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“Based on the extension of restrictions in various states, and impact on demand, we have lowered our forecast for growth in H1 FY22,” said Aditi Nayar, chief economist at ICRA.
Professional forecasters’ projections for March quarter gross domestic product (GDP) growth of FY21 range from a contraction of 0.4% to growth of 3.5%, signalling the mystery and difficulty involved in assessing growth in a year when the economy saw its worst recession in independent India. The Central Statistics Office (CSO) will release its GDP estimates ...
The second wave of Covid infections has increased financial risks to households and small businesses, Moody’s has said. This, in turn, Moody’s said may hurt bank profitability going ahead. “New loan forbearance and liquidity measures by the central bank, and government’s plans to set up an asset reconstruction company to take over stressed loans, along with modest recapitalization of public sector banks, will mitigate, but not eliminate, sector risks,” Moody's said. India’s financial sector, the rating agency said, is the main driver of potential event risk to the sovereign. St...
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Mayank BhardwajRajendra Jadhav 3 minute read A person rides a scooter through a waterlogged road during monsoon rain showers in Mumbai, India, June 4, 2020. REUTERS/Francis Mascarenhas/File Photo India is likely to receive normal monsoon rains this year, weather officials said on Tuesday, upgrading a prior forecast and boosting expectations for larger farm output amid a devastating second wave of COVID-19 infections. The monsoon, which is expected to hit the southern coast around Thursday, is crucial for India's $2.7-trillion economy, as it delivers nearly 70% of the rain needed by farms, bes...
(Adds details)By Rajendra Jadhav and Mayank BhardwajNEW DELHI, June 1 (Reuters) - India is likely to receive normal monsoon rains this year, weather officials said on Tuesday, upgrading a prior forecast and boosting expectations for larger farm output amid a devastating second wave of COVID-19 infections.The monsoon, which is expected to hit the southern coast around Thursday,