Indian economy experienced abrupt slowdown in 2019, says IMF MD

News Network
February 1, 2020

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.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
November 10,2024

tokkottudeath.jpg

Mangaluru: A tragic accident took place on Saturday at Chembugudde near Thokkottu, claiming the life of a 47-year-old woman after a tanker lorry ran over her. The victim, identified as Rahmat H Rashid, was riding pillion with her husband, Abdul Rashid G, on their scooter. 

The couple was traveling from Yenepoya Hospital to Bajpe when the scooter skidded on the poorly maintained road. Rahmat fell onto the road and was fatally struck by a tanker lorry that was coming from behind. Despite being rushed to the hospital, doctors declared her dead upon arrival.

The incident prompted a swift response from the DYFI Ullal Taluk Committee, which staged a protest on Saturday night, condemning the unsafe condition of the road. Nithin Kuthar, president of the committee, criticized MLA and Legislative Assembly Speaker UT Khader for failing to ensure safe infrastructure, despite touting the road as toll-free. 

Kuthar demanded immediate repairs, warning that the committee would march to the MLA’s office with black flags if the road is not fixed within a week.

Former DYFI State President Sunil Kumar Bajal also voiced frustration over the deteriorating condition of Thokkottu market, highlighting the struggles people face while crossing roads riddled with dangerous potholes. In response to public outcry, temporary repairs were made to the road at Chembugudde on Sunday, though locals remain wary and demand a more permanent solution. 

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
November 5,2024

Mangaluru: Pilikula Biological Park has welcomed several exotic species, including a six-year-old Asiatic lion, a wolf, two gharial crocodiles, and four rare birds (two silver pheasants and two yellow-golden pheasants), as part of an animal exchange programme with Nandankanan Zoological Park, Odisha. The exchange was approved by the Central Zoo Authority, marking a major addition to Pilikula Zoo's growing collection.

Animal Exchange Details

Park Director H Jayaprakash Bhandary provided insights into the exchange programme. In return for the new arrivals, Pilikula Zoo will send four dholes (wild dogs), four rare reticulated pythons, two Brahminy kites, three Asian palm civets, and two large egrets to Nandankanan Zoo. Notably, all animals sent from Pilikula were born in the zoo, showcasing the zoo's success in breeding rare species.

Purpose of the Exchange

The animal exchange programme serves multiple purposes, including providing companions for solitary animals and preserving pure bloodlines. Pilikula Zoo already houses three lions, and the new male Asiatic lion was introduced as a companion. Since the number of Asiatic male lions in Indian zoos is relatively low, the zoo sourced this lion from the distant Nandankanan Zoological Park.

Care During Transport

To ensure the animals' safety and well-being during the 2,000-kilometre journey — the longest distance covered in Pilikula’s animal exchange history — two veterinary officers and eight caretakers from Nandankanan accompanied the animals. Both zoos will share equal responsibility for the care of the exchanged animals.

Future Animal Additions and Revenue Boost

Pilikula Biological Park, home to approximately 1,200 animals, birds, and reptiles, is one of India’s 18 large zoos. Discussions are ongoing for future exchanges with other prominent zoos, including Chhatbir Zoo in Punjab, Byculla Zoo in Mumbai, and the Madras Crocodile Bank. The zoo also plans to introduce rare species like the Anaconda and the Humboldt penguin, for which special enclosures will be built, thanks to donor contributions.

The addition of these rare animals and birds is expected to boost the zoo’s revenue, helping it become self-sustaining, Bhandary said.

Quarantine and Public Display

Before being introduced to the public, the new arrivals will spend around 15 days in a quarantine ward to adapt to the local environment. They will receive necessary vaccinations and treatments during this period, after which they will be displayed to visitors.

Record-breaking Exchange

This animal exchange marks a significant achievement for Pilikula Zoo, with the animals being transported over approximately 2,000 kilometres from Nandankanan Zoological Park. This sets a new record, surpassing the previous longest exchange with Udaipur Zoo in Rajasthan, which was around 1,700 kilometres.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
November 4,2024

In a tragic turn of events, a young spectator lost his life during a bull-taming event, Kobbari Hori, at Chigalli in Mundgod taluk, Uttara Kannada, on Saturday. 

Parameshwar Siddappa Harijan, aged 22, was fatally gored by a marauding bull during the event, which had drawn large crowds as part of the Deepavali festival celebrations.

With thousands of spectators lining the path to witness the action, the event took a horrific turn when the bull charged directly at Parameshwar, inflicting severe injuries. 

Despite efforts to rush him to the hospital, Parameshwar tragically succumbed to his wounds on the way.

In response to the fatal accident, another bull-taming event scheduled for the evening in Mundgod town was promptly cancelled, as shock and grief swept through the community following the heartbreaking incident.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.