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 19,2020

Washington, May 19: As the scientists across the world are struggling to develop a vaccine for combating coronavirus, US drugmaker Moderna announced on Monday (local time) that the phase I trial of its Covid-19 vaccine has shown positive early results.

The company is hopeful that it's vaccine could be available to the public as early as January next year. Several firms across the world are in the race to develop a vaccine for the deadly virus which has claimed over 3 lakh lives worldwide.

CNN citing Dr. Tal Zaks, Moderna's chief medical officer reported that "if future studies go well, the company's vaccine could be available to the public as early as January".

"This is absolutely good news and news that we think many have been waiting for for quite some time," Zaks was quoted as saying.

Moderna, based in Cambridge, Massachusetts announced that the vaccine developed neutralising antibodies to the virus at levels reaching or exceeding the levels seen in people who have naturally recovered from Covid-19, reported CNN.

These will be followed by phase 2 trials and phase 3 trials, which Moderna plans to start in July.

President Donald Trump had on Friday said that that the United States will be able to deliver a few hundred million doses of COVID-19 vaccine, under 'Operation Warp Speed', by the end of this year.

"I have very recently seen early data from a clinical trial with a coronavirus vaccine and this data made me feel even more confident that we'll be able to deliver a few hundred million doses of vaccine by the end of 2020 and we will do the best we can," Trump had said at a press conference at the White House on Friday.

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Arab News
February 9,2020

London, Feb 9: A US court has rejected a Turkish attempt to dismiss civil cases brought by protesters who were violently attacked in Washington by Recep Tayyip Erdogan’s security officers.

The incident took place in May 2017 during a visit to the US by the Turkish president. About a dozen bodyguards beat-up a group demonstrating outside the Turkish ambassador’s residence in Washington.

The attack, which was caught on video, left nine people injured and further strained US relations with Turkey.

While criminal charges against the security guards were dropped within a year, around the same time Turkey released a US pastor, the victims pressed ahead with a civil case.

On Thursday, a federal court denied Turkey’s request to have the two cases thrown out on the grounds that it should have sovereign immunity from legal proceedings.

US District Judge Colleen Kollar-Kotelly said the protesters had not posed a threat and were merely gathered on a sidewalk outside the residence at Sheridan Circle when Erdogan’s security burst through a police line and attacked them.

“The Turkish security forces did not have the discretion to violently physically attack the protesters, with the degree and nature of force which was used, when the protesters were standing, protesting on a public sidewalk,” she said. “And, Turkish security forces did not have the discretion to continue violently physically attacking the protesters after the protesters had fallen to the ground or otherwise attempted to flee.”

The judge said Turkey “has not met its burden of persuasion to show that it is immune from suit in these cases.”

The ruling was welcomed by the victims of the attack, which Erdogan stopped to watch as he made his way from his car to inside the residence.

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News Network
January 19,2020

Mumbai, Jan 19: After Kerala and Punjab, the Maha Vikas Agadi (MVA) government is also mulling over a resolution against the Citizenship (Amendment) Act, 2019 in Maharashtra Assembly.

Speaking to news agency, Congress spokesperson Raju Waghmare said: "Our senior party leader Balasaheb Thorat has also shared his stand on the CAA. Even Chief Minister Uddhav Thackeray has said that we are against the CAA. As far as the resolution against CAA is concerned, our senior leaders of MVA will sit together and decide."

If this happens, then Maharashtra will be the third state to pass a resolution against CAA, which grants citizenship to non-Muslim refugees from Pakistan, Afghanistan, and Bangladesh, who came to India on or before December 31, 2014.

Emphasising that CAA is 'unconstitutional,' senior lawyer and Congress leader Kapil Sibal has said that every state Assembly has the constitutional right to pass a resolution and seek CAA's withdrawal.

He added that it would be problematic to oppose the CAA if the law is declared to be 'constitutional' by the Supreme Court.

"I believe the CAA is unconstitutional. Every State Assembly has the constitutional right to pass a resolution and seek its withdrawal. When and if the law is declared to be constitutional by the Supreme Court then it will be problematic to oppose it. The fight must go on!" Sibal tweeted.

Earlier speaking at the Kerala Literature Festival on Saturday, the Congress leader had said that constitutionally no state can say that it will not implement the amended Citizenship Act, as doing so will be "unconstitutional".

Kerala government has also approached the Supreme Court against the CAA following the passage of a resolution against it in the state Assembly.

Punjab chief minister Amarinder Singh has also announced that the Congress state government is going to join Kerala in the Supreme Court in the case.

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