Category: Economy

UBS predicts India’s GDP at -10.5% for FY21

November 29, 2020

• The UBS has projected India’s real GDP to decline 10.5% in FY21, in its Global Economics & Markets Outlook 2021-2022 report.
• For the fiscal 2021-22 (FY22) UBS assumes India’s real GDP growth to rebound to +10%  in FY22. UBS also estimates India’s GDP to stabilize at 6.2 percent YoY in FY23.

India’s GDP contracts 7.5% in September Quarter

November 28, 2020

• The National Statistical Office (NSO) has published the estimates of Gross Domestic Product (GDP) for the second quarter (July-September) Q2 of 2020-21.
• The GDP at Constant (2011-12) Prices in Q2 of 2020-21 is approximated at Rs 33.14 lakh crore, as against Rs 35.84 lakh crore in Q2 of 2019-20, showing a contraction of 7.5% as compared to 4.4% growth in Q2 2019-20.

Oxford Economics reviews downwards its India growth forecast

November 20, 2020

• Forecasting firm Oxford Economics foretells that India’s post-COVID-19 marks could be among the worst in the world.
• The fiscal deficit is also assumed to widen 7% of GDP in 2020-21.

Goldman Sachs predicts India’s GDP Forecast at -10.3% in FY21

November 18, 2020

• The Investment bank, Goldman Sachs has updated upwards the growth forecast for India in FY21 to -10.3% from its earlier projection of -14.8% in September 2020.

Moody’s predicts India GDP for 2020 at -8.9%

November 13, 2020

• Rating Agency Moody’s has predicted the GDP of India at -8.9% for the calendar year 2020.
• Earlier this was predicted at -9.6%. Apart from this, India’s GDP growth for Calendar year 2021 is projected at 8.6% by Moody’s from 8.1% earlier.

India extends $1 bn credit line to Central Asian countries

October 31, 2020

• The second meeting of the India-Central Asia Dialogue was held virtually, under the chairmanship of the External Affairs Minister of India Dr S Jaishankar.

Union Cabinet approves bonus for central govt employees, 30.67 lakh to benefit

October 21, 2020

• The Union Cabinet on October 21, 2020 approved bonus for central government employees for the year 2019-2020. Around 30.67 lakh employees are expected to benefit from the announcement.

RBI: Maximum aggregate exposure limit for small businesses to Rs 7.5 crore

October 14, 2020

• The Reserve Bank of India (RBI) now raised banks’ maximum aggregate retail exposure limit to small businesses with turnover up to Rs 50 crore to Rs 7.5 crore, up from Rs 5 crore.

World Bank: India’s GDP to contract by 9.6% in FY-21

October 9, 2020

• The World Bank projected India’s GDP to contract by 9.6% this FY-21 in its latest report titled ‘South Asia Economic Focus’.
• The World Bank earlier in June had estimated the Indian economy to shrink by 3.2% in the current fiscal.

ICRA projects India’s GDP for FY21 to contact by 11%

September 29, 2020

• Rating agency ICRA has revised its forecast for the contraction in India’s FY21 GDP to 11 per cent from its earlier assessment of 9.5 percent.