Effect of global slowdown 'more pronounced' in India: IMF chief

Agencies
October 9, 2019

Washington, Oct 9: As the global economy is witnessing "synchronised slowdown", the effect is "more pronounced" this year in some of the largest emerging market economies like India, said the new International Monetary Fund (IMF) Managing Director, Kristalina Georgieva.

Georgieva pointed out that the widespread deceleration means that growth in 2019-20 will fall to its "lowest rate" since the beginning of the decade. Almost 90 per cent of the world will face slower growth, she said on Tuesday.

"Two years ago, the global economy was in a synchronized upswing. Measured by GDP, nearly 75 per cent of the world was accelerating. The global economy is now in a synchronised slowdown. In 2019, we expect slower growth in nearly 90 per cent of the world," said Georgieva in her first speech as managing director of the International Monetary Fund.

"In the United States and Germany, unemployment is at historic lows. Yet across advanced economies, including in the US, Japan, and especially the Euro area, there is a softening of economic activity. In some of the largest emerging market economies, such as India and Brazil, the slowdown is even more pronounced this year," she said.

The IMF Managing Director said that global trade growth has come to a "near standstill."

The IMF had cut its projection for India's economic growth by 0.3 percentage points to 7 per cent for the fiscal year 2019-20 owing to the "weaker-than-expected outlook" for the domestic demand.

Kristalina Georgieva, who this month took over leadership at the IMF from Christine Lagarde, said that currencies are once again in the spotlight and Disputes now extend between multiple countries and into other critical issues.

"Even if growth picks-up in 2020, the current rifts could lead to changes that last a generation -- broken supply chains, siloed trade sectors, a "digital Berlin Wall" that forces countries to choose between technology systems," she said.

Amid rising trade war between the countries which is generally fought through tariffs and counter-tariffs, the chief called for nations to work together and said: "Everyone loses in a trade war".

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Agencies
July 21,2020

Washington, Jul 21: Democrat Joe Biden urged Muslim Americans on Monday to join him in the fight to defeat President Donald Trump as he addressed an online summit hosted by the advocacy organisation Emgage Action to mobilise Muslim voters ahead of the presidential election.

I want to earn your vote not just because he's not worthy of being president, the presumptive presidential nominee told participants.

I want to work in partnership with you, make sure your voices are included in the decision-making process as we work to rebuild our nation.

Biden also reiterated a pledge to overturn a Trump administration ban on travelers from several predominantly Muslim countries, calling it vile.

Wa'el Alzayat, CEO of Emgage Action, said by email that the organisation was seeking to maximise Muslim American turnout in key battleground states.

In Michigan alone one of the states where the organisation has chapters and where Trump won in 2016 by fewer than 11,000 votes he said he believed there are more than 150,000 registered Muslim voters.

Several prominent Muslim American elected officials endorsed Biden for president in a letter organised by Emgage Action ahead of the summit.

Among those who signed the letter are Minnesota Rep. Ilhan Omar, Minnesota Attorney General Keith Ellison and Indiana Rep. Andre Carson, all Democrats.

Omar, one of the first Muslim women elected to Congress, served as a high-profile surrogate for Bernie Sanders before he exited the presidential race in April making her support for Biden potentially helpful as the former vice president seeks to mobilise Muslim voters this fall.

Muslim American voices matter to our communities, to our country, Biden said.

But we all know that your voice hasn't always gotten recognised or represented.

Emgage Action has titled the event Million Muslim Votes, underscoring its emphasis on boosting Muslim turnout in November.

Joe Biden's presence serves not only to galvanise Muslim Americans to cast their ballots, but to usher in an era of engaging with Muslim American communities under a Biden administration, Alzayat said by email before the summit.

The pro-Biden letter from Muslim American elected officials decried a number of Trump's domestic and international policies, including his administration's travel ban and his pullout from the Iran nuclear deal.

A Biden administration will move the nation forward on many of the issues we care about, the letter said, citing racial justice, affordable health care, climate change and immigration.

The Muslim American officials also praised Biden's agenda for their communities.

Among other goals, Biden has vowed to rescind the travel ban affecting Muslims on Day One if he's elected.

In his address, he pledged to include Muslim American voices in his administration, if elected, and to speak out against human rights abuses against Muslim minorities around the world.

I'll continue to champion the rights of Palestinians and Israelis to have a state of their own as I have for decades, each of them a state of their own, he said.

Other state- and local-level Muslim American officials signing onto the pro-Biden letter hail from several states, including Michigan.

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News Network
January 22,2020

Jan 22: India's ranking in the latest global Democracy Index has dropped 10 places to the 51st spot out of 167 owing to violent protests and threats to civil liberties challenging freedoms across the country.

Prime Minister Narendra Modi's government has been criticized by rights groups and western governments after shutting off the internet and mobile phone networks and detaining opposition politicians in Kashmir.

Modi’s government has also responded harshly to ongoing protests against a controversial, religion-based citizenship law. Muslims have said their neighborhoods have been targeted, while the central government has attempted to ban protests and urged TV news channels not to broadcast “anti-national” content. Some leaders in Modi’s ruling party called for “revenge” against protesters. India’s score in 2019 was its worst ranking since the EIU’s records began in 2006, and has fallen gradually since Modi was elected in 2014.

The Economist Intelligence Unit’s 2019 Democracy Index, which provides an annual comparative analysis of political systems across 165 countries and two territories, said the past year was the bleakest for democracies since the research firm began compiling the list in 2006.

“The 2019 result is even worse than that recorded in 2010, in the wake of the global economic and financial crisis,” the research group said in releasing the report on Wednesday.

The average global score slipped to 5.44 out of a possible 10 -- from 5.48 in 2018 -- driven mainly by “sharp regressions” in Latin America, Sub-Saharan Africa, the Middle East and North Africa. Apart from coup-prone Thailand, which improved its score after holding an election last year, there were also notable declines in Asia after a tumultuous period of protests and new measures restricting freedom across the region’s democracies.

Asia Declines

Hong Kong, meanwhile, fell three places to rank 75th out of 167 as more than seven months of violent and disruptive protests rocked the Asian financial hub. An aggressive police response early in the unrest, when protests were mostly peaceful, led to a “marked decline in confidence in government -- the main factor behind the decline in the territory’s score in our 2019 index,” the group said.

In Singapore, which ranked alongside Hong Kong at 75th, a new “fake news” law led to a deteriorating score on civil liberties.

“The government claims that the law was enacted simply to prevent the dissemination of false news, but it threatens freedom of expression in Singapore, as it can be used to curtail political debate and silence critics of the government,” EIU analysts said.

China’s score fell to just 2.26 in the EIU’s ranking, placing it near the bottom of the list at 153, as discrimination against minorities, repression and surveillance of the population intensified. Still, in China “the majority of the population is unconvinced that democracy would benefit the economy, and support for democratic ideals is absent,” the EIU said.

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News Network
June 15,2020

New Delhi, Jun 15: Two officials working with the Indian High Commission in Islamabad have reportedly gone missing, sources said.

The two officials are untraceable for the last few hours.

Recently news agency reported on how Pakistan 's spy agency ISI has been tailing and harassing Indian officials and also increased their presence at the residence of Acting High Commissioner Gaurav Ahluwalia.

This incident came in the backdrop when two Pakistani officials were caught red-handed and sent back trying to collect classified information and spying in Delhi.

South block is watching the developments closely, the Indian mission has also launched a complaint with local authorities and taken up the matter Pakistan Foreign Ministry.

This incident can cause a further dip in the already tense India-Pakistan relations.

Earlier in the month, India deported two Pakistani officials for espionage activities in India.

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