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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Crossing river, trekking hill voters reach polling booths to cast vote in Surguja LS constituency
Balrampur/Chhattisgarh (PTI): Enthusiastic voters reached polling booths trekking steep hilly paths, crossing a river and even on a horse to cast their votes in remote areas of the tribal-dominated Balrampur district in Chhattisgarh on Tuesday, officials said.
Balrampur district falls under the Surguja Lok Sabha constituency which was among seven seats where polling was held in third and last phase of Lok Sabha elections in the state. The Surguja Lok Sabha recorded 74.59 per cent voting, as per the Turnout application.
Voters, belonging to Pahadi Korva, a particularly vulnerable tribal group, including Rajesh, Madan, Sukhu, Gopal and Nandlal, crossed a river to exercise their franchise at a polling booth in village panchayat Amera under the Samri assembly constituency, a government official said.
Similarly, electors, including Lakhan Nagesia, Sahu, Phulsai and Kalesh of Bachwar village under the Ramanujganj assembly constituency walked through hilly terrain for about two hours covering 8 kms to reach a polling booth and cast their vote, he said. A voter, Parimal Dey, reached a polling booth in Sagarpur village under the Ramanujganj assembly seat on a horse, the official said. Dey is a cattle rearer who owns 150 goats.
Two hyper sensitive polling booths -- Chunchuna and Pundag -- located in a Naxal-affected area of the district which shares border with Jharkhand, also recorded significant turnout, he said. The two booths are located in the Samri assembly constituency.
"Special security arrangements were put in place in this area to ensure peaceful voting. Voters of Chunchuna and Pudang ensured their participation in the great festival of democracy braving Naxalite threat," he said. The Chunchuna polling booth has 767 voters and it recorded 84.35 per cent turnout, while Pundag has 595 electors and it registered a turnout of 72.44 per cent till 5 pm, the official added.
