Hundreds blocked roads in the South Africa's capital as they walked towards the union buildings, where the presidency is located, demanding the government prevent an 'economic collapse'. Unions accuse the government of putting profits for the elite and corporate interests ahead of the interests of average South Africans.

World of Africa: Economic crisis worsens in South Africa

In crisis-hit Sri Lanka, people are battling a decline in living standards as they find themselves forced to skip meals, ration medicines and turn to firewood in place of cooking gas.

Sri Lankans forced to skip meals amid economic crisis

US Fed chair Chair Jerome Powell addressed annual central bankers gathering. He said taming inflation will inflict pain on Americans and Fed could keep lifting rates sharply for 'some time'.

US: No sign of relief for millions of Americans, interest rates highest since 1980s

South Africa's inflation rate has hit 7.8%, the highest in 13 years. South African unions march in protest over cost of living crisis.

South Africa inflations hits new 13-year high

Pakistan prime minister Shehbaz Sharif is on a two-day visit to Qatar. Sharif's visit comes in the backdrop of ongoing economic crisis in Pakistan. 220 million people of Pakistan is reeling under economic woes.

WION Dispatch: Pakistan PM Shehbaz Sharif on a two-day visit to Qatar

Pakistan knocks on Qatar's door for help; Doha and Islamabad to review bilateral ties

Sri Lanka's trouble simply don't seem to end. After an economic and political crisis, the Island is now facing a food shortage. The rice crop across Sri Lanka is failing and the lack of fertilizers and farm equipment is being blamed.

Food crisis looms in Sri Lanka; rice crop stunted

Amid Sri Lanka's ongoing economic crisis, state-owned fuel contributor and distributor Ceylon Petroleum Corporation has hiked the price of kerosene to cut losses. The petroleum corporation said that the price of 1 litre of kerosene has been increased by 0.7 dollars per litre.

WION Dispatch | President: Sri Lanka needs new political concept

Sri Lanka: Hikes Kerosene prices to cut losses, price per litre raised by $0.7 to $0.97

Economic crisis in the island nation of Sri Lanka is worsening with each passing day. Amid pressing financial concerns, the IMF has decided to resume talks with the country on Friday.

Inflation in Sri Lanka running at 60.8%, Central bank warns of 8% contraction this year

Cash-strapped Sri Lanka is still struggling with economic crisis and the economy will see record contraction. The financial crisis in Sri Lanka is likely to get worse.

Crisis-hit Lanka warns of economic contraction; financial crisis likely to get worse

Beijing says that the Chinese economic recovery momentum slowed in July but the economy remains buoyant. Despite facing difficulties, although employment pressures still exist in the Chinese economy, the national bureau of statistics expects the economy to continue to recover and the employment situation to be generally stable.

China cuts rates as economic recovery momentum slows, industry output fall short of estimates

It has been one year since the Taliban took over Afghanistan and the country has witnessed a lot of changes apart from a dwindling economy. The health and infrastructure of the country is in a shambles.

24.4 million need humanitarian assistance in Afghanistan

Pakistanis are celebrating Independence day amid economic crisis. PM Shehbaz Sharif hoisted flag at Islamabad and credited his government for saving Pakistan from default.

Pakistan celebrates Independence day amid economic crisis

The economic crisis in Sri Lanka is like the worst nightmare come to life. Markets are out of food, pharmacies are without medicines and petrol stations have no oil. It has been estimated that 3 out of every 10 households face food insecurity.

Food insecurity grips cash-strapped nation; 6.3 million in immediate need of help

The hostage crisis in Lebanon ended without any casualties, but what led to such a situation arising in the first place? WION tells you in this report.

Explained: Economic crisis in Lebanon and reasons behind it

Cash-strapped Sri Lanka is struggling with one question, how to come out of the crisis? For months now Columbo has kept the International Monetary Fund busy. The debt advisors are working round the clock to formulate an exit plan, this includes negotiation with creditors convincing them to restructure the plan and finally make debt sustainable.

Sri Lanka to negotiate with creditors & restructure debt

The political and economic turmoil has wrecked havoc in Sri Lanka deeply impacting all social groups of the Island nation. One of the most vulnerable groups has been students and children who have had their education and health impacted.

Sri Lanka crisis impacts children's health & education

Sri Lanka continues to plunge deeper into the ongoing economic crisis. As per reports, Colombo's consumer price index has reached 60% and food inflation has surged to 90%.

Record inflation continues to haunt Lankan households; Colombo consumer price index breaches 60%

Amid the ongoing economic and political turmoil Sri Lanka has extended its state of emergency for a month. The Sri Lankan parliament approved the extension on Wednesday to get a grip on the island nation's worst economic crisis in seven decades.

Lankan parliament formally approves extension of state of emergency for a month

Pak SC declare PTI official-backed Chaudhry Parvez Elahi as the CM of Punjab. Imran Khan celebrates while PML(N) fumes. While economy is on the brink of meltdown. PKR loses ground against dollar, & energy & gas prices soar. Hem Saroya brings you Full Context on Pak crises.

The Full Context | Pakistan trapped in political chaos & fragile economy

Could Pakistan be the next Sri Lanka? A new report ranks Pakistan 4th in list of countries at risk of default. It says the political turmoil is making economic recovery even tougher. The tug of war over Punjab CM post is the latest example. Palki Sharma reports.

Gravitas: Pakistan is at 'heightened risk' of debt default

The besieged Sri Lankan Presidential office reopened on Monday days after the military crackdown on the anti-government protesters. The presidential palace was occupied earlier this month by protesters angered by the island nation's unprecedented economic crisis.

Sri Lanka's besieged presidential office reopens days after crackdown on protesters

Over 1,000 precious artefacts, including rare antiques of&nbsp;high values, have reportedly been stolen from Sri Lanka’s Presidential Palace and Prime Minister’s official residence at Temple Trees after the protesters had raided these premises earlier this month.

Colombo Page news outlet, quoting police sources, said that special investigation teams have been formed to trace the rare artefacts that have gone missing.

However, even before they could begin the investigation, the probe officers have already hit a roadblock.

The Sri Lankan Department of Archaeology has failed to make a detailed record of the antiques and different artefacts at the Presidential Palace, even though it has been gazetted as a place of archaeological importance, the report said.

Speaking to the Sunday Lankadeepa newspaper, a senior official of the Department of Archaeology said that even though there is an estimation that over 1,000 artefacts have been stolen, it would be difficult to get specific and clear information about the exact number of antiques.

Scores of anti-government protesters had stormed the residences of former president Gotabaya Rajapaksa and incumbent President Ranil Wickremesinghe on July 9 and occupied their premises as a way of expressing their discontent over the mismanagement of the economic affairs.

Shortly after taking oath, Wickremesinghe vowed to crack down on protesters, asserting that he will not allow another government building like the Presidential Palace or the Prime Minister’s private residence to be occupied.

Also read |&nbsp;<a href="https://www.wionews.com/node/499296" hreflang="en">Sri Lanka: Protesters protest outside secretariat as parl elects Wickremsinghe</a>

The 73-year-old leader has granted sweeping powers to Sri Lanka’s armed forces and the police to take whatever action necessary to prevent people from storming public facilities and obstructing Parliament.

“Don’t obstruct the parliamentarians and the parliament from carrying out their duty,” he said this week.

Also read |&nbsp;<a href="https://www.wionews.com/node/499433" hreflang="en">Ranil Wickremesinghe sworn in as 8th President of Sri Lanka</a>

Following this, the Sri Lankan security forces attacked a site of anti-government protesters at Galle Face early Friday where several government offices are located. At least nine persons were injured.

(With inputs from agencies)

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Over 1,000 precious artefacts, including rare antiques of high values, have reportedly been stolen from Sri Lanka’s Presidential Palace and Prime Minister’s official residence at Temple Trees after the protesters had raided these premises earlier this month.

Over 1,000 precious artefacts, including rare antiques of high values, have reportedly been stolen from Sri Lanka’s Presidential Palace and Prime Minister’s official residence at Temple Trees after the protesters had raided these premises earlier this month. Colombo Page news outlet, quoting police sources, said that special investigation teams have been formed to trace the rare artefacts that have gone missing. However, even before they could begin the investigation, the probe officers have already hit a roadblock. The Sri Lankan Department of Archaeology has failed to make a detailed record of the antiques and different artefacts at the Presidential Palace, even though it has been gazetted as a place of archaeological importance, the report said. Speaking to the Sunday Lankadeepa newspaper, a senior official of the Department of Archaeology said that even though there is an estimation that over 1,000 artefacts have been stolen, it would be difficult to get specific and clear information about the exact number of antiques. Scores of anti-government protesters had stormed the residences of former president Gotabaya Rajapaksa and incumbent President Ranil Wickremesinghe on July 9 and occupied their premises as a way of expressing their discontent over the mismanagement of the economic affairs. Shortly after taking oath, Wickremesinghe vowed to crack down on protesters, asserting that he will not allow another government building like the Presidential Palace or the Prime Minister’s private residence to be occupied. Also read | Sri Lanka: Protesters protest outside secretariat as parl elects Wickremsinghe The 73-year-old leader has granted sweeping powers to Sri Lanka’s armed forces and the police to take whatever action necessary to prevent people from storming public facilities and obstructing Parliament. “Don’t obstruct the parliamentarians and the parliament from carrying out their duty,” he said this week. Also read | Ranil Wickremesinghe sworn in as 8th President of Sri Lanka Following this, the Sri Lankan security forces attacked a site of anti-government protesters at Galle Face early Friday where several government offices are located. At least nine persons were injured. (With inputs from agencies) WATCH WION LIVE HERE

Sri Lanka: Over 1,000 precious artefacts ‘stolen’ after protesters stormed Presidential Palace, PM house

In Pics | Hundreds of Tunisians protest against President Kais Saied

As Ranil Wickremesinghe takes charge as Sri Lanka's new President, the chief of CIA has blamed Lanka's 'dumb bets' on China for the ongoing economic crisis. Palki Sharma brings you a report.

Gravitas: CIA chief blames Lanka's 'dumb bets' for crisis

Sri Lankan armed forces raided a camp set up by anti-government protesters in the capital Colombo, media reported on Friday (July 22). This comes a day after Ranil Wickremesinghe was sworn in as the new president of the crisis-hit country.

Sri Lankan armed forces raided a camp set up by anti-government protesters in the capital Colombo, media reported on Friday (July 22). This comes a day after Ranil Wickremesinghe was sworn in as the new president of the crisis-hit country. As per a report by BBC, security forces raided the main anti-government protest camp in the country's capital and started pulling down tents. Images and videos posted on social media also suggest the same as they show armed forces marching towards tents. Amnesty International South Asia tweeted: "We're receiving reports of 'Gotagogama,' the peaceful protest site in Colombo, Sri Lanka being attacked by the Police and the Military in the early hours of Friday after surrounding it and arresting demonstrators." Disclaimer: WION cannot independently verify the authenticity of photos and videos shared on social media. BREAKING: Troops are storming the protest village at Galle Face in Colombo https://t.co/B1YpuldSZ7 — Maddie Klett (@maddieklett) July 22, 2022 × A tense situation was reported at the main protest site in Colombo (Near Gota Go Gama). The soldiers who stormed in have removed the tents.#lka #SriLankaProtests #SriLanka pic.twitter.com/bjcR98mNuE — Pagetamil (@Pagetamil) July 22, 2022 × Sri Lanka is facing its worst economic crisis. On Wednesday, the country's lawmakers voted elected Ranil Wickremesinghe as the new president. In the South Asian nation, people have suffered through months of food and fuel shortages, lengthy blackouts and galloping inflation as the nation ran out of foreign currency to import vital goods. Former president Gotabaya Rajapaksa fled abroad last week after his palace was stormed by hundreds of angry protesters demanding that he take responsibility for acute shortages of medicines, food and fuel. Now, people hope that Ranil's experience in government will help pull the country out of a crippling economic and political crisis. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Sri Lankan security forces demolish main anti-government protest camp: Report

The six-time former prime minister and veteran leader Ranil Wickremesinghe was sworn in as the eighth President of Sri Lanka on Thursday amid mass protests seeking his ouster.

Supreme Court Chief Justice Jayantha Jayasuriya administered the oath of office to the 73-year-old politician at the Parliament complex in Colombo.

Wickremesinghe was elected by the Parliament on Wednesday, where he secured 134 votes in the 225-member House while his nearest rival and dissident ruling party leader Dullas Alahapperuma got 82.

Leftist Janatha Vimukthi Peramuna leader Anura Kumara Dissanayake managed to get only three votes during the voting held in Parliament amidst tight security.

However, the anti-government protesters are not happy with Wickremesinghe’s elevation as he is seen as close to former president Gotabaya Rajapaksa.

Moreover, when he was the interim president after Gotabaya fled, Wickremesinghe gave sweeping powers to the police and armed forces to crackdown on agitators, who had been targeting legislators for the economic woes.

After being elected as the President, Wickremesinghe visited the Gangarama Temple, one of the oldest Buddhist temples in Colombo, on Wednesday.

Refuting allegations that he is close to the Rajapaksas, Wickremesinghe said: “I am not a friend of the Rajapaksas, I am a friend of the people.”

When asked how he will be different from the Rajapaksas as he is an old friend of theirs, he replied, "How am I an old friend of the Rajapaksas? I've been opposing them all this time."

He also said he would ring in the change the people want, and stressed that he is a friend of the people.

The president also vowed to take strict action against the protesters who forcibly occupied the President's Office, and the Prime Minister's Office during the agitation, reports PTI news agency.&nbsp;Protesters had burnt down Wickremesinghe's private home.

"The Aragalaya was against the system. We must allow those who engage in peaceful dissent to do so. We can also respond to them," he said. Aragalaya is the Sinhalese word for "struggle".

(With inputs from agencies)

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The six-time former prime minister and veteran leader Ranil Wickremesinghe was sworn in as the eighth President of Sri Lanka on Thursday amid mass protests seeking his ouster.

The six-time former prime minister and veteran leader Ranil Wickremesinghe was sworn in as the eighth President of Sri Lanka on Thursday amid mass protests seeking his ouster. Supreme Court Chief Justice Jayantha Jayasuriya administered the oath of office to the 73-year-old politician at the Parliament complex in Colombo. Wickremesinghe was elected by the Parliament on Wednesday, where he secured 134 votes in the 225-member House while his nearest rival and dissident ruling party leader Dullas Alahapperuma got 82. Leftist Janatha Vimukthi Peramuna leader Anura Kumara Dissanayake managed to get only three votes during the voting held in Parliament amidst tight security. However, the anti-government protesters are not happy with Wickremesinghe’s elevation as he is seen as close to former president Gotabaya Rajapaksa. Moreover, when he was the interim president after Gotabaya fled, Wickremesinghe gave sweeping powers to the police and armed forces to crackdown on agitators, who had been targeting legislators for the economic woes. After being elected as the President, Wickremesinghe visited the Gangarama Temple, one of the oldest Buddhist temples in Colombo, on Wednesday. Refuting allegations that he is close to the Rajapaksas, Wickremesinghe said: “I am not a friend of the Rajapaksas, I am a friend of the people.” When asked how he will be different from the Rajapaksas as he is an old friend of theirs, he replied, "How am I an old friend of the Rajapaksas? I've been opposing them all this time." He also said he would ring in the change the people want, and stressed that he is a friend of the people. The president also vowed to take strict action against the protesters who forcibly occupied the President's Office, and the Prime Minister's Office during the agitation, reports PTI news agency. Protesters had burnt down Wickremesinghe's private home. "The Aragalaya was against the system. We must allow those who engage in peaceful dissent to do so. We can also respond to them," he said. Aragalaya is the Sinhalese word for "struggle". (With inputs from agencies) WATCH WION LIVE HERE

Ranil Wickremesinghe sworn in as 8th President of Sri Lanka, vows crackdown on ‘illegal’ protests

There is a massive food crisis across Sri Lanka. The situation has turned five out of six households to resort to consuming less or even skipping meals entirely.

Reports: 22% of Sri Lankans need food aid | Five out of six families skip meals

After months of opposition to his administration over the worst economic crisis in the country's history, Sri Lankan President Gotabaya Rajapaksa has resigned. Sri Lanka's parliament convened on Saturday to start the process of electing a new president. Sri Lanka used to be a middle-income economy, continuously improving on social indicators, but economic mismanagement by the government led it to collapse.&nbsp; 
&nbsp; 
Everything started with the tourism industry, which was severely impacted first by bombings carried out by Islamic extremists targeting hotels and churches in 2019, and then by the coronavirus outbreak the following year. Tourism revenues contributed to 5.6 per cent of the Sri Lankan GDP in 2018 but fell to just 0.8 per cent in 2020. India, as a country is also dependent on tourism, as this sector contributed 9.3 per cent to the country's GDP in 2019. The Indian tourism industry also needs to cope with the setbacks created due to the coronavirus pandemic, or the revenue source could be lost. 
&nbsp; 
The Government of Sri Lanka under Rajapaksa reduced VAT to 8 per cent, reduced corporate tax from 28 per cent&nbsp;to 24 per cent, and abolished the Pay As You Earn (PAYE) tax and the 2 per cent “nation-building tax” which financed infrastructure development. All of these led to a 33.5 per cent decline in registered taxpayers. India is also in the process of reforming its tax structure, with the introduction of the Goods and Services Tax (GST), reduction in corporate tax rate and exemption of individual taxpayers with taxable income up to Rs&nbsp;500,000 &nbsp;by providing a 100 per cent tax rebate. These reforms need to be implemented with caution. 
&nbsp; 
In its 2014 State of the Economy Report, the Institute of Policy Studies of Sri Lanka called attention to hot money, unsettling borrowing habits, ephemeral and shallow quick fixes, and a monopoly of foreign direct investment flow into the hotel industry. When compared to 2005, Sri Lanka's foreign debt more than doubled, rising to $56.3 billion by 2020. The country's foreign debt increased from roughly 42 per cent&nbsp;of GDP in 2019 to 119 per cent&nbsp;of GDP in 2021. The nation needed to pay $4 billion in debt by the end of 2022, but as of April 2022, government foreign currency reserves were only $2.3 billion.&nbsp; 
&nbsp; 
According to the Reserve Bank of India's data, at the end of March 2022, India’s external debt was placed at $ 620.7 billion, recording an increase of $ 47.1 billion over its level in end-March 2021. As per a recent RBI report, five Indian states have been flagged as highly debt-ridden states. India should manage its debt-to-GDP ratio to avoid defaulting.&nbsp;
<img alt="1" data-align="center" data-entity-type="file" data-entity-uuid="baecc88d-6805-4886-9f2e-36cc2335a909" src="//cdn.wionews.com/sites/default/files/inline-images/Screen%20Shot%202022-07-17%20at%2011.39.46.png" />
The government of Sri Lanka printed more and more money in order to deal with debt liabilities, but that led to the depreciation of the Sri Lankan rupee, leading to falling forex reserves. India should restructure debt, but at the same time also boost exports to deal with any untoward impact on forex reserves. 
&nbsp; 
In April 2021, Rajapaksa announced that the country will only allow organic farming, banning chemical pesticides and fertilisers, negatively impacting the production of tea and rice. Sri Lanka used to be the second largest tea exporter in the world, but bad agriculture policies led to the downfall of the industry. In November 2021, the government abandoned the organic farming plan, but the damage was already done. This led Sri Lanka to import rice worth $450 million in 2021. 
&nbsp; 
A big lesson to learn for India from this situation is to be self-sufficient in food production. As per the data released by the Ministry of Consumer Affairs, around 1550 tonnes of food grain have been wasted during the Covid-19 pandemic in the Food Corporation of India’s godowns, due to a lack of a proper mechanism to store the food grains, and this should be avoided at all costs, especially at a time when food resources have become scarce all over the world, with the situation exacerbated by the Russia-Ukraine war. The ongoing war also contributed to the collapse of the Sri Lankan economy, as Russia is the second biggest market for Sri Lankan tea exports, and also a major source of tourism. 
&nbsp; 
All these factors contributed to the fall of Sri Lanka, resulting in electricity and fuel shortages, and a rise in inflation. This placed the country at a standstill, with health services being impacted, mid-term examinations being postponed due to a shortage of paper, and also affecting the trade and diplomatic relations with other nations. 
&nbsp; 
India, as a country is also dealing with a set of unique economic problems that need to be dealt with carefully in order to avoid a future crisis. Firstly, India has a reserve oil storage of 74 days, but this needs to be increased keeping in mind the ongoing fuel crisis around the world created due to the Russia-Ukraine war. Secondly, India seems to be on the brink of a power crisis with the ongoing coal shortage at a time when the country is dependent on fossil fuels for more than 60 per cent of electricity generation. Third, the Indian rupee has depreciated 5.9 per cent in 2022, which will further result in decreasing forex reserves, which have already plunged to the lowest ever value in the past 15 months. Fourth, Indian inflation soared to 7.79 per cent in April 2022, which should be avoided at all costs, as seen in Sri Lanka, where angry protestors raided government institutions to express outrage over increasing prices. Lastly, industrial production should be increased in tune with the government’s plan to produce goods worth $1 trillion by 2025, and at the same time exports should be increased to earn sufficient forex reserves to deal with debt liabilities and the ever-increasing cost of imports due to unstable global atmosphere around fuel and food. 
&nbsp;

(Disclaimer: The views of the writer do not represent the views of WION or ZMCL. Nor does WION or ZMCL endorse the views of the writer.)

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After months of opposition to his administration over the worst economic crisis in the country's history, Sri Lankan President Gotabaya Rajapaksa has resigned. Sri Lanka's parliament convened on Saturday to start the process of electing a new president.

After months of opposition to his administration over the worst economic crisis in the country's history, Sri Lankan President Gotabaya Rajapaksa has resigned. Sri Lanka's parliament convened on Saturday to start the process of electing a new president. Sri Lanka used to be a middle-income economy, continuously improving on social indicators, but economic mismanagement by the government led it to collapse. Everything started with the tourism industry, which was severely impacted first by bombings carried out by Islamic extremists targeting hotels and churches in 2019, and then by the coronavirus outbreak the following year. Tourism revenues contributed to 5.6 per cent of the Sri Lankan GDP in 2018 but fell to just 0.8 per cent in 2020. India, as a country is also dependent on tourism, as this sector contributed 9.3 per cent to the country's GDP in 2019. The Indian tourism industry also needs to cope with the setbacks created due to the coronavirus pandemic, or the revenue source could be lost. The Government of Sri Lanka under Rajapaksa reduced VAT to 8 per cent, reduced corporate tax from 28 per cent to 24 per cent, and abolished the Pay As You Earn (PAYE) tax and the 2 per cent “nation-building tax” which financed infrastructure development. All of these led to a 33.5 per cent decline in registered taxpayers. India is also in the process of reforming its tax structure, with the introduction of the Goods and Services Tax (GST), reduction in corporate tax rate and exemption of individual taxpayers with taxable income up to Rs 500,000 by providing a 100 per cent tax rebate. These reforms need to be implemented with caution. In its 2014 State of the Economy Report, the Institute of Policy Studies of Sri Lanka called attention to hot money, unsettling borrowing habits, ephemeral and shallow quick fixes, and a monopoly of foreign direct investment flow into the hotel industry. When compared to 2005, Sri Lanka's foreign debt more than doubled, rising to $56.3 billion by 2020. The country's foreign debt increased from roughly 42 per cent of GDP in 2019 to 119 per cent of GDP in 2021. The nation needed to pay $4 billion in debt by the end of 2022, but as of April 2022, government foreign currency reserves were only $2.3 billion. According to the Reserve Bank of India's data, at the end of March 2022, India’s external debt was placed at $ 620.7 billion, recording an increase of $ 47.1 billion over its level in end-March 2021. As per a recent RBI report, five Indian states have been flagged as highly debt-ridden states. India should manage its debt-to-GDP ratio to avoid defaulting. The government of Sri Lanka printed more and more money in order to deal with debt liabilities, but that led to the depreciation of the Sri Lankan rupee, leading to falling forex reserves. India should restructure debt, but at the same time also boost exports to deal with any untoward impact on forex reserves. In April 2021, Rajapaksa announced that the country will only allow organic farming, banning chemical pesticides and fertilisers, negatively impacting the production of tea and rice. Sri Lanka used to be the second largest tea exporter in the world, but bad agriculture policies led to the downfall of the industry. In November 2021, the government abandoned the organic farming plan, but the damage was already done. This led Sri Lanka to import rice worth $450 million in 2021. A big lesson to learn for India from this situation is to be self-sufficient in food production. As per the data released by the Ministry of Consumer Affairs, around 1550 tonnes of food grain have been wasted during the Covid-19 pandemic in the Food Corporation of India’s godowns, due to a lack of a proper mechanism to store the food grains, and this should be avoided at all costs, especially at a time when food resources have become scarce all over the world, with the situation exacerbated by the Russia-Ukraine war. The ongoing war also contributed to the collapse of the Sri Lankan economy, as Russia is the second biggest market for Sri Lankan tea exports, and also a major source of tourism. All these factors contributed to the fall of Sri Lanka, resulting in electricity and fuel shortages, and a rise in inflation. This placed the country at a standstill, with health services being impacted, mid-term examinations being postponed due to a shortage of paper, and also affecting the trade and diplomatic relations with other nations. India, as a country is also dealing with a set of unique economic problems that need to be dealt with carefully in order to avoid a future crisis. Firstly, India has a reserve oil storage of 74 days, but this needs to be increased keeping in mind the ongoing fuel crisis around the world created due to the Russia-Ukraine war. Secondly, India seems to be on the brink of a power crisis with the ongoing coal shortage at a time when the country is dependent on fossil fuels for more than 60 per cent of electricity generation. Third, the Indian rupee has depreciated 5.9 per cent in 2022, which will further result in decreasing forex reserves, which have already plunged to the lowest ever value in the past 15 months. Fourth, Indian inflation soared to 7.79 per cent in April 2022, which should be avoided at all costs, as seen in Sri Lanka, where angry protestors raided government institutions to express outrage over increasing prices. Lastly, industrial production should be increased in tune with the government’s plan to produce goods worth $1 trillion by 2025, and at the same time exports should be increased to earn sufficient forex reserves to deal with debt liabilities and the ever-increasing cost of imports due to unstable global atmosphere around fuel and food. (Disclaimer: The views of the writer do not represent the views of WION or ZMCL. Nor does WION or ZMCL endorse the views of the writer.) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Sri Lankan crisis: Economy lessons India can learn

An economic crisis triggering a political chaos, this scenario is not just limited to Sri Lanka. From Asia to Europe to Africa, several countries are slipping into disarray.

WION Fineprint: Decoding government collapse amid economic crisis in various countries

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Economic Crisis, News on Economic Crisis, stories on Economic Crisis, articles on Economic Crisis, Economic Crisis stories at Wion, Economic Crisis news, Economic Crisis latest news