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Upcoming elections may slow Indian economic reforms pace: IMF chief
By Arul Louis
United Nations, April 20 (IANS) India’s pace of economic reforms may slow down in the coming months because of the impending elections, although it has carried out major reforms that could help the nation reap the benefits of the upswing, said the Managing Director of the International Monetary Fund (IMF).
“We have seen and we are seeing (reforms) — I am not sure that we will be seeing in the next few months given the elections that are coming up — but we have seen and we are seeing major reforms that we had recommended and advocated for a long time,” said Christine Lagarde at a news conference in Washington on Thursday during the Spring meetings of the IMF.
“We expect more, and whether it is in the banking sector or in other sectors actually, more reforms are expected,” Lagarde added.
The Goods and Services Tax (GST) and the bankruptcy law “are good reforms and hopefully it will continue to position India in order to reap the benefit of the upswing, continue to develop its internal markets and generate this excellent growth rate of 7.4 per cent, if I recall, which is one of the highest in the emerging market economies,” she said.
In its World Economic Outlook report released this week, the IMF reiterated that India was on its way to achieve growth rates of 7.4 per cent for 2018 and 7.8 per cent for 2019 — the highest globally for major economies.
Pointing to the upward revision of the world economic growth to 3.9 per cent from 3.7 per cent, Lagarde said: “The near-term prospect for the global economy continues to be bright.
“While the sun is shining, we are seeing more clouds accumulating on the horizon,” she cautioned.
Lagarde said that international cooperation in trade was at risk in a reference to the prospects of a trade war set off by the US. “This international framework is now being questioned, especially with respect to trade.”
Another risk was from global debt, which “is at an all-time high,” said Lagarde. “It stands at $164 trillion, which is 225 per cent of GDP (Gross Domestic Product), of which the private sector accounts for two-thirds. Public debt in advanced economies is at levels not seen since World War II.”
“Financial vulnerabilities have increased due to high debt, rising financial market volatility and elevated asset prices. A sudden tightening of financial conditions could lead to market corrections, unsustainable debt and capital flow reversals,” she added.
(Arul Louis can be reached at [email protected])
–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.
Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.
During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.
On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”
Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.
It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.
Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.
Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”
On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”
The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.