Page 30 - Economy

All conditions met, no hurdle left in striking IMF deal: Pak PM Shehbaz

Prime Minister Shehbaz Sharif has expressed his optimism that Pakistan, which has fulfilled "all the preconditions" of the IMF, will still be able to sign a staff-level agreement with the global lender to revive the stalled bailout programme for the cash-strapped country. Sharif's remarks came as many believe that Pakistan's chances for the revival of the current USD 6.5 billion IMF programme have almost diminished before it expires on June 30. Out of the USD 6.5 billion package, the IMF has not yet disbursed $2.6 billion to Pakistan. Addressing a ceremony here on Sunday, Sharif still appeared optimistic about that deal with the global lender and while referring to the government's plan B, said, If the agreement with the IMF is (further) delayed, then I will address you. The International Monetary Fund (IMF) signed a deal in 2019 to provide USD 6 billion to Pakistan on fulfilment of certain conditions. The plan was derailed several times and the full reimbursement is still pending

Centre to come up with a master app to check EV charging stations near you

The users will be able to discover the nearest EV charging station, book a slot in advance and make payments through the app

Seeking 'accuracy': Govt to come up with fresh logistics cost estimate soon

Initial indications suggest a number lower than 14-16%, says senior official

BPCL's Bargarh bio-refinery to invigorate circular economy: Pradhan

State-owned Bharat Petroleum Corporation Ltd's (BPCL) Bargarh 2G bio-refinery which will use rice straw to produce ethanol for mixing in petrol, will invigorate a circular economy and give impetus to waste-to-wealth creation, Union Minister Dharmendra Pradhan said on Sunday. Pradhan, who is the Union Minister for HRD, visited the under-construction Bargarh 2G bio-refinery site in Odisha as part of the Vikas Teerth Yatra to mark nine years of the Modi government. "Bargarh bio-refinery is making steady progress and is expected to be commissioned soon," he tweeted. After producing ethanol from sugarcane, India is now pushing for producing low-carbon fuel from grains and agri waste. This is part of an ambitious programme to mix ethanol in petrol to cut down emissions as well as the country's dependence on imports for meeting oil needs. Presently, 10 per cent ethanol is mixed in petrol (10 per cent ethanol, 90 per cent petrol) and this volume is targeted to be doubled by 2025. The Barga

Domestic GDP growth on firm footing, growth slightly revised upwards: SBI

Country's largest commercial lender State Bank of India (SBI) said that domestic GDP growth is now on firm footing with urban demand showing good traction, while the lagging rural demand is a cause of concern. The apex bank has also revised GDP growth marginally upwards from 6.4 per cent to 6.5 per cent for the current financial year. In its 'Ecowrap' research report, SBI said that the GDP growth forecast of the apex bank RBI for the current fiscal has undergone some change since April 2023. While RBI had projected GDP growth at 6.4 per cent in April, this has been slightly revised upwards to 6.5 per cent for the current fiscal, as announced in the latest Monetary Policy Committee (MPC) meeting which concluded on June eight. Inflation for the current financial year has been pegged by 5.1 per cent by the apex bank, perceived to be above the tolerance band of RBI at four per cent. The report said that the series of rate hikes in the recent past had resulted in falling unemployment r

RBI needs monsoon to deliver before weighing rate cuts in next MPC meet

The weather announcement on Thursday provided some relief to the rate-setters and millions of farmers across India, but the concerns are not quite over

Cash-strapped Pakistan's economy shows 0.29% GDP growth, inflation over 29%

Cash-strapped Pakistan's economy showed a dismal performance during the outgoing financial year with just 0.29 per cent GDP growth and spiralling inflation at over 29 per cent, according to the economic data unveiled by Finance Minister Ishaq Dar on Thursday. Dar launched the Economic Survey 2022-23 at a crowded press conference, an annual ritual performed one day ahead of next year's budget. The survey showcases the economic achievements of the government during the year ending on June 30 amidst political turmoil and unprecedented floods. The documents showed that the GDP growth in the outgoing year remained at 0.29 per cent, missing the target of 5 per cent, including 1.55 per cent in agriculture, 2.94 in industry and 0.86 per cent in the services sectors respectively. All three sectors missed the targets, with the industrial sector contracting to 2.94 per cent from the target of 7.1 per cent growth, the data showed. The survey showed that Pakistan registered 29.2 per cent inflat

Pakistan's economy likely to grow by 2% in next fiscal year: World Bank

The World Bank has projected Pakistan's economy to grow by two per cent in the next fiscal year, much lower than the 3.5 per cent target set by the country's top economic body, saying the lasting effects of the August 2022 floods, along with policy uncertainty and limited foreign exchange resources have depressed activity in the country. The conflicting estimates by the World Bank and the National Economic Council came on Tuesday, reported the Dawn newspaper. In Pakistan, the lasting effects of the August 2022 floods, along with policy uncertainty and limited foreign exchange resources to pay for imports of food, energy, and intermediate inputs, have depressed activity, with industrial production contracting by about 25 per cent in the year to March 2023, the bank said in its latest Global Economic Prospects report. It said that the continuing effect of last year's floods in Pakistan, compounded by worsening social tensions, high inflation, and policy uncertainty, is estimated to ha

RBI expected to pause again with markets watching for shift in stance

India's latest quarterly growth figures exceeded estimates last week, bringing about an expansion of 7.2% for the last fiscal year

Pak PM calls for providing relief to poor, middle class in budget 2023-24

Cash-strapped Pakistan's Prime Minister Shehbaz Sharif has directed the authorities to take major steps in the budget for the welfare of poor and middle class, in an effort to make it people-friendly ahead of general elections which are expected in October. "Despite economic challenges, special measures should be taken for the protection of vulnerable sections of society," he said while chairing a meeting on Monday to finalise measures to provide relief to the poor and middle classes of society. Pakistan, currently in the throes of a major political as well as economic crisis, is grappling with high external debt, a weak local currency and dwindling foreign exchange reserves. The inflation level rose by a whopping 36.4 per cent in the year in April, driven mainly by food prices. This is the highest in South Asia, and up from 35.4 per cent in March, according to the country's statistics bureau. The budget 2023-24 is expected to be presented in the parliament on June 9 and the ...

5 states project their economies to grow slower than national GDP in FY'23

So far, only 15 states have revealed their projections for the gross state domestic product for 2022-23

Atomic Wallet faces security breach, loses over $35 mn in crypto

Atomic Wallet, a mobile and desktop crypto wallet allowing users to store various cryptocurrencies, has experienced a security breach and lost over $35 million in crypto assets since June 2

May services PMI at 61.2 as demand remains resilient amid rising inflation

India's headline figure has been in the expansion zone for 23 months straight since August 2021

Rupee set to touch 83-per US dollar mark if RBI remains on hold this week

Thursday's policy review will help shape the rupee's fortunes, with traders expecting little reprieve after the currency fell under the weight of a stronger greenback in May

Opec+ members reach agreement to extend production cuts into 2024

Negotiations dragged on as some African producers objected to demands that they give up some of their output quotas

379 infra projects show cost overruns of Rs 4.64 trillion in April

As many as 379 infrastructure projects, each entailing an investment of Rs 150 crore or more, have been hit by cost overruns of more than Rs 4.64 lakh crore in April 2023, an official report said. According to the Ministry of Statistics and Programme Implementation, which monitors infrastructure projects worth Rs 150 crore and above, out of 1,605 projects, 379 reported cost overruns and as many as 800 projects were delayed. "Total original cost of implementation of the 1,605 projects was Rs 22,85,674.25 crore and their anticipated completion cost is likely to be Rs 27,50,591.38 crore, which reflects overall cost overruns of Rs 4,64,917.13 crore (20.34 per cent of original cost)," the ministry's latest report for April 2023 said. According to the report, the expenditure incurred on these projects till April 2023 was Rs 14,13,592.88 crore, which was 51.39 per cent of the anticipated cost of the projects. However, it stated that the number of delayed projects decreases to 598 if dela

SCO summit being held virtually after taking factors into account: India

Amid speculations over India's decision to hold the SCO summit on July 4 in a virtual format, the government on Friday said that it was never announced that the meeting would be held in person

India's forex reserves fall for second straight week at $589.14 billion

Reserves had fallen by $6.05 billion in the week ended May 19, the biggest fall in more than three months

As interest rates climb, Sweden's central bank fears financial stability

Due to high inflation and increasing interest rates, Sweden's financial stability is strained and the risks are increasing, the country's central bank (Riksbank) said in a report

Govt to build a developed India by 2047, focusing on all sectors: Rajnath

With great power comes great responsibility, Defence Minister Rajnath Singh said on Friday quoting a famous dialogue from Hollywood blockbuster "Spiderman" to emphasise that India's responsibility will increase in sync with its rising global stature. In an address at an event, Singh also noted that when India emerges as a superpower, it will have to ensure that universal values like democracy, religious freedom, dignity of human beings and global peace are established all over the world. The defence minister said the government is working to build a developed India by 2047, focusing on almost all sectors of the country. Talking about the political landscape in the country, Singh said that political parties are integral to democracy and it cannot survive without them. At the same time, he rued that many political parties in India do not operate based on any ideology and their politics revolve around a person or a family or a caste. "I think such politics should have no place in a ..