The global economic outlook is clouded by the ongoing war in Europe and the pace of monetary policy tightening by central banks in response to mounting inflationary pressures, Reserve Bank of India (RBI) report said.
Prime Minister Ranil Wickremesinghe, who took office in May, was emphasising the monumental task he faces in turning around an economy he said is heading for “rock bottom.” Sri Lankans are skipping meals as they endure shortages, lining up for hours to try to buy scarce fuel. It's a harsh reality for a country whose economy had been growing quickly, with a growing and comfortable middle class, until the latest crisis deepened.
Shehbaz Sharif highlighted the difference between economic development in the initial 25 years of Pakistan's creation 75 years back and said that the economic development after that has a "stark" difference.
RBI will remain focused on orderly completion of the government's borrowing programme.
According to the data of the commerce ministry, in 2021-22, the bilateral trade between the US and India stood at USD 119.42 billion as against USD 80.51 billion in 2020-21.
Rajnath Singh was addressing a workshop on financial market organised by Lucknow branch of CIRC of ICAI in Lucknow on Saturday.
"Mann ki Baat" is the Prime Minister's monthly radio address, which is broadcast on the last Sunday of every month at 11 am.
The IMF, early this week, projected a “fairly robust” growth of 8.2 per cent for India in 2022, making it the fastest-growing major economy in the world, almost twice faster than China’s 4.4 per cent.
Electricity will be switched off on a rotating basis between regions between 4:30 pm and 10:30 pm, according to officials. The state-owned Ceylon Electricity Board had requested permission for the cuts as fuel shortages had caused the loss of 541 MW to the national grid.
The Labour Department said Thursday that consumer prices jumped 7.5% last month compared with 12 months earlier, the steepest year-over-year increase since February 1982.
Known for his frank views, Rajan also said the government needs to do more to prevent a K-shaped recovery of the economy hit by the coronavirus pandemic.
On Thursday, India announced a USD 900 million loan to Sri Lanka to build up its depleted foreign reserves and for food imports, amid a shortage of almost all essential commodities in the island nation. The Indian High Commissioner to Sri Lanka Gopal Baglay met the Central Bank Governor Ajith Nivard Cabraal and “expressed India’s strong support to Sri Lanka in the wake of RBI extending over USD 900 million facilities over the last week”.
Inflation hit a record high of 11.1 per cent in November and escalating prices have left those who were previously well off struggling to feed their families, while basic goods are now unaffordable for many, The Guardian reported.
Dr. Rubaba Khan Buledi, president of the Women's Parliamentarian Forum in the Balochistan Legislative Assembly, disclosed peoples' condition in the country and expressed concern about the future.
The Pakistan PM said that the rising foreign debts and low tax revenue had become an issue of 'national security'.
"Our biggest problem is that we don’t have enough money to run our country due to which we have to borrow loans,” said Pak PM Imran Khan.
The march came as Sri Lankan Parliament debated the national budget for 2022.
On Air India privatisation, minister Hardeep Puri said given the fact that both the bids were higher than the reserved price, only proved that Air India was a first-rate asset.
India’s growth projection released by the latest World Economic Outlook remains unchanged from its previous WEO (World Economic Outlook) update of July this summer but is a three-percentage point in 2021 and 1.6 percentage point drop from its April projections.
In his address after the three-day meeting of the rate-setting panel, RBI Governor Shaktikanta Das said recovery in aggregate demand gathered pace in August-September, and it is reflected in high-frequency indicators, like railway freight traffic; port cargo; cement production; electricity demand; e-way bills; GST and toll collections.
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