India’s medium-term growth to slow down to around 6.5% after initial rebound, says Fitch Ratings
The ratings company said that India’s economy was currently in a recovery phase, which will be supported by the roll out of coronavirus vaccines. Jan 14, 2021 · 12:11 pm The Fitch Ratings logo is seen at their offices at Canary Wharf financial district in London | Reinhard Krause/Reuters
United States-based credit rating agency Fitch Agency on Wednesday said that India’s growth will slow down to about 6.5% per year between the financial year 2023-’26 following an initial rebound in 2021-’22.
“A combination of supply-side scarring and demand-side constraints – such as the weak state of the financial sector – will keep the level of Gross Domestic Product well below its pre-pandemic path,” Fitch said.
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11 Indian firms make it to Hurun s top 500 list
Total 11 private Indian firms have made it to the list of 500 most valuable companies across the world, and the country is ranked 10th on the chart, according to a report. The total value of these 11 companies grew 14 per cent and has been pegged at $805 billion or nearly a third of the Indian GDP. Mukesh Ambani-led Reliance Industries leads among the local enterprises with a 20.5 per cent jump in valuation to $168.8 billion as of December 1 and is ranked 54th globally, as per the list.
Employment contracts by 2.8% in Oct-Dec quarter: CMIE
The Diminishing Power Of Labour
While the coronavirus is hurting working people, especially lower-income workers, it is mainly exacerbating underlying inequalities in the economy. outlookindia.com 2021-01-12T07:37:30+05:30
In 2020, the US economy shed a net 9.37 million jobs, exceeding the 5.05 million jobs lost in 2009 in the aftermath of the global financial crisis. Hardest hit last year were hotels, restaurants and related industries, driving up unemployment among minorities, the young and less educated workers, according to an article published by The Wall Street Journal.
The US payrolls decreased by 140,000 jobs last month, the first decline since April, after increasing by 336,000 in November. The US economy ended 2020 with 9.4 million fewer jobs. The US economy has recovered 12.4 million of the 22.2 million jobs lost during the pandemic. “December s jobs report provides clear evidence that we can t expect the labor market to recover until the pandemic is over
Employment contracts by 2.8% in Oct-Dec quarter: CMIE
Employment in India contracted by 2.8 per cent, compared to a drop of 23.9 per cent and 2.6 per cent recorded in June and September quarters, respectively
Chitranjan Kumar | January 12, 2021 | Updated 22:00 IST
Employment in December 2020 was 4.2 per cent lower as compared to the same period last year
Employment in India contracted for the third straight quarter of the current fiscal, raising questions over the recent optimism around recovery in job markets on the back of economic revival. In October-December quarter, the count of the employed contracted by 2.8 per cent, compared to a drop of 23.9 per cent and 2.6 per cent recorded in June and September quarters, respectively, as per the private think-tank Centre for Monitoring Indian Economy (CMIE).
The upcoming vaccine rollout has considerably brightened the prospects for economic growth in the New Year. The Covid-19 virus and its impact on the health and well-being of people around the world we