Impact on auto sector to be clear once lockdown is lifted, supply chain resumes full ops: Nissan
4 years, 9 months ago

Impact on auto sector to be clear once lockdown is lifted, supply chain resumes full ops: Nissan

India TV News  

The impact of the COVID-19 pandemic on India’s automobile industry will be clear once the ongoing lockdown is lifted and there is clarity on the time taken by supply chain to resume optimal production, according to a top Nissan Motor India official. With the novel coronavirus outbreak, the industry was given a further blow with Society of Indian Automobile Manufacturers President Rajan Wadhera stating that as per quick estimates by the auto industry body, the plant closures of auto original equipment manufacturers and components makers would lead to loss of more than Rs 2,300 crore in turnover for each day of closure. "The industry is closely monitoring the constantly evolving COVID-19 situation in India and its impact on the sector will only get clear once the lockdown is lifted and the time taken by the supply chain to resume optimal production," Nissan Motor India Managing Director Rakesh Srivastava told PTI. Last month, the auto industry had also sought from Finance Minister Nirmala Sitharaman measures to support the sector after the government announced financial action plan of Rs 1.7 lakh crore to support medical warriors, daily wage earners, farmers, construction workers, self-help groups and women, among others.

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History of this topic

Covid-19: Omicron surge cripples several businesses, to hit economic recovery
3 years ago

Covid-19: Omicron surge cripples several businesses, to hit economic recovery

India Today  

A fresh wave of Covid-19 infections in India has cast a shadow over economic recovery as several sectors have been impacted by fresh restrictions that have been announced in view of the situation. Numerous businesses spanning across multiple sectors have been impacted in light of the fresh restrictions imposed by states. While many people are still travelling despite the fresh …

India's economy shows signs of recovery as factory activity rises in July
3 years, 5 months ago

India's economy shows signs of recovery as factory activity rises in July

India Today  

India’s economy has shown signs of recovery in July as factory activity rebounded on the back of rising domestic and international demand. IHS Market’s survey confirmed that output rose at a robust pace, with over one-third of companies noting a monthly expansion in production as business rebound and Covid restriction ease. Read | Factory activity shrinks for first time in …

Indian economy, hit by COVID-19, shrinks by 7.3% in 2020-21
3 years, 7 months ago

Indian economy, hit by COVID-19, shrinks by 7.3% in 2020-21

Associated Press  

NEW DELHI — India’s economy, pummeled by the coronavirus pandemic, contracted by 7.3% in the 2020-21 financial year, just before the country was hit by another catastrophic surge in infections. Daily new cases set global records, spurring many states to announce widespread restrictions and lockdowns. In January, a government survey estimated the economy -- previously one of the fastest growing …

Economic impact of 2nd Covid-19 wave could worsen in coming weeks. Here's why
3 years, 8 months ago

Economic impact of 2nd Covid-19 wave could worsen in coming weeks. Here's why

India Today  

A sharp surge in daily cases during the second wave of the Covid-19 pandemic has led to stricter lockdowns in most states. Brokerage firm Nomura recently said in a report that the pace of business activity resumption has taken a huge knock due to the mobility restrictions across Indian states. Business activity in India has started plummeting since the second …

Explained: 4 ways how fresh Covid-19 restrictions can disrupt economic recovery
3 years, 9 months ago

Explained: 4 ways how fresh Covid-19 restrictions can disrupt economic recovery

India Today  

A sharp rise in Covid-19 cases could severely slow down India’s economic recovery as many states have now started reimposing partial restrictions. India's economic recovery momentum could take a huge hit if states decide to impose stricter restrictions to contain the infection. Here are four ways in which fresh Covid curbs can hurt the economy: IMPACT ON ECONOMIC ACTIVITY A …

India's factory activity hits 7-month low as Covid lockdowns return
3 years, 9 months ago

India's factory activity hits 7-month low as Covid lockdowns return

India Today  

India's factory activity grew at its weakest pace in seven months in March as renewed lockdowns to curtail a resurgence in COVID-19 cases dampened domestic demand and output, a private survey showed, forcing firms to cut headcount again. Follow Covid-19 live updates Despite foreign orders growing at a faster pace in March, a sub-index tracking overall demand declined to its …

Media reports claimed over 10,000 companies in India were closed in COVID year. A fact-check
3 years, 10 months ago

Media reports claimed over 10,000 companies in India were closed in COVID year. A fact-check

Op India  

On March 9, several news agencies reported that 10,113 companies shut their shop amid the Covid-19 pandemic. The reports in Mint, News 18, Economic Times, Business Standard, and several others tried to connect pandemic and shutting down of companies. Business Standard The Economic Times News 18 English The Hindu Mint News 18 Hindi The question asked in Lok Sabha On …

India’s services sector loses more steam in December, job cuts resume
4 years ago

India’s services sector loses more steam in December, job cuts resume

Live Mint  

Growth in India's dominant services industry continued to lose momentum in December as a resurgence in coronavirus infections weighed on new business and employment, a private survey showed on Wednesday. The Nikkei/IHS Markit Services Purchasing Managers' Index fell to 52.3 in December from November's 53.7 but held above the 50-mark separating growth from contraction for a third straight month. "A …

2020 Recap: How India survived COVID-19 pandemic - a series of lockdowns, unlocks
4 years ago

2020 Recap: How India survived COVID-19 pandemic - a series of lockdowns, unlocks

India TV News  

The year 2020 began with the fight against coronavirus, and it came with one of the most impactful changes in all our lives - the lockdown. On April 14, Prime Minister Modi announced the extension of nationwide lockdown till May 3 Phase 2 Commonly referred to as Lockdown 2.0, this period came in with a conditional relaxation promised after April …

Resilient supply chains as a pandemic lesson
4 years ago

Resilient supply chains as a pandemic lesson

The Hindu  

A key lesson learnt by the world during the COVID-19 pandemic has been the importance of creating resilient supply chains that can withstand disruptions and ensure reliability for the global economy. For many Japanese companies, global performance and profits are linked to manufacturing facilities and supply chains in China. For instance, the pandemic caused a breakdown in global supply chains …

Delaying COVID-19 peak was important, says govt-appointed panel chief Prof M Vidyasagar as India bends curve
4 years, 2 months ago

Delaying COVID-19 peak was important, says govt-appointed panel chief Prof M Vidyasagar as India bends curve

Firstpost  

Staying the course would lead to a steady reduction in cases, while any departure in terms of slackening safety protocols would disturb this trend, the professor who chaired a panel of experts that worked on India’s COVID-19 “supermodel”, warns COVID-19 has prompted many mathematical and statistical models to map the spread of the pandemic. India’s ‘supermodel’: Some conclusions Past Delaying …

Steady Rise in Covid-19 Cases, Spillover Effects of Lockdown to Hit India's Economic Growth, Says Report
4 years, 3 months ago

Steady Rise in Covid-19 Cases, Spillover Effects of Lockdown to Hit India's Economic Growth, Says Report

News 18  

Resurgence in Covid-19 cases is the main headwind for the global economy, and in India the steady rise in coronavirus caseloads will have an adverse impact on the country’s economic growth, says a report. Singh added that “restrained government finances, probable defaults by firms and the consequent subdued investment demand will continue to be a drag on growth.” India’s economy …

India's dependence on China for electronics, smartphones remains high: MEITY in Rajya Sabha
4 years, 3 months ago

India's dependence on China for electronics, smartphones remains high: MEITY in Rajya Sabha

India Today  

As India looks to increase export to China and reduce imports, the dependency of Indian electronics and smartphones for components remain high. His response came to a question by Karnataka MP KC Ramamurthy He cited the data available from the Directorate General of Commercial Intelligence and Statistics, the total electronic component imports in the country in the financial year 2019-20 …

Industrial Production Declines by 10.4% in July as Covid-19 Lockdown Leads to Drop in Manufacture
4 years, 3 months ago

Industrial Production Declines by 10.4% in July as Covid-19 Lockdown Leads to Drop in Manufacture

News 18  

Industrial production declined by 10.4% in July, mainly due to lower output of manufacturing, mining and power generation, as per the government data released on Friday. According to the Index of Industrial Production data, manufacturing sector production registered a decline of 11.1%, while the output of mining and power fell 13% and 2.5%, respectively. “In view of the preventive measures …

India witnessing sharp V-shaped recovery, says finance ministry
4 years, 4 months ago

India witnessing sharp V-shaped recovery, says finance ministry

Live Mint  

NEW DELHI: India’s gross domestic product contracted 23.9% year-on-year in the June quarter due to a stringent nationwide lockdown, but with easing of restrictions, the country is witnessing a ‘sharp V-shaped recovery’, the finance ministry said in its monthly economic review for August. India, too, is witnessing a sharp V-shaped recovery,” the report said. The finance ministry also said it's …

Difficult to Accurately Assess Economic Impact of Covid-19 Due to Evolving Dynamics: RBI
4 years, 4 months ago

Difficult to Accurately Assess Economic Impact of Covid-19 Due to Evolving Dynamics: RBI

News 18  

The Reserve Bank on Tuesday said it is difficult to accurately assess the economic impact of COVID-19 pandemic as the dynamics are still evolving. "COVID-19's epidemiological dynamics are still rapidly evolving in India, rendering difficult an accurate assessment of its full macroeconomic effects," RBI said in its annual report. It said dynamic stochastic general equilibrium model built on New Keynesian …

Difficult to accurately assess economic impact of Covid-19, says RBI
4 years, 4 months ago

Difficult to accurately assess economic impact of Covid-19, says RBI

Business Standard  

The Reserve Bank on Tuesday said it is difficult to accurately assess the economic impact of COVID-19 pandemic as the dynamics are still evolving. "COVID-19's epidemiological dynamics are still rapidly evolving in India, rendering difficult an accurate assessment of its full macroeconomic effects," RBI said in its annual report. It said dynamic stochastic general equilibrium model built on New Keynesian …

India's virus-hit industrial output shrinks 16.6% in June
4 years, 4 months ago

India's virus-hit industrial output shrinks 16.6% in June

News 18  

NEW DELHI India’s industrial output fell 16.6% year-on-year in June, shrinking for the fourth month in a row, though the monthly measure indicated some recovery in the coronavirus-hit sector. Industrial activity has been hit hard in Asia’s third-largest economy after the government imposed lockdown restrictions in late March. Passenger vehicle production in July fell 29.4% from a year earlier, separate …

Covid-19 Pandemic Impact to be Severe, Prolonged for Aviation, Hospitality, Retail Sectors: ICRA
4 years, 4 months ago

Covid-19 Pandemic Impact to be Severe, Prolonged for Aviation, Hospitality, Retail Sectors: ICRA

News 18  

The coronavirus pandemic will significantly impact performance of companies and it is likely to be severe and prolonged for select sectors, especially aviation, hospitality and retail, according to ratings agency ICRA. As per ICRA analysis, the impact is likely to be severe and prolonged for select sectors, especially aviation, hospitality, retail and allied businesses," it said. The ratings agency, however, …

India Remains a Key Contributor to Our Global Supply Chain Despite Economic Turbulence: Boeing
4 years, 5 months ago

India Remains a Key Contributor to Our Global Supply Chain Despite Economic Turbulence: Boeing

News 18  

Despite Covid-19 induced economic turbulence, aerospace major Boeing India plans to maintain its systems and components sourcing activity in India. Our sourcing from India stands at close to $1 billion a year from more than 200 suppliers who are manufacturing critical systems and components for some of Boeing's most advanced products," said Boeing India president Salil Gupte. "Our growing installed …

India to lose 130 million jobs due to Covid-19 pandemic: Report
4 years, 6 months ago

India to lose 130 million jobs due to Covid-19 pandemic: Report

India Today  

India is set to lose around 130 million jobs due to the Covid-19 pandemic, and 40% of those would be blue-collar jobs, says a report by Global Consultants. As per the report, the following industries would be worst hit due to Covid-19: Aviation Automobile Travel and tourism Food Entertainment Manufacturing Which sectors would do good despite the Covid-19 crisis? As …

Indian economy to contract 5 pc in FY21: S&P assumes COVID-19 peak by third quarter
4 years, 7 months ago

Indian economy to contract 5 pc in FY21: S&P assumes COVID-19 peak by third quarter

India TV News  

S&P Global Ratings on Thursday said the Indian economy will shrink by 5 per cent in the current fiscal as it joined a chorus of international agencies that are forecasting a contraction in growth rate due to coronavirus lockdown halting economic activity. Stating that COVID-19 has not yet been contained in India, the rating agency in a statement said the …

Lockdown drives India’s economy into deep coma
4 years, 7 months ago

Lockdown drives India’s economy into deep coma

Live Mint  

India’s months-long-lockdown may not have succeeded in flattening the infection curve but it has flattened the economic growth curve, the latest edition of the Mint Macro Tracker shows. The Mint Macro Tracker, launched in October 2018, provides a monthly state-of-the-economy report based on trends in sixteen high-frequency indicators across four segments: consumer economy, producer economy, external sector, and ease of …

Coronavirus Lockdown: Indian economy to contract 5% in FY21, worst-ever performance by country, says Goldman Sachs
4 years, 7 months ago

Coronavirus Lockdown: Indian economy to contract 5% in FY21, worst-ever performance by country, says Goldman Sachs

Firstpost  

American brokerage Goldman Sachs expects the Indian economy to contract by 5 percent in FY21, making it the worst performance by the country ever Mumbai: American brokerage Goldman Sachs expects the Indian economy to contract by 5 percent in FY21, making it the worst performance by the country ever. A slew of watchers are expecting a contraction in the Indian …

Lockdown impact: India e-commerce market picks pace, may touch ₹7 trln by 2023
4 years, 7 months ago

Lockdown impact: India e-commerce market picks pace, may touch ₹7 trln by 2023

Live Mint  

MUMBAI: The coronavirus pandemic will accelerate the growth of India’s e-commerce market, pushing it to ₹7 trillion by 2023, according to GlobalData, a London-based data analytics firm. “The growth of Indian e-commerce market has been revised up, considering the positive push due to coronavirus outbreak,” said GlobalData on Friday. The e-commerce market in India is set to grow at a …

Coronavirus lockdown | Industrial output shrank 16.7% in March 2020
4 years, 7 months ago

Coronavirus lockdown | Industrial output shrank 16.7% in March 2020

The Hindu  

India’s factory output plummeted to record lows in March, with the Index of Industrial Production contracting 16.7%, reflecting the drastic impact of the countrywide lockdown that began on March 25. FMCG sector may begin some recovery in May, but the rest of the industry is going to continue in the doldrums.” All categories of manufacturing industries showed a contraction in …

COVID-19 And Its Impact On India Inc
4 years, 8 months ago

COVID-19 And Its Impact On India Inc

Live Law  

A candid interview with Ashima Obhan, Partner of the Corporate law and Mergers & Acquisitions practice at Obhan & Associates, on the impact of COVID – 19 on India Inc. and how the firm is servicing its clients in the changing scenario. As the global Covid-19 public health emergency continued to spread and create challenges for businesses worldwide, Obhan & …

A blueprint to restart the economy| Analysis
4 years, 8 months ago

A blueprint to restart the economy| Analysis

Hindustan Times  

The coronavirus disease is an unprecedented humanitarian crisis. In the six weeks so far, India’s economy has functioned at about half of its full activity level, with over 140 million non-farm workers inactive In the six weeks so far, India’s economy has functioned at about half of its full activity level, with over 140 million non-farm workers inactive. Second, India’s …

Covid-19 impact: India’s GDP growth to hover between 1-2% in Q1FY21, says CEA
4 years, 8 months ago

Covid-19 impact: India’s GDP growth to hover between 1-2% in Q1FY21, says CEA

Live Mint  

Chief Economic Advisor K V Subramanian said on Monday the GDP growth in the first quarter this fiscal is likely to range between one to two per cent due to Covid-19 led crisis and subsequent lockdown which brought economic activities to a virtual standstill. "It is, however, time for Indian industries to revamp their strategies, adopt modern technologies and gear …

India's manufacturing sector activity hits record low in April amid lockdown: PMI
4 years, 8 months ago

India's manufacturing sector activity hits record low in April amid lockdown: PMI

India TV News  

The country's manufacturing sector activity witnessed an unprecedented contraction in April amid national lockdown restrictions, following which new business orders collapsed at a record pace and firms sharply reduced their staff numbers, a monthly survey said on Monday. The headline seasonally adjusted IHS Markit India Manufacturing Purchasing Managers' Index fell to 27.4 in April, from 51.8 in March, reflecting the …

COVID-19 crisis puts China's monopoly of global supply chains in focus, but presumptions of India benefitting are misguided, here's why
4 years, 8 months ago

COVID-19 crisis puts China's monopoly of global supply chains in focus, but presumptions of India benefitting are misguided, here's why

Firstpost  

COVID-19 has thrown light on a global blind spot. In a blog post, Narendra Modi has asked Indians to “rise to that occasion and seize this opportunity” since India has “the right blend of the physical and the virtual” and “can emerge as the global nerve centre of complex modern multinational supply chains in the post COVID-19 world.” The prime …

Covid-19 lockdown impact: Hyundai Motor India domestic sales at zero units in April 2020
4 years, 8 months ago

Covid-19 lockdown impact: Hyundai Motor India domestic sales at zero units in April 2020

India Today  

The nationwide lockdown to check the spread of the Covid-19 pandemic has resulted in zero domestic sales for Hyundai Motor India in April 2020. The export figures of Hyundai Motor India stood at 1,341 units in April 2020, while Maruti Suzuki India exported 632 units in that period. "The export shipping were conducted by adhering to all guidelines set by …

Time for action to make India global manufacturing hub in post-coronavirus world: Industry experts
4 years, 8 months ago

Time for action to make India global manufacturing hub in post-coronavirus world: Industry experts

Firstpost  

India can be the destination of choice for global manufacturing in the post-COVID 19 world if it gets its acts together with the right policies as a lot of things are going for the country, say industry experts Bengaluru: India can be the destination of choice for global manufacturing in the post-COVID 19 world if it gets its acts together …

Coronavirus: Make or break choice for India as lockdown ends on May 3
4 years, 8 months ago

Coronavirus: Make or break choice for India as lockdown ends on May 3

India Today  

India’s government has a tough decision to make next week when the nationwide Covid-19 lockdown officially ends on May 3. Contagion effect The distress is now gradually spreading to other sectors which depend on primary economic activities like manufacturing, exports, construction and farming; all of these sectors play a key role in driving India's growth. Insight | Big trouble for …

Coronavirus lockdown | Most sectors will be open by May 3, says Principal Economic Adviser
4 years, 8 months ago

Coronavirus lockdown | Most sectors will be open by May 3, says Principal Economic Adviser

The Hindu  

The process of “unwinding” the lockdown imposed to contain COVID-19 has already begun, and most sectors of the economy will be open by May 3, Principal Economic Adviser Sanjeev Sanyal told members of the PHD Chamber of Commerce and Industry via a video-conference call. Interactive map of confirmed coronavirus cases in India |State-wise tracker for coronavirus cases, deaths and testing …

Coronavirus Outbreak: Availability of components critical to restart manufacturing operations, say automakers
4 years, 8 months ago

Coronavirus Outbreak: Availability of components critical to restart manufacturing operations, say automakers

Firstpost  

Major carmakers like Maruti Suzuki, Hyundai, Toyota and Honda have not yet resumed production at their factories stating that availability of components is a prerequisite to re-start operations at factories, which continue to remain inaccessible due to the nationwide lockdown New Delhi: Major carmakers like Maruti Suzuki, Hyundai, Toyota and Honda have not yet resumed production at their factories stating …

Coronavirus lockdown severely disrupted supply chains: Niti Aayog CEO
4 years, 8 months ago

Coronavirus lockdown severely disrupted supply chains: Niti Aayog CEO

The Hindu  

The coronavirus lockdown has massively disrupted India’s supply chain, Niti Aayog CEO Amitabh Kant said on Saturday. Also participating in the session, World Bank Country Director Junaid Kamal Ahmad said for developing countries, it is important that the State changes the way it works. In the long run, we have to ensure that remote working is beneficial for all.” NASSCOM …

Coronavirus Outbreak: Appliances, electronics industry seek nod from local authorities to restart production
4 years, 8 months ago

Coronavirus Outbreak: Appliances, electronics industry seek nod from local authorities to restart production

Firstpost  

Home appliances and consumer electronics manufacturers said they are gearing up to resume production and are in talks with local authorities for permission to operate factories which are located within or near city municipal limits New Delhi: Home appliances and consumer electronics manufacturers said they are gearing up to resume production and are in talks with local authorities for permission …

Lockdown 2.0 guidelines: Industry backs move, calls for reopening export sectors from 20 April
4 years, 8 months ago

Lockdown 2.0 guidelines: Industry backs move, calls for reopening export sectors from 20 April

Firstpost  

India Inc on Wednesday backed the government’s move to allow industrial units located in rural areas to function from 20 April, and said it will ensure preventive measures for Covid-19 while restarting economic activities New Delhi: India Inc on Wednesday backed the government’s move to allow industrial units located in rural areas to function from 20 April, and said it …

Coronavirus Outbreak: One crore job cuts likely in textile industry without govt support, says CMAI
4 years, 8 months ago

Coronavirus Outbreak: One crore job cuts likely in textile industry without govt support, says CMAI

Firstpost  

There could be as many as one crore job cuts in the textiles sector, which has been severely hit by the ongoing lockdown, if there is no support and revival package from the government, according to apparel industry body Clothing Manufacturers Association of India New Delhi: There could be as many as one crore job cuts in the textiles sector, …

Coronavirus lockdown to come at heavy economic cost: Analysts
4 years, 9 months ago

Coronavirus lockdown to come at heavy economic cost: Analysts

India TV News  

The three-week lockdown in India will make the year 2020 an even worse year for the economy than the 2008 global financial crisis, according to analysts. ING Group said in a note that the three-week nationwide lockdown will significantly dent India's GDP growth, making this an even worse year for the economy than the 2008 global financial crisis. With all …

Comprehensive and robust: UN backs India's 21-day lockdown to contain COVID-19 spread
4 years, 9 months ago

Comprehensive and robust: UN backs India's 21-day lockdown to contain COVID-19 spread

India TV News  

Prime Minister Narendra Modi's announcement to lockdown the country for a period of 21 days amid the coronavirus pandemic has earned praises from the United Nations. "United Nations stands in solidarity with India in its fight against COVID-19,” said a video message tweeted by United Nations News on Tuesday, the UN's multimedia news service. WHO Representative to India Henk Bekedam …

21-day All India Lockdown: Bigbasket services affected as COVID-19 leads to large-scale panic
4 years, 9 months ago

21-day All India Lockdown: Bigbasket services affected as COVID-19 leads to large-scale panic

India TV News  

As Prime Minister Narendra Modi announced a 21-day nation-wide lockdown, people have rushed to their nearest grocery stores to buy daily-use commodities. Bigbasket, one of India's biggest online grocery delivery service, has had its service affected. After the lockdown was announced, the Bigbasket app reads -- Dear Customer, we are not operational due to restrictions imposed by local authorities on …

How coronavirus pandemic is affecting India's already ailing auto sector
4 years, 10 months ago

How coronavirus pandemic is affecting India's already ailing auto sector

India TV News  

Coronavirus outbreak that has claimed around 3,000 lives worldwide has affected people across in more ways than one. Maruti Suzuki sees 1% drop in sales The country's largest carmaker Maruti Suzuki India on Sunday reported a 1.1 per cent decline in sales at 1,47,110 units in February. Sales of mini cars, comprising Alto and WagonR, stood at 27,499 units as …

Auto crisis: India's vehicle production likely to shrink by 8.3% in 2020; coronavirus spread may hit supply chain, says Fitch
4 years, 10 months ago

Auto crisis: India's vehicle production likely to shrink by 8.3% in 2020; coronavirus spread may hit supply chain, says Fitch

Firstpost  

The agency said that it believes that the weak domestic demand for new vehicles will see India’s vehicle production continue to contract in 2020. New Delhi: Fitch Solutions on Wednesday said it expects vehicle production in India to contract by 8.3 percent in 2020 as the auto industry faces increasing risk of supply shortage due to China’s coronavirus outbreak, possibly …

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