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Sri Lanka: Economy has collapsed, PM Wickremesinghe admits in Parliament

June 22, 2022 virendra pandit

Virendra Pandit   New Delhi: Acknowledging the grim situation in Sri Lanka, Prime Minister Ranil Wickremesinghe on Wednesday said in Parliament that the debt-ridden economy in the island country has completely collapsed. After months of shortages of food, fuel, and electricity, Sri Lanka cannot even import oil because of a lack of foreign exchange. “We […]

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Business

Trade: After 9 years, WTO seals deals; India gains, says Piyush Goyal

June 17, 2022 virendra pandit

Virendra Pandit   New Delhi: Union Commerce and Industry Minister Piyush Goyal said on Friday that New Delhi has achieved “spectacular success” at World Trade Organization (WTO)’s biennial ministerial conference (MC12) by successfully ensuring the livelihood of farmers and fishermen, and also convinced other countries to waive patents for manufacturing Covid-19 vaccines. The minister, who […]

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Business

Roving Periscope: With no fuel for transport, Sri Lankan economy coming to a grinding halt

June 17, 2022 virendra pandit

Virendra Pandit    New Delhi: The economy of cash-strapped Sri Lanka, which defaulted on its external debt in April amid its worst financial crisis, is now coming to a grinding halt as the island country is running out of fuel for transport and there is no sign of how and from where fresh supplies would […]

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Business

Roving Periscope: How the US is pushing Russia into default?

May 26, 2022 virendra pandit

Virendra Pandit  New Delhi: On Wednesday, the USA subtly pushed Russia closer to the brink of a historic debt default by not extending its license to pay bondholders, as Washington ramped up pressure following Russia’s invasion of Ukraine. On its website, the US Treasury Department said it would let lapse a license that expired at 12:01 […]

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Business

Pakistan: Announce polls in 6 days, or I’ll return to Islamabad, Imran’s ultimatum

May 26, 2022 virendra pandit

Virendra Pandit   New Delhi: As Pakistan turned into a battleground amid massive military presence and continued its descent into a Sri Lanka-type economic collapse, ousted Prime Minister Imran Ahmed Khan Niazi on Thursday morning declared he will return to Islamabad if his successor Shehbaz Sharif’s coalition government failed to announce fresh parliamentary elections within […]

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Business

Sri Lanka: India delivers humanitarian aid of over SLR 2 billion

May 24, 2022 virendra pandit

New Delhi: Indian High Commissioner to Colombo Gopal Baglay handed over a large cargo of humanitarian aid valued at over SLR 2 billion to Sri Lankan Foreign Minister Prof. G.L. Peiris in Colombo on Sunday. Expressing gratitude, Prime Minister Ranil Wickremesinghe tweeted: “Sri Lanka today received Rs. 2 billion worth of humanitarian aid, including milk […]

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Business

Food crisis: After banning wheat exports, India may limit sugar outflow to 10 MT

May 24, 2022 virendra pandit

Virendra Pandit   New Delhi: After banning wheat export, India may limit sugar export also to keep prices in check at home, in fresh signs that the world may descend into a grim food crisis and inflated prices of essential commodities in the months ahead. In April, as the inconclusive Russian invasion of Ukraine prolonged, […]

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Business

Roving Periscope: With a fresh $40bn aid to Ukraine, US pushes Russia into marshes

May 21, 2022 virendra pandit

Virendra Pandit   New Delhi: Russia’s invasion of Ukraine since February 24 is bleeding Moscow whiter at a rate of USD 5 billion per day. In the last 86 days of the war, Russia is down with an overall loss of over USD 430 billion through exports, business, and spent ammunition, as the inconclusive conflict […]

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Business

Russia-Ukraine War: India still fastest growing major economy, at 6.4% in 2022, says UN

May 19, 2022 virendra pandit

Virendra Pandit   New Delhi: India, the fastest-growing major economy, may grow at 6.4 percent in 2022—a downward change of 0.3 percent since January—and 6 percent in 2023, in contrast with the global growth rate forecast at 3.1 percent in these two years, the United Nations has said. While the long-term impact of the Russia-Ukraine […]

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Business

Sri Lanka: Ex-PM Mahinda flees Colombo; military gets emergency powers

May 10, 2022 virendra pandit

Virendra Pandit   New Delhi: A day after he resigned and his ancestral house outside Colombo was set afire by a rampaging mob, and the killing of a lawmaker of his party, former Sri Lankan Prime Minister Mahinda Rajapaksa and his family allegedly ‘fled’ the national capital amid curfew, the media reported on Tuesday. The […]

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