WION - Sri Lankan President Ranil Wickremesinghe said on Monday that the IMF has approved the bailout request worth USD 2.9 billion, raising hopes of easing the crisis in the island nation. But this rescue was conditional on tackling the deep-rooted culture of corruption and government mismanagement. Read more
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July 28 China's economy is projected to grow by 5 percent in 2024 and 4.5 percent in 2025 which suggests a contraction of the overall economy. Property investment in China has fallen by 10.1 percent in the first 6 months of 2024. Home sales are down 19 percent in the same period. New construction has fallen by 23.7 percent. The country is on the edge of deflation and there are signs of weak consumer spending. China’s total debt-to-GDP ratio is around 350 percent. A debt crisis is coming, and it is bound to be the biggest in...
June 27 Nvidia has surged to become the world’s most valuable company, boasting a market capitalization of $3.34 trillion. This remarkable feat comes amid growing investor enthusiasm over artificial intelligence (AI). Nvidia's market valuation is now worth more than the GDP of all the nations of the world except the US, China, Germany, Japan, India and the UK. Nvidia’s has overtaken Apple, Microsoft, and Saudi Aramco based on their market capitalization. Nvidia’s meteoric rise can be attributed...
June 20 Initially, the Bretton Woods Agreement of 1944 established the US dollar as the world’s primary reserve currency, pegged (connected) to the value of gold. Till 1971, the value of a dollar was tied to the value of gold known as the system of fixed currency exchange rates. But it collapsed in 1971 because the global economy and its demand for gold was much higher than the available supply of this metal. In 1973, the Organization of Petroleum Exporting Countries (OPEC) imposed an oil embargo (ban) in response to...
June 16 The World Toilet Organization (WTO) is a global non-profit organization whose goal is to improve toilet and sanitation conditions worldwide. It was founded in 2001 with 15 members and has now grown to 151 member organizations in 53 countries. The WTO is also the organizer of the World Toilet Summit, The Urgent Run and initiated the United Nations World Toilet Day. WTO empowers individuals through education, training and building local marketplace opportunities to advocate for clean and safe sanitation facilities in their...
June 09 Internationalization of rupees is a process that involves increasing use of the Indian rupee in cross-border transactions. It involves promoting the rupee for import, export and other current account as well capital account transactions. These transactions take place between resident and non-resident Indians. But before rupee is internationalized, there are some conditions are to be fulfilled. What are they? Internationalization of rupee requires full convertibility of the currency and a restriction free...
June 09 The balance of payments (BOP) of a country records all economic transactions of a country including of its individuals, businesses and governments with the rest of the world during a defined period, usually one year. These transactions are broadly divided into two heads – current account and capital account. The current account covers exports and imports of goods and services, factor income such as interests received or paid, as well as dividends and unilateral transfers like...
June 06 PGII is an infrastructure plan which was first announced in 2021 during the G7 summit in the UK. Though the US President had earlier called it the Build Back Better World (B3W) framework, it is now known as PGII. (G7 or Group of Seven, includes the UK, the US, Canada, France, Germany, Italy, Japan, and the EU). In 2022, the PGII was officially launched as a joint initiative of G7 (during the G7 summit in Germany) to help fund infrastructure projects in developing countries through public and private...
June 06 The One Sun One World One Grid (OSOWOG) is a transnational electricity grid supplying power all over the world. The idea was first proposed by Prime Minister Narendra Modi’s during the first assembly of the International Solar Alliance (ISA) in 2018. At the COP-26 climate summit in Glasgow in the year 2021, India launched ‘One Sun One World One Grid’ (OSOWOG). The vision behind the OSOWOG initiative is the mantra that “the sun never sets”. The idea is to harness solar energy from different...
June 01 China Plus One Strategy (C+1) is a diversification and smooth supply chain strategy that encourages companies to diversify their supply chain and manufacturing activities away from China to any other country. Under China+1, multinational companies are asked to seek alternative manufacturing countries apart from China. The strategy encourages companies to minimize their supply chain dependency on China and asks them to diversify the countries they source parts from. The strategy emerged in 2013 due to concerns about global...
May 31 Israel and Palestine are engaged in a violent war but whom does India support? Initially in 1948, India was completely with Palestine and even India voted against the United nation Resolution to divide Palestine into two parts. India was the only Non-Muslim country apart from Greece and Cuba to do so. But with the changing times India’s stand has changed. In 2023, When Hamas group of Palestine attacked Israelis on October 7 and killed 1200 innocents, Prime Minister Narendra Modi described the attacks by...
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