Page 7 - Economy

Pakistan finance minister urges traders to pay taxes to stabilise economy

Pakistan Finance Minister Muhammad Aurangzeb on Tuesday requested traders to pay their share of taxes to increase revenue collection and stabilise the cash-strapped country's economy on a long-term basis. Aurangzeb was addressing a press conference in Islamabad, days after the traders held a countrywide strike against the new tax scheme to bring over 3.5 million retailers into the tax net. The traders have refused to accept the Tajir Dost Scheme introduced by the Federal Board of Revenue (FBR), which imposes a fixed tax on traders and wholesalers. Aurangzeb said Pakistan increased its tax revenue by 29 per cent last year, but it was still at 8.8 per cent tax-to-GDP. This is not sustainable at all. No country is sustainable at this level, so we need to increase it to 15 per cent, he said. He said there was no room left to avoid taxes as the current situation, where the salaried class and the manufacturing industry were already contributing more than their fair share, cannot ...

Pakistan inflation ceases further in Aug providing room for more rate cuts

Pakistan's central bank has slashed rates by a cumulative 250 basis points in the last two meetings and is scheduled to hold the next review on Sept 12

Labour ministry to launch revamped Shram Suvidha portal by year-end

The portal will leverage AI and machine learning to facilitate ease of doing business

Mauritius invites Indian SMEs to get duty-free export benefit under AGOA

Mauritius is inviting Indian Small and Medium Enterprises (SMEs) to set up their units in the island country to capitalise on duty-free export benefit under the African Growth and Opportunity Act (AGOA), an envoy said here. This AGOA offers duty-free shipments to the US market, presenting significant opportunities for Indian businesses, he said. Replying to a question, High Commissioner of Mauritius to India Haymandoyal Dillum said, "Indian industries should make the most of the AGOA agreement with African countries and the US." Dillum, who visited Kolkata on Saturday to attend a programme of the Bharat Chamber of Commerce, encouraged the leather industry to explore value-added opportunities in Mauritius to gain a competitive edge in the US market. The West Bengal leather sector has been facing a slowdown in traditional markets like the US and Europe due to a slowdown in the economy after the COVID-19 pandemic. Leather exports from West Bengal account for approximately Rs 6,000 cr

Economy impact, biodiversity key in animal disease fight: AHC Mitra

Economic impact and biodiversity loss should be key criteria in prioritising animal infectious diseases, said Animal Husbandry Commissioner Abhijit Mitra while inaugurating a three-day workshop on Wednesday. The workshop on Animal Infectious Disease Prioritization, organized by the Food and Agriculture Organization of the United Nations (FAO) under the Department of Animal Husbandry & Dairying, aims to address the significant challenges posed by these diseases, an official statement said. "The financial burden of infectious diseases affecting livestock, poultry, and wildlife has far-reaching consequences for both the agricultural sector and our national economy," Mitra emphasised. He further stressed the importance of considering biodiversity loss in the prioritisation process, citing its long-term implications for ecosystems and environmental sustainability. The event brought together experts from various government departments, research institutions, universities, and ...

MPC and Inflation: Tracking non-food retail inflation trends in India

If monetary policy cannot influence food inflation, why should it not subject its stance to non-food price spiral?

Economists suggest ending war to revive Israel's struggling economy

In Jerusalem's Old City, nearly all souvenir shops are closed. In Haifa's flea market, forlorn merchants polish their wares on empty streets. Airlines are canceling flights, businesses are failing and luxury hotels are half empty. Nearly 11 months into the war with Hamas, Israel's economy is struggling as the country's leaders grind ahead with an offensive in Gaza that shows no signs of ending and threatens to escalate into a wider conflict. Prime Minister Benjamin Netanyahu has tried to allay concerns by saying the economic damage is only temporary. But the bloodiest, most destructive war ever between Israel and Hamas has hurt thousands of small businesses and compromised international trust in an economy once thought of as an entrepreneurial dynamo. Some leading economists say a cease-fire is the best way to stop the damage. The economy right now is under huge uncertainty, and it's related to the security situation how long the war will go on, what the intensity will be and the .

With battered economy, infrastructure, can Lebanon afford war with Israel

The ferocious exchange of fire by Hezbollah and the Israeli military is raising fears of a regional war beyond the tense border. The risks for Lebanon are far greater than in 2006, when a monthlong war with Israel ended in a draw. Lebanon has struggled with years of political and economic crises that left it indebted, without a stable electricity supply, a proper banking system and with rampant poverty. And with Hezbollah's military power significantly greater, there are concerns that a new war would be far more destructive and prolonged. Can Lebanon afford any of it? Planning for a 2006 war repeat or worse Since Hezbollah and Israel began firing rockets and drones at each other a day after the start of the Israel-Hamas war in Gaza on Oct. 7, the conflict has been mostly limited to border towns. But with the threat of a wider war, Lebanon has scrambled to equip hospitals with supplies and prepare public schools to open up to people seeking shelter. A rare Israeli airstrike in ..

B'desh to tame inflation by interest rate hike of 9% in coming days: Report

Bangladesh Bank's new governor, Ahsan H. Mansur, appointed just a week ago, also said that he would raise interest rates further to 10 per cent or more in the coming months

French economy gets boost in August from 2024 Olympics, PMI shows

France, the euro zone's second-largest economy, has been banking on the Games to bolster its tepid growth rate

Bangladeshi turmoil risks weaker banks and slower financial reforms: S&P

An interim government, led by economist Muhammad Yunus, has been appointed to plug a power vacuum and hold elections, but the protests have widened to target officials appointed during Hasina's term

One year of DPDP Act: Firms in a fix over delayed implementation of rules

Digital rights and advocacy groups said that the delay in the notification of rules is creating business uncertainty and has limited individuals' ability to exercise rights given to them

74% Pakistanis unable to meet expenses, 10% doing two jobs: Report

Survey of Pakistan with roughly 240 mn population, also highlighted that more than half of those who are just managing to cover expenses, are unable to save any money after meeting their basic needs

RBI MPC highlights: Deposit-credit divergence could lead to liquidity management issue, says Das

RBI Monetary Policy Meeting 2024: Catch all the latest highlights on RBI's monetary policy announcements here

Viksit Bharat needs a new paradigm: Reforming the thinking behind policy

The time has come to imagine the contours of a new paradigm of progress

Rajasthan govt to set up animal husbandry development fund worth Rs 250 cr

Rajasthan Chief Minister Bhajanlal Sharma on Saturday said the state government will constitute the Chief Minister's Animal Husbandry Development Fund with an allocation of Rs 250 crore to benefit cattle farmers. Sharma was addressing a delegation of Dewasi community who had come from various assembly constituencies including Sirohi and Bali to express gratitude for the announcements made for their upliftment in the state's annual budget. According to an official statement, the chief minister said that the country is agriculture-based and cattle farmers have an important contribution in the state's economy. Keeping this in mind, many gifts have been given in the budget for the empowerment of cattle farmers. Chief Minister's Animal Husbandry Development Fund will be constituted with Rs 250 crore for animal husbandry promotion, conservation and development, he said. According to the chief minister, the grant amount will be increased from 50 per cent to 75 per cent for breed developme

Sri Lanka needs to raise fiscal revenue to maintain economic stability: IMF

IMF has also provided Colombo and financial advisors of the country's bondholders an assessment on a provisional deal

Budget with BS: 'We are in one of the biggest market booms', says Motilal Oswal's Raamdeo Agrawal

Latest updates: Catch all the updates on the analysis of the Union Budget for FY25 here

April-June fiscal deficit at Rs 1.36 trillion, 8.1% of 2024-25 target

Total government expenditure during the period was Rs 9.7 trillion, or about 20.4 per cent of the annual goal, lower than the Rs 10.51 trillion in the same period last year

Euro zone economy sees slight growth, outlook remains far from rosy

Euro zone economy is quite like water quality of Seine (polluted river in Paris), some days it may look okay but overall it's poor enough to continuously worry about it, ING economist Bert Colijn said