If everything goes according to plan, India will be able to reap the fruits of its favourable demography over 2030s and 2040s, before she loses that edge in the 2050s, according to economists.
All eight high-frequency indicators tracked by Bloomberg News were steady last month, keeping the needle on a dial measuring the so-called ‘Animal Spirits’ unchanged at 5. The level was arrived at by using the three-month weighted average to smooth out volatility in the single-month readings.
Government experts maintain that the Indian economy will come back to pre-Covid levels by the next financial year (2021-22) as it is recovering faster than expected. The committee, headed by former minister and BJP MP Jayant Sinha, has decided to prioritise the long-term impact of Covid-19 on the global economy.
According to a report by Reuters, India's economy is likely to have shown signs of a pick-up in the quarter to September after a record contraction the previous quarter, and is expected to recover early next year on hopes of better consumer demand fed by progress on coronavirus vaccines.
India took 'very decisive' steps to deal with coronavirus pandemic and its economic consequences: IMF chief
The IMF Managing Director during a global media roundtable on Thursday predicted a less bad outlook for India in the upcoming World Economic Update due to the steps taken by it.
During the lockdown, people were forced to make do with less. Now, some are carrying on with this life lesson, cutting down on city life, eating out, new clothes.
India's economy recovered faster than expected in the September quarter as a pick-up in manufacturing helped GDP clock a lower contraction of 7.5 per cent and held out hopes for further improvement on better consumer demand. "India has indeed been severely affected by the pandemic but is gradually recovering," IMF chief spokesperson Gerry Rice said.
This yen loan is the latest addition to Japan’s supports to India in its fight against COVID-19. After the outbreak of the pandemic, of Japan provided swift assistance to India.
While speaking to ANI, NITI Aayog Vice Chairman Rajiv Kumar on December 31 said India economy will grow at 10% in 2021-22 in real terms. India’s economy to reach pre-Covid level by 2021 end: NITI Aayog VC
The COVID-19 pandemic had a massive impact on the Indian aviation sector in 2020 and major airlines facing losses and challenging times laid off employees, sent them on leave without pay, or cut their salaries. The government also had to extend the deadline for submitting bids for Air India five times during the year.
Who gained, who lost? ETtech takes stock of the changing startup fortunes in a pandemic-marred year.
An NRI stranded in India due to coronavirus travel restrictions would require to check the conditions to decide whether there could be additional tax implications on him due to remotely working from India for his/her foreign employer.
The International Monetary Fund has forecast an 8.8% GDP growth for India in 2021-22. Economists and statisticians say if the economy starts recovering — GDP has contracted by minus 7.5% in the September quarter, from minus 23.9% in the June quarter — the graph next year is bound to be a mirror image of what would be achieved this year.
Dubai Statistic Centre said the economy declined by 10.8% in the first six months of 2020, which the centre's executive director, Arif Al Muhairi, said was within the expected range of economic contraction, given the massive global economic impact of the COVID-19 pandemic.
Some schemes stood out in particular, for instance the extension of the 100 per cent credit guarantee scheme to 26 stressed sectors with credit outstanding in the Rs 0.5-5 billion range.
Signalling that during the pandemic, the creative industries continue to face a very uncertain future, the report shows that the creative economy is contracting, organisations are closing permanently to avoid bankruptcy, and creative businesses are contending with increasingly difficult choices to cut staff and overheads to ensure they remain resilient.
Many individuals have been holding back on their spending till clarity emerges before they make a purchase. Many global investors have been raising caution over the global economies. Although the stock markets across the world have seen a spurt in the last few months as large investors moved away from safe bets such as the US dollar and gold.
Noting that the pandemic has bought them on the verge of bankruptcy, the small business owners rued that the steps being taken by the current administration has not been able to rescue them from this crisis.
A few macroeconomic and industry variables have begun to show noticeable growth, suggesting a rebound in the Indian economy. Power consumption has risen steadily and saw an increase of 13.5% YoY on Oct 6. Similarly, there is an increase in petrol, diesel consumption; UPI, IMPS transactions were at a record high in Sept; E-way bill volume rose 9.6% YoY to 57.4 m in Sept; Electronic toll volume at 110.08 m in Sept. Average daily property registration in Maharashtra also jumped to 3,936 in Sept, the highest since May 2019.
The National Statistical Organisation (NSO) on Thursday predicted that the economy will contract 7.7 per cent in the current financial year ending in March, the worst performance in four decades.
Economists have marginally raised forecasts this month after a pick-up in consumer demand for autos, non-durables and rail freight during the festival season, as prospects grow for COVID-19 vaccines to be launched early next year.
A number of themes will shape the course of the Indian economy through 2021 and beyond. These themes — investing, the future of work, the acceleration of digitisation, and the impact of the pandemic on contact-intensive.
The Eurostat figures for December gave the 19-nation zone an inflation reading of minus 0.3 percent, the same level as in November. It has been negative since August.
"When you are looking at the manufacturing sector and the industrial sector, the growth essentially comes from an uptick in the spending, which is not happening," LIC Managing Director Vipin Anand says.
Minister for Equalities Kemi Badenoch made an oral statement in the House of Commons as she presented the first quarterly report to Prime Minister Boris Johnson and Health Secretary Matt Hancock on progress to understand and tackle COVID-19 disparities on ethnicity grounds.
Goldilocks economy is often the one where the growth is high but the inflation is under control. That is the economy is in equilibrium or the best state possible: with good employment figures, economic stability and higher than world average growth.
Daily new infections in the United States surpassed 163,000 on Thursday, crossing the 100,000 mark for a ninth consecutive day, and the death toll rose by 1,173 to a total of 242,982. Hospitals in some states are reaching capacity.
Efforts being made to study impact of vaccines, diagnostics on UK variant of virus: DBT secy Renu Swarup
She said the Indian SARS-CoV-2 Genomic Consortia (INSACOG), formed to ascertain the status of new variants of the virus through genome sequencing, will also focus on samples from clusters where the infection level of coronavirus is high. "We are also making an effort now to study what is the impact of these vaccines and the diagnostics on this UK variant," Swarup told a press briefing.
The International Monetary Fund in its annual World Economic Outlook significantly downgrades India's growth for the fiscal year 2020 to minus 10.3 per cent. At the same time, IMF said that India is likely to bounce back with an impressive 8.8 per cent growth rate in 2021, but for this New Delhi needs to ramp up its efforts in various fields.
Dussehra, Diwali and Durga Puja celebrations that extend through the Christmas and New Year holidays are an occasion to splurge on big ticket items like gold, homes and cars as well as clothing, smartphones and electronics.
A slew of indicators from car sales to services sector activity notched higher last month, while alternative data signal robust demand in an economy that’s primarily driven by domestic consumption.
Tedros Adhanom Ghebreyesus also condemned the "dangerously short-sighted" cycle of throwing cash at outbreaks but doing nothing to prepare for the next one, in a video message marking Sunday's first International Day of Epidemic Preparedness.
India, which had in 2019 overtaken the UK to become the fifth-largest economy in the world, was knocked off course somewhat due to the carnage that the pandemic and the ensuing strict lockdown unleashed -- businesses were shut, consumption slumped, investments took a hit and jobs were lost.
Vaccines are being distributed around the world, and India’s own vaccination programme will start soon. Fortunately, India also seems to have stabilised or even declined in terms of daily new cases, at least for now. Meanwhile, the Indian economy is now open to a large extent.
The Indian economy may have lost close to Rs 20trn ($270bn), 10.6% of its GDP between April and Sept 2020 due to mobility restrictions. Even as economic activity appears to be gradually returning to pre-COVID levels but we expect India's real GDP to contract 10.5% in FY21, the report said.
Mumbai Indians claimed a record fifth IPL title in Tuesday's final, but it was a victory for Brand IPL too.
The report noted an increase in Expected Credit Loss (ECL) allowance by 33% and an overall increase in provision coverage rate by 26% as at 31 March 2020 compared to the year ended 31 March 2019. The EY Study, , ‘Expected credit loss analysis for non-banking financial companies’ also shows that companies reported a COVID-19 impact comprising 19% of the ECL allowance as at 31 March 2020.
At the peak of Covid pandemic beginning April this year, NBFCs were asked to provision over and above what was mandated by the Reserve Bank of India (RBI), based on Indian accounting standards (Ind-AS) regulations.
De Cos said new restrictions imposed in euro zone countries to curb the second wave of the pandemic meant that the ECB's upcoming macroeconomic projections in December would be most likely revised downwards.
Covid created various operational and financial challenges for Indian businesses. During the lockdown, approximately 71.31% of the businesses dealt with reduced cash flows with the manufacturing sector being the worst hit. Additionally, delay and cancellation of projects have also been a major cause of concern, especially in the tertiary sectors.
The seasonally adjusted IHS Markit Saudi Arabia Purchasing Managers' Index (PMI) rose to 54.7 in November from 51.0 in October. The 50.0 mark separates growth from contraction.
The UNAIDS is calling on countries to make far greater investments in global pandemic responses and adopt a new set of bold, ambitious but achievable HIV targets. If those targets are met, the world will be back on track to ending AIDS as a public health threat by 2030.
India has manged to increase integration of renewable energy and focus on improving energy efficiency in the past that is set to benefit the country, the report by Srinivasa Rao Patnana, Partner, IGH, KPMG India said.
The UAE economy is expected to shrink by 6.6% this year, the International Monetary Fund (IMF) has estimated, as vital sectors such as transportation and tourism have been badly hit by the coronavirus.
Leaders of tech and startup sectors celebrate winners across nine categories. Union Ministers Ravi Shankar Prasad and Piyush Goyal stress on importance of digital inclusion and the need to build local solutions with global applications.
Balance sheet stress that had been building before the coronavirus outbreak will probably worsen, Priyanka Kishore, head of economics for South Asia and South-East Asia, wrote in the report. She projects potential growth for India at 4.5% over the next five years, lower than 6.5% before the virus.
Noted economy commentator Swaminathan Aiyar, who was originally a big advocate of enhanced stimulus, has praised finance minister Nirmala Sitharaman's fiscal plan, saying that her stimulus package was prudent and that the Indian economy can make a comeback without more stimuli. Talking to ET Now, Aiyar said he was guilty of positing that the government was not doing enough to help boost India's spending power to counter the economic impact of the coronavirus pandemic. It was wrong to say that the economy would not revive without stronger/more fiscal stimuli, he said. Listen-in. (Text: ET Online)Didn't expect such sharp economic recovery; inflation a worry: Swaminathan Aiyar
The regulator also said that while the active intervention by central banks and fiscal authorities has been able to stabilise financial markets, there were potential spillover risks due to this disconnect between certain segments of financial markets and real sector activity.
The government now expects a contraction in output of around 10.5%, according to the latest 2020 projections in the 2021 government budget now pending approval in the country's parliament.
Natural gas is currently outside the ambit of GST, and existing legacy taxes -- central excise duty, state VAT, central sales tax -- continue to be applicable on the fuel.
CII Director General Chandrajit Banerjee said "the sharp rebound in the second quarter GDP print to -7.5 per cent as compared to the large unprecedented -23.5 per cent decline seen in the previous quarter will boost confidence that with the easing of lockdown restrictions over the past few months, there has been a discernible improvement in the economy."
This being a pandemic (from the Greek word for “all people”), that welcome development presents all the usual problems of global differences in wealth, power and equity. Rich countries have already placed their orders. Poor countries can only hope not to be left out. What should be done?
More than any event in memory, the pandemic has been a global event. On every continent, households have felt its devastation, joblessness and lockdowns, infirmity and death.
Over the past six months, India’s economy has taken a beating - along with every other economy in the world - thanks to the coronavirus pandemic, while many are slowly bouncing back, many are in need of a booster to get back.
COVID-19 impact: 8.7 lakh expats returned to Kerala, over half of them due to job loss: Official Data
The data from the Non-Resident Keralites Affairs (NORKA) department as of Thursday also showed that 1,11,151 of the 13,27,330 Keralites who came back from other parts of the country also cited loss of jobs as the reason for their return. The second biggest reason cited by the returnees (2.08 lakh) was their job visas. The rest include senior citizens, or children, and family members of expats.
It can be noted that there have been apprehensions about the sustainability of the demand after a pick-up in economic activity during the festivities. December was the first month after the busy activity season.
The industry has asked that no new taxes be levied as the economy is under stress in its budget recommendations. Experts also opposed the idea, saying the timing wasn’t right.
The UN report 'Geospatial Practices for Sustainable Development in Asia and the Pacific 2020' cites the role being played by 'BHUVAN', the national geo-portal developed and hosted by ISRO comprising of geo spatial data, services and tools for analysis, in combating COVID-19.
The researchers believe that the resurgence of the virus where community transmission was not eliminated in the second quarter, alongside uncertainty about vaccines and treatments, means that some elements of such an adverse scenario will inevitably be realised.
Mandating vaccines would be especially important to help protect workers in minority.
PM Modi holds virtual summit with Italian counterpart; discusses ways to deal with adverse impact of COVID-19
In his opening remarks at the virtual bilateral summit with the Italian leader, Modi said it is clear that the COVID-19 epidemic will remain a watershed in history just like the Second World War.
Now in the last leg of their fight, government, regulators, pharmaceutical companies and ancillary industries must once again collaborate to bring an efficacious vaccine to the people in the shortest possible time.
H-1B workers who were in the U.S. in valid status when the June ban was announced were exempt from the ban and could procure a visa, and most of these individuals qualified for the dropbox, interview waiver application. However, even for them it has been a difficult period as U.S. consulates the world over are not fully functional due to COVID-19.
Britain's economy shrank by 2.6% in November, the first monthly fall in output since the country was under its initial COVID lockdown last April as new restrictions were imposed to slow the spread of the disease.
Dwelling on the importance of harnessing of space technology for greater common good, the minister said though India was a late starter in the space journey, in the last four-five years, space technology has become part of infrastructure building and promotion and its benefits have reached every household.
After the unlocking began, economic indicators have been showing signs of improvement. For instance, companies' profits grew 26% versus an estimated -2.1% decline. Operating profits also came in above expectations while operating margins also continued to expand.
The announcement of Sharma's appointment as Policy Advisor for Testing was made by Biden on Friday along with additional members of the White House COVID-19 Response Team.
“We maintain a constructive view on the economy and expect the growth recovery to gain strength from 2Q21,” the Insight: 2021 Global Macro Outlook report said. The report said that the growth would be accompanied with inflation under control.
India's drugs regulator on Sunday approved Oxford COVID-19 vaccine Covishield, manufactured by the Serum Institute, and indigenously developed Covaxin of Bharat Biotech for restricted emergency use in the country, paving the way for a massive inoculation drive.
On Saturday, the coronavirus cases in the country surpassed the 10 million mark with 25,152 new infections. However, the virus in the country, which peaked in September, seems to be abating. The imminent arrival of the Covid-19 vaccine has also infused fresh hopes that the pandemic which has claimed 145k lives across the world is on its way out.
Liquidity normalisation will begin very shortly this year but the actual repo rate hike is still some time away, says Sonal Varma.
With over 7.6 million coronavirus infections, India is the second worst hit country in the world after the United States and the spread shows no signs of abating.
On Thursday, the last trading day of 2020, Brent was trading down 18 cents, or 0.4%, at $51.45 a barrel, as of 0136 GMT and U.S. West Texas Intermediate (WTI) lost 0.1%, or 5 cents, to $48.35 a barrel.
That’s despite Modi govt outlining measures worth Rs 21 lakh crore to counter the economic and social fallout of Covid. A closer look at the numbers show the bulk of the spending was directed toward the poor and the farmers, with crucial sectors such as coal, power, shipping and steel receiving less than a third of their annual allocation.
Vardhan said the roll-out of COVID-19 vaccines will start "very soon". "India has finally received emergency approval from the apex regulator for two vaccines and we will be rolling out vaccination drives very soon," he said.
If the initiative, aided by Gates’ fortune and focus, manages to help protect the world’s poor from a virus that has already killed more than 1.3 million people, it will affirm the strategies he has promoted in his philanthropic work, including incentives for drug companies.
Citing grim International Monetary Fund (IMF) projections, she alleged India will become the "fastest falling economy" from being the fastest growing economy. She also cited the IMF projections of 10.3 per cent contraction in India's GDP, which is the highest in the world after the UK's 9.8 per cent.
Key factors that will determine the pace of recovery in the domestic market are development and availability of vaccines, people’s willingness to undertake leisure travel and recovery in macroeconomic growth.
Recreating growth in the medium term is likely to come from sectoral strategies across 10 key sectors constituting most of India’s GDP. Dormant resources — both of enterprises and governments — must be put into service, requiring a special focus on balance sheets.
Speaking to state-owned Al Arabiya, Ahmed al-Kholifey also said there was no plan to introduce new liquidity measures.
Whether we find an effective vaccine or not, I am hopeful that we will eventually find some cure that will reduce the intensity of this pandemic. But it will be imperative for all of us to learn not to take this pandemic for granted.
The economy is showing signs of recovery, the upcoming budget holds out the promise of measures that can lift sentiment further and there’s hope life can get back to normal soon
Since the risk for COVID-19 can vary among different groups of people, prioritisation for a vaccine will be tricky, and Biden will leave those decisions to health experts, the Indian-American infectious disease physician said. It is expected that there will likely be a limited supply of coronavirus vaccine doses available immediately after a vaccine is authorised by the US Food and Drug Administration.
The government on November 12 announced another stimulus package, called Aatmanirbhar Bharat Abhiyaan 3.0, totalling Rs 2.65 lakh crore. The package included a boost to formal employment, the Production Linked (PLI) Scheme, an increase in the fertiliser subsidy and the rural employment programme, MGNREGA.
With the pandemic seemingly never ending, most people have resorted to living with the spectre of COVID-19 around, while restrictions are still around many have worked within the rules to get married. Here’s how India’s wedding scene has changed since the virus.
Domestic demand was seeing a recovery as the economy had almost entirely exited from the lockdown phase, said DK Srivastava, in the November edition of EY’s Economy Watch report on Tuesday.
According to report, almost half (46%) of Indian businesses covered under a survey felt 'very strongly' impacted by the pandemic, yet more than half (54%) felt they were as well prepared as they possibly could be. This is a level that is the second highest amongst all countries surveyed and higher than the average across all markets (45%), said the report.
“The sustained increase in major economic activity indicators beyond September, raises hopes of a better performance in Q3 in alignment with the global scenario,” the ministry said in the report released on Thursday.
While, transporting pharmaceutical products, biological products or vaccines in particular, the need to maintain precise temperature ranges is very important and the efficacy of vaccine can be impacted if the temperature goes above or below the specified range.
Diesel sales fell 3.4% and petrol rose 1.6% compared to the first half of November, as per the provisional sales data from state-run oil companies, which control nearly 90% of the fuel retail pumps in the country.
"Be it India's Purchasing Managers' Index (PMI - Manufacturing) or PMI for Services, robust recovery is visible. The PMI for Manufacturing expanded to 56.8 in September 2020, the highest since January 2012. The PMI for Services expanded for the fifth straight month in September to 49.8 from 41.8 in August," AASE noted.
Most major economies opted for a strict shutdown earlier this year, in an attempt to limit the spread of the new coronavirus pandemic. These decisions had serious economic implications, and hurt businesses across the spectrum.
Foreign Secretary Harsh Vardhan Shringla, addressing a lecture hosted by the Asian Institute of Diplomacy and International Affairs (AIDIA), a Kathmandu-based non-partisan foreign policy think-tank, said that India is "on the cusp of the availability of a vaccine for the novel coronavirus".
Will the light shine on India's economy? Tracking the Diwali spend and looking at post-festival recovery
You can call it retail therapy or pin it on the festive spirit, or believe what the government is saying — that the Indian economy, which has been shrinking, is now on the mend. Diwali, the festival of lights, is bringing cheer in the fag end of a dark year blighted by the pandemic. The virus has not gone away but the mood has visibly turned.
He was speaking on the sidelines of a national event of company secretaries. The minister said that the Good and Services Tax (GST) collection was more than Rs 1 lakh crore in October and November as well.
The Reserve Bank of India has projected the Indian economy to contract 9.5 per cent in the current fiscal, while the International Monetary Fund (IMF) and World Bank estimates the contraction at 10.3 per cent and 9.6 percent, respectively.
For the flagship mission — Support Covid-19 Hit Families — GiveIndia partnered with 250+ nonprofits across the country to help daily wagers and migrant workers who had lost their means of earning. Underpinned by a due diligence framework to verify and identify beneficiaries, a Steering Committee was established for approving the allocation of funds on a weekly basis.
As per the report, titled Asia–Pacific Employment and Social Outlook 2020: Navigating the crisis towards a human-centred future of work, overall labour income is estimated to have fallen by as much as 10% in the Asia–Pacific region in the first three quarters of 2020, equivalent to a 3% loss in gross domestic product.
The subject expert committee on Covid-19 of the Central Drugs Standard Control Organisation (CDSCO) on December 9 had sought additional safety and efficacy data for Covid-19 vaccines of SII and Bharat Biotech after deliberating upon their applications.
The goods and services tax (GST) collected in October rose to Rs 1.05 lakh crore, crossing the Rs 1 lakh crore mark for the first time since February this year, reflecting a pick-up in economic activity and demand. The finance ministry in a statement said on Sunday that the total number of GSTR-3B returns filed till October 31, 2020 is 80 lakh. The gross GST revenue collected in October 2020 is Rs 1,05,155 crore, of which CGST is Rs 19,193 crore, SGST is Rs 5,411 crore, IGST is Rs 52,540 crore (including Rs 23,375 crore collected on import of goods) and cess is Rs 8,011 crore (including Rs 932 crore collected on import of goods), the ministry said.GST collection surpasses Rs 1 lakh crore mark in October, first time since February