Tag: Economic

IMF expresses concern over possibility of Pak opposition creating hurdles in govt’s hard economic decisions

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Islamabad: The IMF has expressed concern that Pakistan’s opposition parties might create hurdles in the way of implementing the tough economic decisions of the cash-strapped Shehbaz Sharif-led government, media reports said on Wednesday.
The views of the global lender came as a high-level delegation led by the International Monetary Fund (IMF) Mission Chief Nathan Porter on Tuesday met Finance Minister Ishaq Dar and other officials as part of the opening session of 10-day long talks for the completion of the much-delayed programme review for a bailout package.
Porter raised the question about the implication of the opposition’s role in difficult decisions that Pakistan would have to take to avoid the default, The Express Tribune newspaper reported.
“The fund had concerns that the opposition might create some problems in the way of rolling out additional taxation measures that the government was planning to impose to revive the talks,” it quoted Porter as saying.
However, Finance Minister Dar assured the IMF mission head that the government believed in political dialogue and there was nothing to worry about.
Dar stated that the government would try to enforce additional taxes in a manner that would avoid any untoward legal and political challenges, the report said, citing sources.
The government was planning to promulgate a presidential ordinance but in case the IMF concerns remained, it might bring an act of parliament. Parliament route would take at least 14 days before the new taxes were implemented, the report said.
Pakistan signed a USD 6 billion IMF programme during Imran Khan’s government in 2019, which was increased to USD 7 billion last year.

The programme’s ninth review is currently pending with talks being held between IMF officials and the government for the release of USD 1.18 billion.
But the IMF suspended disbursements in November last year due to Pakistan’s failure to make more progress on fiscal consolidation amidst the political turmoil in the country.
As part of the tough decisions, the Pakistani government on Tuesday hiked the price of Liquefied Petroleum Gas (LPG) by 30 per cent and finalised a minimum of Rs 6 per unit average increase in electricity rates between now and August, according to a report in the Dawn newspaper.
During the talks, Dar assured the IMF team that Pakistan would soon roll out a plan to reduce the gas sector’s circular debt by half to around Rs700 billion.
Dar, according to the finance ministry, said that reforms were being introduced in the power sector and a high-level committee had been formed for devising modalities to offset the menace of circular debt in the gas sector.
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#IMF #expresses #concern #possibility #Pak #opposition #creating #hurdles #govts #hard #economic #decisions
( With inputs from www.siasat.com )

February 1, 2023
Nothing in Union Budget to solve economic disparities in country: Kerala CM

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Thiruvananthapuram: Kerala Chief Minister Pinarayi Vijayan on Wednesday said the Union Budget 2023-24 does not attempt to solve the growing economic disparities in the country.
Vijayan, reacting to the budget presented by Union Finance Minister Nirmala Sitharaman in the Parliament, said that it only further strengthens the concentration of wealth among corporates.
The Chief Minister, in a statement, also expressed the view that the budget has not taken a regionally balanced approach.
In the statement, he also said that it was disappointing that the long-sought demand of Kerala for an All India Institute of Medical Sciences (AIIMS) or rail development projects in the state, found no mention in the budget.
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#Union #Budget #solve #economic #disparities #country #Kerala
( With inputs from www.siasat.com )

February 1, 2023
Telangana logged highest inflation in FY23: Economic Survey

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Hyderabad: Telangana has the highest inflation rate in the country, revealed the Economic Survey 2022-23 tabled in the Parliament on Tuesday by Finance Minister Nirmala Sitharaman.
According to the report, Telangana has an inflation rate of 8.7 percent between April and December 2022 against the national average of 6.8 percent for the same period.
The report also shows that the inflation in rural Telangana was 9.2 percent while it was 8.3 percent in the urban areas.
Telangana, West Bengal, Maharashtra, Madhya Pradesh, Haryana, and Andhra Pradesh saw especially high rates of inflation in 2022-23.
Fuel and clothing were the major contributors for the surge in inflation. Another contributing factor was food inflation due to high prices of tomatoes as a result of crop damage and supply disruption due to unseasonal heavy rains in states like Telangana, Karnataka, Tamil Nadu, and Andhra Pradesh between April-December 2022.
Reacting to the Economic Survey report, Telangana BJP President Bandi Sanjay Kumar blamed the Bharat Rashtra Samithi (BRS) government for the high inflation.
Sanjay said that fuel is a major contributor to rise in inflation. “BRS government won’t reduce VAT on petrol/diesel prices even though the Centre and majority of states reduced it. KCR continued to push the burden on common man,” he said.
The BJP leader also slammed the BRS for boycotting President Droupadi Murmu’s address to the joint session of both houses of the Parliament. “It is a shame that the BRS boycotted the speech when an adivasi woman was addressing both houses of Parliament for the first time after being elected President,” tweeted Sanjay, who is also a Member of Parliament.

Union Minister G. Kishan Reddy has also attacked BRS for boycotting the President’s speech. “Skipping 1st joint address of Hon’ble President shows total lack of respect for a tribal daughter of India Time to respect India’s highest office and institutions,” tweeted the minister.
He alleged that BRS and Chief Minister KCR’s only focus is his own family. He said they have no respect for the Constitution, conventions, and common courtesies.
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#Telangana #logged #highest #inflation #FY23 #Economic #Survey
( With inputs from www.siasat.com )

January 31, 2023
MGNREGS work demand back to pre-pandemic level: Economic Survey

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New Delhi: The work demand under the MGNREGS hovered around the pre-pandemic level between July to November 2022, the Economic Survey released on Tuesday said, attributing it to the “normalisation of the rural economy” and “swift recovery from Covid-induced slowdown”.
According to the Economic Survey, which was tabled in Parliament by Finance Minister Nirmala Sitharaman, in the current financial year, 6.49 crore households demanded employment under the Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS) till January 24.
Of them, 6.48 crore households were offered employment and 5.7 crore of them availed it, it said.
“The number of persons demanding work under MGNREGS was seen to be trending around pre-pandemic levels from July to November 2022. This could be attributed to the normalisation of the rural economy due to strong agricultural growth and a swift recovery from Covid induced slowdown, culminating in better employment opportunities,” the Survey said.
According to the Survey, the number of works done under MGNREGS has steadily increased over the years, with 85 lakh completed works in financial year 2021-22 and 70.6 lakh completed works in the current financial year by January
The share of “works done on individual’s land” has increased from 16 percent of the total completed works in 2015-16, to 73 percent in 2022-23.
These works include creating household assets such as animal sheds, farm ponds, dug wells, horticulture plantations, vermicomposting pits etc., in which the beneficiary gets both labour and material costs as per standard rates, the Survey said.
“Empirically, within a short span of 2-3 years, these assets have been observed to have a significant positive impact on agricultural productivity, production-related
expenditure, and income per household, along with a negative association with migration and fall in indebtedness, especially from non-institutional sources,” the Survey said.

It added this will have long-term implications for aiding income diversification and infusing resilience into rural livelihoods.
In 2019-20, 265.4 crore person-days employment was generated under the MGNREGS, which increased to 389.1 crore in 2020-21, and 363.3 crore in 2021-22. In 2022-23, 225.8 crore person-days employment was generated by January 6, according to data provided by the Rural Development Ministry.
Almost 99 percent of wage-seekers are receiving their wages directly into their
bank accounts through Direct Benefit Transfers, it said.
Around 14 crore Aadhaar have been seeded in the Management Information System (MIS) which is 92.0 percent of the total active workers (15.3 crore). A total of 7.9 crore workers have been linked to Aadhaar Based Payment System, it added.
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#MGNREGS #work #demand #prepandemic #level #Economic #Survey
( With inputs from www.siasat.com )

January 31, 2023
Economic Survey for 2022-23 to be presented later today; Its importance and history

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Delhi: The wait for the annual national Budget is almost over as the Union government is set to table the Economic Survey on Tuesday.
Union finance minister Nirmala Sitharaman will table the pre-Budget document in the Parliament after President Droupadi Murmu’s address to the joint sitting of the two houses of Parliament.
The Economic Survey document, prepared by the Economic Division of the Department of Economic Affairs in the Ministry of Finance and formulated under the supervision of the chief economic adviser V Anantha Nageswaran, will give insights into the state of the economy and various indicators in the current financial year 2022-23 (April-March) and outlook for the next year.
The Economy Survey may also give some idea about the tone and texture of the actual Budget for 2023-24, to be presented on Wednesday.
The first economic survey reportedly came into existence in 1950-51, when it used to be a part of the budget documents. In the 1960s, it was separated from the Budget documents and presented day prior to the Union Budget.
The most important feature which many will look out for is its central theme.
Last year’s central theme was ‘Agile Approach’, which put emphasis on India’s economic response to the Covid-19 Pandemic shock. The preface of the Economic Survey 2022 stated that the “Agile approach” was based on feedback loops, real-time monitoring of actual outcomes, flexible responses, safety-net buffers and so on.
Along with the sectoral chapters, the Survey document also adds new need-based chapters that need focus.
The Economic Survey tabled in 2022 projected India’s GDP growth of 8.0-8.5 per cent in 2022-23, which the government felt will be supported by widespread vaccine coverage, gains from supply-side reforms and easing of regulations, robust export growth, and availability of fiscal space to ramp up capital spending.
Budget 2023 is likely to be the last full Budget of the Modi government in its second term with the next Lok Sabha election due in April-May of 2024.

Like the previous two Union Budgets, Union Budget 2023-24 will also be delivered in paperless form. The Budget documents will be available on the ‘Union Budget Mobile App’ on both the Android and Apple OS platforms after the completion of the Budget Speech by the Finance Minister.
The formal exercise to prepare the annual Budget for the next financial year (2023-24) commenced on October 10.
The first part of the session will be held from January 31 and will go on till February 13.
The Parliament will reconvene after a recess for parliamentary committees to discuss the demand for grants of various ministries. The second part will begin on March 13 and will continue till April 6.
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#Economic #Survey #presented #today #importance #history
( With inputs from www.siasat.com )

January 31, 2023
All-party meet ahead of Budget: YSR Cong demands caste-based economic census

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New Delhi: The YSR Congress on Monday demanded a nationwide caste-based economic census at an all-party meet convened by the government ahead of the Budget session of Parliament.
It is necessary to know the economic status of the backward castes who are “lagging behind” on social and development indicators, the party said.
YSR Congress leader Vijaysai Reddy said backward castes are over 50 percent of the total population and the census will help find their economic status.
The ruling party in Andhra Pradesh has joined the likes of the JD(U) and the RJD, both of which have demanded a caste census.
The grand alliance government in Bihar has rolled out a state-wide caste census.
Reddy said his party also demanded the women quota bill for ensuring reservation for them in Parliament.
Parties including the TRS, TMC, and the BJD also supported the demand.

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#Allparty #meet #ahead #Budget #YSR #Cong #demands #castebased #economic #census
( With inputs from www.siasat.com )

January 30, 2023
Egypt considering allocating land to Indian industries in Suez Canal Economic Zone

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New Delhi: India and Egypt have reaffirmed their commitment to the founding values of the Non-Aligned Movement (NAM), international law and respect for the sovereignty and territorial integrity of all states.
It was mentioned in a joint statement released on Thursday, a day after Prime Minister Narendra Modi and visiting Egyptian President Abdel Fattah El-Sisi held wide-ranging talks covering bilateral, regional and global issues of mutual interest.
On economic ties, the statement mentioned that the Egyptian side is considering the possibility of allocating a special area of land for the Indian industries in the Suez Canal Economic Zone (SCEZ), adding that “the Indian side can arrange for the master plan”.
The Suez Canal, connecting the Mediterranean Sea with the Red Sea, is one of the world’s busiest trade routes. About 12 per cent of the global trade passes through the canal each day.
The statement said India would encourage its companies, which have the potential to establish overseas investments, to make use of the available investment opportunities in Egypt.
“In this context, the Egyptian side considers the possibility of allocating a special area of land for the Indian industries in the Suez Canal Economic Zone (SCEZ), and the Indian side can arrange for the master plan,” it said.
The Egyptian president, who arrived here on a three-day visit on Tuesday, attended the Republic Day celebrations as the chief guest.
The joint statement noted that Modi and Sisi reviewed the status of the bilateral relationship based on the pillars of closer political and security cooperation, deeper economic engagement, stronger scientific and academic collaboration as well as wider cultural and people-to-people contacts.

“The two countries reaffirmed their commitment to multilateralism, the principles of the United Nations Charter, international law, the founding values of the Non-Aligned Movement, and respect for the sovereignty and territorial integrity of all states,” the statement said.
Though it did not mention any context or country, the reference to sovereignty and territorial integrity of states came amid growing global concerns over China’s aggressive military muscle flexing and the Russian invasion of Ukraine.
“The two sides take into consideration the cultural and social sensitivities of all states and, in this regard, they agreed to work together to promote and safeguard these basic principles through regular consultations and coordination at bilateral and multilateral levels,” the statement mentioned.
It said Modi and Sisi expressed concern over the spread of terrorism across the world and agreed that it poses one of the most serious security threats to humanity.
“Both leaders condemned the use of terrorism as a foreign policy tool. They called for ‘zero tolerance’ for terrorism and for all those who encourage, support and finance terrorism or provide sanctuaries to terrorists and terror groups — whatever their motivation may be,” the statement said.
It said the two leaders emphasised the need for concerted and coordinated action by the international community, with the objective of eradicating terrorism in all its forms and manifestations, including cross-border terrorism.
“They reiterated their condemnation of efforts, including by States, to use religion to justify, support and sponsor terrorism against other countries,” it said.
“They also called upon all countries to work towards rooting out terrorist networks and their safe havens, infrastructure, their financing channels and preventing cross-border movements of terrorists,” the statement added.
Both leaders reiterated their common resolve in promoting the values of peace, tolerance and inclusiveness and making concerted efforts to fight terrorism and violent extremist ideologies.
“They emphasised the need for a holistic approach to counter terrorism and violent extremism, which includes inter alia disrupting the use of the internet and social media and preventing the use of religious centres to radicalise youth and recruit terrorist cadres,” the statement said.
It said Modi and Sisi also agreed on the need to hold the joint working group meeting on counter-terrorism on a regular basis to exchange information and best practices.
The two sides agreed on enhancing the interaction between their respective national security councils.
The joint statement said the two leaders look forward to deepening cooperation in the field of agriculture and allied services, while noting the importance of strengthening the supply chain of food articles.
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#Egypt #allocating #land #Indian #industries #Suez #Canal #Economic #Zone
( With inputs from www.siasat.com )

January 26, 2023
UAE hints at huge investment in Pakistan amid economic turmoil

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Islamabad: United Arab Emirates (UAE) President Sheikh Mohamed Bin Zayed Al Nahyan has dropped clues that his government is planning to broaden its investment footprint in Pakistan as the country drastically needs foreign inflows to prop up its deteriorating economy.
The royal dignitary arrived in Pakistan on a private visit and held a bilateral meeting with Prime Minister Shehbaz Sharif, who received the UAE President at the Chandna Airport along with other government functionaries, Geo News reported.
“Be prepared, the UAE will make a huge investment in Pakistan,” the sources quoted the UAE president as saying during a cordial meeting with the premier at the airport.
Shehbaz recalled his recent visit to the gulf country and emphasised that both countries would work on the understanding reached between the two leaders in various fields, during his visit to the UAE.
The UAE President said that the brotherly relations between the two countries went back many decades and his father, who had immense love for Pakistan and its people, laid the foundation of their bilateral ties.
The President also assured the Prime Minister that the UAE would always stand by Pakistan, Geo News reported.
Taking to Twitter, the premier wrote: “Extremely delighted to receive my brother His Highness Sheikh Mohamed Bin Zayed on his arrival in Pakistan, which is his second home. Building on our last meeting, we discussed ways (and) means to further strengthen our brotherly relations.”
The President expressed warm affection towards the prime minister on his arrival in Pakistan and took the premier to his personal jet, sources told Geo News.

The premier also met the family members of the president and held conversations with his children in the English and Arabic language, the sources added.
The UAE, on January 12, agreed to lend $1 billion to Pakistan and roll over an existing $2 billion loan, the country’s information minister had said, as the country’s central bank foreign reserves fell to just three weeks’ worth of imports.
The UAE’s financial support offered some respite to the country that is still reeling from devastating nationwide floods that have caused more than $30 billion of damage, Geo News reported.
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#UAE #hints #huge #investment #Pakistan #economic #turmoil
( With inputs from www.siasat.com )

January 26, 2023
UAE hints at huge investment in Pakistan amid economic turmoil

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Islamabad: United Arab Emirates (UAE) President Sheikh Mohamed Bin Zayed Al Nahyan has dropped clues that his government is planning to broaden its investment footprint in Pakistan as the country drastically needs foreign inflows to prop up its deteriorating economy.
The royal dignitary arrived in Pakistan on a private visit and held a bilateral meeting with Prime Minister Shehbaz Sharif, who received the UAE President at the Chandna Airport along with other government functionaries, Geo News reported.
“Be prepared, the UAE will make a huge investment in Pakistan,” the sources quoted the UAE president as saying during a cordial meeting with the premier at the airport.
Shehbaz recalled his recent visit to the gulf country and emphasised that both countries would work on the understanding reached between the two leaders in various fields, during his visit to the UAE.
The UAE President said that the brotherly relations between the two countries went back many decades and his father, who had immense love for Pakistan and its people, laid the foundation of their bilateral ties.
The President also assured the Prime Minister that the UAE would always stand by Pakistan, Geo News reported.
Taking to Twitter, the premier wrote: “Extremely delighted to receive my brother His Highness Sheikh Mohamed Bin Zayed on his arrival in Pakistan, which is his second home. Building on our last meeting, we discussed ways (and) means to further strengthen our brotherly relations.”
The President expressed warm affection towards the prime minister on his arrival in Pakistan and took the premier to his personal jet, sources told Geo News.

The premier also met the family members of the president and held conversations with his children in the English and Arabic language, the sources added.
The UAE, on January 12, agreed to lend $1 billion to Pakistan and roll over an existing $2 billion loan, the country’s information minister had said, as the country’s central bank foreign reserves fell to just three weeks’ worth of imports.
The UAE’s financial support offered some respite to the country that is still reeling from devastating nationwide floods that have caused more than $30 billion of damage, Geo News reported.
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#UAE #hints #huge #investment #Pakistan #economic #turmoil
( With inputs from www.siasat.com )

January 26, 2023
India promotes racism by being the bright spot in the global economy: Economic Experts

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Critic of Govt economic policies, former Reserve Bank of India (RBI) Governor Raghuram Rajan on Saturday called Indian Govt economic policies discriminatory. Raghuram Rajan’s statement came after International Monetary Fund (IMF) said that India will be a bright spot in global economy in 2023.

Lauding India’s strong macroeconomic fundamentals, IMF said that India is in a better position to deal with the global headwinds. However, economists in India called it a bad sign as India is promoting racism by being bright spot and not dark spot. Economists said that India’s economic policies are against the Black Lives Matter movement.
Earlier, economic expert had said that India will be cornered if it doesn’t get hit by recession like rest of the world. Read here.

Reportedly, India is likely to incorporate some points in the upcoming Budget 2023 to avoid being a bright spot. The Fauxy sources suggest that the government is likely to do away with the Performance Linked Incentive (PLI) Scheme and would rather donate Rs 72,000 to every Indian to ensure India is hit by recession.
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#India #promotes #racism #bright #spot #global #economy #Economic #Experts

[ Disclaimer: With inputs from The Fauxy, an entertainment portal. The content is purely for entertainment purpose and readers are advised not to confuse the articles as genuine and true, these Articles are Fictitious meant only for entertainment purposes. ]

January 21, 2023