Business
SBP Chief Projects GDP Growth Between 3.25% and 4.25% – SUCH TV
The State Bank of Pakistan (SBP) has projected GDP growth of 3.25 to 4.25 percent for FY26, citing improvements in key macroeconomic indicators. However, the textile sector has warned that high production costs and policy constraints are affecting its global competitiveness, despite the overall positive economic outlook.
Speaking at the annual meeting of the Pakistan Textile Council (PTC) on Tuesday, SBP Governor Jameel Ahmed highlighted several factors supporting the growth forecast.
These include a current account surplus in FY25, record remittances of $38 billion, and an increase in SBP’s foreign exchange reserves to $14.5 billion, supported by $7.8 billion in interbank market purchases.
He noted that inflation had dropped to 3.2 percent in June 2025, enabling the central bank to cut the policy rate from 22 percent to 11 percent over the year.
Fiscal consolidation, reforms in exchange companies, and stable external debt levels have also contributed to market confidence and overall economic stability.
Despite this optimistic outlook, the textile sector raised concerns about its ability to remain competitive globally.
Industry leaders questioned the growth forecast, particularly the upper bound of 4.25 percent, citing extensive flood damage to key crops, especially cotton, which is vital for the sector.
Floodwaters continue to threaten cotton-producing areas in Sindh.
PTC Chairman Fawad Anwar said that while macroeconomic indicators are improving, exporters are yet to feel any tangible relief.
He highlighted the exclusion of essential raw materials from the Export Facilitation Scheme (EFS) and ongoing structural barriers as major obstacles for the industry.
“The global market is offering Pakistan a once-in-a-decade opportunity, especially after the US imposed a 50pc tariff on Indian textile exports, impacting $16bn worth of shipments,” Anwar said.
“But unless bold policy action is taken now, Pakistan may miss this critical opening.”
He urged the government to urgently restore EFS access, reduce the cost of doing business, and implement long-term measures to help the textile sector capture greater global market share.
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Gold is sold at a discount in Dubai due to Middle East conflict disrupting flights. Traders offer up to $30 per ounce less than London prices.
Dubai Gold Selling Cheaper As Iran War Grounds Flights
Gold is being sold at a discount in Dubai as the widening conflict in the Middle East disrupts flights and hampers the movement of bullion from one of the world’s key trading hubs.
According to a Bloomberg report, traders in Dubai are offering discounts of up to $30 per ounce compared to the global benchmark price in London. The unusual price cut comes as shipments remain stranded due to flight disruptions triggered by the escalating conflict involving Iran and Israel.
Dubai is a key global centre for refining and exporting gold to markets across Asia, including India. However, partial airspace restrictions and heightened security risks have slowed the movement of bullion out of the region.
Why Gold Is Being Sold Cheaper
Gold is typically transported in the cargo holds of passenger aircraft. With several flights from the UAE restricted amid regional tensions, traders are struggling to move bullion to international markets.
At the same time, insurance and freight costs have surged, making shipments more expensive and uncertain. Many buyers have therefore stepped back from placing new orders, unwilling to bear high logistics costs without assurance of timely delivery.
To avoid paying prolonged storage and financing costs while shipments remain stuck, some traders are offering gold at discounted prices.
Although transporting bullion by road to airports in neighbouring countries such as Saudi Arabia or Oman is theoretically possible, logistics firms are reluctant due to the risks and complications of moving high-value cargo across land borders during a conflict.
What It Means For India
India, one of the largest buyers of gold shipped from Dubai, could face short-term supply disruptions if the situation continues.
Renisha Chainani, head of research at Augmont Enterprises Ltd., said several cargo shipments have already been delayed, creating temporary tightness in the availability of physical bullion in India.
However, industry experts as reported by Bloomberg say the immediate impact may remain limited as domestic inventories are currently comfortable after heavy imports earlier this year.
Chirag Sheth, principal consultant for South Asia at Metals Focus, said Bloomberg that India has ample stocks for now, but warned that prolonged disruptions could eventually affect supply if the conflict continues for several months.
Meanwhile, global gold prices have surged this year amid geopolitical uncertainty, with spot gold recently trading above $5,000 per ounce.
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March 08, 2026, 10:03 IST
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Some seven in 10 British adults without a full driving licence say learning to drive is currently unaffordable, according to a survey.
The figure is even higher among younger people, with 76% of 18 to 29-year-olds without a licence saying driving lessons are financially out of reach, the poll for car insurer Prima found.
Overall, 38% said the cost of driving lessons was the biggest deterrent to learning to drive.
Some 32% were put off by the price of buying a car and 15% said the cost of car insurance was the main barrier to learning to drive.
Almost half (45%) said they would consider learning to drive if it became significantly cheaper.
Nick Ielpo, UK country manager at Prima, said: “For a growing number of people, driving is no longer a symbol of freedom – it’s a financial stretch too far.
“Between lessons, buying a car and insuring it, the upfront and ongoing costs are pricing many people out before they even start.”
Find Out Now surveyed 1,134 adults who do not hold a full driving licence between January 21 and 23.
Go Digit General Insurance on Saturday said it has received a demand notice of about Rs 170 crore for short payment of goods and services tax (GST) for nearly five years. The company has received an order copy from the Office of the Commissioner of GST & Central Excise, Chennai South Commissionerate on March 6, confirming GST demand of Rs 154.80 crore levying penalty of Rs 15.48 crore and Interest u/s 50 of CGST Act, 2017 for the period July 2017 to March 2022, the insurer said in a regulatory filing. The company is in the process of evaluating the legal advice on the implications and would file an appeal, it said.
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