IMF calls for 'urgent' action by India amid slowdown

News Network
December 24, 2019

Washington, Dec 24: India's government must take steps quickly to reverse the economic slowdown of an economy that has been one of the engines of global growth, the International Monetary Fund said Monday.

Declining consumption and investment, and falling tax revenue, have combined with other factors to put the brakes on one of the fastest growing economies in the world, the IMF said in its annual review.

After lifting millions out of poverty "India is now in the midst of a significant economic slowdown," Ranil Salgado, of the IMF Asia and Pacific Department, told reporters.

"Addressing the current downturn and returning India to a high growth path requires urgent policy actions."

However, the government has limited space to boost spending to support growth, especially given high debt levels and interest payments, the fund warned

IMF chief economist Gita Gopinath last week said India's slowdown had "surprised to the downside," and said the fund is set to significantly downgrade its growth estimates for the Indian economy in the World Economic Outlook which will be released next month.

The IMF in October slashed its forecast for 2019 by nearly a full point to 6.1 percent, while cutting the outlook for 2020 to 7.0 percent.

Salgado said India's central bank has "room to cut the policy rate further, especially if the economic slowdown continues."

The Reserve Bank of India (RBI) cut the key lending rate five times this year to a nine-year low, but at its last meeting earlier this month defied expectations by keeping policy unchanged.

The central bank slashed its annual growth forecast to 5 percent from 6.1 percent, as consumer demand and manufacturing activity contracts.

Salgado said "the government needs to reinvigorate the reform agenda," including restoring the health of the financial sector in order to "enhance its ability to provide credit to the economy."

Comments

Ahmed
 - 
Tuesday, 24 Dec 2019

Am Not point to all hindus but some hindus who think modi is leader for them....

 

please my dear brother think carefully...the person who lie time to time he is not good leader..

he is just using for his desire or some other desire..

when you dont have job, and empty pocket and your daughter ask for chocklet that time your relize what you have dont by supporting criminal and lier.

 

belive in RAM as leader bcoz he speak truth and thuthfull to his people...but not belive in Devil who say Lie for every second..

 

i hope our hindu brothers from mangalore will understand...

 

Suresh SS
 - 
Tuesday, 24 Dec 2019

Modi will bring India to the worst situation and people will starve to death all RSS Goondas to eat cowdung

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News Network
May 23,2020

Karachi, May 23: Ninety-seven people were killed and two survived when a passenger plane crashed into homes in Pakistan's southern city of Karachi, health officials said Saturday.

The Pakistan International Airlines (PIA) plane had made multiple approaches to land at the city's airport when it came down in a residential area, damaging buildings and sparking a rescue operation that lasted into the night.

All passengers and crew had been accounted for and the bodies of those killed had been recovered from the crash site, the Sindh Health Ministry said, adding that 19 had been identified.

A local hospital earlier reported it had received the bodies of people killed on the ground.

The site remained cordoned off on Saturday morning.

The crash sent plumes of smoke were into the air as rescue workers and residents searched the debris for people and as firefighters tried to extinguish the flames.

An AFP reporter witnessed charred bodies being loaded into ambulances.

PIA said the plane lost contact with air traffic control just after 2:30 pm (0930 GMT) travelling from Lahore to Karachi.

The disaster comes as Pakistanis prepare to celebrate the end of Ramadan and the beginning of Eid al-Fitr, with many travelling back to their homes in cities and villages.

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News Network
March 18,2020

Dubai, Mar 18: Emirates, one of the world's biggest international airlines, has asked pilots to take unpaid leave to help it mitigate the impact of the coronavirus pandemic that has shattered demand for global travel.

"To this end you are strongly encouraged to make use of this opportunity to volunteer for additional paid and unpaid leave," the airline said in an internal email to pilots, seen by Reuters.

Emirates earlier this month asked some staff to take unpaid leave, although at that time it was not available to pilots.

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Agencies
June 16,2020

Washington, Jun 16: The United States will reduce its troop strength in Germany from the nearly 52,000 at present to 25,000, President Donald Trump has said in Washington.

In an interaction with reporters at the White House on Monday, Trump attributed the move to high costs and Germany being "delinquent" in its payment to NATO.

"We have 52,000 soldiers in Germany. That's a tremendous amount of soldiers. It's a tremendous cost to the United States and Germany, as you know, is very delinquent in their payments to NATO.

"They are paying one per cent and they're supposed to be a two per cent. And then two percent is very low. It should be much more than that. So they are delinquent of billions of dollars," Trump alleged.

"So, we're putting the number down to 25,000 soldiers. We'll see what happens, but Germany has not been making payments. In addition to that, I was the one that brought it up. Everybody talks about Trump with Russia. Well, I brought this up a long time ago. Why is Germany paying Russia billions of dollars for energy and then we're supposed to protect Germany from Russia? How does that work? It doesn't work," the US president said.

US soldiers, he said, are paid well. "They live in Germany. They spend vast amounts of money in Germany. Everywhere around those bases is very prosperous for Germany. So, Germany takes. And then on top of it, they treat us very badly on trade. We have trade with the EU, Germany being the biggest member, and very, very badly on trade and we are negotiating with them on that. But right now, I'm not satisfied with the deal they want to make," Trump said.

"They've cost the United States hundreds of billions of dollars over the years on trade," he said.

The US protects them and then they take advantage of America on trade, the president said.

"So we are working on a deal with them, but it's very unfair and I would say by far, the worst abuser is Germany," he said.

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