Asia Archives - Page 38 of 108

To boost its economy, Sri Lanka and Thailand negotiate a free trade agreement.

3Feb

By Walter ParezNo Comments

Asia, World

To boost its economy, Sri Lanka and Thailand negotiate a free trade agreement.

Thailand and Sri Lanka have signed a Free Trade Agreement (FTA), a move Sri Lanka hopes will help it emerge from its worst financial crisis in decades. “This move aims to enhance market opportunities, with negotiations covering various aspects such as Trade in Goods, Investment, Customs Procedure, and Intellectual Property Rights,” read a statement published on Saturday by the Sri Lankan president’s media department. The island nation has been renewing a focus on trade deals to foster economic growth and help its battered economy, which is estimated by the World Bank to have contracted 3.8 percent last year after a severe foreign exchange crunch plunged it into a wider financial crisis. A delegation headed by Thai Prime Minister Srettha Thavisin arrived in Colombo on Saturday to ...

1Feb

By Mike TrudellNo Comments

Asia, World

Leading organizations confirm that the Indian economy will rise rapidly in FY24.

The RBI's Survey of Professional Forecasters (SPF) is aligning with the positive trend, upgrading India's real GDP growth from 6.4 per to 7.0 per cent. India is poised to remain the fastest-growing major economy in the world in FY24, according to a poll of economists conducted by news agency Reuters. The economists polled by the news agency also suggested that inflation may not surge again. It may be noted that the Indian economy has performed better than expected in the first two quarters of the ongoing financial year, backed by strong spending by the government as it prepares for the all-important Lok Sabha polls later this year. While infrastructure continues to be a key area of focus for the government heading into the Interim Budget 2024 on February 1, some issues in the bac...

<strong>Falling remittances in crisis-ridden Pakistan amidst remittance boom in South Asia</strong>

31Jan

By Joe RodriguezNo Comments

Asia

Falling remittances in crisis-ridden Pakistan amidst remittance boom in South Asia

Since January 2022, Pakistan’s economy has been struggling with a significant dip in its remittances, further aggravating its already distressed economic conditions. Given the developmental needs of the country and current inflationary pressure, a further 10 percent decrease in remittance flow in FY23, as per the World Bank’s report[1], is a severe blow to the nation’s economic health. Between 2022 and 2023, the remittances have plummeted by almost 16 percent[2]. To put it into absolute numbers, in FY23, remittances were reduced by $4.25 billion year-on-year. The situation in Pakistan becomes even more concerning when we contrast it with the rising remittance flow in the South Asian region. As per the World Bank[3], in 2022, South Asia received remittances worth $176 billion, which ove...

<strong>Deep in economic woes, China finds EU’s de-risking strategy too painful to bear</strong>

29Jan

By Joe RodriguezNo Comments

Asia, China

Deep in economic woes, China finds EU’s de-risking strategy too painful to bear

After the 27-member European Union on January 24 unveiled a series of steps to de-risk itself from China, in an attempt to protect key sectors and emerging technologies from any possible security threat, Beijing, upset with the move of the 27-member bloc, has voiced its concern that it will have “profound implications for a wide range of areas, including investment, trade and technological cooperation.” But while in the expression of its frustration towards the EU’s de-risking strategy, China’s Foreign Ministry appears to be relatively restrained with spokesperson Wang Wenbin terming it as “protectionist and unilateral” move, Global Times which is mouthpiece of the Communist Party of China, has been indisputably harsh in its comment against the 27- member bloc’s stand. “The EU’s pla...

<strong>Tough life in China – youth are rushing to buy leftover food</strong>

23Jan

By Joe RodriguezNo Comments

Asia

Tough life in China – youth are rushing to buy leftover food

China’s economy is worsening leading to a growing trend among its youth to consume leftover food, recently several businesses have begun to package unsold daily food items into leftover food blind boxes, inside these boxes are bread, milk tea, dumplings and light meals offered at a third of their original price creating a buying frenzy among many young people. Jean Chen a pseudonym in an interview with Beijing youth daily described these boxes as a lifesaver during his early financially challenging days in Beijing fresh out of college and new to the workforce, he had to live frugally, he shared how for just 20 yuan about 2.81 US $ he could get food that would normally cost 100 Yuan about 14.5 US$ making him a frequent purchaser. Initially a western concept for environmental conservation l...

India’s fintech boom: A roadmap for inclusion and growth in the budget?

22Jan

By Joe RodriguezNo Comments

Asia, World

India’s fintech boom: A roadmap for inclusion and growth in the budget?

As India's vibrant fintech industry gears up for another leap, the upcoming Union Budget 2024 carries immense weight. On February 1st, Finance Minister Nirmala Sitharaman's decisions will shape the trajectory of this rapidly evolving sector, impacting not just millions of financial service providers but also the broader quest for financial inclusion and economic growth. India Fintech Credit Fund: A dedicated fund offering affordable financing to fintech companies, particularly small and medium players, could unlock vital growth opportunities. Tax breaks for financial inclusion: Incentivising fintechs operating in underserved areas is crucial to bridging the financial gap and empowering marginalized communities. GST rationalization measures would further ease this journey. Empower...

17Jan

By Michael SmithNo Comments

Asia

Tesla’s Electrifying Journey Into India

American clean-car champion Tesla is zooming towards the Indian market, potentially arriving as early as this year. After talks stalled last year, Tesla and the Indian government have revved up negotiations, inching closer to a deal that could electrify the landscape. This agreement wouldn't just plug India into Tesla's existing fleet, but would also pave the way for a dedicated manufacturing plant, churning out Indian-made Tesla’s green car as early as 2026. A Tesla production facility in India would be mutually beneficial, said Mukesh Aghi, President of the US-India Strategic Partnership Forum, on January 15th. He observed that it is a win-win proposition for both Tesla and India. The former will gain access to a vast market of 1.4 billion potential customers and the latter will bene...

<strong>India makes longer economic strides, sees better future outlook</strong>

10Jan

By Joe RodriguezNo Comments

Asia

India makes longer economic strides, sees better future outlook

Indian economy is making longer strides than it ever made before. And the evidence of the glorious journey does not come from New Delhi but from the World Bank and India’s Asian rival China. Major global institutions have predicted economic growth of over 6 percent even as India enjoys the fast-rising foreign exchange. Indian economy is likely to remain resilient despite the global problems. [1] The world is heading to global recession, the World Bank has warned.[2] However, India is going to have the fastest growth rate among the world’s largest economies. “In India, growth is expected to edge up to 6.4 percent in 2024-25,” it said.[3] India's proposed growth rate is impressive as compared to the world average of 2.4 percent and China’s deceleration to 4.4 percent.[4] Even b...

Deepening Ties Between India And The Uae Through Cultural, Economic, And Ecological Milestones

31Dec

By Michael SmithNo Comments

Asia

Deepening Ties Between India And The Uae Through Cultural, Economic, And Ecological Milestones

Prime Minister Narendra Modi will grace the inauguration of the Bochasanwasi Akshar Purushottam Swaminarayan (BAPS) Sanstha temple in Abu Dhabi, the capital of the United Arab Emirates, next February. This invitation is extended by representatives of the BAPS organization led by Swami Ishwarcharandas and Swami Brahmaviharidas that marks a significant moment for the Hindu community in the UAE. Set to bloom amidst the desert sands, the BAPS Sanstha temple will be a breathtaking masterpiece reminiscent of a blossoming lotus flower. As the largest Hindu temple in the UAE, it will stand as a testament to the vibrant faith and rich cultural heritage of the Indian diaspora in the region. The temple's intricate design, crafted with traditional hand-carved stonework from India, promis...

31Dec

By Joe RodriguezNo Comments

Asia

2024 will be a fortune year for India

Strong economic fundamentals with stable government will create a great dynamism in the markets. The increase in per capita income at 9.6%, from USD 2538 in 2023 to USD 2784, will create immense demand in the economy and enhanced supply by the factories and opportunities for new employment India is embarking on a phase of self-sustained expansion, driven by dynamic reforms that have set in motion a virtuous cycle of growth and development. In the post-COVID era, India’s resilience is increasing each day. India is consistently growing at more than 7 percent in the post-pandemic years. During the initial two quarters of FY 2023-24, India experienced real GDP growth rates of 7.8 percent (Q2), and 7.6 percent (Q3) respectively with an average of 7.7% in H1 2023-24. Moreover, the Reserve Ba...

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