"We believe IIP manufacturing and IIP in April will contract by 50% -60% with some improvement in May in the range of -30% to -35%" said the SBI report released on Wednesday. Official release of IIP numbers for April are scheduled to be released in the second week of June.
India Ratings has revised upward its estimate of gross market borrowings of states to Rs 8.25 lakh crore in FY'21 from its earlier estimate of Rs 6.09 lakh crore. This is because the agency expects states to resort to higher market borrowings to fund the fiscal deficit.
According to the SBI's research report – Ecowrap - the gross domestic product (GDP) growth is likely to be 4.2 per cent for FY20 and (-) 6.8 per cent for FY21. The fourth quarter GDP growth number for FY20 will be announced by the National Statistical Office (NSO) on May 29.
Ratings firm Crisil has forecast that consumer discretionary services and products are expected to be worse hit by the Covid-19 disruptions.
The Reserve Bank has allowed them to use some balances in the consolidated sinking funds-CSF- parked with it to repay the bonds.
The maximum permissible period of pre-shipment and post-shipment export credit sanctioned by banks is increased from the existing one year to 15 months, for disbursements made up to July 31, 2020.
Cash infused by the Reserve Bank of India or the currency in circulation amounted to Rs 1.42 lakh crore between April 01 and May 15, the latest release on reserve money indicated. This is almost double the amount of Rs 72,984 crore, which was released in the same period a year ago during which election cash demand was high.
Indians sent a record $18.75 billion in FY'20 under the liberalised remittance scheme whose scope was widened in 2015 to facilitate investments in overseas markets, send money for maintenance of close relatives abroad and other purposes.
Money transferred overseas for maintenance of relatives abroad under the Reserve Bank of India's liberalised remittances scheme or LRS touched a new high in March at $344 million. It accounted for a quarter of the $1.34 billion sent abroad under the scheme during the month.
While Nomura has forecast recession-three consecutive quarters of recession, Goldman Sachs, Bank of America, UBS and HSBC have been less harsh with economy contraction forecast ranging from 0.1 per cent and 3.5 per cent.
- No blogs yet have been written by the author, we’re sure the author will contribute one soon