Don't think govt will give relaxation to Rohingya Muslims: Naqvi

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.

Mangaluru, Jun 16: Dakshina Kannada today reported 79 fresh covid-19 cases, taking the total infections in the coastal district to 370.

Out of the 79 positive cases, 75 persons had returned from Saudi Arabia. All of them have been shifted to the designated COVID hospital in Mangaluru for treatment.

As many as 11 persons today discharged from the hospital taking the total number of discharges to 145. There are 217 active cases in the district. 

Udupi district today reported 7 new covid cases taking the total to 1035. Among them 817 have discharged from the hospitals including today’s 81. The number of active cases is 217.

Bengaluru, June 21: Three youngsters lost their lives when an alleged wheeling stunt turned near Jakkur flyover in the city today morning. 

The deceased have been identified as Mohammed Hadi, Ahmed Khan and Syed Riaz, all residents of Nagavara Govindapura.

The tragedy took place at around 6:30 a.m. While two among them died on the spot, the third one breathed his last at a hospital, soruces said.

Yelahanka traffic police have registered a case in this regard.