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Trade: At over $128 bn, the US became India’s biggest trading partner in FY23

April 17, 2023 virendra pandit

Virendra Pandit New Delhi: With increasing, strengthening, and deepening economic ties between the two countries, the USA emerged as India’s biggest trading partner in 2022-23, according to the provisional data of the Union Commerce Ministry. The bilateral trade between India and the US increased by 7.65 percent to USD 128.55 in 2022-23, compared to USD […]

Business

Roving Periscope: Pak turning into a ‘zombie state’, says its own top economist

April 17, 2023 virendra pandit

Virendra Pandit New Delhi: Pakistan Prime Minister Mian Mohammad Shehbaz Sharif, who has desperately been seeking financial bailouts from whoever would extend a lifeline, famously said “Beggars cannot be choosers.” His Defense Minister Khawaja Muhammad Asif openly declared a few weeks ago that Pakistan was already bankrupt. Now, Pakistan’s leading economist and former government […]

Business

Roving Periscope: As Pak economy sinks further, India, France & Japan to help Sri Lanka

April 12, 2023 virendra pandit

Virendra Pandit New Delhi: While the International Monetary Fund (IMF) has slashed Pakistan’s growth rate to 0.5 percent this year amid extremely high inflation, growing unemployment, and polycrises, India, France, and Japan are set to restructure Sri Lanka’s debts, the media reported on Wednesday. In its latest forecast, the IMF lowered Pakistan’s economic growth […]

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Myanmar: Military junta kills over 50 pro-democracy activists, say reports

April 11, 2023 virendra pandit

Virendra Pandit New Delhi: The ruling military junta killed at least 50 pro-democracy activists in Central Myanmar, the media reported on Tuesday. The military launched an air strike on a rebels’ gathering, killing at least 50 people, who had gathered at an event attended by opponents of the junta, according to media and members […]

Business

Monsoon: Unlike Skymet, IMD predicts “normal rains” in India this year from June

April 11, 2023 virendra pandit

Virendra Pandit New Delhi: Amid widespread concerns about the impact of global warming, ‘shifting seasons’ and rising temperatures on world economies, India Meteorological Department (IMD) on Tuesday predicted a “normal monsoon” in the South Asian country this year—belying the Skymet forecast of a relatively drier spell in the coming rainy season, starting in June. […]

Business

Economy: Amid the US slowdown, McDonald’s to layoff many this month

April 3, 2023 virendra pandit

Virendra Pandit New Delhi: Weeks after its CEO said the global fast-food chain will cut jobs in April to cut costs and “free up capital” to invest in growth, McDonald’s has closed many of its US offices for a few days as the company prepares to inform employees about layoffs in April. McDonald’s has […]

Business

Roving Periscope: Even China dreads, as Pakistan is like a beggar armed with n-bombs, missiles!

March 28, 2023 virendra pandit

Virendra Pandit New Delhi: When India exploded its first nuclear device in May 1974 and joined the exclusive club of atomic powers, then Pakistan Prime Minister Zulfiqar Ali Bhutto famously announced: “We shall eat the grass but have our bomb.” Nearly five decades later, as a bankrupt Pakistan has the “Islamic Bomb”, its poor […]

Business

Unprecedented: Ukraine may become the first nation at war to secure $15.6 bn IMF loan

March 23, 2023 virendra pandit

Virendra Pandit New Delhi: In its 77-year history, the International Monetary Fund (IMF) is, for the first time, likely to sanction a USD 15.6 billion loan to war-ravaged Ukraine, which Russia invaded on February 24, 2022. Ukraine won staff backing for this loan from the IMF, the media reported. The IMF and officials in Kyiv […]

Business

Sri Lanka: IMF approves $3 bn bailout to support India’s cash-strapped neighbor

March 21, 2023 virendra pandit

Virendra Pandit New Delhi: After a year of unprecedented political and economic turmoil which resulted in the overthrow of the Rajapakse dynasty’s stranglehold on bankrupt Sri Lanka, the International Monetary Fund (IMF) approved a nearly USD 3 billion bailout package on Monday for the South Asian island nation. Sri Lanka is burdened with an […]

Business

Covid-19: Claims of a spike in poverty in India patently false, says study

March 20, 2023 virendra pandit

Virendra Pandit New Delhi: Claims of a spike in poverty and inequality in India during the Covid-19 pandemic period—2020-21—are patently false as they are based on incomparable surveys. In fact, inequality fell across the country during this period. These are the findings of a paper co-authored by eminent economist Arvind Panagariya, a former Vice-Chairman […]