Category: Economic News

Moody’s expects India’s GDP to shrink by 8.9% in 2020

BENGALURU – Moody’s Investors Service said on Thursday it expects India’s economy to shrink by 8.9% in the 2020 calendar year due to the COVID-19 pandemic, compared to an earlier forecast of a 9.6% contraction. The revision comes as a rise in novel coronavirus cases slows in the […]

Sensex declines over 200 pts in early trade; Nifty tests 11,900

Mumbai, Oct 15: Equity benchmark Sensex dropped over 200 points in opening trade on Thursday tracking losses in index majors TCS, ICICI Bank and HDFC Bank amid weak cues from global markets. The 30-share BSE index was trading 248.36 points or 0.61 per cent lower at 40,546.38, and the […]

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

Washington, Oct 8: 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 […]

India must persevere with flexible inflation targeting – former RBI deputy governor

MUMBAI – India should stick with its flexible inflation targeting framework, which has worked well, to reap the benefits over the long term, former Reserve Bank of India (RBI) deputy governor Viral Acharya said. The central bank and the government agreed in 2015 on a policy framework that […]

RBI postpones MPC meeting as posts lie vacant

Mumbai, Sep 28: The Reserve Bank on Monday postponed the meeting of the Monetary Policy Committee (MPC), the all-important interest rate-setting panel, over a possible lack of quorum as the appointment of independent members is delayed. The Reserve Bank in a press release said that the MPC meeting, which […]

Government suggests to states to borrow 2.35 trillion rupees to meet tax shortfall

NEW DELHI – The Indian government on Thursday suggested states borrow up to 2.35 trillion rupees ($31.8 billion) from the market to meet a tax shortfall, Finance Minister Nirmala Sitharaman said. The government could also support the states to raise up to 970 billion rupees in loans from […]

India’s June jobless rate falls to 11%: private think-tank CMIE

NEW DELHI – India’s unemployment rate in June fell to 11% from 23.5% in May, according to data released by the Centre for Monitoring Indian Economy (CMIE) on Wednesday as economic activities resumed after government eased pandemic lockdown restrictions. The virus has infected over half a million people […]

RBI announces nine additional measures for strengthening the Economy

Cuts interest rates, extends moratorium by another 3 months Exporters and Importers get More Liquidity Domestic Economy to contract in 2020-21, revive gradually in the second half: RBI Governor “It is when the horizon is the darkest and human reason is beaten down to the ground that faith […]

RBI ramps up economic support; cuts interest rates, extends loan moratorium

Mumbai, May 22: The Reserve Bank of India (RBI) on Friday slashed interest rates, extended moratorium on loan repayments and allowed banks to lend more to corporates in an effort to support the economy which is likely to contract for the first time in over four decades. The benchmark […]

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