Union Minister for Finance and Corporate Affairs Nirmala Sitharaman will embark on an official visit to the United States and Peru tonight.
Sharif also announced a reduction in commodity prices of industrial units by Rs 7.59 during a special event attended by cabinet members and business community on Thursday.
Several ambassadors and top diplomats from Islamic nations attended a 'Sadhbhavana Iftar' hosted by the Indian Minorities Federation (IMF) in New Delhi on Thursday evening, lauding India's cultural heritage, harmony and Prime Minister Narendra Modi's commitment to 'Sabka Saath, Sabka Vikas, Sabka Vishwaas' initiative to reach all communities.
To celebrate the holy month of Ramzan, Indian Minorities Federation (IMF) hosted the 'Sadbhavana Iftar' event for the ambassadors of 19 Muslim nations in India, which was held at the residence of Rajya Sabha MP and IMF Convener, Satnam Singh Sandhu, in the national capital.
Among modern economists, the person who completely revolutionized economic thinking and practice during the Great Depression of 1930s had been John Maynard Keynes whose unconventional ideas contained in his book, The General Theory of Employment, Interest and Money, brought new hopes of salvaging war-ravaged European economies.
A new generation of policymakers is at the helm, lacking in crisis management experience. Even though they have had to deal with the situation from a handicapped position due to the unfavourable external environment, some of their actions (and a lot of their inaction) has compounded the effects of the crisis on markets and investors.
The IMF and Pakistan reached a staff-level agreement last week that they hoped would stabilise the country’s economy and depreciating currency.
One of the conditions that would be attached to the loan is the withdrawal of subsidies on fuel, electricity and fertilisers.
Depleting reserves, a widening current account deficit and the rupee’s depreciation against the dollar have left the nation facing a balance-of-payments crisis.
Thus, the main task of the Central Bank is to stop hyperinflation. As inflation increases it is mainly the poor, pensioners, and those with fixed incomes that will be most affected, he said.
