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Sri Lanka 2024: Economic Outlook and Key Trends
Sri Lanka's economic performance in 2023 has been characterized by a number of challenges, including rising inflation, a depreciating currency, and dwindling foreign exchange reserves. The country has been negotiating a bailout package with the International Monetary Fund (IMF) to help address these issues.
Key Trends Shaping Sri Lanka's Economy in 2024
Top 5 FAQs and Answers Related to Sri Lanka 2024
Q1: What are the main economic challenges facing Sri Lanka in 2024? A1: The main economic challenges include rising inflation, currency depreciation, high debt levels, and a need for economic growth.
Q2: What is the status of the IMF bailout negotiations? A2: The IMF bailout negotiations are ongoing, and a deal is expected to be reached in the coming months.
Q3: How will the IMF bailout package affect Sri Lanka's economy? A3: The bailout package will provide financial assistance, but it also includes conditions such as austerity measures and structural reforms, which may have a significant impact on the economy.
Q4: What are the government's plans for controlling inflation? A4: The government has implemented measures such as raising interest rates and increasing the supply of goods, but further measures may be necessary in 2024.
Q5: What is the outlook for economic growth in 2024? A5: Economic growth in 2024 is expected to be modest, as the country focuses on addressing its economic challenges.
In a major announcement, Indian Finance Minister Nirmala Sitharaman states that public sector banks are profitable, signaling a shift from their previous loss-making position. In order to further boost this sector, PSU banks will be launching new products to aid in credit growth. Additionally, NABARD chairman asserts that cooperative banks will also undergo digitization by 2025, while RBI urges banks to reduce inoperative accounts in an effort to improve efficiency. The launch of a savings account for rural India by HDFC bank and Union Bank becoming the first major Indian bank to join PCAF for sustainability shows the crucial role banks play in the development of the country.
On November 30, gold prices in India witnessed a significant increase, with the price of 24-carat gold reaching Rs 78,270 per 10 grams and 22-carat gold at Rs 71,770 per 10 grams. The retail price of gold per gram represents the cost consumers pay for a single gram of gold, influenced by global economic conditions, geopolitical developments, and supply and demand dynamics. In India, the retail price is also impacted by additional factors like import duties, taxes, and currency exchange rates.
Russian company TMH, known for manufacturing locomotives and rail equipment, is looking to invest in India in order to balance the trade deficit between the two countries. In addition to manufacturing Vande Bharat coaches, they are also considering manufacturing other types of rolling stocks. This comes as a welcome move for India as the country continues to work towards reducing its trade deficit with Russia.
India's exports in the motorcycle and pharmaceutical industries have received a major boost in recent months. Despite facing below-expectation sales during the festive season, the motorcycle industry has seen a 5% increase in sales in November, with Bajaj Auto leading the way with a total of 4,21,640 units sold. On the other hand, India's pharma exports have surged, with the US and Europe being the key destinations. This growth has also led to the need for increased capacity at airports to accommodate the rising mobile exports from India.
After over a century since its establishment, Phoenix Mills Ltd has made their initial move into the stock market, with their headquarters in Mumbai, Maharashtra. The construction company has appointed DTS & Associates LLP as their auditors, with Atul Ruia as chairman and Bhavik Gala as the company secretary. With data and analysis sourced from reputable partners, the company advises caution and independent judgment in investment decisions.
iQOO 13 has finally been launched in India, offering high-end features at a relatively affordable price. The phone boasts the new Snapdragon 8 Elite chipset and a 6.82-inch 2K resolution LTPO AMOLED display with a fast refresh rate of 144Hz. Along with its impressive specs, the iQOO 13 also promises to receive 4 OS upgrades and 5 years of security updates. With its launch in India, iQOO is set to compete with other flagship devices in the market with its power-packed features and AI capabilities, helping it stand out from the crowd.
Popular comedian Vir Das has been announced as the newest face of footwear brand Hush Puppies. The announcement came just in time as Das became the first Indian to host the 52nd International Emmy Awards. With his wit and style, Das embodies the brand's playful and approachable image, making him the perfect fit for their comfortable and stylish shoes. The partnership between Hush Puppies and Vir Das is showcased in a humorous film, highlighting how the right pair of shoes can elevate any look.
As businesses strive to prioritize employee satisfaction and engagement, they are turning towards the Employee Net Promoter Score (eNPS) framework. This adaptation of the traditional NPS tool measures employee loyalty and satisfaction, providing insights for improving the employee experience. By addressing systemic issues identified through eNPS surveys, organizations can cultivate a supportive workplace culture that fosters trust, engagement, collaboration, and ultimately, productivity.
The stocks of major tobacco companies in India, including ITC Ltd., Godfrey Phillips Ltd., and VST Industries Ltd., saw a decline following reports of a potential 35% tax on sin goods under the Goods and Services Tax framework. This proposal, made by the Group of Ministers on GST rate rationalisation, could have a significant impact on sales and profits for tobacco manufacturers. However, it is just one part of a larger GST reform plan, including other recommendations for tax adjustments and the end of the compensation cess in 2026.
Skoda has entered the affordable SUV market in India with the launch of their latest offering, Kylaq. Priced at Rs 7.89 lakh, the SUV boasts a range of features that are sure to attract customers looking for a reliable and cost-effective option. With its official opening of bookings, Skoda is set to make a strong statement in the competitive SUV segment.