Economy

J&K: SherKashmir University introduces hail net system to protect high-density apples
Asia, Economy

J&K: SherKashmir University introduces hail net system to protect high-density apples

In the Indian union territory of Jammu and Kashmir, the scientists of Sher-e-Kashmir University of Agricultural Sciences and Technology (SKUAST) have introduced the 'Hail Net System' to protect high-density apples.The scientists and experts took another developmental step in the shape of introducing the Hail Net System aimed to protect the high-density apples."Hail Net System consists of support structure and plants and drip for every. These are the three basic principles necessary for every setup," Dr Khalid Mushtaq, Head Division of Fruit Sciences, SKUAST said.“This new system protects the orchards from the extreme climatic conditions and birds in the Union Territory. Anti-hail nets being used to protect the crop from damage caused by hailstorms. Also, it helps in saving crops from birds...
COVID-19 outbreak: J&K’s admin provides jobs under MGNREGA to villagers near border areas
Economy

COVID-19 outbreak: J&K’s admin provides jobs under MGNREGA to villagers near border areas

In India’s union territory of Jammu and Kashmir, the Department of Rural Development is providing jobs to people of Panjgrain block in Rajouri District who were facing problems in getting employment due to the coronavirus pandemic.There are 11 panchayats in Panjgrain block, out of which eight are along the India-Pakistan border.The jobs are being provided under Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) scheme and it is benefiting daily wage labourers during the coronavirus induced lockdown.Naureen Choudhary, Block Development Office (BDO) of the area, said her department is trying to come up with more work during the COVID-19 pandemic to help the locals sustain themselves in the absence of other employment options.“We have done a lot of work in border areas. We are t...
Sericulture in J&K to get boost with new silk weaving factory
Economy

Sericulture in J&K to get boost with new silk weaving factory

In order to give sericulture in Jammu and Kashmir a boost, the government of India has installed new silk weaving and silk filatures factories at Bari Brahmana area of Samba district.Equipped with modern machinery and equipment, the new facilities have been established with project cost of Rs 16.80 crore and Rs 6.64 crore respectively in a record time of two years.The Principal Secretary of Industries and Commerce, Jammu & Kashmir, Manoj Dwivedi said that with the establishment of these units, work ranging from the treatment of cocoons to the production of silk and designing of finished fabrics like sarees, everything can be done at one place from now onwards.The silk filatures and silk weaving factory has already produced 4,60,000 meters of silk fabric and it is estimated that in futu...
Pakistan’s Defence Housing Authority Bahawalpur, three business groups sign MoUs
Economy

Pakistan’s Defence Housing Authority Bahawalpur, three business groups sign MoUs

Pakistan’s Defence Housing Authority (DHA) Bahawalpur has signed MoUs with three renowned business groups in order to build premier and smart residencies for the people of Bahawalpur city.MoUs were signed with PACE Pakistan (Pvt) Ltd, for construction of modern shopping mall and affordable housing units in DHA Bahawalpur; Delta Centauri Real Estate Development, for establishment of theme park and signature villas; and SOLIS Energy Solutions, for provision of green and clean energy solution including smart metering.At the occasion, General Officer Commanding 35 Div, Major General Muhammad Ejaz Mirza said that the MoUs will add customer confidence and “will surely add further colors to the canvas of DHA Bahawalpur”.Welcoming the guests, Project Director DHA, Brig Muhammad Usman said that 21s...
Pakistan promoting anti-India propaganda to distract its citizens from mishandling of COVID-19, economy: Expert
Economy

Pakistan promoting anti-India propaganda to distract its citizens from mishandling of COVID-19, economy: Expert

Despite a significantly improved security situation and dip in terror attacks in Jammu and Kashmir, following the abrogation of Article 370 on August 5 last year, Pakistan continues its propaganda and anti-Indian vitriol, according to The National Interest.Michael Rubin, a resident scholar at the American Enterprise Institute, in an article explains how Pakistan Prime Minister Imran Khan has issued a directive to the press for describing Kashmir, Pakistani journalists, risk their employment if they do not use their government's nomenclature regarding Kashmir and forcing them to wear black solidarity armbands. The journalists are forced to term India's actions in Kashmir as "demographic apartheid" and "military siege" instead of "lockdown." Distracting its people from mishandling of COVID-1...
Pakistan saw highest inflation in the world during 2020: SBP
Economy

Pakistan saw highest inflation in the world during 2020: SBP

The State Bank of Pakistan (SBP) has said that fiscal year 2020 was the worst year for Pakistani citizens as they witnessed highest inflation in the world forcing policy makers to increase interest rate.“Pakistan witnessed highest inflation not only in comparison with the developed economies but also with emerging economies,” said the Inflation Monitor for April issued by SBP.The Bank pushed up its interest rates to cool down the inflationary pressure during the fiscal year but high rates proved counterproductive as they further increased inflation while the private sector stopped borrowing costly money hampering industrial growth and services.January witnessed 12-year high inflation at 14.6 per cent. In response to the rising prices, the SBP rose the interest rates to 13.25pc.However, wit...
Indonesia warns unemployment could hit decade-high due to coronavirus pandemic
Economy

Indonesia warns unemployment could hit decade-high due to coronavirus pandemic

Indonesian ministers on Monday warned that the country’s unemployment rate could hit the highest in more than a decade this year due to the coronavirus pandemic, with four million to 5.5 million people losing their jobs this year.Planning Minister Suharso Monoarfa told a parliamentary hearing on Monday that four million to 5.5 million people could lose their jobs this year, pushing the unemployment rate up to 8.1-9.2 per cent, versus 5.28 per cent in 2019.“The unemployment rate may remain between 7.7 per cent and 9.1 per cent in 2021”, he said.The forecast is still more conservative than that of Indonesia's chamber of commerce and industry, whose chairman expects new rounds of layoffs by August on top of an estimated 6.4 million jobs shed so far.“The number of people living below the pover...
China factory activity expands at slower rate as global slump drags on growth
Economy

China factory activity expands at slower rate as global slump drags on growth

Factory activity in China took a big hit as official data showed that the industry expanded at a slower pace in May as the country attempts to get back on track after the coronavirus.China's factories have stirred back to life after the lifting of strict lockdown measures imposed when the virus surfaced in Wuhan, but the spread of coronavirus worldwide has dragged down key foreign markets - weighing heavily on Chinese exports.The Purchasing Managers' Index (PMI), a key gauge of activity in China's factories, was at 50.6 points in May, remaining above the 50-point mark separating growth from contraction each month.But the figure was down slightly from 50.8 the month before, and 52.0 in March, according to the National Bureau of Statistics (NBS).“The epidemic situation and economic situation...
China will strengthen its policy, continue to lower lending rates: Central Bank Governor
Economy

China will strengthen its policy, continue to lower lending rates: Central Bank Governor

Central bank Governor Yi Gang on Tuesday said that China will strengthen its economic policy and continue efforts to lower interest rates on loans, reinforcing expectations of further support measures to revive an economy ravaged by the coronavirus pandemic.In an interview published by the central bank, Yi said China's economic fundamentals are unchanged despite many uncertainties and reiterated that its current stance on monetary policy will be more flexible.“The People's Bank of China will use various monetary policy tools to maintain sufficient liquidity, and keep the annual growth rate of M2 money supply and social financing significantly higher than last year,” Yi said.“Since the virus outbreak, the central bank's policy measures, including bank reserve requirement cuts, relending, re...
China will strengthen its policy, continue to lower lending rates: Central Bank Governor
Economy

China will strengthen its policy, continue to lower lending rates: Central Bank Governor

Central bank Governor Yi Gang on Tuesday said that China will strengthen its economic policy and continue efforts to lower interest rates on loans, reinforcing expectations of further support measures to revive an economy ravaged by the coronavirus pandemic.In an interview published by the central bank, Yi said China's economic fundamentals are unchanged despite many uncertainties and reiterated that its current stance on monetary policy will be more flexible.“The People's Bank of China will use various monetary policy tools to maintain sufficient liquidity, and keep the annual growth rate of M2 money supply and social financing significantly higher than last year,” Yi said.“Since the virus outbreak, the central bank's policy measures, including bank reserve requirement cuts, relending, re...