Barring size, it seems that the economies of India and Pakistan have a lot in common. Indias outsized economic clout is a product of its huge market, indigenous resources, political continuity and judicial strength. Over time, India has marketed itself as a jewel for global MNCs; thanks to being the only democratic country that boasts a billion-strong market. Now Indias $1.9 trillion economy is 7 times Pakistans (FY14:$260bn), but that corresponds to a similar population ratio.
The desperation to collect revenue is generally associated with the latter half of any given fiscal year. But, this year Finance Minister Ishaq Dar has shown it right from the start. Little else explains the governments desire to go for GIDC collection at uniform rates from every fertiliser company, regardless of their contractual positions.
Watch out Middle East; it seems like some competition is entering the global crude markets. The US Commerce Department has approved the export condensates - a type of ultra-light oil. To begin, two oil and gas companies have been granted the permission to export processed condensate.
The fields of Pakistan are changing into hues of gold as harvesting of the major staple crop, wheat, began in late March in Sindh. Harvest is presently on the verge of completion in the northern Punjab area. In a special report about Pakistan, Food and Agriculture Organisation (FAO) expects the countrys total wheat production to reach 25 million tons this year, somewhat above last years flooded, affected crop and the second best on record.
A couple of months ago when foreign flows started pouring in the country and the reserves jumped from a low of $8 billion to reach $14 billion in just five months, there were talks of a possible early exit from the IMF’s extended facility.
Self-praise is not always a bad thing if someone really has some achievements to show or a way forward to offer. It turns out that the Ministry of IT (MoIT) and Telecom’s recently released one-year performance report has some substance on both counts.
Furnace oil sales by oil marketing companies managed to recover after the government bailed out the power sector in June last year. The temporary pain relief for power sector improved furnace oil sales that accounts for around 50 percent of the total oil sales by the OMC sector.