After ravaging the country for almost two months, the second wave of the pandemic seems to be finally receding a crucial development that raises expectations of gradual reopening of economic activity. While the caseloads are still high and there are significant imponderables about infection spread, questions abound about what could be the likely fallout of the second wave on the economy as it reopens after extended regional lockdowns to contain the viral spread.
At the outset, the economy is flashing mixed signals. Among the positives include the robust growth of India’s exports since December 2020, as global recovery, particularly of advanced countries, has given export buoyancy to India. A sustained rebound in exports would help the Indian economy at a time when domestic demand is under significant strain.
The Tiruppur Exporters’ Association has welcomed the announcement by the Central government on extension of the Emergency Credit Linked Guarantee Scheme for five years. Association president Raja M. S
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Banks will take 12-18 months to show covid symptoms
A worker walks past the logo of Reserve Bank of India (RBI) inside its office in New Delhi, India July 8, 2019. REUTERS/Anushree Fadnavis/File Photo
(REUTERS)Premium
Deep Mukherjee
Early signs suggest that government measures such as the Emergency Credit Linked Guarantee Scheme (ECLGS) is providing some relief to covid-impacted businesses
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Early signs suggest that government measures such as the Emergency Credit Linked Guarantee Scheme (ECLGS) is providing some relief to covid-impacted businesses. Additionally, the Reserve Bank of India’s (RBI) moratorium and its subsequent one-time-restructuring (OTR) scheme have contributed to keeping the non-performing asset (NPA) levels of banks in check. Following a Supreme Court (SC) stay order, banks have not tagged the loans of specific borrowers as ‘NPAs’ since August 2020. Institutional lenders, though, have started reporting portfolio-level pro-forma
Decoding recovery path of the Indian economy
Mon, Dec 21 2020 06:08:53 PM
Dr. Niranjan Hiranandani
Dec 21 (IANS): No one ever thought of the scale and magnitude of disruption that was caused by the Covid-19 pandemic. In the aftermath, the resurgence would be equally trying especially in a country like ours with a complex economic framework. However, we need to applaud the government for paving the way for an impressive recovery, with a judicious mix of spending and structural reforms. The outcome of the efforts visible in the Q2 numbers which showed a single-digit economic contraction of 7.5 percent as compared to 23.9 percent in Q1. The figure beats the global average, where according to an analysis, 49 economies declined at an average of 12.4 percent.