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Express News Service India s economy escaped with a whole skin in Q4 registering a growth rate of 1.6%. But this lowly single-digit boost couldn t make up for the previous contractions, which literally quartered GDP growth to death, largely led by the chronic 24% decline of April-June, 2020. In effect, real GDP growth rate contracted to a disturbing 7.3% for the full fiscal FY21. That s a Rs 10 lakh crore hemorrhaging in one year, some of which is lost forever. At 7.3%, it s the first contraction since 1981 and the severest annual rattle since national accounts have been compiled in India. It s, though, better than the estimates first telegraphed in January projecting a 7.7% contraction. A year before, India s economy grew by a 11-year-low of 4%, but in comparison it now appears grand. ....
On the other hand, the central bank ramped up printing of Rs 500 notes to keep up with the demand for cash all through last fiscal. It now accounts for 68.4% of total banknotes in circulation. ....
Decoding the Reserve Bank's balance sheet math- The New Indian Express newindianexpress.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from newindianexpress.com Daily Mail and Mail on Sunday newspapers.
Express News Service It’s as if Asian economies are struggling just to make it from one quarter to the next. With countries coursing through second, third and fourth waves, albeit with brief periods of respite from coronavirus infections, economic rebound has never been closer and never further away. Most Southeast Asian regions have enforced total or partial lockdowns and restrictions, which means respective annual GDP forecasts are often being revised mostly downwards and rarely upwards. Take Thailand’s central bank, which lowered 2021 GDP forecast to three per cent as against 3.2 per cent projected in December. As if on cue, Thailand’s Ministry of Finance too lowered estimates from 4.5 per cent to 2.8 per cent. ....