Category: Economy

S&P expects India’s economy to contract 9% in fiscal 2021

BENGALURU – S&P Global Ratings said on Monday that it was expecting India’s economy to shrink by 9% in the fiscal year ending March 31, 2021, larger than its previous estimate of a 5% contraction, as the country reels under the impact of the COVID-19 pandemic. The ratings […]

India’s economy shrinks record 23.9% y/y in June quarter

NEW DELHI – India’s economy contracted at its steepest pace on record of 23.9% in the June quarter as the pandemic lockdown cut consumer and business spending, putting pressure on the government and central bank for additional stimulus and a rate cut. The gross domestic product (GDP) data […]

ESTIMATES OF GROSS DOMESTIC PRODUCT FOR THE FIRST QUARTER (APRIL-JUNE) OF 2020-21

open view news desk NEW DELHI, AUGUST 31: National Statistical Office (NSO), Ministry of Statistics and Programme Implementation has released the estimates of Gross Domestic Product (GDP) for the first quarter (April-June) Q1 of 2020-21, both at Constant (2011-12) and Current Prices, along with the corresponding quarterly estimates […]

Recovery hopes dashed for India’s recession-hit economy: Reuters poll

BENGALURU – India’s deepest recession on record will linger through the rest of this year and begin to lift only in early 2021 as a rapid surge in the coronavirus spread squelches a nascent rebound in consumption and business activity, a Reuters poll showed. New Delhi has already […]

Indian economy’s medium-term outlook remains uncertain – RBI Governor

NEW DELHI – The Indian economy’s medium-term outlook remains uncertain even though the country has started re-opening after over two months of a nationwide lockdown, as demand and supply shocks due to the coronavirus still loom large, the central bank governor said on Saturday. Policy responses by the […]

India unveils $40 billion credit line for small businesses

NEW DELHI – India will offer bank loans amounting to 3 trillion rupees ($39.85 billion) to small businesses, Finance Minister Nirmala Sitharaman said on Wednesday, as part of measures to combat the damage caused by the coronavirus outbreak. Under the plan, the government will provide a credit guarantee […]

Mumbai slum-dwellers by the sea live at the mercy of climate change

MUMBAI – Already at risk from rains, flooding and open sewers, slum-dwellers who live by the ocean in the Indian financial capital Mumbai are vulnerable to rising seas caused by global warming and say the government should help them move to safer locations. Thousands of people, mostly migrants […]

Auto stocks tumble up to 9 pc as sales in India see sharpest fall in 19 yrs in July

New Delhi, Aug 13: Auto stocks tumbled up to 9 per cent on Tuesday after industry body SIAM reported that automobile sales in India witnessed sharpest decline in nearly 19 years in July, dropping 18.71 per cent, rendering almost 15,000 workers jobless over the past two-three months. Shares of […]

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