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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.
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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
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-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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The proven oil reserves in Venezuela are recognized as the LARGEST in the world, totaling 297 billion barrels. While ignoring (and even supporting) the atrocities of authoritarian regimes in places like Saudi Arabia, Bahrain and Uzbekistan, US oligarchs have targeted Venezuela for “regime-change” in the name of “democracy”. Currently, the US is engaging in economic warfare against Venezuela to foment a coup and remove its democratically elected president Nicolás Maduro. Without providing solid evidence, our corporate-controlled government and mainstream media portray Maduro as a corrupt, repressive, and illegitimate leader with little to no support.
Why is the US Corporatocracy so Keen to Remove Maduro?
While Venezuela’s economy is not a strictly-state-run economy, its oil industry is nationalized and uses its revenues for the benefit of its citizens (especially the poor). After years of crippling US sanctions Maduro stepped over a crucial line in October when his government announced that Venezuela was abandoning the US dollar and would be make all future transactions on the Venezuelan exchange market in euro. Saddam Hussein also went off the dollar in favor of the euro in 2003 – we started dropping bombs on him the next month. A similar decision by the Gadhafi government in Libya (2011) was quickly followed by a devastating US-orchestrated conflict - culminating in Gadhafi's capture by radical Islamists who sodomized him with a bayonet before killing him. Since then, Libya has gone from Africa's wealthiest country to a truly failed-state complete with a slave trade! To make matters worse, after the collapse of the Libyan government, its military arms were smuggled out of that country and into the hands of ISIS fighters in Iraq and Syria - enabling US-orchestrated chaos in those countries.
Who cares what currency a country uses to trade petroleum?
Answer: US oligarchy
The US dollar is central to US world economic domination. Like all other modern currencies, it is a fiat currency – backed by no real assets to prop up its value. In lieu of a “gold standard” we know operate on a de-facto “oil-standard”: "After the collapse of the Bretton Woods gold standard in the early 1970s, the United States struck a deal with Saudi Arabia to standardize oil prices in dollar terms. Through this deal, the petrodollar system was born, along with a paradigm shift away from pegged exchanged rates and gold-backed currencies to non-backed, floating rate regimes. The petrodollar system elevated the U.S. dollar to the world's reserve currency and, through this status, the United States enjoys persistent trade deficits and is a global economic hegemony." Investopedia “The central banking Ponzi scheme requires an ever-increasing base of demand and the immediate silencing of those who would threaten its existence. Perhaps that is what the hurry [was] in removing Gaddafi in particular and those who might have been sympathetic to his monetary idea.” Anthony Wile
US Foreign Policy is about Oligarchy Not Democracy
Since World War II, the US has attempted to over-throw the 52 foreign governments. Aside from a handful of exceptions (China, Cuba, Vietnam, etc.), the US has been successful in the vast majority of these attempts. US foreign policy is not about democracy – it is about exploiting the world’s resources in the interests of a small, ultra-wealthy global elite. This exploitation benefits a small percentage of people at the top of the economic pyramid while the costs are born by those at the bottom.
US CIA Coup Playbook:
How to Plunder Resources from Foreign Countries While Pretending to Support Democracy
Find a country with resources you want.
Send in an “Economic Hitman” to offer bribes the country’s leader in the form of personally lucrative business deals. If he accepts the deal, the leader will amass a personal fortune in exchange for "privatizing” the resources you wish to extract.
If the leader will not accept your bribes, begin the regime-change process. 3) Engage in economic warfare by imposing crippling sanctions on the country and blame the ensuing shortages on the leader’s “socialist” policies. 4) Work with right-wing allies inside country to fund and organize an “astroturf” opposition group behind a corporate-friendly puppet. 5) Hire thugs inside country to incite unrest and violence against the government in coordination with your opposition group. Use corporate media to publicize the orchestrated outbursts as popular outrage and paint a picture of a “failed state” mired in corruption and chaos. 6) When the government arrests your thugs, decry the response as the brutal repression. Use corporate-owned media to demonize the target government as a despotic regime while praising your puppet opposition as champions of democracy. 7) Work with right-wing military leaders to organize the overthrow the government (offer them the same business deals the current leader refused). 8) If a military-led coup cannot be organized, create a mercenary army to carry out acts of terrorism against the government and its supporters. Portray the mercenaries as “freedom fighters” and their acts of terrorism as a “civil war”. 9) If the target government has popular and military support and is too well-defended for your mercenaries to over-throw: label the country a “rouge state” and wait for the right time to invade. Meanwhile, continue to wear the country’s government and populace down using steps 3 – 8. 10) Escalate the terror campaign within the country to provoke a military response from the country against the US. If they won’t take the bait , fabricate an attack or threat that you can sell to the US population as justification for an invasion. 11) Once the government is removed, set up your puppet regime to provide the illusion of sovereignty. The regime will facilitate and legitimize your appropriation of the country’s resources under the guise of "free" trade. 12) As you continue to extract the country’s resources, provide intelligence and military support to the puppet regime to suppress popular dissent within the country. 13) Use the demise of the former government as yet another example of the impracticality of “socialism.” What Can I Do? Call your senators and representatives to voice your opposition to US regime-change efforts in Venezuela. https://www.commoncause.org/find-your-representative/ Please share this message with others. Sources included at: https://link.medium.com/8DiA5xzx4T
ALAN MACLEOD FEBRUARY 8, 2019 A recent Gallup poll (8/13/18) found that a majority of millennials view socialism favorably, preferring it to capitalism. Democratic socialist Bernie Sanders is the most popular politician in the United States, while new leftist Rep. Alexandria Ocasio-Cortez’s (AOC) policies of higher taxes on the wealthy, free healthcare and public college tuition are highly popular—even among Republican voters (FAIR.org,1/23/19). Alarmed by the growing threat of progressive policies at home, the establishment has found a one-word weapon to deploy against the rising tide: Venezuela. The trick is to attack any political figure or movement even remotely on the left by claiming they wish to turn the country into a “socialist wasteland” (Fox News, 2/2/19) run by a corrupt dictatorship, leaving its people hungry and devastated. Leading the charge have been Fox News and other conservative outlets. One Fox opinion piece (1/25/19) claimed that Americans should be “absolutely disgusted” by the “fraud” of Bernie Sanders and Democrats like Alexandria Ocasio-Cortez, Elizabeth Warren and Cory Booker, as they “continue to promote a system that is causing mass starvation and the collapse of a country,” warning that is exactly what their failed socialist policies would bring to the US. (Back in the real world, while Sanders and Ocasio-Cortez identify as socialists, Warren is a self-described capitalist, and Booker is noted for his ties to Wall Street, whose support for his presidential bid he has reportedly been soliciting.) A second Fox Newsarticle (1/27/19) continues in the same vein, warning that, “At the heart of Venezuela’s collapse is a laundry list of socialist policies that have decimated its economy.” TheWall Street Journal(1/28/19) describes calls for negotiations in Venezuela as “siding with the dictator.” In an article entitled “Bernie Sanders, Jeremy Corbyn and the Starving Children of Venezuela,” the Washington Examiner (6/15/17) warned its readers to “beware the socialist utopia,” describing it as a dystopia where children go hungry thanks to socialism. The Wall Street Journal (1/28/19) recently condemned Sanders for his support of a “dictator,” despite the fact Bernie has strongly criticized Venezuelan President Nicolás Maduro, and dismissed Maduro’s predecessor, Hugo Chavez, as a “dead Communist dictator” (Reuters, 6/1/16). More supposedly centrist publications have continued this line of attack. The New York Times’ Bret Stephens (1/25/19) argued: “Venezuela is a socialist catastrophe. In the age of AOC, the lesson must be learned again”—namely, that “socialism never works,” as “20 years of socialism” has led to “the ruin of a nation.” The Miami Herald(2/1/19) cast shame on Sanders and AOC for arguing for socialism in the face of such overwhelming evidence against it, describing the left’s refusal to back self-appointed president Juan Guaidó, someone whomless than 20 percentof Venezuelans had even heard of, let alone voted for, as “morally repugnant.” This useful weapon to be used against the left can only be sustained by withholding a great number of key facts—chief among them, the US role in Venezuela’s devastation. US sanctions, according to the Venezuelan opposition’s economics czar, are responsible for a halving of the country’s oil output (FAIR.org, 12/17/18). The UN Human Rights Council has formally condemned the US and discussed reparations to be paid, with one UN special rapporteur describing Trump’s sanctions as a possible “crime against humanity” (London Independent, 1/26/19). This has not been reported by any the New York Times, Washington Post, CNN or any other national US “resistance” news outlet, which have been only too quick to support Trump’s regime change plans (FAIR.org, 1/25/19). Likewise, the local US-backed opposition’s role in the economic crisis is barely mentioned. The opposition, which controls much of the country’s food supply, has officially accepted responsibility for conducting an “economic war” by withholding food and other key goods. For example, the monolithic Empresas Polar controls the majority of the flour production and distribution crucial for making arepa cornbread, Venezuela’s staple food. Polar’s chair is Leopoldo Lopez, national coordinator of Juan Guaidó’s Popular Will party, while its president is Lorenzo Mendoza, who considered running for president against Maduro in the 2018 elections that caused pandemonium in the media (FAIR.org, 5/23/18). Conspicuously, it’s the products that Polar has a near-monopoly in that are often in shortest supply. This is hardly a secret, but never mentioned in the copious stories (CNN, 5/14/14, Bloomberg, 3/16/17, Washington Post, 5/22/17, NPR, 4/7/17) focusing on bread lines in the country. Also rarely commented on was the fact that multiple international election observer missions declared the 2018 elections free and fair, and that Venezuelan government spending as a proportion of GDP (often considered a barometer of socialism) is actually lower than the US’s, and far lower than most of Europe’s, according to the conservative Heritage Foundation. The LondonDaily Express(2/3/19) demonstrates that redbaiting works equally well on either side of the Atlantic. Regardless of these bothersome facts, the media has continued to present Venezuela’s supposedly socialist dictatorship as solely responsible for its crisis as a warning to any progressives who get the wrong idea. So useful is this tool that it is being used to attack progressive movements around the world. The Daily Express (2/3/19) and Daily Mail (2/3/19) condemned UK Labour Party leader Jeremy Corbyn for his “defense” of a “dictator,” while the Daily Telegraph(2/3/19) warned that the catastrophe of Venezuela is Labour’s blueprint for Britain. Meanwhile, the Greek leftist party Syriza’s support for Maduro (the official position of three-quarters of UN member states) was condemned as “shameful” (London Independent, 1/29/19). “Venezuela” is also used as a one-word response to shut down debate and counter any progressive idea or thought. While the panel on ABC’s The View (7/23/18) discussed progressive legislation like Medicare for All and immigration reform, conservative regular Meghan McCain responding by invoking Venezuela: “They’re starving to death” she explained, leaving the other panelists bemused. President Trump has also used it. In response to criticism from Senator Elizabeth Warren over his “Pocahontas” jibe, he replied that she would “make our country into Venezuela” (Reuters, 10/15/18). The weapon’s effectiveness can only be sustained through a media in lockstep with the government’s regime-change goals. That the media is fixated on the travails of a relatively small and unimportant country in America’s “backyard,” and that the picture of Venezuela is so shallow, is not a mistake. Rather, the simplistic narrative of a socialist dictatorship starving its own people provides great utility as a weapon for the establishment to beat back the domestic “threat” of socialism, by associating movements and figures such as Bernie Sanders, Alexandria Ocasio-Cortez and Jeremy Corbyn with an evil caricature they have carefully crafted.
Corporate Propaganda Blitz Against Venezuela’s Elected President: MSM Will Not Let Facts Interfere With Coup Agenda
Facts Don’t Interfere With Propaganda Blitz Against Venezuela’s Elected PresidentJoe Emersberger Guaidó, anointed by Trump and a new Iraq-style Coalition of the Willing, did not even run in Venezuela’s May 2018 presidential election. In fact, shortly before the election, Guaidó was not even mentioned by the opposition-aligned pollster Datanálisis when it published approval ratings of various prominent opposition leaders. Henri Falcón, who actually did run in the election (defying US threats against him) was claimed by the pollster to basically be in a statistical tie for most popular among them. It is remarkable to see the Western media dismiss this election as “fraudulent,” without even attempting to show that it was “stolen“ from Falcón. Perhaps that’s because it so clearly wasn’t stolen. Graph: Approval Ratings of Main Venezuelan Leaders Nov 2016 - July 2018 Data from the opposition-aligned pollsters in Venezuela (via Torino Capital) indicates that Henri Falcón was the most popular of the major opposition figures at the time of the May 2018 presidential election. Nicolás Maduro won the election due to widespread opposition boycotting and votes drawn by another opposition candidate, Javier Bertucci. The constitutional argument that Trump and his accomplices have used to “recognize” Guaidó rests on the preposterous claim that Maduro has “abandoned” the presidency by soundly beating Falcón in the election. Caracas-based journalist Lucas Koerner took apart that argument in more detail. What about the McClatchy-owned Miami Herald's claim that Maduro “continues to reject international aid”? In November 2018, following a public appeal by Maduro, the UN did authorize emergency aid for Venezuela. It was even reported by Reuters (11/26/18), whose headlines have often broadcast the news agency’s contempt for Maduro’s government. It’s not unusual for Western media to ignore facts they have themselves reported when a major “propaganda blitz” by Washington is underway against a government. For example, it was generally reported accurately in 1998 that UN weapons inspectors were withdrawn from Iraq ahead of air strikes ordered by Bill Clinton, not expelled by Iraq’s government. But by 2002, it became a staple of pro-war propaganda that Iraq had expelled weapons inspectors (Extra! Update, 10/02). And, incidentally, when a Venezuelan NGO requested aid from the UN-linked Global Fund in 2017, it was turned down. Setting aside how effective foreign aid is at all (the example of Haiti hardly makes a great case for it), it is supposed to be distributed based on relative need, not based on how badly the US government wants somebody overthrown. But the potential for “aid” to alleviate Venezuela’s crisis is negligible compared to the destructive impact of US economic sanctions. Near the end of the Miami Herald article, author Jim Wyss cited an estimate from the thoroughly demonized Venezuelan government that US sanctions have cost it $30 billion, with no time period specified for that estimate. Again, this calls to mind the run-up to the Iraq invasion, when completely factual statements that Iraq had no WMDs were attributed to the discredited Iraqi government. Quoting Iraqi denials supposedly balanced the lies spread in the media by US officials like John Bolton, who now leads the charge to overthrow Maduro. Wyss could have cited economists independent of the Maduro government on the impact of US sanctions—like US economist Mark Weisbrot, or the emphatically anti-Maduro Venezuelan economist Francisco Rodríguez. Illegal US sanctions were first imposed in 2015 under a fraudulent “state of emergency” declared by Obama, and subsequently extended by Trump. The revenue lost to Venezuela’s government due to US economic sanctions since August 2017, when the impact became very easy to quantify, is by nowwell over $6 billion. That’s enormous in an economy that was only able to import about $11 billion of goods in 2018, and needs about $2 billion per year in medicines. Trump’s “recognition” of Guaidó as “interim president” was the pretext for making the already devastating sanctions much worse. Last month, Francisco Rodríguez revised his projection for the change in Venezuela’s real GDP in 2019, from an 11 percent contraction to 26 percent, after the intensified sanctions were announced. The $20 million in US “aid” that Wyss is outraged Maduro won’t let in is a rounding error compared to the billions already lost from Trump’s sanctions. Former US Ambassador to Venezuela William Brownfield, who pressed for more sanctions on Venezuela, dispensed with the standard “humanitarian” cover that US officials have offered for them (Intercept, 2/10/19):
And if we can do something that will bring that end quicker, we probably should do it, but we should do it understanding that it’s going to have an impact on millions and millions of people who are already having great difficulty finding enough to eat, getting themselves cured when they get sick, or finding clothes to put on their children before they go off to school. We don’t get to do this and pretend as though it has no impact there. We have to make the hard decision—the desired outcome justifies this fairly severe punishment.
Press Conference with the Governor of the People's Bank of China 任中国人民银行行长 Yi Gang 易纲 on current monetary and regulatory matters in the People's Republic of China for the year 2021
Dear Ladies and Gentlemen, I shall be presenting the position of the People's Bank of China on the current forecast for the fiscal year 2021, with emphasis on the growth predicted for the country and the ramifications it has for the monetary policy of the PBOC. Additionally, I shall address the demand for the People's renminbi as a reserve currency for the Federal Republic of India. Concerning the growth of the economy for 2021, official growth stands at 6,3 percent. We raise our satisfaction with some positive changes have occurred in the structural adjustments of the Chinese economy in previous quarters, but deep problems remain amid uncertainties. While the the trade war with the United States has been officially ended and there has been regulatory and financial reform, we raise concerns with the additional oversight that has been placed on the digital economy and infrastructure of firms operating in the country. We would like to raise - in coordination with the State Council, that the policy is in response to both the U.S. CLOUD Act and European GPDR to which the burden is regrettable. Of more pressing concern is the slowing growth for the year that has missed the official target of the PBOC and the government. Thus I shall state that the People's Bank will continue the prudent monetary policy that is neither too loose or too tight, and ensure reasonably ample liquidity in the interbank market. However. The Bank shall begin a further stimulus package to address the slowing growth through creating further domestic credit growth and boost consumer demand. The additional aim will be to allow for easier borrowing for businesses that does not hold substantial non-performing loans that have been flagged to the Ministry of Finance. This relates to the new Supplementary Measures that are now being issued:
Article 1. In the process of identifying nonperforming loans, all banks shall strictly abide by the relevant stipulations of the Measures with regard to the statistics and identification of bad loans. Bad loans identified in accordance with the current regulations stipulated by the Ministry of Finance may be reported individually.
Article 2. Standards and procedures stipulated by the Ministry of Finance shall continuously apply to the verification of bad loans. We herein request all branches of the People’s Bank of China to pass this Notification to the urban commercial banks, urban credit cooperatives, rural credit cooperatives and their affiliates, credit investment companies, financial companies, and financing and leasing companies within their geographical jurisdiction.
Regarding State-Owned Enterprises, credit expansion will delegated by State-owned Assets Supervision and Administration Commission (SASAC), under guidance by the PBOC. With this screening policy in place - essentially window guidance, we hope to avoid flooding of inefficient credit creation. As to the matter of the size of the stimulus, the PBOC shall roll out a $260 billion package, with targeted support for performing small- and medium banks that have has viable credit profiles. Banks that fail to meet this requirement shall be reported to regulators to shore up, with asset sell-offs and NPL write offs - with the State-owned Assets Supervision and Administration Commission (a percentage of the $144 billion operating budget has been allocated for this write-off, complimented with the National Debt Service allocations as outlined by the Ministry of Finance's projected budget for 2021) Concerning the state of the renminbi and its valuation, should growth projections worsen, the Bank is willing act robustly in the defence of the currency. Current repo rates shall remain in line and compliment current inflation metrics. Concerning more fascinating matters, the internationalisation of the renminbi is a policy that we at the PBOC would encourage policy makers to continue upon. Due to the dominance of the American dollar, the US government can issue debt and print money freely. It gains from seigniorage, as people hold dollars for use in transactions. As the world has seen, especially in recent years, control of dollar-clearing systems enables the United States to limit others’ financial access - which is of particular concern for the PBOC. Many global goods, especially commodities, are priced in dollars. These benefits also provide the United States with political gains and soft power. The same can be assumed for the renminbi and China should further relaxation of capital accounts and the not too loose or restricted monetary policy of the PBOC continues as it has. From 2009, the dollar has held steady at 60% of global reserves over the past decade, after declining from 70%. With the euro area’s troubles, the euro’s share has slipped; developing economies now hold about 24% of their reserves in euros, down from 31% in 2009. Other currencies – Swiss, Australian, Canadian – increased their attractiveness for a time, but their market size is limited and cyclical conditions have dampened some interest. The Japanese yen and British pound will continue to play a modest role, though we remain pessimistic on the role of the British pound should a No Deal Brexit be followed through. SDRs, which represent less than 3% of global reserves, suffer from a lack of private trading, invoicing, borrowing and lending, granted the renminbi has been added to the basket peg in which SDRs are issued by the IMF. Given the decision of the Indian government to divest from the their dollar holdings, the PBOC shall announce the sell of $20 billion of National Government Bonds to the Reserve bank of India as well as a purchase of $30 billion worth of renminbi to be held in forex reserves. Due to this measure, we hope to see that the liquidity of the Renminbi expands as international interest picks up, to which the PBOC shall facilitate all currency purchases as well as bond issuance to those who seek a stable investment.
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Acute Growth of Algorithm Trading Market Opportunity Assessments 2019-2023
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Public sector banks will embark on second round of 2-day bottom-up ideation exercise beginning Thursday for further streamlining the banking sector to help the nation become a USD 5 trillion economy in 5 years. The second leg of the month-long campaign will be inter-bank and will be held at state-level as per the direction of Department of Financial Services, Ministry of Finance. The first round was focussed at branch level and suggestions and ideas received from there will now be discussed at the state level from tomorrow, official sources said. -Economic Times Members of the RBI's Monetary Policy Committee at its rate review held on 7 August have agreed that supporting growth will remain their top priority in the midst of inflation remaining stable within the next 1 year, according to the minutes of the meeting released on today. -Livemint The Banks Board Bureau has invited applications for the post of MD & CEO in 4 leading PSBs — Bank of India, Bank of Baroda, Punjab National Bank and Canara Bank. -Moneycontrol.com The IL&FS had not disclosed any NPAs for the last 4 years, the RBI has said in a report. The report is based on inspection of IL&FS and IFIN and this has been conveyed by the new board of the IL&FS to the NCLT. -Economic Times SBI is planning to establish nearly 10 lakh YONO Cash Points in the country over 18 months, said its Chairman Rajnish Kumar today. The platform is secure and will eliminate the requirement of using debit cards, Kumar said. -Business Line BookMyForex.com, a marketplace for foreign exchange and remittances, has partnered with YES Bank to launch a co-branded multi-currency forex travel card for Indian overseas travellers. BookMyForex will offer zero margin or exact inter-bank rates 24x7 on forex card sales. -Business Line SEBI today provided more teeth to rating agencies by allowing them to obtain details of borrowings and defaults by companies. It also announced rewards for whistle blowers and approved changes in norms prohibiting insider trading. -Economic Times SBI Cards and Payment Services Pvt. Ltd, the credit card subsidiary of SBI, invited investment banks and lawyers to act as advisers for its proposed IPO. -Moneycontrol.com The finance ministry has initiated a review of India’s free trade agreement framework to assess the impact of such pacts on the overall economy. The view has been gaining ground among policymakers and industry that these free trade agreements (FTAs) brought little tangible benefit to India, while helping the partner country. -Economic Times IL&FS has informed NCLT that in contravention of a NCLAT order, banks have debited about Rs 759 crore in the last 8 months for repayment on their dues which amounts to coercive creditor action. -Economic Times Parle Products Pvt Ltd, a leading biscuit maker, might layoff up to 10,000 workers as slowing economic growth and falling demand in the rural heartland could cause production cuts, a Co executive said today. -Business Line The probe by the Enforcment Directorate in the money laundering case, involving former finance minister P Chidambaram, has been enlarged. It suspects his role in granting alleged illegal Foreign Investment Promotion Board clearances to at least four more business deals, apart from INX Media and Aircel-Maxis, and receiving multi-crore kickbacks through multiple shell firms, official sources said today. The CBI has issued a Look Out Circular P Chidambaram to prevent him from leaving the country, officials said. -Business Line USD/INR 71.55 SENSEX 37060.37(-267.64) NIFTY50 10918.70 (-98.30)
Are you thinking to make an abroad trip? Would you like to send gift cash to your relative in abroad? Presently, it is a simpler task with currency exchange alternatives that are available. Banks offer you currency exchange at a reasonable cost. At that point Moneychangers additionally offer currency exchange yet with a charge. The best choice in the present time is online Forex sites. You'll get a fair exchange deal for money and the advantage of Forex card too. If you want to try currency exchange online , at that point you can sign on to Bookmyforex.com and get foreign currency on BookMyForex on live and best rates. The site offers also gives you a more benefits for exchange with best rate alternatives that change as per the market situation. Best Ways To Exchange Currency Online Considering where is the best currency exchange near you, at that point you don't need to travel go for exchange. It's simpler to exchange currency through an online webpage Bookmyforex.com. The site has collaborated with more than 5000+ Banks and Moneychangers. It delivers Forex exchange in more than 650 areas crosswise over India. The procedure is simpler and it takes around twenty-four hours to get your currency exchanged. Cash trade has never been such a simpler errand. The site likewise offers included highlights with cash trade. The Reasonable Rate Alternative Bookmyforex.com refreshes the Forex rates after every three seconds. It considers the fluctuations in rates giving you the best possible to pick the most ideal rate. With this choice, you can freeze the rates for three days. After paying a upfront charge of 2% lock the lowest possible rate. You can buy foreign currency on BookMyForex at a similar rate. It additionally gives you an alternative to set a notification alert. You have to set your ideal rate alert on the site. In the event that your ideal rate matches the rate on site, you'll get an instant notification and this is the best way to save your money and effort. The Forex Card If you want to use a credit card on your foreign trips. Consider Forex card as it preloads the money of that spot. Forex exchange is simpler with a Forex card as you can load the accurate amount of money you need. Likewise, you can reload the money if there is no balance on your card. Forex card is also called a traveler's card or prepaid card. At that point you additionally have a choice of a traveler's cheque. It is given in the currency of the place you are visiting. You can encash it or likewise use it for any purchase you made. Buy Forex card is the most flexible option if you are planning to go on a holiday abroad. The Best Deals On Currency Exchange, Thinking about what might be the best alternative for currency exchange. Then it is best way to login to Bookmyforex.com. Apart from money exchange gives, you additionally get best customer support. On the off chance that you are left with any issues, you can contact the team. Nowadays digital system is booming, so it is smarter to exploit it in the correct manner. Online Forex exchange is not only the feasible way but also a cheap. You'll save money exchange charges and expenses. Buy Forex exchange is not a hassle anymore; you can do it in no time.
While I am writing this today,on 9th Sep 2018, a litre of petrol now costs Rs. 80.50 in New Delhi, Rs. 83.39 in Kolkata, Rs. 87.89 in Mumbai, and Rs. 83.66 in Chennai, according to IOC's website. A litre of diesel costs Rs. 72.61 in New Delhi - the highest ever. In Kolkata, diesel is priced at Rs. 75.46/ litre, in Mumbai Rs. 77.09/ litre, and Rs. 76.75/ litre in Chennai. Some are cursing the Govt. and saying that same people protested against rising prices when they were in opposition and during UPA there was not too much price hike even when crude oil prices increased exponentially. Correct folks!! but what were the conditions that make both protest two completely different scenario..here we do mistake in checking it. There are some points which are to be considered before starting this blame game. Blame no.1: Price hike was not as much by UPA even if the Global Oil prices were rising. Fact: Manmohan Singh lead UPA Govt. wanted to have lesser impact of rising crude oil prices on common people so they did two things: (a) Raised almost 1.44 lakh crore rupees in terms Oil bonds to majorly bypass the impact of increasing crude oil prices and to lower the losses of oil companies (b) modest increase of 3-5 Rs in Petrol/Diesel prices. Even ex PM Manmohan Singh said that they are not doing right thing as someone has to repay the bonds.This is what PM Dr. Manmohan Singh said in his address to the nation on Jun 4, 2008. "My Fellow Citizens, I know that the price increases we have had to announce today will not be popular, even though they are only modest. You must remember that the Government is bearing the burden of issuing oil bonds. Our oil companies are making a large sacrifice and are under severe stress. However, I would like the nation to remember that issuing bonds and loading deficits on oil companies is not a permanent solution to this problem. ***We are only passing on our burden to our children who will have to repay this debt.***Cutting down on the returns of our oil companies will choke a sector vital for the growth of the economy. We need more corrective measures in future on many fronts. In the long term, our country must have a sound strategy for energy security." Link: Prime Minister of India - Dr. Manmohan Singh May be they issued these oil bonds as as burden on the country as they knew that they are not going to pay this enromous amount as they were not going to re-elected being the most corrupted Govt, the country has ever seen. Same money has been repaid by PM Narendra Modi led NDA Govt along with interest of 70K Crore that too from the foreign reserves of this Govt. During NDA one year central excise collection is almost 2-3 lakh crore so almost an year tax collection has been used for repayment of oil bonds. The strict spending and zero corruption of Modi government enabled this. link: Govt repaid over Rs 2 lakh cr on account of oil bonds taken: Pradhan Blame no.2: Govt. didn't passed benefit of reduced crude oil prices to consumers instead it increased Central Excise & State VAT. Fact: Crude Oil prices fell considerably after 2014 but Govt. didn't passed this benefit to common people as it wanted to inculcate the habit of financial discipline in economy. Govt. used additional tax collection from Cebtral Excise wisely to fuel it's Capital intensive projects to Sagarmala (Port), Bharatmala (Roads) and to boost Waterways and Airport connectivity. Along with this various social-securiy schemes were running be it PMJJY, PMSBY, Ujjwala Yojana (Free LPG connection to poor families) which already marked 5 Cr beneficiary, Ujala (LED distribution) which marked almost 30 Cr LED bulbs (upto 9th September 2018) distributed resulted in savings of 16000 Cr savings and reduced peak load demand, Jan-dhan account for financial inclusion of every household, PM Jan-Aushadi Kendra where one can purchase generic medicine instead of branded high value medicines and last but not the least 'AysushMaan Bharat' which will be milstone in healthcare as it will provide Medi-claim facility up to 5 lakhs for 50 Cr people of poor households. So ultimately the benefit of reduced crude oil prices passed to the person who is standing in the last line...the real execution of 'Antyodaya Concept' by Pandit Deen dayal Upadhyaya. Blame no.3: Same people who were protesting earlier for increased oil prices are now in Govt and not saying anything.. hypocrisy?? Fact: When I say that this Govt. is inculcating financial discipline in the ecomomy, there are reasons. While there is too much investment by the Govt in new Capital intensive and social security schemes along with running old schemes like MANREGA and food security scheme which act as a big subsidy based schemes, India Current Account Deficit (CAD) has decreased instead of increasing. Currently CAD is in the range of 2-3% of GDP during NDA compared to nearly 4-5% of GDP during UPA. Isn't it a good thing? Here Govt. shown that how to use favorable situations for benefit of the country. UPA OR NDA: Who's better for the economy? - Times of India UPA govt were having high deficit, unpaid oil bonds, gulped over 20 Lakh crore rupees in Scams ( Coal Scam was itself around 10 lakh crore) and they doomed the economy, this is how it is different from the protest of opposition at that time. All things are in India's favour be it inflation, FDI, Forex reserves, GDP as on today except falling Rupee which is due to US-China trade war and Increasing Crude Oil prices, over which Govt should take some serious actions. Do you want a Govt which gives you subsidies in terms of freebies and at the backdoor it takes away all the benefits in terms of increased financial burden of fiscal deficit and ultimately putting interest burden on Indian govt to repay it ? This is the real question. Is it your money going to scams like previous one?, NO, it is returning to the society ultimately!! This Govt is doing what it right for the country and not for appeasing people for vote bank politics. As 2019 will come near people will try their best to defame the good work by false allegations. Don't be a fool, use your rationality, analyse the conditions before accepting the allegations as it is.
Forex trade India defined as trading in foreign currency. Investors invest to take advantage of currency trading in the short and medium term. Indian exchanges like NSE, BSE, MCX-SX trade forex and forex trade India is legal, only if it is through registered Indian forex brokers. The main currency pairs are EURINR, USDINR, JPYINR and GBPINR. You can also trade with the help of brokers but they should have membership in mentioned exchanges.
How Does Forex Trading from India Work?
Forex trading is the same as equity trading. In forex trading exchange rate matters but in equity trading rate of shares matters. Further, investors can buy or sell their currency pair as per movement in currencies.
Some Examples To Understand Forex Trade India clearly:
Let’s take the dollar if you want to take the benefit of the growing dollar. You have to buy USDINR contract on the exchange at the present price. If the price of dollar increases then you can sell it to take the profit but if you sell it in decreased value then you lose some of your invested money.
An investor can square off their position whenever they want during the period of the contract. By selling currency future contract investor can short close their position.
The investor can take a similarly short and long position in EURINR, JYPINR or GBPINR.
Foreign currency trading is done with registered Indian brokers. The most common exchanges are the NSE (National Stock Exchange) and MCX-SX (Multi-Commodity Exchange). COMEX is used as regulators at the international level exchange. RBI and SEBI regulate currency market.
Some of the best Forex brokers:
SBI FX Trade
Risk In Forex Trading
Forex trade in India may not suit everyone and carries a high-level risk. Before investing in forex trading you should know your risk-carrying capacity, investment objectives and level of experience. If you are interested in forex trading then you should take advice from a financial advisor.
How Are Currency Prices Determined?
Various political and economic conditions are responsible for the change in currency prices. But, apart from these, international trade, interest rates, political stability and inflation are also responsible for currency prices. Many times governments also participate in the foreign exchange market to affect the value of their currency. They do this by lower or raise the price of their domestic market. These factors are highly responsible for currency prices. Must Read:SMALL FINANCE BANK IN INDIA Therefore if you know your objectives then you can make money by forex trade in India. Some examples of hard currencies are – the Euro, the US Dollar, the Japanese Yen, and the Pound. The central bank of the country like Federal Reserve Bank of US, Reserve Bank of India etc. issues the currency for every country. Some investors have a myth that only the US dollar in the base currency in currency trading. But it is not necessary you can use any currency as the base currency. So the investors who are looking for forex trade India should know their aims and then only invest in this.
Forex trading is the simultaneous buying of one currency and selling of another… Read more
Before trading currencies, an investor has to understand the basic terminology of the forex market… Read more
Fundamental analysis is the study of the overall economic, financial, political… Read more
Technical analysis is the study of prices over time, with charts being the primary tool… Read more
The term ‘trend’ describes the current direction of the financial instrument… Read more
What is a Technical Indicator
Technical Indicators are a result of mathematical calculations/algorithms… Read more
As an investment, gold is the most popular of the precious metals… Read more
A market order is an order to open a buy or sell position at… Read more We complete our education centre with a breakdown of Gold Trading and details of the different Order Types. You can also review our glossary to find brief definitions of various trading and financial terms you may encounter. Once you have familiarised yourself with the information and concepts, you can open a Demo Trading Account to practice what you have learnt and build on your knowledge and understanding of how to trade successfully. Treat your demo account as you would your real account. Aprender a operar con Forex | Lernen Sie Forex zu handeln
What is Forex? Think the stock market is huge? Think again. Learn about the LARGEST financial market in the world and how to trade in it.
What Is Forex?Learn about this massively huge financial market where fiat currencies are traded.
What Is Traded In Forex?Currencies are the name of the game. Yes, you can buy and sell currencies against each other as a short-term trade, long-term investment, or something in-between.
Buying And Selling Currency PairsThe first thing that you need to know about forex trading is that currencies are traded in pairs; you can’t buy or sell a currency without another.
Know Your Forex History!If it wasn’t for the Bretton Woods System (and the great Al Gore), there would be no retail forex trading! Time to brush up on your history!
When Can You Trade Forex? Now that you know who participates in the forex market, it’s time to learn when you can trade!
Forex Trading SessionsJust because the forex market is open 24 hours a day doesn’t mean it’s always active! See how the forex market is broken up into four major trading sessions and which ones provides the most opportunities.
When Can You Trade Forex: Tokyo SessionGodzilla, Nintendo, and sushi! What’s not to like about Tokyo?!? The Tokyo session is sometimes referred to as the Asian session, which is also the session where we start fresh every day!
When Can You Trade Forex: London SessionNot only is London the home of Big Ben, David Beckham, and the Queen, but it’s also considered the forex capital of the world–raking in about 30% of all forex transactions every day!
When Can You Trade Forex: New York SessionNew York baby! The concrete jungle where forex dreams are made of! Just like Asia and Europe, the U.S. is considered one of the top financial centers in the world, so it definitely sees its fair share of action–and then some!
Types of Forex Orders“Would you like pips with that?” Okay, not that type of order, but buying and selling currencies can be just as simple with a little practice.
Demo Trade Your Way to SuccessCurrency market behavior is constantly evolving. Trade on demo first to get a lot of the rookie mistakes out of the way before risking live capital. There are no take-backs in the real market.
Forex Trading is NOT a Get-Rich-Quick SchemeWhile possible if you’re a trading genius with ice in your veins and you’re luckier than a lottery winner, building wealth through trading takes time and practice to build the skills and experience needed to be successful.
Just Some Benefits of Forex Trading are 1. Largest Financial Market. The foreign exchange (forex) market is the largest financial market in the world, and it's not going to cede that title anytime soon. It's not hard to see why the forex market is used as a snapshot of global trade and economic activity. On average, between $4 and 5 trillion (yes, that's trillion with a T) is traded daily ... Risk Warning: Trading leveraged products such as Forex and CFDs may not be suitable for all investors as they carry a high degree of risk to your capital. Trading such products is risky and you may lose all of your invested capital. Before deciding to trade, please ensure that you understand the risks involved, taking into account your investment objectives and level of experience. As you already know FX trading is illegal for trading from India for non-INR pairs. Also margin trading with non sebi registered entities is also illegal. Thousands if not Lacs of traders however trade in Forex from India. This is because sending ... Have The Benefits Of Forex Trading Brokers In India. June 23, 2020 No Comments. There are lots of trading signs on the market, and occasionally, you need to pay cash for signs to be custom. Market Order: This is a pretty trading arrangement type. They can supply live and standard Forex accounts together with accounts that encourage leveraging. No matter how Forex trading could be, several ... The following mentioned are few benefits of forex trading and the benefits of foreign exchange. 1. Flexibility in trading: Foreign Exchange Market provides a lot of flexibility to the traders and businessmen with respect to trading goods and services. There is no restriction or limit on how much currency to be used for trading. Also, there aren’t too many regulations and rules in the market ... Now it’s the time to know the major Advantages of Forex Trading and some of the top Forex Trading Benefits. Here we would be talking about 10 most important advantages that encourage traders to trade forex in the spot market. So let’s jump to the topic. Forex Trading Benefits: Here's the list of Benefits that you may get while trading forex. This list has been prepared by keeping in mind ... Currency trading in India now has many takers. Even individual investors are now looking at currency trading to invest their money in. Online currency trading is seeing a boom. Here are some benefits of currency trading. Trading for 24 hours As you trade in international currencies, the market is open till 5 pm. Hedging But first, let us analyse the benefits of Currency trading in India. Benefits: Hedging: Hedging is a way of reducing your losses in the light of unexpected movement in the price of currency pairs. For instance, if you have a payment to make in USD and you think that USD-INR is going to depreciate, you can hedge your forex exposure by purchasing USD-INR and that will fix your payout rate ... Benefits of iForex Brokerage ... Click here to check eligibility for iforex account. How to Do Forex Trading in India. Forex trading can be done either by buying and selling currency pairs or by purchasing derivatives such as options and futures. Both of which is quite similar to equity trading. #1. Buying and Selling . In simple buying and selling currency pairs, you are long on the pair with ... Forex is just an acronym for foreign exchange and can be lucrative enough if you invest in it wisely. While you can use the forex borderless prepaid card when you travel to foreign countries, you can also take part in forex trading to multiply your savings. More than futures or stocks, forex trading in India can offer you ample advantages. Let us take a look at these benefits:
A Day In The Life of a FOREX TRADER ($4K PROFIT) - YouTube
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