A R Rahman is new Sikkim brand ambassador

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.

Thiruvananthapuram, Apr 25: Malayalam actor Ravi Vallathol, well-known for his acting in television serials and movies, passed away on Saturday at a hospital here, family sources said.

Vallathol, son of drama legend T N Gopinathan Nair and Soudamini, was the nephew of the famous Malayalam poet Vallathol Narayana Menon.

The veteran actor had appeared in around 50 Malayalam movies and more than 50 television serials starting from1986 with the serial 'Vaitharani' on Doordarshan.

Kerala Chief Minister Pinarayi VIjayan expressed condolences on the passing away of the actor.

"He had an extraordinary ability to immortalise the characters with a wide range of emotions," Vijayan said, adding that, his demise was a loss to both theatre, film and TV serial industry.

Opposition Congress leader Ramesh Chennithala also condoled the demise of the Vallathol.

Chennithala remembered Vallathol as a brilliant writer and social activist. Vallathol made his film debut in 'Swathi Thirunal' directed by the late Lenin Rajendran in 1987.

He had also played versatile characters in hit movies movies including Godfather, Mathilukal, Sargam, Vidheyan, Kottayam Kunjachan, Naalu Penningal, Idukki Gold among others.

He has penned more than 25 short stories among which two were adapted into television series.

He is survived by his wife Geethalakshmi.

Los Angeles, Mar 14: Hollywood superstar Tom Hanks and his wife Rita Wilson on Friday gave a health update from coronavirus quarantine, saying they are taking it "one day at a time".

The couple, who is in isolation at a hospital in the state of Queensland in Australia, said they are being well cared for.

"Hello folks. @ritawilson and I want to thank everyone here Down Under who are taking such good care of us. We have COVID-19 and are in isolation so we do not spread it to anyone else.

"There are those for whom it could lead to a very serious illness. We are taking it one-day-at-a-time.There are things we can all do to get through this by following the advice of experts and taking care of ourselves and each other, no?" Hanks posted on Instagram.

The post was accompanied by a photograph that showed the couple smiling.

Hanks announced on Thursday that he and his wife have been tested positive for the novel coronavirus.

The actor couple, who is currently in Australia to shoot for the pre-production of Baz Luhrmann's untitled Elvis Presley film, decided to get tested after they felt "a bit tired".

The deadly virus that first originated in the Chinese city of Wuhan in December last year has claimed over 4,200 lives and infected more than 117,330 people across 107 countries and territories, with the World Health Organisation on Wednesday describing the outbreak a pandemic.