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The GDP in Asia s third-largest economy grew by 1.6% in the January-March period, up from 0.5% in the previous quarter when India began pulling out of a steep pandemic-induced recession in the earlier six months.
RBI status quo on policy supportive of economic growth; liquidity measures in right direction: Experts
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Last Updated: Apr 07, 2021, 07:38 PM IST
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The six-member Monetary Policy Committee (MPC) unanimously decided to continue with the accommodative stance as long as necessary to sustain growth on a durable basis and continue to mitigate the impact of COVID-19 on the economy.
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The RBI will also provide Rs 25,000 crore to NABARD, Rs 10,000 crore to NHB and Rs 15,000 crore to SIDBI.
RBI s decision to keep repo rate unchanged for the fifth time in a row is in line with the economic need to encourage growth, financial market players and experts said on Wednesday.
The Economic Survey reaffirms that the worst is behind us and the economy would bounce back with a V-shaped recovery after being hit hard by the COVID-19 pandemic, India Inc said on Friday. Sharing their views on the Survey 2020-21 tabled in Parliament, the industry also made a case for continuation of support from the government this year for a broad base recovery and revitalise the ameliorating economic growth. CII Director General Chandrajit Banerjee said the survey makes a candid and convincing assessment of the Indian economy based on objective analysis, enriching content and credible policy direction to take the economy forward.
India takes decisive steps to spur economic growth post–pandemic An employee works inside the Mahindra & Mahindra manufacturing plant in Chakan, Maharashtra. India’s auto sector is looking for a rebound as consumer spending returns to growth this year. Image Credit: Reuters
After witnessing the steepest economic contraction among the major economies at 23.9 per cent in the first quarter (April-June) of 2020-21 due to Covid-19- induced lockdown, India is likely to see an economic resurgence, clocking around 10 per cent GDP growth in the new financial year, if recent economic predictions of multiple agencies are to be believed.
The pace of India’s GDP contraction in the second quarter of the current financial year (July-September 2020) was much weaker than Q1 figures, reflective of signs of economic revival, say economists at Frost & Sullivan.