Covid-19 battered India's economy is projected to contract by 4.5 per cent this fiscal, said the International Monetary Fund. In the World Economic Outlook (WEO) forecast report, the IMF said that India's economy is expected to contract on the back of a longer lockdown and a slower recovery than anticipated in April.Accordingly, the country's economy will contract in FY21 from an expansion of 4.2 per cent in FY20. In terms of calendar year 2020, the economy is expected to contract by (-)4 .9 per cent.Coronavirus impact: IMF predicts India's economy to contract by 4.5% in FY21
The economy had already been weakened by years of mismanagement before this crisis struck.
The prolonged lockdown along with rain and hailstorm in many regions has heightened rural distress, pushing anxious villagers to moneylenders — a situation which farm leaders say can trigger agitations and suicides unless farmers get quick relief.
There are several inspiring ways in which youth-led enterprises across Asia-Pacific are innovating to support their communities to combat coronavirus and improve the situation.
India can’t spend its way out of the current economic mess. That however, doesn’t mean nothing can be done.
At an event to mark the launch of auction of 41 coal blocks for commercial mining purposes, Modi said that the government targets to gasify 100 million tonnes coal by 2030 through four projects entitling an investment of Rs 20,000 crore.
New Delhi, Apr 20(ANI): Reliance Foundation has scaled up its meal distribution programme under Mission Anna Seva to provide over 3 crore meals to marginalised and under-resourced communities across India. Under the programme, Reliance Foundation is providing cooked meals, ready-to-eat food packets and dry ration kits to families and bulk ration to community kitchens. The entire staff of Reliance Foundation is working together in the mission on a war footing to ensure that no Indian goes hungry during the lockdown period. RIL has contributed Rs 535 crore to various relief funds, including Rs 500 crore to the PM-CARES Fund. COVID-19 lockdown: Reliance to provide meals for 3 crore Indians
The coronavirus pandemic will lead to shrinking of the already slowing economy in 2020-21 that started in April. Fitch Ratings forecast a 5 per cent contraction in the GDP in the ongoing financial year.
For a battered auto sector, the need for social distancing may prove to be a silver lining. In an environment where people are wary of taking public transport, investing in a personal vehicle may be the only choice left.Wary of public transport, Covid-19 may drive up demand for entry level vehicles, 2-wheelers
It may be simplistic to expect a huge surge in discretionary spending —as is being seen in China.
Downturn in business and investment activity deepened in May despite parts of the economy exiting lockdown.
Modi has little choice but to focus on manufacturing, given the slump in the services sector.
As the world is undergoing the impact of Coronavirus, the IMF has revised its global GDP growth estimate. ET Wealth studies how India is placed in this scenario.
According to market research company YouGov's 'global COVID-19 public monitor', confidence in the recovery from the pandemic is high in countries like China, Vietnam and Taiwan, while it is the least in India, Mexico and the Philippines. Along with India, majorities in the Philippines (55 per cent) and Indonesia (53 per cent) also believe that things are still on the decline.
India is facing an unprecedented economic crisis, where some of the safe and traditional jobs are under the threat of being axed even as India breached the 2 lakh mark, with the highest spike of nearly 9000 cases in a day. Tough times ahead.
The central government has been reopening parts of the economy, while continuing with the lockdown in COVID-19-affected parts of the economy, which contribute over 60 per cent of the GDP.
With revenues nosediving due to Coronavirus lockdown, how will states recover and jump-start the economy? Here's a report from ETNOW's Ruchi Bhatia.Lockdown impact: Here's how states are planning to jump-start economy, ET NOW report
India's economic recovery is more likely to be a 'U' or 'W' shaped rather than 'V', analysts said.
Creating jobs will be critical to cementing any upswing. More than one in six people stopped working.
Shoppers have largely been absent in recent weeks as India began reopening its economy in phases from one of the world’s biggest pandemic lockdowns. Job losses are rising, households are being weighed down by debt, risk-averse financial institutions are unwilling to lend and social-distancing measures are keeping buyers away from markets.
A collapse in consumer spending shows very little sign of rebounding anytime soon.
As per Care Ratings, the cutoff date for normalcy will spread into the latter part of the third quarter and more likely to the fourth quarter.
Indiana (USA), Apr 09 (ANI): Indian students from Surat who are stranded in parts of US have appealed for help and evacuation to the Indian government in wake of spread of COVID-19 in the country. One of the students said there are total 11 students from different states of India. Flight services are currently closed due to Novel Coronavirus.Covid-19: Indian students stranded in US seek govt help in evacuation
Growth is expected to come in at 5.2 percent next year and 3.3 percent in 2022,European Central Bank chief Christine Lagarde said
Modi cited the example of Punjab to impress upon micro-containment to fight the virus.
The IMF projected a sharp contraction of 4.5% for the Indian economy in 2020, a "historic low".
The 5% contraction in the Indian economy as expected by CRISIL this fiscal – wrought by the Covid-19 pandemic – will significantly hurt MSMEs across sectors. Small real-estate contractors into EPC projects, and ceramics and textiles makers have been significantly impacted so their credit profiles are the most vulnerable.
Moody’s latest update is in line with most global agencies in forecasting a negative outlook this fiscal.
The former finance secretary said India's lockdown was faulty, saying the economy will shrink by 10%.
Fitch has projected a 5% contraction of economy in current fiscal, on account of slump in economic activities.
"Our findings suggest that COVID-19 has impacted the decision of 48.46 pc students who aspired to study abroad in the recent past. However, there is a larger proportion of non-STEM (Science, Technology, Engineering and Mathematics) students who have reconsidered their decision to pursue higher education outside India," it said.
95 per cent or almost all Indians surveyed expect some form of relief in the case of income loss. "53 per cent of those who have experienced losses expect help from the government. 60 per cent are planning to dig into their savings and investments, while 39 per cent expect help from family members," Generali said in the release.
The significant rise in daily count was a result of Maharashtra, India's worst-affected state, again reporting a high number of cases after a 3-day ease. The state has seen 77,793 total cases so far, along with 2,710 deaths. India's daily case count yesterday was the third highest in the world, more than that reported by Russia.
Kerala govt report estimates a loss of about Rs 80,000 crore in GVA to the Kerala economy in Q1 (Apr-Jun) of 2020. For March, the shortfall in GVA could have been roughly Rs 29,000 crore. The direct and indirect losses in gross state value addition (GSVA), based on an input-output model, is estimated to be 10% in 2019-20 and 20% in 2020-21.
The outbreak is projected to nearly triple by July 15 to over 8,00,000 cases.
The Clothing Manufacturers Association of India (CMAI), said only 8% of its members have funds to pay salary next month since 90% of all apparel retail is still at physical stores. "There is no point in manufacturing if retail stores are not open. We need it to open stores," said Rahul Mehta, chief mentor at CMAI that represents about 24,000 clothing manufacturers including Raymond, Future Group and Shoppers Stop.
Of the 56 firms that moved bases from China in 2018-19, Vietnam got 26, Taiwan 11, Thailand 8 and India 3.
New Delhi: Uttar Pradesh Chief Minister Yogi Adityanath's father, Anand Singh Bisht, died this morning. Mr Bisht who was admitted to the All India Institute of Medical Sciences (AIIMS) in Delhi last month due to kidney problems died at 10.44 am.UP CM Yogi Adityanath not to attend father's last rites amid COVID-19 lockdown challenges
New Delhi, Apr 20 (ANI): Amid extended nationwide lockdown to curb the spread of COVID-19, many patients and their attendants are left stranded outside prestigious All India Institute of Medical Science (AIIMS) hospital in a night shelter due to lack of amenities. Patients those who were scheduled for appointment prior to implementation of lockdown are now nowhere to go as they don’t have access to transportation and basic amenities which force them to accommodate in a night shelter. For these people, life has come to a standstill and left with nowhere to go as they hope for relaxation from the lockdown to move ahead in life. Prime Minister Narendra Modi has extended nationwide lockdown till May 03. COVID-19 lockdown: Lack of basic amenities force patients to stay in night shelters in Delhi
All passenger train services to be canceled till May 3: Indian Railways.Details by TIMES NOW's Mohit Sharma.India in Lockdown-2: Railways cancel all passenger train services till May 3
Rao said that the US government move of suspending the non-immigrant visas, especially the H-1B, is “misguided” and without any “logic”.
SBI’s economics wing expects the inequality gap in India to narrow down post Covid-19.
New Delhi, Apr 12 (ANI): Massive crowd was seen at a vegetable market in Delhi on April 12 amid nationwide lockdown in the wake of coronavirus pandemic. Delhiites were seen violating norms of social distancing while purchasing vegetables. On April 11, District Magistrate North directed DCP North West and Secretary APMC took all necessary measures to ensure social distancing protocol is followed at Azadpur Mandi and took strict action against those violating norms. There are total 903 confirmed cases of coronavirus in Delhi including 14 deaths. According to the Ministry of Health and Family Welfare, the total number of COVID-19 active cases surpassed 7,000 in India with over 240 deaths.COVID-19 outbreak: Delhiites violate ‘social distancing’ norm at Azadpur Mandi
The median forecast from a Reuters poll of economists put annual economic growth at 2.1% in the March quarter, lower than 4.7% in the December quarter. Forecasts ranged between +4.5% and -1.5%. Economists expect the fiscal year that began in April will see the worst economic contraction in four decades.
Confirmed coronavirus cases in India shot well past the 15,000 mark today, Health Ministry data updated at 8 am showed.The number of cases in the country stands at 15,712 at the moment. Casualties number 507 till now, while 2,231 have been listed as cured/discharged/migrated.As of 9 pm yesterday, a total of 3,72,123 samples from 3,54,969 individuals had been tested for the virus, according to latest data at Indian Council of Medical Research (ICMR) website.India now has over 15,000 confirmed Covid-19 cases
Aviation minister says sector will recover quickly as the country has a huge captive market.
Less than a quarter of women in India are in labour force — among the poorest standings in world .
Washington DC (US), Mar 31(ANI): India’s Ambassador to the United States, Taranjit Singh Sandhu on March 31 said that the Indian-American community is working on the forefront to help those is need due to the crisis triggered by the COVID-19 situation in the United States. Indian-Americans at forefront to help during COVID-19 crisis: Ambassador Taranjit Sandhu
India faces a sharp decline in government revenues and economic growth for at least two quarters as the coronavirus hits economic activity and a fall in investor sentiment impacts privatisation plans, government and industry sources said.
Covid-19 crisis: MoHFW issues a 17-point guideline to all central govt employees. Details by TIMES NOW's Mohit Sharma.Covid-19 crisis: MoHFW issues guideline to all central govt employees
The next few months for the insurance industry will be difficult in returning to the high speed market growth highways they are used to for long, and they have to find innovative solutions to stay profitable and resilient.
New Delhi, Apr 16 (ANI): Bollywood actor Salman Khan is deeply disturbed after reading about the growing violence against doctors and police personnel in various cities. Salman Khan said, “Doctors and nurses came to save you and you pelted stones on them, COVID-19 patients are running from hospital to nowhere, all these will not anyone.” “Because of some people all the citizens are suffering,” the actor further added and urged people to support the doctors and police personnel during this humanitarian crisisCOVID-19: Actor Salman Khan condemns attacks on doctors, police personnel
With 75% of the economy in a 21-day lockdown to halt the spread of Covid-19, investment bank Nomura tracks the cost:
Private equity inflows into Indian real estate is expected to be 45-50% lower in 2020 from a year ago.
Privations undergone by our migrant workers have awakened us to urgently address underlying poverty and inequity and create supportive ecosystems that are disaster-proof.
The Indian pharma industry has been a world leader in generics both globally and in domestic markets.
Based on assessments made by different analysts and industry body Ficci, here is an impact analysis in healthcare sector.
Mumbai: At least 20 sailors of the Indian Navy at INS Angre have tested positive for Covid-19 in Mumbai on Saturday. The INS Angre is a shore based logistics and shore-based support establishment of the Western Naval Command.COVID-19 crisis: Over 20 Navy sailors in Mumbai test positive for coronavirus
Pollution and greenhouse gas emissions fell across continents earlier this year, as countries tried to contain the spread of Covid-19 with strict lockdowns.
Detailing the government's plan to contain local outbreak of coronavirus, Lav Agarwal, Joint Secretary, MoHFW, underlined that the affected areas have been divided into two zones- Containment zone and Buffer Zone. The containment zone has been divided into sectors with 50 houses each (30 houses in difficult areas) emphasised Agarwal. The cluster-containment strategy has yielded positive results, said the officialCOVID-19: Government identifies 170 hotspot districts
"The crisis is “much worse from an economic impact” point of view compared to 2008 meltdown," Gurnani said.
Chris Wood warned that lockdown in India may cause more human suffering than Covid-19 itself.
"Country at this juncture needs liquidity. Without liquidity our economy's wheel will not accelerate... Rs 50-60 lakh crore foreign investment is needed in the country under present circumstances to boost the economy," the Road Transport, Highways and MSME Minister said.
As the economy looks inwards in this time of crisis, it is also a time to take lessons from the mishaps.
United Nations reaches out to India as COVID lockdown prompts other fears.India assures the UN on all vaccines.TIMES NOW's Srinjoy Chowdhury with details.UN reaches out to India for global vaccine supplies as COVID lockdown prompts fears
New Delhi, Apr 06 (ANI): Jain temples are closed on the occasion of ‘Mahavir Jayanti’ in national capital on April 06. Shri Digambar Jain Ratnatraya Jain Mandir in Delhi’s Dwarka is closed due to coronavirus lockdown.Covid-19: Jain temples closed on occasion of ‘Mahavir Jayanti’ amid nationwide lockdown
Six persons including Anand Paranjpe, Thane city NCP president tested positive for Covid-19 on Tuesday, It is suspected that Paranjpe may have been infected during one of two recent visits to state housing minister Jitendra Awhad’s residence.TIMES NOW's Aruneel with detailsMaharashtra: NCP leader Anand Paranjpe tests positive for Covid-19
Noida: Two recovered COVID-19 patients relapse and have been admitted to the hospitalCOVID-19 crisis: Two recovered patients get relapse bout, admitted to Noida hospital
According to Dun & Bradstreet's latest Economy Forecast, the probability of countries entering into recession and companies going bankrupt has increased and India is not likely to "remain decoupled" from the global meltdown. India's GDP growth is expected to moderate further from our earlier estimate of 5 per cent for FY20, it said.
Chinese Govt restricts publications on the origin of COVID-19.Details by TIMES NOW's Athar Khan.Chinese Govt restricts publications on the origin of COVID-19
Sixteen fresh COVID-19 positive cases have been reported in Noida.Details by TIMES NOW's Siddhant.Noida: Sixteen fresh Covid-19 positive cases have been reported
Congress leader Priyanka Gandhi Vadra said it is imperative for India to immediately ramp up its rate of testing for coronavirus and that the government must act now for the lockdown to yield results. The Congress general secretary asserted that extremely valuable information about the severity of the disease, disease clusters and focal points is gained from testing."It is imperative that India immediately ramps up its rate of testing. Extremely valuable information about the severity of the disease, disease clusters and focal points is gained from testing," she said in a tweet.Covid-19: Priyanka Gandhi calls for large scale testing
A senior police inspector from Thane police commissionerate tested positive for coronavirus in Nasik hospital on Saturday.Maharashtra fights Covid-19: Thane Police officer tests positive, 35 cops quarantined
COVID-19 curve in India crosses the 9,000 mark. The total number of deaths reported in the country stands at 308India's Covid-19 count crosses the 9,000 mark
"The world's second-most populous country with 1.3 billion people had reported just over 130 coronavirus cases and three deaths by Tuesday, in stark contrast to exploding numbers of cases around the world and despite its close proximity to massive virus clusters in Asia and a relatively unsophisticated public healthcare system," an article in the Global Times stated.
Nashik (Maharashtra), Apr 09 (ANI): The dairy farmers in Maharashtra’s Nashik are facing losses due to the lockdown. Nationwide lockdown has been imposed in backdrop of COVID-19 outbreak. Milk price dipped to almost half amid pandemic and farmers are forced to sell the milk at low prices. While speaking to ANI, one of the farmers said, “We used to sell milk at Rs 50-55 per kg, now we have to sell it at Rs 30-35 per kg. The demand is low as hotels and tea stalls are closed. It is becoming difficult to manage expenses.” There are total 1574 confirmed cases of coronavirus in Maharashtra including 110 deaths and 188 have been cured.Covid-19 outbreak: Dairy farmers facing losses amid lockdown in Maharashtra’s Nashik
MHA writes to State Home Secys to keep an eye on the detention centres across the states.Details by TIMES NOW's Nikunj Garg.COVID-19 crisis: MHA writes to State Home Secys to keep an eye on detention centres across states
The meeting comes amid drastic reduction in GDP growth forecast by various multi-lateral funding agencies for the current fiscal due to the impact of COVID-19 and consequent lockdown.
Watch: Indians stranded in Italy send an S.O.S, Details by TIMES NOW's Tamal Saha.Coronavirus: Students stranded in Italy send SOS to Indian govt
Friends, I’m sure u must have read about or watched how our brave corona warriors have been attackd in certain pockets wth stone pelting causing severe injuries to them. Docs, nurses, policemen, none are spared! Utterly disgusting! These ppl are sacrificing so much-treat them with respect: Hema MaliniLockdown 2.0: Hema Malini condemns attack on Corona Warriors, health workers
277 Indians who were stranded in Iran have been brought to Jodhpur by two special aircraft. The screening process of one of the aircraft is complete.Coronavirus: 277 Indians evacuated from the Middle East
The travel industry is bracing itself for the new changes that will have to be factored in post lockdown.
72 people in South Delhi were quarantined after a pizza delivery man tests positive for Coronavirus. TIMES NOW's Parvina with details.COVID-19: Pizza delivery man tests positive in south Delhi; 72 quarantined
Gurugram (Haryana), Apr 12 (ANI): A drive-through sample collection centre has been set up in Haryana’s Gurugram to ease COVID-19 tests. This initiative was started by Healthians lab on April 11 along with Municipal Corporation of Gurugram. Any person can apply for COVID-19 test by filling their details online. The facility has been established in collaboration with the Healthians testing group at Tau Devi Lal Stadium. While speaking to ANI, the Commissioner of Municipal Corporation of Gurugram, Vinay Pratap Singh said, “One can apply for the test by filling details online. The patient can drive on own or can be accompanied by another person.” “It takes about 1-2 minute to collect nasal or throat swab and the reports will be given online. It is compulsory for those who want to be tested for COVID-19 to obtain a prescription from a registered medical practitioner,” he added. There are total 177 confirmed cases of coronavirus in Haryana including three deaths and 29 cured. According to the Ministry of Health and Family Welfare, the total number of COVID-19 active cases rose to 6634 in India and 242 deaths.Haryana: Drive-through COVID-19 testing facility launched in Gurugram
akistan skips virtual Saarc meet on overcoming Covid-19 impact on regional tradePakistan skips SAARC trade meeting on Covid-19
Accordingly, Dun & Bradstreet has revised its Gross Domestic Product (GDP) estimates for India downwards by 0.2 percentage points for fiscal year 2020 to 4.8 per cent and by 0.5 per cent for fiscal year 2021 to 6 per cent. "However, the extent of actual impact would depend on the severity and duration of the outbreak, which is still unknown," D&B said.
The novel coronavirus has infected 8,356 people in India, killed 273, as per the latest update by the Union Health Ministry. According to the latest data available 909 new cases were reported in the last 24 hours, 34 people have died of the infectionIndia's Covid-19 count crosses the 8,000 mark
"With local flare-ups it is right we have a localised solution in terms of infection control, social distancing, testing and many of the tools actually within the Public Health England space that will come together to control the virus and to stop the spread so we can get on top of the infection," Priti Patel said.
Delhi Chief Minister Arvind Kejriwal on Sunday announced that the lockdown will continue as usual in Delhi and no relaxations will be allowed before a review meeting of experts on April 27.“Delhi has 11 districts and all of them have been declared hotspots. As per the central government, restrictions cannot be relaxed in containment zones,” Kejriwal said.Coronavirus crisis: No relaxations in hotspots in city, says Arvind Kejriwal
India has been relatively conservative in extending fiscal measures to deal with the negative impact of COVID-19 on the economy. However, it has to take far more aggressive steps to contain the damage to the economy as few of the macroeconomic factors such as low oil prices, adequate forex reserves and lesser dependence on export will work in its favour.
The virus has brought the Indian economy to new low after new low over the past six weeks.
Rising savings during the nationwide lockdown will also help in curtailing India’s current account deficit.
With global markets crashing possibly due to the novel coronavirus scare, ET's Consulting Editor Swaminathan Aiyar shares his views on the possible impact of the virus spread on Indian economy. Watch now.Swaminathan Aiyar on coronavirus crisis and how it can impact Indian economy
WHO cautions India saying that lockdown is not just enough to curb the spread of COVID-19. According to WHO, aggressive measures that include more testing are necessary, lockdown just buys more time.Lockdown not enough to curb the spread of COVID-19: WHO cautions India
The market, which has soared 23% from lows, is signaling that many investors expect a quick rebound.
According to an analysis of two 15-day periods from May 7 to June 1, the positivity rate for Covid has doubled in Delhi. The rate continued to be high in Maharashtra and slowed in Gujarat during the period under review. With 1,04,107 people discharged/cured so far, the recovery rate in India reached a high 49.6%.
The pandemic has changed the way we all function, affecting our physical, mental, emotional and financial well-being. Salaried individuals and professionals, in particular, are coping with the potential burden of job losses and pay-cuts.
CEC Sunil Arora and two other ECs take a 30% salary cut for a year amid the COVID-19 crisisCOVID-19 crisis: CEC Sunil Arora to take 30% salary cut for a year
BMC has temporarily converted the National Sports Club of India’s (NSCI) dome in Worli into a massive quarantine cum observation facility. Details by TIMES NOW's Aruneel.Covid-19: NSCI dome in Worli turned into quarantine facility
Hours before Prime Minister Narendra Modi's address to the nation, Congress chief Sonia Gandhi in a video message this morning praised those at the forefront in the fight against coronavirus - doctors, sanitation workers, policemen - and said they were fighting the pandemic despite the lack of resources.Sonia Gandhi's video message to nation, thanks frontline workers and citizens for adhering to lockdown
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