Focus Merit

Category: Economy

AIIB allows $500 million loan for India’s Covid-19 response

May 9, 2020
AIIB
  • Asian Infrastructure Investment Bank (AIIB) has allowed a loan worth $500 million for India’s ‘COVID-19 Emergency Response.
  • The assistance will aid India to scale up efforts to restrict the transmission of instances, increase the public health system to broaden its response capability, and to enhance preparedness to handle future outbreaks.

Moody’s pins FY21 GDP growth at 0%

May 8, 2020
GDP
  • Moody’s Investors Service on 8th May displayed India’s growth at 0 percent for the current fiscal and said the negative outlook on the sovereign rating displays rising risks that GDP growth will remain significantly lower than in the past.

DBS Bank cuts India’s FY21 GDP forecast to 1%

May 6, 2020
GDP
  • Singapore-based DBS Bank has slashed India’s FY21 GDP forecast to 1 per cent vis-a-vis 5 per cent projected on April 9 which is due to COVID-19.

Maharashtra gets a loan of $346 million for power sector from ADB

April 30, 2020
Asian Development Bank (ADB)
  • Maharashtra government has signed a loan pact with Asian development Bank (ADB) of $346 million. This amount will be used for improving the power sector of the rural areas of the state.

Fitch cuts India’s GDP growth forecast to 1.8%

April 20, 2020
GDP
  • Fitch Solutions has cut India’s economic growth forecast to 1.8% for the financial year 2020-21.
  • Fitch Solutions has lowered India’s economic growth forecast from 4.6% stating the large-scale loss of income across the economy due to the domestic outbreak of COVID-19, causing contracted private consumption.

AIIB to lend USD 500 mn to India to assist fight COVID-19 pandemic

April 17, 2020
AIIB
  • Asian Infrastructure Investment Bank (AIIB) has declared that it is to finance $500 million in projects in India to assist the country to improve its health care systems. 
  • With this, AIIB has doubled its funds under the COVID-19 Crisis Recovery Facility.
  • Purpose: The move is to assist reduce health care pressures in pandemic preparedness and health infrastructure in India.

Asia to see zero percent growth in 2020: IMF

April 17, 2020
IMF
  • Asia is presumed to witness zero percent growth in 2020 because of the Covid-19 pandemic, its worst growth performance in almost 60 years, but still, the world’s largest and most populous continent is likely to far better than other regions in terms of activity, the International Monetary Fund (IMF) has said.

Economic growth may drop to 1.1% in FY21, says SBI report

April 16, 2020
GDP
  • India’s GDP growth may fall to 1.1 percent in the current financial year, on account of the impact of COVID-19 outbreak on the economy, a research report by SBI.
  • The economic growth rate during 2019-20 is expected to come down to 4.1 percent from 5 percent projected by several agencies before the outbreak COVID-19.

Vineet Arora designated MD, CEO of Paytm General Insurance

April 16, 2020
Vineet Arora
  • Digital payments major Paytm on 15th April declare it has selected Vineet Arora as the managing director and chief executive officer of Paytm General Insurance
  • The appointment, which is subject to regulatory approvals, is a step for Paytm to further its journey into the insurance sector with an instant focus on General Insurance.

ADB to rise COVID-19 package to $20 billion

April 15, 2020
ADB
  • The Asian Development Bank (ADB) has boosted the size of its COVID-19 Response Package to $20 Billion.
  • The amount in the COVID-19 Response Package was $6.5 billion in starting as per announcement in March 2020 as ADB’s response to the COVID-19.