Upbeat IMF economy report welcome news for Indian PM Modi

The IMF said India was facing a “broadly positive outlook.” (AFP)
Updated 08 August 2018
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Upbeat IMF economy report welcome news for Indian PM Modi

  • India is to remain one of the world’s fastest-growing major economies, the International Monetary Fund has said
  • The IMF said India was facing a “broadly positive outlook”

MUMBAI: India is to remain one of the world’s fastest-growing major economies, the International Monetary Fund said Wednesday, in welcome news for Prime Minister Narendra Modi ahead of elections due next year.
In a wide-ranging report on Asia’s third-biggest economy, the IMF forecast GDP growth for the fiscal year 2018-2019 at 7.3 percent before rising to 7.5 percent the following year.
The IMF said India was facing a “broadly positive outlook” thanks to “strengthening investment and robust private consumption.”
India’s growth expanded to 7.7 percent for the quarter from January to March, the highest for seven quarters according to Bloomberg News, as it started to recover from a rocky start to several of Modi’s economic initiatives.
Despite teething problems, the IMF commended Modi’s government for introducing a nationwide goods and services tax in 2017 which aims to create a single market in India.
It also praised the government for relaxing rules on foreign direct investment but added that more needed to be done.
The IMF directors stressed that “India would benefit from further liberalization of trade and foreign investment, and welcomed the authorities’ commitment to a multilateral rules-based trade system.”


US intelligence says Huawei funded by Chinese state security: report

Updated 20 April 2019
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US intelligence says Huawei funded by Chinese state security: report

  • The accusation comes at a time of trade tensions between Washington and Beijing
  • Huawei dismissed the allegations

US intelligence has accused Huawei Technologies of being funded by Chinese state security, The Times said on Saturday, adding to the list of allegations faced by the Chinese technology company in the West.
The CIA accused Huawei of receiving funding from China’s National Security Commission, the People’s Liberation Army and a third branch of the Chinese state intelligence network, the British newspaper reported, citing a source.
Earlier this year, US intelligence shared its claims with other members of the Five Eyes intelligence-sharing group, which includes Britain, Australia, Canada and New Zealand, according to the report.
Huawei dismissed the allegations in a statement cited by the newspaper.
“Huawei does not comment on unsubstantiated allegations backed up by zero evidence from anonymous sources,” a Huawei representative told The Times.
The company, the CIA and Chinese state security agencies did not respond immediately to requests for comment.
The accusation comes at a time of trade tensions between Washington and Beijing and amid concerns in the United States that Huawei’s equipment could be used for espionage. The company has said the concerns are unfounded.
Authorities in the United States are probing Huawei for alleged sanctions violations.
Meng Wanzhou, Huawei’s chief financial officer and daughter of its founder, Ren Zhengfei, was arrested in Canada in December at the request of the United States on charges of bank and wire fraud in violation of US sanctions against Iran.
She denies wrongdoing and her father has previously said the arrest was “politically motivated.”
Amid such charges, top educational institutions in the West have recently severed ties with Huawei to avoid losing federal funding.
Another Chinese technology company, ZTE Corp. , has also been at the center of similar controversies in the United States.
US sanctions forced ZTE to stop most business between April and July last year after Commerce Department officials said it broke a pact and was caught illegally shipping US-origin goods to Iran and North Korea. The sanctions were lifted after ZTE paid $1.4 billion in penalties.
Reuters reported earlier this week that the United States will push its allies at a meeting in Prague next month to adopt shared security and policy measures that will make it more difficult for Huawei to dominate 5G telecommunications networks.