Economy

Srinagar: The economy of Kashmir has suffered losses of Rs 15,000 crore since August 5, when the government abrogated Article 370 provisions, a commerce body has claimed, saying that this is just a "conservative estimate". The Centre had repealed provisions of the article that gave special status to the erstwhile state of Jammu and Kashmir, and bifurcated it into union territories of Ladakh, and Jammu and Kashmir. "Our conservative estimates put the losses to the Kashmir economy due to the situation after August 5 at Rs 15,000 crore. We will be coming up with comprehensive data about the losses within a week," Kashmir Chamber of Commerce and Industry (KCCI) president Sheikh Ashiq Hussain told PTI. More than the losses to the economy, job loss due to clampdown on internet services, protests and strikes was more worrying, he said. The handicraft, tourism and e-commerce sectors were the worst hit by the situation post the Centre's decision, Hussain said. Though most restrictions have … [Read more...] about Kashmir Economy Suffered Losses of Rs 15000 Crore, Thousands Lost Their Jobs Since Clampdown: Trade Body

This article was originally published in the International Monetary Fund's December 2019 issue of Finance & Development Magazine. This piece is based on a conversation between Sir David Attenborough, natural historian and narrator of the Netflix/WWF documentary series Our Planet, and former IMF managing director Christine Lagarde. The opinions expressed in this commentary are their own. In nature, everything is connected. This is equally true of a healthy environment and a healthy economy. We cannot hope to sustain life without taking care of nature. And we need healthy economies to lift people out of poverty and achieve the United Nations Sustainable Development Goals. In our current model these goals sometimes seem to collide, and our economic pursuits encroach too closely on nature. But nature — a stable climate, reliable freshwater, forests and other natural resources — is what makes industry possible. It is not one or the other. We cannot have long-term human … [Read more...] about We need to protect the environment like we protect our economies

Global stocks fell sharply on Friday after Donald Trump threatened to impose tariffs on $300bn (£247.6bn) of Chinese goods in a rapid escalation of the trade war between the world’s two biggest economies. Why is Trump imposing tariffs on China? Trump is applying pressure to try to force China to narrow the trade deficit – the gap between imports and exports – between the two countries. He complains that China buys fewer US goods than the US buys from China, a gap worth $419.5bn last year. He has also accused Chinese firms of stealing US companies’ intellectual property and called for Beijing to alter its rules. How do tariffs work? Tariffs are border taxes imposed by one country or economic bloc on goods shipped from a trading partner. The idea is to drive up the cost of those goods to make them less attractive to consumers than domestic produce. The taxes are paid by buyers of goods when they cross the border into the country imposing the tariff. What is … [Read more...] about Why is Trump imposing tariffs on China and how could it affect global economy?

New Delhi: Expressing "certainty" that India would be a $5 trillion economy by 2024, Union Home Minister Amit Shah on Tuesday clarified that the current growth slowdown is "temporary" and only caused by "global factors". Shah also promised that no Indian will be left without a house, bank account, toilet, electricity, road connectivity or any basic need of life by 2022. Shah said that the Prime Minister's vision of a new and great India was about ensuring a good quality of life for all Indians and India getting accepted and admired by the world as a strong nation. Speaking at the 46th National Management Convention of All India Management Association (AIMA), Shah called on India's business leaders to not get confused by a temporary growth slowdown caused by global factors and build national confidence instead. "India has to be a $5 trillion economy by 2024 and it is a certainty,"said Shah. The Home Minister demanded that India's industry and management organisations build … [Read more...] about India Certain To Become $5 Trillion Economy By 2024: Home Minister Amit Shah

BERLIN (AP) — German factory orders dropped in October, driven by a sharp decline in domestic activity, and suggesting industrial production in the coming months will remain slow as the economy continues to struggle. The Federal Statistical Office reported Thursday that October orders dropped 0.4% over the previous month when adjusted for seasonal, price and calendar factors. Compared with October 2018, orders were down 5.5%. Foreign orders rose 1.5% in October over September, but a 3.2% drop in domestic orders wiped out those gains. ING economist Carsten Brzeski says the data indicate 2019 will be the second year in a row in which new orders will have fallen. He says trade conflicts, global uncertainty and automobile industry challenges are “clearly weighing on German industry.” … [Read more...] about German factory orders drop in October as economy struggles