India’s GDP growth at 8.4 per cent in July-September
NEW DELHI: India’s economic growth slowed to 8.4 per cent in the second quarter of 2021-22, mainly due to waning low base effect, official data showed on Tuesday. The GDP growth in April-June quarter this fiscal stood at 20.1 per cent. The Indian economy had contracted by 24.4 per cent in April-June last year. The […]
Beijing’s GDP tops $558.5 billion in 2020
BEIJING: Beijing’s GDP reached over 3.6 trillion yuan (about $558.5 billion) in 2020, up 1.2 per cent over the previous year at comparable prices, according to the Beijing Municipal Statistics Bureau. The value-added of industrial enterprises above designated size in Beijing increased by 2.3 per cent during the period, with the manufacturing of computers, communications […]
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 […]
Fitch raises India’s FY21 GDP forecast to (-) 9.4%
NEW DELHI: Global credit rating agency Fitch on Tuesday raised its FY21 GDP growth forecast for India by predicting a narrower economic contraction of (-) 9.4 per cent from an earlier predicted fall of (-) 10.5 per cent. “We now expect GDP to contract 9.4 per cent in fiscal year to end March 2021, followed […]
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 […]
Moody’s revises India’s FY21 GDP contraction to (-)10.6%
NEW DELHI: Moody’s Investor Service on Thursday revised the contraction rate of India’s FY21 GDP to (-) 10.6 per cent from an earlier estimate of (-) 11.5 per cent. The revision comes days after the Centre announced new stimulus measures. Besides, Moody’s revised the forecast for the next financial year ending March 2022. It now […]
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 […]
5G set to add $8 trillion to global GDP by 2030 : Nokia
NEW DELHI: 5G-enabled industries have the potential to deliver $8 trillion in value to the global economy by 2030 according to new research from Nokia and Nokia Bell Labs. The 5G Business Readiness Report surveys 5G adoption among businesses around the world, providing a cross-sector view of the path to full 5G deployment. This landmark […]
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 […]
IMA suggests 5 per cent of GDP spending on healthcare
NEW DELHI: Two days after Prime Minister Narendra Modi announced a massive financial package to revive the country”s economy by outlining a total stimulus of Rs 20 lakh crore, or 10 per cent of the country”s GDP, the Indian Medical Association (IMA) has now suggested that the government should invest 5 per cent of GDP […]