't believe Wajid and I will never speak again," he wrote.

Singer-composer Shankar Mahadevan said he was still unable to come to terms with the news of Wajid's demise.

"Shocking ! Good bye dear brother.. love you .. till we meet on the other side ! Prayers for your peaceful journey Wajid bhai," he tweeted.

Singer Javed Ali posted, "Feeling Deeply Saddened after hearing shocking news of the sudden demise of Wajid Khan. May his Soul Rest in Peace. My heartfelt condolences to his family. May Allah give strength to the family."

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