IMF hails note ban, GST; says India’s economic slowdown is temporary

Agencies
October 15, 2017

Washington, Oct 15: Days after the International Monetary Fund lowered its growth forecast for the current and the next year, IMF chief Christine Lagarde on Saturday said the Indian economy is on a "very solid track" in the mid-term.

"We have slightly downgraded India, but believe that the country is for the medium and long-term on a growth track that is much more solid as a result of the structural reforms that have been conducted in the last couple of years," the IMF Managing Director Lagarde said.

Describing the two major recent reforms in India - demonetisation and Goods and Services Tax (GST) - as monumental efforts, Lagarde said it is hardly surprising that there "is a little bit of a short-term slowdown" as a result.

 "But for the medium term, we see a very solid track ahead for the Indian economy," she said to a question on India.

"We very much hope that the combination of fiscal, because the deficit has been reduced, inflation has been down significantly, and the structural reforms will actually deliver the jobs that the Indian population, particularly the young Indian people expect in the future," Lagarde said.

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Agencies
May 19,2020

Ahmedabad, Nay 19: Over 2,200 Indian nationals stranded in the UK due to the coronavirus related international travel restrictions have been flown back home during the first phase of India's biggest ever repatriation exercise, according to official figures.

Since the first special Air India flight took off from London’s Heathrow Airport for Mumbai on May 8, there have been eight routes to different Indian cities from the UK for Indian students and tourists.

Indian nationals were flown home to the cities of Mumbai, New Delhi, Bengaluru, Chennai and Ahmedabad.

“We have facilitated repatriation of 2,288 Indians stranded in the UK through eight Air India flights till 17 May. Vande Bharat Mission continues to get Indians home,” said the Indian High Commission in London.

The Vande Bharat Mission is India’s biggest ever repatriation exercise to bring back Indians from abroad who are unable to travel home due to COVID-19 related international travel restrictions.

As the second phase of the repatriation process gets underway, retired Indian High Commissioner to the UK Ruchi Ghanashyam will be among the Indians flying back to New Delhi on Thursday.

“It has been such a hectic period, but I hope to return to the UK to say goodbyes in person sometime in the future,” Ghanashyam said during a virtual farewell organised by the Indian Journalists’ Association (IJA UK) on Monday.

As the packed flights take off daily, there are some still desperately waiting their turn, including those wanting to fly to some cities that are yet to be scheduled, including Kolkata.

“I have two young daughters, elderly parents, and a wife back at home. There is no way to return to Kolkata. I am worried for my parents,” says Suvendu, who came to the UK for work but recently lost his job.

“I am really surprised there are no Kolkata flights yet, but I am hoping they will be announced in the future,” adds Dr Arpita Ray, whose father needs to fly back home.

Another group waiting their turn to return home to their families in India includes students in the Overseas Citizen of India (OCI) category, which remains suspended in India’s extended COVID-19 lockdown.

According to the regulations issued by the Indian government last month and updated last week, visas of foreign nationals and OCI cards, that provide visa-free travel privileges to the people of Indian-origin, have been suspended as part of the new international travel restrictions following the COVID-19 pandemic.

“Our plight is no different from the struggles being faced by Indian students who hold Indian passports – India is home for all us,” says Tridip, an undergraduate at SOAS University of London.

“Yes, air travel at this point of time may be a risk but we are of course ready to take all precautionary measures and undergo the mandatory quarantine period upon arrival in India," adds the 18-year-old.

“Having lived in India for the greater part of my life, India is home to me as much as it is to an Indian citizen, and just as any Indian citizen wishes for the comfort of home and family, so do I. I can only hope that the government reviews its policy on OCI holders and appeal to them to include us in their repatriation plans," says Atulit, an under-graduate student at Imperial College London.

Bianta, a student at Bangor University in Wales, adds: “Along with all of the mental stress, financially the UK is too expensive. In the coming weeks my rental agreement will expire, after which I will have nowhere to go.

“I cannot continue funding myself here in the UK as I only planned to be here till May marking the end of my course. Please help us get home. The colour of my passport does not define where my home is."

As all commercial international flights continue to be grounded, the second phase of the Vande Bharat Mission with a total of 149 flights is aimed at bringing back Indians from 40 countries. On landing in India, these travellers have a 14-day quarantine requirement at venues organised by the respective state governments. 

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News Network
April 27,2020

Seoul/South Korea, Apr 27: North Korean leader Kim Jong Un is "alive and well", a top security adviser to the South's President Moon Jae-in said, downplaying rumours over Kim's health following his absence from a key anniversary.
"Our government position is firm," said Moon's special adviser on national security Moon Chung-in, in an interview with CNN on Sunday. "Kim Jong Un is alive and well."

The adviser said that Kim had been staying in Wonsan -- a resort town in the country's east -- since April 13, adding: "No suspicious movements have so far been detected."

Conjecture about Kim's health has grown since his conspicuous absence from the April 15 celebrations for the birthday of his grandfather Kim Il Sung, the North's founder -- the most important day in the country's political calendar.

Kim has not made a public appearance since presiding over a Workers' Party politburo meeting on April 11, and the following day state media reported him inspecting fighter jets at an air defence unit.

North Korean leader Kim Jong Un was not gravely ill, two South Korean government sources said on Tuesday, following reports he had undergone a cardiovascular procedure and was now in "grave danger."

His absence unleashed a series of unconfirmed media reports over his condition, which officials in Seoul previously poured cold water on.

"We have nothing to confirm and no special movement has been detected inside North Korea as of now," the South's presidential office said in a statement last week.

South Korea's unification minister Kim Yeon-chul reiterated Monday that remained the case, adding the "confident" conclusion was drawn from "a complex process of intelligence gathering and assessment".

'Grave danger'

Daily NK, an online media outlet run mostly by North Korean defectors, has reported Kim was undergoing treatment after a cardiovascular procedure earlier this month.

Citing an unidentified source inside the country, it said Kim, who is in his mid-30s, had needed urgent treatment due to heavy smoking, obesity and fatigue.

Soon afterwards, CNN reported that Washington was "monitoring intelligence" that Kim was in "grave danger" after undergoing surgery, quoting what it said was an anonymous US official.

US President Donald Trump on Thursday rejected reports that Kim was ailing but declined to state when he was last in touch with him.

On Monday, the official Rodong Sinmun newspaper reported that Kim had sent a message of thanks to workers on the giant Wonsan Kalma coastal tourism project.

It was the latest in a series of reports in recent days of statements issued or actions taken in Kim's name, although none has carried any pictures of him.

Satellite images reviewed by 38North, a US-based think tank, showed a train probably belonging to Kim at a station in Wonsan last week.

It cautioned that the train's presence did not "indicate anything about his health" but did "lend weight" to reports he was staying on the country's eastern coast.

Reporting from inside the isolated North is notoriously difficult, especially regarding anything to do with its leadership, which is among its most closely guarded secrets.

Previous absences from the public eye on Kim's part have prompted speculation about his health.

In 2014 he dropped out of sight for nearly six weeks before reappearing with a cane. Days later, the South's spy agency said he had undergone surgery to remove a cyst from his ankle.

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News Network
January 27,2020

Jan 27: Bidders for Air India Ltd. will need to absorb $3.26 billion of its debt, as Prime Minister Narendra Modi’s administration tries once again to sell the national carrier.

The entire company will be sold but effective control needs to stay with Indian nationals, according to preliminary terms published Monday. Bids are invited by March 17 with Ernst & Young LLP India as transaction adviser.

Air India, which started in 1932 as a mail carrier before winning commercial popularity, saw its fortunes fade with the emergence of cutthroat low-cost competition. The state-run airline has been unprofitable for over a decade and is saddled with more than $8 billion in debt.

Indian regulations allow a foreign airline to buy as much as 49% of a local carrier, while overseas investors other than airlines can buy an entire carrier. The government didn’t find a single bidder when it tried to sell Air India in 2018.

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