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Italy defies Brussels over spending plans
Rome, Nov 15 (IANS/AKI) Italy’s populist government has refused to revised its free-spending budget plans as demanded by the EU Commission, saying it will stick to a target deficit of 2.4 per cent – triple the previous administration’s – and a growth forecast of 1.5 per cent.
Italian government bond yields rose sharply on Wednesday on the news amid fears that its budget decision would raise borrowing costs. The Milan stock exchange was trading 1 per cent down.
In a letter to the European Commission posted online overnight, Finance Minister Giovanni Tria asked for flexibility, citing the cost of recent natural disasters and the collapse of a major bridge in Genoa but said the planned 2.4 deficit for 2019 was “insuperable”.
“The need to kickstart growth in order to bridge the continuing gap between current and pre-crisis levels of gross domestic product and to counter a slowdown of the economic cycle remains the priority,” read the letter, which said spending would be closely monitored.
“Thanks to fiscal expansion, the implementation of reforms, the re-launch of investments and an easing of the tax burden on small companies, the budget will propel higher growth… The government is confident it can achieve the growth targets contained in its draft budgetary plan,” it said.
The government will sell state assets worth 1 per cent of economic output in 2019 in order to “accelerate” and “protect from possible macroeconomic shocks” the reduction of Italy’s deficit to GDP ratio, which will come down to 126 per cent by 2021 from 131.2 per cent in 2017, the letter stated.
Both of Italy’s deputy premiers, anti-establishment Five-Star Movement chief Luigi di Maio, and far-right League party leader Matteo Salvini, also vowed that the government would not revise its 2.4 per cent deficit and 1.5 per cent growth targets for 2019.
The European Commission will now decide whether to begin disciplinary measures against Rome over its budget.
The European Commission last month gave Italy until November 13 to submit a revised budget plan, saying the 2.4 per cent deficit target flouted a previous commitment to lower the deficit and called the 1.5 per cent growth forecast over-optimistic.
The International Monetary Fund has said Italy’s fiscal stimulus plans would leave the eurozone’s third-biggest economy vulnerable to higher interest rates that could ultimately plunge it into recession.
Italy’s debt as a proportion of GDP is the second highest in the eurozone after Greece.
–IANS/AKI
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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.
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