ECONOMY - The Purbottar

01 Apr

Protests took place in front of Sri Lanka President’s residence as economic crisis deepens

editor0 CommentsInternationalECONOMY, sri lanka

Police fired tear gas and water cannons at angry protesters demanding his resignation after they gathered in front of the residence of Sri Lankan President Gotabaya Rajapaksa on Thursday, as the island nation grapples with its worst financial crisis in decades. Sri Lanka's foreign trade crisis has led to shortages of essential commodities such as fuel. cooking gas, and power cuts that remain off for up to thirteen hours a day. Protesters chanted slogans, expressing their anger at what they characterized as gross mismanagement by the Rajapaksa regime that has exacerbated Sri Lanka's foreign exchange woes. Protesters carrying placards saying…

30 Sep

Piyush Goyal urges U.S. firms to push for trade agreement

editor0 CommentsBusiness, India, InternationalECONOMY

India and the US should engage in a much bigger way and New Delhi is ready and willing to expand the economic partnership with America, Commerce and Industry Minister Piyush Goyal said on Wednesday. He also called for setting an ambitious bilateral trade target of $1 trillion in the next 10 years. Addressing the 4th Annual Leadership Summit of the US-India Strategic Partnership Forum (USISPF), Piyush Goyal said though a lot of effort had gone into negotiating a trade agreement between the two countries during the previous US administration, unfortunately it did not work out. The minister said India is…

13 Sep

Vaccination is the medicine to boost economy: Finance minister Sitharaman

editor0 CommentsIndiaECONOMY, Nirmala Sitharaman

Finance Minister Nirmala Sitharaman on Sunday said that vaccination is the only medicine to boost the economy because it allows people to do business or farmers to cultivate their produce. She further added that 73 crore people in the country have taken the dose of the COVID-19 vaccine. She said: "The vaccination drive is going on smoothly in the country and so far 73 crore people have taken free doses of vaccine. Today, because of the vaccination programme, people have been able to do their business, buy products to run business, boost the economy. Therefore, vaccination is the only medicine…

01 Sep

Sri Lanka declares food emergency as forex crisis worsens

editor0 CommentsInternationalECONOMY

Sri Lanka on Tuesday declared a state of emergency over food shortages as private banks ran out of foreign exchange to finance imports. With the country suffering a hard-hitting economic crisis, President Gotabaya Rajapaksa said he ordered emergency regulations to counter the hoarding of sugar, rice and other essential foods. Rajapaksa has named a top army officer as "Commissioner General of Essential Services to coordinate the supply of paddy, rice, sugar and other consumer goods". The move followed sharp price rises for sugar, rice, onions and potatoes, while long queues have formed outside stores because of shortages of milk powder,…

09 Aug

Rupee snaps 5-day winning streak, drops 11 paise against US dollar

editor0 CommentsBusiness, India, InternationalECONOMY, INDIA

Halting its five-session winning run, the rupee on Monday declined by 11 paise to close at 74.26 (provisional) against the US dollar, tracking the firm American currency. At the interbank foreign exchange market, the domestic currency opened at 74.21 against the American currency and slipped further to close at 74.26, registering a decline of 11 paise over its previous close. On Friday, the rupee had settled at 74.15 against the US dollar. During the session, the local unit touched an intra-day high of 74.21 and a low of 74.29 against the US currency. The dollar index, which gauges the greenback’s…

11 Jul

S Jaishankar, Georgian PM discuss trade, connectivity to take economic ties to higher level

editor0 CommentsBusiness, InternationalECONOMY, Indian government, international, S Jaishankar

External Affairs Minister (EAM) S Jaishankar on Saturday held a comprehensive discussion with Georgian Prime Minister Irakli Garibashvili on a range of issues relating to trade, connectivity considered as key to resilience in a globalized world and expressed the need for greater economic cooperation. "We have very comprehensively discussed our bilateral cooperation. I think there is a lot that we can be satisfied with. There has been significant Indian investment in Georgia. There are 8000 Indian students here. There are more than 50,000 tourists who come here," said Jaishankar during a joint press statement with the prime minister of Georgia.…

26 Jun

Tax Relief On Money Received For Covid Treatment From Employers

editor0 CommentsBusinessBusiness, ECONOMY

The Centre on Friday announced income-tax exemption on the amount received by a taxpayer from his/her employer or from any other person for the treatment of Covid-19 during FY 2019-20 and subsequent years. The government on Friday extended deadlines for various income tax compliances. The income tax department, in a statement, said the payment deadline for Vivad Se Vishwas direct tax dispute resolution scheme has been extended by two months till August 31. Taxpayers can make payments till October 31 with additional amount of interest. The last date for PAN-Aadhaar linking too has been extended by three months to September…

27 Mar

Suez Canal blockage by a 400-meter container ship has put world trade at risk

editor0 CommentsBusinessBusiness, ECONOMY, suez canal, trade, world

The Ever Green, a 400-meter (1,300-foot) container ship got stranded in Egypt's Suez Canal on Tuesday and has since been blocking the vital maritime passageway between Asia and Europe. A giant container ship blocking the Suez Canal has put the vulnerabilities of global trade center stage. DW looks at the major shipping routes most at risk from unforeseen events. The Ever Given, a 400-meter (1,300-foot) container ship got stranded in Egypt’s Suez Canal on Tuesday and has since been blocking the vital maritime passageway between Asia and Europe. The suspension of traffic through the narrow channel has deepened problems for…

25 Mar

Petrol and diesel prices have been slashed for a second straight day.

editor0 CommentsBusinessdiesel, ECONOMY, INDIA, Petrol

Petrol and diesel rates were cut by oil marketing companies (OMCs) on Thursday as global crude oil prices continue to weaken. This was the second straight day of fuel price cut by OMCs after rates were slashed for the first time in 2021 on Wednesday. Petrol rates have been cut by 21 paise, while diesel prices in the country have been lowered by 20 paise. Following the cut, a litre of petrol in Delhi costs Rs 90.78, down from Rs 90.99 on Wednesday. Prices have also dropped in cities like Kolkata (Rs 90.98), Mumbai (Rs 97.19), Chennai (Rs 92.77), Bengaluru (Rs…

19 Mar

The rise in the number of digital transactions at the bank was largely driven by pick up in e-commerce during the pandemic-induced lockdown, which restricted movement, SBI Chairman Dinesh Khara said.

editor0 CommentsNorth Eastbank, ECONOMY, INDIA, sbi

The country’s largest lender State Bank of India has seen a perceptible increase in the number transactions happening at its multiple digital channels, with the percentage moving from 60 per cent in the pre-pandemic period to 67 per cent currently, Chairman Dinesh Khara said. The rise in the number of digital transactions at the bank was largely driven by pick up in e-commerce during the pandemic-induced lockdown, which restricted movement, he said. “When e-commerce picked up, it was actually the digital channels we are offering that got wider currency and acceptability. That is one of the reasons our digital transactions have…