Saturday, January 14, 2023

Nothing to celebrate.

"Weakly inflation, measured by Sensitive Price Index (SPI), posted an increase of 31.75 percent for the combined income group on a year-on-year basis ending Jan 12 due to a massive surge in prices of both food and non-food items, according to data released by the Pakistan Bureau of Statistics." Dawn. In contrast, "India's retail inflation eased to 5.72 percent in December on an annual basis as against 5.88% in November, 2022." ET. "A 20kg wheat flour bag in Karachi touched the highest rate of (PKR) Rs 2,900," and "Onion prices in Islamabad stood at Rs 280 per kg." On a year-on-year basis onions have jumped by 437.21%, chicken by 80.51%, eggs by 61.63% and wheat flour by 56.11%. Prices of wheat flour in India seem much lower if bought online, pricee.com, and are slightly higher in stores. However, one US dollar buys PKR 228, xe.com, while 1 USD is worth just over INR 81, xe.com. So, in dollar terms, prices of wheat flour work out almost similar in both India and Pakistan. Pakistan's problem is that it suffered devastating floods in 2022, and so, such an enormous percentage rise in prices of basic food items must be unbearable for the poor. "Months after unprecedented floods ravaged Pakistan, vast swathes of cropland and villages remain under water, while nearly 10 million girls and boys remain in need of immediate lifesaving support." UNICEF. Foreign exchange reserves of Pakistan's central bank fell to $4.343 billion in the week ended 6 January. As a result, "Coupled with another $5.8 billion held by commercial banks, the nation has $10.2 billion in reserves - enough to pay for just three weeks of imports." The Siyasat. "India's forex reserves dropped by USD 1.268 billion to USD 561.583 billion for the week ended January 6, the Reserve Bank of India said ." ET. Business families are moving out of Pakistan. "Some of the families that run the largest conglomerates in the country have also been moving people." Dawn. "A lot of money has been moved or is in the process of being moved." To make things worse, an offshoot of the Taliban (originally created by Pakistan), calling itself the Tehreek-e-Taliban-e-Pakistan, wikipedia, has been attacking Pakistani police and security forces. "A group of heavily-armed militants from the Pakistani Taliban attacked a police station in the suburbs of restive northwestern city of Peshawar on Saturday (yesterday) and killed three policemen, including a senior police officer, authorities said." TOI. In India, 300 terrorists, 82 from Pakistan, 53 local residents and 170 unidentified, are active in Jammu & Kashmir, according to Lt Gen Upendra Dwivedi, General Officer-Commanding-in-Chief of the Northern Command. The Tribune. "With 18 million emigrants spread across the world, India has the biggest diaspora by a huge margin." TOI. The US detained 16,000 Indians on the Mexican border in 2022," and "According to the UN's refugee agency, over 82,000 Indians had sought asylum around the world." DH. Should we be happy that Pakistan is suffering? How do we explain 82,000 Indians seeking asylum in one year? Perhaps, just a matter of degree.

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