Want to assure brothers, sisters of Assam they have nothing to worry after CAB: PM Modi

Washington, Feb 1: The Indian economy experienced some abrupt slowdown in 2019 due to turbulence in non-banking financial institutions and major reform measures such as GST and demonetisation, but it is not in a recession, IMF Managing Director Kristalina Georgieva has said.

"The Indian economy indeed has experienced an abrupt slowdown in 2019. We had to revise our growth projections, downwards to four percent for last year. We are expecting 5.8 per cent (growth rate) in 2020 and then an upward trajectory to 6.5 percent in 2021," Georgieva told a group of foreign journalists here on Friday.

"It appears that the main reason for this slowdown was the non-banking financial institutions experiencing a turbulence," she said on the eve of Union Finance Minister Nirmala Sitharaman presenting the annual budget in Parliament on Saturday.

She said India had undertaken some important reforms that over the longer term would be beneficial for the country, but they do have some short-term impact.

"For example, coming with the unified tax system, and the demonetisation that took place. These are steps that over time are beneficial, but of course they might, might be somewhat disruptive over short term," Georgieva said in response to a question.

The International Monetary Fund (IMF) Managing Director said that there is not a lot of fiscal space in India. “But we also recognise that the policies of the government on that side, on the fiscal side have been prudent. We will see how the reading of the budget, the submission of the budget goes, tomorrow,” she said.

In the medium-term, she said, the IMF remains optimistic about India. “This is why we see that upswing potential for the growth in the country,” she said.

Georgieva said that the current economic slowdown cannot be described as a recession. "No.... You're far from that. But it is a significant slowdown, not the recession," she said.

The IMF managing Director noted that the consumption in India also slowed down and that contributed to the overall slowdown in the economy. The IMF would be keen to see what India does to get relatively sound macroeconomic fundamentals to pay off in terms of better growth trajectory, she said ahead of the budget.

One thing that is important for India is that budgetary revenue have been below target. "The country knows that. The finance minister knows it. They need to increase budgetary revenue collection so they can improve their fiscal position. I said it's tight on the spending side, but I also want to stress that there is room to improve collection on the revenue side," she said.

New Delhi, Jun 29: India recorded 19,459 new coronavirus cases and 380 deaths in the last 24 hours.

According to the Ministry of Health and Family Welfare on Monday, the total coronavirus cases in the country stands at 5,48,318 including 2,10,120 active cases, 3,21,723 cured/discharged/migrated and 16,475 deaths.

Maharashtra's COVID-19 count touched 1,64,626 and cases in Delhi have reached 83,077.

The total number of samples tested up to 28 June is 83,98,362 of which 1,70,560 samples were tested yesterday, as per the data provided by the Indian Council of Medical Research (ICMR). 

New Delhi, May 10: The Delhi government has asked district magistrates to release 2,446 Tablighi Jamaat members from quarantine centres and ensure that they do not stay in any other place except their homes.

The district magistrates will explore the possibility of sending those Tablighi members, who belong to other states, in buses to their designated places in accordance with social distancing norms and other protocols, DDMA Special CEO K S Meena said in a letter to deputy commissioners (administration).

As man as 567 foreign attendees of the congregation held in Delhi's Nizamuddin area in March, will be handed over to the police, Meena said.

"They (foreign Jamaat attendees) will be handed over to police in connection with several violations like visa violation," a government official said on Saturday.

Delhi Home Minister Satyendar Jain had recently ordered the release of Tablighi members who have completed their required quarantine period in centres and tested negative for COVID-19.

"Out of such people belonging to Delhi, who could be released as per prescribed guidelines should be issued passes to travel from the quarantine centres.

"Under no circumstances, the aforesaid persons should be allowed to stay in any other places including mosques," Meena said in the letter.

In respect of those Tablighi members belonging to other states, it should be ensured by the nodal officer and the area ACP that such people reach their place of residence, he also said.

"The DC should also inform the respective resident commissioner of their states in respect of each and every movement of such persons from Delhi," the Delhi Disaster Management Authority (DDMA) Special CEO said.

Thousands of Tablighi Jamaat members had been taken out of its Markaz (centre) in Nizamuddin, where they had gathered for a religious congregation, and quarantined as the area became a major hotspot after a number of members tested positive for coronavirus.

On March 31, the Delhi Police's Crime Branch had lodged an FIR against seven people, including Maulana Saad Kandhalvi, on a complaint by Station House Officer, Nizamuddin, for holding the congregation.