Gaddafi ‘aid' adds to Sarkozy's woes

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.

Washington, Apr 20: The US wants to send a team of experts to China to investigate coronavirus, President Donald Trump has said, a day after he warned Beijing of "consequences" if it was knowingly responsible for the spread of COVID-19 which has killed more than 165,000 people globally, including over 41,000 in America.

Describing the coronavirus as a plague, Trump, during his White House news conference on Sunday, said that he is not happy with China where the pandemic emerged in December last year in the central Chinese city of Wuhan.

“We spoke to them (Chinese) a long time ago about going in. We want to go in. We want to see what's going on. And we weren't exactly invited, I can tell you that,” the President told reporters.

“I was very happy with the (trade) deal (with China), very happy with everything and then we found out about the plague and since we found out about that I'm not happy,” he said.

The US has launched an investigation into whether the deadly virus "escaped" from the Wuhan Institute of Virology.

He has repeatedly expressed disappointment over China's handling of the coronavirus disease, alleged non-transparency and initial non-cooperation from Beijing with Washington on dealing with the crisis.

“Based on an investigation, we are going to find out,” Trump told reporters.

A day earlier, he warned China that it should face consequences if it was "knowingly responsible" for the spread of the novel coronavirus, upping the ante on Beijing over its handling of the COVID-19 pandemic.

“If they (China) were knowingly responsible… then there should be consequences. You're talking about, you know, potentially lives like nobody's seen since 1917,” Trump said on Saturday.

The opposition Democratic Party said that Trump has falsely claimed he acted early by restricting travel from China when it was little too late and he continued to downplay the virus throughout February.

The number of COVID-19 deaths in the US crossed 41,000 and the total infections were more than 764,000 so far.

New York, the epicentre of the deadly COVID-19 in the US, has 2,42,000 cases and over 17,600 fatalities so far. It has registered a 50-percent decline in new cases over an eight-day period.

The novel virus, which emerged in China in December last year, has killed over 160,000 and infected more than 2.3 million people worldwide.

London, Mar 4: The UK government has reiterated its concern over the potential impact of the Citizenship Amendment Act (CAA) and said it is continuing to follow the events in India closely.

In response to an urgent question on “Recent Violence in India” tabled by Pakistani-origin Opposition Labour Party MP Khalid Mahmood in the House of Commons on Tuesday, UK’s Minister of State in the Foreign and Commonwealth Office (FCO) Nigel Adams said the UK engages with India at all levels, including on human rights, and also referred to the country's "proud history" of inclusive government and religious tolerance.

"The UK government also have concerns about the potential impact of the legislation (CAA),” said Adams, the Minister for Asia who was standing in for UK Foreign Secretary Dominic Raab, who is on a visit to Turkey.

"It is because of our close relationship with the government of India that we are able to discuss difficult issues with them and make clear our concerns where we have them, including on the rights of minorities. We will continue to follow events closely and to raise our concerns when we have with them,” said the minister.

While Mahmood, who had tabled the urgent question for an FCO statement, described the government response as “facile”, another Pakistani-origin MP Nusrat Ghani called on the government to relay the UK Parliament's concerns to the Indian authorities.

British Sikh Labour MP Tanmanjeet Singh Dhesi said the violence had brought back “painful personal memories” from the 1984 Sikh riots while he was studying in India and fellow Sikh MP Preet Kaur Gill also referenced 1984 in her intervention.

Other MPs sought to highlight the steps taken by the Indian authorities to restore “peace and tranquillity” in Delhi.

“He will be aware that it is not just Muslims who have been killed; Hindus have also been killed as part of the riots,” said Conservative Party MP Bob Blackman.

Scottish National Party (SNP) MP Alyn Smith sought the UK government’s intervention to share best practice around countering the online disinformation campaign being used in India to “inflame tensions”.

“We are in constant contact on these issues, and we know how important this is to Members of Parliament and their constituents, who may have family in the area,” said Adams, in his response.