‘Increasingly gloomy developments’: IMF slashes India's 2022 growth forecast to 7.4%

News Network
July 26, 2022

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Washington, July 26: The International Monetary Fund (IMF) on Tuesday slashed its annual growth projection for India by 0.8 percentage points to 7.4 per cent for 2022 and forecast "increasingly gloomy developments" for the global economy such as high inflation, downturn in China because of Covid-19 and spillovers from the war in Ukraine.

The fund cut its 2023 projection for India also by 0.8 percentage points to 6.1 per cent. These revised forecasts are relative to those in the fund's April world outlook report.

The 2022 cut for India "reflects mainly less favorable external conditions and more rapid policy tightening", said the fund's World Economic Outlook Update, titled "Gloomy and More Uncertain".

The World Bank has also slashed its projections for India to 7.5 per cent from 8 per cent for 2022-23, blaming it on a surge in Covid-19 cases, related mobility restrictions and the war in Ukraine.

The IMF forecast for India was called "rational" by an official who spoke on background.

"Given the gloomy global outlook and inflation contagion, IMF's growth forecast for India moderating it down by 0.8 percentage point is rational. Indian economy seems to be far more resilient at this point in time as others like US and China are talking a bigger hit with the forecast cut down to 1.4 and 1.1 percentage points respectively," the official said.

"Further, IMF continues to project India's growth rate in 2022 as the fastest growing major economy with 7.4 per cent and only other country around this rate is Saudi Arabia with 7.6 per cent. Nearest to this ASEAN-5 at 5.3 per cent while China is way down to 3.3 per cent."

The IMF projected a rather grim outlook for the world at large, saying it was facing "increasingly gloomy developments in 2022 as risks (that it had warned in April) began to materialise".

And they are: higher inflation worldwide, specially in the US and major European economies, triggering a sharp tightening in global financial conditions; a sharper-than anticipated slowdown in China, reflecting Covid-19 outbreaks and lockdowns; and further negative cross-border effects from the war in Ukraine.

The IMF slashed its global growth forecast to 3.2 per cent for 2022 and 2.9 per cent in 2023, down from April estimates of 3.6 per cent for both years.

"The outlook has darkened significantly since April," IMF Chief Economist Pierre-Olivier Gourinchas said in a statement. "The world may soon be teetering on the edge of a global recession, only two years after the last one."

The report acknowledged that though it had warned of inflation, it had not expected it to go so high. At 9.1 per cent for both, inflation has been the highest for the US and the UK in 40 years and at 9.8 per cent in the euro area, it's the highest since the inception of the unified monetary system; and, the report said, emerging and developing economies are also expected to be experiencing inflation at the rate of 9.8 per cent.

With wages not keeping pace in both advanced and emerging markets and developing economies, the report shows that household purchasing power will be eroded.

In China, ongoing Covid-19 outbreaks and mobility restrictions have "disrupted economic activity widely and severely", the fund said, and slowdown in China "has global consequences".

It added: "Lockdowns added to global supply chain disruptions and the decline in domestic spending are reducing demand for goods and services from China's trade partners."

The continuing war in Ukraine is causing "widespread hardship", the report said, detailing the disruptive and debilitating effect it's having on life -- 9 million Ukrainians fleeing the country, for instance -- and economy with existing sanctions on Russia and those coming on its energy export to Europe. 

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News Network
February 5,2026

Bengaluru: As air quality continues to worsen across several parts of the city, hospitals in Bengaluru are reporting a steady rise in patients suffering from respiratory illnesses such as asthma, bronchitis and Chronic Obstructive Pulmonary Disease (COPD), health officials and doctors said.

Data from the Suvarna Arogya Suraksha Trust (SAST) shows that 3,891 patients received treatment for respiratory ailments between April and November 2024. The figure rose to 4,187 during the same period in 2025.

Private hospitals, too, are witnessing a 10–15 per cent year-on-year increase in such cases.

While doctors caution that the rise cannot be attributed solely to air pollution, a significant number of patients are non-smokers with no prior history of respiratory disease.

“Nearly 70 per cent of the patients we see are non-smokers with no previous respiratory issues. When other causes are ruled out, air pollution emerges as the most likely factor,” said Dr Manjunath PH, consultant interventional pulmonologist at a hospital in Kengeri.

Doctors noted that patient footfall spikes during the winter months and around Deepavali, when air quality typically worsens.

“There is a clear correlation between poor air quality and the rise in cases. People commonly present with persistent cough, breathlessness and irritation of the respiratory tract, indicating the impact of polluted air on their health,” said Dr Sheetal Chaurasia, consultant in pulmonary medicine at a private hospital in Whitefield.

Dr Chaurasia added that respiratory tract infections are also on the rise.

“Poor air quality leads to chronic airway inflammation, making the airways more vulnerable to infections. We are seeing an increase in both upper and lower respiratory tract infections,” she said.

Patients with pre-existing respiratory conditions remain the worst affected.

“For those already diagnosed with respiratory illnesses, deteriorating air quality significantly worsens the condition. Both the frequency and severity of attacks increase sharply,” said Dr Vandana P, a pulmonologist at a hospital on Bannerghatta Road.

Doctors also flagged a worrying trend of rising respiratory problems among younger adults and children.

To reduce exposure, they advised people to wear masks while travelling on two-wheelers or autos and ensure adequate ventilation at home to minimise indoor air pollution.

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News Network
February 1,2026

US President Donald Trump on Saturday claimed that the government of India led by Prime Minister Narendra Modi has made a deal to buy Venezuelan oil, as opposed to purchasing it from Iran.

"We've already made that deal, the concept of the deal," he told reporters on Air Force One.

Trump had imposed 25% tariffs on countries buying Venezuelan oil, including India, in March 2025. He had also hit India with tariffs for buying Russian oil, saying it was "funding" President Vladimir Putin's war against Ukraine.

Trump has said that the US has taken control of the oil-rich Venezuela after capturing former President Nicolas Maduro in January.

A fleet of 18 ships loaded with crude oil bound for refineries in Texas, Louisiana, and Mississippi in January, the most since December 2024, according to a report by the news agency Bloomberg.

Combined crude deliveries to the US will reach about 2,75,000 barrels a day, more than doubling volumes seen in December last year. Shipments to China, which averaged 4,00,000 barrels a day last year, fell to zero in January.

PM Modi, Venezuelan President Agree To Expand Ties

Prime Minister Narendra Modi and Venezuela's acting President Delcy Rodriguez spoke on Friday and agreed to take the bilateral relations to "new heights" in the years ahead.

It was the first phone call between the two leaders since the capture of Maduro and his wife by the US on January 3.

"Spoke with Acting President of Venezuela, Ms. Delcy Rodriguez. We agreed to further deepen and expand our bilateral partnership in all areas, with a shared vision of taking India-Venezuela relations to new heights in the years ahead," PM Modi said in a post on X.

A statement from Prime Minister Modi's office said the two leaders agreed to further expand and deepen the India-Venezuela partnership in all areas, including trade and investment, energy, digital technology, health, agriculture, and people-to-people ties.

They exchanged views on various regional and global issues of mutual interest and underscored the importance of their close cooperation for the Global South, the statement said.

Rodriguez also said that they discussed partnerships in the fields of agriculture, science and technology, mining, and tourism, as well as the pharmaceutical and automotive industries.

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News Network
February 3,2026

Bengaluru: Following reports of fresh Nipah virus (NiV) cases in West Bengal and heightened vigilance across parts of Southeast Asia, the Karnataka Health Department has placed the state on high alert and activated emergency preparedness protocols.

Health officials said enhanced surveillance measures have been initiated after two healthcare workers in Barasat, West Bengal, tested positive for the virus earlier this month. While no cases have been reported in Karnataka so far, authorities said the state’s past exposure to Nipah outbreaks and high inter-state mobility warranted preventive action.

Officials have directed district health teams to intensify monitoring, particularly at hospitals and points of entry, and to ensure early detection and isolation of suspected cases.

High Mortality Virus with Multiple Transmission Routes

Nipah virus is a zoonotic disease that can spread from animals to humans and has a reported fatality rate ranging between 60 and 75 per cent. Fruit bats, also known as flying foxes, are the natural reservoirs of the virus and can transmit it by contaminating food sources with saliva or urine.

Known modes of transmission include:

•    Contaminated food: Consumption of fruits partially eaten by bats or raw date-palm sap
•    Animal contact: Exposure to infected pigs or other animals
•    Human-to-human transmission: Close contact with body fluids of infected persons, particularly in healthcare settings

Symptoms and Disease Progression

The incubation period typically ranges from 4 to 14 days, though delayed onset has also been reported. Early symptoms often resemble common viral infections, making prompt clinical suspicion critical.

•    Initial symptoms: Fever, headache, body aches, fatigue, sore throat
•    Progressive symptoms: Drowsiness, disorientation, altered mental state
•    Severe stage: Seizures, neck stiffness and acute encephalitis, which can rapidly progress to coma

Public Health Advisory

The Health Department has issued precautionary guidelines urging the public to adopt risk-avoidance practices to prevent any local spillover.

Do’s
•    Wash fruits thoroughly before consumption
•    Drink boiled and cooled water
•    Use protective equipment while handling livestock
•    Maintain strict hand hygiene

Don’ts
•    Avoid fruits found on the ground or showing bite marks
•    Do not consume beverages made from raw tree sap, including toddy
•    Avoid areas with dense bat populations
•    Do not handle sick or dead animals

Preparedness Measures

Officials confirmed that isolation wards are being readied in major government hospitals and that medical staff are being sensitised to identify early warning signs.

“There is no cause for panic, but there is a need for heightened vigilance,” a senior health official said, adding that there is currently no approved vaccine or specific antiviral treatment for Nipah, and care remains largely supportive.

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