New Delhi: Domestic rating agency Icra (ICRA) on Monday further downgraded the country's GDP projections, saying that the Indian economy could decline by 11 per cent during the financial year 2020-21. The rating agency had earlier predicted a 9.5 percent contraction. Icra revised its estimates and said that the rate...
India Ratings revises FY21 GDP growth projection to negative 11.8 per cent
Mumbai: The agency, however, expects India's gross domestic product (GDP) to rebound and grow at 9.9 per cent year-on-year in FY22 mainly due to the weak base of FY21. “India Rating's FY21 GDP growth forecast of negative 11.8 per cent will be the lowest GDP growth in the Indian history...
Finance Commission advised to treat FY21, FY22 differently
New Delhi: At a time when the Centre is facing difficulties to disburse GST compensation to states on the low revenue collection, the Economic Advisory Council of the 15th Finance Commission has advised the latter to treat the financial year 2020-21 and 2021-22 differently in comparison to the next four...
India’s Q1FY21 GDP contracts by 23.9pc
New Delhi: Pandemic Covid-19 induced economic turbulence along with measures to curb its outbreak, heavily dented India's economy and plunged the country's GDP to (-) 23.9 per cent during the first quarter (Q1) ended June 2020-21. Though not comparable, the Gross Domestic Product (GDP) had grown by 5.2 per cent...
Global economic recovery better than expected: Report
New Delhi: In a much-needed dose of good news, Deutsche Bank Research analysts in their August report “World outlook: Interim update and longer term projections” reported recovery in many countries has “progressed faster” than the team predicted in their previous report in May, “World Outlook Update: Turning Gloomier”. “Across most...
SBI report projects India’s GDP to contract 16.5% in Apr-June quarter
New Delhi: State Bank of India’s research report Ecowrap expects the country’s GDP to contract by 16.5 per cent during the first quarter of the current fiscal. Earlier in May, Ecowrap had estimated Q1 FY21 GDP contraction at over 20 per cent and now pegs it at much lower contraction...
GDP contraction in 1QFY21 expected at 18 to 20 per cent
Broking firm, Motilal Oswal expects GDP to contract 18 to 20 per cent in the first quarter of 2020-21. The brokerage firm believes that the decline in the IIP, which was released on Tuesday, was much lower than expected. "While decline in Jun'20 IIP was slower vis-a-vis the previous three...
Britain enters recession as GDP slumps by a record in Q2
In the wake of strict coronavirus curbs enforced between April-June period the economic output of UK contracted by a steep 20.4%. This is the highest decline in GDP logged by any key nation thus far as per official data published today. Also, with contraction reported for the second consecutive quarter,...
DBS reported, India’s GDP to shrink by 6% this year
In its earlier forecast, the brokerage had projected a minus 4.8 percent growth for the current fiscal. "We temper growth forecasts to minus 6 percent for FY21 due to the prolonged sub-normal reopening as the country is yet to stabilize the infection curve and the pandemic is going to take...
India’s debt-to-GDP ratio to climb to 87.6% by March 2021: SBI economists
India's debt-to-GDP ratio will shoot up to 87.6 percent at the end of this financial year from 72.2 percent in 2019-20, on the back of extra borrowing by the government due to the COVID-19 pandemic, said economists at SBI on Monday. Over four percent of the increase in the debt-to-GDP...