Page 3 - Economy

West Bank Palestinians risk crossing Israeli border to flee failing economy

At dawn in mid-May, Sayyed Ayyed and dozens of other unemployed Palestinian men gathered at the foot of the towering wall of concrete and barbed wire dividing the occupied West Bank from Israel. A smuggler was there with a ladder and ropes. Each man handed over the equivalent of $100. Ayyed waited his turn as others clambered over. The 30-year-old father of two young daughters hadn't found work for a year. Debts were mounting. Rent had to be paid. On the Israeli side, there was the lure of work on a construction site. He just had to get over the wall. When we reach the point where you see that your children do not have food, he said, the barrier of fear is broken. A year of war in Gaza has reverberated across the West Bank, where the World Bank warns the economy is at risk of collapse because of Israeli restrictions barring Palestinian laborers from entering the country for work, and the biggest wave of violence in decades. Unemployment has skyrocketed, reaching 30% from around 12

'Law and the Economy in India' explores rationale behind key regulations

The depth of discussion on the economic linkages and laws are not examined in as much detail to justify the use of the noun "Economy" in the title

Bidding for Pakistan's national airline delayed to Oct 31: Officials

Pakistan's government has previously said it would sell between 51-100 per cent of the loss-making airline as part of reforms urged by the International Monetary Fund (IMF)

Pakistan cuts 150K jobs, dissolves six ministries as part of IMF deal

In an effort to minimise administrative expenditures, cash-strapped Pakistan on Sunday announced to abolish about 150,000 government posts, close six ministries, and merge two others, as part of reforms agreed upon with the IMF under USD 7 billion loan deal. The International Monetary Fund on September 26 finally gave a nod to the assistance package and also released over USD 1 billion as the first tranche after Pakistan committed to cut expenditures, increase tax-to GDP ratio, tax non-traditional sectors like agriculture and real estate, limit subsidies and transfer some fiscal responsibilities to provinces. Addressing the media on his return from the US, Minister for Finance Muhammad Aurangzeb said that a programme had been finalised with the IMF, which would be the last programme for Pakistan. We need to implement our policies to prove that it will be the last programme, he said, and emphasised that in order to join the G20, the economy must be formalised. The minister said ...

Moody's downgrades Israel again as economic costs of full-fledged war mount

This month, the Israeli finance ministry cut its 2024 economic growth projection to 1.1 per cent from 1.9 per cent, estimate for next year was lowered to 4.4 per cent from 4.6 per cent

Britain Treasury chief seeks to boost economic optimism after failed talks

British Treasury chief Rachel Reeves will pledge Monday not to return to an era of public spending cuts despite the dire state of the UK's national finances. Reeves plans to stress optimism in a speech to the Labour Party's annual conference, aiming to reassure party members, jittery despite a recent landslide election victory, that her first budget next month won't be all doom and gloom. The party said Reeves, the UK's first female finance minister, will stress that my optimism for Britain burns as bright as it ever has done. The centre-left party is gathering in the northwest England port city of Liverpool three months after winning power in Britain's July 4 election. While Labour's return to office after 14 years in opposition has many delegates buzzing, some are anxious about the government's faltering start and downbeat economic messaging. Prime Minister Keir Starmer won the election on a promise to banish years of turmoil and scandal under the Conservatives, get Britain's ...

Celebrating six years of Ayushman Bharat: A beacon of health and hope

Ayushman Bharat marks six years of providing healthcare access to millions, integrating state schemes, and expanding coverage to vulnerable groups, setting the stage for a digital health revolution

India no longer a sleeping giant; its rise unstoppable, says VP Dhankhar

Vice President Jagdeep Dhankhar on Sunday said India was no longer a "sleeping giant", emphasising that the country's ascent is now unstoppable. Addressing a gathering after inaugurating a digital tower at Ramdeobaba University in Nagpur, Dhankhar asserted that education is service and not commerce. "The quality of education defines democracy," he said. Dhankhar further said middlemen had been removed permanently from the corridors of power, which had been infested with corruption earlier. Referring to the International Day of Democracy, the vice president said artificial intelligence was a tool for good governance. "India was earlier called a sleeping giant which is no longer the case. India is on the rise. Its rise is unstoppable," Dhankhar added.

TN CM Stalin concludes US tour, govt signs pacts worth over Rs 7,000 cr

The Tamil Nadu government on Friday said it has signed an MoU with US-headquartered Rapid Global Business Solutions, Inc, a supplier of business solutions across various industries, and the firm would set up a new unit in the state by investing Rs 100 crore. The MoU was signed in the presence of Chief Minister M K Stalin in Chicago on September 12 between officials of the state and the company, represented by its Chairman and CEO Nanua Singh and others, an official release here said, adding the new electronic and telematics firm would come up at Hosur. Industries Minister TRB Rajaa and top state officials were present. In total, the state government has inked pacts totally worth Rs 7,616 crore with 18 companies during the Chief Minister's official US tour to attract investments. Stalin, who embarked on his US tour on August 27, completed his trip and departed from Chicago to Chennai on September 12 following a warm send-off by the Tamil diaspora. In a post on X, he said: Goodbye, U

Pakistan accepts IMF's condition to not establish new SEZs: Report

Pakistan has accepted the IMF condition that it would not establish any new special economic or export processing zone in the country as it waits for the approval of a USD 7 billion bailout package from the international money lender, a media report said on Wednesday. The Washington-based lender's condition will impact the government's plans to establish an export processing zone (EPZ) on a piece of land belonging to the closed Pakistan Steel Mills, The Express Tribune newspaper reported. The report quoted government sources as saying that the IMF had asked Pakistan that it would not create any new special economic zone (SEZ) or EPZ and tax incentives already availed by the existing zones will not be extended after expiry. While the condition will be applicable to both federal and provincial governments, Khyber Pakhtunkhwa has refused to accept it, the report said. The IMF's conditions underscore how deeply it has captured Pakistan's economic and industrial policies, which could ..

Fiscal deficit to jobs: Economic issues new J&K govt has to tackle

The region is expected to clock a growth of 7% in FY25 but it's dependent on Central government grants

Tamil Nadu CM MK Stalin holds talks with Ford Motor to renew partnership

Tamil Nadu CM MK Stalin discussed reviving Ford's partnership with the state to produce vehicles for exports. Ford Motor exited India in 2021 after failing to turn profitable amid stiff competition

CIL planning to invest $8 bn to build coal-fired plants near its mines

The state-owned miner has already won approval for 4.7 gigawatts of generation to be built over the next six to seven years

Govt dissolves Pronab Sen-led panel on statistics, cites 'overlap' in work

Formed in July 2023, the SCoS was supposed to advise the Union government on survey methodology, including sampling frame, sampling design, and survey instruments

4% rise in pensioners availing Rs 1,000 minimum pension in FY24 under EPS

Experts attribute this increase in beneficiaries to the stagnation in wages of workers and high inflation, leading to lower contributions from subscribers

Average household spending on food falls below half since 1947: EAC-PM

India's average household spending on food has fallen to less than half for the first time since 1947, according to a recent working paper by the Economic Advisory Council to the Prime Minister (EAC-PM). The paper titled 'Changes in India's Food Consumption and Policy Implications: A Comprehensive Analysis of Household Consumption Expenditure Survey 2022-23 and 2011-12 further said significant changes are unfolding in India's food consumption pattern. According to the paper, the share of total household expenditure on food has declined substantially in rural and urban areas across all states and UTs. "It is the first time in modern India (post-independence) that average household spending on food is less than half the overall monthly spending of households and is a marker of significant progress," it said. The paper is a comprehensive analysis of the Household Consumption Expenditure Survey 202223 and comparison with 201112. "Overall, there has been a significant increase in ...

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