Pawar urges Muslims to stay at home on Shab-e-Barat

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, Feb 18: Election strategist-turned-politician Prashant Kishor on Tuesday questioned the Nitish Kumar government's development model, even as he sneered at the chief minister for making ideological compromises to stay in an alliance with the BJP.

Kishor, who has been vocal about his opposition to the Citizenship (Amendment) Act (CAA), said Kumar needs to spell out whether he is with the ideals of Mahatma Gandhi or those who support Nathu Ram Godse.

"Nitish ji has always said that he cannot leave the ideals of Gandhi, JP and Lohiya... At the same time, how can he be with the people who support the ideology of Godse? Both cannot go together. If you want to stay with the BJP, I don't have any problem with it but you cannot be on both sides," he said.

"There has been a lot of discussion between me and Nitish-ji on this. He has his thought process and I have mine. There have been differences between him and me that the ideologies of Godse and Gandhi cannot stand together. As the leader of the party you have to say which side you are on," he added.

In a direct assault on Kumar's model of governance, Kishor said Bihar was the poorest state in 2005 and continues to be so.

"There has been development in Bihar during the last 15 years, but the pace has not been as it should have," he added.

Lucknow, Feb 2: In an early morning firing at Lucknow's Hazratganj, the city centre, Vishva Hindu Mahasabha state president Ranjit Bachchan was killed while he was out on a morning walk on Sunday.

Ranjit Bachchan was taking a stroll in Hazratganj in the morning when bike-borne assailants opened fire on him and killed him on the spot. The Mahasabha leader was shot in the head multiple times.

The incident took place near the CDRI building in Lucknow's Hazratganj.

In the firing, Ranjit Bachchan's brother also suffered bullet injuries. He has been rushed to the trauma centre. Ranjit Bachchan was a resident of Gorakhpur.

The early morning shootout in the Uttar Pradesh capital's central area has caused tension in the area.

Dinesh Singh, DCP Central Lucknow, said, "The body has been identified as of Ranjit Bachchan, who had gone out on morning walk when some unknown assailant shot him. A police team has been formed and further investigation is being carried out."

Before being associated with the Mahasabha, Ranjit Bachchan was a Samajwadi Party member and was often spotted with former UP chief minister Akhilesh Yadav.

The Samajwadi Party has hit out at the Yogi Adityanath government over the law and order situation in the state and demanded immediate resignation of the government.