The big China GDP number is out. China grew by 6.3% in the April to June quarter of 2023. That's compared to the same period in 2022 when the economy barely grew. The latest number is still below analysts’ expectations and may force Chinese policymakers to unveil more measures to support the economy.

China grew 0.8% in the April-June quarter of 2023

Pakistan is blowing its own trumpet. Facing the worst economic crisis in years. India's troubled neighbour misses no chance. To showcase its bogus superiority complex. Cash-strapped Pakistan is currently running on foreign loans taken on higher interest rate. With soaring inflation, Pakistanis are finding it difficult to collect something as basic as a sack of flour. At the mercy of the IMF, Pakistan recently secured a $3 billion bailout package.

Pakistan sets the priority straight as it will install flag taller than India after getting IMF loan

China's economy showed further signs of weakness in the second quarter. The nation's GDP expanded by 0.8 per cent during April-June, compared with the previous quarter; and worryingly, youth unemployment has hit a record high. Data shows missed growth expectations, and consumers remain cautious, adding pressure on leaders to unveil further stimulus. Here is a look at the main storm clouds over China's economy.

China: Youth unemployment at record high, economy shows signs of weakness | All you need to know

The European Union and Tunisia have signed a memorandum of understanding for a “strategic and comprehensive partnership” aimed at combatting irregular migration and boosting economic ties between the bloc and the North African country, which lies on a major route for migrants and refugees traveling to Europe.

Tunisia and EU sign a 'partnership' on economy and migration

In&nbsp;a big respite to the nation's crumbling economy, International Monetary Fund (IMF) has given its approval to a $3 billion bailout programme for Pakistan on Wednesday. IMF executive board said that approximately $1.2 billion will be immediately disbursed to provide immediate relief and the remaining instalments will be provided later to Pakistan, Dawn reported.&nbsp;

The amount approved, however, is higher-than-expected funding for Pakistan.&nbsp;

The approved bailout amount of $3 billion, to be spread over a period of nine months, comes when the nation was eagerly anticipating the disbursement of the remaining $2.5 billion from a bailout package of $6.5 billion that was initially agreed upon in 2019 but expired in June.

Also Read | <a href="https://www.wionews.com/world/alarming-warning-from-who-bird-flu-poses-increased-risk-of-adapting-to-humans-614852">Alarming warning from WHO: Bird flu poses increased risk of adapting to humans</a>

The latest development also comes after June 29 Standby Arrangement reached between Pakistan and IMF to address the financial crisis faced by the country.&nbsp;

“The Executive Board of the International Monetary Fund approved a 9-month Stand-By Arrangement (SBA) for Pakistan for an amount of SDR2,250 million (about $3 billion, or 111 per cent of quota) to support the authorities economic stabilisation programme,” IMF said in a statement.

<h2>Challenging economic circumstances</h2>

The IMF pointed out that Pakistan is facing a challenging economic situation. Speaking of a combination of adverse conditions, IMF said, “A difficult external environment, devastating floods and policy missteps have led to large fiscal and external deficits, rising inflation and eroded reserve buffers in FY23."&nbsp;

Also Read | <a href="https://www.wionews.com/world/india-backs-pakistans-resolution-at-un-condemning-quran-burning-protests-614841">India backs Pakistan’s resolution at UN condemning Quran burning protests</a>

Notably, the approval from the IMF comes after Saudi Arabia and the United Arab Emirates (UAE) made substantial deposits of $2 billion and $1 billion, respectively, into the State Bank of Pakistan.&nbsp;

Watch | Kenya on the boil as protests erupt against tax hikes

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These contributions have helped boost Pakistan's foreign exchange reserves.

<h2>Shehbaz Sharif welcomes IMF bailout&nbsp;</h2>

Pakistan Prime Minister Shehbaz Sharif said the endorsement of the $3 billion agreement marked a "major step forward" in the government's endeavours to stabilise the economy.&nbsp;“It bolsters Pakistan’s economic position to overcome immediate- to medium-term economic challenges, giving the next government the fiscal space to chart the way forward,” he stated, adding,&nbsp;“I would commend Finance Minister Ishaq Dar and his team at the Ministry of Finance for their hard work."&nbsp;

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In a big respite to the nation's crumbling economy, International Monetary Fund (IMF) has given its approval to a $3 billion bailout programme for Pakistan on Wednesday.

In a big respite to the nation's crumbling economy, International Monetary Fund (IMF) has given its approval to a $3 billion bailout programme for Pakistan on Wednesday. IMF executive board said that approximately $1.2 billion will be immediately disbursed to provide immediate relief and the remaining instalments will be provided later to Pakistan, Dawn reported. The amount approved, however, is higher-than-expected funding for Pakistan. The approved bailout amount of $3 billion, to be spread over a period of nine months, comes when the nation was eagerly anticipating the disbursement of the remaining $2.5 billion from a bailout package of $6.5 billion that was initially agreed upon in 2019 but expired in June. Also Read | Alarming warning from WHO: Bird flu poses increased risk of adapting to humans The latest development also comes after June 29 Standby Arrangement reached between Pakistan and IMF to address the financial crisis faced by the country. “The Executive Board of the International Monetary Fund approved a 9-month Stand-By Arrangement (SBA) for Pakistan for an amount of SDR2,250 million (about $3 billion, or 111 per cent of quota) to support the authorities economic stabilisation programme,” IMF said in a statement. Challenging economic circumstances The IMF pointed out that Pakistan is facing a challenging economic situation. Speaking of a combination of adverse conditions, IMF said, “A difficult external environment, devastating floods and policy missteps have led to large fiscal and external deficits, rising inflation and eroded reserve buffers in FY23." Also Read | India backs Pakistan’s resolution at UN condemning Quran burning protests Notably, the approval from the IMF comes after Saudi Arabia and the United Arab Emirates (UAE) made substantial deposits of $2 billion and $1 billion, respectively, into the State Bank of Pakistan. Watch | Kenya on the boil as protests erupt against tax hikes × These contributions have helped boost Pakistan's foreign exchange reserves. Shehbaz Sharif welcomes IMF bailout Pakistan Prime Minister Shehbaz Sharif said the endorsement of the $3 billion agreement marked a "major step forward" in the government's endeavours to stabilise the economy. “It bolsters Pakistan’s economic position to overcome immediate- to medium-term economic challenges, giving the next government the fiscal space to chart the way forward,” he stated, adding, “I would commend Finance Minister Ishaq Dar and his team at the Ministry of Finance for their hard work." 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. ×

IMF approves $3 billion bailout for Pakistan, offers respite to crumbling economy

India has overtaken China as the most attractive emerging market for investing, according to 85 sovereign wealth funds and 57 central banks representing USD 21 trillion in assets.

India is increasingly viewed positively for its improved business and political stability, favourable demographics, regulatory initiatives, and a friendly environment for sovereign investors, according to a report by global investment management firm Invesco.

The report titled ‘Invesco Global Sovereign Asset Management Study’ included views from 142 chief investment officers, heads of asset classes along with senior portfolio strategists from 85 sovereign wealth funds and 57 central banks.

Amid persistent high inflation and real interest rates, investors are recalibrating portfolios.

Sovereign wealth funds, it said, favour fixed income and private debt, while Emerging Markets (EMs) with solid demographics, political stability, and proactive regulation, particularly India, have emerged as prime investment destinations.

Also read :&nbsp;<a href="https://www.wionews.com/business-economy/india-emerges-as-fdi-powerhouse-securing-the-third-highest-foreign-investment-in-2022-612551">India emerges as FDI powerhouse, secures third highest foreign investment in 2022</a>

“Among the Emerging Markets, India has piqued sovereign investors’ interest, overtaking China,” it said.

India, it said, exemplifies the attributes sought by sovereign investors. “India has now overtaken China as the most attractive Emerging Market for investing in Emerging Market debt.” A development sovereign fund based in the Middle East noted, “We don’t have enough exposure to India or China. However, India is a better story now in terms of business and political stability. Demographics are growing fast, and they also have interesting companies, good regulation initiatives, and a very friendly environment for sovereign investors.” India is among a number of countries, including Mexico and Brazil, that are benefitting from increased foreign corporate investment aimed at both domestic and international demand through ‘friend-shoring’ and ‘near-shoring’.

This was seen as helping fund current account deficits as well as support currencies and domestic assets including debt.

On the scale of attractive EM markets for increasing exposure, India and South Korea continue to be the most attractive destinations, it said.

Watch :&nbsp;India a bright spot in world economy, India to grow 6.7% in 2024 says UN

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One central bank based in the West explained that they were looking at increasing their exposure to EM debt and in particular focused on debt targeting real estate and infrastructure as well as other diversified industries.

According to the report, more than 85 per cent of the 85 sovereign wealth funds and 57 central banks noted that inflation will be higher in the coming decade.

In such a situation, gold and emerging market bonds are being seen as good bets. This shift may have been triggered due to the freezing of almost half of Russia’s $640 billion of gold and forex reserves by the West in response to the Ukraine invasion.

The survey showed a “substantial share” of central banks were concerned by the precedent that had been set. Almost 60 per cent of respondents said it had made gold more attractive, while 68 per cent were keeping reserves at home compared to 50 per cent in 2020.

India’s PMI for manufacturing did not contract in the past year, but against expectations, FDI inflows fell 22 per cent to USD 46.03 billion in FY23 amid high inflation and recessionary trends in developed economies.&nbsp;

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India has overtaken China as the most attractive emerging market for investing, according to 85 sovereign wealth funds and 57 central banks representing USD 21 trillion in assets.

India has overtaken China as the most attractive emerging market for investing, according to 85 sovereign wealth funds and 57 central banks representing USD 21 trillion in assets. India is increasingly viewed positively for its improved business and political stability, favourable demographics, regulatory initiatives, and a friendly environment for sovereign investors, according to a report by global investment management firm Invesco. The report titled ‘Invesco Global Sovereign Asset Management Study’ included views from 142 chief investment officers, heads of asset classes along with senior portfolio strategists from 85 sovereign wealth funds and 57 central banks. Amid persistent high inflation and real interest rates, investors are recalibrating portfolios. Sovereign wealth funds, it said, favour fixed income and private debt, while Emerging Markets (EMs) with solid demographics, political stability, and proactive regulation, particularly India, have emerged as prime investment destinations. Also read : India emerges as FDI powerhouse, secures third highest foreign investment in 2022 “Among the Emerging Markets, India has piqued sovereign investors’ interest, overtaking China,” it said. India, it said, exemplifies the attributes sought by sovereign investors. “India has now overtaken China as the most attractive Emerging Market for investing in Emerging Market debt.” A development sovereign fund based in the Middle East noted, “We don’t have enough exposure to India or China. However, India is a better story now in terms of business and political stability. Demographics are growing fast, and they also have interesting companies, good regulation initiatives, and a very friendly environment for sovereign investors.” India is among a number of countries, including Mexico and Brazil, that are benefitting from increased foreign corporate investment aimed at both domestic and international demand through ‘friend-shoring’ and ‘near-shoring’. This was seen as helping fund current account deficits as well as support currencies and domestic assets including debt. On the scale of attractive EM markets for increasing exposure, India and South Korea continue to be the most attractive destinations, it said. Watch : India a bright spot in world economy, India to grow 6.7% in 2024 says UN × One central bank based in the West explained that they were looking at increasing their exposure to EM debt and in particular focused on debt targeting real estate and infrastructure as well as other diversified industries. According to the report, more than 85 per cent of the 85 sovereign wealth funds and 57 central banks noted that inflation will be higher in the coming decade. In such a situation, gold and emerging market bonds are being seen as good bets. This shift may have been triggered due to the freezing of almost half of Russia’s $640 billion of gold and forex reserves by the West in response to the Ukraine invasion. The survey showed a “substantial share” of central banks were concerned by the precedent that had been set. Almost 60 per cent of respondents said it had made gold more attractive, while 68 per cent were keeping reserves at home compared to 50 per cent in 2020. India’s PMI for manufacturing did not contract in the past year, but against expectations, FDI inflows fell 22 per cent to USD 46.03 billion in FY23 amid high inflation and recessionary trends in developed economies. WATCH WION LIVE HERE ×

India overtakes China as most attractive emerging market for investing

Bangladesh is among 20 countries that have applied for membership in the BRICS grouping of countries, with the applications likely to be taken up at the summit meeting in August. Bangladesh sees BRICS membership as a vehicle to further strengthen its export market as well as boost investment in infrastructure. Over the years the BRICS nations collectively have taken on the identity of a strong voice of the global south against Western and American hegemony.

Will Bangladesh benefit from BRICS?

Turkey's official inflation rates continue to drop after they peaked at 85% late last year. Figures reported in June were lower than projections. Economists emphasise hope for the country as Erdogan takes a conventional policy route. Will the trend continue or will the president return to his old ways? Ghadi Francis gets you the story.

Lira steadily deteriorates, as Turkish inflation rates cool | What comes next?

As the IMF agreed a three billion dollar deal to avert an impending economic catastrophe in the area, Pakistan has gained a much-needed lifeline. This IMF investment is a ray of hope for Pakistan's beleaguered economy, which has been suffering from a severe balance of payments problem and declining foreign reserves that have brought it perilously near to default. Pakistan's prime minister expressed gratitude to China and other friends for their assistance.

IMF extends helping hand to cash-strapped Pakistan

Sri Lanka's key inflation rate eased to 12% in June from 25.2% in May, the statistics department said on Friday, showing a glimmer of recovery for the crisis-hit economy.

Sri Lanka's key inflation rate eases sharply to 12% in June

European Council Summit 2023: World leaders to discuss Ukraine, economy and defence strategies

The value of Chinese debt relief decreased by over 50% between 2021 and 2022, a report from rhodium group showed, with Angola alone receiving two-thirds of deferrals despite china backing multilateral efforts to standardise support for poor countries.

China's debt relief to poor countries slows amid continuing appeals for support

In an effort to cut down costs, Australia has scrapped what could have been a key part in the development of the country's space industry. The $700 million programme was set to launch four satellites between 2028 and 2033. However, budget repair is the current goal of the government. The federal budget of the year lays focus on relieving cost-of-living in the heat of rising inflation.

Australia scraps a 770 million-dollar space satellite programme amid an economic slowdown

The World Bank approved $700 million in budgetary and welfare support for Sri Lanka on Thursday, the biggest funding tranche for the crisis-hit island nation since an International Monetary Fund (IMF) deal in March.

World Bank approves $700 mln for crisis-hit Sri Lanka

In a big relief for investors as well as for the larger global economy, the biggest US Banks have passed the Fed's stress test. 23 of the largest banks in the US have shown that they can withstand a severe global recession and turmoil in real estate markets. The results bolster claims that the banking industry remains generally strong and well-capitalized.

Top banks pass US Fed's stress test

China's industrial firms are grappling with a sustained decline in annual profits, further highlighting the need for increased policy support to bolster the country's post-COVID economic recovery, Reuters reported. The first five months of the year witnessed a double-digit profit slump, with a year-on-year contraction of 18.8 per cent, compounding the 20.6 per cent decline experienced from January to April.&nbsp;

These figures, released by the National Bureau of Statistics (NBS), underscore the overall weakening of the economy, evident in sluggish retail sales, dwindling exports, and a slump in property investment. Furthermore, the youth jobless rate reached a troubling high of 20.8 per cent.

Reuters quoted&nbsp;Wu Chaoming, deputy director of the Chasing International Economic Institute, as stating that the sluggish recovery in industrial profits necessitates additional policy measures to assist struggling companies. The situation is particularly concerning given that industrial earnings alone contracted by 12.6 per cent year-on-year in May and 18.2 per cent in April.

A Mirage of Hope

Although there are some glimmers&nbsp;of hope, such as the automotive sector witnessing a doubling in year-on-year profit in May, it is essential to note that this growth is partly attributable to the sector's poor performance during the pandemic-induced restrictions of the previous year.

Speaking to Reuters, NBS statistician Sun Xiao&nbsp;expressed apprehension about the increasingly complicated and challenging external environment, coupled with insufficient domestic demand, both of which continue to impede the revival of industrial profits. Sun emphasized the need for a more solid foundation to support the recovery. A breakdown of the data reveals that foreign firms experienced a decline in earnings of 13.6 per cent from January to May, while private-sector companies endured a significant slide of 21.3 per cent.

A Wave of decline across Markets

The impact of the profit decline is evident across various industrial sectors, with 24 out of 41 major sectors witnessing sinking profits. The petroleum, coal, and fuel processing industry reported the most significant slump, with profits plummeting by a staggering 92.8 per cent.

The initial impact of these figures was felt in the Chinese stock markets, with losses recorded in the morning session on Wednesday. However, some recovery has been observed during afternoon trading, resulting in a mixed performance for the main indexes.

In light of the uneven recovery in the world's second-largest economy, global agencies such as S&amp;P Global and Goldman Sachs have recently revised their growth forecasts for China, anticipating a slowdown. Economists widely expect policymakers to introduce further support measures to stabilize the economy, as it faces both domestic pressures and softened demand in major overseas markets. China recently implemented its first key lending benchmark reduction in ten months in response to the faltering rebound. Additionally, a 520 billion yuan package of purchase tax breaks for new-energy vehicles was announced, valid until the end of 2027.

Speaking at the Summer Davos Forum in Tianjin, Premier Li Qiang&nbsp;expressed confidence that China's second-quarter economic growth would outperform the first quarter and that the country is on track to achieve its 2023 growth target of approximately 5 percent.

Nevertheless, the Chinese government remains cautious about reviving the economy due to lingering concerns surrounding local government debt and other long-term risks. Reuters reported that the industrial profit figures cover firms with annual revenues of at least 20 million yuan ($2.77 million) from their primary operations.

The forthcoming release of China's second-quarter GDP growth data in mid-July will provide further insights into its economic performance and the effectiveness of policy measures implemented to support its recovery.

(With Inputs from Reuters)

China's industrial firms are grappling with a sustained decline in annual profits, further highlighting the need for increased policy support to bolster the country's post-COVID economic recovery, Reuters reported.

China's industrial firms are grappling with a sustained decline in annual profits, further highlighting the need for increased policy support to bolster the country's post-COVID economic recovery, Reuters reported. The first five months of the year witnessed a double-digit profit slump, with a year-on-year contraction of 18.8 per cent, compounding the 20.6 per cent decline experienced from January to April. These figures, released by the National Bureau of Statistics (NBS), underscore the overall weakening of the economy, evident in sluggish retail sales, dwindling exports, and a slump in property investment. Furthermore, the youth jobless rate reached a troubling high of 20.8 per cent. Reuters quoted Wu Chaoming, deputy director of the Chasing International Economic Institute, as stating that the sluggish recovery in industrial profits necessitates additional policy measures to assist struggling companies. The situation is particularly concerning given that industrial earnings alone contracted by 12.6 per cent year-on-year in May and 18.2 per cent in April. A Mirage of Hope Although there are some glimmers of hope, such as the automotive sector witnessing a doubling in year-on-year profit in May, it is essential to note that this growth is partly attributable to the sector's poor performance during the pandemic-induced restrictions of the previous year. Speaking to Reuters, NBS statistician Sun Xiao expressed apprehension about the increasingly complicated and challenging external environment, coupled with insufficient domestic demand, both of which continue to impede the revival of industrial profits. Sun emphasized the need for a more solid foundation to support the recovery. A breakdown of the data reveals that foreign firms experienced a decline in earnings of 13.6 per cent from January to May, while private-sector companies endured a significant slide of 21.3 per cent. A Wave of decline across Markets The impact of the profit decline is evident across various industrial sectors, with 24 out of 41 major sectors witnessing sinking profits. The petroleum, coal, and fuel processing industry reported the most significant slump, with profits plummeting by a staggering 92.8 per cent. The initial impact of these figures was felt in the Chinese stock markets, with losses recorded in the morning session on Wednesday. However, some recovery has been observed during afternoon trading, resulting in a mixed performance for the main indexes. In light of the uneven recovery in the world's second-largest economy, global agencies such as S&P Global and Goldman Sachs have recently revised their growth forecasts for China, anticipating a slowdown. Economists widely expect policymakers to introduce further support measures to stabilize the economy, as it faces both domestic pressures and softened demand in major overseas markets. China recently implemented its first key lending benchmark reduction in ten months in response to the faltering rebound. Additionally, a 520 billion yuan package of purchase tax breaks for new-energy vehicles was announced, valid until the end of 2027. Speaking at the Summer Davos Forum in Tianjin, Premier Li Qiang expressed confidence that China's second-quarter economic growth would outperform the first quarter and that the country is on track to achieve its 2023 growth target of approximately 5 percent. Nevertheless, the Chinese government remains cautious about reviving the economy due to lingering concerns surrounding local government debt and other long-term risks. Reuters reported that the industrial profit figures cover firms with annual revenues of at least 20 million yuan ($2.77 million) from their primary operations. The forthcoming release of China's second-quarter GDP growth data in mid-July will provide further insights into its economic performance and the effectiveness of policy measures implemented to support its recovery. (With Inputs from Reuters)

China's industrial profits take a plunge: Economy looks for a makeover

A report titled ‘Jailed For Doing Business’ by TeamLease RegTech and Observer Research Foundation (ORF) found that while the Indian government has been pushing for ease of doing business in the country, there are still more than 26,000 imprisonment clauses as penalties for non-compliance with business laws.

In other words, non-compliance with two out of five provisions for doing business in India can send an entrepreneur to jail.&nbsp;

<h2>What did the report find?</h2>

The report compiled by TeamLease RegTech with the ORF, a New Delhi-based independent think tank, found that there are 69,233 unique compliances which broadly regulate doing business in India out of which 26,134 clauses have imprisonment clauses as a penalty for non-compliance.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/modis-us-visit-brings-home-billions-in-investments-from-google-amazon-608175">PM Modi's US visit brings home billions in investments from Google, Amazon</a>

However, the brunt of these excessive compliances is borne mainly by Micro, Small and Medium Enterprises (MSMEs), said the report. Since a typical MSME has more than 150 employees, it reportedly faces 500-900 compliances that cost at least 12-18 lakhs ($14,637-$21,955) in a year.&nbsp;

The report also found that five Indian states – Gujarat (1,469), Punjab (1,273), Maharashtra (1,210), Karnataka (1,175) and Tamil Nadu (1,043) – have more than 1,000 imprisonment clauses in their business laws. 
 
It is also worth noting that this regulatory overreach impacts not only entrepreneurs running for-profits but not-for-profit institutions as well, said the report. It added,&nbsp;“There is a widening gap between the goods and services the country needs and how the State views the entrepreneurs creating them.”

<h2>‘First-of-its-kind’ monograph: TeamLease RegTech</h2>

Speaking about the report, TeamLease RegTech, said that this monograph is a first-of-its-kind consolidation of business compliance data that had, to date, only existed in silos across ministries and departments. Notably, the report has been collated over the past seven years by TeamLease RegTech, a regulatory technology solutions firm.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/indias-byjus-denies-reports-of-three-board-members-quitting-deloitte-resigns-as-auditors-reports-607470">India’s Byju’s denies three board members quitting; Deloitte resigns as auditors: Reports</a>

The monograph for the report has classified the data into seven broad domains – labour; finance and taxation; environment, health and safety; secretarial; commercial; industry-specific; and general. “The excessive criminalization of India’s employer compliance universe breeds corruption, blunts formal employment and poisons justice,” said the Vice Chairman of TeamLease, Manish Sabharwal, in a statement.

He added, “This report is a wonderful contribution to ideas for actionable reforms; the government has made a good start in purging compliances but truly reducing regulatory cholesterol requires extending that project to purging the 26,134 jail provisions for employers at the centre and state.”&nbsp;

The report&nbsp;offers ten recommendations on rationalising the excesses of business laws, rules and regulations, which include using criminal penalties with restraint and even calls for the creation of a regulatory impact assessment committee which could lay the foundation of policy reformation. Furthermore, the report also recommends rationalising imprisonment clauses.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/india-news/pm-modi-invites-micron-technology-and-applied-materials-to-boost-semiconductor-manufacturing-in-india-607160">PM Modi invites Micron Technology and Applied Materials to boost semiconductor manufacturing in India</a>

“The recommendations in Jailed for Doing Business, and its thorough analysis, must compel us to change how we assess our businesses and treat those who run them,” said the President of the ORF, Samir Saran. He added, “I see this report as a springboard for new research and efforts that are needed to do away with rules, laws and codes that hold back India’s entrepreneurial energy and its emergence as a global economic powerhouse”.&nbsp; 
 
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A report titled ‘Jailed For Doing Business’ by TeamLease RegTech and Observer Research Foundation (ORF) found that while the Indian government has been pushing for ease of doing business in the country, there are still more than 26,000 imprisonment clauses as penalties for non-compliance with business laws.

A report titled ‘Jailed For Doing Business’ by TeamLease RegTech and Observer Research Foundation (ORF) found that while the Indian government has been pushing for ease of doing business in the country, there are still more than 26,000 imprisonment clauses as penalties for non-compliance with business laws. In other words, non-compliance with two out of five provisions for doing business in India can send an entrepreneur to jail. What did the report find? The report compiled by TeamLease RegTech with the ORF, a New Delhi-based independent think tank, found that there are 69,233 unique compliances which broadly regulate doing business in India out of which 26,134 clauses have imprisonment clauses as a penalty for non-compliance. Also read | PM Modi's US visit brings home billions in investments from Google, Amazon However, the brunt of these excessive compliances is borne mainly by Micro, Small and Medium Enterprises (MSMEs), said the report. Since a typical MSME has more than 150 employees, it reportedly faces 500-900 compliances that cost at least 12-18 lakhs ($14,637-$21,955) in a year. The report also found that five Indian states – Gujarat (1,469), Punjab (1,273), Maharashtra (1,210), Karnataka (1,175) and Tamil Nadu (1,043) – have more than 1,000 imprisonment clauses in their business laws. It is also worth noting that this regulatory overreach impacts not only entrepreneurs running for-profits but not-for-profit institutions as well, said the report. It added, “There is a widening gap between the goods and services the country needs and how the State views the entrepreneurs creating them.” ‘First-of-its-kind’ monograph: TeamLease RegTech Speaking about the report, TeamLease RegTech, said that this monograph is a first-of-its-kind consolidation of business compliance data that had, to date, only existed in silos across ministries and departments. Notably, the report has been collated over the past seven years by TeamLease RegTech, a regulatory technology solutions firm. Also read | India’s Byju’s denies three board members quitting; Deloitte resigns as auditors: Reports The monograph for the report has classified the data into seven broad domains – labour; finance and taxation; environment, health and safety; secretarial; commercial; industry-specific; and general. “The excessive criminalization of India’s employer compliance universe breeds corruption, blunts formal employment and poisons justice,” said the Vice Chairman of TeamLease, Manish Sabharwal, in a statement. He added, “This report is a wonderful contribution to ideas for actionable reforms; the government has made a good start in purging compliances but truly reducing regulatory cholesterol requires extending that project to purging the 26,134 jail provisions for employers at the centre and state.” The report offers ten recommendations on rationalising the excesses of business laws, rules and regulations, which include using criminal penalties with restraint and even calls for the creation of a regulatory impact assessment committee which could lay the foundation of policy reformation. Furthermore, the report also recommends rationalising imprisonment clauses. Also read | PM Modi invites Micron Technology and Applied Materials to boost semiconductor manufacturing in India “The recommendations in Jailed for Doing Business, and its thorough analysis, must compel us to change how we assess our businesses and treat those who run them,” said the President of the ORF, Samir Saran. He added, “I see this report as a springboard for new research and efforts that are needed to do away with rules, laws and codes that hold back India’s entrepreneurial energy and its emergence as a global economic powerhouse”. 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.

India: Over 26,000 clauses can be used to put entrepreneurs in prison, finds report

US bank stocks had been on a promising path to recovery, bouncing back from their recent slump. However, this week, they faced a setback as regulatory challenges emerged as formidable obstacles. The KBW bank index and KBW regional banking index experienced their worst weeks since early may, sending shockwaves through the market. With the federal reserve contemplating higher capital requirements for major lenders, and the impending release of results from the annual fed stress test, uncertainty looms over the banking sector.

Banking shares slide as regulatory pressures mount

High unemployment and lack of jobs has hit the youth of Jordan hard, with nearly 50% of people below thirty without a job. The dilapidated economy means little to spend on health and education made worse by slow public hiring and slashed subsidies.

Almost half of Jordan's youth population unemployed | The West Asia Post

An economically struggling China is fast losing its sheen as a investment hub in the eyes of European companies and it is china's greater bay area that seems to be the biggest casualty. In a recent survey, only 44% of 75 European companies expressed optimism about the region's economic prospects. This was down from 68% last year.

European companies wary of China's economy

In a bid to accelerate the growth of its electric vehicle industry, china has introduced a $72 billion package of tax breaks. These measures aim to boost the sales of electric vehicles and other green cars, revitalizing the country's economy amidst sluggish auto sales.

China’s $72 billion tax breaks to supercharge EV industry

India's&nbsp;benchmark&nbsp;Sensex&nbsp;stock index hit a&nbsp;record&nbsp;on Wednesday, while the&nbsp;Nifty&nbsp;50 logged a new closing&nbsp;high&nbsp;amid sustained foreign inflows into Indian equities backed by the country's strong growth prospects.

The S&amp;P BSE&nbsp;Sensex&nbsp;hit an&nbsp;all-time&nbsp;high&nbsp;at 63,588.31, before giving up some gains to&nbsp;close&nbsp;at 63,523.15.

The&nbsp;Sensex, though up by over 4 per cent&nbsp;so far this year, has still underperformed indexes of countries like Japan, Taiwan, South Korea, Vietnam and Sri Lanka. But,&nbsp;Sensex&nbsp;was the first index to hit a&nbsp;record&nbsp;high&nbsp;this year.

The blue-chip&nbsp;Nifty&nbsp;index rose 0.21 per cent&nbsp;to 18,856.85, a&nbsp;record&nbsp;close.

"After an almost eight-month consolidation, the&nbsp;Sensex&nbsp;has hit an&nbsp;all-time&nbsp;high," said Amar Ambani, head of institutional equities at YES Securities.

"If monsoons do not play spoilsport, 2023 will be a strong year for Indian equities. FPI money should keep flowing into India."

Foreign investors have poured in 738.12 billion rupees ($8.99 billion) so far in this financial year. They were net sellers in the two previous financial years, with a&nbsp;record&nbsp;outflow of 1,400.10 billion rupees in FY 2022.

India's&nbsp;economic growth has accelerated in the March quarter, while inflation has cooled, showing that the country remains one of the fastest-growing emerging economies.

On Wednesday, nine of the 13 major sectoral indexes advanced, with&nbsp;high-weightage financials adding 0.68 per cent.

Broader indexes extended gains with midcaps rising 0.81 per cent&nbsp;and hitting a fresh&nbsp;high&nbsp;and smallcap index advancing to a new 52-week&nbsp;high.

Among individual stocks, Shriram Finance jumped over 11 per cent&nbsp;and hit a&nbsp;record&nbsp;after Piramal Enterprises sold its entire 8.34 per cent&nbsp;stake in the company.

Markets, meanwhile, waited for US&nbsp;Federal Reserve Chief Jerome Powell's testimony before the financial affairs committee of the US&nbsp;House of Representatives.

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India's benchmark Sensex stock index hit a record on Wednesday, while the Nifty 50 logged a new closing high amid sustained foreign inflows into Indian equities backed by the country's strong growth prospects.

India's benchmark Sensex stock index hit a record on Wednesday, while the Nifty 50 logged a new closing high amid sustained foreign inflows into Indian equities backed by the country's strong growth prospects. The S&P BSE Sensex hit an all-time high at 63,588.31, before giving up some gains to close at 63,523.15. The Sensex, though up by over 4 per cent so far this year, has still underperformed indexes of countries like Japan, Taiwan, South Korea, Vietnam and Sri Lanka. But, Sensex was the first index to hit a record high this year. The blue-chip Nifty index rose 0.21 per cent to 18,856.85, a record close. "After an almost eight-month consolidation, the Sensex has hit an all-time high," said Amar Ambani, head of institutional equities at YES Securities. "If monsoons do not play spoilsport, 2023 will be a strong year for Indian equities. FPI money should keep flowing into India." Foreign investors have poured in 738.12 billion rupees ($8.99 billion) so far in this financial year. They were net sellers in the two previous financial years, with a record outflow of 1,400.10 billion rupees in FY 2022. India's economic growth has accelerated in the March quarter, while inflation has cooled, showing that the country remains one of the fastest-growing emerging economies. On Wednesday, nine of the 13 major sectoral indexes advanced, with high-weightage financials adding 0.68 per cent. Broader indexes extended gains with midcaps rising 0.81 per cent and hitting a fresh high and smallcap index advancing to a new 52-week high. Among individual stocks, Shriram Finance jumped over 11 per cent and hit a record after Piramal Enterprises sold its entire 8.34 per cent stake in the company. Markets, meanwhile, waited for US Federal Reserve Chief Jerome Powell's testimony before the financial affairs committee of the US House of Representatives. WATCH WION LIVE HERE:

India's Sensex hits all-time high; Nifty settles at a record close

Tunisia hopeful of economy revival as tourists make their way to the country

The echoes of the barbaric spring and blood-soaked December of 1971 bear witness to the unspeakable atrocities and genocide endured in East and West Pakistan. This haunting legacy serves as a constant reminder of the depths of human suffering and the indomitable spirit that emerged from the darkness. 
 
Against the backdrop of this painful past, the geopolitical stage witnessed a complex dance of power. As superior nations like USA and &nbsp;UK threw their weight behind West Pakistan, their old adversary India found an ally in the strategic treaty forged with the Soviet Union on August 9, 1971. This intricate web of alliances added layers of complexity to an already volatile situation, amplifying the stakes and consequences. 
 
March 25, 1971, marked a turning point that plunged the region into a state of terror and despair. Operation Searchlight, unleashed by Pakistan, initiated a reign of darkness that stretched for nine agonising months, leaving in its wake a trail of unimaginable suffering and an indelible scar on the collective memory of the people. 
 
<a href="https://www.wionews.com/business-economy/pakistan-unveils-51-billion-budget-with-half-to-service-debt-602703">ALSO READ|&nbsp; Pakistan unveils $51 billion budget with focus on ‘elements of real economy’ hikes defence spending</a> 
 
In the wake of this painful past, fifty-two years later, Bangladesh and Pakistan have taken divergent paths, especially in the economic realm. Bangladesh has defied the odds, experiencing remarkable growth and development, while Pakistan faces ongoing political and economic challenges.

Economic contrasts: Bangladesh’s rise and Pakistan’s struggle

Bangladesh's economic success story is one of resilience and triumph. Through a focus on export-oriented industries and the development of a robust manufacturing sector, the country has attracted foreign investment and achieved consistent GDP growth. Bangladesh's achievements extend beyond economics, excelling in areas such as passport rankings, literacy, micro-credit financing, and women empowerment. Its impressive GDP per capita and strong forex reserves further underline its economic prowess. 
 
In contrast, Pakistan has faced economic setbacks and struggles for stability. The country has failed to meet its economic growth targets, with GDP growth at a meagre 0.3%. Inflation, currency depreciation, and a decline in industrial output have compounded its challenges. Pakistan's global economic ranking has plummeted, adding pressure to the cash-strapped government ahead of the upcoming elections. The government must navigate the demands of the International Monetary Fund and implement stringent reforms to secure a vital bailout package. 
 
In a recent conversation with WION, Asad Ejaz Butt, a renowned economist based in Islamabad, shared a profound insight into the disparity between Bangladesh's remarkable economic growth and Pakistan's ongoing struggle and political instability. Mr Butt's perspective shed light on the ground sentiment surrounding this divergence, as he expressed, “Bangladesh is an oft-cited case study within both academic circles and government meetings in Pakistan. The Bengali currency 'takka,' once used derogatorily in Pakistan to denote something as cheap and lacking value, is now regarded by many Pakistanis with a complex mix of envy and awe.'" 
 
Pakistan Budget 2023 -2024&nbsp; 
 
Pakistan's 2023-24 national budget poses a daunting challenge as no new taxes are imposed, but a modest GDP growth target of 3.5% is set. With an outlay of Rs 14.46 trillion and increased current expenditure, stabilising the economy and addressing issues is vital. IMF assistance is crucial to avoid a debt default and tackle inflation, yet limited fiscal space hampers popular measures for economic stimuli. 
 
Conclusion 
 
In conclusion, the economic contrasts between Bangladesh and Pakistan are stark. Bangladesh's success story serves as an inspiration, while Pakistan must embrace economic reforms and stability. The upcoming budgets of both countries carry significant implications for their economic trajectories. By recognizing the historical context, promoting cooperation, and prioritising inclusive growth, Pakistan and Bangladesh can bridge the divide and forge a prosperous future together. 
 
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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The echoes of the barbaric spring and blood-soaked December of 1971 bear witness to the unspeakable atrocities and genocide endured in East and West Pakistan. This haunting legacy serves as a constant reminder of the depths of human suffering and the indomitable spirit that emerged from the darkness.

The echoes of the barbaric spring and blood-soaked December of 1971 bear witness to the unspeakable atrocities and genocide endured in East and West Pakistan. This haunting legacy serves as a constant reminder of the depths of human suffering and the indomitable spirit that emerged from the darkness. Against the backdrop of this painful past, the geopolitical stage witnessed a complex dance of power. As superior nations like USA and UK threw their weight behind West Pakistan, their old adversary India found an ally in the strategic treaty forged with the Soviet Union on August 9, 1971. This intricate web of alliances added layers of complexity to an already volatile situation, amplifying the stakes and consequences. March 25, 1971, marked a turning point that plunged the region into a state of terror and despair. Operation Searchlight, unleashed by Pakistan, initiated a reign of darkness that stretched for nine agonising months, leaving in its wake a trail of unimaginable suffering and an indelible scar on the collective memory of the people. ALSO READ| Pakistan unveils $51 billion budget with focus on ‘elements of real economy’ hikes defence spending In the wake of this painful past, fifty-two years later, Bangladesh and Pakistan have taken divergent paths, especially in the economic realm. Bangladesh has defied the odds, experiencing remarkable growth and development, while Pakistan faces ongoing political and economic challenges. Economic contrasts: Bangladesh’s rise and Pakistan’s struggle Bangladesh's economic success story is one of resilience and triumph. Through a focus on export-oriented industries and the development of a robust manufacturing sector, the country has attracted foreign investment and achieved consistent GDP growth. Bangladesh's achievements extend beyond economics, excelling in areas such as passport rankings, literacy, micro-credit financing, and women empowerment. Its impressive GDP per capita and strong forex reserves further underline its economic prowess. In contrast, Pakistan has faced economic setbacks and struggles for stability. The country has failed to meet its economic growth targets, with GDP growth at a meagre 0.3%. Inflation, currency depreciation, and a decline in industrial output have compounded its challenges. Pakistan's global economic ranking has plummeted, adding pressure to the cash-strapped government ahead of the upcoming elections. The government must navigate the demands of the International Monetary Fund and implement stringent reforms to secure a vital bailout package. In a recent conversation with WION, Asad Ejaz Butt, a renowned economist based in Islamabad, shared a profound insight into the disparity between Bangladesh's remarkable economic growth and Pakistan's ongoing struggle and political instability. Mr Butt's perspective shed light on the ground sentiment surrounding this divergence, as he expressed, “Bangladesh is an oft-cited case study within both academic circles and government meetings in Pakistan. The Bengali currency 'takka,' once used derogatorily in Pakistan to denote something as cheap and lacking value, is now regarded by many Pakistanis with a complex mix of envy and awe.'" Pakistan Budget 2023 -2024 Pakistan's 2023-24 national budget poses a daunting challenge as no new taxes are imposed, but a modest GDP growth target of 3.5% is set. With an outlay of Rs 14.46 trillion and increased current expenditure, stabilising the economy and addressing issues is vital. IMF assistance is crucial to avoid a debt default and tackle inflation, yet limited fiscal space hampers popular measures for economic stimuli. Conclusion In conclusion, the economic contrasts between Bangladesh and Pakistan are stark. Bangladesh's success story serves as an inspiration, while Pakistan must embrace economic reforms and stability. The upcoming budgets of both countries carry significant implications for their economic trajectories. By recognizing the historical context, promoting cooperation, and prioritising inclusive growth, Pakistan and Bangladesh can bridge the divide and forge a prosperous future together. 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

Unveiling 1971 war atrocities & economic contrasts: Bangladesh's success and Pakistan's perilous path

Tunisia is fighting a two-pronged battle as it fights rising inflation on one hand and an influx of migrants on the other hand.

Tunisia's double whammy: Migrants and inflation on the rise

WION takes you on board 'The Empress': India's first international cruise to Sri Lanka.

WION aboard 'The Empress' | India's first international cruise to Sri Lanka

Cash strapped Pakistan's economy is in doldrums and data from the country's economic survey a day before the country's budget proves that fact. In fact, the country's economy failed to achieve any of the target its set out in 2022-23. Pakistan's GDP growth rate crashed to 0.3% in 2022-23.

Pakistan floods cost economy over $31 billion

While briefing media on the completion of nine years of the Modi government, Indian External Affairs Minister (EAM) S Jaishankar said that the world today looks at India as a development partner and India is playing the role of narrative shaper.

World sees India as a development partner, economic collaborator, says EAM Jaishankar

The World Bank has issued a warning that a third of the global economy will be in recession this year. This comes as the war continues in Ukraine, inflation soars, and interest rates continue to spike.

Global economy slows down, developing economies to face trouble: World Bank

Brazil seems to have made a strong economic comeback in the first three months of 2023, thanks to its bumper harvests. Government data shows that Brazil's economy grew 1.9% between January and March 2023. But when compared to the same period in 2022, the economy grew 4%

Brazil economy upbeat: Brazil grows by 1.9% in January-March 2023

The Shehbaz Sharif administration is caught between a rock and a hard place as Pakistan struggles to meet the IMF's requirements and faces a sovereign default if the funding programme ends at the end of June. Pakistan is an Islamic country and has had its worst inflation rates since records began being kept in 1957. In May 2023, Pakistan had the greatest inflationary pressure in Asia, at 38 per cent, surpassing Sri Lanka. Sri Lanka's inflation rate has decreased to 25.2 per cent&nbsp;since Pakistan surpassed Colombo in April 2023.

Pakistan has always boxed way above its weight category, first due to support from the US in the past century and now from China, as reported by the Hindustan Times.&nbsp;Pakistan has also tried to compare itself to India. Pakistan's food inflation increased from 48.1 per cent in April to 48.7 per cent in May.

The present political situation in Pakistan has further complicated the Pakistani government's talks with the IMF after IMF mission chief Nathan Porter publicly expressed his hope that it would be handled in accordance with the Constitution and the rule of law. Pakistan's defence minister, Khawaja Asif, criticised this speech and compared it to intervention in Pakistan's domestic politics. Instead of providing the Islamic country with the crucial $1.1 billion credit, minister Asif took offence to Porter's comments about Pakistan's domestic affairs.

Also read |&nbsp;<a href="https://www.wionews.com/south-asia/its-the-economy-stupid-how-imran-khan-drama-other-political-rows-are-taking-paks-dire-finances-hostage-591728">It’s the economy, stupid: The Imran Khan drama, other political rows are holding Pak’s dire finances hostage</a>

<h2>What does Pakistan's leadership think?</h2>

Although the Pakistani leadership believes that financial support from mentor China will be provided if the economic situation worsens as a result of there being no IMF board meeting this month, the crisis in the Islamic country is far more serious than it seems given that the country has been polarised by the violence and mayhem committed on May 9 by supporters of PTI chief Imran Khan Niazi.

The general public is sceptical of Rawalpindi GHQ's ability to stop the internal rot as a result of Niazi's persistent attacks on the Pakistan Army establishment, especially after the PTI supporters set fire to the influential Lahore Corps Commander's home at Jinnah House on May 9.&nbsp;

With the judiciary, political leadership, and the army of Pakistan pulling in separate ways with insurgencies escalating in Balochistan, Sindh, and Pakistan threatening the military forces in the heart of Punjab and Khyber-Pakhtunkhwa provinces, the Islamic country is on its knees.

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The Shehbaz Sharif administration is caught between a rock and a hard place as Pakistan struggles to meet the IMF's requirements and faces a sovereign default if the funding programme ends at the end of June.

The Shehbaz Sharif administration is caught between a rock and a hard place as Pakistan struggles to meet the IMF's requirements and faces a sovereign default if the funding programme ends at the end of June. Pakistan is an Islamic country and has had its worst inflation rates since records began being kept in 1957. In May 2023, Pakistan had the greatest inflationary pressure in Asia, at 38 per cent, surpassing Sri Lanka. Sri Lanka's inflation rate has decreased to 25.2 per cent since Pakistan surpassed Colombo in April 2023. Pakistan has always boxed way above its weight category, first due to support from the US in the past century and now from China, as reported by the Hindustan Times. Pakistan has also tried to compare itself to India. Pakistan's food inflation increased from 48.1 per cent in April to 48.7 per cent in May. The present political situation in Pakistan has further complicated the Pakistani government's talks with the IMF after IMF mission chief Nathan Porter publicly expressed his hope that it would be handled in accordance with the Constitution and the rule of law. Pakistan's defence minister, Khawaja Asif, criticised this speech and compared it to intervention in Pakistan's domestic politics. Instead of providing the Islamic country with the crucial $1.1 billion credit, minister Asif took offence to Porter's comments about Pakistan's domestic affairs. Also read | It’s the economy, stupid: The Imran Khan drama, other political rows are holding Pak’s dire finances hostage What does Pakistan's leadership think? Although the Pakistani leadership believes that financial support from mentor China will be provided if the economic situation worsens as a result of there being no IMF board meeting this month, the crisis in the Islamic country is far more serious than it seems given that the country has been polarised by the violence and mayhem committed on May 9 by supporters of PTI chief Imran Khan Niazi. The general public is sceptical of Rawalpindi GHQ's ability to stop the internal rot as a result of Niazi's persistent attacks on the Pakistan Army establishment, especially after the PTI supporters set fire to the influential Lahore Corps Commander's home at Jinnah House on May 9. With the judiciary, political leadership, and the army of Pakistan pulling in separate ways with insurgencies escalating in Balochistan, Sindh, and Pakistan threatening the military forces in the heart of Punjab and Khyber-Pakhtunkhwa provinces, the Islamic country is on its knees. WATCH WION LIVE HERE:

Pakistan surpasses Sri Lanka with record-high inflation of 38%

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