Training guns at the Congress party, Union Minister Piyush Goyal on Thursday said that former prime minister Manmohan Singh-led government had totally failed on all economic parameters.

"When we (BJP) came to power, we inherited an economy with double-digit inflation. During Manmohan Singh government, the fiscal deficit was over 6.1 per cent and the current account deficit was over 2 per cent. In every economic parameter, the Manmohan Singh government had failed completely," he said.

"In spite of being such an eminent economist, Manmohan Singh reflected either some compulsions or complete lack of understanding of economics and business. Of course, it doesn't surprise me because we saw some of the worst scams and governance under the UPA regime," Goyal said.

In view of the impending Assembly elections in Maharashtra, Goyal also took a dig at former chief minister Prithviraj Chavan saying his government was "non-functional" in the state.

"UPA gave a double-engine government at the Centre and in Maharashtra, double-engine of corruption, ineptitude and bad governance, inefficiency and infighting within the alliance," he added.

The Union Minister said, in contrast, Prime Minister Narendra Modi-led Central government and Devendra Fadnavis' government in Maharashtra have worked together to revive the economy.

Goyal's comments come merely hours after former Prime Minister Manmohan Singh slammed the BJP government over a range of issues including economic slowdown, abrogation of Article 370 and PMC Bank crisis.

Training guns at the Congress party, Union Minister Piyush Goyal on Thursday said that former prime minister Manmohan Singh-led government had totally failed on all economic parameters.

Training guns at the Congress party, Union Minister Piyush Goyal on Thursday said that former prime minister Manmohan Singh-led government had totally failed on all economic parameters. "When we (BJP) came to power, we inherited an economy with double-digit inflation. During Manmohan Singh government, the fiscal deficit was over 6.1 per cent and the current account deficit was over 2 per cent. In every economic parameter, the Manmohan Singh government had failed completely," he said. "In spite of being such an eminent economist, Manmohan Singh reflected either some compulsions or complete lack of understanding of economics and business. Of course, it doesn't surprise me because we saw some of the worst scams and governance under the UPA regime," Goyal said. In view of the impending Assembly elections in Maharashtra, Goyal also took a dig at former chief minister Prithviraj Chavan saying his government was "non-functional" in the state. "UPA gave a double-engine government at the Centre and in Maharashtra, double-engine of corruption, ineptitude and bad governance, inefficiency and infighting within the alliance," he added. The Union Minister said, in contrast, Prime Minister Narendra Modi-led Central government and Devendra Fadnavis' government in Maharashtra have worked together to revive the economy. Goyal's comments come merely hours after former Prime Minister Manmohan Singh slammed the BJP government over a range of issues including economic slowdown, abrogation of Article 370 and PMC Bank crisis.

Manmohan Singh government had totally failed on every economic parameter: Piyush Goyal

Factory activity in China shrank in August for the fourth month in a row as the United States ramped up trade pressure and domestic demand remained sluggish, pointing to a further slowdown in the world's second-largest economy.

Factory activity in China shrank in August for the fourth month in a row as the United States ramped up trade pressure and domestic demand remained sluggish, pointing to a further slowdown in the world's second-largest economy. Persistent weakness in China's vast manufacturing sector could fuel expectations that Beijing needs to roll out stimulus more quickly, and more aggressively, to weather the biggest downturn in decades. The Purchasing Managers' Index (PMI) fell to 49.5 in August, China's National Bureau of Statistics said on Saturday, versus 49.7 in July, below the 50-point mark that separates growth from contraction every month. A poll showed analysts expected the August PMI to stay unchanged from the previous month. The official factory gauge showed growing trade frictions with the United States and cooling global demand continued to wreak havoc on China's exporters. Export orders fell for the 15th straight month in August, although at a slower pace, with the sub-index picking up to 47.2 from July's 46.9. Total new orders from home and abroad also continued to fall, indicating domestic demand remains soft, despite a flurry of growth-boosting measures over the past year. "Front-loading of exports to the US ahead of higher tariffs supported trade and overall activity growth, but this effect will likely fade in the next few months," said analysts at Goldman Sachs in a note. Manufacturers in consumption-oriented industries such as the auto sector have been especially vulnerable. Carmakers such as Geely and Great Wall have slashed expectations for sales and profits. The data showed activity at medium- and small-sized firms contracted, even as large manufacturers, many backed by the government, managed to expand in August. Factories continued to shed jobs in August amid the uncertain business outlook. The employment sub-index dropped to 46.9, compared with 47.1 in July. ESCALATIONS August saw dramatic escalations in the bitter year-long Sino-U.S. trade row, with President Donald Trump announcing early in the month that he would impose new tariffs on Chinese goods from Sept. 1, and China letting its yuan currency sharply weaken days later. After Beijing hit back with retaliatory tariffs, Trump said existing levies would also be raised in the coming months. The combined moves now effectively cover all of China's exports to the United States. Trump said late on Friday that trade teams from both sides continue to talk and will meet in September, but tariff increases on Chinese goods set to go into effect on Sunday will not be delayed. The US president had said earlier in the week that China wants to reach a deal 'very badly', citing what he described as increasing economic pressure on Beijing and job losses. But most analysts are highly doubtful of an end to the dispute any time soon, and some have recently cut growth forecasts for China in the coming quarters. The sudden deterioration in trade ties has prompted speculation over whether China needs to roll out more forceful measures to keep growth from sliding below 6 per cent this year, the bottom end of its target range of around 6.0-6.5 per cent. Analysts widely expect Beijing will cut some of its major lending rates in September for the first time in four years to help stabilise growth. But sources had told Reuters before the latest trade escalations that big benchmark rate cuts were considered a last resort, as policymakers worry that could fuel a further build-up in debt and squeeze bank's profit margins, heightening financial sector risks. So far, Beijing has relied on a combination of fiscal stimulus and monetary easing to deal with the economic slowdown, including hundreds of billions of dollars in infrastructure spending and tax cuts for companies. But analysts note infrastructure investment growth has remained subdued despite the earlier pump-priming measures, underlining the need for additional support. Services growth Growth in China's services sector activity picked up for the first time in five months in August, with the official numbers from a separate business survey rising to 53.8 from 53.7 in August. Beijing has been relying on a strong service sector to cushion some of the economic impacts of trade uncertainties and sluggish manufacturing activities. However, despite the higher overall figure, activity in the property industry contracted, the statistics bureau said in a statement. The services sector has been propped up by Chinese consumers' rising wages and robust spending power in recent years. However, the sector softened late last year amid a broader slowdown.

China's factory activity shrinks for fourth month as trade woes deepen

<a href="https://www.wionews.com/business-economy/kuwait-to-tap-foreign-debt-markets-to-finance-deficit-1708">The Kuwait Investment Authority</a> (KIA) began increasing its exposure to bonds and cash two years ago to boost liquidity in its portfolio as the global economy showed signs of weakness, Kuwaiti newspaper Alqabas reported on Sunday, citing sources.

The report provided rare insight into the strategy of one of the world's biggest sovereign wealth funds, though it did not give a breakdown of KIA's investments in various asset classes.&nbsp;

KIA, in which the Sovereign Wealth Fund Institute estimates manage $592 billion of assets, does not publicly disclose its investments or detailed strategy.

The newspaper report said KIA made "calculated exits" from investments it felt were vulnerable to a downturn in global financial markets as the world economy began to show signs of faltering two years ago.

The International Monetary Fund (IMF) in July cut its forecast for global growth this year and next, warning that further tariffs in the US-China trade dispute or a disorderly British exit from the European Union could slow growth further, weaken investment and disrupt supply chains.

The IMF said that downside risks had intensified and it expected global economic growth of 3.2 per cent&nbsp;in 2019 and 3.5 per cent&nbsp;in 2020, both down by 0.1 percentage points from its April forecast and its fourth downgrade since October.

Despite recent volatility in equity markets, KIA has achieved a 10 per cent&nbsp;return on its investments in US stock markets since the beginning of this year, the report said.

KIA officials were not immediately available to comment.

Kuwaiti news agency KUNA reported in late 2017 that KIA had more than $300 billion of investments in the United States, diversified among stocks, bonds, real estate, and technology.

The fund's investments are spread across more than 120 economies globally.&nbsp; 
&nbsp;

The Kuwait Investment Authority (KIA) began increasing its exposure to bonds and cash two years ago to boost liquidity in its portfolio as the global economy showed signs of weakness, Kuwaiti newspaper Alqabas reported on Sunday, citing sources.

The Kuwait Investment Authority (KIA) began increasing its exposure to bonds and cash two years ago to boost liquidity in its portfolio as the global economy showed signs of weakness, Kuwaiti newspaper Alqabas reported on Sunday, citing sources. The report provided rare insight into the strategy of one of the world's biggest sovereign wealth funds, though it did not give a breakdown of KIA's investments in various asset classes. KIA, in which the Sovereign Wealth Fund Institute estimates manage $592 billion of assets, does not publicly disclose its investments or detailed strategy. The newspaper report said KIA made "calculated exits" from investments it felt were vulnerable to a downturn in global financial markets as the world economy began to show signs of faltering two years ago. The International Monetary Fund (IMF) in July cut its forecast for global growth this year and next, warning that further tariffs in the US-China trade dispute or a disorderly British exit from the European Union could slow growth further, weaken investment and disrupt supply chains. The IMF said that downside risks had intensified and it expected global economic growth of 3.2 per cent in 2019 and 3.5 per cent in 2020, both down by 0.1 percentage points from its April forecast and its fourth downgrade since October. Despite recent volatility in equity markets, KIA has achieved a 10 per cent return on its investments in US stock markets since the beginning of this year, the report said. KIA officials were not immediately available to comment. Kuwaiti news agency KUNA reported in late 2017 that KIA had more than $300 billion of investments in the United States, diversified among stocks, bonds, real estate, and technology. The fund's investments are spread across more than 120 economies globally.

Kuwait sovereign fund in portfolio shift on signs of global economic weakness: Report

India has told China that the abrogation of Article 370 and bifurcation of Jammu and Kashmir will have no impact on the Line of Actual Control (LAC). During a meeting with Chinese Foreign Minister Wang Yi in Beijing on Monday, External Affairs Minister S Jaishankar said that China’s concerns were misplaced.

S Jaishankar: Abrogation of Article 370, bifurcation is India's internal matter

Gold prices held steady on Tuesday as investors kept a cautious stance ahead of a fresh round of<a href="http://13.232.42.114/world/big-differences-remain-but-certain-deals-reached-in-china-us-trade-talks-134752"> Sino-US trade talks</a>, while a firmer dollar capped gains for the bullion, which was drawing support from global economic slowdown worries.

Spot gold was firm at $1,308 per ounce, as of 0341 GMT, after falling 0.4 per cent in the previous session.

US gold futures were also mostly unchanged at $1,312.20 per ounce.

"Gold is being pushed around by the US dollar in the near term. Traders are getting out of anything to do with Europe on concerns of weakness in the region and going for safe-haven buying into US treasuries, which is pushing up the dollar," said Kyle Rodda, market analyst, IG Markets.

When investors buy US Treasury bonds, they are also required to purchase the greenback, which makes dollar-denominated gold more expensive for holders of other currencies, potentially subduing demand.

"Gold is still very resilient and should trade in the range of $1,305 to $1,320, with investors looking for headlines around trade talks, US government shutdown and data from the United States and China for signs of weakness in the economy," Rodda said.

The new round of<a href="http://www.wionews.com/world/us-china-trade-talks-resume-next-week-focus-on-intellectual-property-196249"> trade talks between China and the United States</a> started in Beijing on Monday with world's two largest economies trying to hammer out a deal before a March 1 deadline, after which US tariffs on $200 billion worth of Chinese imports are scheduled to increase to 25 per cent from 10 per cent.

Sino-US trade tensions have rattled financial markets since last year and also underpinned the dollar's safe-haven appeal.

The dollar index was steady at 97.05, after advancing 0.4 per cent in the previous session in its largest percentage gain since Jan. 24.

"Ongoing trade tensions and concerns about weaker global economic growth continue to provide a level of support in the gold market," ANZ analysts said in a research note.

Meanwhile, US congressional negotiators said late on Monday they had reached a tentative deal on border security funding that would avert another partial government shutdown due to start on Saturday, but provided no details.

Investors are worried about the economic impact of the US government shutdown when global growth is already lean.

Among other metals, palladium traded steady at $1,385 per ounce, while silver inched up 0.1 per cent to $15.67.

Platinum rose 0.5 per cent to $785.50 per ounce. In the previous session, the metal touched $779.50, its lowest since January 2.

Gold prices held steady on Tuesday as investors kept a cautious stance ahead of a fresh round of Sino-US trade talks, while a firmer dollar capped gains for the bullion, which was drawing support from global economic slowdown worries.

Gold prices held steady on Tuesday as investors kept a cautious stance ahead of a fresh round of Sino-US trade talks, while a firmer dollar capped gains for the bullion, which was drawing support from global economic slowdown worries. Spot gold was firm at $1,308 per ounce, as of 0341 GMT, after falling 0.4 per cent in the previous session. US gold futures were also mostly unchanged at $1,312.20 per ounce. "Gold is being pushed around by the US dollar in the near term. Traders are getting out of anything to do with Europe on concerns of weakness in the region and going for safe-haven buying into US treasuries, which is pushing up the dollar," said Kyle Rodda, market analyst, IG Markets. When investors buy US Treasury bonds, they are also required to purchase the greenback, which makes dollar-denominated gold more expensive for holders of other currencies, potentially subduing demand. "Gold is still very resilient and should trade in the range of $1,305 to $1,320, with investors looking for headlines around trade talks, US government shutdown and data from the United States and China for signs of weakness in the economy," Rodda said. The new round of trade talks between China and the United States started in Beijing on Monday with world's two largest economies trying to hammer out a deal before a March 1 deadline, after which US tariffs on $200 billion worth of Chinese imports are scheduled to increase to 25 per cent from 10 per cent. Sino-US trade tensions have rattled financial markets since last year and also underpinned the dollar's safe-haven appeal. The dollar index was steady at 97.05, after advancing 0.4 per cent in the previous session in its largest percentage gain since Jan. 24. "Ongoing trade tensions and concerns about weaker global economic growth continue to provide a level of support in the gold market," ANZ analysts said in a research note. Meanwhile, US congressional negotiators said late on Monday they had reached a tentative deal on border security funding that would avert another partial government shutdown due to start on Saturday, but provided no details. Investors are worried about the economic impact of the US government shutdown when global growth is already lean. Among other metals, palladium traded steady at $1,385 per ounce, while silver inched up 0.1 per cent to $15.67. Platinum rose 0.5 per cent to $785.50 per ounce. In the previous session, the metal touched $779.50, its lowest since January 2.

Gold steady as firmer dollar offsets growth concerns

Rejecting claims about high unemployment in India as “disinformation”, Union Minister Arun Jaitley on Friday said it would be “economic absurdity” to believe that jobs are not being created at a time when the country is witnessing high economic growth.

Jaitley, who could not present the interim Budget because of his indisposition, also defended the budgetary provision of Rs 6000 for each marginal farmer which has been mocked by the Opposition as a meagre amount, saying it is meant to be an “additional support” to the agriculturists.

In an interview to ANI here, he underlined that the Narendra Modi government had efficiently maintained the fiscal discipline as the fiscal deficit and Current Account Deficit (CAD) have been contained and inflation has been reduced drastically while GDP kept growing.

"Our fiscal deficit, we inherited about, 4.5-4.6 per cent, which is now down to 3.4 %, we had targeted 3.3 % but because of the last minute adjustments in the farm sector, we had to make 0.1 % compromise," he said.

He was asked about the ‘leaked report’ of the National Sample Survey Office (NSSO) which said there was unprecedented unemployment in the country, “I don’t think it is a report. It is a draft which has not been approved,” he replied.

Jaitley, the Finance Minister since 2014 whose charge has been temporarily given to Piyush Goyal, said it would be “economic absurdity to say that there are no jobs” when the country is witnessing high economic growth rate.“I completely refute (claims about joblessness),” he said.

While terming the contention as “disinformation”.He said if there was such acute joblessness as projected, there would have been agitation, which is not the case.

Talking about the budgetary provision of Rs 6000 each for marginal farmers, Jaitley said it is an additional support to the agriculturists.

Reacting to the Opposition mocking the amount as being meagre, he said they should stop shedding “crocodile tears for the farmers”.

Noting that the provision will involve annual outlay of Rs 75,000 crore, the senior minister said this allocation is for the first year which can increase in the future.

Jaitley emphasised that loan waivers are not a solution to the farmers’ woes but acknowledged that India’s farm sector still needs support.

Attacking the Congress, Jaitley questioned what the UPA government had done during its 10-year rule."What did the UPA do in 10 years of power- a onetime loan waiver of 70,000 crores. Only 52,ooo crores were waived.&nbsp;

And the CAG report was that, out of the 52,ooo crores a significant part went to the traders and businessmen and not to the farmers. &nbsp;So a political group or a party which came out with a national hoax of this kind has the audacity to say that a scheme like this at a pan-India level is too little, " he said."Please don’t shed crocodile tears today for the farmers.&nbsp;

The opposition also has several governments, let them announce similar schemes, I am sure the other governments within their fiscal space will also consider this and therefore you can top it off. And it is not like this is the sole prerogative or the responsibility of the Centre, we are in a cooperative federalism both Centre and state must cooperate.&nbsp;

This is a huge amount we are doing and we are now as against a onetime loan waiver of 52,000 cr which was partly eaten by traders and businessmen. This is 75,000 cr in the first year itself, I am sure it will expand in future years," he added.

Asked to comment on criticism that the interim Budget presented on Friday was aimed at wooing the voters in the upcoming Lok Sabha elections, Jaitley said, “Budgets are a part of Parliamentary democracy, so are the elections.”Citing the previous examples of populist budgets, he said in 2009 and 2014 the then Finance Ministers of UPA governments Pranab Mukherjee and P. Chidambaram had announced stimulus packages.

&nbsp;"In the 2009 interim budget, Mr. Paranab Mukherjee, not even in the interim budget, but while replying to it announced a stimulus package, where he reduced the excise duty to 2 per cent across the board, well the same argument was applicable then? In 2014 Mr. Chidambaram on a number of products including engineering products and automobiles gave a duty rebate, the same argument can be taken now?" he asked.

He also refuted allegations of any agrarian crisis in the nation and said, " I guess by saying crisis, we are overstating it. the Indian farmer is really the producer of our food, his productivity levels have immensely improved and therefore in the last few decades we have seen shortages becoming into surpluses.

&nbsp;Four years ago pulses were in shortage, he is now producing in surpluses. Now he gets hit because he is producing more and the cost goes down and therefore world over, even the US is subsidizing its farmers, the EU is subsidizing there farmers ."

"Everywhere you maintain a balance between food prices and subsidizing the framers so that the farmer gets the incentive for producing something.

I think our farm sector still needs support and I am quite sure if the Centre and the states come together, with these kinds of programs, rather than mere myopic slogans, which really will not give long term sustenance to the farmers, &nbsp;it can certainly achieve a lot more," he added.

He saw no wrong if the middle class, which is a big chunk in India, gets some help through a budgetary exercise."The kind of fiscal space that we have created enables us to help the middle class and mind you India`s middle class is being very vastly strengthened.

&nbsp;I recently went through a study; Which said in 2005, &nbsp;we had 18 % middle class, in 2015 it was 29 %, in 2025 it is projected to be 44 %," he said."So within a generation, you will see a large majority of Indians graduating into the middle class.

&nbsp;And if the UPA inflicted a 10% inflation on them, which we brought down, obviously the taxpayer also, his real value of money has declined and therefore exempting the smaller taxpayer and mind you his ability to spend more &nbsp;means a boost to the economy.

&nbsp;What given by a way of direct tax benefit also comes back by a way of indirect taxes &nbsp;because the purchasing power of the India`s middle class has improved," he added. &nbsp;(ANI)&nbsp; 
&nbsp;

Rejecting claims about high unemployment in India as “disinformation”, Union Minister Arun Jaitley on Friday said it would be “economic absurdity” to believe that jobs are not being created at a time when the country is witnessing high economic growth.

Rejecting claims about high unemployment in India as “disinformation”, Union Minister Arun Jaitley on Friday said it would be “economic absurdity” to believe that jobs are not being created at a time when the country is witnessing high economic growth. Jaitley, who could not present the interim Budget because of his indisposition, also defended the budgetary provision of Rs 6000 for each marginal farmer which has been mocked by the Opposition as a meagre amount, saying it is meant to be an “additional support” to the agriculturists. In an interview to ANI here, he underlined that the Narendra Modi government had efficiently maintained the fiscal discipline as the fiscal deficit and Current Account Deficit (CAD) have been contained and inflation has been reduced drastically while GDP kept growing. "Our fiscal deficit, we inherited about, 4.5-4.6 per cent, which is now down to 3.4 %, we had targeted 3.3 % but because of the last minute adjustments in the farm sector, we had to make 0.1 % compromise," he said. He was asked about the ‘leaked report’ of the National Sample Survey Office (NSSO) which said there was unprecedented unemployment in the country, “I don’t think it is a report. It is a draft which has not been approved,” he replied. Jaitley, the Finance Minister since 2014 whose charge has been temporarily given to Piyush Goyal, said it would be “economic absurdity to say that there are no jobs” when the country is witnessing high economic growth rate.“I completely refute (claims about joblessness),” he said. While terming the contention as “disinformation”.He said if there was such acute joblessness as projected, there would have been agitation, which is not the case. Talking about the budgetary provision of Rs 6000 each for marginal farmers, Jaitley said it is an additional support to the agriculturists. Reacting to the Opposition mocking the amount as being meagre, he said they should stop shedding “crocodile tears for the farmers”. Noting that the provision will involve annual outlay of Rs 75,000 crore, the senior minister said this allocation is for the first year which can increase in the future. Jaitley emphasised that loan waivers are not a solution to the farmers’ woes but acknowledged that India’s farm sector still needs support. Attacking the Congress, Jaitley questioned what the UPA government had done during its 10-year rule."What did the UPA do in 10 years of power- a onetime loan waiver of 70,000 crores. Only 52,ooo crores were waived. And the CAG report was that, out of the 52,ooo crores a significant part went to the traders and businessmen and not to the farmers. So a political group or a party which came out with a national hoax of this kind has the audacity to say that a scheme like this at a pan-India level is too little, " he said."Please don’t shed crocodile tears today for the farmers. The opposition also has several governments, let them announce similar schemes, I am sure the other governments within their fiscal space will also consider this and therefore you can top it off. And it is not like this is the sole prerogative or the responsibility of the Centre, we are in a cooperative federalism both Centre and state must cooperate. This is a huge amount we are doing and we are now as against a onetime loan waiver of 52,000 cr which was partly eaten by traders and businessmen. This is 75,000 cr in the first year itself, I am sure it will expand in future years," he added. Asked to comment on criticism that the interim Budget presented on Friday was aimed at wooing the voters in the upcoming Lok Sabha elections, Jaitley said, “Budgets are a part of Parliamentary democracy, so are the elections.”Citing the previous examples of populist budgets, he said in 2009 and 2014 the then Finance Ministers of UPA governments Pranab Mukherjee and P. Chidambaram had announced stimulus packages. "In the 2009 interim budget, Mr. Paranab Mukherjee, not even in the interim budget, but while replying to it announced a stimulus package, where he reduced the excise duty to 2 per cent across the board, well the same argument was applicable then? In 2014 Mr. Chidambaram on a number of products including engineering products and automobiles gave a duty rebate, the same argument can be taken now?" he asked. He also refuted allegations of any agrarian crisis in the nation and said, " I guess by saying crisis, we are overstating it. the Indian farmer is really the producer of our food, his productivity levels have immensely improved and therefore in the last few decades we have seen shortages becoming into surpluses. Four years ago pulses were in shortage, he is now producing in surpluses. Now he gets hit because he is producing more and the cost goes down and therefore world over, even the US is subsidizing its farmers, the EU is subsidizing there farmers ." "Everywhere you maintain a balance between food prices and subsidizing the framers so that the farmer gets the incentive for producing something. I think our farm sector still needs support and I am quite sure if the Centre and the states come together, with these kinds of programs, rather than mere myopic slogans, which really will not give long term sustenance to the farmers, it can certainly achieve a lot more," he added. He saw no wrong if the middle class, which is a big chunk in India, gets some help through a budgetary exercise."The kind of fiscal space that we have created enables us to help the middle class and mind you India`s middle class is being very vastly strengthened. I recently went through a study; Which said in 2005, we had 18 % middle class, in 2015 it was 29 %, in 2025 it is projected to be 44 %," he said."So within a generation, you will see a large majority of Indians graduating into the middle class. And if the UPA inflicted a 10% inflation on them, which we brought down, obviously the taxpayer also, his real value of money has declined and therefore exempting the smaller taxpayer and mind you his ability to spend more means a boost to the economy. What given by a way of direct tax benefit also comes back by a way of indirect taxes because the purchasing power of the India`s middle class has improved," he added. (ANI)

Claims on joblessness economic absurdity: Arun Jaitley

I thought landing in Istanbul would be an experience. It turned out to be a banal exercise. Routine and well-practised.&nbsp;

I reached my hotel quickly. A hotel belonging to the same chain exists in NOIDA too.&nbsp;

In Turkey, a narrow strip of water — the Bosphorus Strait — divides Asia from Europe.&nbsp;

I was amused to find later that the two sides also reflects the cultural differences between the two sides. As my guide confessed to me, alcohol is served more widely on the European side. (I had packed a bottle to be on the safe side but fortunately, my hotel was on the European side.)&nbsp;

The Asian side seemed older and traditional, the European more cosmopolitan.&nbsp;

 
A vague idea of India

Istanbul has a vague idea of India.&nbsp;

At a posh eatery near the waterfront, I met a man at lunch who spoke about the late filmmaker Raj Kapoor, and the bane of Hindi cinema.&nbsp;

When I enquired about the "bane", he said "length".&nbsp;

"Either you are a Pakistani or an Indian,” he said as we started to chat.&nbsp;

I wasn’t pleased. But the conversation quickly veered to vegetarian food, a big concern for my wife.&nbsp;

On the one hand, I savoured the moment of being identified as Indian while on the other, I was miffed for being clubbed with the Pakistanis. But then these are the small and beautiful mercies of globalisation, when it becomes difficult for the other to treat you like an alien.&nbsp;

 
'Dikkat', which means 'difficulty' or 'to stop' 
 
The word "dikkat", which means "difficulty" in Hindi and Urdu, means "to stop" in Turkish.&nbsp;

The word was not alien to me. I understood what it meant. It was in front of a kebab shop and I didn’t feel too "nationalistic" about ownership of it.&nbsp;

Deep down, I knew that like chocolate, potato, biryani and many other things, this too came from faraway lands but we made them our own by spicing them up.&nbsp;

We bettered them.&nbsp;

<img alt="istanbul3.jpg" data-entity-type="" data-entity-uuid="" height="430" src="http://images.wionews.com/iniline-images/istanbul3.jpg" width="770" />

<img alt="istanbul2.jpg" data-entity-type="" data-entity-uuid="" height="430" src="http://images.wionews.com/iniline-images/istanbul2.jpg" width="770" />

<img alt="istanbul4.jpg" data-entity-type="" data-entity-uuid="" height="430" src="http://images.wionews.com/iniline-images/istanbul4.jpg" width="770" />

 
Who are we, and how did we become this way?&nbsp; 
The news on TV was filled with talk about Syrian immigrants, the Iran deal and oil. Some of it was inward-looking.&nbsp;

With liberalism in retreat throughout the world, "strong" leaders have emerged through the ballot box who are now asserting their economic and cultural nationalism. Turkey is one example. &nbsp; 
&nbsp; 
Similar debates pepper the popular media in India.&nbsp;

Most of the debates are about who we are without understanding how we became this way because of constant interaction with the world. We are becoming insular. Inward looking.&nbsp;

A case in point is whether India became modern under the Marathas or the Mughals? Absolutely not. Would we have been richer without cultural interaction or poorer? Obviously poorer. 
&nbsp; 
Turkey stands at the confluence of two continents. Did it become poorer by cultural intercourse or richer? Absorbing all those influences made them prosperou.&nbsp;

Though their transition to modernity was preceded by the collapse of the Ottomon empire, a nation with a wider worldview was already shaping up under Ataturk.

Today, debate in India is only about who we are.&nbsp;

Who are we? What makes us a nation? Is it culture or constitution?&nbsp;

The debate continues.&nbsp;

The debate is polarising and insular.&nbsp;

Despite nations being the most workable system, they are not cast in stone. They can wither away. 
&nbsp;

Indebted to globalisation

So, to not be treated as an alien in Istanbul, I truly felt indebted to globalisation. 
&nbsp; 
Today, globalisation is a maligned word. In this world of economic and cultural nationalism, it was good to be culturally acknowledged and accepted as different.&nbsp;

With all due respect, Istanbul's Spice Market looked like an upgraded version of Palika Bazar but the fact that 10 percent of the shopkeepers there knew Hindi was good enough for me.

In an ever-changing world, we are becoming more and more culturally insular. Our quest is not to discover the other but to find sameness in a faraway land. &nbsp;&nbsp; 
&nbsp; 
At a time like this, if India turns insular, then it should not aspire to be a world leader.&nbsp;

More initiatives were taken under a Nehru when India’s economy counted for nothing on the world stage. 
&nbsp; 
The question to be debated is whether political and cultural insularity will help India?&nbsp;

Doesn’t this country need to be intellectually connected with wider world issues, rather than worrying about who we are, who we&nbsp;were and what are the purest elements of the Indian identity.

In Turkey, a narrow strip of water — the Bosphorus Strait — divides Asia from Europe. Cultural differences show up on either side

I thought landing in Istanbul would be an experience. It turned out to be a banal exercise. Routine and well-practised. I reached my hotel quickly. A hotel belonging to the same chain exists in NOIDA too. In Turkey, a narrow strip of water — the Bosphorus Strait — divides Asia from Europe. I was amused to find later that the two sides also reflects the cultural differences between the two sides. As my guide confessed to me, alcohol is served more widely on the European side. (I had packed a bottle to be on the safe side but fortunately, my hotel was on the European side.) The Asian side seemed older and traditional, the European more cosmopolitan. A vague idea of India Istanbul has a vague idea of India. At a posh eatery near the waterfront, I met a man at lunch who spoke about the late filmmaker Raj Kapoor, and the bane of Hindi cinema. When I enquired about the "bane", he said "length". "Either you are a Pakistani or an Indian,” he said as we started to chat. I wasn’t pleased. But the conversation quickly veered to vegetarian food, a big concern for my wife. On the one hand, I savoured the moment of being identified as Indian while on the other, I was miffed for being clubbed with the Pakistanis. But then these are the small and beautiful mercies of globalisation, when it becomes difficult for the other to treat you like an alien. 'Dikkat', which means 'difficulty' or 'to stop' The word "dikkat", which means "difficulty" in Hindi and Urdu, means "to stop" in Turkish. The word was not alien to me. I understood what it meant. It was in front of a kebab shop and I didn’t feel too "nationalistic" about ownership of it. Deep down, I knew that like chocolate, potato, biryani and many other things, this too came from faraway lands but we made them our own by spicing them up. We bettered them. Who are we, and how did we become this way? The news on TV was filled with talk about Syrian immigrants, the Iran deal and oil. Some of it was inward-looking. With liberalism in retreat throughout the world, "strong" leaders have emerged through the ballot box who are now asserting their economic and cultural nationalism. Turkey is one example. Similar debates pepper the popular media in India. Most of the debates are about who we are without understanding how we became this way because of constant interaction with the world. We are becoming insular. Inward looking. A case in point is whether India became modern under the Marathas or the Mughals? Absolutely not. Would we have been richer without cultural interaction or poorer? Obviously poorer. Turkey stands at the confluence of two continents. Did it become poorer by cultural intercourse or richer? Absorbing all those influences made them prosperou. Though their transition to modernity was preceded by the collapse of the Ottomon empire, a nation with a wider worldview was already shaping up under Ataturk. Today, debate in India is only about who we are. Who are we? What makes us a nation? Is it culture or constitution? The debate continues. The debate is polarising and insular. Despite nations being the most workable system, they are not cast in stone. They can wither away. Indebted to globalisation So, to not be treated as an alien in Istanbul, I truly felt indebted to globalisation. Today, globalisation is a maligned word. In this world of economic and cultural nationalism, it was good to be culturally acknowledged and accepted as different. With all due respect, Istanbul's Spice Market looked like an upgraded version of Palika Bazar but the fact that 10 percent of the shopkeepers there knew Hindi was good enough for me. In an ever-changing world, we are becoming more and more culturally insular. Our quest is not to discover the other but to find sameness in a faraway land. At a time like this, if India turns insular, then it should not aspire to be a world leader. More initiatives were taken under a Nehru when India’s economy counted for nothing on the world stage. The question to be debated is whether political and cultural insularity will help India? Doesn’t this country need to be intellectually connected with wider world issues, rather than worrying about who we are, who we were and what are the purest elements of the Indian identity.

Istanbul diary: Small mercies of globalisation

India has won an election to a crucial non-governmental organisation committee in the UN after garnering the highest number of votes besides getting elected by acclamation to other subsidiary bodies in five separate polls.

India had an election within the Asia-Pacific group only for the Non-Governmental Organisations (NGO) Committee in which it got the highest number of votes - at 46 - followed by Pakistan at 43 and Chine got 39. &nbspThe Council elected by acclamation 11 other nations to serve the same four-year term.

India was elected by acclamation in all the six elections by the entire ECOSOC, which comprises all the 193 members of the UN.

The ECOSOC focusses on advancing the three dimensions of sustainable development economic, social and environmental.

Following the elections, India's Permanent Representative to the UN Ambassador Syed Akbaruddin told PTI that the "results reflect, yet again, the broad support and many friends India has amongst UN members".

The Council elected India and Kuwait (Asia-Pacific States) by acclamation to the Commission for Social Development, filling outstanding seats for a four-year term beginning on the date of election.

The Commission's purpose was to advise ECOSOC on social policies of a general character and, in particular, on all matters in the social field not covered by the specialised inter-governmental agencies.

India was among the 17 members elected by acclamation to the Commission on Crime Prevention and Criminal Justice. India will start immediately on the Commission on Population and Development and its term will end in September 2021.

India will serve a four-year term starting immediately on the Commission for Social Development.

On the Commission on Crime Prevention and Criminal Justice, India will serve a three-year term starting January 2019.

The Commission acts as the principal policymaking body of the UN in the field of crime prevention and criminal justice. Its mandate includes improving international action to combat national and transnational crime and the efficiency and fairness of criminal justice administration sytems.

India was among 14 nations elected by acclamation by the Council to the Executive Board of the United Nations Development Programme (UNDP), United Nations Population Fund (UNFPA), United Nations Office for Project Services (UNOPS).

For the Executive Board of the United Nations Entity for Gender Equality and the Empowerment of Women (UN-Women), the Council elected by acclamation 16 members, including India, for a three-year term beginning January 2019.

 
&nbsp

India was elected by acclamation in all the six elections by the entire Ecosoc, which comprises all the 193 members of the UN

India has won an election to a crucial non-governmental organisation committee in the UN after garnering the highest number of votes besides getting elected by acclamation to other subsidiary bodies in five separate polls. India had an election within the Asia-Pacific group only for the Non-Governmental Organisations (NGO) Committee in which it got the highest number of votes - at 46 - followed by Pakistan at 43 and Chine got 39. &nbspThe Council elected by acclamation 11 other nations to serve the same four-year term. India was elected by acclamation in all the six elections by the entire ECOSOC, which comprises all the 193 members of the UN. The ECOSOC focusses on advancing the three dimensions of sustainable development economic, social and environmental. Following the elections, India's Permanent Representative to the UN Ambassador Syed Akbaruddin told PTI that the "results reflect, yet again, the broad support and many friends India has amongst UN members". The Council elected India and Kuwait (Asia-Pacific States) by acclamation to the Commission for Social Development, filling outstanding seats for a four-year term beginning on the date of election. The Commission's purpose was to advise ECOSOC on social policies of a general character and, in particular, on all matters in the social field not covered by the specialised inter-governmental agencies. India was among the 17 members elected by acclamation to the Commission on Crime Prevention and Criminal Justice. India will start immediately on the Commission on Population and Development and its term will end in September 2021. India will serve a four-year term starting immediately on the Commission for Social Development. On the Commission on Crime Prevention and Criminal Justice, India will serve a three-year term starting January 2019. The Commission acts as the principal policymaking body of the UN in the field of crime prevention and criminal justice. Its mandate includes improving international action to combat national and transnational crime and the efficiency and fairness of criminal justice administration sytems. India was among 14 nations elected by acclamation by the Council to the Executive Board of the United Nations Development Programme (UNDP), United Nations Population Fund (UNFPA), United Nations Office for Project Services (UNOPS). For the Executive Board of the United Nations Entity for Gender Equality and the Empowerment of Women (UN-Women), the Council elected by acclamation 16 members, including India, for a three-year term beginning January 2019.

India wins elections to key UN subsidiary bodies

The Rohingya crisis has put Bangladesh in the most difficult of positions. The international community has extended solidarity to Bangladesh but beyond that, there has been little financial assistance with when it comes rehabilitating the very large population - 1,000,000 - of Rohingya currently taking refuge in Bangladesh.&nbsp;

Nor has Myanmar been held accountable for its actions.&nbsp;

Until the apartheid in Myanmar is dismantled and the country's government held accountable for the atrocities that have been committed, repatriation of the Rohingya will not be sustainable. WION's Bangladesh bureau chief Saad Hammadi speaks to Dr Gowher Rizvi, international affairs advisor to Bangladeshi Prime Minister Sheikh Hasina.

WION: Dr Rizvi, thank you for speaking to WION. I would first like to ask you how you feel about the response from the international community?

Gowher Rizvi: At one level the response of the international community has been most heartening. In a sense there is hardly a country in the world which has not condemned Myanmar and has not supported and appreciated the gesture of Bangladesh in taking in about a million Myanmar refugees into the country. To that extent we are really pleased. However, just verbal support is not enough. We know that Myanmar is stubborn. It has no intention of moving away from its position. The only way to be moved is when pressure is brought on. Myanmar is playing a very skilful game. Whenever there is some discussion in the United Nations, whenever there is a possibility that this will be raised in some international forum, some movement takes place but the real test is the repatriation of the refugees back to Myanmar. No progress has been made there. Unfortunately, the international community has not taken sterner measures without which nothing seems to happen.

WION: With regard to the geopolitics in this area, Bangladesh's closest allies are India and China. How do you feel about their responses?

Gowher Rizvi: We have been in conversation both with China and India. We are really satisfied and happy with their responses. One thing which is very important to realise is that every country has multiple interests, multiple priorities. For India or China, Rohingya issue or Bangladesh or Myanmar cannot be the only issue. They have to balance many of their other interests. Secondly, we know we have excellent relationship with India and with China. We do not want to put India or China in a position where we say you are with us or against us. That is not how diplomacy is played out. They have offered their help, they are using their influence, they are bringing subtle pressures and we are working hand in hand. I believe both of them are working in the right direction, although as I said, we are now reaching a point where we have to perhaps move beyond closed room diplomacy to some real hard international actions.

WION: You have referred to more pressure being exerted on Myanmar to create the conditions for the repatriation to take place. What do you feel should be the immediate actions?

Gowher Rizvi: For first, Myanmar must accept international observers, must accept international humanitarian organisations, the UN agency, International Committee for Red Cross, International Organisation for Migration, who will be there on the ground to monitor the situation, to make sure that the environment is safe and free for the Rohingyas to return. Unless that happens, no refugee will willingly go back to face the same brutality, massacre, genocide that they escaped from in August and September.

WION: Very recently, you have also mentioned sanctions. Will you tell us more about what you meant?

Gowher Rizvi: It is very obvious. We know that there was a sanction against Myanmar to bring its hardline military rulers to behave and those sanctions were lifted as a response to the state counsellor Daw Aung San Suu Kyi in the hope that there would be democracy, there would be opening of the Myanmar society and Myanmar would behave as a responsible member of the international community. Sadly, Myanmar took all the concessions but has not moved. The military still controls, the elected leaders wield very little power. In these circumstances our expectation that the removal of sanctions will enable democracy to flourish has not happened and as a matter of fact it has encouraged the military to launch this campaign of genocide, ethnic cleansing, the worst of its kind that we can remember. It is now time for countries to reconsider posing economic sanctions, military sanctions, travel restrictions, stopping foreign investment, denying access of market to Myanmar products. When these things happen, the military in Myanmar will come to senses. Until then I fear these will be all empty talks. Myanmar knows that after a while the global attention will shift somewhere else. Please remember, this is a very well designed, carefully planned genocide to push an entire ethnic group out of the country and we need to be very careful and remember that. I also believe we need to document all the egregious human rights violations that are taking place, the genocide that has taken place. At some point, I hope these human rights organisations, Human Rights Watch and so forth, will take these to the International Criminal Court of Justice.&nbsp;

WION: Clearly that would be the real test of humanity for the international community. While the Rohingya community have moved here to Bangladesh, in the southern Cox's Bazar, the monsoon is also approaching. A landslide could take place, how challenging will it be to avoid a catastrophe?

Gowher Rizvi: As you can see, Bangladesh is a very small country, extremely congested, by far the most densely populated country in the world. Despite that we have taken in a million people and opened up whatever we have, whatever little land that was available. We have housed them, we are feeding them, we are providing healthcare and we are providing security. Bangladesh is doing and will continue to do everything within its power. There is indeed the danger of mudslide because the terrain is such that there is going to be a mudslide. That is why we are also trying to make an alternative arrangement in a neighbouring island so that those who are most vulnerable can be safely evacuated there and in conditions which are habitable, which are up to the standards, meets the necessities of the refugees. We are doing everything we can. I think the international community, rather than focusing on Bangladesh and what more can Bangladesh do, should be looking into Myanmar. Bangladesh did not create this problem. The problem was created by Myanmar. The solution lies in Myanmar. Therefore, we should be looking there. As far as our prime minister is concerned, she has really done a very humane thing, a courageous thing to take them in. She has promised that she wants them to voluntarily go back. We are not pushing them. We have upheld the highest level of international and humanitarian law. And we will continue to do. I do believe the focus needs to be on Myanmar where the problem is.

I think we have to also be aware of the larger issues. What we are seeing today is a dictatorial, tyrannical regime ousting an entire ethnic community from the soils of Myanmar and if the global community accepts this, then I fear there will be upheaval in many corners. There are minorities in every country. Minorities in every country will come under threat. We need to be very mindful of that and we should not allow any country to get away with it. There is another thing that we need to be thinking about. This camp of a million people is a potential for recruitment of extremists. We are protecting it, we are making sure no such thing happens. But over years, as we have seen in other camps, this becomes a breeding ground for terrorists. If that happens, our entire region, Bangladesh, India, Myanmar, Thailand, none of us will be safe. The stakes are really high and we must move as fast as possible to make sure the root cause is eliminated.&nbsp;

Watch the full interview below:&nbsp;

<iframe allow="autoplay; encrypted-media" allowfullscreen="" frameborder="0" height="315" src="https://www.youtube.com/embed/hqhPmIu3gtc" width="560"></iframe>

Gowher Rizvi, international affairs adviser to Bangladesh PM Sheikh Hasina, spoke to WION's Bangladesh bureau chief Saad Hammadi

The Rohingya crisis has put Bangladesh in the most difficult of positions. The international community has extended solidarity to Bangladesh but beyond that, there has been little financial assistance with when it comes rehabilitating the very large population - 1,000,000 - of Rohingya currently taking refuge in Bangladesh. Nor has Myanmar been held accountable for its actions. Until the apartheid in Myanmar is dismantled and the country's government held accountable for the atrocities that have been committed, repatriation of the Rohingya will not be sustainable. WION's Bangladesh bureau chief Saad Hammadi speaks to Dr Gowher Rizvi, international affairs advisor to Bangladeshi Prime Minister Sheikh Hasina. WION: Dr Rizvi, thank you for speaking to WION. I would first like to ask you how you feel about the response from the international community? Gowher Rizvi: At one level the response of the international community has been most heartening. In a sense there is hardly a country in the world which has not condemned Myanmar and has not supported and appreciated the gesture of Bangladesh in taking in about a million Myanmar refugees into the country. To that extent we are really pleased. However, just verbal support is not enough. We know that Myanmar is stubborn. It has no intention of moving away from its position. The only way to be moved is when pressure is brought on. Myanmar is playing a very skilful game. Whenever there is some discussion in the United Nations, whenever there is a possibility that this will be raised in some international forum, some movement takes place but the real test is the repatriation of the refugees back to Myanmar. No progress has been made there. Unfortunately, the international community has not taken sterner measures without which nothing seems to happen. WION: With regard to the geopolitics in this area, Bangladesh's closest allies are India and China. How do you feel about their responses? Gowher Rizvi: We have been in conversation both with China and India. We are really satisfied and happy with their responses. One thing which is very important to realise is that every country has multiple interests, multiple priorities. For India or China, Rohingya issue or Bangladesh or Myanmar cannot be the only issue. They have to balance many of their other interests. Secondly, we know we have excellent relationship with India and with China. We do not want to put India or China in a position where we say you are with us or against us. That is not how diplomacy is played out. They have offered their help, they are using their influence, they are bringing subtle pressures and we are working hand in hand. I believe both of them are working in the right direction, although as I said, we are now reaching a point where we have to perhaps move beyond closed room diplomacy to some real hard international actions. WION: You have referred to more pressure being exerted on Myanmar to create the conditions for the repatriation to take place. What do you feel should be the immediate actions? Gowher Rizvi: For first, Myanmar must accept international observers, must accept international humanitarian organisations, the UN agency, International Committee for Red Cross, International Organisation for Migration, who will be there on the ground to monitor the situation, to make sure that the environment is safe and free for the Rohingyas to return. Unless that happens, no refugee will willingly go back to face the same brutality, massacre, genocide that they escaped from in August and September. WION: Very recently, you have also mentioned sanctions. Will you tell us more about what you meant? Gowher Rizvi: It is very obvious. We know that there was a sanction against Myanmar to bring its hardline military rulers to behave and those sanctions were lifted as a response to the state counsellor Daw Aung San Suu Kyi in the hope that there would be democracy, there would be opening of the Myanmar society and Myanmar would behave as a responsible member of the international community. Sadly, Myanmar took all the concessions but has not moved. The military still controls, the elected leaders wield very little power. In these circumstances our expectation that the removal of sanctions will enable democracy to flourish has not happened and as a matter of fact it has encouraged the military to launch this campaign of genocide, ethnic cleansing, the worst of its kind that we can remember. It is now time for countries to reconsider posing economic sanctions, military sanctions, travel restrictions, stopping foreign investment, denying access of market to Myanmar products. When these things happen, the military in Myanmar will come to senses. Until then I fear these will be all empty talks. Myanmar knows that after a while the global attention will shift somewhere else. Please remember, this is a very well designed, carefully planned genocide to push an entire ethnic group out of the country and we need to be very careful and remember that. I also believe we need to document all the egregious human rights violations that are taking place, the genocide that has taken place. At some point, I hope these human rights organisations, Human Rights Watch and so forth, will take these to the International Criminal Court of Justice. WION: Clearly that would be the real test of humanity for the international community. While the Rohingya community have moved here to Bangladesh, in the southern Cox's Bazar, the monsoon is also approaching. A landslide could take place, how challenging will it be to avoid a catastrophe? Gowher Rizvi: As you can see, Bangladesh is a very small country, extremely congested, by far the most densely populated country in the world. Despite that we have taken in a million people and opened up whatever we have, whatever little land that was available. We have housed them, we are feeding them, we are providing healthcare and we are providing security. Bangladesh is doing and will continue to do everything within its power. There is indeed the danger of mudslide because the terrain is such that there is going to be a mudslide. That is why we are also trying to make an alternative arrangement in a neighbouring island so that those who are most vulnerable can be safely evacuated there and in conditions which are habitable, which are up to the standards, meets the necessities of the refugees. We are doing everything we can. I think the international community, rather than focusing on Bangladesh and what more can Bangladesh do, should be looking into Myanmar. Bangladesh did not create this problem. The problem was created by Myanmar. The solution lies in Myanmar. Therefore, we should be looking there. As far as our prime minister is concerned, she has really done a very humane thing, a courageous thing to take them in. She has promised that she wants them to voluntarily go back. We are not pushing them. We have upheld the highest level of international and humanitarian law. And we will continue to do. I do believe the focus needs to be on Myanmar where the problem is. I think we have to also be aware of the larger issues. What we are seeing today is a dictatorial, tyrannical regime ousting an entire ethnic community from the soils of Myanmar and if the global community accepts this, then I fear there will be upheaval in many corners. There are minorities in every country. Minorities in every country will come under threat. We need to be very mindful of that and we should not allow any country to get away with it. There is another thing that we need to be thinking about. This camp of a million people is a potential for recruitment of extremists. We are protecting it, we are making sure no such thing happens. But over years, as we have seen in other camps, this becomes a breeding ground for terrorists. If that happens, our entire region, Bangladesh, India, Myanmar, Thailand, none of us will be safe. The stakes are really high and we must move as fast as possible to make sure the root cause is eliminated. Watch the full interview below:

Rohingya crisis: Impose sanctions, cut off investment, then Myanmar Army will come to its senses, says adviser to Bangladesh PM 

The world is at risk of getting caught in a low-growth trap, dimming the hopes of future generations, unless governments step up spending quickly, the Organisation for Economic Cooperation and Development (OECD) said Wednesday. 
 
Moderate recovery since the global economic crisis in 2008 &quot;has precipitated a self-fulfilling low-growth trap&quot;, said Catherine Mann, the chief economist at the Organisation for Economic Cooperation and Development.&nbsp; 
 
&quot;Without comprehensive, coherent and collective action, disappointing and sluggish growth will persist, making it increasingly difficult to make good on promises to current and future generations,&quot; she added in an introduction to the OECD`s twice-yearly economic outlook. 
 
The OECD chopped its forecast for global growth this year to 3.0 percent, down from the 3.6 percent it forecast in October. For 2017 it now sees 3.3 percent growth. 
 
The dismal economic recovery has created forces that are now working to perpetuate slow growth, the OECD believes. 
 
In particular, businesses have little incentive to invest given moderate demand, while muted wage gains, unemployment and income inequality have held back consumption. Meanwhile, uncertainty also puts the brakes on spending. After years during which international economic instutions urged governments to practice austerity, Mann said that now &quot;fiscal policy must be deployed more extensively&quot;. 
 
&quot;almost all countries have room to reallocate spending and taxation towards items that offer more support to growth&quot; like investments in infrastucture as well as education, The OECD said. 
 
While central banks have been supporting the global recovery with ultra-low interest rates and stimulus measures, the OECD said &quot;it is clear that reliance on monetary policy alone has failed to deliver satisfactory growth and inflation.&quot; 
 
Moreover today`s low interest rates also provide an opportunity for governments to step up investment. 
 
Mann said the need for governments to shift up spending is urgent. 
 
&quot;The longer the global economy remains in the low-growth trap, the more difficult it will be to break the negative feedback loops, revive market forces, and boost economies to the high-growth path,&quot; she said. 
 
She warned that as things stand negative shocks &quot;could tip the world back into another deep downturn&quot; while geopolitical risks to the global economy are on the rise.The OECD sees the potential exit of Britain from the European Union following a referendum vote later this month as one major risk.&nbsp; 
 
If voters chose to leave, hits to trade, investment and spending would likely see the British economy grow by 3 percentage points less in the next four years than if voters choose to stay, according to the OECD. 
 
Already, uncertainty surrounding a possible Brexit &quot;has led to a significant slowdown in economic activity&quot;, although if voters choose to stay the OECD says it expects growth to pick up in the second half of this year.&nbsp; 
 
If Britain votes to remain in the EU in the referendum, which according to polls is a close call, growth will come in at 1.75 percent this year, the OECD expects. 
 
World markets went into a panic at the beginning of this year over the prospect of a sharp slowdown in China, which has been the source of most of global growth in recent years, but the OECD now sees growth moderating gradually thanks to recent government fiscal policy measures to support the economy. 
 
It forecasts China`s growth rate will slip to 6.5 percent this year, and then 6.2 percent in 2017. 
 
China`s economy grew by 6.9 percent last year. 
 
The strong dollar is expected to slow growth in the United States to 1.8 percent this year, from 2.4 percent last year. 
Meanwhile, the eurozone is seen as marking time at 1.6 percent growth. 
 
Japan should get a marginal boost, with growth of 0.7 percent this year, but then stumble to a mere 0.4 percent expansion in 2017.

Organisation for Economic Cooperation and Development pushes governments to spend more.

The world is at risk of getting caught in a low-growth trap, dimming the hopes of future generations, unless governments step up spending quickly, the Organisation for Economic Cooperation and Development (OECD) said Wednesday. Moderate recovery since the global economic crisis in 2008 "has precipitated a self-fulfilling low-growth trap", said Catherine Mann, the chief economist at the Organisation for Economic Cooperation and Development. "Without comprehensive, coherent and collective action, disappointing and sluggish growth will persist, making it increasingly difficult to make good on promises to current and future generations," she added in an introduction to the OECD`s twice-yearly economic outlook. The OECD chopped its forecast for global growth this year to 3.0 percent, down from the 3.6 percent it forecast in October. For 2017 it now sees 3.3 percent growth. The dismal economic recovery has created forces that are now working to perpetuate slow growth, the OECD believes. In particular, businesses have little incentive to invest given moderate demand, while muted wage gains, unemployment and income inequality have held back consumption. Meanwhile, uncertainty also puts the brakes on spending. After years during which international economic instutions urged governments to practice austerity, Mann said that now "fiscal policy must be deployed more extensively". "almost all countries have room to reallocate spending and taxation towards items that offer more support to growth" like investments in infrastucture as well as education, The OECD said. While central banks have been supporting the global recovery with ultra-low interest rates and stimulus measures, the OECD said "it is clear that reliance on monetary policy alone has failed to deliver satisfactory growth and inflation." Moreover today`s low interest rates also provide an opportunity for governments to step up investment. Mann said the need for governments to shift up spending is urgent. "The longer the global economy remains in the low-growth trap, the more difficult it will be to break the negative feedback loops, revive market forces, and boost economies to the high-growth path," she said. She warned that as things stand negative shocks "could tip the world back into another deep downturn" while geopolitical risks to the global economy are on the rise.The OECD sees the potential exit of Britain from the European Union following a referendum vote later this month as one major risk. If voters chose to leave, hits to trade, investment and spending would likely see the British economy grow by 3 percentage points less in the next four years than if voters choose to stay, according to the OECD. Already, uncertainty surrounding a possible Brexit "has led to a significant slowdown in economic activity", although if voters choose to stay the OECD says it expects growth to pick up in the second half of this year. If Britain votes to remain in the EU in the referendum, which according to polls is a close call, growth will come in at 1.75 percent this year, the OECD expects. World markets went into a panic at the beginning of this year over the prospect of a sharp slowdown in China, which has been the source of most of global growth in recent years, but the OECD now sees growth moderating gradually thanks to recent government fiscal policy measures to support the economy. It forecasts China`s growth rate will slip to 6.5 percent this year, and then 6.2 percent in 2017. China`s economy grew by 6.9 percent last year. The strong dollar is expected to slow growth in the United States to 1.8 percent this year, from 2.4 percent last year. Meanwhile, the eurozone is seen as marking time at 1.6 percent growth. Japan should get a marginal boost, with growth of 0.7 percent this year, but then stumble to a mere 0.4 percent expansion in 2017.

Spend for growth, OECD urges governments

<blockquote class="twitter-tweet" data-lang="en">
One in three Americans will suffer type 2 diabetes by 2050. These superfoods can save us <a href="https://t.co/S3aVNdDsUw">https://t.co/S3aVNdDsUw</a>
&mdash; Salon.com (@Salon) <a href="https://twitter.com/Salon/status/736464526636371968">May 28, 2016</a></blockquote>

<script async src="~/platform.twitter.com/widgets.js" charset="utf-8" type="text/javascript"></script>Drugmakers are renewing efforts to develop medicines to fight emerging antibiotic-resistant bacteria, but creating new classes of drugs on the scale needed is unlikely to happen without new financial incentives to make the effort worth the investment, companies and industry experts said. 
 
 
dna &rlm;@dna 3m3 minutes ago WHO rejects call for Olympics to moved due to #ZikaVirus

American military researchers on Thursday announced the first U.S. case of a patient with an infection found to be resistant to the antibiotic colistin, the drug often held in reserve for when all else fails.

That put a spotlight on the urgent need for new medicines that can combat what health officials have called &quot;nightmare bacteria.&quot;

Drugmakers on Friday acknowledged that in the absence of a new way of compensating them, it simply does not make economic sense to pour serious resources into work on new antibiotics.

&quot;The return on investment based on the current commercial model is not really commensurate with the amount of effort you have to put into it,&quot; said David Payne, who heads GlaxoSmithKline PLC&#39;s (<a href="http://www.reuters.com/finance/stocks/overview?symbol=GSK.L">GSK.L</a>) antibiotics drug group.

Other pharmaceutical companies expressed a similar sentiment.

In January, some 80 drugmakers and diagnostics companies, including Pfizer Inc (<a href="http://www.reuters.com/finance/stocks/overview?symbol=PFE.N">PFE.N</a>), Merck &amp; Co (<a href="http://www.reuters.com/finance/stocks/overview?symbol=MRK.N">MRK.N</a>), Johnson &amp; Johnson (<a href="http://www.reuters.com/finance/stocks/overview?symbol=JNJ.N">JNJ.N</a>) and Glaxo, signed a declaration calling for cooperation among governments and companies to create incentives to revitalize research and development of new antibiotics.

It proposed a new business model in which profit would not be linked to higher sales. For example, governments and health organizations could offer lump-sum rewards for development of a successful new antibiotic. A British government panel suggested this month that drug companies be offered up to $1.5 billion for successful development of a new antibiotic.

In the United States alone, antibiotic-resistant bacteria causes 2 million serious infections and 23,000 deaths annually, according to U.S. health officials.

<div class="row">
<div class="article-blockquote">
<div class="col-sm-10 col-sm-offset-1 blockquote-content quoteshare">
<blockquote>
<h5>Drug companies can&#39;t make an economic case for investing in superbug drugs</h5>
</blockquote>
</div>

<div class="col-sm-1 blockquote-content">
<div class="share-blockquote"><a an="" case="" class="twitter popup" drugs="" economic="" for="" href="http://twitter.com/intent/tweet?text=Drug companies can" in="" investing="" make="" superbug="" t="">&nbsp;</a></div>
</div>
</div>
</div>

 
Unrestrained overuse of current antibiotics by doctors and hospitals, often when they are not needed, and widespread antibiotic use in food livestock have contributed to the evolution of antibiotic-resistant bacteria.

But in recent years, major drugmakers have poured most of their research dollars into highly profitable medicines to fight cancer, rare diseases and hepatitis C. These drugs not only command high prices, they also are typically used far longer than antibiotics.

And the companies, which have come under intense criticism in recent months for continually raising prices on popular drugs, say it costs about as much to develop a new antibiotic as it does to bring to market new cancer drugs that can command more than $100,000 a year per patient.

&quot;Drug companies can&#39;t make an economic case for investing in superbug drugs,&quot; said Erik Gordon, a professor at the University of Michigan&#39;s Ross School of Business.

Gordon said governments and foundations need to get more involved in research and funding to spearhead efforts to combat the problem.

To critics who argue that U.S. companies have enormous cash reserves that could be used to address a public health crisis, drugmakers say they have a fiduciary duty to shareholders to maximize profits.

&nbsp;

ON THE R&amp;D FRONT LINES

One reason companies are calling for alternative compensation is that aggressive sales and use of new antibiotics could help create ever more dangerous bacteria that develop resistance to the new medicines.

Glaxo and Merck are among the large pharmaceutical companies developing new antibiotics they hope can beat back resistant bugs, while Pfizer is working on vaccines aimed at reducing the need for their use.

Industry experts said small, lesser-known companies with promising approaches to tackling resistant superbugs included: Entasis Therapeutics, an AstraZeneca PLC spinoff, Tetraphase Pharmaceuticals Inc (<a href="http://www.reuters.com/finance/stocks/overview?symbol=TTPH.O">TTPH.O</a>); and Achaogen Inc (<a href="http://www.reuters.com/finance/stocks/overview?symbol=AKAO.O">AKAO.O</a>).

&quot;We believe plazomicin, our lead drug in late-stage development, has the potential to play an important role in treating this dreaded superbug,&quot; Achaogen Chief Executive Kenneth Hillan said.

Allan Coukell, an antibiotics expert at the Pew Charitable Trusts nonprofit research and policy organization, said what is needed is a wave of new drugs based on new chemistry or that work in new ways.

&quot;Most of what&#39;s being developed are variations on drugs that we&#39;ve had for decades,&quot; Coukell said.

Pew has outlined what its calls a scientific roadmap to create a body of work around new drug discovery that companies and academic researchers could draw upon to help jumpstart the process of finding new antibiotics.

Glaxo said its experimental antibiotic gepotidacin, in midstage testing, belongs to an entirely new class of antibacterials.

&quot;Based on that, we&#39;re predicting it would work against infections that could be caused by bacteria that are resistant to available antibiotics,&quot; Payne said.

Other companies with late-stage studies underway for antibiotics include: Cempra Inc (<a href="http://www.reuters.com/finance/stocks/overview?symbol=CEMP.O">CEMP.O</a>), whose drug was recently validated in a Japanese trial; Medicines Co (<a href="http://www.reuters.com/finance/stocks/overview?symbol=MDCO.O">MDCO.O</a>); and Paratek Pharmaceuticals Inc (<a href="http://www.reuters.com/finance/stocks/overview?symbol=PRTK.O">PRTK.O</a>). J&amp;J is also putting money into battling antibiotic resistance.

&quot;If there is a bright side, it is that the world policymakers and health leaders have focused on this issue like never before,&quot; Coukell said. &quot;But we&#39;ve got a long way to go.&quot;

&nbsp;

(Reporting by Bill Berkrot, Caroline Humer and Ransdell Pierson in New York and Natalie Grover and Amrutha Penumundi in Bangaluru; Editing by Eric Effron and Will Dunham)

Major drug companies seek enormous government subsidy to combat fatal bacteria they helped create

One in three Americans will suffer type 2 diabetes by 2050. These superfoods can save us https://t.co/S3aVNdDsUw — Salon.com (@Salon) May 28, 2016 Drugmakers are renewing efforts to develop medicines to fight emerging antibiotic-resistant bacteria, but creating new classes of drugs on the scale needed is unlikely to happen without new financial incentives to make the effort worth the investment, companies and industry experts said. dna ‏@dna 3m3 minutes ago WHO rejects call for Olympics to moved due to #ZikaVirus American military researchers on Thursday announced the first U.S. case of a patient with an infection found to be resistant to the antibiotic colistin, the drug often held in reserve for when all else fails. That put a spotlight on the urgent need for new medicines that can combat what health officials have called "nightmare bacteria." Drugmakers on Friday acknowledged that in the absence of a new way of compensating them, it simply does not make economic sense to pour serious resources into work on new antibiotics. "The return on investment based on the current commercial model is not really commensurate with the amount of effort you have to put into it," said David Payne, who heads GlaxoSmithKline PLC's (GSK.L) antibiotics drug group. Other pharmaceutical companies expressed a similar sentiment. In January, some 80 drugmakers and diagnostics companies, including Pfizer Inc (PFE.N), Merck & Co (MRK.N), Johnson & Johnson (JNJ.N) and Glaxo, signed a declaration calling for cooperation among governments and companies to create incentives to revitalize research and development of new antibiotics. It proposed a new business model in which profit would not be linked to higher sales. For example, governments and health organizations could offer lump-sum rewards for development of a successful new antibiotic. A British government panel suggested this month that drug companies be offered up to $1.5 billion for successful development of a new antibiotic. In the United States alone, antibiotic-resistant bacteria causes 2 million serious infections and 23,000 deaths annually, according to U.S. health officials. Drug companies can't make an economic case for investing in superbug drugs Unrestrained overuse of current antibiotics by doctors and hospitals, often when they are not needed, and widespread antibiotic use in food livestock have contributed to the evolution of antibiotic-resistant bacteria. But in recent years, major drugmakers have poured most of their research dollars into highly profitable medicines to fight cancer, rare diseases and hepatitis C. These drugs not only command high prices, they also are typically used far longer than antibiotics. And the companies, which have come under intense criticism in recent months for continually raising prices on popular drugs, say it costs about as much to develop a new antibiotic as it does to bring to market new cancer drugs that can command more than $100,000 a year per patient. "Drug companies can't make an economic case for investing in superbug drugs," said Erik Gordon, a professor at the University of Michigan's Ross School of Business. Gordon said governments and foundations need to get more involved in research and funding to spearhead efforts to combat the problem. To critics who argue that U.S. companies have enormous cash reserves that could be used to address a public health crisis, drugmakers say they have a fiduciary duty to shareholders to maximize profits. ON THE R&D FRONT LINES One reason companies are calling for alternative compensation is that aggressive sales and use of new antibiotics could help create ever more dangerous bacteria that develop resistance to the new medicines. Glaxo and Merck are among the large pharmaceutical companies developing new antibiotics they hope can beat back resistant bugs, while Pfizer is working on vaccines aimed at reducing the need for their use. Industry experts said small, lesser-known companies with promising approaches to tackling resistant superbugs included: Entasis Therapeutics, an AstraZeneca PLC spinoff, Tetraphase Pharmaceuticals Inc (TTPH.O); and Achaogen Inc (AKAO.O). "We believe plazomicin, our lead drug in late-stage development, has the potential to play an important role in treating this dreaded superbug," Achaogen Chief Executive Kenneth Hillan said. Allan Coukell, an antibiotics expert at the Pew Charitable Trusts nonprofit research and policy organization, said what is needed is a wave of new drugs based on new chemistry or that work in new ways. "Most of what's being developed are variations on drugs that we've had for decades," Coukell said. Pew has outlined what its calls a scientific roadmap to create a body of work around new drug discovery that companies and academic researchers could draw upon to help jumpstart the process of finding new antibiotics. Glaxo said its experimental antibiotic gepotidacin, in midstage testing, belongs to an entirely new class of antibacterials. "Based on that, we're predicting it would work against infections that could be caused by bacteria that are resistant to available antibiotics," Payne said. Other companies with late-stage studies underway for antibiotics include: Cempra Inc (CEMP.O), whose drug was recently validated in a Japanese trial; Medicines Co (MDCO.O); and Paratek Pharmaceuticals Inc (PRTK.O). J&J is also putting money into battling antibiotic resistance. "If there is a bright side, it is that the world policymakers and health leaders have focused on this issue like never before," Coukell said. "But we've got a long way to go." (Reporting by Bill Berkrot, Caroline Humer and Ransdell Pierson in New York and Natalie Grover and Amrutha Penumundi in Bangaluru; Editing by Eric Effron and Will Dunham)

Major drug companies claim it doesn't make economic sense to fight nightmare bacteria

economic

Economic, News on Economic, stories on Economic, articles on Economic, Economic stories at Wion, Economic news, Economic latest news