There were big revisions for the U.S. and the euro area, as well as China, which is now forecast to grow modestly, the only Group of 20 country with such a prospect.
Modi govt does not appear to recognise that international politics is spiralling towards a ‘soft war’ where all issues are linked to security and political interests.
President of European Chamber in China, Joerg Wuttke, said the recovery isn't V or W, it's looking like the top of a chainsaw — up and down and painful all the way.
The easing of lockdown restrictions in parts of Europe & US had led some to envisage a V-shaped recovery, but recent flare-up in cases argues against any swift revival.
Indicators such as electricity demand and traffic congestions point to a modest 'lift of lows', as economic recovery remains uneven in the absence of a vaccine.
Traces of habits like holding fewer meetings and less travel or working from home will endure long after the virus lockdowns ease, acting as a brake on demand.
Finance ministry says the proposed revamp will focus on structural reforms, rate rationalisation & ease of living, & will be deliberated upon in the coming weeks.
The project is meant to be a ‘protective shield that will keep expanding’, the PM said. It is on the lines of the ‘Golden Dome’ announced by Trump, it is learnt.
Now that both IAF and PAF have made formal claims of having shot down the other’s aircraft in the 87-hour war in May, we can ask a larger question: do such numbers really matter?
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