RBI board member Manish Sabharwal, who is the chairman of Teamlease Services, also said the country needs immediate reforms in banking, compliance, labour laws and education because "hope is not a strategy".
Domestic rating agency India Ratings and Research on Tuesday revised downward the country's FY21 GDP growth forecast to (-) 11.8 per cent, lowest in Indian history. The agency, however, expects the economy to grow at 9.9 per cent in FY22 helped mainly by the weak base of FY21.
Terming the 23.9 per cent fall in economic growth in June quarter alarming, former Reserve Bank Governor Raghuram Rajan has said bureaucracy should come out of complacency and take meaningful action.
Investors brushed aside nearly 24 per cent fall in the economy during Q1 FY21 that was largely expected with equity benchmark indices closing higher on Tuesday after a volatile trading session.
The Gross Domestic Product (GDP) had grown by 5.2 per cent in the corresponding quarter of FY2019-20. In the quarter just preceding Q1 FY21, the economic growth was at 3.1 per cent. The country had observed mobility restrictions as mandated under the lockdown measures for the better part of the first quarter of FY21.
Equity benchmark indices were flat during early hours on September 01 as official figures released a day earlier showed 23.9 per cent fall in the economy during the first quarter of the current financial year.
As per the data released by the National Statistical Office (NSO), India’s Gross Domestic Product (GDP) for the April-June quarter (Q1) slipped by a sharp 23.9 per cent.
External Affairs Minister (EAM), S Jaishankar addressed the 6th Roundtable of ASEAN-India Network of Think Tanks on August 20 via video conferencing.
Reserve Bank of India (RBI) Governor Shaktikanta Das briefed mediapersons on Aug 06.
Union Minister Nitin Gadkari addressed the Indian School of Business through video conferencing on July 13.
While interacting with Congress leader Rahul Gandhi via video conferencing in the national capital on June 06, the Managing Director (MD) of Bajaj Auto, Rajiv Bajaj spoke on COVID-19 crisis.
The Indian economy grew at 3.1 percent in the January-March quarter (Q4) of 2020, official gross domestic product (GDP) data released on Friday showed. For the full FY20 financial year, the number came to an 11-year-low of 4.2 percent against 6.1 percent in 2018-2019.
Equity benchmark indices were on a low swing during early hours on Friday ahead of the release of GDP data for January to March quarter (Q4 FY20).
China kicked off its much-delayed annual parliament session on Friday with the government, in a rare move, did not set any specific target for this year’s GDP, citing uncertainties arising out of the COVID-19 pandemic, slowdown of the Chinese and global economies and the decline in international trade.
RBI Governor Shaktikanta Das in a presser amid lockdown situation in the country due to the outbreak of coronavirus which has impacted businesses at large said that they are expecting normalcy to return in the second half of the year.
Loan EMIs are set to get cheaper as RBI cuts repo rate by 40 bps to 4 per cent. "The repo rate cut by 40 basis points from 4.4 % to 4%. Reverse repo rate stands reduced to 3.35%," RBI Governor Shaktikanta Das said in a press conference on Friday.
Reserve Bank of India (RBI) Governor Shaktikanta Das on Friday said that the Monetary Policy Committee, in an unscheduled meeting, cut policy repo rate by 40 basis points to 4.0%, adding GDP is estimated to contract in current fiscal.
American Investment pioneer Goldman Sachs has predicted that India's GDP could rise 20 per cent after the lockdown. The predictions by Goldman Sachs, stated in The Economist, have made claims about the third quarter 2020.
Congress leader Anand Sharma on May 15 said the central government is not even giving 2% of the GDP in name of economic package to mitigate effects of COVID-19 pandemic.
India's GDP is likely to range between a decline of 0.9 per cent and a growth of 1.5 per cent in the current financial year, with the economy undergoing a "turbulent" phase caused by the coronavirus-induced lockdown, according to a report.
Top News
