Tag: GDP

GDP may contract 7.5% this year, need policy reforms in Budget: Arvind Virmani

NEW DELHI: Indian economy is likely to contract 7.5 per cent in the current fiscal but will see a double-digit growth in 2021-22, former chief economic adviser Arvind Virmani said on Wednesday. Addressing a virtual event organised by industry bodyPHDCCI,Virmani said the central government has come up with some noteworthy reforms, includingGoods and Services Tax(GST),Insolvency […]

India officially enters recession, but contraction in Q2 GDP recedes

NEW DELHI: Even though India’s economic recovery accelerated in Q2FY21 from the lows of the Covid-19  pandemic-induced lockdown, the country for the very first time since Independence entered into a technical recession. The National Statistical Office (NSO) data on Friday showed that the Q2FY21 GDP on a year-on-year basis contracted by 7.5 per cent from […]

Fiscal impact of stimulus to be around 0.6% of GDP in FY21: Experts

NEW DELHI: Welcoming the latest round of stimulus announced by Finance Minister Nirmala Sitharaman on Thursday, experts said the measures will support the economic recovery boosting demand, job creation and by providing funds to the MSME and stressed sectors. The fiscal impact of the stimulus is likely to be around 0.25-0.6 per cent of GDP […]

India’s GDP expected to contract by 9.6 per cent this fiscal: World Bank

By Lalit K Jha NEW DELHI: The World Bank on Thursday said that India’s GDP is expected to contract by 9.6 per cent this fiscal which is reflective of the national lockdown and the income shock experienced by households and firms due to the COVID-19 pandemic, noting that the country’s economic situation is much worse […]

Moody’s revises India’s FY21 GDP contraction to 11.5%

NEW DELHI: Moody’s Investor Service on Friday enhanced the contraction rate of India’s FY21 GDP to (-)11.5 per cent from an earlier estimate of (-)4 per cent. The revision comes days after India reported a massive 23.9 per cent contraction in the first quarter GDP of the current fiscal. Consequently, Moody’s revised the forecast for […]

India’s GDP contraction should alarm everyone: Raghuram Rajan

NEW DELHI: Emphasising on the importance of government relief or support in the given scenario, he pointed out that it is “meagre” so far. In a note published on LinkedIn, he also opined that the 23.9 per cent contraction in the GDP during the Q1 would be “even worse if the damage to the informal […]

Covid fallout: Fiscal deficit may rise over 8% of GDP in FY21

NEW DELHI: With economic disruptions set for a long haul due to Covid-19 pandemic, India could see its fiscal deficit this year to balloon to over 8 per cent of GDP, brokerages analysing the deficit numbers post release of August GST collection data have said. The Controller General of Accounts on Monday said that country’s […]

Modi government communicates borrowing options to settle GST compensation to States

NEW DELHI: States will have to forego borrowing flexibility of 1% of state GDP given under the Atmanirbhar Bharat package if they opt to settle their entire GST compensation shortfall for FY21 through market borrowings. As per the design of the options given to the states by the Narendra Modi government (Centre) to meet GST compensation […]

Fiscal deficit expected to touch seven per cent of GDP in 2020-21: Brickwork Ratings

MUMBAI: Centre’s fiscal deficit is expected to touch 7 per cent of the GDP in 2020-21, against budget estimates of 3.5 per cent, Brickwork Ratings said on Saturday. The ratings agency said that the impact of the lockdown on economic activity shows up starkly in the trends in the Central government revenue collection during the […]

Indian economy will shrink 5% in FY21, stimulus not enough: S&P Ratings

NEW DELHI: S&P Global Ratings on Monday said Indian economy will shrink 5 per cent in the current fiscal, saying the fiscal stimulus worth 1.2 per cent of GDP will not be enough to provide significant growth support. In a report on emerging markets titled ‘Financial Conditions Reflect Optimism, Lockdown Fatigue Emerges’, S&P said the […]

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