Islamabad, March 24 (IANS) If the war in Iran does not end quickly, it could give the most devastating shock to Pakistan’s economy in the living memory, a report has stated. Pakistan remains most exposed to the war’s evolving fallout and its economy faces several fault lines considering that it imports majority of its fuel and food from West Asia and relies heavily on the remittances from Gulf. “The country’s misfortune is compounded by timing. This is not an economy facing a shock from a posi…
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New Delhi, March 24 (IANS) The security agencies are closely monitoring online chatter by terror operatives and their sympathisers as the states of Tamil Nadu and Kerala get ready for elections.Intelligence inputs suggest that plans are afloat by sympathisers of the banned Popular Front of India (PFI) and those linked to the Islamic State, to try and disrupt the elections.The agencies say that sympathisers and cadres of both the PFI and Islamic State are working closely to undertake a strike in …
New Delhi, March 23 (IANS) In view of the evolving geopolitical situation due to the Iran war and its implications for maritime trade, the Centre has decided to restore the rates and value caps under the Remission of Duties and Taxes on Exported Products (RoDTEP) scheme for all eligible export products with effect from March 23, according to a statement issued by the Ministry of Commerce and Industry on Monday. This step is intended to provide timely support to Indian exporters facing elevated f…
New Delhi, March 23 (IANS) Gold and silver prices plummeted further on Monday, over profit‑taking, a stronger US dollar and rising real yields.MCX gold April futures lost 6.91 per cent to Rs 1,34,506 per 10 grams around 3.30 pm on an intraday basis. Meanwhile, MCX silver May futures declined 8.84 per cent to Rs 2,06,716 per kg.Analysts said that the sharp selloff has wiped off roughly $2 trillion in market value within hours, due to strong profit booking.The US dollar strengthened 0.45 per cen…
New Delhi, March 23 (IANS) Prime Minister Narendra Modi on Monday stated that the government is working to ensure uninterrupted oil and gas supplies amid the conflict in West Asia, while emphasising that India has diversified its energy imports, unlike in previous instances, and will continue sourcing from wherever possible.Initially, India imported energy needs such as crude oil, LNG, and LPG from 27 countries. Now, it imports energy from 41 countries.The Prime Minister, addressing the Lok Sabh…
Tehran, March 23 (IANS) Iran’s Foreign Ministry said that the Strait of Hormuz is not blocked and navigation continues in the waterway, with necessary measures being taken due to wartime conditions.In a statement elaborating on Iran’s positions amid ongoing US and Israeli attacks, the ministry said that Iran has always respected the freedom of navigation and maritime security and safety, adding that it has worked to uphold those principles over the years, Xinhua news agency reported.The ministry…
Washington, March 22 (IANS) India’s economic momentum is facing a fresh strain as the ongoing US-Israeli war on Iran disrupts its deep-rooted ties with the Gulf, a key pillar of trade, energy supplies, and remittances, according to a New York Times report.Only weeks ago, India appeared well placed among major economies, with strong growth, stable inflation, and robust reserves. But its growing economic integration with the Gulf — long seen as an advantage — is now emerging as a vulnerability…
New Delhi, March 22 (IANS) India’s stance on the ongoing US-Israel operations against Iran demonstrates pragmatism instead of a muted, passive response as it neither limits New Delhi’s prospects for engagement in the Middle East nor damages its ties with partners in the region, as per a report. Post-Cold War, India has made some pragmatic adjustments in its diplomatic approach towards West Asia. Under the Prime Minister Atal Bihari Vajpayee-led government, India started a strategic de-hyphenatio…
New Delhi, March 22 (IANS) Prime Minister Narendra Modi will chair a high-level meeting in the evening on Sunday to review the situation related to petroleum products, crude oil, power, and fertiliser sectors against the backdrop of the evolving situation in West Asia, according to reliable sources. The meeting, which will be attended by senior ministers, will focus on ensuring uninterrupted supply, stable logistics and efficient distribution of petroleum products across the country.The governme…
Seoul, March 21 (IANS) South Korea is in close talks with countries, including Iran, to ensure a swift normalisation of the Strait of Hormuz after Tehran said it is ready to allow Japan-bound vessels to pass through the sea route virtually closed in the wake of the Middle East crisis, a foreign ministry official said on Saturday.”The government is closely monitoring developments in the Middle East while exploring ways to protect our citizens and secure energy transport routes,” the official said…