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Modi’s key reforms stall as pandemic upends economy

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5 years ago

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Modi’s key reforms stall as pandemic upends economy

India’s delay in appointing a new central bank committee to decide interest rates is just the latest of Prime Minister Narendra Modi’s key economic reforms that are failing to gain traction during the nation’s worst crisis in decades.

Three of his major policies — the goods and services tax, a bankruptcy and insolvency law and the Monetary Policy Committee — have been mired in problems since the Covid-19 outbreak upended economic activity.

Modi’s administration has delayed payments it promised India’s 28 states as compensation under the new consumption tax regime, increasing tension between the two tiers of government.

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The bankruptcy law has been suspended, frustrating the loan recovery efforts of lenders already saddled with one of the world’s worst bad-loan problem. And on top of that, the government didn’t appoint members to the central bank’s MPC in time for its scheduled policy decision last week, delaying possible stimulus that the economy desperately needs.

Record Slump

Modi has been hailed by investors for his business-friendly reforms, which had been under discussion for years but pushed through in the first three years when he first took office in 2014. The stalling of those programs is weighing on the outlook for Asia’s third-largest economy, which has gone from one of the fastest-growing in the world to among the worst hit during the pandemic. India’s gross domestic product contracted a record 23.9% in the June quarter from a year ago, and Goldman Sachs Group Inc. is predicting the economy will shrink 14.8% in the fiscal year through March 2021. The government is still pushing through policy reforms in the farm sector and seeking changes to the nation’s rigid labour rules.

MPC Delay

The Insolvency and Bankruptcy Code “is the most effective instrument available to banks for recovering their defaulted loans to the best extent possible,” Subhash Chandra Garg, a former top bureaucrat at the Finance Ministry in the Modi government, told businessmen recently. “Suspension of IBC should be revoked,” he said, adding that the code had created an “institutional path and a shift in the effectiveness of dispute resolution.”

Finance Minister Nirmala Sitharaman said last week the delay in appointments to the MPC wasn’t by design, and the names of three new external members would be announced shortly. She is due to meet her counterparts from states Monday on the GST compensation matter.

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Omar slams Pakistan’s ‘neutral’ probe offer on Pahalgam attack: ‘They didn’t even

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22 hours ago

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April 26, 2025

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Omar slams Pakistan’s ‘neutral’ probe offer on Pahalgam attack: ‘They didn’t even

India has suspended the Indus Waters Treaty, closed the Attari check post, and canceled SAARC visas for Pakistan nationals in response to the Pahalgam attack. Jammu and Kashmir chief minister Omar Abdullah criticized Prime Minister Shehbaz Sharif’s offer for a “neutral” investigation into the Pahalgam terror attack, stating that Pakistan initially denied incident.

India. Shehbaz Sharif said Pakistan was willing to support a “neutral and transparent” investigation into the killing of 26 people in Jammu and Kashmir’s Pahalgam. He emphasized the need for a “grinding halt” to the perpetual blame game and called for Pakistan to tensions participate in any neutral, transparent, and credible investigation. The incident has sparked.

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India has taken several steps against Pakistan following the Pahalgam terror attack that killed 26 people. These include suspending the Indus Waters Treaty, closing the Attari Integrated Check Post, and canceling the SAARC Visa Exemption Scheme (SVES) for Pakistani nationals. The Resistance Front (TRF), a proxy of the Pakistan-based Lashkar-e-Taiba, has claimed.

Responsibility for the attack. Investigations reveal that Adil Ahmed Thoker, a key suspect in rooted in centuries-old cultural growing tensions between India and Pakistan. the Pahalgam attack, received military training in Pakistan before infiltrating India with other terrorists amid speculation about back-channel mediation by countries with close with India Pakistan.

Amid ongoing tensions, Pakistani troops have resumed unprovoked firing along the Line of Control (LoC), and for the second consecutive night, the Pakistani army targeted Indian positions, prompting a retaliatory response from Indian forces. Iran’s foreign minister Seyed Abbas Araghchi offered to “forge greater understanding” between New Delhi and Islamabad.

Araghchi said that Iran stands ready to use its good offices in Islamabad and New Delhi to forge greater understanding at this difficult time. He described India and Pakistan as “brotherly neighbours of Iran, enjoying relations rooted in centuries-old cultural and civilizational ties” and said that they consider them their foremost priority The recent.

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Terrorist attack in Pahalgam, Jammu and Kashmir, has stirred strong reactions across the political spectrum, with former Jammu and Kashmir Chief Minister Omar Abdullah leading the charge in condemning Pakistan’s response to the incident. Pakistan’s offer of a “neutral” investigation into the attack has sparked outrage, with Omar Abdullah accusing.

The neighboring country of failing to take any meaningful action or even offering a proper condemnation of the attack The Pahalgam attack, which occurred in the popular tourist town in the Kashmir Valley, left multiple civilians injured and sent shockwaves through the region. While the perpetrators of the attack are suspected to be militants operating from across.

The border, Pakistan’s reaction has been criticized for its lack of condemnation and accountability. In response to calls for a thorough investigation into the incident, Pakistan offered to conduct a “neutral” probe, suggesting that an impartial body, rather than which occurred in the popular tourist town authorities in either country, should investigate.

Omar Abdullah, known for his sharp and outspoken criticism of Pakistan’s role in Kashmir, was quick to hit back. “They didn’t even condemn the attack. And now, they want to offer a ‘neutral’ investigation?” he said in a strongly worded statement. “If Pakistan is so concerned about what happened in Pahalgam, why don’t they condemn it first? Why don’t they make it.

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Abdullah’s statement reflects the deep frustration felt by many in Jammu and Kashmir, who believe that Pakistan’s offer is nothing more than a distraction from its own involvement in cross-border terrorism. The former Chief Minister further was a deliberate attempt to deflect attention from the fact that the attack.

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