ECONOMY


The Covid-induced volatility heavily dented India's economy in the last fiscal as its growth rate plunged (-) 7.3 per cent in FY 2020-21.   Though not comparable, the GDP had grown by 4 per cent in 2019-20.   Accordingly, the pandemic-triggered national lockdown (from late...

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As India reported a 7.3 per cent contraction in its GDP for FY21, Chief Economic Adviser (CEA) K.V. Subramanian has said that the overall impact of the second wave of Covid-19 is unlikely to be significant, although there is uncertainty over possible double-digit growth in the current...

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Moneylife Digital Team 31 May 2021
The impact of India's second COVID-19 wave on most of its rated corporate universe to be manageable, with most companies' credit profiles being supported by their strong market positions, adequate balance sheets and liquidity, diversified operations, and/or flexibility to adjust costs and key...

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As many as 470 infrastructure projects reported cost overrun of over Rs 4.38 lakh crore as of May 1, 2021.   The Flash Report on Central sector projects for April published by the Ministry of Statistics and Programme Implementation showed that 525 projects are running behind...

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Compared to financial crises, a health crisis can be more pervasive, persistent and debilitating in its impact on the real economy, as per the RBI (Reserve Bank of India) annual report for 2020-21.   "Letting down the guard is perilous; it is best to prepare for future waves," the...

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As India battles the pandemic and states undergo lock-downs, the Reserve Bank of India (RBI) has said that the impact and the duration of the second wave of COVID-19are the biggest threats to its growth estimates for the country for the ongoing financial year.   In its annual report...

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Moneylife Digital Team 27 May 2021
The second COVID wave has brought back another round of lock-downs and its associated consequences. In fact, it has hit the country with such severity that case-load and fatality per day have reached a new high. While COVID 2.0 has been less disruptive for carrying out economic activities...

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Moneylife Digital Team 26 May 2021
Canara Bank has alerted all customers that the IFSC (Indian Financial System Code) codes of the erstwhile Syndicate Bank will be disabled with effect from 1 July 2021. If you are a customer of Syndicate Bank, you should take note of this and update the IFSC codes so that you can continue to...

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A Reserve Bank of India (RBI) study has suggested that a decision to have a lower inflation target would jeopardise the long-term growth but help in bringing in financial stability.   "The policy makers may choose to set the inflation target below the threshold level, but only by...

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Moneylife Digital Team 24 May 2021
R Subramaniakumar, the Reserve Bank of India (RBI)-appointed administrator for Dewan Housing Finance Ltd (DHFL),  late on Sunday night moved the National Company Law Appellate Tribunal (NCLAT) against last week’s National Company Law Tribunal (NCLT) order asking lenders to consider Kapil...

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Reserve Bank will transfer Rs 99,122 crore as surplus to Centre for nine months ended March 31, 2021.   The decision was taken at the 589th meeting of the Central Board under the chairmanship of RBI Governor Shaktikanta Das, through video conference.   According to the RBI,...

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India's sharp rise in infections will disrupt earnings recovery of companies recorded over the past six months, a research report by Moody's Investors Service has said.   A prolonged and wider lockdown will have a more severe effect on earnings recovery   India's largely...

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As the severe Covid crisis and the resultant lockdowns have shut down economic activities to a great extent, the monthly RBI Bulletin has said that demand and employment have been among the most impacted economic aspects amid the second Covid wave.   The RBI Bulletin for May 2021...

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Moneylife Digital Team 17 May 2021
The coronavirus (COVID) pandemic has introduced an outlet bias, as a large share of total spending moved online that is charging a mark-up over off-line prices. In fact, In fact, the price of e-commerce platforms and kirana stores has converged, says a research note from State Bank of India...

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India's annual rate of inflation based on wholesale prices sequentially rose to 10.49 per cent in April from a rise of 7.39 per cent in March.   Significantly, this is the highest rate of WPI inlation in the last 6-months. The monthly rate of inflation, based on month over month...

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Moneylife Digital Team 13 May 2021
Ratings agency Moody's has revised India's gross domestic product (GDP) growth forecast for FY2021-22 to 9.3% from 13.7% and to 7.9% from 6.2% for FY21-22 due to negative impact of the second wave of coronavirus (COVID).    In a note, the ratings agency says, "Second wave of...

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Lower food prices sequentially eased India's retail inflation in April as the Consumer Price Index (CPI) decreased to 4.29 per cent from 5.52 per cent in March.   According to the data furnished by the National Statistical Office (NSO), the CPI Urban rose by 4.77 per cent last month...

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The UN forecasts India's economy to grow by 7.5 per cent this calendar year and rebound to 10.5% next year with the caveat that the outlook is 'highly fragile' because of the brutal COVID-19 second wave.   The mid-year World Economic Situation and Prospects report released on Tuesday...

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After the presentation of the Union Budget 2021-22, Maharashtra presented its state budget and alongside it also tabled its economic survey for 2021-22 in February. The economic survey for the state assumes importance because it was presented against the backdrop of COVID-19 first...

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Moneylife Digital Team 11 May 2021
The intensity of the second wave of COVID-19 infections in India has come as a surprise and is haemorrhaging the country’s healthcare infrastructure and proving to be a challenge before the economy. The second wave of COVID can have a moderate to severe impact on growth depending on how long...

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