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Sri Lanka Crisis: Lesson India Could Learn From Its Neighbor

Pooja YadavMay 14, 20220

If the primary lesson from Sri Lanka is about how politics can affect the economy, the second is about how flawed policy can affect an economy’s prospects. The country first came into the world’s reckoning within the 1950s when its policy was lauded for welfare programmes that included subsidized rice. Distributism seems to possess run sooner than what may well be guaranteed from domestic sources. It would function smart advice not just for the three Sri Lankan economists now tasked to require their country out of the crisis but also to the political class of India. As India’s economy has been growing many states including India have stepped up their welfare spending. Some have distributed bicycles for ladies et al television sets to families. While no variety of welfare needs

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Bangladesh Worries Falling Under Chinese Debt Trap Like Sri Lanka; Check Out Story Here!

Gunjan ChaudharyMay 14, 20220

The kind of economic crisis Sri Lanka is facing has raised concerns in Bangladesh as well. The common thing in Sri Lanka and Bangladesh is that both countries have taken loans from China. It is also one of the reasons behind the trouble Sri Lanka is in, its entanglement in the debt trap. China also has a large share of the total foreign debt on it. In view of the fears being expressed in Bangladesh's media and social media that a situation like Sri Lanka will arise here too, China has to issue an explanation. Dhaka based Chinese Ambassador Li Jiming spoke to reporters on Wednesday. During this, he made it clear that Bangladesh is not in any kind of debt trap. Earlier, the Chinese Ambassador met Bangladesh Foreign Minister AK Abdul Momin. This activism of the Chinese ambassador is bei...

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Contribution To Post-Disaster Sri Lanka: DMK’s House Of Representatives To Give One-Month Pay

Sayani ChakrabortyMay 9, 20220

Sri Lanka is going through a difficult period as a result of its socio-economic crises. As a result, in order to alleviate their predicament, DMK (Dravida Munnetra Kazhagam) members stated that they would pay one month's salary to the Sri Lankan chief minister's fund. As of Thursday, DMK President M K Stalin said that members of the ruling party's House of Representatives will be giving their one-month pay to help the Sri Lankan people in their time of need. According to the report, all of the DMK's members of Parliament, including those in the Lok Sabha and the Rajya Sabha, would contribute to this beneficial measure. This call for support comes from the Chief Minister of Tamil Nadu and President of the DMK, despite the fact that the party has already been informed that it would...

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Read How Venezuela And Sri Lanka Ruined Themselves; What India Should Learn From This?

Gunjan ChaudharyMay 7, 20220

News of the economic crisis in Sri Lanka has sparked a new debate against freebies in the country. The Sri Lankan government had taken steps such as cutting taxes for all and distributing various free goods and services. As a result, the heavy burden on its economy led to the downfall of the economy. The already heavily indebted country was left with no option but to default. In the context of this development, now a debate has started on the issue of free goods and services being provided by Indian states. Freebies are becoming an integral part of Indian politics. Whether it is in the form of a promise to woo voters in the elections or in the form of free facilities to remain in power. This is the reason that at the time of elections, such expectations are being expressed by the peo...

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Sri Lanka Crisis: Can Economic Relief Packages Without Political Reform Solve Problem?

Pooja YadavApril 26, 20220

As negotiators from the International fund try and talk of a bailout for the Democratic Socialist Republic of Sri Lanka at talks in Washington, they’ll little doubt press the requirement for stringent economic reforms. Any such rescue action will ultimately fail unless political changes are made, too. Politics helped create the country’s current crisis. An earlier government led by then-president Mahinda Rajapaksa borrowed heavily from China et al. to finance ambitious infrastructure projects, saddling states with unsustainable debts. His brother, former defence secretary Gotabaya Rajapaksa, then swept to power in 2019 and packed the govt. With cronies and relatives, including Mahinda Rajapaksa as prime minister and another brother as minister. In the subsequent year, the preside...

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Why There Is Discussion Of Finance Minister Nirmala Sitharaman In Sri Lanka? Let’s Find Out!

Gunjan ChaudharyApril 22, 20220

Sri Lanka is going through an economic crisis and its Forex is completely exhausted. Inflation has made everyone's life difficult. Fuels like petrol and diesel have been at their peak. The government does not have enough foreign exchange even to buy from outside. LPG gas cylinder is at the cost of 4200 Sri Lankan rupees. The price of sugar has reached 240 Sri Lankan rupees. Rice has reached 220 and Milk Powder 1900 Sri Lankan rupees is being sold per kg. Sri Lanka has declared itself bankrupt. Now, while India is helping Sri Lanka in every way possible, China has asked not to give any concession regarding its debt. In Sri Lanka, there is a sudden discussion about India's Finance Minister Nirmala Sitharaman among people. People are saluting her. Now let us know what actually happen...

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Sri Lanka’s Poor Economic Plight And India’s Response

Sayani ChakrabortyApril 7, 20220

During the year 2020, the pandemic had a significant influence on tourism, which is Sri Lanka's most important source of foreign currency profits. This prevented it from continuing its business of importing or exporting services owing to the country's financial difficulties. A poor foreign exchange economy had resulted in significant shortages of paper and LPG in the nation, which had exacerbated the situation. Because Sri Lanka is primarily dependant on other countries for important commodities such as food, paper, lentils, pharmaceuticals, machineries, and other transportation equipment, the island was facing significant shortages of paper and LPG at the time of the shortage announcement. Sri Lanka owes more than $6 billion in foreign debt in dollars, the most bulk of which is ...

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Sri Lanka Crisis Deepens As 26 Cabinet Ministers Resigns; PM Rajapaksa Still In Power

Sonia SolankiApril 4, 20220

Sri Lanka's crisis is intensifying as the whole cabinet resigns amid the financial turmoil. But the PM Rajapaksa stays in power despite facing backlash and huge criticism from the common people. Lanka's crisis can be easily touted as one of the worst economic crises since its independence. Total 26 cabinet ministers resigns except the President Gotabaya Rajapaksa and the PM Mahinda Rajapaksa. In order to maintain the situation, communication facilities are barred like social media platforms, news media agencies etc. Though the restrictions were lifted later by the government. The Lanka Disaster One of the main causes of the disaster is the crumbling economy which led to the major fuel crisis in Lanka. As the crisis kept deepening with more and more shortage of fuel it led to power...

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Sri Lanka’s Economic Crisis Intensifies; Leads To Violence And Deaths In Protests

Sonia SolankiMarch 26, 20220

Sri Lanka's economic crisis is turning out to be a nightmare for its people. They are suffering and thus pleading for help from the government on the roads by protesting. The major factor that led to this magnum crisis is the shattering economy due to fuel shortage. It is the main culprit for the present situation. Sri Lanka's Fuel Crisis The fuel crisis is the main culprit that has led to power and food shortage. This is causing major chaos among the people as the day to day necessities are diminishing for them. People are forced to stand in queue for hours to get fuel and food. Shortage of rice, lentils, sugar and dairy is causing a state of panic among them. In the last two days, three people have died while waiting for their turn in queues at the fuel stations. Multiple...

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War in Ukraine crushed Sri Lanka’s economy

Our CorrespondentMarch 21, 20220

Russia's war in Ukraine has shocked the world and badly affected the global economy. Sri Lanka is currently facing its worst economic crisis since the country gained independence in 1948. Sri Lanka, hit by rising oil import costs and declining tourism revenues, is racing to avert a default amid dwindling foreign exchange holdings. Inflation is already the worst in Asia at 15%, with the conflict only making it harder for the tropical island off the southern tip of India. Fuel shortages and blackouts lasting up to seven hours have become a daily routine, while waits become longer at gas stations where prices have risen nearly 50% this month.   Officials are struggling to cope with the crisis. They have raised interest rates, devalued the local currency, and curbed...

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Sri Lanka Faces Fuel Crisis Amid Foreign Exchange Shortage Due To Pandemic

Sonia SolankiFebruary 23, 20220

Sri Lanka is going through a major fuel crisis at present. The main reason for the crisis is the shortage of foreign exchange to buy fuel. If reports are to be believed, Sri Lanka is left with 5-6 days of fuel only. The nation's economy hits the bottom due to the pandemic. Due to the pandemic, the travel and tourism industry was on halt. That brought a major shock to Lanka's economy, which is highly dependent on tourism. The losses that the country is facing in the last two years due to the pandemic stands at 14 billion dollars. Between July-September 2021 the economy shrinks by 1.5% as per the Central Bank reports. Not only this the Inflation rate also rose to 12.1% in the month of December. To cope with the losses, Sri Lanka has borrowed international sovereign bonds worth 12.5 bi...

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Sri Lanka Returns 3,000 Tonnes Of Garbage To Britain; Deets Inside!

Aditi priya singhFebruary 23, 20220

India's neighbour country Sri Lanka sent the last of several hundred containers filled with thousands of tonnes of illegally imported waste to Britain on Monday. Officials gave this information on Monday. Several Asian countries have been pushing against the onslaught of garbage from wealthy countries in recent years and have begun to return unwanted shipments. The waste from the United Kingdom (Britain) reached Sri Lanka between 2017 and 2019 and was listed as 'used mattresses and rugs' but in reality, this waste also contained the biowaste of the hospitals. According to customs officials, not only this biowaste but also included the body parts of the dead bodies kept in the mortuary. Let us tell you, About 3000 tonnes of garbage in 45 containers had not been cooled and some of ...

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