Page 2 - Economy

Russia restricts flow of funds to 'unfriendly' countries, regions

Russia has imposed restrictions on the movement of funds that could be transferred to "unfriendly" countries and regions, its central bank has said.

Amid Russian invasion, Ukraine's 2022 sunseed harvest likely to plunge 42%

Ukraine's 2022 sunflower seed harvest could decrease by 42% to 9.6 million tonnes due to a sharp decrease in the sowing areas following Russia's invasion

Govt sets Rs 1-trillion infrastructure lending target for DFI

An action plan is being prepared on making the newly set up DFI functional and operationalising the Rs 1-trillion target

Delhi's GDP up 50% since 2016-17: LG Anil Baijal in address to Assembly

Delhi's GDP went up by 50 per cent since 2016-17, indicating that the city's economy is in a strong position, Lieutenant Governor Anil Baijal said on Wednesday

Sri Lanka reforms anti-terror law as European Union reviews trade scheme

Sri Lankan lawmakers on Tuesday approved reforms to a harsh anti-terror law that rights groups have long criticized, as the country looks to shore up its trade relations with the European Union

Karnataka aiming to double bioeconomy value to $50 bn by 2025: Minister

The Karnataka government is planning to tap the Central government's production-linked incentive (PLI) scheme to aggressively push for investments in the biopharmaceuticals and medical devices sector

Sri Lankan inflation in Feb hits record high at 17.5%, highest since 2015

Sri Lanka's Department of Census and Statistics announced that the overall rate of inflation for February 2022 on year-on-year basis stood at 17.5 per cent

West Bengal's economic slide continues

At the end of March, its outstanding debt is expected to increase from about Rs 4.82 trillion in 2021 to about Rs 5.29 trillion in 2022 and further to a little more than Rs 5.86 trillion in 2023

Brazil cuts economic growth estimate to 1.5% in 2022, 2023 forecast at 2.5%

The Brazilian government has cut its forecast for gross domestic product (GDP) growth in 2022 to 1.5 per cent from 2.1 per cent estimated in November 2021, the Ministry of Economy announced

French govt unveils aid to counter fallout from Russia-Ukraine war

France's government announced a massive emergency aid program for farmers, fishermen, truckers and other professionals battered by fuel-price surges resulting from Russia's war in Ukraine.

Karnataka will contribute $1.5 trn to India's economy by 2025: Bommai

Stating that Karnataka is set to become the number one state in the country in overall economic growth, CM Bommai expressed confidence that the state will contribute $1.5 trillion to economy

Ukraine economy to contract sharply in 2022 due to Russia invasion: IMF

The country's public debt was expected to spike to 60% of GDP in 2022 from around 50% in 2021, the IMF report said

Nearly half of Russia's reserves frozen in wake of Moscow's war in Ukraine

Russian Finance Minister Anton Siluanov said that nearly half of the country's roughly $640 billion dollars of gold and foreign currency reserves have been frozen

Moscow Stock Exchange will not resume trading next week: Russian bank

The Russian Central Bank has said that it will not resume trading on the Moscow Stock Exchange in the equity market during the week of March 14 in wake of the ongoing war in Ukraine.Via its website, the Bank of Russia also said that the foreign currency market will reopen at 10 am (local time) (2 am ET) on Monday, and commodity trading will also resume then, CNN reported.As for stock market operations during the week of March 21, the central bank indicated that it will make an announcement at a later date.The exchange has been closed since Russia launched its military operations in Ukraine. The United States, European Union and other Western allies imposed sanctions and the Russian ruble plunged to record lows against the US dollar.

West's unrelenting sanctions will accelerate Russia's economic downfall

Even before Ukraine invasion, Russia's economic capabilities were hardly capable of sustaining an empire

Andhra Pradesh economy "fully recovered" from Covid-19, says survey

Andhra Pradesh's economy has "recovered fully" from the adverse impact of Covid-19, leading to a 18.47 per cent increase in the Gross State Domestic Product (GSDP), the Socio-Economic Survey said.

Russia built an economy like a fortress but the pain is real

Western sanctions are dealing a severe blow to Russia's economy.

Pakistan's public debt rises by 9.5% from July 2021 to Jan 2022

Pakistan's public debt increased by 9.5pc from July 2021 to January 2022 when the figure was Pakistani Rupees 42.4 trillion, central bank data showed.As of June 30, 2021, the debt stood at PKR 38.7 trillion, going up by 16 per cent year-on-year. Last year, at the end of January, the debt stood at PKR 35.5 trillion, Pakistani newspaper The News International reported on Wednesday.The domestic debt stood at PKR 27.4 trillion by the end of January while PKR 26.2 trillion by the end of June last year. External debt was PKR 14.9 trillion in January, and it amounted to PKR 12.4 trillion in June.The State Bank of Pakistan's data also showed that long-term debt rose to PKR 21.6 trillion at the end of January, compared with PKR 19.5 trillion in June. The short-term debt was PKR 537 trillion, compared with PKR 6.6 trillion by the end of January.The rise in net borrowing to meet the expenditures, accumulation of foreign reserves and the expenditure during pandemic led the Pakistani government to

Japan's unemployment rate increases to 2.8% due to surge in Covid cases

Japan's unemployment rate rose marginally to 2.8 per cent in January due to increasing cases of Covid-19 negatively impacting the labour market, s government report said on Friday.

Sri Lankan economy facing mounting debt crisis, urgent reforms needed: IMF

Sri Lanka is currently reeling under a severe foreign exchange crisis with falling reserves and the government is unable to foot the bill for essential imports