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The World Bank says that a lack of credit and drop in private consumption have led to a gloomy growth outlook for India with a steep cut in growth rate for the current fiscal year and only a modest gain projected for the next year.

India's growth rate is forecast to be only 5 per cent for the current fiscal year, weighed down by a growth of only 4.5 per cent in the July-September quarter, according to the 2020 Global Economic Prospects report released on Wednesday.

"In India, [economic] activity was constrained by insufficient credit availability, as well as by subdued private consumption," the Bank said.

The growth rate is forecast by the Bank to pick up to 5.8 per cent in the next fiscal year and to 6.1 per cent in 2021-22.

India's growth rate was 6.8 per cent in 2018-19.

The 5 per cent growth rate projection for the current financial year is a sharp cut of 2.5 per cent from the 7.5 per cent forecast made by the Bank in January last year, toppling it from the rank of the world's fastest growing economy.

India's performance follows a global trend of lowered growth weighed down by developed economies.

The report estimated world economic growth rate to be only 2.4 per cent last year and forecast it to edge up 0.1 per cent to 2.5 per cent in the current year.

Even with the lower growth rate of 5 per cent in the current fiscal year and 5.8 per cent forecast for the next, India holds the second rank among large economies, behind only China with an estimated growth rate of 6.1 per cent for 2019 and 5.9 per cent this year.

The report blamed "weak confidence, liquidity issues in the financial sector" and "weakness in credit from non-bank financial companies" for India's slowdown.

The Bank predicated India's recovery to 5.8 per cent in the coming financial year for India but "on the monetary policy stance remaining accommodative" and the assumption that "the stimulative fiscal and structural measures already taken will begin to pay off."

It also warned that sharper-than-expected slowdown in major external markets such as United States and Europe, would affect South Asia through trade, financial, and confidence channels, especially for countries with strong trade links to these economies."

The Bank said that the growth of advanced economies was 1.6 per cent last year and "is anticipated to slip to 1.4 per cent in 2020 in part due to continued softness in manufacturing."

In contrast the growth of emerging market and developing countries is expected to accelerate from 3.5 per cent last year to 4.1 per cent this year, the report said.

In South Asia, Bangladesh is estimated to have the highest growth rate of 7.2 per cent in the current fiscal year, although down from 8.1 per cent last fiscal year.

But its higher regional growth rates are coming off a lower base with a per capital gross domestic product of $1,698 compared to $2,010 for India.

Bangladesh is expected to grow by 7.3 per cent in the next financial year.

Pakistan's growth rate is estimated at only 2.4 per cent in the current fiscal year and is projected to rise to 3 per cent in the next, according to the Bank.

The Bank blamed monetary tightening in Pakistan for a sharp deceleration in fixed investment and a considerable softening in private consumption for the fall in growth rate from 3.3 per cent in the 2018-19 fiscal year.

Sri Lanka's growth rate was estimated to be 2.7 per cent last year and forecast to grow to 3.3 per cent this year.

Nepal grew by an estimated 6.4 per cent in the current fiscal year and will rise to 6.5 per cent in the next.

New Delhi, Jun 4: Press Council of India (PCI) member BR Gupta has resigned from his post, saying he was unable to work individually or collectively for the media, which is in a "deep crisis".

"I have tendered my resignation as a Press Council of India member," Gupta told PTI.

He said the PCI had the responsibility to encourage media and media professionals constantly.

"But everyone now realises that the media scenario is in a deep crisis. The motto for which the Council was created was not being fulfilled and I felt I was not doing anything remarkable for the freedom of media," Gupta said.

He claimed that the PCI was not a wholly representative body for the media.

"Then how can we come out of the crisis being faced by the media and mediapersons? It is a big challenge for us. I have quit as I have not been able to work individually or collectively being a PCI member," Gupta added.

Referring to salary cuts and job losses, he said media and mediapersons were struggling for social, political and economic justice.

When contacted, PCI chairman Justice C K Prasad said Gupta's resignation has not been accepted yet.

"I have received it (the resignation). I have not gone through it. It has not been accepted," Prasad told PTI.

Gupta was appointed as a PCI member for a three-year term on May 30, 2018.

He said liberty is one of the basic features of the preamble to the Constitution that continues to inspire people and the media.

"It is difficult (for me) to fulfil the unbiased role and responsibility to help citizens and the media for making democracy stronger," Gupta said.

New Delhi, Jul 26: Nidan Singh Sachdeva, the Afghan Sikh who was kidnapped a month ago and released recently, arrived here earlier in the day and narrated the ordeals that he faced at the hands of abductors and also thanked the Indian government for bringing him back to his 'motherland'.

Facing threats from Pakistan-backed Taliban, eleven members of Sikh community from Afghanistan, who were granted short-term visas by Indian Embassy in Kabul, including Sachdeva, who was abducted from a gurudwara in Paktia province last month, touched down in New Delhi on Sunday afternoon.

Speaking to news agency on his return, an emotional Sachdeva, said, "I don't know what to call Hindustan -- whether it is my mother or my father -- Hindustan is Hindustan."

"I was abducted from the gurudwara and 20 hours later, I was covered with blood. I was tied to a tree as well. They used to beat me and ask me to convert into a Muslim. I repeatedly told them that why should I convert, I have my own religion," he said while describing
Nidan Singh thanked Government of India for bringing him here.

"I am more than thankful to the Indian government for bringing us here to our motherland. I have no words to describe my feelings here. I arrived here after much struggle. The atmosphere of fear prevails there.

Gurudwara is where we can be safe but a step outside the Gurdwara is fearful," he said.
"They used to beat me every day and every night," he said further and added, "It is because of sheer happiness, I am speechless. I am very grateful to them."

Ministry of External Affairs recently announced that India has decided to facilitate the return of Afghan Hindu and Sikh community members facing security threats in Afghanistan to India.
The decision comes four months after a terror attack at a gurdwara in Kabul's Shor Bazaar killed at least 25 members of the community.

India has condemned the "targeting and persecution" of minority community members by terrorists in Afghanistan at the behest of their external supporters remains a matter of grave concern.

Leaders of the Afghan Sikh community have appealed to the Indian government to accommodate the Sikhs and Hindus from Afghanistan and grant them legal entry with long term residency multiple entry visas.

Once a community of nearly 250,000 people, the Sikh and Hindu community in Afghanistan has endured years of discrimination and violence from extremists, and the community is now estimated to comprise fewer than 100 families across the country.