-Scroll.in The sharp drop in GDP is the largest in the country’s history – and even that may well underestimate the economic damage experienced by the poorest households. From April to June 2020, India’s GDP dropped by a massive 24.4%. According to the latest national income estimates, in the second quarter of the 2020-’21 financial year (July-September 2020), the economy contracted by a further 7.4%, with the third and fourth quarters (October...
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Rural term deposits fall for first time in eight years -Vivek Kaul
-Livemint.com As of 31 March, the total outstanding term deposits with banks in rural India contracted by 1.05% to ₹6.99 trillion from a year earlier Every three months, the Reserve Bank of India (RBI) declares region wise data for term deposits. As of 31 March, the total term deposits of commercial banks in India rose 8.42% to ₹86.4 trillion from a year earlier. Term deposits are money that depositors keep in a bank...
More »GDP shrinks by 7.3%; Q4 uptick moderates 2020-21 carnage -Vikas Dhoot
-The Hindu On inflation, the Chief Economic Adviser said it is expected to be range-bound and should not exceed the prescribed level. India's Gross Domestic Product (GDP) contracted by 7.3% in 2020-21, as per provisional National Income estimates released by the National Statistical Office on Monday, marginally better than the 8% contraction in the economy projected earlier. GDP growth in 2019-20, prior to the COVID-19 pandemic, was 4%. The Gross Value Added (GVA)...
More »COVID-19 Driving Up Unemployment -Gyan Pathak
-Newsclick.in As India faces a grim economic scenario due to the second wave of the pandemic in India, the government needs to step in to create employment opportunities. The second wave of COVID-19 beginning from February 2021 has not only severely impacted the economic recovery in India, but has also threatened a contraction in its GDP and consequently a sharp spike in unemployment. S&P’s moderate and severe severe downside scenario has estimated...
More »Expected growth of 12.5% for India but “ very severe downside risks” due to COVID wave: IMF -Sriram Lakshman
-The Hindu Averting divergent outcomes would mean “resolving the health crisis everywhere” the report says After an estimated contraction of 8% in the fiscal year that ended March 31, India is projected to grow at 12.5 % during the current year, settling down to 6.9% growth year (FY22/23), according to the World Economic Outlook (WEO): Managing Divergent Recoveries, released by the IMF as the World Bank IMF Spring Meetings kick off virtually....
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