Page 52 - Economy

As consulting firms enter tech, problems grow for Indian IT companies

European clients, which typically account for a quarter to a third of Indian firms' sales, are almost certain to cut their tech budgets - at least until the war in Ukraine comes to an end

Govts across globe stoked global inequality since pandemic, finds study

Analysis by the nonprofits Oxfam and Development Finance International found that of the 161 countries surveyed, almost all either froze or lowered taxes on their richest citizens

Lokayuktas' report card: Only seven of the 29 release their annual reports

There is no official website for the Lokayuktas of 10 states, including Delhi

Retirees can now opt to continue with 'default' investment plan under NPS

After the new rule kicks in, retirees will be able to choose to continue with the existing plan or choose a new PFM and investment plan

Funds mismatch under new settlement process may invite stricter Sebi norms

According to the new mandate, stock market brokers are required to transfer unused funds back to the client's account at least once each quarter

To boost night life, Delhi LG allows 300 firms to operate round-the-clock

In a move that will boost Delhi's night life, LG VK Saxena has approved more than 300 establishments, including online shopping and delivery shops, hotels, restaurants, and transport facilities, to operate round-the-clock, officials at LG office said on Sunday. The Lt Governor has approved a proposal to exempt 314 applications, some of them pending since 2016. He has directed that notification to this effect be issued within seven days, they said. Approving the proposal, Saxena took a "very serious view" of "inordinate delay, adhocism, randomness and unjustified discretion" on part of the labour department in disposing of applications made by the firms for these exemptions, officials said. The LG has ordered that such applications are disposed of within a strict timeline to foster an investor and business-friendly environment in Delhi. Starting next week, the 300-plus establishments will be able to operate on a 24X7 basis in the national capital, they added.

Covid may hamper Cambodia's bid to be upper-middle income state by 2030: PM

Cambodian Prime Minister Samdech Techo Hun Sen said that the Covid-19 pandemic may hinder Cambodia's ambitious journey toward an upper-middle income country by 2030 and a high-income country by 2050

What impact does culture have on an economy? A paper tries to answer

And what is the impact of economic policies on culture? The paper calls for more research

Haiti's economy tanks, violence soars after govt removes fuel subsidy

Daily life in Haiti began to spin out of control last month just hours after Prime Minister Ariel Henry said fuel subsidies would be eliminated, causing prices to double. Gunshots rang out as protesters blocked roads with iron gates and mango trees. Then Haiti's most powerful gang took it a step further: It dug trenches to block access to the Caribbean country's largest fuel terminal, vowing not to budge until Henry resigns and prices for fuel and basic goods go down. The poorest country in the Western hemisphere is in the grips of an inflationary vise that is squeezing its citizenry and exacerbating protests that have brought society to the breaking point. Violence is raging and making parents afraid to send their kids to school; fuel and clean water are scarce; and hospitals, banks and grocery stores are struggling to remain open. The president of neighbouring Dominican Republic described the situation as a low-intensity civil war. Life in Haiti is always extremely difficult, if

'Parliamentary illiteracy' on fiscal issues needs to be overcome: N K Singh

Former finance commission chairman calls for having a fiscal council to debate policy issues

Ukraine's war-torn economy will sink 35% in 2022, says World Bank

Devastated by Russia's invasion eight months ago, the Ukrainian economy will plunge 35 per cent this year, the World Bank forecast on Tuesday. The war has destroyed factories and farmland and displaced millions of Ukrainians. The World Bank, a 189-country anti-poverty agency, estimates that rebuilding the country will cost at least USD 349 billion, 1.5 times the size of Ukraine's prewar economy. Ukraine continues to need enormous financial support as the war needlessly rages on as well as for recovery and reconstruction projects,'' said Anna Bjerde, World Bank vice president for Europe and Central Asia. Still, the bank's assessment for Ukraine's economy marks an upgrade from the 45.1 per cent freefall it forecast in June. And it expects that the Ukrainian economy will return to growth in 2023, expanding 3.3 per cent though the outlook is highly uncertain and will depend on the course of the war. Meanwhile, the Russian economy, hammered by Western sanctions, is expected to shrink

India may not be able to completely avoid impact of global recession

Lower global commodity prices to help the economic growth

Turkey inflation hits fresh 24-year high of 83% in September, shows data

The acceleration follows a series of interest-rate cuts this year by central bank Governor Sahap Kavcioglu that threaten to pile even more pressure on inflation

Manufacturing PMI dips to 3-month low of 55.1 in September on poor demand

India's factory growth dipped to a three-month low in September due to a moderation in demand and output, despite easing inflationary pressures and strong business confidence

$1.2-trn 'PM Gati Shakti' plan can snatch away factories from China

Under a $1.2 trillion mega project called PM Gati Shakti -- Hindi for strength of speed -- Modi's administration is creating a digital platform that combines 16 ministries

Cotton sector pins hopes on stable demand-supply situation in new season

Yarn makers, though, complain of sharp drop in demand and growing stockpiles

BJP leader Subramanian Swamy meets Sri Lanka's Rajapaksa brothers

Senior BJP leader Dr Subramanian Swamy on Thursday met Gotabaya Rajapaksa here, becoming the first foreign visitor to call on the ousted Sri Lankan president, following his return to Colombo after fleeing the country amidst unprecedented protests against his government's mishandling of the island nation's economy. Swamy, a close friend of the Rajapaksa family who is in Sri Lanka to attend a conference of the General Sir John Kotelawala Defence University on national security, also met with Gotabaya's brother Mahinda Rajapaksa on Wednesday evening and attended the Navratri pooja at his residence, sources said on Thursday. "Swamy, a close friend of the Rajapaksa brothers attended the Navaratri pooja held at Mahinda Rajapaksa's official residence last night before calling on Gotabaya Rajapaksa this morning," sources said. Swamy has become the first foreign visitor to call on Gotabaya since he returned early this month after his self-imposed exile after facing a violent nationwide prote

India's CAD may have breached 3% of GDP in Q1 on surge in imports

Analysts peg full-year figure at $120 bn, but say it will be lower as proportion of GDP than FY13 levels

Small oil and gas field operators ask govt for exemption from windfall tax

The central government from July 1, 2022, levied a tax on crude and petroleum products to capture supernormal profits of energy companies amid a sharp rise in global oil prices

Centre for disinvestment of CPSEs under 2 ministries, 3 departments

These include CPSEs under the Ministries of Housing & Urban Affairs and Health & Family Welfare, and Departments of Pharmaceuticals, Telecommunications and Fertilisers