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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.

Huawei will be completely removed from the UK's 5G networks by the end of 2027, the UK government announced on Tuesday after a review by the country's National Cyber Security Centre (NCSC) on the impact of US sanctions against the Chinese telecommunications giant.

In the lead up to this complete removal of all Huawei kit from UK networks, there will be a total ban on the purchase of any new 5G kit after December 31, 2020.

The decision was taken at a meeting of the UK's National Security Council (NSC) chaired by Prime Minister Boris Johnson, in response to new US sanctions against the telecom major imposed in May which removed the firm's access to products which have been built based on US semiconductor technology.

5G will be transformative for our country, but only if we have confidence in the security and resilience of the infrastructure it is built upon, said Oliver Dowden, UK Secretary of State for Digital, Culture, Media and Sport (DCMS).

Following US sanctions against Huawei and updated technical advice from our cyber experts, the government has decided it necessary to ban Huawei from our 5G networks. No new kit is to be added from January 2021, and UK 5G networks will be Huawei free by the end of 2027. This decisive move provides the industry with the clarity and certainty it needs to get on with delivering 5G across the UK, he said.

The minister, who laid out the details of the UK's ban on Huawei in the House of Commons, said the government will now seek to legislate with a new Telecoms Security Bill to put in place the powers necessary to implement the tough new telecoms security framework.

By the time of the next election (2024) we will have implemented in law an irreversible path for the complete removal of Huawei equipment from our 5G networks, said Dowden.

The new law will give the government the national security powers to impose these new controls on high risk vendors and create extensive security duties on network operators to drive up standards, DCMS said.

Technical experts at the NCSC reviewed the consequences of the US sanctions and concluded that Huawei will need to do a major reconfiguration of its supply chain as it will no longer have access to the technology on which it currently relies and there are no alternatives which we have sufficient confidence in.

They found the new restrictions make it impossible to continue to guarantee the security of Huawei equipment in the future.

After a ban on the purchase of new Huawei kit for 5G from next year, the aim is to completely remove the Chinese vendor's influence on 5G networks across the UK by the end of 2027.

The DCMS said Tuesday's decision takes into account the UK's specific national circumstances and how the risks from these sanctions are manifested in the country.

The existing restrictions on Huawei in sensitive and critical parts of the network remain in place, it highlighted.

The DCMS said the US action also affects Huawei products used in the UK's full fibre broadband networks. However, the UK has managed Huawei's presence in the UK's fixed access networks since 2005 and we also need to avoid a situation where broadband operators are reliant on a single supplier for their equipment.

As a result, following security advice from experts, DCMS is advising full fibre operators to transition away from purchasing new Huawei equipment. A technical consultation will determine the transition timetable, but it is expect this period to last no longer than two years.

The government said its new approach strikes the right balance by recognising full fibre's established presence and supporting the connections that the public relies on, while fully addressing the security concerns.

It stressed that its new policy in relation to high risk vendors has not been designed around one company, one country or one threat but as an enduring and flexible policy that will enable the UK to manage the risks to the network, now and in the future.

Washington, May 20: The United States recorded another 1,536 coronavirus deaths over the past 24 hours, the Johns Hopkins University tracker said.

That figure, tallied as of 8:30 pm (0030 GMT), raises to 91,845 the total number of COVID-19 deaths in the US.

The US tops the global rankings both for the highest death toll and the highest number of infections, with more than 1.5 million cases.