India’s economy grew at an average rate of 7.5% in 2015, faster than the 6.9% growth in China, official figures show.
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India’s economy grew at an annual rate of 7.4% between July and September, official figures show, picking up from the 7% rate of growth in the previous quarter.
Higher domestic demand and manufacturing activity fuelled the pace, taking the rate of growth above that of China.
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By Faseeh Mangi
Pakistan Prime Minister Nawaz Sharif’s push to build power plants, roads and rail links is prompting a local steelmaker to expand by selling shares in the nation’s biggest initial public offering in eight years.
Amreli Steels Ltd., the South Asian country’s biggest maker of steel bars used in construction, plans to raise as much as 4 billion rupees ($39 million) next month from the sale of 70 million new shares. The proceeds will help more than double its capacity to 450,000 tons from 200,000 tons, Amreli’s director Hadi Akberali said in an interview.
There Are Good Alternatives to US Capitalism, But No Way to Get There
Jerry Mander’s new book explores the fatal flaws of the “obsolete” capitalist system and strategies for change.
By Jerry Mander
The following is an excerpt from Jerry Mander’s new book The Capitalism Papers: Fatal Flaws of an Obsolete System (Counterpoint, 2013):
Which Way Out?
Let’s start with some good news. There is no shortage of good alternative ideas, plans, and strategies being put forth by activist groups and “new economy” thinkers in the United States and all countries of the world. Some seek to radically reshape the current capitalist system. Others advocate abandoning it for something new (or old). There is also a third option, a merger of the best points of other existing or proposed options, toward a “hybrid” economic model that can cope with modern realities.
ISLAMABAD, 5 December 2012 (IRIN) – A high birth rate is not making life any easier for Pakistan’s 180 million people, already affected by political instability, economic stagnation and natural disasters.
Internal pressures in the country with the world’s sixth largest population are likely to get worse before they get better: At 2.03 percent Pakistan has the highest population growth rate in South Asia, and its total fertility rate, or the number of children born per woman, is also the highest in the region, at 3.5 percent. By 2030, the government projects that Pakistan’s population will exceed 242 million.
The failure to adequately manage demographic growth puts further pressure on the current population, who already lack widespread basic services and social development. Pakistan’s health and education infrastructures are poorly funded, and experts have questioned the quality of what is being provided with existing budgets. With a weak economy and low growth, food insecurity and unemployment present further challenges.
“The problem is that if you have a population that is illiterate and does not have proper training, a large segment cannot participate meaningfully in the economy,” said economist Shahid Kardar, a former governor of the State Bank of Pakistan.
Conditions have worsened in past 3 months, demanding more ‘aggressive’ action
By CBC News
The International Monetary Fund delivered a pessimistic update to its forecast for the world’s economy on Tuesday.
In January — the last time it gave an update — the group expected the world’s economy to grow at a reasonable pace, slightly ahead of 2012’s pace.
Conditions have worsened further in the past three months, however, and the situation in Europe demands more “aggressive” action from policymakers, the IMF said.
“Europe should do everything it can to strengthen private demand,” IMF’s chief economist Olivier Blanchard said.
“What this means is aggressive monetary policy, and what this means is getting the financial system to be stronger — it’s still not in great shape.”
Canada, U.S. forecasts
The IMF says the world’s economy will expand by 3.3 per cent this year. That’s less than the 3.5 per cent pace of growth that the IMF expected previously, but a bit higher than the 3.2 per cent growth seen in 2012.
The IMF expects the U.S. economy to expand 1.9 per cent this year. That’s below its January estimate of 2.1 per cent and last year’s U.S. growth of 2.2 per cent. Still, the IMF says the U.S. economy should expand 3 per cent in 2014.
As for Canada’s economy, the IMF expects it will likely slow to about 1.5 per cent this year from 1.8 last year, before picking up to 2.4 per cent in 2014.
“The main challenge for Canada’s policy-makers is to support growth in the short term while reducing the vulnerabilities that may arise from external shocks and domestic imbalances,” the body advises.
“Although fiscal consolidation is needed to rebuild fiscal space against future shocks, there is room to allow automatic stabilizers to operate fully if growth were to weaken further.”
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More details » http://www.cbc.ca/player/News/Business/ID/2379822011/
by Wendell Cox
In much the developed, as well as developing world, population growth is slowing. Not so in Pakistan according to reported preliminary results of the 2011 Pakistan census. Here population is growing much faster than had been projected. Pakistan’s population stood at 197.4 million in 2011, an increase of 62.7 million from the last census in 1998 (Note 1). The new population is 20 million more than had been forecast in United Nations documents. Some of the additional growth is due to refugees fleeing Afghanistan, but this would not be enough to account for the majority of the under-projection error.
Pakistan: Moving Up the League Tables
As a result, Pakistan has passed Brazil and become the world’s 5th most populous nation, following China, India, the United States and Indonesia. Pakistan’s 11 year growth rate is estimated at 34.2 percent, nearly double that of second ranking Mexico, at 18.2 percent, where the birth rate (as indicated by the total fertility rate) is projected to drop to under replacement rate by the end of the decade. Perhaps most significantly, Pakistan’s growth rate is more than double the rates of India (15.9 percent) and Bangladesh (14.1 percent),which have long had reputations for strong growth (Table and Figure 1). At this growth rate, Pakistan could become the world’s fourth most populous nation by 2030, passing Indonesia. …
Politicians challenged to secure Pakistan’s global economic future
Mark Lowcock said:“Pakistan has everything it takes to be a successful, thriving, prosperous Islamic democracy.’
Pakistan has potential to become a global economic player. It’s a powerful vision which can be realised if there is a focus on economic growth and implementing the vital reforms needed to stimulate and underpin growth a representative for the UK Government signalled yesterday.
Speaking at the Karachi School of Business and Leadership Mark Lowcock, the UK government’s most senior aid official, told business leaders and students that countries succeeding in today’s global race are those reforming the fastest to generate growth and reduce poverty.
Mark Lowcock said:
“Pakistan has everything it takes to be a successful, thriving, prosperous Islamic democracy.”
“If you develop a clear and shared vision, sustain a long term commitment to travelling the long road of reform, and refuse to be deterred by the problems that will inevitably arise, then you can transform your country within a generation.”
Citing examples from across Asia and Africa, Mark Lowcock pressed that Pakistan’s stake in the global economy, and future investment potential, could be transformed. It has enormous potential for trade. Population dynamics mean that over the coming decades it could reap a demographic dividend, if the economy develops in a way that creates jobs for all young people.
Mr Lowcock stressed elections as an important watershed in embedding an inclusive political system, emphasised the importance of greater transparency in public operations, and highlighted the need to broaden the national dialogue on economic reform.
Mark Lowcock said:
“Pakistan cannot sustain high rates of economic growth without a sufficient, reliable supply of energy…. The sector needs to be put on a more commercial footing, including a regulatory and tariff structure that is attractive to investors.”
“A tax system that collects less than 10% of GDP is unsustainable for any modern country. Without agreement and tangible progress on broader and fairer taxation, Pakistan will be unable to invest in a more prosperous future.”
“Pakistan needs to invest in its best asset, which is your own people, especially in health and education to build human capital. It is also critical to promote women’s participation in the economy. This is an issue of fairness and good governance. But it is also crucially an economic issue.”
Index shows turnaround in GDP growth no boost to quality of life
Canada’s economy may well be muddling through, but on a more personal level, Canadians generally are not, a new study of well-being suggests.
The Canadian Well-being Index, led by researchers at the University of Waterloo, shows that quality of life in Canada deteriorated by 24 per cent between the onset of recession in 2008 and 2010.
Canada’s main economic indicator, gross domestic product, only declined by about 8.3 per cent over the same period and began to make a turnaround by the end of 2010. ….
By Khaled Ahmed
Origin of our national mindset
The Army is composed of Punjabis up to 80 percent. Even the Navy, which should normally absorb coastal populations, is composed almost exclusively of Punjabis.
The ‘vitality’ and ‘dynamism’ of the middle class in Pakistan are channeled into ideological aspirations that negate the modern state
The economist says the middle class anywhere in the world is a factor of dynamic growth: a growing middle class means the country will post good growth rates. But for the non-economist, no two middle classes may be alike. In Pakistan, the middle class is conservative, just like India’s; but unlike India, it is ideological, anti-American and pro-Taliban.
The Indian Constitution informs the attitude of the Indian middle class, which is tolerant of secularism. In Pakistan, the Constitution inclines the middle class to desire sharia and consequently prefer the ‘harder’ sharia of al Qaeda to state ideology. It is the sentinel of the unchanging character of the medieval state presented as a utopia by state ideology.
By CNN Foreign Affairs Correspondent Jill Dougherty
(CNN) — The United States must position itself to lead in a world “where security is shaped in boardrooms and on trading floors — as well as on battlefields,” U.S. Secretary of State Hillary Clinton will say Friday in a major economics and foreign policy speech in New York.
Economic forces, Clinton will say, are transforming foreign policy realities around the globe.
“We have seen governments toppled by economic crisis,” a text of the Secretary’s remarks released by the State Department on the eve of the speech reads. “Revolutions born in a Tunisian marketplace have swept across an entire region. Europe faces its strongest test in a generation, thanks to recession and debt. And everywhere I travel, I see countries gaining influence not because of the size of their armies, but because of the growth of their economies.”
Clinton will say she is updating U.S. foreign policy priorities to include economics “every step of the way,” suggesting the United States should take a cue from the leaders of emerging powers like India and Brazil who put economics at the center of their foreign policies.
“When their leaders approach a foreign policy challenge — just as when they approach a domestic challenge — one of the first questions they ask is, ‘how will this affect our economic growth?'” the text of the speech says. “We need to be asking the same question — not because the answer will dictate our foreign policy choices, but because it must be a significant part of the equation.”
In the address before the Economic Club of New York, the fourth in a series of speeches Secretary Clinton is giving on economics and foreign policy, she will say the world’s “strategic and economic center of gravity is shifting east” and the United States is focusing more on the Asia-Pacific region.
“One of America’s great successes of the past century was to build a strong network of relationships and institutions across the Atlantic,” she says. “One of our great projects in this century will be to do the same across the Pacific.”
The United States should help other countries find economic solutions to strategic challenges, especially in the Middle East and North Africa, she says. “We need a sophisticated effort to integrate the region’s economies, promote investment and assist in economic modernization. The Arab political Awakening must also be an economic awakening.”
Clinton takes aim at Americans who would turn inward, arguing “you can’t call ‘time out’ in the global economy. Our competitors aren’t taking a time out, and neither can we.”
Increasingly, the United States is focusing on “tracking and thwarting” the financiers of terrorism, using sanctions and other economic tools to cut repressive regimes off from insurance, banking and shipping, Clinton says.
Finally, Clinton says, the United States is “modernizing (its) agenda on trade, investment and commercial diplomacy to deliver jobs and growth for the American people.”
But the United States cannot compete, she says, if it is frozen in domestic political fights.
“Washington has to end the culture of political brinksmanship — which, I can tell you, is raising questions around the world about our leadership.”
Censoring Dawn TV – by A. H. Nayyar
A very interesting thing happened this evening (28th July).
DawnTV was airing Arshad Sharif’s talk show Reporter. The topic today was growth of Islamic militancy, especially Jundullah within Pakistan’s military and its connection with Jaish-e-Muhammad and Lashkar-e-Tayyaba.
He started by showing a documentary on how Jundullah started in Quetta cantonment, how it spread across different formations of the military, showing some footage that looked original.
The discussants with Arshad were Air Marshall Shahzad Choudhry, Zahid Hussain and ret Gen Hamid Nawaz. As the documentary started, we saw, Hamid nawaz getting up and leaving.
Arshad then showed another short documentary which gave public sentiments on such trends in the military. Then came a commercial break.
After the break, the viewers saw that the program has been taken off the air. Instead Dawn started airing a completely different and old episode of Reporter. Clearly, the live program was censored. And clearly, from the top military brass.
What does the military have to hide that needed this censoring? Any comments from anyone knowledgeable?
I truly fear for the life of the brave journalist who had prepared the documentary.
Courtesy: → LUBP
via → LIC blog
By Eunice Yoon, CNN
The authorities here are obviously nervous. My crew and I are sitting in a local government building being questioned by six propaganda officials.
One of them is scribbling down our credentials in a worn pocket-sized notebook. My producer, Steven Jiang, is talking non-stop to one officer who looks especially nonplussed.
We traveled to the manufacturing town of Xintang to investigate why thousands of migrant workers suddenly took to the streets just a week ago.
We knew the unrest was triggered by what appeared to be a minor event — a pregnant migrant worker and her husband got in a scuffle with city officials and she ended up falling on the ground.
However, the ferocity by which this dispute exploded in a massive conflagration, pitting thousands of enraged workers against hundreds of riot police, took many by surprise.
The unrest seems to belie the image of China as a bustling economy going from strength to strength, enriching the lives of millions across the country, especially in the industrial south. But the problem is many people feel they are not getting their fair share of the rapid growth. …
Read more: → CNN
India’s government has unveiled its annual budget, saying that the economy is expected to grow at 9% in 2012.
Finance Minister Pranab Mukherjee said the growth rate for the current fiscal year was projected at 8.5%.
He said inflation would decrease over the next fiscal year – the current rate is 8.4%. But food price inflation, at 17%, “remains a concern”.
Mr Mukherjee promised action on food security and pledged an increase in social spending. …
Read more : BBC