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Consumer confidence collapses in May, economy may contract by 1.5% in FY21: RBI surveys

Consumer confidence has collapsed amid the coronavirus pandemic and it may result in contraction of the economy by 1.5 per cent during 2020-21, surveys released by the Reserve Bank showed on Thursday.

Uday Kotak says India may log negative growth in FY21

“We need to see month by month, how growth is coming back, and that is what matters. I would not look at growth as an average for the year,” he said. “I would rather look at the trend line every month and every quarter. And I am reasonably hopeful, the trend line quarter after quarter should be up from the previous quarters numbers.”

Consumer confidence collapses, economy may contract by 1.5 per cent in FY21: RBI surveys

Consumer confidence has collapsed amid the coronavirus pandemic, survey by the RBI said.

Bank NPAs may worsen to 11.6 pc by end of this fiscal due to coronavirus pandemic: Report

Fresh gross slippages are estimated to be at 5-5.5 per cent of standard advances during 2020-21, which will increase the banks' credit provision and impact their earnings, rating agency ICRA said in a report.

Jobless rate was on the mend before COVID-19 hit

Even the worker population ratio went up to 35.3% as against 34.7% in 2017-18 annual survey, says the ministry of statistics and programme implementation in its annual periodic labour force survey released on Thursday.

The road ahead turns darker for India, Asia's virus hotspot

A Bloomberg survey of economists estimates a 1.9% contraction in GDP in the current fiscal year.

Service activity contracts again in May, PMI at 12.6

A reading above 50 on the index indicates expansion while lower than that shows contraction. The data was collected from May 12-27 across around 400 service sector companies.

India not alone to get Moody’s downgrade tag

On Monday, Moody’s downgraded India’s sovereign rating to Baa3, and retained its outlook as negative.

Indian economy to contract 10% this fiscal: Subhash Chandra Garg

The former finance secretary said India's lockdown was faulty, saying the economy will shrink by 10%.

View: Moody's downgrading of India's credit ratings has its own bias

India certainly has the expertise to do it. For instance, Centre for Advanced Financial Research and Learning (Cafral), the Reserve Bank of India’s (RBI) policy research wing, has enough intellectual horsepower to come up with its own ratings

Moody's rating downgrade not surprising: SBI report

Moody's rating downgrade not surprising: SBI report

India's sovereign rating was downgraded by Moody's to Baa3 with a negative outlook on the pretext of prolonged period of slower growth, rising debt and stress in financial system. Apart from sovereign rating downgrade, Moody's has taken rating actions on 11 Indian banks.

Moody's downgrade expected, India unlikely to slip to junk status: BofA

Moody's downgrade expected, India unlikely to slip to junk status: BofA

Moody's Investors Service on Monday downgraded the country's rating by one notch to 'Baa3', the lowest in the investment grade, with a negative outlook on worries over growth and fiscal risks.

Partial lockdown lift gives work to 21 million; no new jobs for salaried class

Partial lockdown lift gives work to 21 million; no new jobs for salaried class

The unemployment rate in the last week of May fell to its lowest since the lockdown to 20.2%, while the labour participation rate went up to 38.7% and the employment rate rose to its highest since the lockdown to 30.9%, CMIE said.

Bountiful monsoon rains seen mitigating India’s economic woes

Bountiful monsoon rains seen mitigating India’s economic woes

The forecast of a normal monsoon and its timely onset may lessen the severe impact of Covid on the economy.

No IBC and Covid NPAs coming, PSBs may sell Rs 20k-cr bad loans

No IBC and Covid NPAs coming, PSBs may sell Rs 20k-cr bad loans

An estimated Rs 20,000 crore worth of bad loans from state-run banks are up for sale to asset reconstruction companies as banks prepare for a fire sale due to suspension of the bankruptcy law which has blurred the recovery horizon.

Extension of concession period for toll road operators unlikely to provide adequate relief: Icra

Extension of concession period for toll road operators unlikely to provide adequate relief: Icra

The Ministry of Road Transportation and Highways (MORTH) had suspended tolling on all national highways for a 25-day period between March 26, 2020 to April 19, 2020.

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