Bangladesh’s trade deficit jumps up by 31 per cent

Posted on by Vividh Bharathi

New Delhi, Nov 8 (IANS) Bangladesh’s trade deficit jumped up 31 per cent year-on-year to $7.48 billion in July-September of the current financial year as the country’s fuel import bill more than doubled as oil prices soared due to the West Asia conflict, according to the latest data released by the Bangladesh Bank.

The country, which is highly dependent on imports for oil and gas, imported $19.33 billion worth of goods in the first quarter of the 2026-27 fiscal year. Import payments increased 15 per cent year-on-year. By contrast, export earnings rose only by 7 per cent to $11.86 billion during this period, according to a report in Dhaka’s The Daily Star.

The main driver behind the widening trade deficit was fuel. Imports of petroleum products rose 105 per cent to $4.2 billion from $2.0 billion, accounting for most of the increase in total imports. Food imports also climbed, with edible oil purchases up 54 per cent and wheat imports rising by as much as 66 per cent.

However, imports of capital goods and capital machinery fell, pointing to weaker business investment amid the economic slowdown, persistent inflation and a lack of investor confidence stemming from uncertainty.

Imports of capital goods dipped 13.6 per cent in the July-September period. Of these, imports of capital machinery slumped 22.5 per cent year-on-year to roughly $770 million. The Bangladesh Bank data showed that the current account deficit, which covers trade, services, income and transfers with the rest of the world, increased to $1.33 billion from $821 million a year earlier.

Remittances helped limit the gap. Inflows rose 13 per cent to $8.59 billion, led by Saudi Arabia, the United Kingdom, and the United States.

Despite the increase in remittances, the country’s overall external account deficit widened. During the first quarter of this fiscal year, the deficit stood at $1.16 billion, against a surplus of $853 million in the same period a year earlier, reflecting that total foreign currency inflows were insufficient to cover external payments, with Bangladesh Bank meeting the shortfall from its reserves, the report added.

–IANS

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Kerala HC quashes case against govt employee for ‘sarcastic comment’ on CM Vijayan

Kochi, Dec 18 (IANS) The Kerala High Court has quashed legal proceedings against a state government employee who made a “sarcastic comment” in a WhatsApp group about Chief Minister Pinarayi Vijayan’s appeal for government employees to donate a month’s salary to the 2018 flood relief fund.

The employee, a manager at the state-owned SupplyCo, had shared a post in the WhatsApp group of SupplyCo employees in Kasargod. The post included a picture of the Chief Minister’s appeal captioned, “Malayalees will happily donate their one-month salary, but you have to reduce the expenditure.”

The post further criticized certain government expenditures and remarked that the Chief Minister should lead by example before giving advice.

The employee was charged under Sections 166 and 167 of the Indian Penal Code (IPC) for allegedly disobeying the law and preparing an incorrect document. He approached the High Court seeking to quash the case.

In its judgment, the Court said, “It is also pertinent to note that the comment posted by the petitioner quoting the appeal of the Chief Minister to donate one month’s salary to the Flood Relief Fund, is not one exhorting others to refrain from contributing their monthly salary as requested by the Chief Minister. On the other hand, the opening words of that comment itself show that the people of Kerala would wholeheartedly give their monthly salary for the land, but there shall be austerity measures on the part of the Government to reduce the expenditure. Thus, it is not possible to say that a person reading the comment would be motivated to avoid payment of his monthly salary to the Flood Relief Fund. In that view of the matter, it cannot be said that the act of the petitioner making the above post in the WhatsApp group of the employees of SupplyCo in Kasaragod, was intended to cause injury to any of the beneficiaries of the Flood Relief Scheme.”

The Court ruled that the charges under Section 166 IPC, which pertains to a public servant disobeying the law with intent to cause harm, were not applicable. The Court clarified that the term “person” under the IPC does not extend to the government. Similarly, it found that Section 167 IPC, related to preparing an incorrect document with intent to cause injury, was also not applicable in the case.

“The facts and circumstances of this case are in no way related to the preparation or translation of any document or electronic record as part of the petitioner’s official duty, in a manner intended to cause harm to any individual,” the Court stated.

“It has to be stated that the offense under Sections 166 and 167 the IPC is prima facie not attracted in the facts and circumstances of this case,” the court added and quashed the proceedings against the employee.

–IANS

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Sacking of RIMS Director triggers political storm in Jharkhand

Ranchi, April 18 (IANS) The sudden removal of Dr Raj Kumar from the post of Director of the Rajendra Institute of Medical Sciences (RIMS) in Ranchi has sparked a major political controversy in Jharkhand.

Dr Kumar was relieved of his duties late on Thursday night following an order issued by the state Health Minister and RIMS Governing Council Chairman Dr Irfan Ansari.

The order cited “unsatisfactory performance” and alleged that Dr Raj Kumar had failed to comply with directives issued in public interest by the Council of Ministers, the RIMS Governing Council, and the Health Department.

In a strongly worded reaction, Dr Raj Kumar termed the move “autocratic” and said he was taken by surprise.

“If I am being accused of not working, then no one here is working. I was not given a chance to resign — I would have happily done so if asked during the recent Governing Council meeting,” he said.

The directive also stated that Dr Raj Kumar would be relieved from his post with immediate effect and granted three months’ salary and allowances. The order mentions that the decision has the approval of Chief Minister Hemant Soren.

Dr Raj Kumar, a neurology professor from Sanjay Gandhi Post Graduate Institute of Medical Sciences, Lucknow, was appointed as the RIMS Director for a three-year term on January 31, 2024.

The controversy escalated after Leader of Opposition in the Jharkhand Assembly Babulal Marandi alleged that Dr Raj Kumar was ousted for refusing to clear payments of several crores of rupees to private diagnostic centres under pressure from the Health Minister and officials.

In a social media post, Marandi wrote: “It is unfortunate that Dr Raj Kumar was removed for standing up against corruption by the Health Minister and departmental officials. He is being punished for resisting pressure to approve improper payments during the recent RIMS Governing Council meeting.”

Marandi further alleged that the Health Minister and a senior official had pressured Dr Raj Kumar to make payments to diagnostic centres despite the absence of any contractual agreement.

“Even the dignity of the Governing Council was undermined during the meeting. Dr Raj Kumar had then offered to resign instead of yielding to the pressure,” Marandi said.

JD-U MLA and former Minister Saryu Rai also criticised the move, calling it “unfortunate.”

He claimed the government was unhappy with the reforms being carried out by Dr Raj Kumar at RIMS. “He was removed because he refused to approve illegal payments during the governing body meeting and spoke truth to power,” Rai said.

The 59th Governing Council meeting of RIMS, held on April 15, saw heated exchanges between Dr Raj Kumar and Minister Ansari, leading to an impasse on several agenda items.

The incident has triggered a wave of criticism and raised questions over the autonomy and functioning of premier health institutions in Jharkhand.

–IANS

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CBI arrests former bank manager, private firm owner in bribery case

New Delhi/Guwahati, June 7 (IANS) The Central Bureau of Investigation (CBI) has arrested two accused, including a former Senior Manager of the Dimapur branch of a nationalised bank and the owner of a Dimapur-based private company, for indulging in acts of alleged bribery, official sources said.

The CBI sources said that the central probe agency has arrested the then Senior Manager, Punjab National Bank, Dimapur, from Guwahati (Assam) and a proprietor of a Dimapur (Nagaland) based private company from Dimapur for having indulged in acts of alleged bribery.

A case was registered by CBI on June 4, against the accused duo on the allegations that the accused former senior Manager of PNB had obtained undue advantage of Rs 1 lakh in his bank account from the bank account of other accused proprietor of the private company for allowing extension of Cash Credit Limit of Rs 20 lakh to the accused owner even as the private firm was not in right financial health.

Searches were conducted at seven official and residential premises of both the accused on Friday and Saturday, leading to the recovery of incriminating documents and articles. Out of seven places, searches were conducted at five places in Dimapur and two places in Guwahati.

The CBI sources said that searches and seizures, so far, have revealed that the accused senior Manager has obtained an undue advantage of a total of Rs 1,69,000 from the accused proprietor of the private firm. Besides this, an invoice of total Rs 2,06,200 relating to the purchase of electrical and electronics items has been seized from the office premises of the accused private firm owner, which shows that these items were purchased by him in the name of the accused former senior Bank Manager.

Further, some of these items found at the residential premises of the accused former senior Manager at Dimapur and Guwahati have been seized for the purpose of investigation. Both the arrested accused persons were produced before the competent courts at Dimapur/Guwahati on Saturday. Investigation is underway, the sources said.

–IANS

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