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Business Standard
05-05-2025
- Politics
- Business Standard
UN Security Council to hold closed-door meeting today on India-Pak tensions
The United Nations Security Council (UNSC) is set to hold closed-door consultations on Monday, May 5, to address rising tensions between India and Pakistan following the April 22 Pahalgam terror attack. The meeting, scheduled for this afternoon by the Greek Presidency, was convened at Islamabad's request. Pakistan's foreign office announced on May 4 that it would update the UN on regional developments following, including India's suspension of the Indus Waters Treaty. In addition to the five permanent members with veto power -- China, France, Russia, the United Kingdom, and the United States -- the 10 non-permanent members in the council are Algeria, Denmark, Greece, Guyana, Pakistan, Panama, South Korea, Sierra Leone, Slovenia, and Somalia. Permanent Representative of Greece to the UN and President of the Security Council for the month Ambassador Evangelos Sekeris had earlier condemned the Pahalgam terror attack, in which 26 people - mostly tourists - were killed. "This is a position of principle. We condemn terrorism in all its forms, everywhere it is happening. On the other hand, we are concerned about this tension which is mounting in the region," news agency PTI quoted him as saying. ALSO READ | A week earlier, India warned the UN about Pakistan allegedly undermining the platform to "engage in propaganda". As part of its diplomatic efforts, India has also contacted eight of the UNSC's non-permanent member states. Rubio speaks with Jaishankar, Pak PM Sharif The US has repeatedly expressed solidarity with India in its fight against terrorism. In separate conversations with External Affairs Minister S Jaishankar and Pakistan Prime Minister Shehbaz Sharif, US Secretary of State Marco Rubio encouraged India and Pakistan to de-escalate tensions. Rubio had urged Pakistan to cooperate in the investigation of the Pahalgam terror attack. India's response to Pahalgam attack Following the Pahalgam attack, India implemented several diplomatic measures, including suspending the 1960 Indus Waters Treaty, stopping cross-border trade via the Attari Integrated Check Post, and revoking the Saarc Visa Exemption Scheme for Pakistani nationals. Prime Minister Narendra Modi pledged to pursue the perpetrators and their supporters -- implicitly pointing to Pakistan which has a history of backing terror activities in India -- to the 'ends of the Earth' and inflict the harshest punishment on them 'beyond their imagination'. PM Modi also told a high-level meeting comprising the country's three services chiefs that the armed forces have 'complete operational freedom' to decide on the mode, targets and timing of India's response to the Pahalgam terror attack.
Time of India
03-05-2025
- Business
- Time of India
'Kashmir was and will always be part of India': Farooq Abdullah meets tourists in Pahalgam after terror attack
NEW DELHI: Jammu and Kashmir National Conference chief Farooq Abdullah on Saturday visited Pahalgam and interacted with tourists days after a deadly terror attack, asserting that 'was and will always be a part of India.' Tired of too many ads? go ad free now Speaking to reporters, Abdullah said the biggest message after the incident is that the tourists are 'not scared.' 'The people who wanted to spread fear have lost. They (terrorists) have lost. It has been proven today that we are not going to get scared. Kashmir was and will always be a part of India. People want terrorism to finish. It has been 35 years since we have seen terrorism; we want progress. We want to move forward. We will become a superpower one day,' former J&K CM said. Abdullah declined to comment on remarks made by former Pakistan foreign minister , stating that paying attention to such statements would be counterproductive. 'If we go by Bilawal Bhutto's statements, we cannot move forward. I have been saying for a long time that the should be reviewed again. Our rivers and we are the ones who are deprived,' he said. His comments came after Bhutto acknowledged Pakistan's past involvement with terror operatives. During the visit, Abdullah, along with NC MLA Altaf Kaloo, met Hyder Shah, the father of Syed Adil Hussain Shah -- a local resident who lost his life in the while attempting to rescue tourists. 'Farooq Abdullah shared our grief and gave us courage in our sorrow, which is helping us move forward,' Hyder Shah said. Earlier in the day, India formally imposed an immediate ban on the import and transit of all goods originating from or exported via Pakistan, according to a notification by the ministry of commerce and industry. Tired of too many ads? go ad free now The notification, issued under the Foreign Trade (Development & Regulation) Act, 1992, and the Foreign Trade Policy 2023, halts all bilateral trade with immediate effect. The Centre has also suspended all in bound mail and parcels from Pakistan. This step follows a series of measures taken by the Centre in response to the Pahalgam attack that claimed 26 lives. These include shutting down the Integrated Check Post (ICP) at Attari, suspending the Saarc Visa Exemption Scheme for Pakistani nationals, instructing them to leave India within 40 hours, and reducing diplomatic staff in both countries' high commissions. India has also suspended the Indus Waters Treaty of 1960 as part of its broader response to the ugly attack.
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Business Standard
02-05-2025
- Politics
- Business Standard
'PM Modi has our full support', says US on Pahalgam terror attack
In the wake of the violent terror attack in Pahalgam, the United States expressed solidarity with India in its fight against terrorism and reiterated its support for Prime Minister Narendra Modi. The statement comes from US State Department spokesperson Tammy Bruce during a press briefing on Friday, as Washington maintained high-level diplomatic engagement with both India and Pakistan. 'We are monitoring the situation closely. Yesterday, the Secretary spoke with External Affairs Minister S Jaishankar and Pakistani Prime Minister Shehbaz Sharif. As President Donald Trump conveyed to Prime Minister Modi last week, the United States stands strong with India against terrorism, and Prime Minister Modi has our full support,' Bruce said. She cited a readout of US Secretary of State Marco Rubio's conversations held on Thursday with key leaders in New Delhi and Islamabad. 'The Secretary encouraged both countries to work toward a responsible solution that maintains a responsible resolution that maintains long-term peace and regional stability in South Asia. We continue to be in touch with the governments of both countries, as I mentioned, at multiple levels,' she said. Rubio speaks with Jaishankar, Pak PM Sharif In separate conversations with External Affairs Minister S Jaishankar and Pakistan Prime Minister Shehbaz Sharif, Rubio encouraged both countries to de-escalate tensions, news agency PTI reported. Rubio urged Pakistan to cooperate in the investigation of the Pahalgam terror attack. India's response to Pahalgam attack Following the Pahalgam attack, India implemented several measures including suspending the 1960 Indus Waters Treaty, stopping cross-border trade via the Attari Integrated Check Post, and revoking the Saarc Visa Exemption Scheme for Pakistani nationals. PM Modi pledged to pursue the perpetrators and their supporters – implicitly pointing to Pakistan which has a history of backing terror activities in India – to the 'ends of the Earth' and inflict the harshest punishment on them 'beyond their imagination'. PM Modi on Tuesday told a high-level meeting comprising the country's three services chiefs that the armed forces have 'complete operational freedom' to decide on the mode, targets and timing of India's response to the Pahalgam terror attack. The meeting was attended by Defence Minister Rajnath Singh, National Security Advisor Ajit Doval, Chief of Defence Staff General Anil Chauhan, and the chiefs of three services.
India Today
29-04-2025
- Business
- India Today
Terror's price tag: How the Pahalgam attack could hit Pakistan's economy
Pakistan's economy seemed to be on the road to recovery, bringing it back from the brink of a default in 2022, with multiple loans from the International Monetary Fund (IMF). The IMF approved loans of $2 billion in March this year to bail it out and inflation dropped to 0.7%, a three-decade low, as per the Pakistan Bureau of Statistics (PBS), showing signs of an economic recovery after having reached a record high of 38% in May 2023. But all the economic recovery could come to a halt as Pakistan could be facing a deep economic crisis after the Indian government took strict diplomatic actions following the Pahalgam terror attack in Kashmir. The government's reaction to the terror attack includes halting bilateral trade with Pakistan, expelling Pakistani officials from the High Commission, cancelling visas under the Saarc Visa Exemption Scheme, and suspending the Indus Waters Treaty. Each of these actions is expected to put more pressure on Pakistan's already fragile economy. PAKISTAN ECONOMY CLOUDED WITH CONCERNS Pakistan's economy is already in bad shape, and the situation is likely to get worse. Inflation could rise again after having eased in recent times. Pakistan's central bank expects the country's average inflation for the fiscal year ending June 2025 to range between 5.5% and 7.5%. Reports suggest that the prices of basic food items like rice, flour, vegetables, fruits, and chicken have surged sharply. As per media reports, the price of rice has jumped to Rs 340 per kg, while chicken price has surged to Rs 800 per kg. The end of India-Pakistan trade is expected to make this problem even more severe. The International Monetary Fund (IMF) cut Pakistan's economic growth forecast to 2.6% for this fiscal year in a report on April 22, down from the earlier prediction of 3% made in January. Pakistan is heavily dependent on loans from the IMF, particularly the 37-month Extended Fund Facility (EFF), making the IMF's assessment very important for the country. ON THE BRINK OF STARVATION Adding to the worries, a recent World Bank report said that more than 10 million people in Pakistan could face extreme food insecurity and starvation this year. The report pointed out that poor climatic conditions are likely to hurt the production of major crops like rice and maize. Most of those affected will be from rural areas. One of the immediate effects of halting trade could be a shortage of critical pharmaceutical goods in Pakistan. India exports a large quantity of essential medicines, chemicals, fruits, vegetables, poultry feed, and dry fruits to Pakistan. The suspension of trade will lead to shortages of these items, further worsening the daily lives of ordinary Pakistanis. Pakistan's imports from India stood at around $304.93 million for the year 2024, based on data from the United Nations COMTRADE database, which tracks global trade flows. A significant chunk of this import value came from just two categories: organic chemicals and pharmaceutical products. Organic chemicals made up the largest share, accounting for approximately $164.19 million. This includes a range of compounds used in various industries, particularly in manufacturing and healthcare. Pharmaceutical products followed closely, with imports worth about $120.86 million. These likely consist of essential medicines, active pharmaceutical ingredients (APIs), and other healthcare-related products. The World Bank has also lowered Pakistan's economic growth forecast to 2.7%. It warned that the government led by Prime Minister Shehbaz Sharif might fail to meet its budget deficit targets, and the country's debt-to-GDP ratio is likely to rise even further. The stock market in Pakistan has reacted sharply. The Karachi-100 index (KSE-100) fell over 2%, losing around 2,500 points to 1,14,740.29 within the first five minutes of trading on April 24. The fall came as investors reacted to the growing tensions between India and Pakistan. TERROR COSTS PAKISTAN DEARLY Dr Manoranjan Sharma of Infomerics Valuation and Ratings Ltd said that while terror attacks in Jammu and Kashmir are not new, the April 22 attack marks a serious escalation. According to him, India's swift actions, similar to Israel's 'wrath of God' strategy, have sent a clear message. India's measures against Pakistan include halting all trade activities, expelling Pakistani officials, cancelling Saarc visa exemptions, and suspending the Indus Waters Treaty. The suspension of the Indus Waters Treaty could severely impact Pakistan's water supply. Sharma said that while India has not yet restricted water flow from the Indus, Jhelum, and Chenab rivers, it reserves the right to do so. "Pakistan's economy is heavily dependent on agriculture, which contributes about 24% to its GDP and 37.4% to employment, according to its 2024 Economic Survey. Any disruption in water supply could cause serious harm to Pakistan's economy, which is already struggling," he added. In response, Pakistan has put the Shimla Agreement in abeyance. In 2025, its GDP is expected to be around $348.72 billion, less than one-tenth of India's $4.2 trillion economy. "The fiscal deficit stands at 7.4% of GDP, nearly twice the regional average. The Pakistani rupee is also weak, with 1 US dollar equalling 280.95 PKR as of April 28, 2025. Pakistan's foreign exchange reserves are just $16.04 billion, compared to India's $686.2 billion," said Sharma. He further said that Pakistan's credibility in the international community has also suffered over the years. AIRSPACE CLOSURE: COSTLY MOVE FOR PAKISTAN Pakistan's decision to close its airspace to Indian carriers may appear like a strong move, but it may end up hurting Pakistan more than India. 'Pakistan's ill-conceived decision to close its airspace to Indian carriers will certainly hurt Indian carriers. But this myopic decision will hit Pakistan harder. It will severely set back Pakistan's aviation revenues, with loss in 'overflight fees' from the 3rd largest (and fastest growing) aviation market in the world running in millions of dollars," said Dr Manoranjan Sharma. Indian airlines are preparing for increased fuel costs and delays, but Pakistan is already feeling the impact on its aviation income. This is not the first time Pakistan has made such a decision. In July 2019, after the Pulwama terror attack, Pakistan closed its airspace and reportedly lost nearly $100 million. Around 400 flights were affected each day during that period. Pakistan's Civil Aviation Authority (CAA) and Pakistan International Airlines (PIA) faced major losses. Back then, studies showed that a Boeing 737 flying over Pakistan paid about $580 in overflight fees, while larger aircraft paid even more. It was estimated that Pakistan was losing around $232,000 per day in overflight charges. With additional losses from landing and parking fees, the total daily loss reached about $300,000. On top of that, Pakistan International Airlines lost nearly $460,000 each day due to suspended international flights and longer domestic routes. Altogether, the combined daily loss for CAA and PIA came to around $760,000. By the end of the airspace closure, Pakistan had lost close to $100 million. Now, with a fresh airspace closure after the Pahalgam attack, Pakistan may once again be heading for similar losses. CHALLENGE AND RESPONSE Sharma explained that terrorism has long been used by Pakistan as a tool to disrupt India's development. "India-Pakistan trade had already dropped from $3 billion in 2018 to about $1.2 billion by 2024. Stopping trade altogether will worsen Pakistan's economic problems by making imports costlier and limiting export options," he added. Finding new trading partners in today's world is not easy, especially when global trade tensions are already high. If the current conflict escalates, Pakistan would struggle to fund any prolonged military engagement due to its poor economic condition and internal unrest in areas like Baluchistan and Afghanistan. (Disclaimer: The views, opinions, recommendations, and suggestions expressed by experts/brokerages in this article are their own and do not reflect the views of the India Today Group. It is advisable to consult a qualified broker or financial advisor before making any actual investment or trading choices.)
Time of India
25-04-2025
- Politics
- Time of India
Maha govt identifies 55 Pakistanis who should go
Mumbai: Maharashtra has started a drive to deport a total of 55 Pakistan nationals with Saarc Visa Exemption Scheme (SVES) visas, which are now deemed cancelled, before April 27. Tired of too many ads? go ad free now According to information gathered by the state home department, 18 of these Pakistanis are in Nagpur, 19 are in Thane, 12 are in Jalgaon, three are in Pune city and one each is in Mumbai, Navi Mumbai and Raigad, while 200 Pakistanis are on long-term and diplomatic visas which are still deemed valid. The ministry of external affairs and the home affairs ministry have asked the state govt to ensure that Pakistanis with cancelled visas leave before April 27. Sources in Nagpur stated that the city has around 2,400 Pakistani nationals, but around 1,000 were staying on long-term visas (LTVs), while the rest were permitted to stay on a yearly basis, said police commissioner Ravinder Singal, adding that the Centre's guidelines are being followed for screening. "They are under vigil to prevent them from going underground," said the Nagpur CP, adding that international protocol for valid visa holders would be strictly adhered to. Special branch officials under Nagpur deputy commissioner of police Shweta Khedkar worked to accumulate and screen the names and visa status of the Pakistani nationals. The list was sent to the office of the state director general of police after Fadnavis's instructions reached police units across the state. Sources stated the Pakistani nationals in Nagpur, who were identified for exit, are based in Jaripatka locality. Tired of too many ads? go ad free now According to officials, Pakistani nationals who are on casual visits to their relatives for any family programme or festivities and for any special occasions would have to leave India. "We already have contact details and information of relatives and guarantors of the Pakistani nationals. Any attempt to go underground would be dealt with an iron hand. Co-operation with the police department is expected from relatives and those whose names have been earmarked for deportation," an official said.
