Category: Economy

Indian economy to rise at 9.5% in fiscal 2021-22: Fitch Ratings

June 11, 2020

• Fitch Ratings has oozed confidence that the Indian economy will spring back from the prevailing contraction and slowdown mainly on the back of the COVID-19 pandemic and projected India’s GDP to rise at a healthy rate in the next fiscal year.
• The credit rating agency has predicted India’s GDP to increase at 9.5 percent in FY 2021-22 after a contraction of 5% (means -5%) fiscal year 2020-21.

India’s economy to shrink by 3.2% (means -3.2%) in the fiscal year 2020-21: World Bank

June 9, 2020

• The World Bank assumes India’s economy to contract 3.2% in the current fiscal year (2020-21), a sharp downgrade from its April projection of 1.5%-2.8% growth, citing rigorous lockdown and spillovers from weaker global growth.

The global economy will decline by 5.2% in 2020: World Bank

June 9, 2020

• The global economy is on way to drop by 5.2 % this year amid the COVID-19 pandemic, the deepest recession since the Second World War, the World Bank Group stated in its latest Global Economic Prospects.

India’s GDP may decline by 1.5% in FY21, says RBI survey

June 7, 2020

• A survey published by the Reserve Bank of India (RBI) has revealed that the Indian economy may decrease by 1.5 percent in FY21 though the next fiscal is expected to be much better.

Abu Dhabi’s Mubadala to purchase 1.85% stake in Reliance Jio platforms for Rs 9093.6 cr

June 6, 2020

• Abu Dhabi-based sovereign investor Mubadala Investment Company will purchase 1.85 per cent stake in Jio Platforms for Rs 9,093.6 crore, RIL stated on 5^th June.

IndusInd Bank starts ‘India’s first’ mobile app ‘Indus Corporate’ based convenience for opening current accounts

June 5, 2020

• IndusInd Bank has declared the release of a first-of-its-kind assisted mobile application based convenience, that allows the bank to open current accounts for self-employed individuals and businesses digitally, in just a few hours.

RBI puts penalties on Bank of India, Karnataka Bank, Saraswat Cooperative Bank for non-compliance

May 31, 2020

• The Reserve Bank of India (RBI) put monetary penalties on Bank of India, Karnataka Bank and Saraswat Cooperative Bank for non-compliance on Income Recognition and Asset Classification (IRAC) measures.

Fitch and S&P forecast India’s GDP growth rate to contract 5% in FY21

May 28, 2020

• Fitch and S&P Global Ratings has cut India’s GDP growth rate to 5% in the Fiscal Year 2021. The decline in the growth rates has been made due to a slump in the economic activities in the whole country between lockdown imposed to contain COVID-19 pandemic.

Prime Minister declares Economic Package of Rs 20 Lakh Crore

May 13, 2020

• PM of India Narendra Modi pontificated his countrymen and declared an Economic Package of Rs 20 Lakh crore, giving importance on land, labor, liquidity and law.

Goldman Sachs drops India’s GDP growth forecast for 2020-21 to -0.4%

May 10, 2020

• American multinational financial services company Goldman Sachs Group, Inc. has declared India’s GDP (Gross domestic product) growth for 2020-21 (FY21) at -0.4% due to lockdown.