Connect with us

News

World Bank cuts India’s growth projection to 6 per cent

Published

on

The World Bank has said that India’s growth rate is likely to fall to 6 per cent as the economy battles a slowdown. The growth rate stood at 6.9 per cent in 2018-2019.

The World Bank though said that GDP growth rate was expected to gradually recover to 6.9 per cent in 2021 and 7.2 per cent in 2022. The ‘South Asia Economic Focus’ report said growth will recover as rural demand benefits from effects of income support schemes, results of tax incentives and credit growth resumes.

“Exports growth is expected to remain modest, as trade wars and slow global growth depresses external demand,” the report added.

In the quarter ended June, India’s GDP growth slowed down to 5%. This is the slowest pace in which the economy has expanded since March 2013, when the growth rate was 4.7%. The slowing down of household, which also affected other sectors, demand was one of the major factors for the decline

The World Bank noted that growth decelerated for the second consecutive year and pointed out to the widening current account deficit. India’s current account deficit, a parameter which reflects the trade balance, was 2.1 per cent of the GDP in 2018-19 from the 1.8 per cent a year earlier.

The industrial output figures for August showed that output shrank by 1.1%, it had seen a growth of 4.2% a month ago. Earlier this month, data showed that the output of eight core sector industries that constitute about 40% of Index of industrial production recorded a 0.5% decline in August.

The auto industry is experiencing a hard time. In September, car sales slumped to 23.7%, the eleventh straight month of decline.

The government is working on several policies to boost the sluggish economy. Finance minister Nirmala Sitharaman has already announced five rounds of fiscal, administrative and policy measures to stimulate the economy since August 23. The biggest among these was the slasing of the corporate tax rates.

The Reserve Bank of India cut policy rates by 25 basis points this month and the central bank said it will continue its accommodative stance to revive growth.

source

News

‘India, China dumping garbage into sea that floats into Los Angeles’: Trump

Published

on

US President Donald Trump has said countries like China, India and Russia are doing “absolutely nothing” to clean up their smokestacks and industrial plants and the garbage that they drop in sea floats into Los Angeles.

Terming climate change as a “very complex issue”, Trump said he considers himself to be, “in many ways, an environmentalist, believe it or not”.

“So …I’m very much into climate. But I want the cleanest air on the planet and I want to have — I have to have clean air — water,” Trump said in remarks at the Economic Club of New York on Tuesday. Trump told the audience that the US withdrew from the “one-sided, horrible, horrible, economically unfair, ‘close your businesses down within three years,’ ‘don’t frack, don’t drill, we don’t want any energy’ — the horrible Paris Climate Accord that killed American jobs and shielded foreign polluters.”

He said the Paris Climate Agreement was a “disaster” for the US, adding that the deal would have resulted in “trillions and trillions of dollars” of destruction to America. “And it is so unfair. It doesn’t kick in for China until 2030. Russia goes back into the 1990s, where the base year was the dirtiest year ever in the world. India, we are supposed to pay them money because they are a developing nation. I said, ‘We’re a developing nation, too’,” Trump said amidst laughter from the audience.

Responding to a question about how he thinks about risk as it relates to trade policy and issues like climate change, Trump said, “when people ask the question…about climate — I always say: You know, I have a little problem.

“We have a relatively small piece of land — the United States. And you compare that to some of the other countries like China, like India, like Russia, like many other countries that absolutely are doing absolutely nothing to clean up their smokestacks and clean up all of their plants and all of the garbage that they’re dropping in sea and that floats into Los Angeles, along with other problems that Los Angeles has, by the way.”

“But when you see this happening, it’s — nobody wants to talk about it. They want to talk about our country. We have to do this. We have can’t have planes any longer. We can’t have cows any longer. We can’t have anything. I said, “What about China?”,” he said.

He said he wants clean air and crystal-clean, clear water and the US today has the “cleanest air we’ve ever had in our country, meaning, over the last 40 years. I guess, 200 years ago was cleaner, but there was nothing around.” “But I want clean air. I want clean water, environmentally,” he said.

The US last week formally notified the United Nations of its withdrawal from the 2015 Paris Climate accord, a landmark global agreement which brought together 188 nations, including India, to combat global warming.

The Paris Agreement, in which Trump’s predecessor Barack Obama and Prime Minister Narendra Modi played instrumental roles, was adopted at the UN climate conference “COP 21” held in the French capital in 2015 with an aim to reduce the hazardous greenhouse gas emissions.

Although Trump had announced his decision to withdraw from the historic agreement on June 1, 2017, the process began on November 4 with the formal notification and the US will be out of the pact on November 4, 2020.

source

Continue Reading

News

In wedding pics, Nagaland rebel leader’s son, bride pose with assault rifles

Published

on

Guests at a wedding reception in Nagaland’s Dimapur were taken aback last Saturday when the groom and his bride started posing for photographs with automatic assault rifles.

The photos, which have gone viral on social media, belong to the son and daughter-in-law of Bohoto Kiba, ‘kilo kilonser’ (home minister) of National Socialist Council of Nagaland-Unification (NSCN-U)—a Naga rebel outfit engaged in peace talks with the Centre.

According to reports, the wedding reception took place at Nagaland’s commercial hub Dimapur and many guests were present at the venue when the groom and bride started displaying the assault rifles—a AK56 and M16—and posed with smiles for cameras.

NSCN-U leader Kiba had been in the limelight earlier for threatening to kill journalists for using the phrase “self-styled” used by media to mention military designations given to members of the rebel outfit.

NSCN-U is a breakaway faction of NSCN-Isak Muivah, the largest and oldest of the Naga rebel outfits.

It is a part of the seven rebel outfits (except NSCN-IM), which are in peace talks with the Centre under the banner of Naga National Political Groups (NNPGs).

source

Continue Reading

News

Lata Mangeshkar ‘stable’ after being admitted to hospital for chest infection, says family

Published

on

Legendary singer Lata Mangeshkar is ‘on a path to recovery’ after being admitted to the Intensive Care Unit of the Breach Candy hospital early Monday morning, her family has said. The singer, who turned 90 on September 28, was admitted to the hospital at 2:30 am after she started complaining of breathing problems.

“Lata didi suffered from a viral chest infection so we got her to the hospital. But now, she is on a path of recovery. Thank you for your concern,” Rachana Shah, the singer’s niece, said in a statement. “Keeping her age in mind, as a precautionary measure, she has checked in to Breach Candy Hospital in order to ensure antibiotics on time to prevent any more infection. She is stable and recovering,” another statement read.

Currently, she is undergoing treatment at Intensive Care Unit and kept under observation. Though the hospital is yet to release any official comment, an official from the hospital said, “She is serious. She has been kept under senior cardiologists and undergoing series of medical diagnosis.”

Mangeshkar, who has lent her voice to over 1,000 songs in Hindi alone, was awarded the Bharat Ratna, the highest civilian honour in the country, in 2001.

source

Continue Reading

Newsletters

Enter your email address to get latest updates

Advertisement

Trending

Copyright © 2018 - 2019 Delhi Wire.