Category: Economy

SBI Ecowrap Report predicts India GDP to contract 7.4% in FY21

December 17, 2020

• The State Bank of India, in its research report ‘Ecowrap’ has updated the GDP growth of India at (-) 7.4 percent in FY21.
• Earlier this prediction was (-) 10.9 percent. The SBI research report has also forecast India’s GDP growth in FY22 at 11 percent.

S&P revises India’s GDP contraction forecast in FY21 to 7.7%

December 16, 2020

• S&P Global Ratings (earlier Standard & Poor’s) has boosted India’s GDP growth prediction for the FY21 (2020-21) to – 7.7 percent from – 9 percent predicted earlier.
• The lower contraction rate is based on rising demand and falling COVID infection rates.

CRISIL lowers contraction rate for India at -7.7% in FY21

December 15, 2020

• Rating agency CRISIL has lessened the contraction rate of India’s GDP and now expects the growth rate of the Indian economy to decline 7.7% in the ongoing fiscal 2020-21, compared to the 9% forecast in September 2020, due to “faster-than-expected” recovery in the second quarter.

BSE starts e-agricultural spot market platform ‘BEAM’

December 14, 2020

• Bombay Stock Exchange (BSE) Ltd. has started an electronic spot platform, “BSE E-Agricultural Markets Ltd (BEAM)”, for agricultural commodities through its subsidiary BSE Investments Ltd.

ADB predicts the GDP of India at -8% in 2020

December 11, 2020

• The Asian Development Bank (ADB) has predicted India’s economy to contract 8 percent in 2020, as against (-)9.0 percent previously forecast.
• In its latest Asian Development Outlook report published on 10 December 2020, ADB also expects the GDP of India to bounce back with growth of 8.0 percent in 2021.

Nomura expects India to be the fastest-growing Asian economy in FY21

December 10, 2020

• The Japanese research and brokerage house Nomura has predicted India to be the fastest-growing Asian economy in 2021.
• Nomura has approximated the gross domestic product (GDP) growth of India for the calendar year 2021 (CY21) at 9.9%. For the calendar year 2020 (CY20), Nomura expects GDP growth at -7.1 percent.

Fitch Ratings drops India’s GDP contraction at 9.4% for FY21

December 10, 2020

• Fitch Ratings has updated the GDP growth rate for India in its Global Economic Outlook, and now expects the economy to contract 9.4 percent in the current financial year 2020-21, as compared to (-)10.5 percent forecast earlier.

Kotak AMC starts REIT Fund of Funds scheme

December 8, 2020

• Kotak Mahindra Asset Management Company (Kotak Mutual Fund), has started Kotak International REIT Fund of Funds, India’s first diversified REIT Mutual Fund. REIT stands for Real Estate Investment Trust.
• Kotak International REIT Fund of Funds is an open-ended mutual fund scheme that will invest in units of SMAM Asia REIT Sub Trust Fund.

OECD predicts India’s FY21 GDP at -9.9%

December 2, 2020

• The Organisation for Economic Co-operation and Development (OECD) has marginally raised its GDP prediction for India to a contraction of 9.9% in 2020-21 (FY21) from its earlier projection of (-)10.2% in September 2020.

IRDAI authorizes ICICI Lombard acquisition of Bharti Axa General

November 30, 2020

• The Insurance Regulatory and Development Authority of India (IRDAI) has given its in-principle permission for the merger of Bharti AXA General Insurance with ICICI Lombard.
• The merged entity will have a market share of around 8.7 percent on a proforma basis in the general insurance business.