IMF lowers India's growth forecast over demonetisation, GST

Agencies
October 10, 2017

Washington, Oct 10: The IMF today lowered India's growth projection to 6.7 per cent in 2017, 0.5 percentage points less than its previous two forecasts and slower than China's 6.8 per cent, attributing it to demonetisation and introduction of the GST.

The International Monetary Fund (IMF) raised its current year growth forecast for China to 6.8 per cent, 0.1 percentage more than its two previous projections in April and July -- pushing the Communist giant above India at the top of the global growth tally.

It also lowered India's growth for 2018 to 7.4 per cent, 0.3 percentage points less than its previous two projections in July and April. India's growth rate in 2016 was 7.1 per cent, which saw an upward revision of 0.3 percentage points from its April report.

"In India, growth momentum slowed, reflecting the lingering impact of the authorities' currency exchange initiative as well as uncertainty related to the midyear introduction of the country-wide Goods and Services Tax," the IMF said in its latest World Economic Outlook report.

"Strong government spending and data revisions in India led to an upward revision of 2016 growth to 7.1 per cent (6.8 per cent in April), with upward revisions of about 0.2 percentage point, on average, for 2014 and 2015," it said.

The latest report, released ahead of the annual meetings of the IMF and the World Bank here this week, puts China slightly ahead of India in terms of growth rate for the year 2017.

However, India is likely to regain the tag of the fastest growth emerging economies of the world in 2018, with China projected to grow at 6.5 per cent in 2018, it said.

The GST, which promises the unification of India's vast domestic market, is among several key structural reforms under implementation that are expected to help push growth above eight per cent in the medium term, the report said.

"In India, simplifying and easing labour market regulations and land acquisition procedures are long-standing requirements for improving the business climate," the report said.

Between 1999 and 2008, India on an average grew at a rate of 6.9 per cent, the IMF said, adding that for the next three years its growth rates were 8.5 per cent in 2009, 10.3 in 2010 and 6.6 in 2011.

In the years 2012, 2013 and 2014 it grew at a rate of 5.5 percentage, 6.4 and 7.5 respectively. In 2015, India clocked a growth rate of 8 percentage points.

For the year 2022, the IMF has projected a growth rate of 8.2 per cent, as against its growth projection of 6.7 in 2017 and 7.4 in 2018.

The Goods and Services Tax (GST) was implemented in India from July 1 this year. It brings the economy under a uniform tax regime.

The Indian government scrapped Rs 500 and Rs 1,000 currency notes on November 8 last year, claiming that the move would eradicate black money, fake currency and corruption.

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News Network
January 31,2026

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A fresh cache of files related to the investigation into the late convicted sex offender Jeffrey Epstein contains documents that reference President Donald Trump and other high-profile figures including Microsoft co-founder Bill Gates, Commerce Secretary Howard Lutnick and British billionaire Richard Branson.

Here are key details about mentions of the celebrities, none of whom have been accused of wrongdoing:

Donald Trump

The files included an FBI-compiled list of sexual assault allegations related to President Donald Trump -- many of them involving anonymous callers and unverified tips.

The allegations -- some secondhand -- were sent to the FBI's National Threat Operations Center which receives information by phone and electronically.

The document suggests that investigators followed up on a number of the tips. Some were deemed to lack credibility.

Trump has long denied any wrongdoing related to Epstein.

In a statement accompanying Friday's file dump, the Justice Department said: "Some of the documents contain untrue and sensationalist claims against President Trump that were submitted to the FBI right before the 2020 election. To be clear, the claims are unfounded and false."

Bill Gates

In a draft email among the documents, Epstein alleged Gates had engaged in extramarital affairs.

In the mail, Epstein wrote that his relationship with Gates had ranged from "helping Bill to get drugs, in order to deal with consequences of sex with russian girls, to facilitating his illicit trysts, with married women."

Richard Branson

Files show friendly relations between the two billionaires.

In an email sent to Epstein on Sept 11, 2013, Branson wrote "It was really nice seeing you yesterday. The boys in Watersports can't stop speaking about it! Any time you're in the area would love to see you. As long as you bring your harem!"

Elon Musk

The files contain numerous mail exchanges between Epstein and billionaire entrepreneur Elon Musk.

In November 2012, Epstein sent Musk an email asking "how many people will you be for the heli to island."

"Probably just Talulah and me. What day/night will be the wildest party on your island?" Musk replied.

Andrew Mountbatten-Windsor

The disgraced former prince invited Epstein to visit him at Buckingham Palace in September 2010 while the financier was making a trip to London.

An email exchange shows Epstein contacting Andrew to ask: "What time would you like me... we will also need... private time."

Andrew replied: "we could have dinner at Buckingham Palace and lots of privacy."

Howard Lutnick

Emails show that Epstein and businessman Lutnick -- currently Trump's commerce secretary -- made plans in December 2012 to lunch on Epstein's Caribbean island.

"We are heading towards you from St. Thomas" Lutnick's wife wrote to Epstein's secretary, asking where they should anchor.

Steve Tisch

Several mails suggested Epstein connected Steve Tisch, 76, producer of the movies "Forrest Gump" and "Risky Business" and the co-owner of the New York Giants football team, with multiple women.

In one exchange with Tisch, Epstein describes a woman as "russian, and rarely tells the full truth, but fun."

Zohran Mamdani's Mother, Filmmaker Mira Nair 

New York City Mayor Zohran Mamdani's mother, Mira Nair, attended an afterparty at convicted sex trafficker Ghislaine Maxwell's house for her 2009 film "Amelia", reveals a new set of Epstein files.

An email dated October 21, 2009, sent by publicist Peggy Siegal to Jeffrey Epstein, also surfaced in documents. The email, sent in the early hours, right after Siegal left the gathering, gives an insight into the afterparty. 

The party was also attended by former President Bill Clinton and Amazon CEO Jeff Bezos.

"Just left Ghislaine's townhouse...after party for film. Bill Clinton and Jeff Bezos were there...Jean Pigoni, director Mira Nair....etc," the email read.

The email described the reaction of guests to Nair's film as "tepid."

"Film received tepid reaction although women like it much more...Hillary Swank and Gen: at stupid party in Bloomingdales cheap sportwear department....very weird. Studio went for free party from store and windows for a month....Going to be in Wall Street 2 tomorrow ....more to come. xoxo Peg," the email read.

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News Network
January 28,2026

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Mumbai: The sudden death of Maharashtra Deputy Chief Minister Ajit Pawar in a plane crash in his hometown of Baramati has plunged the state into political uncertainty, raising a pressing question for both the Nationalist Congress Party (NCP) and its rival faction, the Nationalist Congress Party (Sharadchandra Pawar): what next?

For the two factions that emerged after the dramatic split of June–July 2023, the moment marks their gravest challenge yet. Many believe the answer now rests with party founder Sharad Pawar.

Sharad Pawar, who founded the NCP in 1999 after parting ways with the Congress over Sonia Gandhi’s foreign origin, has already indicated his intention to step away from electoral politics once his Rajya Sabha term ends in April 2026.

Speaking at a public event in Baramati ahead of his 85th birthday on December 12, 2025, Pawar said he would not contest any further elections. “I have contested 14 elections. The younger generation needs to be given an opportunity,” he said, adding that he would decide later whether to seek another Rajya Sabha term.

Often described as the Bhishma Pitamah of Indian politics, Pawar also spoke of his gradual withdrawal from active leadership. “For the first 30 years, I handled everything. For the next 25–30 years, Ajit Dada handled responsibilities. Now, arrangements must be made for new leadership,” he said.

Ajit Pawar’s death has dramatically altered that transition, especially as he was working towards reunifying the two NCP factions.

“After the developments of June–July 2023 and the 2024 Lok Sabha and Vidhan Sabha elections, there were deep changes within the family and the party. In the last six months, serious efforts were made to reunite. Even workers from both sides wanted unity. This is a massive blow,” a Pawar family insider told DH over phone from Baramati.

Electoral outcomes over the past year reflected the split. In the 2024 Lok Sabha elections, NCP (SP) recorded the best strike rate in Maharashtra, winning eight of the 10 seats it contested. The NCP, by contrast, won just one seat out of four.

However, the trend reversed in the subsequent Vidhan Sabha elections, where the NCP emerged stronger, securing 41 of the 288 seats, while NCP (SP) managed only 10.

Within NCP (SP), Sharad Pawar’s daughter Supriya Sule serves as Working President, followed by leaders such as Rohit Pawar, state president Shashikant Shinde and former state chief Jayant Patil.

In the NCP, Praful Patel is the Working President and Raigad MP Sunil Tatkare heads the state unit. Ajit Pawar’s wife, Sunetra Pawar, is a Rajya Sabha MP, while their sons Parth and Jay are not actively involved in day-to-day politics. Parth Pawar briefly entered electoral politics in 2019 but lost the Lok Sabha election from Maval. Jay Pawar’s political debut was under consideration.

With Ajit Pawar gone, speculation has intensified that a member of the family may be asked to assume a larger role. For now, Sunetra Pawar is expected to play a key coordinating role in party affairs, alongside Patel and Tatkare.

The NCP continues to have several heavyweight leaders, including Chhagan Bhujbal, Hasan Mushrif, Dattatreya Bharne, Manikrao Kokate and Dhananjay Munde.

Ajit Pawar had already begun steps towards reconciliation between the two factions. While they contested the Pune and Pimpri-Chinchwad municipal elections separately, they later decided to fight the zilla parishad elections together under the ‘clock’ symbol—seen as the first formal step towards reunification.

Nagpur meet and party roadmap

Both NCP factions claim adherence to the ideology of ‘Shiv–Shahu–Phule–Ambedkar’. At the Rashtravadi Chintan Shivir held in Nagpur on September 19, 2025, the NCP reaffirmed its commitment to sarva dharma sambhav and discussed strengthening ties with the BJP “for the welfare and development of Maharashtra”.

In recent days, reports had suggested Ajit Pawar might return to the Maha Vikas Aghadi following the party’s poor performance in Pune municipal elections, but these claims were denied.

Big question for Maha Yuti

Ajit Pawar’s death also presents an immediate challenge for the Devendra Fadnavis-led Maha Yuti government. Pawar held crucial portfolios, including Finance, Planning and Excise. With the Budget Session approaching, appointing a new Finance Minister has become urgent.

Beyond numbers and portfolios, Maha Yuti has lost a swift decision-maker known for his administrative grip and political finesse—leaving a vacuum that will not be easy to fill.

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News Network
January 19,2026

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Donald Trump has linked his repeated threats to seize Greenland to his failure to win the Nobel Peace Prize, in a letter to Norwegian Prime Minister Jonas Gahr Støre.

The authenticity of the letter, in which Trump says he no longer feels obligated to “think purely of peace,” was confirmed by Støre to the Norwegian newspaper VG.

“Considering your country decided not to give me the Nobel Peace Prize for having stopped eight wars plus, I no longer feel an obligation to think purely of peace,” Trump wrote, adding he can now “think about what is good and proper for the United States.”

Støre said Trump’s letter was in response to a short message he had sent earlier, on behalf of himself and Finland’s President Alexander Stubb.

Trump has escalated rhetoric toward Greenland, a self-governing Danish territory, insisting the US will take control “one way or the other.” Over the weekend, he tweeted: “Now it is time, and it will be done!!!”

On Saturday, Trump threatened a 10% tariff on imports from Denmark, Norway, Sweden, France, Germany, the UK, the Netherlands, and Finland from 1 February until the US is allowed to purchase the island. EU diplomats met for emergency talks on possible retaliatory tariffs and sanctions.

In his letter, Trump argued Denmark “cannot protect” Greenland from Russia or China, questioning Danish ownership: “There are no written documents; it’s only that a boat landed there hundreds of years ago.” He added that NATO should support the US, claiming the world is “not secure unless we have complete and total control of Greenland.”

Trump’s stance has unsettled the EU and NATO, as he refused to rule out military action to take control of the mineral-rich island.

The Nobel Peace Prize is awarded by the independent Norwegian Nobel Committee, not the government. Trump had campaigned for last year’s prize, which went to Venezuelan opposition leader María Corina Machado, who dedicated her award to him.

Støre reiterated that the Nobel Prize decision rests solely with the committee.

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