Top India dealmakers earn 37% more than Singapore peers
Heads and directors at investment banks in the South Asian nation's major financial hubs, such as Mumbai and free trade zone GIFT city, are paid 24% more than their peers in Hong Kong and 37% higher than in Singapore.
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NDTV
40 minutes ago
- NDTV
Guns Over Growth? Pak Hikes Defence Budget By 20%, Slashes Overall Spending
Pakistan, whose overall debt has increased to nearly PKR 76,000 billion (approx USD 270 billion) in the first nine months of the current fiscal year, seems to be prioritising its military spending over development in the aftermath of a military clash with India last month. The budget presented on Tuesday by Prime Minister Shehbaz Sharif's government saw a whopping 20 per cent hike in defence spending, but the overall expenditure has been slashed by 7 per cent. Pakistan Finance Minister Muhammad Aurangzeb hoped his ambitious PKR 17.573 trillion ($62 billion) proposal would drive economic growth by 4.2 per cent in the coming fiscal year, saying Islamabad has steadied the economy, which looked at risk of defaulting on its debts as recently as 2023. Pakistan also projected a deficit of 3.9 per cent of GDP (gross domestic product) against the 5.9 per cent targeted for 2024-25. Inflation was projected at 7.5 per cent and growth at 4.2 per cent. But, the growth this fiscal year is likely to be 2.7 per cent, against the budgeted target of 3.6 per cent, according to news agency Reuters. Pakistan's growth lags far behind the region. In 2024, South Asian countries grew by an average of 5.8 per cent, and the Asian Development Bank expects 6.0 per cent in 2025. Defence Spending The new budget allocated 2.55 trillion rupees ($9 billion) to defence in July-June 2025-26, up from 2.12 trillion. This excludes 742 billion Pakistani rupees ($2.63 billion) allocated to military pensions, taking the entire defence budget to 3.292 trillion Pakistani rupees ($11.67 billion). The budget also includes 704 billion Pakistani rupees ($2.5 billion) in spending on equipment and other physical assets. Prime Minister Sharif, in a statement, said Pakistan need to surpass India "in the economic field." The clashes with India were sparked in April after the terrorist attack in Jammu and Kashmir's Pahalgam killed 26 people. India has blamed Pakistan for backing terrorists who carried out the attack. Toeing To IMF Terms Islamabad last month received $2.4bn in financial aid from the International Monetary Fund (IMF). Islamabad has said that it was committed to preparing the FY26 budget "in close consultation with the Fund." Finance Minister Muhammad Aurangzeb said the government intended to complete the privatisation of Pakistan International Airlines, a request of the IMF. Growth should be aided by a sharp drop in the cost of borrowing, the government says, after a succession of interest rate cuts. But economists warn that monetary policy alone may not be enough, with fiscal constraints and IMF-mandated reforms still weighing on investment. Aurangzeb said that the budget was the start of a strategy to boost exports, increase foreign currency reserves to avoid the balance of payments crises of the past, and create a more competitive economy. "In short, our budget strategy is to change the economy's DNA by bringing basic changes," he said.
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First Post
an hour ago
- First Post
Indian-American Paul Kapur, Trump's pick for key South Asia role, vows to focus on US-India ‘partnership'
During his nomination hearing before the Senate Foreign Relations Committee, Kapur stressed that he would pursue a security and strategic partnership with India read more Kapur has written several books and articles about South Asia's security environment and US policy in the region. Paul Kapur, US President Donald Trump's nominee for a key role in South Asia, has highlighted that India and the United States share mutual goals, including maintaining a free and open Indo-Pacific region free from Chinese dominance. He also stressed the need to boost trade, enhance technology sharing, and improve energy access between the two nations. Kapur has been nominated for the role of Assistant Secretary of State for South and Central Asian Affairs, a top diplomatic position that caters for US interests vis-a-vis India and its neighbourhood — including Pakistan, Bangladesh and Afghanistan. STORY CONTINUES BELOW THIS AD On June 10, during his nomination hearing before the Senate Foreign Relations Committee, Kapur stressed that he would pursue a security and strategic partnership with India, keeping in mind the best interests of America. He said he would 'pursue security cooperation where it is beneficial to the US interest, seeking opportunities for bilateral collaboration in trade and investment". 'If confirmed, I will work to further advance US-India relations and put our partnership on course to realise its tremendous promise,' he added. 'We will promote long-standing security interests with India, Pakistan through the pursuit of peace and stability and fight against terrorism," Kapur said. More about Paul Kapur In February 2025, President Trump nominated Paul Kapur for Assistant Secretary of State for South Asian Affairs. If confirmed, Kapur would replace Donald Lu, whose term ended on January 17, 2025. Renowned for his research on South Asian security and nuclear policy, Kapur is a professor in the Department of National Security Affairs at the US Naval Postgraduate School. He has also significantly influenced US foreign policy on South and Central Asia. Kapur earned his BA from Amherst College and his PhD from the University of Chicago. According to some media reports, Kapur has authored several influential works on South Asian security, nuclear policy, and international relations. His books include Jihad as Grand Strategy: Islamist Militancy, National Security, and the Pakistani State (Oxford University Press, 2016), Dangerous Deterrent: Nuclear Weapons Proliferation and Conflict in South Asia (Stanford University Press, 2007), India, Pakistan, and the Bomb: Debating Nuclear Stability in South Asia (Columbia University Press, 2010), and The Challenges of Nuclear Security: US and Indian Perspectives (Palgrave MacMillan, 2024).
Indian Express
2 hours ago
- Indian Express
Young Edge: Why vaping or e-cigarettes continue to lure Pune young adults despite risks
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