World’s fastest recovery outlook at risk as Covid-19 sweeps India
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. Updated: 25 Apr 2021, 06:48 AM IST Bloomberg
With or without lockdowns, some economists see the pandemic weighing on the confidence of consumers - the backbone of the economy
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Just two weeks ago, the International Monetary Fund upgraded India’s economic growth forecast to 12.5% the quickest rate among major economies. Now, as Covid-19 cases surge the most globally, that bullish view is looking increasingly in doubt.
In Delhi, the streets are mostly empty and the markets nearly deserted with almost all shops closed in response to curbs put in place by the local administration to fight the pandemic. The scene is not so different in Mumbai, the financial hub that accounts for 6% of the national output.
The agency said the post-election lockdowns can be expected
The rating agency had projected GVA to increase from Rs 124.11 lakh crore (FY21) to Rs 136.82 lakh crore (FY22)
According to the agency, the loss in GDP this year due to the lockdowns would be to the extent of 0.8-1 per cent from our earlier estimate of 11-11.2 per cent.
With economic activities getting affected across the country due to curbs imposed by states amid surge in COVID-19 cases,
Care Ratings has revised down its forecast for GDP growth to 10.2 per cent in 2021-22 from earlier projection of 10.7-10.9 per cent. This is the third revision by the rating agency in the last one month.
In a detailed note on Tuesday, Goldman Sachs house economists led by Sunil Koul said these record number of pandemic cases and a host of key states announcing stricter lockdowns of late have fuelled serious growth concerns, leaving investors worried about the risks to macro and earnings recovery.
Updated Feb 23, 2021 | 16:56 IST
India posted de-growth of 24 per cent and 7.5 per cent in GDP in first and second quarters ended June and September 2020, respectively. India s GDP may turn positive at 1.3% in December quarter: Report
New Delhi: India s GDP may turn positive at 1.3 per cent in the third quarter of 2020-21, having witnessed contraction in the previous two quarters due to the coronavirus pandemic, as the number of cases is falling and public spending has started rising, according to a report. The government will release the GDP numbers for the October-December quarter of the current fiscal on Friday.
Projecting that the gross domestic product (GDP) may have returned to the black in the last quarter of the calendar year 2020, DBS Bank in the report said the full-year growth in real terms may be at a negative 6.8 per cent. DBS Group Research economist Radhika Rao said sharp improvement in the COVID-19 situation and rising public spending
Updated Feb 17, 2021 | 20:21 IST
India needs market-friendly, not business-friendly, reforms; consumer interests are equally important as business interests for reforms to succeed: CUTS International. Representational Image
India’s reform efforts cannot be left to the bureaucracy or economists alone. Instead, a whole of the ecosystem approach is required to plan and successfully implement measures aimed at enhancing competitiveness and inclusivity of growth,” said Pradeep Mehta, Secretary General, CUTS International. “The private sector and public institutions need to collaborate and converge in order to deliver on such an economic agenda,” he added.
He was moderating the second session of a series of webinars on “Improving India’s Competitiveness for Inclusive Economic Growth” organised by CUTS. He highlighted the importance of pragmatism in translating economic vision and ideas into actual ground realities.