comScore
Active Stocks
Mon Dec 11 2023 15:45:21
  1. Tata Steel share price
  2. 130.05 0.66%
  1. ICICI Bank share price
  2. 1,017.05 0.6%
  1. HDFC Bank share price
  2. 1,650.75 -0.14%
  1. Bharti Airtel share price
  2. 997.45 -0.21%
  1. State Bank Of India share price
  2. 614.35 0.06%
Business News/ News / India to support Sri Lanka through ‘long-term’ investments
Back Back

India to support Sri Lanka through ‘long-term’ investments

India said it will support Sri Lanka, which faced its worst economic crisis in seven decades, through long-term investments, after giving nearly $4 billion of financial help

India said it will keep supporting Sri Lanka through ‘long-term’ investments (AFP)Premium
India said it will keep supporting Sri Lanka through ‘long-term’ investments (AFP)

After giving nearly $4 billion of financial help, India said on Tuesday that it will support Sri Lanka through long-term investments. Sri Lanka had recently faced its worst economic crisis in more than seven decades. In a statement, the High Commission of India in Sri Lanka said India will keep supporting its neighbouring country for its economic recovery and growth.

The High Commission of India in Sri Lanka said, "We continue to be supportive of Sri Lanka in all possible ways, in particular by promoting long-term investments from India in key economic sectors in Sri Lanka for its early economic recovery and growth."

As compared with the April-June quarter last year, Sri Lanka's economy contracted 8.4 per cent, according to data from the government statistics department, amid concerns over the country's ongoing financial situation.

Department of Census and Statistics of Sri Lanka stated in a communique, "The year-on-year GDP growth rate for the second quarter of 2022 has been estimated as 8.4 per cent of negative growth rate, against the value reported in the same quarter in the year 2021."

Sri Lanka faced its worst economic crisis in nearly 70 years, which resulted in an acute shortage of essential items like food, medicine, cooking gas and fuel across the island nation. The island nation witnessed its growth contract by 1.6 per cent during the first quarter of 2022.

In April-June quarter, their economy contracted by 8.4 per cent.

The Department of Census and Statistics also stated that agriculture shrank by 8.4 per cent in the second quarter and industries by 10 per cent, while services shrank by 2.2 per cent, as compared to the same period a year ago.

"In addition, the Gross Domestic Product for Sri Lanka for the second quarter of 2022 at the current price has increased up to Rs. 5,374,716 million from Rs. 4,032,171 million which was recorded in the same quarter in year 2021 registering 33.3 percent of positive change in the current price GDP," the data shows.

Milestone Alert!
Livemint tops charts as the fastest growing news website in the world 🌏 Click here to know more.

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 20 Sep 2022, 02:50 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App