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Economic growth not enough to meet needs of rapidly growing population: Aurangzeb – SUCH TV

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Economic growth not enough to meet needs of rapidly growing population: Aurangzeb – SUCH TV



However, in an interview with USA Today, the finance czar pointed out that the economic growth of 2.7% in the previous fiscal year, though positive, is insufficient to absorb the needs of a rapidly growing population.

The minister said macroeconomic stability was opening new horizons for domestic and global investors, and positioning the country for sustainable, long-term economic growth.

He said this transition has been enabled by macroeconomic stabilisation, easing inflation and improved external balances, with the government driving export-led, productivity-based growth through structural reforms, sustaining reform momentum despite challenges, and actively encouraging global investment in emerging opportunities across agriculture, minerals, technology and climate resilience.

Aurangzeb highlighted that Pakistan has entered the fiscal year 2025 from a position of renewed strength, marked by macroeconomic stability, improving external balances, and a firm commitment to structural reform.

He noted that, for the first time in several years, Pakistan has achieved both a primary fiscal surplus and a current account surplus, signalling a decisive shift away from the cycle of recurring deficits. Strong remittance inflows have played a critical role in supporting this turnaround, while inflation has fallen sharply from a peak of 38% to single-digit levels.

Sustainable growth remains the central challenge

Senator Aurangzeb emphasised that while macroeconomic stabilisation is an essential foundation, sustainable growth remains the central challenge.

Drawing lessons from the past, he underlined that Pakistan is consciously moving away from a consumption-and debt-driven growth model towards an export-led strategy.

The current budget, he explained, reflects this shift through structural reforms in taxation, energy pricing, and state-owned enterprises, alongside far-reaching tariff reforms aimed at dismantling decades of protectionism and enhancing global competitiveness.

He highlighted that Pakistan is aligning its economic strategy with changing global demand patterns, identifying information technology services, textiles, and agricultural exports as key areas with strong potential.

He noted that IT exports have already crossed four billion US dollars and could double within five years with sustained regulatory clarity and infrastructure development.

Efforts are also underway to simplify tax regimes for exporters and reduce bureaucratic hurdles in order to foster long-term productivity and competitiveness.

Pakistan’s future hinges on challenges beyond fiscal numbers

Addressing the broader reform agenda, Finance Minister Aurangzeb stated that privatisation of state-owned enterprises, tariff liberalisation, and restructuring of the energy sector are designed to address deep-rooted inefficiencies that have historically strained public finances.

These reforms, he said, are part of a longer-term vision, echoing the World Bank’s assessment of Pakistan’s potential “East Asia moment.”

He referred to the ten-year Country Partnership Framework with the World Bank, the first of its kind, which places emphasis on economic reform alongside climate resilience and population management.

The federal minister also underscored that Pakistan’s future hinges on addressing existential challenges beyond fiscal indicators. Population growth, climate change, child stunting, learning poverty and the exclusion of girls from education were identified as critical issues that must be tackled to safeguard the country’s long-term productive capacity.

He stressed that increasing women’s participation in education and the workforce is both a social imperative and an economic necessity.

On climate resilience, he highlighted Pakistan’s engagement with multilateral partners to strengthen preparedness against increasingly frequent floods and droughts.

Discipline, consistency, and cooperation key to sustaining gains

While acknowledging the risks that remain, including global commodity price shocks, external debt pressures, and political uncertainty, Senator Aurangzeb reaffirmed the government’s commitment to staying the reform course despite geopolitical and domestic challenges.

He emphasised that discipline, consistency, and international cooperation remain central to safeguarding recent gains.

Highlighting opportunities for investors, the federal minister pointed to agriculture, minerals and mining, and the emerging digital economy as priority sectors.

He drew attention to Pakistan’s vast agricultural potential, the strategic importance of the Tethyan Copper Belt in Balochistan amid rising global demand for critical minerals, and the growing focus on data centres, artificial intelligence, and digital services.

He noted that regulatory frameworks are being updated to support innovation and encourage foreign investment, particularly from the United States, describing technological change as a major game-changer for Pakistan.

Towards the end, Senator Aurangzeb conveyed a clear message to the international community, inviting global investors and partners to engage with Pakistan through trade, investment, and collaboration.

Emphasising the country’s reform momentum, economic potential, and natural beauty, he reiterated that Pakistan is transitioning from a narrative of crisis management to one of opportunity and transformation, offering promising prospects for those willing to engage with a market on the cusp of sustainable growth.



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Ruble surges in 2025: Russian currency emerges as top performer against US dollar; why it’s a headache for its war economy – The Times of India

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Ruble surges in 2025: Russian currency emerges as top performer against US dollar; why it’s a headache for its war economy – The Times of India


The Russian currency Ruble emerged as the top-performing major currency against the US dollar this year, surging 45% since January. This unexpected strength caught Russian officials off guard and poses challenges for the country’s war-affected economy. The currency is now trading around 78 per dollar, similar to levels before Russia’s Ukraine invasion, as reported by Economic Times.The surge comes from several factors. Russians are buying less foreign currency due to international sanctions. High interest rates have also made ruble investments more attractive to locals. The central bank kept rates very high from October last year until June this year, before reducing them by 5 points to 16 per cent.This strong performance has exceeded government expectations, which predicted an average rate of 91.2 per dollar for the year. The ruble has stayed strong despite lower oil prices and new sanctions from the US and Europe. This strength is actually causing problems by reducing the value of export earnings when converted to rubles.The Bank of Russia has been supporting the currency by selling foreign currency, particularly yuan and gold, from the National Wellbeing Fund. This is helping offset declining energy revenues, with oil and gas income dropping 22% in the first 11 months of 2023.The ruble’s impressive performance puts it among the world’s top five performing assets this year, alongside precious metals like platinum, silver, palladium, and gold. Central Bank Governor Elvira Nabiullina sees this strength as helpful in fighting inflation, noting that its positive effects on prices haven’t yet peaked.



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Job seekers use AI for cover letters; employers turn to AI-led interviews — both are equally miserable, here’s why – The Times of India

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Job seekers use AI for cover letters; employers turn to AI-led interviews — both are equally miserable, here’s why – The Times of India


Turned to artificial intelligence (AI) to help you stand out during the job process, but got rejected in the first round? Or are you a hiring manager who relied on AI to frisk through applications to select the best candidate, but ended up with not what you quite envisioned?The answer lies in the approach itself. Relying on artificial intelliegnce for job application might be doing you more harm than good.The growing use of artificial intelligence in recruitment is reshaping how Americans search for work, just as the country’s labour market shows signs of slowing. From automated interviews to AI-written cover letters, technology is now a part of almost every stage of the hiring process. But is it working? In 2025, more than half of organisations surveyed by the Society for Human Resource Management reported using AI tools to recruit workers. At the same time, almost one-third of ChatGPT users turned to the OpenAI chatbot for help with job applications. Yet recent research indicates that candidates who rely on AI during the application process are actually less likely to be hired, even as employers struggle to cope with a flood of applications. “The ability (for companies) to select the best worker today may be worse due to AI,” Anais Galdin, a researcher at Dartmouth told CNN Business. Galdin and Jesse Silbert of Princeton University examined tens of thousands of cover letters submitted on Freelancer.com, a job listing platform and found that after the launch of ChatGPT in 2022, cover letters became longer and more polished. However, employers placed less importance on them, making it harder to distinguish strong candidates from the wider pool. As a result, hiring rates dropped, and so did average starting wages, CNN reported. “If we do nothing to make information flow better between workers and firms, then we might have an outcome that looks something like this,” Silbert said, referring to the study’s findings.

A negative cycle

As application volumes rise, companies are increasingly automating interviews as well.According to a survey by recruitment software firm Greenhouse conducted in October, 54% of US job seekers said they had taken part in an AI-led interview. While virtual interviews became common during the pandemic in 2020, many employers now use AI systems to conduct interviews, without necessarily removing subjectivity from hiring decisions. “Algorithms can copy and even magnify human biases,” said Djurre Holtrop, a researcher who studies the use of asynchronous video interviews, algorithms and large language models in hiring.“Every developer needs to be wary of that,” CNN cited the expert. Daniel Chait, chief executive of Greenhouse, said the growing use of AI by both applicants and employers has created a negative cycle. “Both sides are saying, ‘This is impossible, it’s not working, it’s getting worse,’” Chait told CNN.

What’s next?

Despite these concerns, adoption of the technology continues with one estimate projecting that the market for recruitment technology will grow to $3.1 billion by the end of this year. At the same time, resistance is mounting from lawmakers, labour groups and workers worried about discrimination. Liz Shuler, president of the AFL-CIO labour union, described AI-driven hiring as “unacceptable”. “AI systems rob workers of opportunities they’re qualified for based on criteria as arbitrary as names, zip codes, or even how often they smile,” Shuler said in a statement to CNN. Several US states, including California, Colorado and Illinois, are introducing new laws and regulations aimed at setting standards for the use of AI in hiring. However, a recent executive order signed by US President Donald Trump raised questions about the future of state-level oversight. Samuel Mitchell, a Chicago-based employment lawyer, said the order does not “preempt” state law but adds to the “ongoing uncertainty” around regulation. He added that existing anti-discrimination laws still apply, even when companies use AI systems, and legal challenges are already emerging. In a case supported by the American Civil Liberties Union, a deaf woman is suing HireVue, an AI-powered recruitment company, alleging that an automated interview failed to meet legal accessibility standards. HireVue denied the claim, telling CNN that its technology reduces bias through a “foundation of validated behavioral science”. Even with these challenges, more and more AI is getting hiring access. New tools have made resume screening more sophisticated, potentially helping some candidates who may have been overlooked. But for those who value personal interaction, the shift has been unsettling. Jared Looper, an IT project manager in Salt Lake City, Utah, who previously worked as a recruiter, recently underwent an AI-led interview during his job search. He described the experience as “cold”, and said he initially hung up when contacted by the automated system. Looper said he worries about job seekers who have yet to adapt to a hiring environment where appealing to algorithms has become essential. “Some great people are going to be left behind.”



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India-Nepal Trade Poised To Double In Next Five Years: Report

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India-Nepal Trade Poised To Double In Next Five Years: Report


New Delhi: Strengthening business linkages and sustained investment flows between India and Nepal are expected to drive bilateral trade into a new growth phase, with volumes likely to double by 2030, according to an article in Nepalese media.

Bilateral trade remains the most visible and measurable pillar of India–Nepal economic relations, reflecting both geographic proximity and deep-rooted interdependence. India accounts for over 64 per cent of Nepal’s total trade, underscoring its centrality to Nepal’s external economic engagement and supply chains. In FY 2024–25, total bilateral trade reached approximately USD 8.7 billion, reaffirming India’s position as Nepal’s largest trading partner by a wide margin.

India’s exports to Nepal stood at about USD 7.4 billion, dominated by petroleum products, machinery, vehicles, pharmaceuticals, food items, and construction materials, which are critical to Nepal’s consumption and infrastructure needs. Nepal’s exports to India, valued at nearly USD 1.3 billion, mainly include electricity, agricultural products, iron and steel items, and manufactured goods.

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This robust trade structure underscores both the extent of economic integration and the significant potential for diversification, value addition, and more balanced growth of Nepal’s export basket in the coming years. With growing business and investments, the trade trajectory is expected to enter a new phase, with bilateral trade doubling over the next five years, according to the article in the Nepal Aaja news portal.

The article also highlights that India–Nepal bilateral investments reflect a deepening economic partnership anchored in geographical proximity, historical trust, and growing strategic convergence. Indian companies constitute the largest source of foreign direct investment in Nepal, accounting for roughly 30–35 per cent of Nepal’s total FDI stock.

Cumulative Indian investment is estimated at USD 750–800 million, with operational investments of nearly USD 670 million spread across more than 150 Indian ventures. These investments span key sectors such as hydropower, manufacturing, banking, insurance, telecommunications, cement, tourism, education, and hospitality, making India a critical driver of Nepal’s industrialisation and services-sector expansion.

Indian public and private enterprises have played a particularly transformative role in Nepal’s hydropower sector by combining capital, technology, and assured power off-take arrangements, thereby strengthening Nepal’s energy security while creating long-term commercial returns for Indian firms. Indian banks and insurance companies have contributed to financial deepening and stability, while joint ventures in manufacturing and tourism have generated employment, skills, and local value addition.

This investment synergy is reinforced by India’s broader development partnership initiatives, which support infrastructure creation, cross-border connectivity, and capacity building, thereby lowering investment risks and enhancing economic integration. Together, investment flows and development finance are knitting the two economies into a closely interconnected economic space with shared long-term interests, the article points out.

Energy cooperation has emerged as a transformative pillar of India–Nepal relations, redefining Nepal’s role in the regional economy. Nepal possesses vast hydropower potential, estimated at over 40,000 MW of economically viable capacity. In recent years, concerted efforts by both governments have enabled Nepal to transition from a net importer of electricity to a growing exporter.

In fiscal year 2024–25, Nepal exported approximately NPR 17–18 billion (about USD 130 million) in electricity, with the majority sold to India. Long-term power trade agreements envisage Nepal exporting up to 10,000 MW of electricity to India over the coming decade.

This energy partnership provides Nepal with a stable source of export revenue while supporting India’s clean energy transition and regional grid stability. The integration of power markets has also positioned India as a transit country for Nepal’s electricity exports to third countries, further enhancing regional economic cooperation, the article added.



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