IMRI gauges investors perception of the strength of an economy based on parameters such as inflation, fiscal deficit, current account deficit and change in real GDP growth.
The former Finance Minister was criticising the statements made by the RBI Governor and the Economic Affairs Secretary.
Aluminium, a metal of strategic importance for India to attain its goal of becoming a $5 trillion economy, continues to be a highly imported metal.
With the coronavirus pandemic still to be contained and the central government’s stimulus measures having limited impact on economic activities and consumer demand, the outlook for the Indian economy for the current financial year has only worsened.
According to the International Monetary Fund (IMF)-World Economic Outlook (WEO), Bangladesh’s GDP is expected to rise by 4 percent in 2020.
Though non-comparable, India had recorded a retail price inflation of over 3 per cent in the corresponding period of previous year.
The government has settled Rs 21,260 crore to CGST and Rs 16,997 crore to SGST from IGST as regular settlement.
Citing the happenings in the 93-year old LVB, Venkatachalam said its bad loans leapt from just about two per cent in 2017 to 25 per cent in 2020.
The Bilateral Netting of Qualified Financial Contracts Bill, 2020, introduced in Lok Sabha on September 14, allows for enforcement of netting for QFCs.
The forecast comes just over a fortnight after the country reported a 23.9 per cent contraction in its Gross Domestic Product (GDP) for the April-June quarter.
New Delhi: High food, fuel and manufactured goods’ prices accelerated India’s August wholesale inflation, official data showed on Monday. –IANS
According to the ratings agency, with the pandemic’s peak not yet in sight and the government not providing adequate direct fiscal support, the downside risks to its earlier forecast have materialised.
In a note published on LinkedIn, he also opined that the 23.9 per cent contraction in the GDP during the Q1 would be “even worse if the damage to the informal sector is taken into account”.
Other segments like beauty, wellness and personal care and home essentials may take 4-6 quarters to recover fully, it said.
The report estimates that Q2 real GDP decline will be in the range of (-) 12 to (-) 15 per cent, Q3: (-) 5 to (-) 10 per cent and Q4: (-) 2 to (-) 5 per cent.
As per the official data, the Index of Eight Core Industries for July declined by (-) 9.6 per cent (provisional) compared to decline of (-) 12.9 per cent (revised) during the previous month (June).
Chidambaram further said that every other sector of the economy has declined sharply, some precipitously. Lamenting at the government, he said that the estimates do not come as a “surprise” to us.
The rate of India’s GDP growth had declined from 6.1 % in FY19 to 4.2% in FY20, the slowest in 11 years.
Sitharaman on Thursday had said the economy has been hit by the pandemic, which is an ”Act of God”, and it will see a contraction in the current fiscal.
The scrutiny has increased further after the Galwan Valley incident which led to the death of 20 Indian soldiers.
The report was issued after the RBI released the minutes of the last MPC meeting in which members voted to maintain the key lending rate due to rising inflation.
The minister assured the stakeholders to extend all possible support in developing technology centres in India.
The Prime Minister initiated the transfer of Rs 17,100 crore benefit to bank accounts of 8.55 crore farmers under the PM-KISAN scheme
Addressing the media after the Monetary Policy Committee’s (MPC) bi-monthly meeting, he said that the economy will contract in the first half of the current fiscal due to the Covid-19 pandemic.
A Railway Ministry spokesperson said that its new policy measures will further boost the incentives for all suppliers to transport their goods through railways.
