Page 16 - Economy

Sri Lanka to get access to $337 million from IMF to stabilise economy

The IMF Executive Board has completed the first review under the 48-month Extended Fund Facility with Sri Lanka, providing the cash-strapped country with access to about USD 337 million to restore macroeconomic stability and debt sustainability. Announcing this, Peter Breuer, Senior Mission Chief for Sri Lanka also said that the debt restructuring with China was concluded on a strictly confidential basis for the International Monetary Fund (IMF) to conclude its first review of the USD 2.9 billion bailout. China holds 52 per cent of Sri Lanka's total debt. The Chinese agreement in principle was very good news in Sri Lanka's debt restructuring talks. We have seen a summary of the key financial terms of the agreement shared by authorities on a strictly confidential basis," Breuer told reporters on Tuesday. The IMF late Tuesday concluded the review and approved the release of the second tranche worth USD 337 million to the island nation, bringing the value of disbursements to USD 670 .

The tradeoffs of waste taxation

Policymakers have been grappling to understand the implicit micro-foundations along with behavioral idiosyncrasies of waste regulation and designing the appropriate fiscal instruments for the same

Indian goods worth $3.7 billion entering Oman to get boost by FTA: GTRI

Over 83.5 per cent of Indian goods worth USD 3.7 billion such as gasoline, iron and steel, electronics, and machinery will get a significant boost in Oman, once both sides reach a comprehensive free trade agreement, a report said on Tuesday. According to the - India-OMAN CEPA: Gateway to Middle Eastern Markets and Beyond - report, prepared by think tank Global trade Reproach Initiative (GTRI), these goods at present face a 5 per cent import duty in Oman. India and Oman are negotiating a comprehensive economic partnership agreement (CEPA), under which the two countries could significantly reduce or eliminate customs duties on the maximum number of goods agreed between them. With the new trade agreement, these products, including major export items like motor gasoline (exports worth USD 1.7 billion), iron and steel products (exports worth USD 235 million), electronics (USD 135 million), machinery (USD 125 million), aluminium oxide (USD 126 million), textiles (USD 110 million), alumina

Ficci expects economy to grow at 7.5-8% this fiscal, 8% in 2024-25

Industry expects the economy to grow at 7.5 to 8 per cent in the current fiscal and 8 per cent in 2024-25 on the back of strong growth momentum, positive sentiments and rising private investments, Anish Shah, newly-elected president of the Federation Indian Chambers of Commerce and Industry (Ficci), said on Monday. There will, however, be geopolitical pressure points that may have a bearing on India's growth prospects, he added. "We have seen great growth numbers so far at 7.8 per cent, 7.6 per cent. I expect that to continue because we have got strong momentum. We are seeing multiple companies investing, adding capacities, something that Mahindra group has done as well. "We expect that growth momentum to continue at 7.5 per cent to 8 per cent in the current financial year and for next year, I would expect 8 per cent or higher," said Shah, who is also Group CEO and Managing Director of Mahindra and Mahindra, in an interview to PTI. Indian economy recorded a growth of 7.8 per cent i

India becoming middle income country within realms of possibility: NK Singh

Talking about the challenges that India needs to address, he stressed the need for ensuring the sanctity of contracts across governance

GDP growth reflection of transformative reforms of last 10 years: PM Modi

Prime Minister Narendra Modi on Saturday said India's GDP growth of 7.7 per cent in the first six months of the current fiscal year is a reflection of the country's strengthening economy and the transformative reforms carried out in the last 10 years. Addressing the 'Infinity Forum 2.0' conference at the GIFT City here via video link, Modi said his government wants to turn the Gujarat International Finance Tec (GIFT) City into a global nerve centre of the new age global financial and technology services. "In the first six months of this financial year, India has achieved a GDP growth of 7.7 per cent...Today, the entire world has pinned its hopes on India, and this did not happen just on its own. This is a reflection of India's strengthening economy and also the transformative reforms carried out in the last 10 years," Modi said in his inaugural address. India is one of the fastest growing fintech markets in the world today and the GIFT International Financial Services Centre (IFSC)

Australian govt to announce its strategy for slowing immigration next week

"The new strategy we'll announce will bring immigration back to sustainable levels," he told reporters Saturday in Sydney

Forex reserves surpass $600-billion mark after nearly four months

India's foreign exchange reserves increased to USD 604 billion as on December 1, surpassing the USD 600 billion mark after a gap of about four months. The forex reserves were last above the USD 600 billion mark on August 11 this year. "India's foreign exchange reserves stood at USD 604 billion as on December 1, 2023. We remain confident of meeting our external financing requirements comfortably," Reserve Bank Governor Shaktikanta Das said, while unveiling the December bi-monthly monetary policy on Friday. The reserves were USD 597.935 billion in the preceding week ended November 24. In October 2021, the country's foreign exchange kitty had reached an all-time high of USD 642 billion. The reserves took a hit as the central bank deployed the reserves to defend the rupee amid pressures caused majorly by global developments since last year. The governor further said the Indian rupee has exhibited low volatility compared to emerging market economy (EME) peers in the calendar year 2023,

Russia becoming 'new global growth centre', says President Vladimir Putin

"The world has entered an era of radical changes and serious tests not only for specific companies and sectors, but also for whole countries and regions of the world," Putin said

Rs 24,000 cr investments at Bengal biz meet to be implemented over 2 yrs

The North Bengal business meet has elicited investments worth Rs 24,000 crore which would be implemented in a span of one to two years, an official of the West Bengal government said on Thursday. Chief secretary of the West Bengal government H K Dwivedi said that the investment proposals have been received from various sectors. Business organisations and trade bodies of eight districts in the northern part of West Bengal have participated in the business meet held here on Thursday, he said. Dwivedi said the state government has been very proactive in encouraging investors to make investments in West Bengal and has been extending support for the same. He said that after the present government came into power in the state, there have been notable industrial investments in North Bengal. Discussions on the overall development of the infrastructure of North Bengal also took place at the business meet, he added.

India's apple imports may rise after crop damage in Kashmir, Himachal

Country is the world's fifth largest producer of the fruit but rains and floods have hurt domestic yield this year

Softening demand drags India's November PMI to 12-month low of 56.9

Growth momentum weakens despite demand fuelling new business intakes and output

Tea exports decline 4.93% to to 157.92 million/kg during Jan-Sep

Tea exports from India during January to September declined 4.93 per cent to 157.92 million kg, according to latest Tea Board data. During the first nine months of 2022, exports stood at 166.11 million kg. From North India, primarily the states of Assam and West Bengal, tea exports dropped 6.61 per cent to 96.28 million kg in the reporting period, compared with 103.09 million kg in the corresponding nine months a year ago, the data showed. In the southern region, shipments fell marginally by 2.19 per cent to 61.64 million kg from January to September. During the entire calendar year 2022, tea exports from India stood at 231 million kg. Sources in the Indian Tea Association (ITA), the apex body of planters, said the export scenario remains grim as shipments to Iran are uncertain due to payment issues. The Iran market constitutes nearly 20 per cent of India's total tea exports, followed by the CIS group of countries, they said.

Nine states, 2 UTs see rising fiscal deficits post-pandemic: PHDCCI report

"States are classified as resilient if their fiscal deficit as a percentage of GSDP has decreased from the pre-pandemic to the post-pandemic period," the report says

Shrinking, aging pool of workers push Japan to find new ways to fill Jobs

Earlier this year, the government committed ¥3.5 trillion ($23.6 billion) on measures to increase the birthrate, but the shortfall in available workers has been challenging employers for some time

MPC likely to hold repo rate for fifth time in a row, shows BS poll

Likely to revise FY24 growth forecast upward

Evergrande risking liquidation if creditors veto plan for handling debts

A Hong Kong court will convene a hearing on Monday on troubled Chinese property developer Evergrande's plans for restructuring its more than USD 300 billion in debts and staving off liquidation. The company, the world's most indebted property developer, ran into trouble when Chinese regulators cracked down on excessive borrowing in the real estate sector. Last month, the company said Chinese police were investigating Evergrande's chairman, Hui Ka Yan, for unspecified suspected crimes in the latest obstacle to the company's efforts to resolve its financial woes. The Hong Kong High Court has postponed the hearing over Evergrande's potential liquidation several times. Judge Linda Chan said in October that Monday's hearing would be the last before a decision is handed down. Evergrande could be ordered to liquidate if the plan is rejected by its creditors. In September, Evergrande abandoned its initial debt restructuring plan after authorities banned it from issuing new dollar bonds, w

Russian oil turns dearer for Indian refiners after US enforces price cap

Moves by Washington to enforce the price cap strictly by opening investigations into five tankers transporting Russian oil has created concerns among refiners and traders

Barclays, Citi raise India's economic growth closer to 7% after GDP beat

Barclays Plc and Citigroup Inc. predict the economy will now expand 6.7% in the fiscal year ending in March, up from previous forecasts of 6.3% and 6.2%, respectively

Govt cuts windfall tax on crude to Rs 5,000/tonne, on ATF to Rs 1.06 l/kL

Centre had earlier reduced the windfall tax on diesel and crude oil on November 16