IMF lowers India's growth forecast over demonetisation, GST

Agencies
October 10, 2017

Washington, Oct 10: The IMF today lowered India's growth projection to 6.7 per cent in 2017, 0.5 percentage points less than its previous two forecasts and slower than China's 6.8 per cent, attributing it to demonetisation and introduction of the GST.

The International Monetary Fund (IMF) raised its current year growth forecast for China to 6.8 per cent, 0.1 percentage more than its two previous projections in April and July -- pushing the Communist giant above India at the top of the global growth tally.

It also lowered India's growth for 2018 to 7.4 per cent, 0.3 percentage points less than its previous two projections in July and April. India's growth rate in 2016 was 7.1 per cent, which saw an upward revision of 0.3 percentage points from its April report.

"In India, growth momentum slowed, reflecting the lingering impact of the authorities' currency exchange initiative as well as uncertainty related to the midyear introduction of the country-wide Goods and Services Tax," the IMF said in its latest World Economic Outlook report.

"Strong government spending and data revisions in India led to an upward revision of 2016 growth to 7.1 per cent (6.8 per cent in April), with upward revisions of about 0.2 percentage point, on average, for 2014 and 2015," it said.

The latest report, released ahead of the annual meetings of the IMF and the World Bank here this week, puts China slightly ahead of India in terms of growth rate for the year 2017.

However, India is likely to regain the tag of the fastest growth emerging economies of the world in 2018, with China projected to grow at 6.5 per cent in 2018, it said.

The GST, which promises the unification of India's vast domestic market, is among several key structural reforms under implementation that are expected to help push growth above eight per cent in the medium term, the report said.

"In India, simplifying and easing labour market regulations and land acquisition procedures are long-standing requirements for improving the business climate," the report said.

Between 1999 and 2008, India on an average grew at a rate of 6.9 per cent, the IMF said, adding that for the next three years its growth rates were 8.5 per cent in 2009, 10.3 in 2010 and 6.6 in 2011.

In the years 2012, 2013 and 2014 it grew at a rate of 5.5 percentage, 6.4 and 7.5 respectively. In 2015, India clocked a growth rate of 8 percentage points.

For the year 2022, the IMF has projected a growth rate of 8.2 per cent, as against its growth projection of 6.7 in 2017 and 7.4 in 2018.

The Goods and Services Tax (GST) was implemented in India from July 1 this year. It brings the economy under a uniform tax regime.

The Indian government scrapped Rs 500 and Rs 1,000 currency notes on November 8 last year, claiming that the move would eradicate black money, fake currency and corruption.

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Agencies
May 22,2020

Riyadh, May 22: The family of murdered Saudi journalist Jamal Khashoggi on Friday said that they forgave his killers. Washington Post journalist Jamal Khashoggi, who had written columns critical of Saudi Arabia, was brutally killed in October 2018, allegedly at the behest of Crown Prince Mohammad bin Salman.

“In this blessed night of the blessed month [of Ramadan] we remember God’s saying: If a person forgives and makes reconciliation, his reward is due from Allah,” Jamal Khashoggi’s son Salah Khashoggi said in a tweet. “Therefore, we the sons of the Martyr Jamal Khashoggi announce that we pardon those who killed our father, seeking reward [from] God almighty.”

The legal outcome of this announcement is not yet clear. Earlier, Salah Khashoggi said he had “full confidence” in the judicial system, and that the accused were trying to exploit the case.

Jamal Khashoggi’s body was said to have been dismembered inside the Saudi consulate in Istanbul and disposed of elsewhere, but his remains were never found.

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News Network
June 5,2020

New Delhi, Jun 5: On World Environment Day, Prime Minister Narendra Modi on Friday urged citizens to ensure that the flora and fauna thrive and take a pledge to preserve our planet's rich biodiversity.

"On #WorldEnvironmentDay, we reiterate our pledge to preserve our planet's rich biodiversity. Let us collectively do whatever possible to ensure the flora and fauna with whom we share the Earth thrive. May we leave an even better planet for the coming generations," the Prime Minister tweeted.

He also shared a clip from his last 'Mann Ki Baat' programme where he mentioned about conservation of rainwater and protecting the rich diversity of nature.

"On June 5, the entire world will celebrate 'World Environment Day'. The theme for this year's 'World Environment Day' is bio-diversity. This theme is especially pertinent in the current circumstances. During lockdown in the last few weeks the pace of life may have slowed down a bit but it has also given us an opportunity to introspect upon the rich diversity of nature or biodiversity around us," the Prime Minister had said.

"Much of the avian fauna had sort of disappeared due to sound and air pollution, and now after years people can once again listen to their melodic chirping in their homes," he said.

The Prime Minister also said that water conservation, in particular the conservation of rainwater, is essential and exhorted everyone to strive for saving rainwater in the upcoming monsoons.

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News Network
January 6,2020

Jammu, Jan 6: Union Minister Jitendra Singh on Sunday said India is the only shelter for religiously persecuted Hindus, Sikhs and other minorities who come from Pakistan, Bangladesh or Afghanistan, for the safety of their life and honour.

"India owes responsibility towards the minorities living in these countries which proclaim Islam as their state religion," Singh said here while launching the BJP's countrywide 10-day mass contact drive to spread awareness about the Citizenship Amendment Act (CAA).

Accompanied by senior party colleagues, including former deputy chief minister Kavinder Gupta and former minister Sat Sharma, he began by visiting the house of veteran columnist, writer and Padmashri awardee K L Pandita, where he spent time with them discussing the Act.

Later, he visited prominent social activist Amjad Mirza, eminent Sikh religious leader Baba Swaranjit Singh, retired High Court judge Justice G D Sharma, veteran journalist and former bureau head of Hind Samachar group Gopal Sachar, retired principal of Jammu government medical college Subhash Gupta, social activist and president of Peoples' Forum Ramesh Sabharwal, among others.

During his interaction with them, the Minister of State in the Prime Minister's Office claimed that Congress leaders and their allies protesting against the Act are doing so without "conviction".

He opined that if a "survey" was conducted among the family members of these Congress leaders, then, even they would not support their "anti-CAA stand".

"The tragedy of Congress party and contemporary leaders of Congress is that either they do not read their own history or are blissfully ignorant of the statements made by their own party patriarchs and former prime ministers," he said.

The minister recalled that the Nehru-Liaquat Pact of 1950 was inspired by the realisation on the part of the then Congress government headed by prime minister Jawaharlal Nehru that minorities, particularly Hindus, were not getting a fair deal in Pakistan.

"In 1949, Nehru had written a letter expressing concern about people coming in from then East Pakistan, which is now Bangladesh, and while doing so, he had referred to Hindus coming from there as 'refugees' and Muslims arriving here as 'immigrants'," Singh said.

Further, Nehru had stated that India owed a "responsibility" to these refugees, the minister said.

Referring to the opposition of senior Congress leaders Rahul Gandhi and Priyanka Gandhi to the amended legislation, the minister said someone should show them records of proceedings of the winter session of Parliament in 1950 when their great-grandfather (Nehru) had himself said that they deserved to be given citizenship and if the law was inadequate for it, then, the law should be changed.

"PM Modi should actually be given credit for showing courage and conviction to carry forward the task, which the Congress government lacked, to accomplish this," the minister opined.

Singh reiterated that a false fear psychosis against Muslims is being sought to be manufactured when there is no place as safe and comfortable to live for the community as India.

Turning the tables on the opposition to the National Population Register(NPR) and proposed National Register of Citizens (NRC), Singh pointed out that PM Modi and Union Home Minister Amit Shah have been stating that the exercise on NRC is yet to begin.

He also said that it was then Union home minister P Chidambaram, who had stated in Parliament in 2010 that NPR could be a basis for NRC.

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