New Delhi, March 5: Prime Minister Narendra Modi on Thursday said that India and Finland are working to strengthen their ties as a strategic partnership in digitalisation and sustainability, which will accelerate collaboration in advanced technologies ranging from Artificial Intelligence and 6G telecommunications to clean energy and quantum computing.

Speaking after holding bilateral talks with Finnish President Alexander Stubb, the Prime Minister highlighted that cooperation in these high-tech sectors will add new energy and direction to relations between the two countries.

“We are shaping India-Finland relations into a strategic partnership in digitalisation and sustainability,” Prime Minister Modi stated.

“This partnership, from AI to 6G telecom, from clean energy to quantum computing, will give momentum and energy to our cooperation in many high-tech areas,” PM Modi mentioned.

PM Modi also noted that the historic India-European Union Free Trade Agreement, reached earlier this year, will further strengthen trade, investment and technology collaboration between India and Finland.

The two leaders held detailed discussions at Hyderabad House in the national capital, where they explored ways to expand cooperation across several sectors and deepen economic engagement between the two nations.

“In early 2026, a historic India-European Union Free Trade Agreement was signed. This Agreement will further strengthen trade, investment, and technology cooperation between India and Finland,” Prime Minister Modi said.

According to the Ministry of External Affairs, the talks covered a wide range of issues aimed at enhancing bilateral cooperation and strengthening strategic ties.

Both sides also exchanged views on regional and global developments and discussed cooperation in multilateral forums.

Prime Minister Modi also hosted a lunch in honour of President Stubb following the talks.

Earlier in the day, External Affairs Minister S. Jaishankar met the Finnish President and discussed bilateral ties ahead of the high-level meeting with the Prime Minister.

EAM Jaishankar said he also looked forward to President Stubb’s address at the Raisina Dialogue, where the visiting leader is scheduled to deliver the keynote speech.

New Delhi, March 4: Gold and silver prices climbed over 1 per cent on Wednesday amid escalating conflict between the US‑Israeli combine and Iran, driving safe haven demand.

MCX gold April futures gained 1.04 per cent to Rs 1,62,790 per 10 grams around 11.30 am on an intraday basis. Meanwhile MCX silver May futures gained 1.84 per cent to Rs 2,70,200 per kg.

Increased tensions in the Middle East and chances of energy disruption pushed investors toward safe‑haven assets and while concerns about inflation in the US led to investors considering prospects of the US Federal Reserve keeping interest rates unchanged for longer.

Gold and silver exchange-traded funds (ETFs), however, saw a steep correction on Wednesday despite gains in precious metals. Major silver ETFs dipped 7.12 per cent to 7.43 per cent, while Gold ETFs dropped between 3–3.87 per cent.

Spot gold rose around 1 per cent to $5,138.46 an ounce, while US gold futures for April delivery gained 0.5 per cent to $5,147.10. Gold has jumped 19 per cent year‑to‑date after surging 64 per cent in 2025, driven by geopolitical turmoil and strong central bank buying.

The dollar index surged 0.15 per cent to 99.20, making greenback-backed bullion expensive for buyers in overseas currencies, capping further gains in the yellow metal.

US President Donald Trump said American forces had struck numerous Iranian naval and air targets, while Iran targeted critical oil infrastructure across the Gulf region.

This led investors to pull back from equities amid fears of wider disruption to energy markets and shipping routes.

WTI crude climbed above $75 a barrel, extending a two-day gain of approximately 11 per cent. Brent traded near $81 a barrel as the widening Middle East conflict and shipping disruptions through the Strait of Hormuz kept supply risks firmly in focus.

Investors remain keen on cues from US Manufacturing and Non-Manufacturing PMI, ADP Non-Farm Employment Change and Unemployment data for assessing the direction of Federal Reserve policy.

“Gold has support at Rs 1,58,000 and Rs 1,62,000 while resistance at Rs 1,75,000 and Rs 1,80,000. MCX silver has support at Rs 2,50,000 and Rs 2,70,000, and resistance is at Rs 3,00,000 and Rs 3,20,000,” an analyst said.

New Delhi, March 3: Pakistan’s high taxation regime is choking the formal economy, especially industrial businesses, yet there seems to be no realisation within the Federal Bureau of Revenue (FBR), which keeps extracting juice from the top 1 per cent of the population, according to an article.

The core of the issue is that capital formation is disincentivised, as the effective tax rate, including is over 50 per cent for large manufacturing facilities, according to the article in the Karachi-based Business Recorder.

The main shareholders’ tax is even higher if the business house has a corporate structure, as there is a 15 per cent tax on intercorporate dividends. The net return after all taxes is reduced to one-third of profits, it stated.

Financial capital keeps flying out of the country, and human capital too, as salaried taxes are the highest in the region. It is evident from growing Pakistani investment in the Middle East, especially in the UAE.

The article points out that high-net-worth Pakistani residents are subject to income tax of up to 45 per cent, an additional super tax of up to 10 per cent, and a 1 per cent capital value tax on certain assets held outside Pakistan. As a result, some individuals, including business tycoons, choose to relocate to Dubai or other destinations and become non-residents for tax purposes. For many, the potential tax savings outweigh the higher cost of living abroad. Consequently, a noticeable number of Pakistanis have moved overseas in recent years.

Pakistan’s apex business chambers flagged the issue of the crushing tax burden in their meeting with the IMF team, which is currently on a visit to the country. Last week, the IMF officials were in Karachi and had engagements with both the Overseas Investors Chamber of Commerce and Industry (OICCI) and the Pakistan Business Council (PBC), with both chambers echoing the need to rationalise taxation. It is time for Islamabad to manage the fiscal balance through broadening taxation, curbing losses of state-owned enterprises, especially in energy, and reducing the footprint of the government, the article stated.

Indirect taxes are quite high, too. Adding both direct and indirect taxes increases the incentive to evade taxes. The cost of compliance becomes high. Informal businesses become more competitive and thrive, but they have limitations to scale. The economy does not grow to desired levels, the article lamented.

That largely explains the exodus of MNCs from Pakistan. A few diplomats, especially Europeans, cite unfair taxation as a main complaint. Domestic groups are increasingly venturing into real estate and retail businesses, where part of the income can be hidden in cash and eventually moved out of the country, the article added.

The government needs to reduce rates and expand the base. Provinces must take responsibility for collecting a fair share from land, agriculture, and services sales tax. The federal government must broaden the net beyond manufacturing. Otherwise, manufacturing will keep shrinking. Foreign investors will continue to leave. The exodus of financial and human capital will not stop, the article observed.