Tag: Indian economy

Indian economy to shrink 9 per cent in FY21: ADB

NEW DELHI: India’s coronavirus-battered economy will shrink by 9 per cent this fiscal, the Asian Development Bank (ADB) predicted on Tuesday saying growth outlook remains highly vulnerable to either a prolonged outbreak of the pandemic or a resurgence of cases. This will be the first time in four decades that the Indian economic growth will […]

Indian economy shrinks record 23.9% in Q1

NEW DELHI: India’s economy suffered its worst slump on record in April-June, with the gross domestic product (GDP) contracting by 23.9 per cent as the coronavirus-related lockdowns weighed on the already-declining consumer demand and investment. The GDP contraction in the world’s fifth-largest economy compared with 3.1 per cent growth in the preceding January-March quarter and […]

RBI Governor meets heads of rating agencies, seeks assessment of Indian economy

NEW DELHI: RBI Governor Shaktikanta Das on Thursday sought credit rating agencies’ assessment of the macroeconomic situation and their outlook on various industries, including the financial sector, the central bank said in a statement. The RBI Governor met managing directors and chief executives of credit rating agencies (CRAs) through video conferencing. The meeting was also […]

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 […]

Indian economy to contract 5% in FY21: Fitch Ratings

NEW DELHI: Fitch Ratings on Tuesday forecast the Indian economy to contract 5 per cent in the current fiscal on account of slump in economic activities following a “very severe” lockdown that has lasted much longer than expected. In its Global Economic Outlook (GEO) for May, Fitch projected growth to rebound to 9.5 per cent […]

Here’s the full list of measures to support Indian Economy’s fight against coronavirus

NEW DELHI: India’s Prime Minister Narendra Modi yesterday announced a Special economic and comprehensive package of Rs 20 lakh crores – equivalent to 10% of India’s GDP. He gave a clarion call for आत्मनिर्भर भारत अभियान or Self-Reliant India Movement. He also outlined five pillars of Aatmanirbhar Bharat – Economy, Infrastructure, System, Vibrant Demography and […]

Narendra Modi announces Rs 20-lakh crore economic package to revive Indian economy and lockdown 4

NEW DELHI: Prime Minister Narendra Modi addressed the nation today. Recalling those who have died battling the pandemic, Prime Minister said that the crisis that has emerged due to COVID-19 is unprecedented, but in this battle, we not only need to protect ourselves but also have to keep moving forward. Self-reliant India Talking about the […]

40-day lockdown to inflict $320 billion loss on Indian economy: Report

NEW DELHI: The COVID-19 pandemic is expected to hit Indian economy with about $320 billion in terms of daily gross domestic product (GDP) loss after 40 days of lockdown, said a report. The daily GDP of India is estimated to be approximately $8 billion. The impact has been severe on the travel and mobility sector […]

”Rs 11.2 lakh crore package needed to resurrect Indian economy post-lockdown”

NEW DELHI: Government of India will need to pump prime the economy hit by COVID-19 pandemic and subsequent lockdowns by putting in place a massive Rs 11.2 lakh crore ($150 billion) worth of economic package, Acuite Rating has said in a report. The economic package working out to around 4.8 per cent of FY20 GDP, […]

India needs to open economy in measured way: Raghuram Rajan

NEW DELHI: India needs to be cleverer in lifting the lockdown and open up its economy in a “measured way” soon as it does not have the capacity to support people across the spectrum for too long, former RBI governor Raghuram Rajan said on Thursday. He was deliberating on the economic impact of the COVID-19 […]

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 […]

India Inc stands by lockdown extension call; seeks stimulus package to rebuild economy

NEW DELHI: India Inc on Tuesday said the nationwide lockdown extension was necessary to avert a humanitarian crisis, but insisted on the need for a stimulus package to rebuild the economy hit hard by the Covid-19 pandemic. Earlier in the day, Prime Minister Narendra Modi announced that the current lockdown will be extended till May […]

World”s biggest coronavirus lockdown may have cost Rs 7-8 lakh crore to Indian economy

NEW DELHI: The world’s biggest lockdown that shut a majority of the factories and businesses, suspended flights, stopped trains and restricted movement of vehicles and people, may have cost the Indian economy Rs 7-8 lakh crore during the 21-day period, analysts and industry bodies said. With the intent to contain the spread of COVID-19, Prime […]

Outreach on economy, demand push to give big boost to growth: ASSOCHAM

NEW DELHI: ASSOCHAM President Dr. Niranjan Hiranandani today said that concerted efforts by the Prime Minister Narendra Modi himself in his outreach to wider sections of the industry and other key stakeholders, fiscal incentives and sustained public investment on infrastructure will lead to a spur in demand and will be big catalyst for reviving the […]

BJP leader Subramanian Swamy expresses concern over economy

KOLKATA: Senior Bharatiya Janata Party (BJP) leader Subramanian Swamy on Sunday said the country’s economy is not showing good signs though Prime Minister Narendra Modi has manifested tremendous leadership skill in fighting terror and in social welfare projects. The fiscal decisions of the government have not yielded the desired results, the Rajya Sabha MP said […]

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