Focusing on protecting people, health of population remain a priority for India: IMF
Washington: India's priorities should be to protect the most vulnerable people, well targeted support and protecting small and medium sized enterprises so that they do not collapse as the country battles the COVID-19 pandemic, Managing Director of the International Monetary Fund Kristalina Georgieva has said.
Speaking at a news conference here during the ongoing annual meeting of the IMF and the World Bank, Georgieva said on Wednesday that focusing on protecting people and on the health of the population remain a priority for India.
"What needs to be done? Well, clearly protecting the most vulnerable people, well-targeted support, protecting small and medium sized enterprises/firms so they do not collapse, and using what the government is now aiming to do, a further injection of support in a way that gives a better chance to turn a corner," Georgieva said.
"Like everywhere else, until we have a durable exit from the health crisis, we will be faced with difficulties, uncertainty, and uneven recovery," she said.
Describing COVID-19 as a human crisis everywhere, and especially in countries where the loss of life has climbed up so much, she said in India, 100,000 people had died.
"Therefore, focusing on protecting people and on the health of the population remains a priority," she said.
"India has taken measures within the capacity of the country, two per cent fiscal measures, plus four per cent in forms of guarantees, not direct fiscal measures, Georgieva said.
"This helps, but if you compare what advanced economies have been able to do, what some of the other emerging markets with very strong fundamentals could do, clearly is somewhat constrained. What we see in India is a very dramatic shrinkage of GDP this year by over 10 per cent, according to our just released forecast," she said.
Georgieva said that India had a vibrant economy.
"Let's remember that it stepped into this crisis as one of the fastest growing economies in the world. For next year, our projections in baseline scenario is return to growth of 8.8 per cent, she said.
A day earlier, the IMF in its annual World Economic Report said that the forecast are particularly large for India, where Gross Domestic Product (GDP) contracted much more severely than expected in the second quarter.
"As a result, the economy is projected to contract by 10.3 per cent in 2020, before rebounding by 8.8 per cent in 2021," it said.
In 2019, India's growth rate was 4.2 per cent. Last week, the World bank said India's GDP this fiscal is expected to contract by 9.6 per cent.
"India's GDP is expected to contract 9.6 per cent in the fiscal year that started in March," the World Bank said in its latest issue of the South Asia Economic Focus report.
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Protests in several parts of India over killing of Iran's supreme leader Ali Khamenei
Srinagar/Lucknow (PTI): From Kashmir to Karnataka, Shia mourners took to the streets in various parts of India to express outrage and grief over the death of Iranian supreme leader Ayatollah Ali Khamenei in a US-Israel strike.
Khamenei was killed in an airstrike in Tehran on Saturday during a joint Israel-US attack on Iran. Iranian state media confirmed the same on Sunday, triggering a wave of protests and mourning across the world, including India.
Kashmir — which has about 15 lakh Shias — witnessed major protests at Lal Chowk, Saida Kadal, Budgam, Bandipora, Anantnag and Pulwama, an official said.
The protesters were seen beating their chests as they shouted anti-US and anti-Israel slogans.
J&K Chief Minister Omar Abdullah expressed deep concern over the developments in Iran and appealed for calm amid widespread protests.
"Chief Minister has expressed deep concern over the unfolding developments in Iran, including reports of the killing of Iran's Supreme Leader, Ayatollah Ali Khamenei. He has appealed to all communities to remain calm, uphold peace, and avoid any actions that could lead to tension or unrest," the Office of Chief Minister said in a post on X.
Abdullah also said that his government is in close coordination with the Union Ministry of External Affairs to ensure the safety and well-being of J-K residents, including students, currently in Iran.
Expressing "profound anguish" over the assassination of Khamenei, National Conference chief Farooq Abdullah urged the administration to handle the situation with sensitivity and discretion, ensuring that those who wish to mourn are able to do so respectfully.
Mirwaiz Umar Farooq, the chief priest of Kashmir, said he was deeply saddened and outraged at Khamenei's killing.
"Deeply saddened and outraged at the brutal killing of Iran's Supreme Leader, Ayatollah Syed Ali Khamenei by the US and Israel that has shaken the Muslim world. The people of JK collectively condemn this brutality and the ongoing aggression against Iran, as well as the massacre of innocent girl students in Minab," the Mirwaiz said in a post on X.
Many Muslim bodies and organisations across the country announced a multiple-day mourning period and scheduled their protests on Monday as well in memory of the Iranian leader.
In Uttar Pradesh's capital, Lucknow, scores of people gathered near the Bara Imambara mosque and shouted slogans during the protest, with women mourners clinging to the Iranian leader's photo and weeping.
Maulana Yasoob Abbas, general secretary of All India Shia Personal Law Board, announced that effigies of US President Donald Trump and Israel's Prime Minister Benjamin Netanyahu will be burnt during the protest on Monday.
The Shia community has declared a three-day mourning, during which people will wear black, hoist black flags at their homes and organise special prayers, Abbas added.
Punjab, which has a minuscule Muslim population, saw protests and effigies being burnt in Ludhiana.
Shahi Imam Maulana Mohammad Usman Rahmani Ludhianvi, who led the protest, demanded that the central government declare a week-long national mourning.
Rehmani urged Muslims worldwide to unite against such challenges, terming Khamenei a great martyr and condemning his killing in the strongest terms.
The Shia community in Ajmer also announced a three-day mourning over the killing of Khamenei.
The announcement was made by Syed Asif Ali, a community leader, who appealed to members of the Shia community to observe mourning and refrain from celebrations during the period.
Condolence meetings were also organised at Dargah in Dorai and Taragarh in Ajmer, where members of the community offered prayers and expressed grief over the incident.
Meanwhile, several devotees from Jodhpur are stranded in Dubai after their return flights were cancelled following attacks near Dubai and Abu Dhabi.
Scenes of extreme distraught and slogannering were also witnessed in New Delhi, Bihar, Jharkhand, and Telangana, where protesters, holding Khamenei's posters, voiced their anger against the US and Israeli military actions.
However, in Karnataka’s Chikkaballapur district, where Khamenei once visited, observed silence, and shops and commercial establishments voluntarily closed.
Villagers announced a three-day mourning period as a mark of tribute to the Shia supreme leader.
All celebrations and public events have been suspended to maintain a peaceful environment in this village.
According to villagers, Ali Khamenei visited Alipura in 1986.
