ISLAMABAD: The Pakistan Economy Watch (PEW) on Monday said Hindu nationalism has tarnished image of India and started ruining its struggling economy.
Continued violations of human rights by Narendra Modi administration has prompted many western companies to cancel their orders in favour of other countries leaving Indian export sector in a lurch, it said.
Many earlier orders given to Indian companies are now diverted to Pakistan which has resulted in full capacity production of textile industry, said Dr. Murtaza Mughal, President PEW.
Pakistani textile exporters have also grabbed many orders given to China and later cancelled due to coronavirus which will improve exports and help earn sizable foreign exchange, he added.
Dr. Murtaza Mughal said that oil price collapse is also a good development which is increasing income of the government while taming inflation and eliminating need for further taxes, he added.
The global slowdown and oil price slide can lead to an interest rate cut by the central bank during the current month which will be a stimulus for economic activities.