India on track to stay among fastest growing economies: IMF
Washington, Aug 8 : Observing that India'a near-term macroeconomic outlook is "broadly favorable", the International Monetary Fund (IMF) has said that the country is on course to hold its position as one of the fastest growing economies in the world.
Following its Executive Board's assessment concluded last month, the IMF said on Tuesday that key risks to the Indian economy include higher oil prices, tightening global financial conditions and tax revenue deficits.
"The near-term macroeconomic outlook is broadly favorable. Growth is forecast to rise to 7.3 per cent in FY2018/19 and 7.5 per cent in FY2019/20, on strengthening investment and robust private consumption," an IMF release said.
"Headline inflation is projected to rise to 5.2 per cent in FY2018/19, as demand conditions tighten, along with the recent depreciation of the rupee and higher oil prices, housing rent allowances, and agricultural minimum support prices."
IMF mission chief for India Ranil Salgado said the Indian economy at present is like "an elephant starting to run".
Continuing structural reforms would be key to high growth, he said, adding that further rationalisation of the Goods and Services Tax (GST) would give maximum benefits, while labour reforms would be an incentive for companies to expand.
Underlining India's importance for the world economy, the IMF India Staff Report also said the country accounts for about 15 per cent of global growth.
Persistently high retail inflation expectations, large government fiscal deficits and debt remain key macroeconomic challenges, the multilateral financing agency said.
"Systemic macrofinancial risks persist, as the weak credit cycle could impair growth and the sovereign-bank nexus has created vulnerabilities," it said.
Domestic risks pertain to tax revenue shortfalls related to continued GST implementation issues and delays in addressing the twin balance sheet problems and other structural reforms," it added.
The IMF also said that the Reserve Bank of India should be given full supervisory powers over government-owned banks, while the legal independence of RBI must also be clarified.
The report also recommended higher private sector participation in Indian banking.
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FIR against Haryana BJP chief in gang-rape case: Cong seeks his removal, questions PM's 'silence'
New Delhi, Jan 15: The Congress Wednesday slammed the BJP over the FIR registered against the party's Haryana unit chief for alleged gang rape, saying Prime Minister Narendra Modi must answer why the accused has still not been removed from the post despite such a serious allegation against him.
Haryana BJP chief Mohan Lal Badoli and a singer were booked after a woman alleged that she was raped by them in a hotel in Himachal Pradesh's Kasauli. Police have registered an FIR against the two men, officials said.
According to the complainant, the two men made videos of the act and threatened to kill the victim if she informed anyone about the incident.
Addressing a press conference here, Mahila Congress chief Alka Lamba alleged that the Haryana BJP state president was involved in the girl's gang rape on the pretext of getting her a permanent government job.
She claimed BJP leaders have been involved in committing crimes against women earlier too.
BJP MP Brijbhushan Sharan Singh was accused of sexual harassment and BJP MLA Kuldeep Singh Sengar was accused of rape, while in Karnataka, the BJP gave a poll ticket to "mass rapist" Prajwal Revanna and the Prime Minister went to campaign for him, she said.
"BJP leaders are able to muster the courage to commit sexual harassment because their party is standing with them," she said, alleging that the prime minister's 'Beti Bachao' slogan is a sham.
"The truth is that daughters have to be saved from BJP leaders only. The Congress government will not allow injustice to happen to any daughter," Lamba said.
Demanding that Badoli be removed from his post, the Congress leader said, "BJP president J P Nadda ji, Prime Minister Narendra Modi ji and Amit Shah ji, the law is in your hands. You create pressure, hence no action is taken against the criminals and daughters do not get justice."
"The BJP will have to answer how their (Haryana) state president is still in his post after such a serious allegation. The prime minister, home minister, BJP Mahila Morcha, BJP's national president and big leaders must answer," she said.
"On one hand, an FIR has been filed against Haryana BJP president on rape charges... in Madhya Pradesh, BJP leader Ajit Pal Singh Chauhan has been arrested for raping a woman. In such an environment, the Women’s Commission, which has the responsibility of providing justice to women, is silent. The daughters of the country are demanding justice, but PM Modi is silent," Lamba said.
Referring to the BJP's Delhi Assembly poll candidate Ramesh Bidhuri's remark that he will make roads which will be like Congress leader "Priyanka Gandhi’s cheeks", Lamba said the comments prove how much respect his party has for women.
"Bidhuri's eyes are more on the cheeks of mothers, sisters and daughters than on the roads. Women protested against the lowly statement, after which he had to apologize. However, Bidhuri is continuously making objectionable statements," she said.
The BJP is silent over Bidhuri's statements and is promoting such language instead, the Mahila Congress chief claimed.
