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Tag: Economic

  • Sri Lanka’s inflation drops further to 50.3% amid economic crisis

    Sri Lanka’s inflation drops further to 50.3% amid economic crisis

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    Colombo: Sri Lanka’s inflation decreased to 50.3 per cent in March from 50.6 per cent the previous month amid the ongoing economic crisis, official statistics revealed.

    The year-on-year inflation of the food group dropped to 47.6 per cent in March from 54.4 per cent in February, and inflation in the non-food group increased to 51.7 per cent from 48.8 per cent in February, reports Xinhua news agency.

    Inflation in the country has been dropping in the last few months.

    Inflation fell to 54.2 per cent in January from 57.2 per cent in December 2022.

    The country’s central bank said that inflation will be reduced to single digit by the end of the year.

    As Sri Lanka is still undergoing its worst ever economic crisis since independence in 1948, the island nation last month had finally secured a $2.9 billion bailout from the International Monetary Fund (IMF), which came as a lifeline for the island nation that has billions of dollars in loans.

    The Covid-19 pandemic, rising energy prices, populist tax cuts and inflation of more than 50 per cent has battered Sri Lanka.

    A shortage of medicines, fuel and other essentials also pushed the cost of living to record highs, triggering violent nationwide protests which overthrew the Gotabaya Rajapaksa government in 2022.

    As a result the country defaulted on its debts with international lenders last May for the first time in its history.

    (Except for the headline, the story has not been edited by Siasat staff and is published from a syndicated feed.)

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    ( With inputs from www.siasat.com )

  • Jammu and Kashmir’s Economic Growth Vibrant: CS

    Jammu and Kashmir’s Economic Growth Vibrant: CS

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    SRINAGAR: Chief Secretary, Dr Arun Kumar Mehta , Friday released the Economic Survey 2022-23 of the UT, a document presenting the elaborate picture of the economy of JK for the closing financial year.

    The document was prepared by Directorate of Economics & Statistics, Planning Development & Monitoring Department.

    Chief Secretary observed that the document is vital in gauging the progress made by the UT. He also called the document a true account of what we have achieved during the financial year.

    He said that the survey presents a fine picture of our economic trajectory which is encouraging for all of us. He remarked that the yearly economic growth of the UT is a notch higher than National average which shows that approach we have adopted during last few years is working well for the economy.

    The Survey reports that J&K is expected to grow at 8 per cent as against 7 per cent at National level during 2022-23 at Constant Prices. At Current Prices, GSDP of J&K is expected to record a growth of 15% which is at par with National level. Economy of J&K grew faster than the national average in recent years.

    It further stated the GSDP is likely to be doubled in the next five years with emphasis on service sector, industries, agriculture, horticulture and tourism. UT Revenue Performance (Tax plus Non-Tax) is expected to double during current year.

    The Survey has also applauded the time bound policies, action plans and development strategies being implemented to carry forward and sustain the positive environment and momentum of economic development. It also talks about various reforms initiated for good governance and transparency which includes, IT enabled innovations in administration like Janbhagidari, E-stamping, PaySys, BEAMS, eHRMS, e-GRAS, e-office, GST which are more secure, cheaper, efficient, time saving and reliable compared to the previous systems.

    Besides the document brings forth the unique reformative initiatives like District Good Governance Index, Aspirational Blocks Development Programme, Aspirational Panchayat Development Programme, and Aspirational Towns Programme rolled out first time in the country.

    It also discusses the prime ranking of J&K it got in different parameters of registering growth and development. Be it the Ist rank among the UTs in its e-office uptake in almost 400 offices with disposal rate of 97 %, first rank among UT’s in Renewable Energy Development, Ist rank among the UTs in registration coverage under e-SHRAM, Ist rank among the UTs in issuance of SWAMITVA Cards, 2nd rank in Nasha Mukt Abhaan, 2nd rank in performance under Azadi Ka Amrit Mahostav, 3rd rank at all India level in terms of total road length constructed under PMGSY, 4th rank in incremental progress of SDG, or 5th rank in reducing regulatory compliances burden under ease of doing business at All India Level.

    In terms of achievements it makes out that the road network is extended to all the habitations with population over 250 persons as per 2001 census, facilitating growth and development across the UT. World class National highways, expressways, tunnels, bridges, flyovers, ring roads are coming up. J&K’s Rail link is expected to be connected to All India during 2023. Airports are also being upgraded. The Urban development is also high on agenda, smart city projects are being implemented in the capital cities of the UT,the Survey presents.

    Regarding power generation capacity it says the same is likely to be doubled in 4 years and tripled in next 8 years. The response of people to the outreach programmes like My Town My Pride (MTMP) and Back to Village Four (B2V4) was also highlighted  in this report.

    In education sector the indicators have shown notable improvement as per the survey. Adoption of National Education Policy 2020 and the J&K Education Investment Policy 2020 has set in new challenging targets for J&K. Quality education with provision of skill and research has been introduced at higher education level. The youth of J&K are being motivated to attain higher levels of expertise in productive skills and sports sectors, as per the report.

    As far as the Tourism sector is concerned, it says that J&K is developing 75 new tourist destinations, 75 heritage/cultural sites, 75 sufism/religious sites & 75 adventure treks/sites attracting potential for all the four seasons in the areas of nature, adventure, pilgrimage, heritage, sports etc.  More areas of tourism like amusement, water parks, adventure (water sports, Rafting, Rock climbing, Snow parks) etc and entertainment are being explored to attract more tourists.

    Empowerment of Panchayati Raj institutions is proving game changer as per this Survey. The centrally sponsored flagship schemes like MGNREGA, PMAY, SBM(G) being implemented are rejuvenating the rural landscape of J&K. It further goes on to say that SBM(G) has brought J&K an open defecation free status by providing IHHLs to 1952 villages. Under PMAY(G) 30381 families (1.14 Lakhs cumulative) were provided financial assistance for construction of Pucca houses besides numerous water bodies were rejuvenated under AmritSarovars scheme.

    With respect to empowerment of women, the beneficiary oriented schemes are helping women in realising better lives for them and their families. UT envisions achieving Sustainable Integrated Development focusing on Connectivity, Eco-friendly Modern Infrastructure to meet people’s expectations with Transparent Governance over next 25 years. Tourism, Agriculture, Horticulture and Power clubbed with Improved Infrastructure, Connectivity, Logistics, better Health and Education facilities, Digital Governance and effective Grievance Redressal Mechanisms shall be the core areas for realizing Vision 2047, suggests the Economic Survey 2022-23.

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    #Jammu #Kashmirs #Economic #Growth #Vibrant

    ( With inputs from : kashmirlife.net )

  • Prop it up New Launch Handwork Made in India Wall Light Economic Range Wall Washer/Highlighter Wall Mounted Half Round Lights, B-22 Holder (V-4)

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  • Economic fugitives should face justice: MEA on Mehul Choksi

    Economic fugitives should face justice: MEA on Mehul Choksi

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    New Delhi: The Ministry of External Affairs on Friday reiterated that economic fugitives like Mehul Choksi should face justice.

    Speaking at a weekly media briefing, MEA spokesperson Arindam Bagchi said, “On the issue of Mehul Choksi. Look, I use the word, you know, red corner notice. Yes, let me just take the larger name. Our focus is on getting economic fugitives to face justice in India. And we will continue specific issues in today’s regarding red corner notice. Otherwise, look, I have to direct you to the concern. I think they issued a detailed press release. I really don’t have anything to add to that.”

    Notably, Interpol revoked the Red Corner list against Mehul Choksi. The removal from the Interpol database of Red Notices will make the fugitive diamantaire eligible to travel at will to any other country, apart from India where he faces multiple cases, according to government sources.

    However, the sources said the removal of the Red Corner Notice by the global police body against Choksi will have no bearing on the Punjab National Bank scam case, which is already at an advanced stage.

    Red Corner Notices are issued against fugitives and are considered as a request to law enforcement agencies across the world to locate and provisionally arrest a person pending extradition, surrender, or similar legal action.

    The 63-year-old diamantaire is wanted in India in connection with a Rs 13,000-crore fraud in the Punjab National Bank (PNB).

    Meanwhile, the Central Bureau of Investigation (CBI) on Tuesday said that it remains in active communication with Commission for Control of INTERPOL’s Files (CCF) and other bodies in INTERPOL after it removed the Red Corner Notice against Mehul Choksi.

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    #Economic #fugitives #face #justice #MEA #Mehul #Choksi

    ( With inputs from www.siasat.com )

  • Germany, Japan pledge to boost cooperation on economic security

    Germany, Japan pledge to boost cooperation on economic security

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    japan germany 77803

    Germany and Japan agreed on Saturday to strengthen cooperation on economic security in the aftermath of tensions over global supply chains and the economic impact of the war in Ukraine.

    In the first high-ministerial government consultations held between the two countries, German Chancellor Olaf Scholz reached out to Tokyo to seek to reduce Germany’s dependence on China for imports of raw materials.

    “The current challenges of our time make it clear: It is important to expand cooperation with close partners and acquire new partners. We want to reduce dependencies and increase the resilience of our economies.” the German chancellor said in a tweet.

    Scholz and Japanese Prime Minister Fumio Kishida said they believe the agreement will allow both countries to diversify value chains in order to be able to reduce economic risks.

    In a joint statement, the two countries said they will work on establishing “a legal framework for bilateral defense and security cooperation activities,” including ways to protect critical infrastructures, trade routes and to secure future supply of sustainable energy.

    Germany’s decision to prioritize consultations with Japan came after the Asian country put forward an economic security bill last year aimed at securing the uptake of technology and bolstering critical supply chains. 

    Japan is Germany’s second-largest trading partner in Asia after China, with a bilateral trade volume of €45.7 billion mainly based on the import and export of machinery, vehicles, electronics and chemical products.

    The two leaders also exchanged views on the situation in Ukraine, cooperation in the Indo-Pacific region and the G7 meeting in Hiroshima scheduled for May.



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    #Germany #Japan #pledge #boost #cooperation #economic #security
    ( With inputs from : www.politico.eu )

  • Moody’s raises India’s economic growth projections

    Moody’s raises India’s economic growth projections

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    Chennai: Global credit rating agency Moody’s Investors Service on Wednesday raised India’s economic growth projections as well as several economies like the US, Russia, Euro area, China and others.

    In all cases, strong data in the second half of 2022 created large carry-over effects for 2023, Moody’s said.

    It has projected India’s growth at 5.5 percent in 2023 and 6.5 percent for 2024.

    In the case of inflation rate, Moody’s has predicted 6.1 percent for 2023 and 5.5 percent for 2024 for India.

    According to the credit rating agency, the primary drivers of economic growth in 2023 and 2024 will be the Central banks’ decisions regarding how much to raise interest rates, for how long, and when to begin to lower them.

    Moody’s said the Central banks, having embarked on the most aggressive monetary policy tightening in decades, are now at a precarious juncture, faced with the question: Is the magnitude of rate hikes undertaken thus far adequate to quell inflation?

    While there is a sense that the end to tightening is near, it is unclear how many more rate increases would be appropriate and for how long interest rates will remain restrictive. Central banks’ decisions will evolve according to wage and inflation dynamics.

    The focus on inflation by the emerging markets, even as countries were still recovering from COVID-19, prevented second-round inflationary dynamics from taking hold, Moody’s said.

    Most of the central banks in the emerging markets are close to moving to an extended pause in rate hikes, with the focus gradually shifting to supporting growth with inflationary pressures appearing to dissipate.

    “Rate cuts could follow soon after the end of the Fed’s (US Federal Reserve) tightening cycle, although we expect emerging market central banks to stay vigilant about inflation resurgence risks, which could shift policy direction in the US,” Moody’s said.

    The Reserve Bank of India’s (RBI) monetary policy committee voted in February to lift the repo rate at a slower pace, by 25 bps to 6.5 percent, maintaining its policy stance as “focused on withdrawal of liquidity.”

    Moody’s expects the global growth to continue to slow in 2023, with increasing drag from cumulative monetary policy tightening on economic activity and employment in most major economies.

    “We forecast G-20 global economic growth will downshift to 2.0 percent in 2023 from 2.7 percent in 2022, and then to improve to 2.4 percent in 2024,” Moody’s said.

    According to the credit rating agency, possible surge in oil prices with increased demand from China and if Russia were to follow through with a five percent cut to its supply in March, as it has indicated, oil markets could stay tight and hinder disinflation.

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    #Moodys #raises #Indias #economic #growth #projections

    ( With inputs from www.siasat.com )

  • Hyderabad is surging as economic powerhouse of India: Savills

    Hyderabad is surging as economic powerhouse of India: Savills

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    Hyderabad: London-based international property consultant Savills on Sunday released a report, ‘Hyderabad: The Sprint’, which states that the city is surging as the economic powerhouse of India.

    The report discusses the economic growth of Hyderabad and the key factors that led to this growth. Savills team presented the report on Hyderabad to Telangana IT Minister KT Rama Rao (KTR).

    The report identified two key sectors that contributed to the growth, Information Technology Business Process Management (IT-BPM) and Pharmaceuticals.

    “Hyderabad is now the most sought-after gateway city for global corporations cutting across sectors. It provides incomparable value-proposition whether by way of infrastructure, policy support, quality real estate or ease of living. Most companies wish to expand their footprint by increasing their presence in Hyderabad,” said KTR.

    “We remain committed to creating a best in class and exemplary business hub for the next several generations. Telangana is at the forefront in identifying growth sectors and developing enabling policy frameworks to attract newer businesses,” he added.

    The economic success story of Hyderabad is based on the four key factors of Policy Push, Infrastructure, Affordability, and Human Capital, with a fifth driver of the momentum being Sectoral Focus.

    The report says that government policies have powered the growth story of Hyderabad. Policies such as the Information Communication Technology (ICT) Policy 2.0 have contributed significantly to the expansion of MNCs in Hyderabad.

    Comparing with other major urban centres in the country, the report said that Hyderabad has been through a period of high economic growth.



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    #Hyderabadis #surging #economic #powerhouse #India #Savills

    ( With inputs from www.siasat.com )

  • India is 15 pc of solution G20 is looking for in terms of economic growth: Jaishankar

    India is 15 pc of solution G20 is looking for in terms of economic growth: Jaishankar

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    Pune: External Affairs Minister S Jaishankar on Thursday said India is “15 percent of the solution” the G20 is looking for in terms of economic growth and development.

    He was speaking at the Festival of Thinkers, an event organized by Symbiosis International University here.

    The minister cited managing director of the International Monetary Fund Kristalina Georgieva’s statement that in “otherwise a fairly gloomy global economic scenario” India’s GDP base is growing at seven percent and is likely to increase in the coming decade.

    “Kristalina Georgieva tells that 15 percent of the world’s growth this year is going to come from India, that means we are 15 percent of the solution that the G20 is looking for in terms of economic growth and development, but it isn’t just growth, the G20 is actually looking at how we handled the COVID challenges,” said Jaishankar.

    India’s G20 presidency began in December 2022.

    The G20 countries have noted India’s success in effectively vaccinating its vast population against coronavirus, he said.

    “Getting shots in the arms” looks very easy, but there are countries which struggled to get it done while the world has seen that India managed to vaccinate all eligible persons, Jaishankar said.

    “For them, it is a staggering achievement, it is a staggering achievement with the smoothness and organization with which it was done,” he added.

    Soon after COVID-19 became a global concern in January 2020, “there was a sense of the briefing to the G20 that if there is any place in the world (that) is going (to) go under because of COVID, it is India,” the minister said.

    “A set of very serious people” who had studied global health concluded that India’s health system, governance and ability as society would not allow it to deal with the pandemic, and “three years later, we showed them to be so wrong,” he said.

    Today the same people marvel at how India “managed society, how the country fed people during that period, how money was put in the bank account of people,” Jaishankar said.

    Aadhaar has become “a magic number”, and is “actually the backbone on which the daily existence of hundreds of millions of people (hinges), he said.

    “If the world today has expectations, the contribution of India, it is the economic contribution that is underpinned by enormous governance record, especially in digital delivery,” he said.

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    #India #solution #G20 #terms #economic #growth #Jaishankar

    ( With inputs from www.siasat.com )

  • BBC cannot hide ‘economic offences’ under garb of freedom of expression: BJP

    BBC cannot hide ‘economic offences’ under garb of freedom of expression: BJP

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    New Delhi: The BJP said on Wednesday the BBC or any other organisation cannot hide their “economic offences” under the garb of freedom of expression.

    The British broadcaster is under the Income-Tax department probe for alleged tax avoidance by underreporting income and these are serious offences, BJP’s information technology department head Amit Malviya said.

    The BBC has to abide by Indian laws to operate in the country, he said.

    The BJP reaction came following the British government’s strong defence of the BBC and its editorial freedom in Parliament after the Income Tax department’s survey operations on the media corporation’s New Delhi and Mumbai offices last week.

    The BBC has said it is fully cooperating with the investigation and hopes to have the situation resolved as soon as possible.

    Malviya claimed that the international broadcaster has a chequered past and accused it of trying to meddle in the internal affairs of democracies, including India.

    He said that it once showed Russian tanks in Chechnya as Indian tanks in Kashmir to “suit its propaganda”.

    Malviya said India is the “mother of democracy” and has a strong judicial system to ensure freedom of expression.

    The I-T department had said in a statement following the survey that the income and profits disclosed by the organisation’s units were “not commensurate with the scale of operations in India”.

    A Foreign, Commonwealth and Development Office (FCDO) junior minister responded to an urgent question raised in the House of Commons in London on Tuesday to say that the government cannot comment on the allegations made by the I-T department over an ongoing investigation but stressed that media freedom and freedom of speech are essential elements of robust democracies.

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    #BBC #hide #economic #offences #garb #freedom #expression #BJP

    ( With inputs from www.siasat.com )

  • MEA’s flagship geo-economics event ‘Asia Economic Dialogue’ to be held from Feb 23-25

    MEA’s flagship geo-economics event ‘Asia Economic Dialogue’ to be held from Feb 23-25

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    S Jaishankar

    New Delhi: Ministry of External Affairs’ flagship event on geo-economics — Asia Economic Dialogue — will be held from February 23-25 in Pune where themes such as global growth prospects and meeting climate targets will be discussed.

    The Asia Economic Dialogue (AED) is the ministry’s annual event and is hosted in collaboration with the Pune International Centre.

    The principal theme for the Dialogue’s seventh edition is Asia and the Emerging World Order’, a Ministry of External Affairs statement said.

    The dialogue will also discuss themes such as global growth prospects; How the Global South will shape the G20 agenda; the Metaverse: Understanding the Future; and Meeting climate targets: The Road Ahead.

    The inaugural session would be a conversation between External Affairs Minister S Jaishankar, Bhutan’s Finance Minister Lyonpo Namgay Tshering and Maldivian Finance Minister Ibrahim Ameer.

    More than 44 speakers from various countries, including Brazil, the US, the UK, South Africa, Bhutan, Maldives, Switzerland, Singapore, and Mexico, will be participating in the dialogue.

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    #MEAs #flagship #geoeconomics #event #Asia #Economic #Dialogue #held #Feb

    ( With inputs from www.siasat.com )