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    India ought to pull out all stops to help Lanka

    Sri Lanka is on its knees. The nation has defaulted on its overseas bank loan repayments, and virtually run out of each vital commodity — meals, medicines, and gasoline. Its young children intermittently show up at college even though their people wrestle to endure the day. Even the country’s agriculture is impaired by an sick-thought shift to ban the use of chemical fertilisers in 2021. In scenes reminiscent of the People’s Revolution of 1986 in the Philippines and the 2011 Egyptian Revolution, mass protests by Sri Lankans have pressured their Prime Minister, Mahinda Rajapaksa, to resign from place of work his brother, President Gotabaya Rajapaksa has promised to do so…

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    RBI measures in to strengthen foreign exchange inflows, stem rupee weak spot

    In the backdrop of international uncertainty and the continuing weakness of the rupee from the US greenback, the Reserve Financial institution of India on Wednesday unleashed a slew of measures to raise currency trading inflows by stress-free norms for deposits by non-resident Indians, investments by international portfolio buyers and enabling exterior commercial borrowings. The RBI has doubled the limit underneath the automatic route for ECBs from $750 million for every financial yr to $1.5 billion. in a bid to motivate firms to raise income as a result of this route. Other measures Other steps contain an exemption to banking institutions from Funds Reserve Ratio and Statutory Liquidity Ratio on all International Forex…

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    ITC’s direct forex earnings jump 47 per cent at ₹9,779 crore in FY22

    Diversified conglomerate ITC Ltd clocked 47 per cent jump in direct foreign exchange earnings at ₹9,779 crore in FY22 compared with ₹4,600 crore in FY21, driven mainly by exports of agri-commodities and FMCG products, including foods and stationery products. Exports contributed to nearly 16 per cent of the company’s total turnover in FY22, up 11 per cent from ₹59,745 crore in FY21. The PLI scheme is expected to provide further fillip to exports of ITC’s products across biscuits & cakes, snacks, dairy and ready-to-eat categories. ITC continues to explore opportunities in proximal markets as a potential vector of growth going forward, the company said in its annual report. Foreign exchange…