India’s stimulus measures seen providing modest push to economic growth

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Indian industry welcomed measures to boost spending in the economy with the government providing a festival advance plan to its employees as well as advancing a 50-year loan to states. However, the measures would only have a modest impact and would fall short of a bigger push needed to revive growth over the medium to […]

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Amid COVID-19, India’s GDP to contract by 9% in FY2020, next fiscal’s growth seen at 8%, says ADB

 India’s gross domestic product (GDP) growth for fiscal year (FY) 2020 ending on 31 March 2021 is forecast to contract by 9.0% as the coronavirus disease (COVID-19) pandemic weighs heavily on economic activity and consumer sentiment in the country, according to a new report by the Asian Development Bank (ADB). In its Asian Development Outlook (ADO) […]

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World economy unlikely to reach pre-pandemic output levels before 2022: Dun & Bradstreet

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With COVID-19 still dominating the major economies, the world economy is not likely to re-attain pre-pandemic output levels before 2022, says a report by Dun & Bradstreet Country Risk and the Global Outlook, August 2020. “Nothing about the pandemic can be classified as over, despite recoveries in activity levels in some economies in Q3, as […]

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India’s forex reserves climb up as government advisory panel suggests range for fiscal deficit targets for Centre, states

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India’s foreign exchange reserves surged by USD 3.883 billion to touch a lifetime high of USD 541.431 billion, RBI data showed.  on Friday. Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves. The country’s reserve position […]

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India’s GDP contracts by record 24% during April-June quarter due to intense lockdown

India’s GDP shrank b 23.9%, the worst ever contraction, during the April-June quarter of the current fiscal year as the period coincided with the world’s strictest-ever lockdown following the Covid-19 pandemic, government data showed on Monday. The only bright spot was agriculture with all other sectors including manufacturing, construction and services suffering a sharp contraction […]

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India’s fiscal deficit likely to touch 7% in FY21 against 3.5% budget estimate: Brickwork Ratings

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India’s fiscal deficit is expected to touch 7 per cent of GDP in 2020-21 fiscal as against budget estimate of 3.5 per cent, with revenue collections being hit amid disruptions in economic activities due to lockdowns, according to Brickwork Ratings. “The impact of the lockdown on economic activity shows up starkly in the trends in […]

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India’s central bank says economic contraction likely to extend to fiscal second quarter

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The contraction in economic activity in India that was visible in the first quarter of the 2020-2021 fiscal that ended in June is likely to prolong into the second quarter, according to the Reserve Bank of India (RBI). The uptick in economic indicators visible in May and June — which was visible after a nationwide Covid-induced lockdown […]

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India’s central bank forecasts negative real GDP growth for 2020-21 fiscal year

The Reserve Bank of India said on Thursday that the real gross domestic product (GDP) growth during this fiscal year will be negative despite a recovery since the outbreak of the deadly Covid-19 pandemic and hopes of robust farm output. The bank kept the repo rates unchanged, while announcing a major loan restructuring package for […]

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