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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.
Prime Minister Modi will visit Ayodhya on November 25 to take part in the official completion ceremony of the iconic Ram Temple, where he will be hoisting a 21-foot flag atop the temple. This coincides with the auspicious date of Ram Vivah Panchami in the Hindu calendar. The temple holds great significance not just for India, but for the world as PM Modi envisions it as a symbol of unity and harmony among all communities. The five-day ceremony will be led by scholars and Vedic priests and is expected to be a historic moment for Ayodhya as it opens its doors to global visitors.
India's retail inflation has hit an 8-year low in September at just 1.54%, largely due to a significant decline in food prices. This is a relief for consumers as the cost of living has decreased, and it is below the RBI's tolerance range of 2-6%, which is mandated to be maintained for more than three consecutive quarters. This indicates a positive trend in the Indian economy and could potentially impact RBI's monetary policy decisions.
With the seedings finalized for the BMIC 2025, the stage is set for an epic battle between eight South Korean and four Japanese teams against eight Indian squads in the highly anticipated BGMI International Cup. Representing Korea are experienced teams such as Dplus and Nongshim Redforce, while Japan's four teams will compete in India for the first time. This year's tournament will also determine two direct slots to the PMGC 2025, building up excitement for the ultimate showdown. With TalkEsport as the top destination for esports news and coverage, this is a competition not to be missed.
The National Medical Commission (NMC) has granted permission to ESIC Medical College, Indore to start the MBBS course with 50 seats from the academic session 2025-26. This significant achievement is the result of relentless hard work, excellent coordination, and dedication of the college's institutional team. The college administration is confident that the commencement of the MBBS course will enhance access to high-quality medical education and healthcare in Indore, benefiting students, insured persons, and the general public. The college has already completed extensive preparations to meet world-class standards, including establishing new hostels, recruiting faculty, and setting up modern facilities like smart classrooms, digital libraries, and fully equipped laboratories. With this approval, the college is set to contribute to the improvement of India's unique cardiovascular risk profile.
Following the successful launch of the Windsor EV and the subsequent pre-booking offer of free fast charging for one year, JSW MG Motor has made changes to the initial terms and conditions. The original promise of providing unlimited free charging for a year has now been reduced to a cap of 1,000 units of electricity per car. This move has been met with criticism and disappointment from early adopters of the vehicle.
Dolby, known for its premium sound technology, is expanding its presence in India with the launch of five new cinemas. In an interview, Sameer Seth revealed that the brand's goal is to bring their immersive Dolby Cinema experience to more audiences across the country. These new screens, which will be a mix of metros and regional markets, will set a new benchmark for the moviegoing experience in India.
A federal judge ruled in favor of Google in its antitrust case, allowing the tech giant to keep Chrome and Android and maintain its agreement with Apple to be the default search engine on its devices. The ruling is good news for both Google and Apple, with the latter being able to continue receiving billions of dollars from Google while avoiding the challenge of finding a new default search provider. This decision also allows Apple to focus on other regulatory challenges and advancements in the tech industry.
Union Road Transport and Highways Minister Nitin Gadkari announced at the 20th FICCI Higher Education Summit that Electric Vehicle prices in India are expected to be at par with petrol-powered vehicles within the next four to six months. He also laid out ambitious goals for the sector, aiming to make India's automobile industry the number one in the world within five years. Additionally, he emphasized the importance of higher education and skill development for national progress, urging institutions to integrate innovative technologies into their curriculum for students to be equipped with the right education and skills.
In a historic meeting, India's External Affairs Minister S Jaishankar welcomes Afghanistan's Foreign Minister Amir Khan Muttaqi to discuss bilateral relations. As a first step in repairing ties with the Taliban, India announces the upgrade of its "technical mission" in Kabul to a full-fledged embassy. Both countries acknowledge the common threat of terrorism and commit to enhancing cooperation to combat it. The visit also marks India's support for the sovereignty and independence of Afghanistan and the Taliban's assurance to not use its territory against India.
Yes Bank's stock experiences a significant surge of 8.3%, reaching its 52-week high of 24.30 with a trading volume increase of 3.17 times. This positive momentum follows the allotment of 12,45,046 equity shares under the Employee Stock Ownership Plan (ESOP). Over the last 10 years, the stock has corrected 83% but has shown a positive return of 82% in the last five years. Currently, Yes Bank is trading above its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages.