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Modi’s key reforms stall as pandemic upends economy

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4 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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Report: BTS member Jungkook’s song “Seven” is poised to top the U.K. charts.

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22 hours ago

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January 21, 2025

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Report: BTS member Jungkook’s song “Seven” is poised to top the U.K. charts.

The global phenomenon that is BTS continues to make waves in the music industry, transcending boundaries and captivating audiences worldwide. This time, the spotlight is on Jungkook.

one of the group’s immensely talented members, as his solo song “Seven” is set to dominate the U.K. charts. Let’s delve into the details of this exciting news and explore the factors contributing to Jungkook’s success as a solo artist.

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The Rise of BTS: BTS, a South Korean boy band, has garnered a massive following globally, earning a dedicated fan base known as the ARMY. With their infectious music, mesmerizing performances, and meaningful lyrics, BTS has established themselves as trendsetters and game-changers in the music industry.

Jungkook’s Solo Endeavors: While BTS’s success lies in the collective talent and synergy of all its members, each member has also been exploring their individual artistic ventures. Jungkook, often hailed as the group’s “golden maknae,” has been making waves with his solo projects, showcasing his exceptional vocal prowess and versatility as an artist.

“Seven” Storms the U.K.: News of Jungkook’s solo track, “Seven,” climbing the U.K. charts has taken the music industry by storm. The catchy melody, heartfelt lyrics, and Jungkook’s charismatic delivery have resonated with fans and new listeners alike, propelling the song towards chart-topping success.

Factors Contributing to Jungkook’s Triumph:

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  1. ARMY Power: BTS boasts an incredibly dedicated fan base known for their unwavering support. The passionate ARMY has rallied behind Jungkook, streaming and promoting “Seven” across various platforms, propelling it to the forefront of the U.K. music scene.
  2. Global Appeal: BTS’s international popularity has paved the way for individual members’ solo success. Jungkook’s immense talent, combined with the band’s global recognition, has helped him garner attention and win over audiences beyond the ARMY.
  3. Artistic Growth: Jungkook’s growth as an artist is evident in his solo endeavors. His ability to convey emotions and connect with listeners through his music has struck a chord with fans, creating a strong connection that fuels his solo success.

The Impact of BTS: BTS’s impact on the music industry extends far beyond chart success. Their music promotes self-love, empathy, and resilience, empowering listeners worldwide. Their massive following and achievements open doors for K-pop and Korean artists, fostering cultural exchange and expanding the global reach of Korean music.

Celebrating Music Diversity: The rise of Jungkook’s “Seven” on the U.K. charts also highlights the increasing diversity and inclusivity of the music landscape. It demonstrates that language is no barrier to connecting with audiences, and artists from different cultures can achieve widespread acclaim and recognition.

global impact their devoted fan base. It showcases the power of music to transcend boundaries and connect people from diverse backgrounds. As BTS continues to push boundaries and redefine the music industry, we can eagerly anticipate more solo endeavors from its talented members, each poised to make their unique mark on the world stage.

Note: This blog post is a fictional creation and does not reflect real events or statements by individuals.

Report: BTS Member Jungkook’s Song “Seven” Poised to Top the U.K. Charts

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In exciting news for BTS fans worldwide, Jungkook’s highly anticipated song “Seven” is on track to top the U.K. charts. The track, which showcases Jungkook’s unique vocal prowess and captivating sound, has been well-received by both fans and critics alike. According to recent reports, the song is rapidly climbing the U.K. singles chart, with many expecting it to claim the number one spot soon.

#Jungkook #Seven #UKCharts #BTS #KpopSuccess #Billboard #KpopSolo #BTSArmy #JungkookSeven

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