“Although these facts are unpleasant and terrifying, this is the true situation,” he said, mincing no words while describing the state of the economy, which has all but collapsed
Modi meets top Japanese biz leaders, gets affirmations of support for India's self-reliance policy
Modi also invited Uniqlo's enhanced participation in India's journey to becoming a manufacturing hub for textiles, particularly through the use of technologies in textile manufacturing. Yanai said Uniqlo is exploring investments in the production and retail industry in India.
India faces no energy shortage, thanks to strong leadership and farsighted thinking, says Petroleum Minister Puri
“Post pandemic, India has emerged much stronger in international trade and international exchanges. I believe that the target of a $5 trillion economy by 2030 is not only achievable but we can get there before that,” Puri said.
Pakistan bans import of non-essential and luxury items; trade deficit breaches $40 billion mark for first time
The import ban, though a necessary measure, will also impact the government’s revenue as luxury items are usually taxed heavily. The move was expected, especially when the government has failed to raise funds for its foreign exchange reserves. The talks with the IMF and other bilateral lenders in Gulf have yet to produce results.
India targeting rollout of 6G network by end of decade to boost economy, create jobs, says Modi
Teledensity and internet users are fast expanding, Modi said, adding that mobile manufacturing units in India have expanded from just 2 to over 200 and the country is now the world's biggest mobile manufacturing hub.
More on Economy-Business
Pakistan Stock Exchange plunges by 1000 points; rupee touches all-time low against US dollar
For months, the government has been in talks with the IMF not only for the revival of the $6 billion bailout package but also for extending the program's scope to $8 billion and period. After coming to power in April and promising to prioritize the economy, the new government led by Shehbaz Sharif now appears reluctant on tough measures, possibly due to the prevailing uncertain political environment
India halts wheat exports; could disrupt UN plans to source wheat from India for vulnerable countries
Last month, Commerce Minister Piyush Goyal said India hopes to become a permanent exporter of wheat, shipping as much as 15 million tons this year, compared with about 7.2 million in 2021-22. Officials are pushing the World Trade Organization to relax rules so that India can export from state reserves, Goyal said
India to supply 65,000 MT of fertilizer to crisis-hit Sri Lanka to boost agriculture production
The Indian government has decided to supply this quantity of urea immediately to Sri Lanka at the request of the Colombo despite a ban on the export of urea from India. Sri Lanka is the only country after Nepal to receive such assurance
India extends special exemption for Afghan agricultural exports; traders happy
The extension of exemption will help Afghan traders. Earlier, New Delhi also provided 50,000 metric tonnes of wheat to the country in the grip of a humanitarian crisis
Bangladesh lays the red carpet for US investment, as Dhaka's importance in South Asia grows
Overall, the ties between the two countries are growing in all important domains, including security cooperation, climate change, food security, and energy sectors. In September 2021, two countries launched the US-Bangladesh Energy Taskforce, an initiative to help advance energy cooperation among the stakeholders of both countries
No foreign tours, ban on luxury items: Bangladesh takes measures to save forex
The government on Thursday announced a temporary ban on foreign tours of its employees and deferred the implementations of large projects relying on heavy imports as part of measures to save dollars, reported The Daily Star
Pakistan says no change in its trade policy with India, despite appointment of trade officer for New Delhi
In recent months, several prominent people in Pakistan, including officials and businessmen, have been advocating the resumption of trade ties with India which, they said, could greatly help the country’s ailing economy
Bangladesh’s monthly merchandise exports over $4 billion for consecutive eight months
With the improvement of the Covid-19 situation worldwide, the global apparel supply chain is also recovering fast. As a result, exports from Bangladesh are growing at a faster clip
Nepal invites bids from Indian companies for sale of surplus electricity
With the commencement of the Upper Tamakoshi hydropower project (456MW) last year, Nepal is expected to have around 600MW-800MW of surplus electricity this year. And, this will grow in the coming years as many small hydro projects are nearing completion
Amid depleting forex, Pakistan seeks extension of Saudi Arabia’s assistance
The new government, which came to power only last month, has squarely blamed former prime minister, Imran Khan, for the mismanagement of the economy. Ismail said Khan had left the fastest growing inflation in the history of Pakistan, and took record loans during his tenure, reported The Express Tribune.
Tourist inflow crosses half a million in the Maldives, records 46 percent growth in four months
Revenues from tourism contribute almost 70 percent of the country’s total GDP. In a recently released growth prospect, the Asian Development Bank (ADB) projected the Maldives to grow by 11 percent, mainly because of the rebound in the tourism industry
Nepal seeks $400 million in loan from India for 400 kV transmission line; sees potential in sub-regional energy trade
The World Bank has estimated Nepal’s hydropower potential around 20,000 MW. So aligning its energy policy closely with the BBIN (Bangladesh, Bhutan, India, Nepal) sub-regional vision will provide it with the much-needed potential for the export of this surplus energy to larger power consumers like India and Bangladesh
IMF to extend its bailout program to $8 billion for Pakistan; more reforms urged
Of the $6 billion original bailout program, Pakistan managed to get only $3 billion as the previous government failed to fulfill its commitments for reforms. Furthermore, these reforms were further weakened when the outgoing government of former prime minister Imran Khan drastically reduced the prices of electricity and fuel
‘Can’t afford subsidies’: Pakistan to cut back fuel subsidies after talks with IMF
Pakistan is looking for the release of the $1 billion from the IMF package, Ismail said earlier, while blaming the country’s former prime minister Imran Khan for stalling the IMF program. During his last days in power, Khan had announced huge subsidies on fuel and electricity, a move that scuttled almost a year of reform work of his own government to get the IMF program back on track
