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 […]
Moody’s slashes India growth forecast to 0.2% for 2020-21
NEW DELHI: Moody’s Investors Service on Tuesday slashed India growth forecast for calendar year 2020 to 0.2 percent, from 2.5 percent projected in March. For 2021, Moody’s expects India’s growth to rebound to 6.2 percent. In its report titled – Global Macro Outlook 2020-21 (April 2020 update), Moody’s has lowered G-20 advanced economies as a […]
RBI should implement ‘Helicopter Money’ to counter economic crisis: Telangana CM
NEW DELHI: The Telangana government on Saturday decided to extend the lockdown in the state till April 30 to contain the spread of COVID-19. Noting that the state shares a long border with Maharashtra, where the virus spread is rapid, Chief Minister K. Chandrashekar Rao said tough steps are needed to ensure that Telangana is […]
India’s GDP may plummet to multi-decade low of 1.6% in FY21: Goldman Sachs
NEW DELHI: Economic growth is likely to plummet to a multi-decade low of 1.6% in fiscal year 2020-21 due to COVID-19 pandemic and ensuing measures like lockdowns and social distancing, an American brokerage said on Wednesday in one of the bleakest forecasts on GDP yet. Indian policymakers have not been aggressive enough in their response […]
Coronavirus: SBI pegs FY21 growth at 2.6%, say govt must monetize deficit
NEW DELHI: SBI house economists have pegged the growth forecast for January-March at 2.5 per cent and for 2020-21 at 2.6 per cent given the massive disruptions to businesses and the economy due to the COVID-19-driven lockdowns, which has upended at least 70 per cent of the economy. The nation is on three-week lockdown ending […]
India’s fiscal deficit may shoot to 6.2% of GDP in FY21: Fitch Solutions
NEW DELHI: India’s fiscal deficit in 2020-21 may shoot up to 6.2 per cent of the GDP from 3.5 per cent government estimate as a fallout of the Covid-19 economic stimulus package, Fitch Solutions said on Wednesday. With businesses disrupted due to the lockdown and its ripple effects, revenue will come under “heavy pressure” and […]
Coronavirus impact: Moody’s cuts India’s growth forecast to 2.5% from 5.3%
NEW DELHI: Moody’s Investors Service on Friday slashed its estimate of India’s GDP growth during 2020 calendar year to 2.5 per cent from an earlier estimate of 5.3 per cent, on account of the rising economic cost of the coronavirus pandemic. This compares to 5 per cent growth in 2019. Moody’s said, at the 2020 […]
India’s GDP growth slips to 4.7 per cent in December quarterIndia
NEW DELHI: India’s economic growth slowed to 4.7 per cent in October-December 2019, according to official data released on Friday. The Gross Domestic Product (GDP) growth was registered at 5.6 per cent in the corresponding quarter of 2018-19, as per the data released by the National Statistical Office (NSO). During the nine-month period (April-December 2019), […]
India’s GDP growth rate for 2019-20 estimated at 5% against 6.8% in FY19
NEW DELHI: India’s GDP growth is seen dipping to an 11-year low of 5 per cent in the current fiscal, mainly due to poor showing by manufacturing and construction sectors, government data showed on Tuesday. As per the first advance estimates of the national income released by the National Statistical Office (NSO), the manufacturing sector […]
India’s GDP growth slows down to 4.5% in Q2
NEW DELHI: India’s economic growth slipped further to hit an over six-year low of 4.5 per cent in July-September, according to official data released on Friday. The previous low was recorded at 4.3 per cent in the January-March period of 2012-13. The Gross Domestic Product (GDP) growth was registered at 7 per cent in the […]
World Bank cuts India’s growth projection to 6%
WASHINGTON : After a broad-based deceleration in the initial quarters of this fiscal year, India’s growth rate is projected to fall to 6%, the World Bank said on Sunday. In 2018-19, the growth rate of the country stood at 6.9%. However, the bank in its latest edition of the South Asia Economic Focus said the […]
India’s GDP is actually 0%, or in negative: Congress
NEW DELHI: Congress national spokesperson Gourav Vallabh on Saturday claimed that India’s Gross Domestic Product (GDP) was not five per cent as was articulated by the NDA government, but 0 per cent or even negative. Speaking at a seminar in the state capital, Gourav Vallabh, who is a finance professional, said that Prime Minister Narendra […]
India dismisses Ex-CEA’s claim, says accepted norms used for GDP estimation
NEW DELHI: Dismissing the contention of former Chief Economic Adviser (CEA) Arvind Subramanian regarding over-estimation of GDP numbers, the government said Tuesday it follows accepted procedures and methodologies for arriving at projections of national income. The Ministry of Statistics and Programme Implementation (MoSPI) also added that its projections of the Gross Domestic Product (GDP) growth are […]