Business
India says it will maintain multiple sources of energy supply
India plans to maintain multiple sources of energy supply and diversify them when needed as New Delhi looks to ensure consumers receive “adequate energy at the right price through reliable and secure supplies”, Indian Foreign Secretary Vikram Misri said on Monday.
Misri was responding to a question at a media briefing seeking clarity on India’s position on the purchase of Russian oil after US President Donald Trump said last week that New Delhi had “committed to stop directly or indirectly” importing it.
“India’s priority is to safeguard the interests of its consumers through an energy policy driven by adequate availability, fair pricing, and reliability of supply,” Misri said.
He added that India was neither dependent on any single source for crude oil nor did it “intend to be”, importing from a “mix of sources” depending on “objective market conditions”, adding that “national interests” guide both the government and Indian energy companies.
Last week, Trump signed an executive order lifting the punitive 25% tariff on all imports from India over its purchase of Russian oil.
The Kremlin earlier said it saw nothing new in India’s announcement that it would diversify its energy sourcing.
India’s Russian oil imports slipped in January as refiners sought more alternative barrels under Western sanctions pressure and US-India trade talks, Reuters reported.
Business
Pakistan to invest $1bn in artificial intelligence by 2030, announces PM
Prime Minister Shehbaz Sharif on Monday announced the government’s plan to invest $1 billion in artificial intelligence (AI) by 2030.
The Indus AI Week 2026 is being held from February 9 to 15 (Sunday). The event’s website describes it as “Pakistan’s official national platform for artificial intelligence — where policy, innovation, talent and investment converge”.
“The Government of Pakistan is committed to investing $1 billion in AI by 2030, which will go a long way in building an AI ecosystem in our country,” the premier said while addressing the event’s inauguration ceremony in Islamabad.
Announcing further steps the country aims to take to keep up with modern technologies, PM Shehbaz said an AI curriculum would be introduced “not only in all federally-controlled or -run schools but all schools” of Azad Jammu and Kashmir (AJK) and Gilgit-Baltistan (GB).
He emphasised that the plan would be implemented in remote parts of Balochistan as well to “pair our youth for leadership and digital economy”.
The prime minister further said the government would provide 1,000 fully-funded PHD scholarships in AI to students across the country by 2030, which is aimed at building Pakistan’s “world-class research centre fully capacitated”.
“Last but not least, we will launch a nationwide programme to train 1 million non-IT professionals in AI skills, enabling them to enhance productivity and improving livelihoods,” he added.
“Pakistan is absolutely ready to accept the challenge and walk with our global partners, absolutely with great commitment and dedication,” PM Shehbaz affirmed.
He elaborated that agriculture and mines and minerals would be among the areas of focus, adding that the government aimed to empower the youth, which he said comprises 60 per cent of the country’s total population.
“We have to empower them with modern knowledge and modern techniques, and IT startups and IT technicians are already very concerned and feeling the heat and the challenge,” he noted, assuring them the government would bring programmes to “transform them from IT technicians to AI experts”.
He added this would unlock unprecedented gains in agricultural yield, quality and efficiency, as well as in industrial growth and women’s empowerment.
The government approved the National AI Policy in July 2025 to democratise access to artificial intelligence, enhance public services and open up new employment and innovation avenues.
However, the policy’s implementation has stalled more than six months after its approval due to a government decision to amend the composition of the AI Council and a lack of response from provincial governments.
The only pillar of the National AI Policy currently being implemented is creating “Awareness and Readiness”. Officials claim the Indus AI week is the first step in this regard.
‘Nothing short of a game-changer’
At the outset of his address, the premier noted that the Indus AI Week is “going to not only change the technological landscape of Pakistan, but this will be nothing short of a game-changer”.
“In collaboration with our most friendly and brotherly countries, we will start running on this shared pathway with great commitment and enthusiasm,” he added.
PM Shehbaz stressed that the government of his brother and ex-premier Nawaz Sharif was “striving our best to be in line with modern requirements and meet modern challenges”.
He recalled that as the chief minister of Punjab back then, the government undertook various initiatives which were “very, very relevant and important to the promotion of education, health, revenues and encouraging our youth”.
The premier highlighted that the Punjab government initiated a laptop distribution scheme in 2010 in the province’s schools and colleges. He further mentioned that the government rolled out e-libraries and e-stamp papers, with the latter aimed at generating “additional revenue which was being siphoned off through collusion”.
PM Shehbaz also pointed out the computerisation of land records in Punjab carried out with “great partnership with World Bank, which eased out corrupt revenue officers”.
“They were carrying bags in their offices. They were tinkering with the record, and money was exchanged in hands. All of this was brought to a grinding halt through complete digitisation,” he asserted.
The prime minister highlighted that the country’s first Safe City project — which uses surveillance cameras to reduce crime — and the first IT university were established in Lahore.
“Here we are today, learning our lessons from the past and today Pakistan is absolutely ready on its toes to join the world in the field of AI interventions,” he affirmed.
PM Shehbaz also mentioned the digitalisation process of the Federal Board of Revenue (FBR), saying it was “almost transformed” at this point.
He said: “It’s doing a great job. We have controlled smuggling in Pakistan through various, most modern initiatives, bringing in scanners and other digital instruments which have been installed at various ports of Pakistan.
“We are recovering lost sums of money [and] tax evaded through collusion through these platforms.”
“Our commitment is solid, unwavering. We will never look back, we will keep on moving forward, marching forward till a point will soon come one day when Pakistan will find its destiny among the comity of nations.”
Addressing the event, IT Minister Shaza Fatima Khawaja said Indus AI Week aimed to strengthen coordination between universities, governments and international companies, state-run APP reported.
She noted that the Pakistan Digital Authority was preparing a nationwide digital master plan to guide future transformation.
In his remarks, Planning Minister Ahsan Iqbal highlighted that the world had entered a moment where intelligence itself had become a factor of production, with nations competing on ideas, talent, data and technology rather than commodities.
He described AI as a bigger “disruptor” than electricity or the internet.
The minister stated that Pakistan’s engagement with technology began over two decades ago with early IT policies, the creation of the National Database and Registration Authority (Nadra), and large-scale investment in advanced human capital.
Business
Pakistan to invest $1bn in AI by 2030, announces PM Shehbaz
Prime Minister Shehbaz Sharif on Monday announced the government’s plan to invest $1 billion in artificial intelligence (AI) by 2030.
The Indus AI Week 2026 is being held from February 9 to 15 (Sunday). The event’s website describes it as “Pakistan’s official national platform for artificial intelligence — where policy, innovation, talent and investment converge”.
“The Government of Pakistan is committed to investing $1 billion in AI by 2030, which will go a long way in building an AI ecosystem in our country,” the premier said while addressing the event’s inauguration ceremony in Islamabad.
Announcing further steps the country aims to take to keep up with modern technologies, PM Shehbaz said an AI curriculum would be introduced “not only in all federally-controlled or -run schools but all schools” of Azad Jammu and Kashmir (AJK) and Gilgit-Baltistan (GB).
He emphasised that the plan would be implemented in remote parts of Balochistan as well to “pair our youth for leadership and digital economy”.
The prime minister further said the government would provide 1,000 fully-funded PHD scholarships in AI to students across the country by 2030, which is aimed at building Pakistan’s “world-class research centre fully capacitated”.
“Last but not least, we will launch a nationwide programme to train 1 million non-IT professionals in AI skills, enabling them to enhance productivity and improving livelihoods,” he added.
“Pakistan is absolutely ready to accept the challenge and walk with our global partners, absolutely with great commitment and dedication,” PM Shehbaz affirmed.
He detailed that agriculture and mines and minerals would be among the areas of focus, adding that the government aims to empower the youth, which he said comprises 60 per cent of the country’s total population.
At the outset of his address, the premier noted that the Indus AI Week is “going to not only change the technological landscape of Pakistan, but this will be nothing short of a game-changer”.
“In collaboration with our most friendly and brotherly countries, we will start running on this shared pathway with great commitment and enthusiasm,” he added.
PM Shehbaz stressed that the government of his brother and ex-premier Nawaz Sharif was “striving our best to be in line with modern requirements and meet modern challenges”.
He recalled that as the chief minister of Punjab back then, the government undertook various initiatives which were “very, very relevant and important to the promotion of education, health, revenues and encouraging our youth”.
The premier highlighted that the Punjab government initiated a laptop distribution scheme in 2010 in the province’s schools and colleges.
More to follow
Business
Time to step up corporate social spending
Karachi requires a strong foundation of corporate citizenship to balance the needs of shareholders with those of the community and the environment in the surrounding area. Practices elsewhere show that this could help attract consumers, promote brands, and enhance company loyalty, creating more successful businesses.
To quote Dave Massaron, General Motors Vice-President of infrastructure and corporate citizenship, “General Motors and Detroit’s DNA are interwoven. The two things just go together.” He further told CNN that, “The city is on an upward trajectory for the first time in my lifetime.”
During the last US financial crisis, Detroit’s reliance on the auto industry and on taxes had badly hurt the city, as free-trade agreements, automation, and incentives from southern states sent jobs away.
Economic literature shows that social spending and social protection are essential strategies for promoting inclusive and sustainable development, especially in developing countries like Pakistan, where poverty, inequality, and vulnerability are prevalent. That 762,499 professionals, skilled and unskilled persons left the country for work in 2025, says a Business Recorder editorial, “is perhaps the most telling statistic in a largely grim economic snapshot”. None of the sectors where remittances are coming in are labour-absorbing, says a political economist.
‘No nation can remain secure if its elite disengages itself from public life or retreats into private comfort’
Pakistan has approximately 40 million households with a national average monthly household income of Rs82,000, says Dr Farrukh Saleem, whereas the minimum survival threshold is Rs105,000. The average Pakistani household is Rs23,000 short every month, and that’s before education, healthcare or savings are even considered.
A talk on the ‘Future Expectations of the Elite of Karachi’ by Commander Karachi Vice Admiral Mohammad Faisal Abbasi was organised recently by the English Speaking Union of Pakistan. Vice Admiral Abbasi said those with means, education and access must contribute decisively to improve civic life in the city. This includes sustained engagement in education, healthcare, environmental management, urban planning and social welfare.
He said, “I see remarkable human capital, extraordinary entrepreneurial energy and unmasked strategic importance in Karachi. I also see persistent challenges, governance gaps, infrastructure stress and social inequality. No nation can remain secure if its elite disengages itself from public life or retreats into private comfort.” A globalised city must be led by its citizens who care deeply about its trajectory and are prepared to invest in its recovery and advancement.
Corporate citizenship is an effective way to nurture social protection. JPMorgan, which had a long-standing relationship with Detroit, has become a model for corporate investment in underserved communities. Its investment in the city, surpassing $2bn, has helped tens of thousands of Detroiters get apprenticeships or jobs, led to the preservation of thousands of affordable housing units and provided aid to countless small businesses.
Rocket Community Fund, in partnership with the city, helps delinquent homeowners pay off their property tax dues. Since 2020, the programme has prevented over 12,000 homes from being foreclosed upon.
In recent years, Pakistan has made significant efforts to improve the coverage and effectiveness of social spending, but the country still faces many challenges in this area.
Focused on education, health, and social protection, the Benazir Income Support Programme (BISP), analysts say, social spending remains low by regional standards, often falling below 1pc of GDP for social protection, despite IMF-mandated increases. Recent data shows a 7.5pc decline in social protection spending to Rs144.9bn (July–Nov FY26). BISP is the primary safety net, with a target to reach 10.2m families by the end of FY26.
That said, key challenges, according to researchers, include limited coverage, low education spending and reliance on foreign-funded projects. Provincial governments are responsible for most social sector spending, but they often underutilise resources, creating a gap in service delivery. There is limited capacity to measure, plan, and monitor social needs and spending.
Low social spending and economic growth are mainly attributed by development economists to unsustainable debt burden in developed and lower-income countries.
However, civic disorder begins when influential individuals believe that rules are optional, says Vice Admiral Abbasi, “Pakistan’s progress depends on strong institutions, not personalities.”
A report in The New York Times says, “For decades, crushing debts have spread misery in the world’s poor and lower-income nations. Now record or near record debt in the richest countries such as the United States, Britain, France, Italy and Japan threatens to hamper growth and sow financial instability around the world.
“At home, it means countries must make interest payments with money that otherwise could have been used for healthcare, roads, public housing, technological advances or education. The hunger for more and more loans has also pushed up borrowing costs, gobbling a bigger share of taxpayers’ money. It can also push up rates on business, consumer and car loans as well as mortgages and credit cards, and drive up inflation.”
In the United States, The New York Times reported that interest payments have tripled over the past five years, reaching roughly $1 trillion. They now eat up to 15pc of the US expenses.
Published in Dawn, The Business and Finance Weekly, February 9th, 2026
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