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2 years of PTI with the economy
As PTI comes onto two years, I felt like making this post on account of seeing multiple people supporting PML-N for having an allegedly better economy for Pakistan, particularly with allegations present that PTI has done nothing for the economy. So here's a short list of some major achievements done by PTI in contrast to PML-N.
Stopping Pakistan from defaulting: The move to devalue the rupee was one done despite knowing the backlash that would be faced. Under Nawaz Sharif the rupee was artificially overvalued through loans and forex reserves, this meant Pakistan had no sustainable way for repaying those massive loans. Imran Khan on the other hand had to approach the IMF due to these overlaying maturing debts, lack of growth in exports under PMLN, decline in Foreign Direct Investment and an ever higher import bill. This was done at the cost of letting the rupee massively devalue against the dollar, however paved the path for economic stability as noted by the IMF.
Renewed focus on taxation: Easily the most controversial facet of the economic policy by PTI, but one that has shown merit and results. Overall, there has been a 40% increase in returns filers and a 17% revenue increase. This coupled with a massive austerity scheme, meant that the government has started an incline towards increasing it's revenues. While this hasn't been met with open arms, it presents a solution to the everpresent crisis that the Pakistan government has faced, in it's inability to increase it's revenues. Not only that, but the general taxation system was streamlined, making it easier for individuals to file taxes. Introductions of new apps and consolidating activities for the FBR were among the efforts as well. Moreover, businesses that were entitled to tax refunds are finally being granted them, under PMLN they were held onto so as to inflate collection numbers, however under PTI that has changed and it's not inflated. It is worth noting, that because of the covid-19 pandemic, the effect of the austerity schemes and feasibility have seriously dampened, and it's created a bigger problem for increasing revenue collection.
It is worth noting, that some may criticise the overall decrease in the account deficit to be a result of the decrease in imports, and the increase in worker remittances, however this was indeed a result of the overall economic impact from the covid-19 pandemic. And that general trends support the notion of exports increasing and the account deficit decreasing in the second quarter of 2019.
Tourism: The reforms and measures taken to facilitate tourism in Pakistan were evidently among the most successful — Pakistan went from being sidelined to being amongst the worlds top destinations to visit. There were multiple reasons for this, the removal of the mandatory NOC, the initiative for online visas for upto 175 countries alongside visa-on-arrival for 50 countries were among the facilitating measures taken for tourism.
Foreign Direct Investment: What can be appreciated is the general reception of Pakistan's economic outlook, where FDI climbed by upto 137% within this fiscal year, gathering upto nearly $2.1 billion. Yet, once again — the pandemic will undoubtedly cause most countries to rethink their economic policies for now, and the overall FDI might see a downward trend with regards to global decrease in FDI. Despite, the increases in FDI are welcomed, especially considering total foreign investment rose 380 percent to $2.375 billion in July-March FY2020. Yet the sustainability of this remains to be seen.
Dealing with covid: Despite all odds, Pakistan has somehow managed to deal well with the pandemic. Coming out relatively alright, in perspective of countries such as India, Mexico, Italy, Brazil etc. The factor that plays out, is that despite being incredibly vulnerable, the country managed to pull through and has markedly reduced the impact of the virus. With regards to the economy, taking a bold risk of abating a complete lockdown, whilst met with criticism was once again a factor that showed competency. Keeping in mind that 51 million Pakistanis lived below the poverty line, and the adverse effect it would have on the economy. Pakistan managed to come through the economic contraction with only a -0.38% growth. Although the full effects are still not abated or understood, what's commendable is the fact that Pakistan under PTI has kept itself from an even worse situation. Whilst managing to keep covid under relative control. Especially given increases in exports despite the pandemic in countries such as Qatar, Saudi Arabia, and Italy.
This is by no means a highly comprehensive list, just my opinion on some of the bigger achievements; saving the economy from defaulting, adopting tax reforms, tourism reforms, export reforms among them whilst managing covid and economic stability with relative success. There are of course a multitude of other factors, successfully avoiding a blacklist from the FATF, macroeconomic reforms, attempts to strengthen the working class; ehsaas programs, Naya Pakistan housing schemes alongside other relief efforts. These are measures in accordance with curtailing the effect of increasing taxation and attempts to abate the economic slowdown that came as a result of forcing an increase in government revenue. Alongside the focus on multiple new hydroelectric dams, industrial cities, reduction of the PM office staff from 552 to 298, 10 billion tree project and an overall renewed interest in renewable energy and green Pakistan. The list is comprehensive. Pakistan remains on a rocky path, it is not out of the woods yet. Covid-19 has seriously hampered the overall projections, and caused a worldwide economic contraction. Not only that, but there are criticisms that can be attributed to the government as well, as they are not without fault. However, the overall achievements of the government with regards to the economy do present hope for the long-term fiscal policy and development of Pakistan.
No, the British did not steal $45 trillion from India
This is an updated copy of the version on BadHistory. I plan to update it in accordance with the feedback I got. I'd like to thank two people who will remain anonymous for helping me greatly with this post (you know who you are) Three years ago a festschrift for Binay Bhushan Chaudhuri was published by Shubhra Chakrabarti, a history teacher at the University of Delhi and Utsa Patnaik, a Marxist economist who taught at JNU until 2010. One of the essays in the festschirt by Utsa Patnaik was an attempt to quantify the "drain" undergone by India during British Rule. Her conclusion? Britain robbed India of $45 trillion (or £9.2 trillion) during their 200 or so years of rule. This figure was immensely popular, and got republished in several major news outlets (here, here, here, here (they get the number wrong) and more recently here), got a mention from the Minister of External Affairs & returns 29,100 results on Google. There's also plenty of references to it here on Reddit. Patnaik is not the first to calculate such a figure. Angus Maddison thought it was £100 million, Simon Digby said £1 billion, Javier Estaban said £40 million see Roy (2019). The huge range of figures should set off some alarm bells. So how did Patnaik calculate this (shockingly large) figure? Well, even though I don't have access to the festschrift, she conveniently has written an article detailing her methodology here. Let's have a look.
How exactly did the British manage to diddle us and drain our wealth’ ? was the question that Basudev Chatterjee (later editor of a volume in the Towards Freedom project) had posed to me 50 years ago when we were fellow-students abroad.
This is begging the question.
After decades of research I find that using India’s commodity export surplus as the measure and applying an interest rate of 5%, the total drain from 1765 to 1938, compounded up to 2016, comes to £9.2 trillion; since $4.86 exchanged for £1 those days, this sum equals about $45 trillion.
This is completely meaningless. To understand why it's meaningless consider India's annual coconut exports. These are almost certainly a surplus but the surplus in trade is countered by the other country buying the product (indeed, by definition, trade surpluses contribute to the GDP of a nation which hardly plays into intuitive conceptualisations of drain). Furthermore, Dewey (2019) critiques the 5% interest rate.
She [Patnaik] consistently adopts statistical assumptions (such as compound interest at a rate of 5% per annum over centuries) that exaggerate the magnitude of the drain
The exact mechanism of drain, or transfers from India to Britain was quite simple.
Drain theory possessed the political merit of being easily grasped by a nation of peasants. [...] No other idea could arouse people than the thought that they were being taxed so that others in far off lands might live in comfort. [...] It was, therefore, inevitable that the drain theory became the main staple of nationalist political agitation during the Gandhian era.
The key factor was Britain’s control over our taxation revenues combined with control over India’s financial gold and forex earnings from its booming commodity export surplus with the world. Simply put, Britain used locally raised rupee tax revenues to pay for its net import of goods, a highly abnormal use of budgetary funds not seen in any sovereign country.
The issue with figures like these is they all make certain methodological assumptions that are impossible to prove. From Roy in Frankema et al. (2019):
the "drain theory" of Indian poverty cannot be tested with evidence, for several reasons. First, it rests on the counterfactual that any money saved on account of factor payments abroad would translate into domestic investment, which can never be proved. Second, it rests on "the primitive notion that all payments to foreigners are "drain"", that is, on the assumption that these payments did not contribute to domestic national income to the equivalent extent (Kumar 1985, 384; see also Chaudhuri 1968). Again, this cannot be tested. [...] Fourth, while British officers serving India did receive salaries that were many times that of the average income in India, a paper using cross-country data shows that colonies with better paid officers were governed better (Jones 2013).
Indeed, drain theory rests on some very weak foundations. This, in of itself, should be enough to dismiss any of the other figures that get thrown out. Nonetheless, I felt it would be a useful exercise to continue exploring Patnaik's take on drain theory.
The East India Company from 1765 onwards allocated every year up to one-third of Indian budgetary revenues net of collection costs, to buy a large volume of goods for direct import into Britain, far in excess of that country’s own needs.
So what's going on here? Well Roy (2019) explains it better:
Colonial India ran an export surplus, which, together with foreign investment, was used to pay for services purchased from Britain. These payments included interest on public debt, salaries, and pensions paid to government offcers who had come from Britain, salaries of managers and engineers, guaranteed profts paid to railway companies, and repatriated business profts. How do we know that any of these payments involved paying too much? The answer is we do not.
So what was really happening is the government was paying its workers for services (as well as guaranteeing profits - to promote investment - something the GoI does today Dalal (2019), and promoting business in India), and those workers were remitting some of that money to Britain. This is hardly a drain (unless, of course, Indian diaspora around the world today are "draining" it). In some cases, the remittances would take the form of goods (as described) see Chaudhuri (1983):
It is obvious that these debit items were financed through the export surplus on merchandise account, and later, when railway construction started on a large scale in India, through capital import. Until 1833 the East India Company followed a cumbersome method in remitting the annual home charges. This was to purchase export commodities in India out of revenue, which were then shipped to London and the proceeds from their sale handed over to the home treasury.
While Roy's earlier point argues better paid officers governed better, it is honestly impossible to say what part of the repatriated export surplus was a drain, and what was not. However calling all of it a drain is definitely misguided. It's worth noting that Patnaik seems to make no attempt to quantify the benefits of the Raj either, Dewey (2019)'s 2nd criticism:
she [Patnaik] consistently ignores research that would tend to cut the economic impact of the drain down to size, such as the work on the sources of investment during the industrial revolution (which shows that industrialisation was financed by the ploughed-back profits of industrialists) or the costs of empire school (which stresses the high price of imperial defence)
Since tropical goods were highly prized in other cold temperate countries which could never produce them, in effect these free goods represented international purchasing power for Britain which kept a part for its own use and re-exported the balance to other countries in Europe and North America against import of food grains, iron and other goods in which it was deficient.
Re-exports necessarily adds value to goods when the goods are processed and when the goods are transported. The country with the largest navy at the time would presumably be in very good stead to do the latter.
The British historians Phyllis Deane and WA Cole presented an incorrect estimate of Britain’s 18th-19th century trade volume, by leaving out re-exports completely. I found that by 1800 Britain’s total trade was 62% higher than their estimate, on applying the correct definition of trade including re-exports, that is used by the United Nations and by all other international organisations.
While interesting, and certainly expected for such an old book, re-exporting necessarily adds value to goods.
When the Crown took over from the Company, from 1861 a clever system was developed under which all of India’s financial gold and forex earnings from its fast-rising commodity export surplus with the world, was intercepted and appropriated by Britain. As before up to a third of India’s rising budgetary revenues was not spent domestically but was set aside as ‘expenditure abroad’.
So, what does this mean? Britain appropriated all of India's earnings, and then spent a third of it aboard? Not exactly. She is describing home charges see Roy (2019) again:
Some of the expenditures on defense and administration were made in sterling and went out of the country. This payment by the government was known as the Home Charges. For example, interest payment on loans raised to finance construction of railways and irrigation works, pensions paid to retired officers, and purchase of stores, were payments in sterling. [...] almost all money that the government paid abroad corresponded to the purchase of a service from abroad. [...] The balance of payments system that emerged after 1800 was based on standard business principles.India bought something and paid for it.State revenues were used to pay for wages of people hired abroad, pay for interest on loans raised abroad, and repatriation of profits on foreign investments coming into India. These were legitimate market transactions.
Indeed, if paying for what you buy is drain, then several billions of us are drained every day.
The Secretary of State for India in Council, based in London, invited foreign importers to deposit with him the payment (in gold, sterling and their own currencies) for their net imports from India, and these gold and forex payments disappeared into the yawning maw of the SoS’s account in the Bank of England.
It should be noted that India having two heads was beneficial, and encouraged investment per Roy (2019):
The fact that the India Office in London managed a part of the monetary system made India creditworthy, stabilized its currency, and encouraged foreign savers to put money into railways and private enterprise in India. Current research on the history of public debt shows that stable and large colonies found it easier to borrow abroad than independent economies because the investors trusted the guarantee of the colonist powers.
Against India’s net foreign earnings he issued bills, termed Council bills (CBs), to an equivalent rupee value. The rate (between gold-linked sterling and silver rupee) at which the bills were issued, was carefully adjusted to the last farthing, so that foreigners would never find it more profitable to ship financial gold as payment directly to Indians, compared to using the CB route. Foreign importers then sent the CBs by post or by telegraph to the export houses in India, that via the exchange banks were paid out of the budgeted provision of sums under ‘expenditure abroad’, and the exporters in turn paid the producers (peasants and artisans) from whom they sourced the goods.
Sunderland (2013) argues CBs had two main roles (and neither were part of a grand plot to keep gold out of India):
Council bills had two roles. They firstly promoted trade by handing the IO some control of the rate of exchange and allowing the exchange banks to remit funds to India and to hedge currency transaction risks. They also enabled the Indian government to transfer cash to England for the payment of its UK commitments.
The United Nations (1962) historical data for 1900 to 1960, show that for three decades up to 1928 (and very likely earlier too) India posted the second highest merchandise export surplus in the world, with USA in the first position. Not only were Indians deprived of every bit of the enormous international purchasing power they had earned over 175 years, even its rupee equivalent was not issued to them since not even the colonial government was credited with any part of India’s net gold and forex earnings against which it could issue rupees. The sleight-of-hand employed, namely ‘paying’ producers out of their own taxes, made India’s export surplus unrequited and constituted a tax-financed drain to the metropolis, as had been correctly pointed out by those highly insightful classical writers, Dadabhai Naoroji and RCDutt.
It doesn't appear that others appreciate their insight Roy (2019):
K. N. Chaudhuri rightly calls such practice ‘confused’ economics ‘coloured by political feelings’.
Surplus budgets to effect such heavy tax-financed transfers had a severe employment–reducing and income-deflating effect: mass consumption was squeezed in order to release export goods. Per capita annual foodgrains absorption in British India declined from 210 kg. during the period 1904-09, to 157 kg. during 1937-41, and to only 137 kg by 1946.
If even a part of its enormous foreign earnings had been credited to it and not entirely siphoned off, India could have imported modern technology to build up an industrial structure as Japan was doing.
This is, unfortunately, impossible to prove. Had the British not arrived in India, there is no clear indication that India would've united (this is arguably more plausible than the given counterfactual1). Had the British not arrived in India, there is no clear indication India would not have been nuked in WW2, much like Japan. Had the British not arrived in India, there is no clear indication India would not have been invaded by lizard people, much like Japan. The list continues eternally. Nevertheless, I will charitably examine the given counterfactual anyway. Did pre-colonial India have industrial potential? The answer is a resounding no. From Gupta (1980):
This article starts from the premise that while economic categories - the extent of commodity production, wage labour, monetarisation of the economy, etc - should be the basis for any analysis of the production relations of pre-British India, it is the nature of class struggles arising out of particular class alignments that finally gives the decisive twist to social change. Arguing on this premise, and analysing the available evidence, this article concludes that there was little potential for industrial revolution before the British arrived in India because, whatever might have been the character of economic categories of that period,the class relations had not sufficiently matured to develop productive forces and the required class struggle for a 'revolution' to take place.
Yet all of this did not amount to an economic situation comparable to that of western Europe on the eve of the industrial revolution. Her technology - in agriculture as well as manufacturers - had by and large been stagnant for centuries. [...] The weakness of the Indian economy in the mid-eighteenth century, as compared to pre-industrial Europe was not simply a matter of technology and commercial and industrial organization. No scientific or geographical revolution formed part of the eighteenth-century Indian's historical experience. [...] Spontaneous movement towards industrialisation is unlikely in such a situation.
So now we've established India did not have industrial potential, was India similar to Japan just before the Meiji era? The answer, yet again, unsurprisingly, is no. Japan's economic situation was not comparable to India's, which allowed for Japan to finance its revolution. From Yasuba (1986):
All in all, the Japanese standard of living may not have been much below the English standard of living before industrialization, and both of them may have been considerably higher than the Indian standard of living. We can no longer say that Japan started from a pathetically low economic level and achieved a rapid or even "miraculous" economic growth. Japan's per capita income was almost as high as in Western Europe before industrialization, and it was possible for Japan to produce surplus in the Meiji Period to finance private and public capital formation.
The circumstances that led to Meiji Japan were extremely unique. See Tomlinson (1985):
Most modern comparisons between India and Japan, written by either Indianists or Japanese specialists, stress instead that industrial growth in Meiji Japan was the product of unique features that were not reproducible elsewhere. [...] it is undoubtably true that Japan's progress to industrialization has been unique and unrepeatable
So there you have it. Unsubstantiated statistical assumptions, calling any number you can a drain & assuming a counterfactual for no good reason gets you this $45 trillion number. Hopefully that's enough to bury it in the ground. 1. Several authors have affirmed that Indian identity is a colonial artefact. For example seeRajan 1969:
Perhaps the single greatest and most enduring impact of British rule over India is that it created an Indian nation, in the modern political sense. After centuries of rule by different dynasties overparts of the Indian sub-continent, and after about 100 years of British rule, Indians ceased to be merely Bengalis, Maharashtrians,or Tamils, linguistically and culturally.
But then, it would be anachronistic to condemn eighteenth-century Indians, who served the British, as collaborators, when the notion of 'democratic' nationalism or of an Indian 'nation' did not then exist.[...]Indians who fought for them, differed from the Europeans in having a primary attachment to a non-belligerent religion, family and local chief, which was stronger than any identity they might have with a more remote prince or 'nation'.
Chakrabarti, Shubra & Patnaik, Utsa (2018). Agrarian and other histories: Essays for Binay Bhushan Chaudhuri. Colombia University Press Hickel, Jason (2018). How the British stole $45 trillion from India. The Guardian Bhuyan, Aroonim & Sharma, Krishan (2019). The Great Loot: How the British stole $45 trillion from India. Indiapost Monbiot, George (2020). English Landowners have stolen our rights. It is time to reclaim them. The Guardian Tsjeng, Zing (2020). How Britain Stole $45 trillion from India with trains | Empires of Dirt. Vice Chaudhury, Dipanjan (2019). British looted $45 trillion from India in today’s value: Jaishankar. The Economic Times Roy, Tirthankar (2019). How British rule changed India's economy: The Paradox of the Raj. Palgrave Macmillan Patnaik, Utsa (2018). How the British impoverished India. Hindustan Times Tuovila, Alicia (2019). Expenditure method. Investopedia Dewey, Clive (2019). Changing the guard: The dissolution of the nationalist–Marxist orthodoxy in the agrarian and agricultural history of India. The Indian Economic & Social History Review Chandra, Bipan et al. (1989). India's Struggle for Independence, 1857-1947. Penguin Books Frankema, Ewout & Booth, Anne (2019). Fiscal Capacity and the Colonial State in Asia and Africa, c. 1850-1960. Cambridge University Press Dalal, Sucheta (2019). IL&FS Controversy: Centre is Paying Up on Sovereign Guarantees to ADB, KfW for Group's Loan. TheWire Chaudhuri, K.N. (1983). X - Foreign Trade and Balance of Payments (1757–1947). Cambridge University Press Sunderland, David (2013). Financing the Raj: The City of London and Colonial India, 1858-1940. Boydell Press Dewey, Clive (1978). Patwari and Chaukidar: Subordinate officials and the reliability of India’s agricultural statistics. Athlone Press Smith, Lisa (2015). The great Indian calorie debate: Explaining rising undernourishment during India’s rapid economic growth. Food Policy Duh, Josephine & Spears, Dean (2016). Health and Hunger: Disease, Energy Needs, and the Indian Calorie Consumption Puzzle. The Economic Journal Vankatesh, P. et al. (2016). Relationship between Food Production and Consumption Diversity in India – Empirical Evidences from Cross Section Analysis. Agricultural Economics Research Review Gupta, Shaibal (1980). Potential of Industrial Revolution in Pre-British India. Economic and Political Weekly Raychaudhuri, Tapan (1983). I - The mid-eighteenth-century background. Cambridge University Press Yasuba, Yasukichi (1986). Standard of Living in Japan Before Industrialization: From what Level did Japan Begin? A Comment. The Journal of Economic History Tomblinson, B.R. (1985). Writing History Sideways: Lessons for Indian Economic Historians from Meiji Japan. Cambridge University Press Rajan, M.S. (1969). The Impact of British Rule in India. Journal of Contemporary History Bryant, G.J. (2000). Indigenous Mercenaries in the Service of European Imperialists: The Case of the Sepoys in the Early British Indian Army, 1750-1800. War in History
Share of world GDP from 2.43% in 2014 to 3.08% in 2018
Average GDP 7.3% against 6.7% in previous regime
Forex reserves from 300 bn USD in 2014 to 420 bn USD in 2018
Doubling of FDI inflow from 36 bn USD in 2014 to 66 billion USD in 2018
Inflation less than 2.3 % (Nov 18) against 10.1% in 2014
Growth of sensex from 24,121.74 in 2014 to 36,395.03 on 12 Feb 19 (50.88%)
Fiscal deficit under control
Per capita income increased by 45% from Rs 86,647 in 2014 to Rs 1,25,397
IT exemption from 2 lakh in 2014 to 5 lakh (effectively 9.85 lakh with home loan)
Restaurant bills tax reduced from 18% in 2014 to 5%
Transaction charges through card down from 1% to 0%, domestic money transfer fee down from Rs 5 in 2014 to zero
Financial inclusion (32 crore bank accounts with 260 billion worth deposits). Almost 100% coverage from earlier 50%
DBT (savings of 83000 crores @ 15000 crore annually), No of govt schemes DBT applied to increased from 34 in 2014 to 433, 2.7 lakh fake mid-day meal students, 3.3 crore fake LPG connections, 87 lakh fake MNREGA job cards, 3 crore fake ration cards eliminated
Zero IT for businesses with turnover upto 60 lakhs
GST exemplifying cooperative federalism, rates of 83 items down from pre-GST rates, out of 1211 items only 35 items in above 18% slab, 39% reduction of cost of basic household items. Average 1 lk crore monthly revenue through GST collection. Exempted for business upto 40 lk
Insolvency and Bankruptcy Code, constitution of NCLT, 3 lakh crores of NPAs recovered, 66 cases resolved, 260 cases liquidated, resolution of stressed assets, 2100 companies pay back 83000 crore to banks settling their pending loan repayments
75 billion $ or Yen to Rupee exchange agreement with Japan
2.92 lakh km of optical fibre laid, 0.02% to 50% gram Panchayat connectivity
Swachh bharat mission has saved, according to WHO, 3 lakh lives and will save 1.5 lakh lives per year.
IT filers increase from 3.79 crore to 6.08 crore, enterprises registered for indirect tax up from 64 lk to 118 lakh
Entry of India in global regimes Missile Technology Control regime (MTCR), WA (Wassenaar Arrangement) and Australia Group
17 crore soil health cards
1.5 crore houses built, 91.37 crore in rural areas and 13.5 lakh in urban areas against 25 lakh houses built between 2010-2014. House for all target year is 2022.
1,78,346 houses built in NE over existing 2875 houses built till 2014
Home loan interest rate down from 10.3 % in 2014 to 8.4% in 2018, annual savings of Rs 47,160 for 30 lakhs over 30 years, no GST on affordable housing, 5% on remaining
Trading agreement in rupee with Iran and UAE
Common service centres up from 84k to 3 Lakh
OROP implemented after 43 years, 35000 crores disbursed to 8 crore veterans
India's vaccination programme Indradhanush amongst 12 best practices of world
5035 Jan Aushadhi and - 1054 medicines under price control (60-90% discounts).
More than 150 Amrit stores, reduction of cost of cromium cobalt Knee implant from 1.58-2.5 lakh to 54,720 and high flex implant from Rs181728 to 56490 (69%), 85% reduction in cardiac stent price to Rs 28000
87% reduction in 400 cancer drugs
Rate of Interest on higher education loans dropped from 14.75 in 2013 to 10.88% in 2019, savings of 1.18 lakh on 10 lakh loan over tenure of 60 months, Rs 2000 savings on EMI
Data revolution: Cost of 1 GB $0.26 in India against $12.37 in US, $6.66 in UK and $75.2 in Zimbabwe. Unlimited mobile+ 45 Gb data = Rs 150 against Rs 1000 in 2013; annual savings of 10,200
Katra rail line work completed after 16 years
Dhola Sadiya bridge work completed after 16 years
Sardar Sarovar Dam work completed after 15 years
Pakyong airport completed after 10 years
Chennai Nashri Tunnel after 10 years
Assam NRC after 40 years
National War Memorial after 50 years
NE cpas after 60 years
Kollam bypass after 43 years
Indo-Bangladesh enclaves after 42 years
Bansagar canal project after 40 years
Bogibeel bridge after 23 years
Western peri expressway after 15 years
Kota Chambal bridge after 11 years
Maibang-Lumding Stretch completed
Delhi Meerut Expressway completed
Ganga Expressway project (world's longest) underway
Metros in Ahmedabad, Nagpur, Jaipur, Lucknow, Washermenpet
All umanned level crossings eliminated
Ayushman Bharat: annual 5 lakh health care to every family, 15.05 lakh hospital admissions for secondary/ tertiary treatment, 2.4 crore e-cards generated as on 10 Mar 19 in 170 days. Target 50 crore people.
59minutes loan portal: 92,000 loan applications of MSME amounting to 30,000 crores approved, 6000 crores sanctioned till Nov 18
87% of farming house (owning land of 2 hctrs) or 12 cr ppl to get kisaan sammaan nidhi of Rs 6000 pr year. Rs 5215 cr transferred directly to 2.6 crore farmers in 37 days (for households with holding less than 0.01 hectares incm per month so far was Rs 8136 agnst exp of 6594
1.5 million electric rickshaws
Procurement of 36 Rafale on Government to Government Basis avoiding middlemen
05 billion$ S 400 Triumf air defence missile system deal with Russia
Udaan scheme - flight cost down from Rs 5000/1000 km in 2013 to 3400/1000 km in 2018, 34 airports operationalised, small towns connected, all states on aerial
Preventive conservation of 39275570 folios, curative conservation of 3656863 filios, digitisation of 2.83 lakh manuscripts consisting of 2.93 crore pages
India is now world's largest 2-wheeler manufacturer, 2nd largest smartphone manufacturer (94% of mobiles sold now made in India), 4th largest automaker, 2nd largest steel producer
5100 m Mandvi Bridge in Goa in 3.5 years
Ease of doing Business ranking jump from 134 in 2014 to 77 in 2019
Therubali - Singapur Bridge No 588
Restoration of Asurgarh Fort, Kalahandi
GeM portal with 731431 product categories, 180,862 registered sellers and 32114 govt buyers
10% EWS reservation
40% of ongoing 700 NH projects completed, adding 40,039 km between 2014-18 against 91,287 km between 1947-2014
Highway construction rate jumped from 12 km/day in 2014 to 27 km/day in 2019
101 terrorists and 11 offenders extradited
90,000 ex-partite Indians evacuated
Chabahar port, Sittwe port and Duqm port
Military installation in Seychelles
International logistics agreements with US, France and Singapore
Work underway on 25 MLD ZLD Common Effluent Treatment Plant at Gujarat Eco Textile Park and will save 25 million litres of water per day
Beautification of 65 railway stations, all stations fitted with LED lights, wi-fi, multi-brand food centres, kiosks, executive lounges, lifts (445 from 97 in 2014), escalators (603 from 199 in 2014), travellators and ramps
100% electrification of railways underway, first solar powered railway station (Guwahati). First solar powered train (world's second), savings of Rs 40 Lakhs and 90,000 ltrs diesel per year
Make in India semi-high-speed trains - Tejas, Gatiman and Vande Bharat
Humsafar and Antodaya trains, Deen Dayalu and Anubhuti coaches, UDAY double decker, glass dome Vistadome coaches
Project Swarn and Project Utkrisht to upgrade Rajdhani/Shatabdi and Mail/Express respectively
Largest coach production in world at ICF, Chennai
No more human extreta on railway tracks. Installation of 1.37 lakh out of 2.5 lakh completed in Jun 18.
400 wi-fi railway stations (Aug 18)
80% reduction in rail accidents
10 high speed rail corridors underway, target date 2025-26
Export of world class customised coaches from MCF, Rae Bareli
LIC and Air India register profit
2300 km rail tracks constructed, speed jumped from 4.1 km/day in 2014 to 6.53 km/day in 2018
Neem coating of urea
Gokul mission - record 160 million ton milk production
Online availability of CBSE and NCERT books
10 crore LED bulbs distributed, 5000 crore savings
Investment in urban infrastructure jumped from 157703 crores to 795500 crores
Statue of Unity to commemorate Iron Man of India
Rs 2509 crore sales in Khadi
482.36 million digital transactions worth Rs 74,978 crores in Oct 2018 against 0.3 million transactions worth Rs 90 crores in Nov 2016
30% increase in ATMs, 208% increase of PoS machines from 10.81 lakh in May 14 to 33.32 lakh in Aug 18, 111% increase in credit cards from 1.94 crore in May 14 to 4.10 crore in Aug 18, 144% increase in debit cards from 40.17 crore to 98.02 crore
Ease of Doing Business Index 142 (2014) to 100 (2018)
Ease of getting electricity index 99 (2014) to 26 (2018)
UN's e-govt index 118 (2014) to 97(2018)
Globalisation index 112 to 107 (2018)
Innovation index 76 to 60 (2018)
Competitiveness index 71 to 39
Logistics performance index 54 to 35
Global peace index 141 to 137
DBR ranking 100 to 77
India ranks 3rd in global start up ecosystem
06 crore jobs in MSME sector based on CII data
448 million formal jobs based on EPFO, NPS and PPF data
10 crore jobs in entrepreneurship via mudra and other schemes
80% increase in tax payers, 51.3 % increase in gross tax revenue
Black Money report card - Voluntary income declaration scheme (Rs 65250 crore), IT search and survey operations (35,460 crore), Pradhan Mantri Garib Kalyan Yojana(5000 crore), Benami transactions Act (4300 crore), Black Money and Imposition of Tax Act (4100 crore)
160 Rs 6000 financial assiatence for pregnant women 161/1 . Sagarmala: port capacity increase from 8 to 14.7 lakh ton, cargo up from 89 to 116 MMT 8 new national waterways including ganga waterway NW-1 and Brahmaputra waterway NW-2. 161/2. domestic cruise service between Mumbai and Goa, ro-ro services on Ghoga-Dahej reducing travel distance from 294 to 31 km 161/3. New international cruise terminals at Chennai and Goa, railway line between Haridaspur and Paradip underway, LNG import terminal at Kamarajar port, Oil berth ai Jawahar Dweep,Coal berth at Mangalore port 161/4 . deep draft Iron ore berth at Paradip berth, JNPT SEZ, Kandla and Paradip smart industrial port city, largest dry dock and international ship repair facility at CSL, modernisation of 17 fishing harbours
800 km Delhi-Mumbai Expressway underway
Replacement of bio-toilets with upgraded vacuum bio toilets in trains underway. Order for 500 placed on experimental basis.
No terror strikes in hinterland
103 new KVs
62 new Navodaya Vidyalayas
6 new IITs against 16 in previous 57 years
6 new IIMs against 13 in previous 57 years
7 IIITs against 7 in previous 57 years
02 new IISER
12 new AIIMS against 7 in previous 57 years.
141 new universities against 30 in previous 57 years
01 new NIT
Life Insurances @ Rs 12 annual and @ Rs 12 monthly premiums
Atal Pension Yojana
Pension to 42 crore people of unorganised sector
BHIM application for digital payments
Khelo India Initiative for tracking of athletes' development, Rs 5 lk per annum scholarship for 1000 budding athletes per year for eight years each; monthly Rs 50000 out-of -pocket exptr, 2000 PETs, salary cap of coaches doubled from Rs 1-2 lk per month, target 15 yrs
Special Task Force for Olympics
Bullet train maiden project
182/1. Rs 6.92 lakh crore Bharatmala project, 44 economic corridors with 9000 km road, 2000 km port connectivity, 9000km roads to connect district HQs with NH, 182/2. 2000 km road with Nepal, Bhutan, Bangladesh and Myanmar, opening up of 185 choke points, road development to char dham, 12 greenfield expressways spanning 1900 km
36 murtis retrieved and brought back to India in 2014-2019 under India Pride Project against 02 between 2000-2013, 02 in 90s, 03 in 80s, 01 in 70s and nil in 50s and 60s
Unemployment rate 3.8% against 13.8 % in 2013
India is a less-cash society now
Develpment of Trincomalee and Columbo port while checkmating China's Hambantota by taking operations of near by (15 km away) Mattala Rajapaksha International Airport
Plugging the 'double taxation avoidance' black money loophole through a new tax agreement with Mauritius
Deal with Switzerland for automatic tax data sharing from 01 Jan 2019
189/1 Varanasi - Varanasi ring road phase 1 completed, phase 2 underway, inland waterways terminal, Babatpur airport highway, 140 MLD Dinaput STP, facelift to railway station, big cow shelter for stray cattle, BPO centre, piped gas project, Varanasi-Balia rail project, 189/2. Vande Bharat Express, Kashi Vishwanath temple - Ganga Ghat corridor project, renovation of all bathings ghats, LED illuminations of ghats and major roads, underground electricity cabling, 189/3. new sewage plants, 02 cancer treatment facilities, 65th to 29th rank in swachhata sarvekshan (2016), 90% ODF district.
Creation of 100 Smart cities, 100 crore per year per city for 05 years, 500 acres for retrofitting, 50 acres for redevelopment, 250 acres for green field projects, 10% of energy from renewable resources, 80% of green building construction, special purpose vehicles.
191/1 Development of 500 AMRUT cities underway, urbanization project of rejuvenation and transformation which includes beach front development, prevention of beach erosion, improvement of water supply, replacement of pipelines, 191/2. New sewerage connections, greenery and open spaces, digital and smart facilities, e-governance, LED streetlights, public transport, storm water drainage projects in a phased manner, Target date 2022
Increase in Child Sex Ratio (CSR) in 104 BBBP (Beti Bachao Beti Padhao) districts, anti-natal care registration in 119 districts and institutional deliveries in 146 out of total 640 districts as in Mar 18. CSR of Haryana increased from 871 to 914.
International Yoga Day
Aspirational Districts Programme: 115 'backward' districts placed under 'prabharis' and for competitive development on the basis of 49 performance indicators, target year 2022.
195/1. Make in India: 16.4 lakh crore investment committments, 1.5 lakh crore investment inquiries, 60 bn USD FDI, 26 sectors covered, 23 positions jump in World Bank's Doing Business Report (DBR), 32 places in WEF's Global Competitiveness Index (GCI), 195/2 19 places in Logistics Performance Index, 42 places in Ease of Doing Business index, schemes include Bharatmala, Sagarmala, dedicate freight corridors, industrial corridors, UDAN-RCS, Bharat Broadband Network, Digital India.
251 Passport Seva Kendras (PSKs) and Post Office Passport Seva kendras (POPSKs) against 77 till 2014, target of one PSK every 50 km across India.
Unanimous election of Justice Dalveer Bhandari to ICJ forcing UK to pull out own nominee Christopher Greenwood, demonstrating India's clout in international arena.
India Post Payments Bank: India's biggest banking outreach with 1.55 lakh post offices (2.5 times banking network) linked to IPPB system
Philip Kotler award, Seoul Peace prize, Champion of the Earth Award, Grand Collar of the State of Palestine, Amir Abdulla Khan Award, King Abdulaziz Sash award, Amir Amanullah Khan award.
1900 gifts and memorabilia received by Modi auctioned and 11.7 crores added to Namami Gange fund, 1.4 c of Seoul Peace award also to Nammami Gange.
Removal of article 370 and thereby also 35a after several decades.
Giving citizenship to persecuted minorities in Pakistan, Bangladesh and Afghanistan through passing of CAA.
Trust for creation of Ram Mandir underway.
Abolishment of Haj subsidy.
Abolishment and criminalization of instant triple talak.
Deal with Bodo community.
Getting Maulana Masood Azhar listed as an UN designated terrorist.
While reasearching Epstein's known associates, an interesting individual stood out. Lynn Forester de Rothschild, Lady de Rothschild. No intention of this being a Rothschild Conspiracy. If your are uninterested to read the content below, scroll down to Comment to get my summary and take on this information. As always please Fact check this. (HJI) is a bi-partisan, transatlantic movement of business leaders, senior policy makers and academics focused on promoting a more Inclusive Capitalism. The HJI calls for international collaboration from businesses and other organizations to encourage the widest possible adoption of programs that improve capitalism as a driver of wellbeing for society. The HJI grew out of the Task Force project For Inclusive Capitalism, which sought solutions to the effects on society and business as a result of the global financial crisis of 2007 – 2008 and the dislocations caused by capitalism’s practice over the past 30 years. The Taskforce, which was co-chaired by Dominic Barton, Global Managing Director, McKinsey & Company, and Lady Lynn Forester de Rothschild, CEO, El Rothschild, published its inaugural paper Towards a More Inclusive Capitalism in May 2012. The report sets out three pathways for business action that lie at the heart of the HJI’s mandate:
Education for employment: addressing the gap between employer needs and employee skills
Nurture start-ups and SMEs: mentoring small businesses and improving access to credit for them
Reform management and governance for the long term: replacing today’s focus on short term performance
The HJI exists to highlight and support businesses and other organizations working to promote the broadest possible adoption of best practices in these and other areas related to Inclusive Capitalism. The HJI believes there is an urgent and compelling demand for business to act to address the greatest systemic issues facing capitalism today. The HJI also believes that business is best positioned to lead innovations in areas that need them the most.
Scoop Jackson was convinced that there's no place for partisanship in foreign and defense policy. He used to say, 'In matters of national security, the best politics is no politics.' His sense of bipartisanship was not only natural and complete; it was courageous. He wanted to be President, but I think he must have known that his outspoken ideas on the security of the Nation would deprive him of the chance to be his party's nominee in 1972 and '76. Still, he would not cut his convictions to fit the prevailing style. I'm deeply proud, as he would have been, to have Jackson Democrats serve in my administration. I'm proud that some of them have found a home here.
Jackson was known as a hawkish Democrat. He was often criticized for his support for the Vietnam War and his close ties to the defense industries of his state. His proposal of Fort Lawton as a site for an anti-ballistic missile system was strongly opposed by local residents, and Jackson was forced to modify his position on the location of the site several times, but continued to support ABM development. American Indian rights activists who protested Jackson's plan to give Fort Lawton to Seattle, instead of returning it to local tribes, staged a sit-in. In the eventual compromise, most of Fort Lawton became Discovery Park), with 20 acres (8.1 ha) leased to United Indians of All Tribes, who opened the Daybreak Star Cultural Center there in 1977. Opponents derided him as "the Senator from Boeing" and a "whore for Boeing" because of his consistent support for additional military spending on weapons systems and accusations of wrongful contributions from the company; in 1965, 80% of Boeing's contracts were military. Jackson and Magnuson's campaigning for an expensive government supersonic transport plane project eventually failed. After his death, critics pointed to Jackson's support for Japanese American internment camps during World War II as a reason to protest the placement of his bust at the University of Washington.Jackson was both an enthusiastic defender of the evacuation and a staunch proponent of the campaign to keep the Japanese-Americans from returning to the Pacific Coast after the war.
Jackson Papers controversy
Senator Jackson's documents were donated to the University of Washington shortly after his death in 1983, and have been archived there ever since.When the materials were donated in 1983, university staff removed all information considered classified at the time.Additional materials were added to the collection until 1995. At some point, library staff discovered a classified document in the collection and sent it to the government for declassification. In response, in the summer of 2004, a man who identified himself as an employee of the Central Intelligence Agency (CIA) called the University of Washington asking to inspect Senator Jackson's archived documents housed there. He found a document labelled as classified and showed this to a librarian. In February 2005, 22 years after Jackson's death, a five-person team including staff of the CIA, Department of Defense, the Department of Energy, and the Information Security Oversight Office came to library to review all of Jackson's papers to remove anything still considered classified, or reclassified since then. The Department of Energy found nothing of concern, but the CIA blanked lines in about 20 papers and pulled 8 documents out of collection. As of 2018, some files in the collection are available only to those regarded by the library as "serious researchers", who must first sign a release not to divulge some of the information contained in the files.
The Henry Jackson Society
The society was founded on 11 March 2005 by academics and students at Cambridge, including Brendan Simms, Alan Mendoza, Gideon Mailer, James Rogers and Matthew Jamison. It organises meetings with speakers in the House of Commons. The society claims that it advocates an interventionist) foreign-policy that promotes human rights and reduces suffering, by both non-military and military methods, when appropriate. In 2006, the society worked to raise the profile of the Ahwazi Arabs of Iran, who it claims are currently being oppressed by the Iranian government. After originating within the University of Cambridge, the organisation is now based in London. In April 2011 the entire staff of another London think-tank, the Centre for Social Cohesion (which has since been dissolved), joined the Henry Jackson Society. The organisation is a registered charity in England and Wales and earns financial backing from private donations and grant-making organisations which support its work. The income of the society increased significantly from 2009 to 2014, from £98,000 to £1.6 million per year. In 2017 Hannah Stuart, one of the society's Research Fellows, released Islamist Terrorism: Analysis of Offences and Attacks in the UK (1998–2015), which profiled every individual convicted under terrorism legislation in the UK between those dates with an Islamist connection.
Structure and projects
The Society has produced a breadth of research reports and papers. These have mostly focused on Islamist extremist activity in the UK, crackdowns on human rights and democracy elsewhere, and various facets of foreign policy and defence.Its current workstreams include:
Asia Studies Centre. This Centre seeks to provide "an in-depth understanding of the structural shifts, regional complexities and historic tensions that exist alongside the tremendous economic and social growth that traditionally characterise the 'rise of Asia'."Publications include a paper on the possible outcomes of the negotiations with North Korea,and the need to safeguard critical national infrastructure in the West from vulnerabilities which may be built in by China.
Global Britain Programme. Focuses on "the need for an open, confident and expansive British geostrategic policy in the twenty-first century – drawing on the United Kingdom’s unique strengths not only as an advocate for liberalism and national democracy, but also as a custodian of both the European and international orders." This centre has published papers on what the European Union 'owes' the United Kingdom, as well as advocated for increased military spending by NATO members.
Russia & Eurasia Studies Centre. Researches domestic and foreign policy issues in Russia and the former Soviet states. In 2018 the Conservative) MP Bob Seely published a paper through this Centre which sought to define 'Contemporary Russian Conflict', and in which he accused the government of Vladimir Putin of pursuing KGB-style tactics.
Centre for the New Middle East. Established following the Arab Spring, the Society describes this Centre as "dedicated to monitoring political, ideological, and military and security developments across the Middle East and providing informed assessments of their wide-ranging implications". The Centre has released reports highly critical of Iran.
Centre on Radicalisation & Terrorism. Focuses on the threat to the United Kingdom and elsewhere by Islamist terrorism. Reports have ranged from analyses of the UK charitable sector to the way in which criminals utilise the darknet.
Student Rights. Created in 2009 "as a reaction to increasing political extremism and marginalisation of vulnerable students on campus". This project has tracked what it describes as "extreme" speakers on British university campuses.
In September 2018, the Society announced the creation of a new Centre for Social and Political Risk. This Centre will "identify, diagnose and propose solutions to threats to governance in liberal Western democracies", focusing on social cohesion and integration; freedom of speech and political correctness; demographic change; and other issues.
The think tank has been described by the media as having right-wing and neoconservative leanings, though it positions itself as non-partisan.In 2014, Nafeez Ahmed, an executive director of the Institute for Policy Research & Development, said that the Henry Jackson Society courts corporate, political power to advance a distinctly illiberal oil and gas agenda in the Middle East. In 2009 the society became the secretariat of two all-party parliamentary groups (APPGs), for Transatlantic and International Security, chaired by Gisela Stuart, and for Homeland Security, chaired by Bernard Jenkin. A transparency requirement upon non-profit organisations acting as secretariat at that time was that they must reveal, on request, any corporate donors who gave £5,000 or more to the organisation over the past year or cease acting as a secretariat organisation. In 2014, following a query, the society refused to disclose this information and resigned its position as secretariat of the APPGs concerned in order to comply with the Rules. The Parliamentary Commissioner for Standards, Kathryn Hudson, upheld a complaint against these APPGs on the grounds data had not been provided, but noted the society had already resigned its position and that the consequence of this non-provision therefore "appears to have taken effect" as the Rules intended. The case was therefore closed with no further action taken and the APPGs themselves dissolved with the dissolution of Parliament in March 2015. The APPG Rules were subsequently changed in March 2015 so that only those non-profit organisations providing services to APPGs of more than £12,500 in value needed to declare their corporate donors. In July 2014 the Henry Jackson Society was sued by Lady de Rothschild over funds of a "caring capitalism" summit. Lady de Rothschild claims that she has financed the summit and that HJS and its executive director Alan Mendoza are holding £137,000 of “surplus funds” from the conference that should be returned to the couple’s investment company EL Rothschild. Think tank discussions on the Middle East and Islam have led some media organisations to criticise a perceived anti-Muslim agenda. Marko Attila Hoare, a former senior member, cited related reasons for leaving the think tank and Scottish Labour leader Jim Murphy was urged, in 2015, to sever his links with the society. According to the report published in 2015, "a right-wing politics is apparent not only in the ideas that the Henry Jackson Society promotes, but also emerges distinctly on examination of its funders." In 2017, the Henry Jackson Society was accused of running an anti-China propaganda campaign after the Japanese embassy gave them a monthly fee of 10,000 pounds.The campaign was said to be aimed at planting Japan's concerns about China in British newspapers. Co-founder Matthew Jamison wrote in 2017 that he was ashamed of his involvement, having never imagined the Henry Jackson Society "would become a far-right, deeply anti-Muslim racist [...] propaganda outfit to smear other cultures, religions and ethnic groups." "The HJS for many years has relentlessly demonised Muslims and Islam." In January 2019, Nikita Malik of the Henry Jackson Society provided The Daily Telegraph with information they claimed showed a Muslim scout leader was linked to Islamic extremists and Holocaust deniers.In January 2020 The Daily Telegraph issued a retraction and formal apology saying that: "the articles said that Ahammed Hussain had links to extremist Muslim Groups that promoted terrorism and anti-Semitism, and could have suggested that he supported those views and encouraged their dissemination. We now accept that this was wrong and that Mr Hussain has never supported or promoted terrorism, or been anti-Semitic.We acted in good faith on information received but we now accept that the article is defamatory of Mr Hussain and false, and apologise for the distress caused to him in publishing it. We have agreed to pay him damages and costs." The initial signatories of the statement of principles included:
This has been a rabbit hole and only half the story regarding Lady Forester. Then only link between Lady Forester and Jeffrey Epstein is In 1995, financier Lynn Forester discussed "Jeffrey Epstein and currency stabilization" with Clinton. Epstein, according to his own accounts, was heavily involved in the foreign exchange market and traded large amounts of currency in the unregulated forex market. I will post another story Lady Forester and the coalition for Inclusive Capitalism.
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A Short Story that Describes Imaginary Events and People of Worldwide Calamities and the Aftermath (the 2nd Edition)
The following story, all names, characters, and incidents portrayed in this post are fictitious. No identification with actual persons (living or deceased), places, buildings, and products is intended or should be inferred. However, the LINKS to real-life events and inspiring sources are placed here and there throughout the story. -------- Truth is the Only Light -------- INTRO ☞ [As of 2019] there are plenty of reasons to think the Chinese system will implode spectacularly without Japanese feeling the need to do a thing. — Peter Zaihan, Disunited Nations (Mar 03, 2020) It's apparent that two nations have been engaged in a high-stakes military & economy arms race. The current US admin has been hitting China with waves of tariffs, but that was merely a small part of what's actually going on.         On Oct 11, 2019, when they reached a tentative agreement for the first phase of a trade deal, the fact that China made the concession actually made my jaw drop. From where I sit, it was a worrisome scene. Aren't people saying, when challenging situations are bottled up, they will just grow and mutate into another terrible complications? Admittedly I was not certain how they are going to adhere to the agreement: It left most of the US tariffs (on China's exports) in place, and at the same time, came with an additional USD $200 Billion burden for China over the next two years. This agreement might seem a bit insignificant, but now China would need to purchase almost twice the size of the US products & services they did before the trade war began. With their current economic climate? I murmured, "No way." While watching Trump brag and boast around with said agreement, I expected China would soon come out and fling some improvised excuses in order to delay the document-signing process. It wouldn't be their first time. More importantly, even if China does so, there wouldn't be many (real) counterattack options left for the Trump admin during this year, the US presidential election year. Then, on Jan 16, 2020, the world’s two largest economies actually signed a partial trade agreement aimed at putting the brakes on an 18-month trade war. China would almost surely not sit down but come back to bite, I thought. Enter the worldwide chaos following so called the COVID-19 outbreak. -------- BACKGROUND ☞ Globalists have been heavily investing in China's economy and its components overseas. • Here are a couple of well known names: the Great Old One; George Soros; Koos Bekker; and Bill Gates. • For the sake of convenience, from here on, let's call these globalists, who are foreign investors in China's top tier state-owned/sponsored/controlled enterprises, Team-Z. • Team-Z has adopted big time lackeys like Henry Kissinger or small time ones like Larry Summers, Stephen Hadley, or Bill Browder as matchmakers to court Team-Z for China's top tier enterprises. When Israel's highest echelons chimed in, it has been through Israeli IT companies and the BRI projects. • Naturally, multinational investment banks have also been employed; such as Morgan Stanley, Goldman Sachs, Royal Bank of Scotland (RBS), UBS Group AG (formerly Union Bank of Switzerland), Blackstone Group, Canaccord Genuity, BlackRock, Hermitage, or Mirae Asset. ☞ Note: The Great Old One didn't use any matchmakers, something peasants would need. Because the Great Old One's power level is over 9000. • China's Shanghai clique used to keep the nation's state-sponsored enterprises under their firm grip: Enterprises such as Alibaba Group, Tencent, Baidu, Wanda Group, HNA Group, Anbang Group, Evergrande Group, CEFC Energy and Huawei, all of which Team-Z has massively invested in. • Here is how Shanghai clique and Team-Z, esp. Bill Gates, started to get together:[LINK] • However, in the name of anti-corruption campaign, Xi Jinping & his Princelings have been taking those businesses away from Shanghai clique's hand, and transforming those state-sponsored private enterprises into the state-owned enterprises, declaring the 國進民退 movement. • Slaying Shanghai clique's control =       • 國進民退 + Slaying Shanghai clique's control = [A] [B] [C] • Xi's reign didn't arrive today without challenges though: the BRI projects' poor outcome has frustrated Israel's great expectations. And since the US-China trade war has started, the problems of China's economic systems started to surface, not to mention China's economy has long been decaying. • Coupled with the US-China trade war, the current US admin has been trying to block Huawei from accessing the international financial systems that the US can influence, as well as the US banking systems. This is a good time to remind you again that Bill Gates has had a very close-knit relationship with Huawei. -------- TRADE WAR & INTERNET-BASED COMPANIES ☞ It's the trade war, but why were internet-based companies such as Tencent and Baidu suffering losses? Answer: The state-sponsored companies like Tencent, Baidu, or Huawei have heavily invested in international trade and commodity markets, which are easily influenced by aspects that IMF interest rates, the US sanctions, or trade war can create. Example: Let's say, Tencent invests in a Tehran-based ride-hailing company. Then, through said ride-hailing company, Tencent invests in Iran's petroleum industry. Now, China's most valuable IT company is in international petrochemical trade. The business is going to make great strides until the US imposes trade embargoes oand economic sanctions against Iran. -------- TL;DR China's economy going down = Team-Z losing an astronomical amount of money. ★ Wednesday, Sep 26, 2018 ★ "Gentlemen, you guys might want to do something before it's too bloody late, no? Hisspeechlast night was .... (sniggers) Mr. Gates, now is as good a time as any. Mr.Soros, hm, don't look at melikethat." ".... But," "Yes, Mr. Soros, yourHNAis going down, too. .... Ah,Schwarzmanxiansheng, we're very sorry to learn about Blackstone'sIran&SinopecChinasituation. So, we're guessing, you'd be happy to join Mr. Gates's operation, yes? Of course, We already contactedKissingerxiansheng. ....Okaythen,Gentlemen?" • Now you can take a guess why George Soros has recently been sending out confusing messages regarding Xi Jinping. • Wait, how about Wuhan Institute of Virology? Doesn't this story concern the COVID-19 outbreak? Is the Wuhan Institute also associated with Shanghai clique? Yes, indeed. Here's How Wuhan Institute of Virology and Shanghai Clique are related:[LINK] -------- EIGHT OBJECTIVES ☞ Calling for the tide to be turned, Team-Z and Shanghai clique started to devise the plan. The objectives are: ① By shutting down international trade, crashing world economy, and exploiting its aftermath, the plan should produce an outcome letting Team-Z earn back their loss from the trade war & the US sanctions, and collect additional profits from China's BRI projects & stock markets worldwide, including the US stock markets. • Don't forget this: This point number ① also concerns the developing nations on the BRI with the large deposits of natural resources that Team-Z has invested in through China. If everything comes together nicely, Team-Z will pick up trillions of dollars from those nations alone as if they are light as a feather. Ironically this will reinforce the BRI project governance and mitigate fraud & corruption risks inherent to the international development projects. ② By utilizing the aftermath in the US, a new US administration consisted of pro-Beijing personnels should be fostered at the 2020 election. In a worst-case scenario, the aftermath should be abused enough to make Robert Lighthizer to leave the admin. Mr. Mnuchin could stay. ③ Sometime next year, the phase one trade deal must be reassessed with the new US admin. The reassessment should help China take the upper-hand at the second phase trade talk. ④ The pandemic crisis should yield a situation which allows China to delay the payments for its state-firm offshore debts. With the point number ①, this will give China a breathing room to manage its steadily-fallen forex reserves. ⑤ Since their current turf (in China) is education industry & medical science industry, Shanghai clique will have no issue with earning hefty profits by managing China's export of medical equipments & health care products which can be supplied worldwide mainly by China. People in the west will bent the knees for the clique's support. ☞ Regarding Jiang Zemin's son and medical science industry in China [LINK] ⑥ The outcome should weaken Xi & his Princelings' political power considerably in favour of Shanghai clique & Team-Z. This will let Jiang's Shanghai clique (A) reclaim some of political status & business interest controls they have lost to Xi & his Princelings. • And once this point number ⑥, with the point number ② , is realized, it would be much easier for the clique to (B) recover their huge assets hidden overseas that the current US admin or Xi & his Princelings have frozen. ⑦ Combining good old bribery with sex, the outcome should support China to re-secure control over the US governors. Once the plan is executed successfully, those governors would desperately need solutions to local economic problems and unemployment. ⑧ Lastly, implementing an e-ID system in the US similar to Beijing's Alipay and WeChat could be the cherry on top of the operation's entire outcomes. Who's supporting such a system worldwide? None other than Microsoft and Rockefeller Foundation. ಠ_ಠ -------- OLD COMRADE BECOMES A NEW RECRUIT ☞ They were afraid more talents were needed. The main target was the world’s largest economy with the most powerful military capability, after all. They ended up asking Mr. Fridman to see Lord Putin about that. The old Vova was going through a lot nowadays, people said. It could be because his nation's energy business to Europeseems to be hitting wall after wall. He is said to have enough on his plate with no end in sight, so maybe he'll join. ★ Monday, Jan 15, 2018 ★ "(pours a drink for himself) I know, but. ... What would happen if Bashar falls? How long you think you can keep it up? .... Erdogan is many things (sniggers) but he's nevergentle. (sips his drink slowly) WhenBenji'sEastMed Pipeline starts to actively compete, then what? They got the Chinamoneynow. ....Vagitand his buddies will be very unhappy. You know that. Not great, Vova." "...." "Ah, you mean what are we going to do? Hm? Hm. I'll tell you what we're going to do. This time, we're going to bankrupt the US shale gas sector. Then, of course, we can maybe convince Benji to take their time with the pipeline. Perhaps for good. (sips his drink slowly) Don't worry, Vova, It'll work. You worry too much. We'll come out the other side stronger." "So, how long until they set it off? "Hahaa, yes. They'll soon put all things in place. While marching in place, they'll play the tune a couple of months before the next sochelnik." "Nearly 20 months to brace things here, then?" "(nod slowly in happiness) Hm. Оторви́сь там, оттопы́рься, Vova" -------- USEFUL IDIOTS ☞ When the directive came, these idiots answered claiming they would be gladly "on it." All in the name of rejuvenating China's economy without grasping the real objective prevailing throughout the entire operation. Thing is, they would never realize what they are to Team-Z & their Asian overlord until it’s too late. Who are they? It's A and B, not A or B: (A) the American corporations that are too big to fail and have suffered a considerable loss because of the US-China trade war. Among those corporations, (B) the ones that have been structured with massive interest-profit relationships in/with China. "We need China in order for the US as a nation to continue being prosper," they've been shouting. No surprise there, because they've enjoyed the strides of extraordinary profits over the years while the US middle class has continued to shrink. But, in 2019 when China's stock markets nosedived for the first time since 2015 and China's authorities in financial stability & resiliency fumbled their response; it wiped that smile off their face. Still, they'll keep behaving not to offend their Asian overlord, nonetheless. -------- PERFECT PLAN ☞ Many crucial components had to come into play all at once in order to cause World War I. If one of the components were missing or different, it is unlikely that the World War I as we know of could be produced. ① The US in 2019: Overbought bubbles + Over borrowed corporations ② The US in 2020: It's an Election Year. ③ Russia has been dumping US Treasuries for the past few years. ④ Russia has been hoarding golds as if they were recreating Inca Empire. ⑤ China in 2019: Immense & long term financial troubles has started to surface. ⑥ China in 2020: The phase-one deal has been signed; leaving most of tariffs on China intact and adding another $200 Billion burden for China. ⑦ Team-Z sets up a situation in the US where some event(s) would freeze the US supply chains & demand for the next three to ten months. • Just like the 9/11, the event will be initiated at the clique's own region. However, unlike in China, the US will report multiple epicentres simultaneously. • And the CDC and the US medical task force will carry on with a number of sabotage acts, to secure enough time for the infected yet untested in those US epicentres to spread plenty.    • Here's a feasible timeline of the operation. ⑧ Then, the BOOM: Team-Z (a) manipulates the markets to make sure MM will have liquidity concerns (b) when they need it most. The (c) bottomed out oil price will be an enforcement, which will also wreck the US energy sector as a kicker. The (d) WHO will also join as a disinformation campaign office. • Then a couple of big name investment managers will lead a movement that (will try to) bring back foreign money back to China.   • Meanwhile, in US, the disinformation campaign will continue to be pushed until the second wave of attack arrives. -------- MEASURABLE SHORT-TERM OUTCOME ☞ We're now going through World War III. The global structure laid down by World War II had been shaken by globalization and the rise of China. This pandemic event will shock the structure further. Human history will be divided into Before 2021 and After 2021. ① Outcome pt. 1: Immediate Aftermath [pt.1] [pt.2] ② Outcome pt. 2: The US economy goes deep dive along with world economy, and the only thing Team-Z has to do is to exploit the aftermath which has been thoroughly calculated and eagerly anticipated. — Favoured assessment: There won't be a V curve ever, unless drastic measures taken within the timeframe of four months. Unprecedented market crash, the rapid unemployment acceleration because of the supply-chain shut down, and the near-death security which in turn forces consumer confidence to plummet. We're looking at a super long L shape curve unless the US prepares fast for the second wave of their asymmetric warfare. ③ Outcome pt. 3: Arguably the most important outcome. — Because of the unprecedented shutdown of international trade, the nations heavily rely on exporting natural resources will face the extreme financial threats. What if some of those are emerging markets AND massively in debt to China? What do you think China would do to said nations while the aftermath is hitting the globe hard? [PDF] Something comparable to Latin American Debt Crisis will happen. ④ Outcome pt. 4: Not that significant compared to the others but still notable outcome. — The world will need Shanghai clique's help to get medical products and equipments. -------- WHAT'S NEXT? ☞ Several analysts have discussed off the record that next it'd be a proxy warfare not using armed conflicts but with spreading a galaxy of counterfeit-currency across every possible channels. Coincidently, on Dec 13, 2017, Business Insider reported in an article "A $100 counterfeit 'supernote' found in South Korea could have been made in North Korea" that:
"It was the first of a new kind of supernote ever found in the world," Lee Ho-Joong, head of KEB Hana Bank's anti-counterfeit centre told Agence France-Presse.
Reporting the same news, The Telegraph published an article on Dec 11, 2017:
"It seems that whoever printed these supernotes has the facilities and high level of technology matching that of a government", said Lee Ho-jung, a bank spokesman from KEB Hana Bank in South Korea. "They are made with special ink that changes colour depending on the angle, patterned paper and Intaglio printing that gives texture to the surface of a note".
Sri Lanka seeks USD 1.1 billion currency swap facility from India amidst depleting forex reserves
This is the best tl;dr I could make, original reduced by 47%. (I'm a bot)
COLOMBO: Sri Lankan President Gotabaya Rajapaksa has requested India to provide a special USD 1.1 billion currency swap facility to boost the country's draining foreign exchange reserves in view of the economic slowdown due to the coronavirus pandemic. Rajapaksa's office said that the new request is in addition to the USD 400 million amount Sri Lanka has sought from the Indian government under the South Asian Association for Regional Cooperation framework. Rajapaksa's office said: "If the government of India could provide USD 1.1 billion special SWAP facility to top up USD 400 million under the SAARC facility, it would enormously help Sri Lanka in dealing with our foreign exchange issues". Sri Lanka had previously asked India for a 400 million dollar foreign exchange swap under the SAARC arrangements. Facing issues in its foreign exchange during the coronavirus pandemic, Sri Lanka has taken drastic measures to keep its foreign reserves and currency stability. India has sent four consignments of essential life-saving medicines and medical supplies weighing over 25 tonnes to Sri Lanka in the last few weeks as a goodwill gesture.
Summary Source | FAQ | Feedback | Topkeywords: Sri#1Rajapaksa#2India#3foreign#4Lanka#5 Post found in /worldnews. NOTICE: This thread is for discussing the submission topic. Please do not discuss the concept of the autotldr bot here.
Original Article has all pictures and graphs for you to refer to. This post only has the text. The text in Bold are hyperlinks in the original article which not here.
I am trained as a Scientist so first I have to present credible relevant data before I can convince anyone. First I will answer the question with 1 picture and explain 3 parameters. The below image is not fake. They are NASA satellite images of India taken during night time. ￼ As you can see one on the left is from 2012 and on the right is from 2016. The research paper written by Luis R. Martinez from University of Chicago shows that increased use of electricity at night is parallel to country’s economic growth. Further he states in that paper authoritarian countries like China and Russia are fudging their GDP anywhere from 15 to 30% every year. You can read the research paper here How Much Should We Trust the Dictator's GDP Growth Estimates? or you can read Washington Post article . Now the 3 Parameters Modi became PM on May 26th 2014. In October 2014 IMF came out with a report which said** India set to become $2 trillion economy in 2014: IMF** . India’s GDP was ~$1.9 Trillion when Modi became PM. Fast forward now the same IMF says India’s GDP is $3.2 Trillion . Here is the snap shot directly from IMF website. ￼ **Note: IMF always slightly understates GDP to account for any observational bias and inaccuracies. This is GDP estimate from a totally neutral source so you can’t say this is BJP propaganda or call it as fake. →Conclusion from GDP data: Modi government added $1.2 Trillion to GDP in 5 years. India reached $1 Trillion GDP in 2007 India had joined trillion-dollar club in 2007 so even after 7 years of being in power UPA couldn’t even make India $2 Trillion economy. When Atalji left office in 2004 India had $700 billion GDP according to World bank report . So UPA in 10 years added $1.2 Trillion in GDP but Modiji did the same in 5 years. Inflation: Inflation in Economic terms is general increase in prices and fall in purchasing power parity. As you know when there is increase in inflation prices rise on many goods and services and your purchasing power decreases. Just because prices increased on goods and services doesn’t mean your boss is going to increase your salary unless you are a Central government employee where you get Dearness allowance - Wikipedia to compensate for high inflation. Let’s look at inflation from 1998 : ￼ Inflation directly affects the common man. When Atalji came to power in 1998 inflation was through the roof at 13.5%. He cracked down on inflation and brought it down to ~4% and maintained the same through out his Premiership. This is a PM who cared for the common man. Now look at the graph after 2004. UPA always maintained high inflation which on average was above 8%+ which emptied people’s pockets faster than they could spend. Just see how the graph dips when Modi became PM in 2014. Keeping inflation down is one of the paramount tasks of any BJP Prime Minister. Important Note: GDP growth in some ways is tied to inflation. If you have a GDP growth rate of 10% with 10% inflation then it’s no use. It’s better to have GDP growth of 5% with low inflation rate of below 2%. Lower the inflation the better for the economy as long as it is not in negative. UPA always boasts about high GDP but never ever mention inflation rate during their term because they know they will be caught with pants down. Some people can see through the BS of UPA’s high GDP growth. GDP surged under UPA because it purchased growth at a high price . →Conclusion from Inflation data: Inflation was always low under Atalji and Modiji. No Economist can deny that. No amount of propaganda from Congress can deny this brutal truth. In between all the lies even the scammer, fraud and corrupt Chiddu accepts it** High inflation was a big red in the UPA-2 report card: P Chidambaram** Forex Reserves: When Atalji became PM in 1998 India’s forex reserves was ~$30 billion . When he left office in 2004 it had jumped to $114 billion . When Modi became PM on May 26th 2014 the forex reserves was $303 billion . Now as of March 13th 2020 forex reserves is** Forex reserves surge by $5.69 billion to reach record $487.23 bn** . ***Note: It is exactly because of our lower forex reserves we had to approach IMF in 1991. In return for IMF bail out India had to open up it’s markets for outside investment. If India doesn’t have enough forex then Economy comes to a standstill as India will lack the capability to pay for external goods and services which it imports. We import 90% of our Oil from abroad. If there is no oil then there is no economy. →Conclusion from Forex data: Atalji as PM increased forex from $30 billion to $114 billion in 6 years during Pokran sanctions and unfavorable economic climate. Atalji’s government added $114B - $30B = $84 billion into forex. At the end of UPA tenure forex was $303 billion. So UPA in 10 years added $303B - $114B = $189 billion. Now how much did Modi Sarkar added in 5 years? $487B - $303B = $184 billion. As you can see just like GDP what UPA did in 10 years Modiji government has done the same for forex in 5 years. And we still have 4 more years to go. I hope India reaches $1 Trillion in forex which can help India project power. None of the countries who are barking on CAA will bark again when you have a war chest of Trillion dollars. Final Conclusion: I have only added 3 parameters to my answer since the question is asking everything to be in 1 picture which is not possible. But anyone can tell you simple truth if Modiji hasn’t done anything since he became PM then all the above parameters would be worse off than how UPA left them in 2014. Those 3 are very very important parameters for India. If India is performing worse like some morons who are predicting apocalypse for Indian economy are saying then the data is not backing them up.
-Rupee continues to recover, gains Rs4.16 in four months The Pakistani rupee has maintained a gradual uptrend against the US dollar since the beginning of current fiscal year in July and is anticipated to gain more ground in the remaining eight months amid expectations of increase in foreign currency inflows. The rupee gradually strengthened Rs4.16 or 2.60% in the past around four months to Rs155.88 to the US dollar in the inter-bank market on Friday, according to the State Bank of Pakistan (SBP). “The rupee may recover to 145 to the greenback by June 30, 2020,” Forex Association of Pakistan (FAP) President Malik Bostan projected while talking to The Express Tribune. Further: -In a positive development, Pakistani Rupee hits highest level of four months against US dollar The Pakistani rupee has shown recovery against the US dollar as the US currency reached the lowest level in four months. -ExxonMobil to help build LNG terminal in Pakistan After getting a liquefied natural gas (LNG) supply contract from private-sector consumers, US energy giant ExxonMobil is planning to build the third LNG terminal in Karachi as a joint-venture partner. Some time ago, ExxonMobil, in collaboration with Pakistan’s exploration and production companies, drilled an offshore well to search for hydrocarbon reserves in the Arabian Sea. However, the effort could not prove successful. Now, in a new venture with Energas consortium, the US firm is going to invest in setting up an LNG terminal in Pakistan. -Pakistan's Hindu community celebrates Diwali today in a renovated temple reopened by the Pakistan government after 72 years he country’s Hindu community is celebrating the annual religious festival of Diwali. The religious festivities are expected to take place in Shawala Teja Singh Temple, located in Sialkot, after 72 years. All preparations for the upcoming festival have been completed. The festival of Diwali is being seen as more of a cultural than a religious one as people from other faiths will celebrate alongside members of the Hindu community. The temple, where the festivities will take place, was closed down in 1947. The Evacuee Trust Property Board (ETPB) and certain members of the Hindu community decided to open the temple a few months ago, after which the renewal and renovation work had begun. Now, for the first time, this temple is going to celebrate a religious ceremony. -Tax Returns Filed Per Day in 2019 Have Increased by 127 Percent: FBR Chairman Federal Board of Revenue’s (FBR) Chairman Syed Shabbar Zaidi has announced that on average, tax returns filed per day in 2019 have risen by 127 percent compared to last year. In a Twitter post, Zaidi shared details of the tax returns filed so far. As per the records, the number of tax returns filed in 2019 till October 25 stands at 918,027, as compared to 585,209 tax returns filed in the same period last year. Zaidi said that as of November, the FBR will impose strict measures against unauthorized interactions and harassement between its staff and the business community. The business community is suggested to report to FBR if any person contacts them through any manner without proper authorization. -Pakistan, Nepal agree to enhance trade ties President Dr. Arif Alvi on Saturday held a meeting with the Nepal’s Prime Minister Khadga Prasad Sharma Oli on the sidelines of 18th Non Aligned Movement Summit in Baku, ARY News reported. According to a statement issued by the ministry, both the leaders affirmed to enhance trade ties between the two countries and expressed their desire to further strengthen the bonds of friendship. Matters of mutual interest, bilateral relations, regional peace, grave human rights violations and humanitarian crisis in occupied Kashmir and other issues were came under discussion in the meeting. Speaking on the occasion, President Alvi briefed the Nepalese prime minister on Indian illegal actions in occupied Kashmir. He expressed hope that Nepal will play its role as SAARC chair, for strengthening peace and stability in the region. -CPEC enters into 2nd phase: Poverty, agriculture, B2B initiatives prime focus: Khusro Federal Minister for Planning, Development & Reform Makhdoom Khusro Bakhtyar Wednesday said the CPEC has now entered into its second phase with focus on poverty alleviation, agriculture and B2B industrial cooperation. “The Pakistan Tehreek-e-Insaf (PTI) government's economic reform measures will strengthen the country's economy as the investors' confidence is rebounding due to corrective measures," the minister expressed these views while talking to Australian High Commissioner Dr Geoffrey Shaw who called on him on Wednesday. Secretary Planning Zafar Hasan was also present in the meeting. While discussing bilateral relations and foreign investment in various sectors in Pakistan especially in Gwadar, the minister said that ongoing phase of CPEC will bring about socioeconomic benefits for the welfare of the people. He said that CPEC offers enormous potential to boost national economy and reduce poverty. -Pakistan's Defence Exports have reached USD 212.6 MILLION IN 2018-2019 According to the Pakistan Ministry of Defence Production’s (MoDP) “First Year Performance Report,” the country had registered $212.6 million US in defence exports from August 2018 to August 2019. Pakistan Aeronautical Complex (PAC) booked the highest value at $184.38 million US, which was followed by Pakistan Ordnance Factories (POF) at $7.13 million US and Heavy Industries Taxila (HIT) at $1.3 million US. In addition, private sector firms booked $19.36 million US in sales. No additional breakdowns were provided by the MoDP. It is likely that PAC’s exports were fueled by co-production work for FC-1/JF-17 sales to Myanmar and/or Nigeria. Though an agreement was signed with Turkey for the sale of 52 Super Mushshak basic trainers, it is unclear if PAC has started manufacturing these aircraft. -DRAP to launch countrywide drive against substandard, spurious medicines The Drug Regulatory Authority of Pakistan (DRAP) is launching a countrywide campaign against substandard medicines, the PM’s Special Assistant on Health Dr. Zafar Mirza said while addressing the federal and provincial drug inspectors in Islamabad on Thursday. He said a crackdown is being launched throughout the country to eradicate the menace of unregistered, spurious and sub-standard medicine. In addition to medicine quality, he added, DRAP will also take stern action against violation of fixed prices of medicines. -Foreign exchange: SBP reserves increase $79m to $7.89b The foreign exchange reserves held by the central bank increased 1.14% on a weekly basis, according to data released by the State Bank of Pakistan (SBP) on Thursday. Earlier, the reserves had spiralled downwards, falling below the $7-billion mark, which raised concern over Pakistan’s ability to meet its financing requirements. However, financial assistance from the United Arab Emirates (UAE), Saudi Arabia and other friendly nations helped shore up the foreign exchange reserves. On October 18, the foreign currency reserves held by the SBP were recorded at $7,892.7 million, up $79 million compared with $7,813.7 million in the previous week. The report cited no reason for the increase in reserves, which stood below the $8-billion mark. -Ease of business: Pakistan up 28 places on World Bank index Pakistan has jumped up 28 places on the World Bank’s (WB) Ease of Doing Business Index and secured a place among the top 10 countries with the most improved business climate – a development that will greatly improve Islamabad’s image abroad, Pakistan carried out six reforms that helped improving its ranking from 136 to 108, according to the WB’s annual flagship report, ‘Ease of Doing Business 2020’, released on Thursday. It turned out to be the sixth global reformer and first in South Asia that brought ease in doing business in the last one year. The fewer are the regulations the better is the ranking on the index. The key to attain perfection is to cut the bureaucracy hindering business activities in the name of various regulations and procedures. -CM approves Rs 500m for Punjab Housing & Town Planning Agency Punjab Chief Minister Sardar Usman Buzdar has given approval of Rs 500 million for Punjab Housing & Town Planning Agency. He gave approval while presiding over a high-level meeting at CM Office here on Monday. During the meeting progress on Naya Pakistan Housing Project for low-income persons was reviewed and detailed briefing was also given to the participants on Naya Pakistan Housing strategy. While addressing the meeting, Usman Buzdar said that obstacles should be removed in order to ensure completion of Naya Pakistan Housing Scheme and financial conditions of common man should be kept in mind while chalking out housing policy of the project. All out attention should be paid while constructing small houses in the province, he added. It has also been decided during the meeting to launch rural housing project in 17 model villages. -KSE 100 gains 204 points amid improved sentiments The benchmark KSE 100 Index depicted remarkable progress as it gained around 204 points and concluded at 33,861-level.It was a busy start to the week at the Pakistan Stock Exchange (PSX) with earnings season hitting its peak, while volumes remained at par with previous weeks’ average. Biggest single day investment in treasury bills in the previous week of estimated US $87.5 million, increasing total investment to US$440 million since July 2019 was the major rally point in the market sentiments. The bourse recorded an intraday low of 33,572.36 soon after the commencement of the session. However, after regaining the momentum, the index marked its day’s high at 34,008.35 adding 350.89 points. It settled higher by 204.13 points at 33,861.59. The KMI 30 Index accumulated 386.53 points to settle at 55,155.92, while the KSE All Share Index managed to gain 86.13 points, ending at 24,543.78. -Sindh to reserve 0.5% job quota for transgender persons The Sindh Cabinet on Wednesday agreed to reserve 0.5 per cent quota in government jobs for transgender persons. “I want to bring transgender people into the mainstream,” said Sindh Chief Minister Syed Murad Ali Shah during the cabinet meeting. “We want to make them an asset for our society.” CM Murad congratulated the transgender community on behalf of the cabinet and advised them to improve their education. Around 41,000 positions are vacant in different government departments across Sindh out of which 206 will be given to transgender people. A spokesperson from the chief minister’s house stated that out of the 41,000 available jobs 16,000 positions will be filled this fiscal year. Rest of the positions will be filled in the period of next three years. -Malaysia's Mahathir stands by Kashmir comments despite India palm oil boycott Malaysian Prime Minister Mahathir Mohamad said on Tuesday he would not retract his criticism of New Delhi’s actions in occupied Kashmir despite Indian traders calling for an unprecedented boycott of Malaysian palm oil. The impasse could exacerbate what Mahathir described as a trade war between the world’s second biggest producer and exporter of the commodity and its biggest buyer so far this year. India’s top vegetable oil trade body on Monday asked its members to stop buying Malaysian palm oil after Mahathir said at the United Nations General Assembly last month that India had “invaded and occupied” Kashmir. -“World’s two major companies setting up solar panel plants in Pakistan” Federal Minister for Science and Technology Fawad Chaudhry announced on Monday that the world’s two major solar panel firms will establish their plants in Pakistan. The minister tweeted saying “good news gets lost in political plays, yet I am very happy that the world’s two major companies are setting up solar panel’s plants in Pakistan.” Chaudhry added that China’s second-largest Lithium battery producer will also set up its workshop in Pakistan. The Lithium battery-powered buses will also be manufactured in Pakistan, the tweet further said. The Minister for Science and Technology was recently on a visit to Beijing where he met various Chinese officials and the country’s business leaders. -Pakistan Navy organizes free medical camp in Balochistan Navy organized a free medical camp in the village Dam of Balochistan in collaboration with Sahil and Ulfat welfare foundations. According to the spokesperson of Pakistan Navy, specialist doctors of surgical, medical, skin, gynecology, child and general medically inspected patients at the camp. Over 700 patients were provided with free medical treatment, medicines and ordinary surgical facilities. -Lahore to get Tram service soon Citizens of Lahore are getting a modern-day tram service soon, based on the famous British-era tram service. In this regard, the Punjab Transport Department has inked an agreement with CRSC International, a Chinese company specializing in rail transportation control systems, and Inkon Group of the Czech Republic. The development of the project is divided into several phases. In the first phase, a 35 km track will be constructed on Canal Road, Lahore. Up to 50 trams will run on this track. Once operational, the trams will be able to carry 35,000 passengers in 1 hour. The trams will be powered through electricity and batteries. A single tram will have a service life of around 40 years. 2 tram depots will be constructed at different locations as well. -10 Pakistani Universities Ranked Among the World’s Best in ‘University Impact Rankings 2019’ Ten Pakistani universities have been ranked among the top universities in the world in the Times Higher Education (THE)’s list. THE is a weekly UK-based magazine that issues its annual list of world’s most influential universities. The list called ‘University Impact Rankings 2019’ has included 10 Pakistani varsities in different categories, including Gender Equality, Good Health and Well-being, Quality Education, Decent Work, Economic Growth, and others. According to the magazine, the rankings assess universities against the United Nations’ Sustainable Development Goals. -PM Imran Khan inaugurates China-Hub Power Generation Plant in Balochistan Prime Minister (PM) Imran Khan has said that Pakistan is moving forward through China-Pakistan Economic Corridor (CPEC) projects. Addressing inaugural ceremony of China Hub Power Generation Plant in Balochistan, he said this is the first joint project under the CPEC umbrella and he is very happy after inaugurating it. “The government will facilitate joint collaboration between Pakistani and Chinese businesses in various sectors.”, he said. PM Imran Khan said with the help of coal reserves in Thar, Pakistan can generate huge amount of electricity, which can be enough for at least 100 years. -Punjab Forest Department develops ‘record keeping’ mechanism Department of Forest Punjab is managing 1.6 million acres of forest land area – 67 per cent of the entire forest land area in Punjab – under the Geographic Information System (GIS), Pakistan Today learnt reliably on Friday. The program enabled the forests department to ensure sound management and introduce state of the art record-keeping and mapping methods. ‘Development of GIS-Based Forest Management Information System in Punjab’ was approved at PC-1 with a cost of Rs75 million and a gestation period of 36 months (2016-2019) has allowed for transfer of all forest resources and inventories into IT-based inventory systems and achieved extensive field surveys, rapid data collection and its processing for development of the forestry sector on efficient lines. -Hutchison Port Holdings announces $240m investment in Pakistan Prime Minister Imran Khan has welcomed $240 million foreign investment from Hutchison Port Holdings, a Hong Kong-based port operator. A delegation of Hutchison Port Holdings, led by its Group Managing Director Eric Ip, called on Prime Minister Imran Khan on Tuesday. Other delegation members included HPH Middle East & Africa Managing Director Andy Tsoi and Middle East & Africa Business Director Eric Ng. Maritime Affairs Minister Syed Ali Haider Zaidi, Adviser to PM on Commerce Abdul Razzaq Dawood, Special Assistant to PM on Overseas Pakistanis Syed Zulfiqar Abbas Bukhari, Ambassador-at-Large for Foreign Investment Ali Jehangir Siddiqui and Board of Investment Chairman Zubair Haider Gilani were also present on the occasion. Group Managing Director Eric Ip apprised the prime minister of Hutchison’s fresh investment into Pakistan approximating $240 million which will enhance the new container terminal capacity at the Karachi Port, and increase Hutchison Ports’ total investment in Pakistan to $1 billion. -Punjab's tax collection jumps 44% Punjab’s tax collection registered a 44% growth to Rs77 billion in first quarter of the ongoing fiscal year compared to the corresponding period of previous year, despite tough conditions of the federal government for the provinces to get a share in the federal divisible pool of resources. Punjab Finance Minister Makhdoom Hashim Jawan Bakht disclosed this at a review meeting of the Finance Department on Monday. The meeting was briefed that despite the financial backlog left by the previous government, the current government gave a surplus budget of Rs233 billion in order to meet financial requirements of the federal government to comply with conditions of the International Monetary Fund (IMF) loan programme. -‘SECP recognised as 7th most effective regulator in world’ The Securities and Exchange Commission of Pakistan (SECP) has been recognised as the “7th most effective regulator” by the World Economic Forum in its ‘Global Competitiveness Report-2019’. “Pakistan was ranked as the 52nd most dynamic economy in the world. The country secured this by improving 15 points from last year, as it stood at 67th in 2018,” said a statement issued by Mishal Pakistan, Country Partner at WEF’s Institute of the Future of Economic Progress System Initiative, on Wednesday. “The progress of Pakistan’s competitiveness was due to the achievements made during the last 12 months.” The most effective improvements were made due to the initiative and strategies adopted by the apex regulator for the corporate sector and the capital markets; supervision and regulation of insurance, non-banking financial companies and private pension schemes. The SECP improved Pakistan’s competitiveness rankings by improving the “number of days to start a business”, where Pakistan was ranked at the 90th position compared with 96th in 2018. -Pakistan China bilateral trade crosses $19 billion, highest ever in history Pakistan Ambassador to China , Naghmana Hashmi has said the bilateral trade volume between Pakistan and China has now touched US $ 19.08 billion and both countries aimed to raise it further. “The bilateral trade volume between Pakistan and China has now touched US$ 19.08. We aim to raise it further,” Ambassador Hashmi said joint ventures in defence production have led to the manufacture of the MBT 2000 Al-Khalid Tank and JF-17 Thunder, a fighter aircraft. “On the diplomatic front, the two countries are committed to protecting and promoting multilateralism and upholding the United Nations (UN)Charter, while our cooperation has extended to science and technology, socioeconomic sectors and nuclear cooperation for peaceful purposes,” she added. -Foreign Company Agrees to Drop $6 Billion Penalty, Re-Invest in Reko Diq: Reports The International Center of Settlement of Investment Disputes (ICSID) had slapped the country with a $6 billion penalty for revoking the contract without prior knowledge back in 2009. Soon after the development, the Prime Minister had empowered his financial team to contact the executives of the Tethyan Copper Company (TCC) to reach an out-of-court settlement and avoid the penalty. Reportedly, after the Pakistan authority’s approach, the company has not only agreed to take back the penalty but has also agreed to invest in the project again. As per media reports, PM Imran Khan contacted the TCC management and discussed the prospects of the matter. He assured the company his full support if they wanted to revise the investment plan for the project. The company will reportedly withdraw its appeal from the ICSID, while Pakistan will compensate for their damages due to the cancelation of the contract. -Current account deficit shrinks massive 64pc The country’s current account deficit (cad) in the first quarter of current fiscal year declined by a huge 64 per cent mainly on the back of a 21pc reduction in the imports bill. The State Bank’s latest data issued on Friday showed the current account deficit for July-September FY20 clocked in at $1.548 billion compared to $4.287bn in the same period last fiscal year; a decline of $2.739bn. The reduced current account deficit is a positive omen for the government, which is struggling with slow economic growth and high inflation. However, despite massive decline in rupee’s value, the country’s exports have failed to register any noticeable increase during the period. -Food imports down 24pc, exports up 14pc in Q1 FY20 Food group imports into the country during the first quarter of the current financial year (July-Sept 2019-20) decreased considerably by 24.7pc, whereas exports increased by 13.98pc compared with the corresponding period of last year. The import of food commodities into the country during the period under review came down from $1.45 billion to $1 billion, whereas the exports increased from $864 million to $984.7 million, according to latest data released by the Pakistan Bureau of Statistics (PBS). -Chinese Smartphone Company Realme to build mobile phone manufacturing factory in Pakistan Chinese company Realme's Director of Marketing in Pakistan Mr He Shunzi in an interview disclosed that Realme is planning to set up the mobile phone manufacturing factory in Pakistan. He told that company is inspecting locations in Islamabad, Peshawar, and Faisalabad Industrial Estate for suitable land. Pakistani mobile market offers guaranteed capital as Realme ranked top five android brands in Pakistan in less than nine months, capturing 8% of total market share, he added. -Chinese Coal Giant Wants to Convert Thar’s Coal to Diesel China’s Shenhua Ningxia Coal Industry Group will help convert Thar’s coal into oil and the talks between the two parties are underway. The Shenhua Ningxia Coal Industry Group is a subsidiary of China’s biggest coal producer, the Shenhua Group and the company already has the world’s largest plant for converting coal into diesel, with an annual production capacity of 4 million tons in Ningxia in its portfolio. The agreement, if signed, will be a ‘game-changer’ for Pakistan, believes Adviser to Prime Minister on Petroleum Nadeem Babar, who accompanied Imran Khan on his recent visit to China. The Pakistani delegation held talks with the Shenhua Group during the trip: -In a positive development, Pakistan projected among top 20 rising economic growth engines of the World Pakistan projected among 20 top rising economic growth engines of the World that would dominate the global growth in next 5 years. Pakistan has been projected as one of 20 countries that will dominate global growth in five years time in 2024, an assessment made by Bloomberg using data from the International Monetary Fund (IMF). -In a positive development, Pakistan textile exports register increase Textile exports from the country increased by 2.95pc during the first quarter of the current fiscal year (July-Sept FY20) compared with the corresponding period of the last fiscal year. The textile exports during the period under review were recorded at $3,371.974 million as against the exports of $3,275.303 million during July-September 2018-19, according to latest data by the Pakistan Bureau of Statistics (PBS). The textile commodities that contributed to the positive growth included raw cotton, exports of which grew by 53.65pc, from $7.047 million to $10.828 million. Similarly, the exports of yarn (other than cotton yarn) increased by 21.95pc, from $7.759 million last year to $9.462 million, while that of knitwear surged by 11.14pc, from $701.393 million to $779.548 million. -Kartarpur Corridor will open to public on November 9: PM Imran Prime Minister Imran Khan on Sunday announced that Pakistan will inaugurate the Kartarpur Corridor on November 9. The premier’s announcement came via a Facebook post in which he said that construction work on the Pakistani side had entered the final stage. “Pakistan is all set to open its doors for Sikhs from all across the globe,” he wrote. “World’s largest Gurdwara will be visited by Sikhs from across India and other parts of the world,” he said. -'$1.2b penalty in Karkey case likely to be waived' Pakistan Tehreek-e-Insaf (PTI) leader and senior lawyer Babar Awan has said that the $1.2 billion penalty that Pakistan has to pay to Turkey’s Karkey rental power plant is likely to be waived. “International institutions, through high-level backdoor contacts, have agreed to waive off the penalty. This is very good news for Pakistan,” said Awan while addressing the media on Friday. “International institutions have shown their trust in Prime Minister Imran Khan,” he added. -Punjab Govt to Introduce a Unified Tax Collection System Punjab government is contemplating the introduction of a unified tax collection system in the province. The unified system will streamline the tax collection process and facilitate the taxpayers. At the moment, Punjab Revenue Department, Excise and Taxation Department, and local administrations collect taxes in Punjab. On Sunday, Finance Minister of Punjab, Makhdoom Hashim Jawan Bakht, headed a meeting of Punjab Revenue Authority (PRA). Bakht said that a special tax management unit will be set up at the Punjab finance department that will unify tax collection all across the country. -PM To Launch Clean Green Pakistan Index for Multiple Cities Prime Minister’s Adviser on Climate Change, Malik Amin Aslam, said that Imran Khan will launch the Clean Green Pakistan Index (CGPI) at a grand launching ceremony on October 30. The initiative is aimed at introducing competition among cities on various indicators, including public access to clean drinking water, safe sanitation, effective solid waste management, and tree plantation. The prime minister will announce a six-month competition among 19 cities of Punjab and Khyber-Pakhtunkhwa provinces, he added. The adviser said that after six months, these cities will be ranked again and those with prominent progress will be rewarded with special federal and provincial government funds and more cities will be joining the competition. -PM Khan Will Lay The Foundation of Baba Guru Nanak University on Oct. 28 Prime Minister Imran Khan is going to lay the foundation stone of Baba Guru Nanak University on October 28. The establishment of this university in Nankana Sahib was announced earlier this year when PM Khan was in the town for a Spring Tree Plantation Campaign. -Sindh govt invites bids for Dhabeji SEZ The Sindh government has launched the well-connected Dhabeji Special Economic Zone in district Thatta near Port Qasim, according to a statement issued on Monday. In this connection, the Sindh Economic Zones Management Company (SEZMC), being the provincial SEZ custodian, has invited proposals for the development and operation of Dhabeji project through an advertisement published in leading national and international newspapers. Dhabeji SEZ was highlighted in the recent meeting of the China-Pakistan Economic Corridor (CPEC) Joint Working Group on Industrial Cooperation. The senior officials of China’s National Development Reforms Commission (NDRC) appreciated the Sindh government on the progress made so far. The Sindh government launched the project through an international competitive bidding process as a build-up to the upcoming 10th Joint Coordination Committee (JCC) meeting between China and Pakistan, which would be held next month. -Rice exports surge 51pc in first quarter FY20 Rice exports from the country during the first quarter of the financial year 2019-20 grew by 50.76pc as compared to the corresponding period last year. During the July-September period, about 839,356 metric tonnes of rice, worth $470.584 million, were exported as compared the exports of 551.5,86 metric tonnes, valuing $312.147 million, during the same period of FY19. According to data released by the Pakistan Bureau of Statistics, the exports of basmati rice increased by 47.29pc, as 212,873 metric tonnes of basmati rice ($194.669 million) were exported during the first quarter of FY20, as compared the 127,669 metric tonnes ($132.166 million) in the same period of last year. Meanwhile, 34,090 metric tonnes of fish and fish preparations worth $79.549 million were also exported in the period under review as compared to the exports of 25,859 metric tonnes valuing $67.294 million during the same period of last year.
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