India one of fastest-growing large economies: IMF

Agencies
March 22, 2019

Washington, Mar 22: India has been one of the fastest-growing large economies in the world, the International Monetary Fund (IMF) has said, asserting that the country has carried out several key reforms in the last five years, but more needs to be done.

Responding to a question on India's economic development in the last five years at a fortnightly news conference here, IMF communications director Gerry Rice Thursday said, "India has of course been one of the world's fastest-growing large economies of late, with growth averaging about seven per cent over the past five years."

"Important reforms have been implemented and we feel more reforms are needed to sustain this high growth, including to harness the demographic dividend opportunity, which India has," he said.

Details about the Indian economy would be revealed in the upcoming World Economic Outlook (WEO) survey report to be released by the IMF ahead of the annual spring meeting with the World Bank next month, he said.

This report would be the first under Indian American economist Gita Gopinath, who is now IMF's chief economist.

"The WEO will go into more details. But amongst the policy priorities, we would include accelerate the cleanup of banks and corporate balance sheets, continue fiscal consolidation, both at centre and state levels, and broadly maintain the reform momentum in terms of structural reforms in factor markets, labour, land reforms and further enhancing the business climate to achieve faster and more inclusive growth," Rice said.

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News Network
June 23,2020

New Delhi, Jun 23: The meeting between Indian Army's 14 Corps Commander Lt Gen Harinder Singh and his Chinese counterpart got over after around 11 hours, sources said.

"Today's meeting between the Corps Commander-level officers of India and China is over. The meeting which started at 11:30 am went on for around 11 hours. More details awaited," sources said.

The meeting started at around 11:30 am at Moldo on the Chinese side of Line of Actual Control (LAC) opposite Chushul to defuse the tensions in Eastern Ladakh sector due to Chinese military build-up, the sources said.

This is the second meeting between the two corps commanders. They had met on June 6 and had agreed to disengage at multiple locations. India had asked the Chinese side to go back to pre-May 4 military positions along the LAC.

The Chinese side had not given any response to the Indian proposal and not even shown intent on the ground to withdraw troops from rear positions where they have amassed over 10,000 troops.

India is also likely to discuss the change in rules of engagement on the LAC where the forces have been empowered to use firearms in extraordinary circumstances, sources had said.

They said India will also ask China to honour the commitment given during June 6 talks to disengage in the Galwan valley completely and other places.

The build-up of Chinese air assets including strategic bombers by the PLA Air Force in fields near Indian territory close to Ladakh is also likely to figure in discussions.

India and China have been involved in talks to ease the ongoing border tensions since last month.

However, last week as many as 20 Indian soldiers lost their lives in the face-off in the Galwan Valley after an attempt by the Chinese troops to unilaterally change the status quo during the de-escalation in eastern Ladakh.

The Indian intercepts have revealed that the Chinese side suffered 43 casualties including dead and seriously injured in the violent clash.

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News Network
June 15,2020

Beijing, Jun 15: China is locking now ten more neighbourhoods in Beijing to try and contain the spread of a new coronavirus outbreak linked to a food market, authorities announced Monday.

City official Li Junjie said at a press conference that fresh cases had been found in a second wholesale market in northwestern Haidian district, and as a result, the market and nearby schools would be closed, and people living in ten communities around it placed under lockdown.

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Agencies
March 25,2020

Beijing:  Around 5,000 people have signed up for the phase I clinical trial of recombinant novel coronavirus vaccine in Chinese city Wuhan where the virus first emerged late last year.

The recruitment for participants ended this week with nearly 5,000 volunteers signing up for the trial, state-run Beijing News reported on Wednesday.

A single-centre, open and dose-escalation phase I clinical trial for recombinant novel coronavirus vaccine (adenoviral vector) will be tested in healthy adults aged between 18 and 60 years, according to the ChiCTR (China Clinical Trial Register).

The trial, led by experts from the Academy of Military Medical Sciences, gained its approval on March 16 and the research is expected to last half a year.

Requiring at least 108 participants, the trial will be conducted in Wuhan, capital of Hubei province, the region worst-affected by the virus in the country, state-run China Daily reported.

Participants will experience 14-day quarantine restrictions after being vaccinated and their health condition will be recorded every day.

Chinese scientists are hastening the development of COVID-19 vaccines through five approaches --- inactivated vaccines, genetic engineering subunit vaccines, adenovirus vector vaccines, nucleic acid vaccines and vaccines using attenuated influenza virus as vectors.

So far, most teams are expected to complete preclinical research in April and some are moving forward faster, Wang Junzhi, an academician with the Chinese Academy of Engineering said.

Wang noted that research and development of COVID-19 vaccines in China is not slower than foreign counterparts and has been carried out in a scientific, standardised and orderly way.

China has stepped up the process to finalise vaccines to counter COVID-19 after Kaiser Permanente research facility in Seattle and Washington stole the march and began human trials.

China lifted tough restrictions on the Hubei province on Wednesday after a months-long lockdown as the country reported no new domestic cases.

But there were another 47 imported infections from overseas, the National Health Commission said. In total, 474 imported infections have been diagnosed in China -- mostly Chinese nationals returning home.

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