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.
With India slowly but steadily morphing into a global pharmaceutical R&D hub, scientists have run into short supply.
The Reserve Bank on Monday asked banks to put in place additional arrangements for export and import transactions in Indian rupees in view of increasing interest of the global trading community in the domestic currency. Before putting in place this mechanism, banks will require prior approval from the Foreign Exchange Department of the Reserve Bank of India (RBI), the central bank said in a circular. "In order to promote growth of global trade with emphasis on exports from India and to support the increasing interest of global trading community in INR, it has been decided to put in place an additional arrangement for invoicing, payment, and settlement of exports / imports in INR," it said.
'RBI is already late in addressing inflation pressures.'
Deighton's unpaid role will be to scale up production domestically, where brands like Barbour and Burberry have already switched factory lines from high-end fashion to PPE.
'The steel and petrochemical industries are oxygen guzzlers and diverting oxygen from there can meet hospitals' requirements'
The first fatality from COVID-19 was reported from the Washington state on February 26.
'Centres like polling booths can be set up for the area till the last adult is vaccinated -- open on all days from 9-9.' 'People should be able to come as per their convenience.'
Hospitals across the national capital had sent out SOS messages last week about depleting supplies of oxygen.
'This government has always been fiscally conservative. It never resorted to fiscal profligacy.'
The violence occurred following reports on Monday that Mahinda Rajapksa may offer to stand down as Prime Minister.
What is aggravating the situation is that e-commerce firms are facing huge shortage of delivery personnel. They have not been able to bring back their staff to work, despite offering higher pay and Covid-related insurance packages.
Sri Lanka's main Opposition party Samagi Jana Balawegaya (SJB) on Tuesday handed over to the parliamentary Speaker motions of no-confidence against the Sri Lanka Podujana Peramuna (SLPP) coalition government and embattled President Gotabaya Rajapaksa, even as the government announced the appointment of a cabinet sub-committee to look into the proposal for a new Constitution.
While commercial vehicles are expected to benefit from strong replacement demand, the two-wheeler and tractor segments are expected to gain from a recovery in the rural economy.
Sri Lanka's Acting President Ranil Wickremesinghe on Monday imposed emergency giving him sweeping powers ahead of the key election on July 20 to pick a new President as he urged the political parties to put aside differences and form an all-party government, with the Opposition dubbing his decision as an 'undemocratic draconian act'.
The Madras high court on Thursday urged the State and the central governments to ensure equitable distribution of medical oxygen, COVID-19 vaccines and other life saving materials, by ramping up the production capacity.
As the kharif season is setting in, India is scrambling to source fertilisers from the international market. It is set to sign long-term contracts - especially with Morocco and Latin American countries - to ensure steady flow of supplies. "We have to source fertilisers wherever it is available because crops have to be secured.
India may see a structural shift in supplies of crude oil with Russia emerging as a key source of fuels, a development that reduces New Delhi's dependence on West Asian oil, gives Indian refiners better bargaining power with price-setter Saudi Arabia, and improves overall energy security. The unexpected surge in supplies of Russian crude in the last few months, unthinkable until the war in Ukraine, may also deliver other unforeseen gains such as boosting exports of refined fuels to Europe, which historically has counted on Russian shipments. India has jumped on to the bandwagon of opportunistic buying of Russian crude but if calibrated carefully, Urals crude can be a long-term asset for India refiners.
The government on Friday came out with Foreign Trade Policy (FTP) 2023 which seeks to boost the country's exports to $2 trillion by 2030 by shifting from incentives to remission and entitlement based regime. Unlike the practice of announcing 5-year FTP, the latest policy has no end date and will be updated as and when needed, said Director General of Foreign Trade (DGFT) Santosh Sarangi while briefing media about FTP 2023. Earlier, Commerce and Industry Minister Piyush Goyal unveiled FTP 2023 which will come into effect from April 1, 2023.
The Consumer Price Index (CPI)-based inflation is now projected to be at 5.3 per cent for 2021-22 with risks evenly balanced. In its August policy, the central bank had estimated inflation to be at 5.7 per cent due to supply side constraints, high crude oil and raw materials cost.
Meghalaya Chief Minister Conrad Sangma on Thursday said Union Home Minister Amit Shah has given firm assurances at a meeting held in Delhi of acting on his request for a Central Bureau of Investigation (CBI) probe into the 'firing by Assam Police' along the states' border.
The paramilitary force on Tuesday night had issued a statement and said that "almost all patients are in need of uninterrupted oxygen."
Coal shortage crisis at thermal power projects does not seem to abate very soon as the number of non-pit head plants with less than four days of dry fuel stock (supercritical stock) has increased to 70 this Sunday compared to 64 a week ago on October 3, as per government data. According to the latest coal stock data of the 135 plants with over 165 GW of installed generation capacity monitored by the Central Electricity Authority (CEA), as many 70 plants are categorised as supercritical stock or having less than four days of fuel on October 10, 2021, compared to 64 a week ago on October 3, 2021. The data also showed that the number of non-pit head plants having less than seven days of fuel (critical stock) has also increased to 26 on Sunday from 25 such projects a week ago on October 3, 2021.
At the meeting the Sharif said that all concerned ministries should ensure 'seamless coordination' to ensure steady supply of petrol in all parts of the country.
The minister emphasised that India will play its due role in advancing global food security and it will do so in a manner in which it upholds equity, displays compassion, and promotes social justice.
Flagging the 'severe crisis' over availability of medical oxygen in Tamil Nadu, Chief Minister M K Stalin on Friday urged Prime Minister Narendra Modi to intervene and ensure it gets supplies and for the Centre to make available containers and trains to transport the life saving gas to the state.
The Union ministry of coal, while acknowledging that domestic coal stock is not enough to meet the power demand, asked state governments and the power generating companies (gencos) to import coal before monsoon season sets in. The ministry has warned the gencos if they do not import coal for 10 per cent blending in their fuel demand by the end of this month, blending benchmark would be increased to 15 per cent. The order pertains to all - central, state and independent power producers (IPPs)/privately owned units.
One person was killed and two others wounded when paramilitary troops allegedly opened fire at villagers protesting power shortage in Boniyar village of north Kashmir's Baramulla district on Monday afternoon.
The oxygen shortage was inevitable to an extent given the tsunami of Covid cases, but the problem is the lack of even basic preparation by both the Centre and states, notes Shyamal Majumdar.
The government is expecting an increase of two million tonnes (mt) in production of pulses in the current crop year (July 2010-June 2011).
Currently the currency in stock is about Rs 2 lakh crore and the reserves are adequate to meet any unusual spurt in demand
With urban India growing by leaps and bounds, it is expected to experience a severe water crisis by 2020 and the per capita availability of water is projected to be less than 1,000 cubic metres.
The excise duty cut will translate into a reduction of Rs 9.5 a litre on petrol and Rs 7 a litre in diesel after taking into account its impact on other levies.
'With the June quarter GDP shrinking by nearly a quarter, there is an even greater economic imperative: Reduction of uncertainty,' observes Neelkanth Mishra.
Factories are shutting down owing to a shortage of labour and raw materials, and a lack of logistical support amid the ongoing nationwide lockdown against the coronavirus pandemic.
With cases hitting a new peak in several parts of the country, the demand for medical oxygen has increased as it is a critical component in the treatment of COVID-19-affected patients.
Sri Lanka has also imposed a police curfew in Western Province for six hours.
The study further said the mid-range housing segment is expected to drive the maximum demand of 45 per cent.
With intermittent disruptions in the supply chain of raw materials from China, the Indian pharma industry has braced itself with bigger inventory. Even smaller drug makers are now carrying a month of buffer stock of key raw materials, said industry insiders. The lockdown in various Chinese provinces, including Shanghai, is likely to delay shipments by two weeks to a month, said domestic players. Shipments are critical for the Indian drug industry, which imports 70 per cent of its raw material from China.
The Union Cabinet on Wednesday approved a Rs 76,000 crore policy boost for semiconductor and display manufacturing ecosystem in the country in an bid to position India as a global hub for hi-tech production. Announcing the decision of the Cabinet, IT and Telecom Minister Ashwini Vaishnaw observed that electronics plays an important role in everyday life, and semiconductor chips forms a crucial part of electronics. Outlining the details of the scheme, he said the Rs 76,000 crore programme has been approved for the development of semiconductors and display manufacturing ecosystem.
