After a contraction in the current financial year, India's economy is forecast to bounce back with a sharp growth rate of 9.5 per cent next year provided it avoids further deterioration in financial sector health, Fitch Ratings said on Wednesday.
Former finance secretary Subhash Chandra Garg on Tuesday said the Indian economy will shrink by 10 per cent or Rs 20 lakh crore in the ongoing fiscal, the first contraction in over 40 years, due to a "faulty" COVID lockdown.
Union Finance Minister said on Friday that it was hard as of now to gauge the extent of the economic damage of the coronavirus pandemic to the Indian economy
S&P said India has limited room to maneuver on policy support. The Reserve Bank of India has cut policy rates by 115 basis points but banks have been unwilling to extend credit. Small and mid-size enterprises continue to face restricted access to credit markets despite some policy measures aimed at easing financing for the sector.
The Indian economy is likely to slip into recession in the third quarter of this fiscal as loss in income and jobs and cautiousness among consumers will delay recovery in consumer demand even after the pandemic, says a report. According to Dun & Bradstreet's latest Economic Observer, the country's economic recovery will depend on the efficacy and duration of implementation of the government's stimulus package.
Speaking ahead of Finance Minister Nirmala Sitharaman's press briefing at 4 pm today, Sanjeev Sanyal said that the Rs 20 crore economic stimulus package will see significant changes for Land, Labour and Law.
Congress leader Rahul Gandhi in his series of interaction with economic leaders have now spoken to Nobel laureate Abhijeet Banerjee who has suggested that people should be given money directly if the government wish to revive the economy fast.
In its Global Market Outlook 2020-21 released on Thursday, Moody's said that with a lower growth rate, there would be a sharp fall in income which could further weaken the domestic demand and the pace of recovery in the next fiscal.
"No Yes Bank," Congress leader Rahul Gandhi said on Friday, taking a dig at the BJP-led government over the moratorium placed on Yes Bank, and alleged that Prime Minister Narendra Modi and his "ideas" had destroyed the country's economy.
The GDP growth slowed down to a nearly seven-year low of 4.7 per cent in October-December 2019, according to the data released by the National Statistical Office (NSO)
Finance Minister Nirmala Sitharaman on Tuesday said the economy is not in trouble and green shoot are visible with the country moving towards a USD 5 trillion economy .
As India faces a challenging economic situation, having experienced six successive quarters of negative GDP growth, a disruptive shock in supply chains from a major economic partner like China will only compound economic woes
Tearing into the Modi government over India's economy, Former finance minister P Chidambaram on Monday said it was close to collapse and was been attended by "very incompetent doctors."
Economic Survey has rightly lauded the economic performance of the Indian economy in 2019-20 on various economic parameters, despite weak environment for global manufacturing, trade and demand, feels Dr. Agarwal.
Chief Economic Advisor Krishnamurthy Subramanian informed that this year Economic Survey's theme is wealth creation.
The Congress on Thursday accused the NDA government at the Centre of mutilating the soul of India and trampling upon the country's economy, saying it can be measured today in terms of Global Misery Index (GMI) and not the GDP.
Asserting that the Indian economy is well-poised to take off, Union minister Piyush Goyal on Thursday said there is a lot of enthusiasm for making investments in the country.
It is after a long gap that the tax collection is actually lower than the numbers given in the previous year. Already the development has rung the alarm bells that current economic crisis may be deep-seated and take much longer time to recover from.
Union Finance Minister Nirmala Sitharaman has said the kind of cleaning in the system that the BJP-led government had to carry out after coming to power in 2014 was "unbelievable".
Gadkari said that the goal can be achieved by increasing domestic production and reducing dependence on imports. He spoke at the 29th International Management Conclave of the Indore Management Association here.
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