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Turkey’s inflation hits two-decade high

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Turkey’s annual inflation surged to 78.62 per cent in June, the highest since 1998, according to official figures.

The Turkish Statistical Institute announced on Monday that the consumer prices increased by 4.95 per cent month-on-month in June, reports Xinhua news agency.

The highest annual price surge was in the transportation sector with 123.37 per cent, while the cost of food and non-alcoholic drinks increased 93.93 per cent, while furnishings and household equipment prices were up 81.14 per cent, according to the official statistics.

The domestic producer price index climbed 6.77 per cent month-on-month in June, with an annual rise of 138.31 per cent.

Turkey’s annual inflation was 73.5 per cent in May.

The country is undergoing financial woes unseen in decades, with the Turkish lira losing its value since the Covid-19 pandemic.

The Russia-Ukraine war has also worsened the situation, pushing energy prices to new highs.

The lira lost more than 40 per cent of its value in 2021 as the central bank slashed its policy rate by 500 basis points to 14 per cent from 19 per cent from September to December despite high inflation.

The bank has kept the same rate since then.

International News

Tejas crashes at Dubai Air Show: IAF regrets ‘loss of life’

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New Delhi, Nov 21: In a tragic incident, an Indian Air Force Tejas fighter jet crashed during a demonstration at the Dubai Air Show on Friday, and the pilot lost his life.

Taking it to X, IAF said, “An IAF Tejas aircraft met with an accident during an aerial display at Dubai Air Show, today. The pilot sustained fatal injuries in the accident. IAF deeply regrets the loss of life and stands firmly with the bereaved family in this time of grief.”

It further added that, “A court of inquiry is being constituted to ascertain the cause of the accident.”

The crash occurred during the biennial Dubai Air Show, one of the world’s largest aviation exhibitions. The event has seen major announcements this week.

Notably, this is the second crash involving a Tejas aircraft, the first one being in 2024 near Jaisalmer.

In March 2024, a Tejas fighter went down in Rajasthan’s Jaisalmer, the first such accident in the aircraft’s 23-year history since its maiden test flight in 2001. The pilot ejected safely in that case.

LCA Tejas is a 4.5-generation, all-weather and multi-role fighter aircraft. The aircraft is designed to be a multi-role aircraft capable of taking up offensive air support, close combat and ground attack roles at ease.

It is also designed to undertake ground maritime operations.

At the Dubai Air Show, India and Germany, on November 19, revived high-technology defence collaboration after nearly three decades, with Hindustan Aeronautics Limited (HAL) signing a landmark contract with German state-backed sensor major HENSOLDT.

The pact, finalised on Day 3 of the event, focuses on the joint development of a cutting-edge LiDAR-based Obstacle Avoidance System (OAS) for Indian military helicopters. This breakthrough has already generated significant buzz across global aerospace circles.

The deal for this LiDAR-based Obstacle Avoidance System (OAS), signed by Indian DPSU Hindustan Aeronautics Limited (HAL) and German government-backed HENSOLDT, marks a significant return to high-technology cooperation after earlier partnerships in aerospace and maritime programmes.

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International News

‘My thoughts with those who lost loved ones’: PM Modi on Saudi bus accident

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New Delhi, Nov 17: Prime Minister Narendra Modi on Monday expressed deep sadness over the loss of lives in the Saudi Arabia bus accident involving several Indian Umrah pilgrims and prayed for the swift recovery of the injured.

A passenger bus carrying several Indian Umrah pilgrims collided with a diesel tanker early Monday morning near Medina, the Indian mission in Jeddah confirmed.

In a post on X, PM Modi said, “Deeply saddened by the accident in Medinah involving Indian nationals. My thoughts are with the families who have lost their loved ones. I pray for the swift recovery of all those injured.”

“Our Embassy in Riyadh and Consulate in Jeddah are providing all possible assistance. Our officials are also in close contact with Saudi Arabian authorities,” he added.

In the wake of the accident, the Consulate General of India in Jeddah has set up a 24/7 control room and released helpline numbers for those seeking assistance.

Preliminary unconfirmed media reports indicate that most of the pilgrims are from Hyderabad. Given the intensity of the explosion caused by the collision, casualties are feared.

According to unconfirmed media reports, the bus was travelling from Mecca to Medina, with pilgrims heading to the holy city after completing their rituals in Mecca. All passengers were reportedly asleep when the crash occurred.

Rescue operations are underway, and local residents have rushed to the scene to assist those severely injured. The exact number of casualties has not yet been officially confirmed.

Further updates are awaited.

Telangana Chief Minister A. Revanth Reddy also condoled the loss of lives in the horrific accident involving a bus carrying Indian pilgrims in Saudi Arabia.

The state government has also set up a control room in Hyderabad to provide information and assistance to the families of the accident victims.

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Business

India, Canada discuss ways to boost bilateral trade, promote investments

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New Delhi, Nov 13: Commerce and Industry Minister Piyush Goyal and Maninder Sidhu, Canada’s Minister of International Trade, discussed ways to further boost bilateral trade and promote investments, it was announced on Thursday.

Sidhu is in India to find opportunities to advance trade and investment linkages between the two nations.

“It was a pleasure to co-chair the 7th India-Canada Ministerial Dialogue on Trade and Investment as part of the New Roadmap 2025 along with @MSidhuLiberal, Canada’s Minister of International Trade,” Goyal posted on the X social media platform.

The minister further stated that they discussed “avenues to strengthen bilateral trade, promote investments and deepen cooperation between our countries”.

During his India visit, Sidhu is set to promote Canada’s commitment to supporting and growing the well-established commercial ties shared by Canada and India, including artificial intelligence, clean technology and digital industries, and explore new opportunities for partnerships that benefit workers and businesses in both countries.

“This visit to India will reinforce Canada’s commitment to diversifying our trade relationships and attracting new investment,” an official statement quoting Sidhu said. “As one of the fastest-growing major economies, India offers significant opportunities for Canadian businesses and workers. Our commercial ties continue to expand — bilateral trade surpassed $30 billion in 2024 — and there is even greater potential ahead,” the statement added.

India is a key partner as Canada strengthens its economic links in the Indo-Pacific region under a comprehensive strategy for the region. In 2024, India was Canada’s seventh-largest goods and services trading partner, with two-way trade valued at $30.9 billion.

Meanwhile, External Affairs Minister (EAM) S. Jaishankar and his Canadian counterpart, Anita Anand, held discussions on strengthening cooperation across key sectors, including trade, energy and security. Both leaders met on the sidelines of the G7 Foreign Ministers’ Meeting in Niagara.

EAM Jaishankar also praised the progress made under the New Roadmap 2025, aimed at enhancing bilateral ties between India and Canada and expressed hope for rebuilding a stronger partnership.

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