Basil had negotiated the Indian economic relief package to help Sri Lanka tackle the current foreign exchange crisis.
Expecting the economy to slow down in the current fiscal amid global recession, President Pratibha Patil said the new government will focus on adversely-affected sectors like infrastructure, exports, SMEs, and housing to restore the growth momentum.
Fifty-four per cent of the IT/ITeS workforce suffer from depression, severe headache, obesity, spondylitis and hypertension. Forty-seven per cent of financial services sector employees suffer from fatigue, diabetes and cardiovascular diseases. In the media, 51 per cent reported to be sick due to depression and high blood pressure. Fifty per cent of the employees working in KPOs suffered from chronic and lifestyle diseases.
President Gotabaya Rajapaksa on Monday fired Basil Rajapaksa from his post and invited the Opposition parties to join a unity Cabinet to tackle the raging public anger against the hardships caused by the economic crisis.
The most optimistic scenario is that when it is all over and the global economy is back on even keel, the Indian leaders will be stronger than they are now by virtue of having cut costs and acquired market share in the interim. India's three big IT firms Infosys, Wipro and TCS -- have added significant new clients and announced multi-year, multi-million dollar deals.
This does not necessarily mean that macroeconomic data will improve dramatically. Growth and employment could depress for a while. The markets are, however, unlikely to bother with absolute levels. They will cheer a situation in which the numbers don't get any worse and show the mildest promise of improvement.
Motilal Oswal Financial Services has posted a net profit of Rs 20.4 crore, a sharp drop of 62 per cent compared to the corresponding period of the previous year. The fall is attributed to the tough market conditions. Kochi-based Geojit Financial Services has posted profit after tax of Rs 38.63 crore after the company received Rs 40 crore as compensation from BNP Paribas for discontinuing the commodity business.
There are "grave implications" of the current economic downturn for 1.5 million people of Indian origin working and living in Britain, according to the Indian Workers Association.
Instead of boosting growth, policy should focus on addressing the current account and budget deficits.
Sri Lanka Prime Minister Mahinda Rajapaksa's residence in the city of Kurunegala in the north-western province was set on fire on Monday, hours after the leader tendered his resignation.
MEA xpokesperson Arindam Bagchi said India continues to closely follow the developments in Sri Lanka and that it is aware of the many challenges that the country and its people have been facing.
India and other key emerging markets have been categorised as having high exposure to Europe's economic woes by a risk analysis firm, Maplecroft.
Home Minister P Chidambaram on Tuesday said while some of the difficulties on the economic front may be of government's making, most of them are due to international situation.
A delegation from former president Maithripala Sirisena's Sri Lanka Freedom Party met him in the morning to press for their demand on the formation of the interim government.
Only 68 MPs voted in favour of the motion, it said, giving the 72-year-old President a comfortable victory.
President Ranil Wickremesinghe on Wednesday thanked India and Prime Minister Narendra Modi for giving Sri Lanka 'a breath of life' by providing timely economic assistance to his country as it faced the worst economic crisis in decades.
Prime Minister Modi on Saturday left for Egypt after concluding his state visit during which he held wide-ranging talks with President Joe Biden and addressed the joint session of the US Congress.
A nationwide strike, April 28, 2022, demanded the resignation of Sri Lanka President Gotabaya Rajapaksa and his cabinet, amid the country's economic crisis.
The emergency was imposed because of the mass scale protests planned for April 3 against the current economic hardships faced by the people.
The Sri Lankan government on Sunday lifted the ban it had imposed on social media platforms such as WhatsApp, Twitter, Facebook and Instagram after declaring a nationwide public emergency and effecting a 36-hour curfew ahead of a planned anti-government rally over the worst economic crisis in the island nation.
The High Commission said it was striving to return to its normal functioning soon.
Sri Lankan authorities on Wednesday deployed troops and military vehicles in the streets to ensure public security in the capital amidst nationwide protests over the government's failure to tackle the worst economic crisis.
In an interview with France24, Wickremesinghe said, "We are a neutral country, but we also emphasise the fact that we cannot allow Sri Lanka to be used as a base for any threats against India."
The Sri Lankan government has appointed an advisory committee comprising eminent economic and fiscal experts to provide guidance on addressing the current debt crisis and engaging with the International Monetary Fund (IMF) and other lenders as the country struggles to combat the unprecedented shortage of foreign reserves.
The protesters left the main anti-government protest camp at Galle Face promenade where they had been staging sit-ins since April 9, branding it as the 'Gota go home village' (Rajapaksa go home).
Prime Minister Rishi Sunak on Wednesday held his first Cabinet meeting with the new team as he prepares for his debut at Prime Minister's Questions, the first big test of Britain's Indian-origin premier's leadership.
China's embassy in Colombo has sought an urgent meeting with senior Sri Lankan authorities after Colombo sought a deferment of the planned docking of a high-tech Chinese research vessel at the strategic Hambantota port over which India raised concerns, sources said.
Thousands of irate anti-government protesters in Sri Lanka on Saturday stormed into embattled President Rajapaksa's official residence in central Colombo's high-security Fort area after breaking the barricades, as they demanded his resignation over the island nation's worst economic crisis in recent memory.
Foreign minister Ali Sabry told the cabinet that the Chinese vessel had only asked for a refuelling visit.
Sri Lanka's state-owned petroleum corporation announced fuel rationing for vehicles with effect from Friday, as an unprecedented economic crisis roils the country.
Ppolitical experts in Colombo said the ministers came under intense pressure from the public over the government's alleged "mishandling" of the economic crisis, triggered by the shortage in the foreign exchange reserve.
President Gotabaya Rajapaksa, who is currently facing public demand for his resignation over his mishandling of the economic crisis, is the man who ruthlessly ended Sri Lanka's nearly 30-year civil war with the LTTE with the death of its supremo Velupillai Prabhakaran in 2009.
Increase in sufferings in India has also resulted in an increase in sufferings in South Asia, the latest report from the American opinion poll agency said.
A protest has begun in front of the Trincomalee Naval Base after reports Mahinda Rajapaksa and some of his family members are there after leaving Temple Trees, the official residence of prime minister.
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President Pranab Mukherjee has sought to counter criticism against the economic stimulus provided when he was the Finance Minister in 2009 and maintained that economy under him registered high growth rates.
These six people have created a political climate more difficult for business, indeed more hostile to business, than at any time since the mid-1980s.
India on Thursday abstained on a draft resolution in the UN Human Rights Council in Geneva on promoting reconciliation, accountability and human rights in Sri Lanka which was adopted.
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While there are no definitive statistics available, the Tirupati Trust Foundation has well over 1,000 tonnes of gold.
A statement from the finance ministry said, 'it shall be the policy of the Sri Lankan government to suspend normal debt servicing...shall apply to amounts of affected debts outstanding on April 12, 2022'.
'Once elected, you have to act like people's representative for the full five years or else people show you your place.'
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