UNCTAD warns against austerity
4 years, 3 months ago

UNCTAD warns against austerity

Live Mint  

Developing countries should opt for a self-sustaining fiscal expansion to recover from the covid-induced economic shock, as fiscal austerity due to the fear of accumulating public debt could force them into another ‘lost decade’, the United Nations Conference on Trade and Development warned on Tuesday in a report. The UNCTAD Trade and Development Report 2020 said the global economic crisis caused by covid-19 throws up a stark choice: continue the misguided policy choices or collectively chart a new path that leads from recovery to a more resilient, more equal and more environmentally-sustainable world in line with the ambition of the 2030 Agenda for Sustainable Development. The Indian economy contracted 23.9% in the three months to June, the worst among G20 countries, after the more than two-month-long nationwide lockdown, starting 25 March, forced businesses to shut shop and forced consumers to stay indoors. UNCTAD said India will face a sharp recession in 2020 with its gross domestic product contracting 5.9%, as the strict lockdown measures to contain the pandemic brought many productive activities to a halt.

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History of this topic

India can be a $9 trillion economy by 2030: Arvind Panagariya
1 week, 5 days ago

India can be a $9 trillion economy by 2030: Arvind Panagariya

Live Mint  

India is poised to surpass the position of the world's third-largest economy by 2030, with its gross domestic product expected to expand to $6.5-9 trillion, said Arvind Panagariya, the chairman of the 16th Finance Commission of India, on Thursday. Speaking at the Times Network India Economic Conclave 2024, Panagariya, former vice chairperson of NITI Aayog, said the Indian economy, despite …

Indian economy projected to grow 6.5% in 2024: UNCTAD
8 months, 1 week ago

Indian economy projected to grow 6.5% in 2024: UNCTAD

The Hindu  

India’s economy is projected to grow by 6.5% in 2024, according to a report by the UN which noted that multinationals extending their manufacturing processes into the country to diversify their supply chains will have a positive impact on Indian exports. “The expansion in 2023 was driven by strong public investment outlays as well as the vitality of the services …

UNCTAD sees India’s GDP growth slip to 6.5% in 2024 vs 6.7% in 2023: ‘RBI likely to keep interest rates constant’
8 months, 1 week ago

UNCTAD sees India’s GDP growth slip to 6.5% in 2024 vs 6.7% in 2023: ‘RBI likely to keep interest rates constant’

Live Mint  

The United Nations Trade and Development projected that Indian economy's growth momentum will most likely decelerate in 2024 to 6.5% against the 6.7% growth recorded in the previous year. The report states, “The expansion in 2023 was driven by strong public investment outlays as well as the vitality of the services sector, which benefitted from robust local demand for consumer …

Indian GDP to grow 5.8%: UN
1 year, 10 months ago

Indian GDP to grow 5.8%: UN

Deccan Chronicle  

Chennai: As higher interest rates and a global slowdown weigh in on investment and exports, India is expected to grow at 5.8 per cent in 2023 and 6.7 per cent in 2024. Similarly, in South Asia, the economic outlook has significantly deteriorated due to high food and energy prices, monetary tightening and fiscal vulnerabilities and average GDP growth is projected …

Need pragmatism to tackle the slowdown
1 year, 11 months ago

Need pragmatism to tackle the slowdown

Hindustan Times  

International Monetary Fund managing director Kristalina Georgieva has warned that one-third of the global economy could face a recession this year, which could be a more difficult year than 2022. Ms Georgieva’s comments laid the ground for further slashing of Gross Domestic Product growth rates when the IMF releases updates to its World Economic Outlook later this month. The Indian …

Explained | Is the economy driving with the brakes on?
2 years ago

Explained | Is the economy driving with the brakes on?

The Hindu  

The story so far: At this time last December, India’s economy was on the cusp of a fledgling recovery from the COVID-19 pandemic, though the Omicron variant posed fresh speed bumps for the rebound. As JP Morgan managing director and India chief economist Sajjid Chinoy explained at a CII economic policy summit last week, 2022 was expected to see a …

World economy to grow 3.1% this year, down from 5.9% : OECD
2 years, 1 month ago

World economy to grow 3.1% this year, down from 5.9% : OECD

Al Jazeera  

While not predicting a global recession, the OECD said it was ‘a very, very challenging outlook’ for this year and next. Hobbled by high interest rates, punishing inflation and Russia’s war against Ukraine, the world economy is expected to eke out only modest growth this year and to expand even more tepidly in 2023. In the OECD’s estimation, the world …

India's 2022 GDP Growth Downgraded to 4.6% Due to Ongoing War in Ukraine: UN Report
2 years, 9 months ago

India's 2022 GDP Growth Downgraded to 4.6% Due to Ongoing War in Ukraine: UN Report

News 18  

India's projected economic growth for 2022 has been downgraded by over two per cent to 4.6% by the United Nations, a decrease attributed to the ongoing war in Ukraine, with New Delhi expected to face restraints on energy access and prices, reflexes from trade sanctions, food inflation, tightening policies and financial instability, according to a UN report released on Thursday. …

Indian economy contracts by 6.6% in 2020-21 against estimate of 7.3%, NSO data shows
2 years, 10 months ago

Indian economy contracts by 6.6% in 2020-21 against estimate of 7.3%, NSO data shows

India TV News  

Highlights Indian economy contracted by 6.6% in 2020-21 as against earlier estimate of 7.3% decline. GDP had contracted by 7.3 per cent during 2020-21 on account of the outbreak of COVID-19 National Statistical Office has also revised downward the real GDP growth number for 2019-20 to 3.7% Indian economy contracted by 6.6 per cent in 2020-21 as against the earlier …

Indian economy's ability to rebound on test amid threats from second wave
3 years, 6 months ago

Indian economy's ability to rebound on test amid threats from second wave

Hindustan Times  

The Indian economy’s resilience will be tested by its ability to overcome a devastating outbreak of Covid-19, although no one’s yet doubting its potential to pull off the world’s fastest pace of growth among major economies this year. Data due later Monday will probably show gross domestic product grew 1% in the three months ended March, making it the second …

Second wave of Covid infections can imperil India's economic recovery, says S&P
3 years, 7 months ago

Second wave of Covid infections can imperil India's economic recovery, says S&P

India Today  

Second wave of Covid-19 infections can imperil India's economic recovery, says American credit rating agency S&P. In its assessment, S&P said, "In a moderate scenario in which the pandemic peaks later this month, GDP for the full fiscal year could drop by another 1.2 per cent." Learn more: https://t.co/BG2hipATS7 pic.twitter.com/9sQUOuP5IZ — S&P Global Ratings May 13, 2021 However, S&P goes …

Fiscal metrics to stay weak on COVID: S&P
3 years, 7 months ago

Fiscal metrics to stay weak on COVID: S&P

The Hindu  

An ongoing second wave of COVID-19 infections in India could hurt its near-term economic recovery and possibly diminish growth for the full year, S&P Global Ratings said on Tuesday. “India’s COVID wave will inevitably hit the recovery and could push growth below 10%,” said Shaun Roache, chief economist, Asia Pacific at S&P. “The longer it takes to regain control, the …

Second Covid Wave Poses Downside Risks to India's Economic Growth: S&P
3 years, 7 months ago

Second Covid Wave Poses Downside Risks to India's Economic Growth: S&P

News 18  

S&P Global Ratings on Wednesday said the second wave of Covid infections poses downside risks to India’s GDP and heightens the possibility of business disruptions. Last week another global rating agency Fitch had projected India’s economic growth in current fiscal at 12.8 per cent, while Moody’s Investors Service had earlier this month said that the second wave of Covid infections …

India's GDP to Grow at 11% This Fiscal, Surge in Covid Cases May Put Economic Recovery at Risk: ADB
3 years, 7 months ago

India's GDP to Grow at 11% This Fiscal, Surge in Covid Cases May Put Economic Recovery at Risk: ADB

News 18  

The Indian economy is projected to grow at 11 per cent in the current financial year amid the “strong” vaccine drive, said ADB on Wednesday, while cautioning that the recent surge in Covid cases may put the country’s economic recovery at “risk”. “India’s economy is expected to grow 11 per cent in fiscal year 2021, which ends on March 31, …

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 …

Will covid-19 halt India’s economic recovery once again?
3 years, 8 months ago

Will covid-19 halt India’s economic recovery once again?

Live Mint  

After months of erratic economic performance, India’s economic momentum had picked up pace last February, only to be stopped on its tracks by a global pandemic. Mint’s macro tracker shows a steady improvement in economic indicators over the past few months but a renewed surge in infections once again poses a threat to economic activity and investor sentiments. Launched in …

India exits recession but rapid GDP growth is still a long way off
3 years, 9 months ago

India exits recession but rapid GDP growth is still a long way off

CNN  

New Delhi CNN Business — India’s economy is out of recession but still a long way from returning to rates of growth seen before the pandemic. In a research note on Friday, Shilan Shah, senior economist at Capital Economics, estimated that GDP grew 9.2% in the last quarter of 2020 compared with the previous quarter, “enough to lift it back …

India's GDP grows by 0.4% in 3rd quarter, exits contraction phase
3 years, 9 months ago

India's GDP grows by 0.4% in 3rd quarter, exits contraction phase

India Today  

The Indian economy has finally bounced back into growth territory, ending technical recession, in the October-December period after two consecutive quarters of GDP contractions. In its first advance estimates released in January, it had projected a contraction of 7.7 per cent for the current fiscal as against a growth of four per cent in 2019-20. Economists and research firms had …

Indian economy heading towards V-shaped recovery in 2021: Assocham
3 years, 11 months ago

Indian economy heading towards V-shaped recovery in 2021: Assocham

The Hindu  

India's economy is showing decisive signs of a 'V-shaped' recovery in 2021 with the return of consumer confidence, robust financial markets, an uptick in manufacturing and exporters braving it out in the global market with never-say-die spirit, Assocham said on Sunday. "The high-frequency data is a strong pointer to a V-shaped recovery in 2021 with the seeds bursting into green …

Covid Impact! Economy likely to contract 7.7% in 2020-21, Govt data shows
3 years, 11 months ago

Covid Impact! Economy likely to contract 7.7% in 2020-21, Govt data shows

India TV News  

Indian economy is estimated to contract 7.7 per cent in 2020-21 compared to 4.2 per cent growth in the previous fiscal, mainly on account of the impact of the COVID-19 pandemic. The growth in real GDP during 2020-21 is estimated at -7.7 per cent as compared to the growth rate of 4.2 per cent in 2019-20," it said. In the …

Covid-hit Economy Estimated to Contract 7.7% in 2020-21: Govt Data
3 years, 11 months ago

Covid-hit Economy Estimated to Contract 7.7% in 2020-21: Govt Data

News 18  

India’s GDP is estimated to contract by a record 7.7 per cent during 2020-21 as the COVID-19 pandemic severely hit the key manufacturing and services segments, as per government projections released on Thursday. “Real GDP or GDP at Constant Prices in the year 2020-21 is likely to attain a level of Rs 134.40 lakh crore, as against the Provisional Estimate …

Sustainable economic recovery may narrow down GDP contraction in FY21, says FM
4 years, 1 month ago

Sustainable economic recovery may narrow down GDP contraction in FY21, says FM

Live Mint  

Asit Ranjan Mishra: Finance Minister Nirmala Sitharaman on Tuesday indicated that India’s GDP contraction may narrow down to near zero in FY21 if India’s ongoing economic revival remains sustainable in the second half of the financial year. However, following the unlocking of the economy starting June, India’s manufacturing PMI expanded to its highest level in over eight-and-half years at 56.8 …

A Lost Decade: Decoding the cost of Covid-19 pandemic
4 years, 2 months ago

A Lost Decade: Decoding the cost of Covid-19 pandemic

India Today  

A decade after facing the worst financial crisis since the Great Depression in the 1930s, the world has again stumbled upon an unprecedented economic challenge due to a microscopic virus. Citing International Labour Organisation estimates, the UNCTAD report indicated that the pandemic has put jobs of more than 500 million people in jeopardy, mainly in the developing world. In what …

Steady Rise in Covid-19 Cases, Spillover Effects of Lockdown to Hit India's Economic Growth, Says Report
4 years, 2 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 …

S&P Projects Indian Economy to Contract 9 Percent; Says Covid-19 Will Restrain Economic Activity
4 years, 3 months ago

S&P Projects Indian Economy to Contract 9 Percent; Says Covid-19 Will Restrain Economic Activity

News 18  

S&P Global Ratings on Monday slashed its growth forecast for India to 9 per cent in the current fiscal, from 5 per cent estimated earlier, saying that rising COVID-19 cases would keep private spending and investment lower for longer. "One factor holding back private economic activity is the continued escalation of the COVID-19," S&P Global Ratings Asia-Pacific Economist Vishrut Rana …

Covid-19 may leave 'permanent scar' on India's growth, show agency outlooks on GDP
4 years, 3 months ago

Covid-19 may leave 'permanent scar' on India's growth, show agency outlooks on GDP

India Today  

The coronavirus pandemic and the strict nationwide lockdown has resulted in economic devastation beyond comprehension in India. While Goldman Sachs projected India’s GDP for the year to contract 14.8 per cent, Fitch Ratings said it would contract 10.5 per cent. Fitch Ratings, too, sharply downgraded its projections for India’s economic growth to -10.5 per cent — double of the five …

After sharpest GDP fall, chief economic advisor Subramanian says India witnessing V-shaped recovery
4 years, 3 months ago

After sharpest GDP fall, chief economic advisor Subramanian says India witnessing V-shaped recovery

India Today  

GDP numbers are out and they spell trouble for the Indian economy, already reeling under the pressure of the novel coronavirus pandemic and the subsequent nationwide lockdown. At -23.9 per cent, India is staring at a recession because the Indian economy has witnessed a contraction in growth for the two consecutive quarters now. Manufacturing, construction, trade, hospitality and transport which …

Difficult to Accurately Assess Economic Impact of Covid-19 Due to Evolving Dynamics: RBI
4 years, 3 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, 3 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 economic recovery unlikely this year as pandemic rages on
4 years, 4 months ago

India's economic recovery unlikely this year as pandemic rages on

India Today  

India’s economic recovery may take much longer than predicted earlier as GDP growth forecasts for the year remain in deep contraction zone in the wake of the Covid-induced slowdown. According to the report, India’s GDP is expected to contract 16.5 per cent during the June quarter as businesses struggle to cope with the losses incurred during the ongoing pandemic. While …

India's Gloomy Outlook Darkens, Recovery Path in Doubt as Covid-19 Cases Soar: Reuters Poll
4 years, 4 months ago

India's Gloomy Outlook Darkens, Recovery Path in Doubt as Covid-19 Cases Soar: Reuters Poll

News 18  

The outlook for India's reeling economy has worsened again as business activity slows and COVID-19 infections soar, and will probably prompt the Reserve Bank of India to cut interest rates again soon, a Reuters poll of economists suggests. "India's failure to contain the spread of the coronavirus, and the government's underwhelming support package for firms and households, means the economy …

How Covid-19 brought the world economy to its knees
4 years, 5 months ago

How Covid-19 brought the world economy to its knees

India Today  

Three major global economic institutions - International Monetary Fund, United Nations Conference on Trade and Development and World Bank - have warned that financial consequences of the Covid-19 pandemic will be worse than feared. According to its latest edition of the World Economic Outlook, global Gross Domestic Product will shrink to -5 per cent in 2020, nearly 2 per cent …

Indian economy to contract by 4% in 2020-21, forecasts ADB
4 years, 6 months ago

Indian economy to contract by 4% in 2020-21, forecasts ADB

The Hindu  

Hit hard by the COVID-19 pandemic, the Indian economy is expected to contract by 4% during the current financial year, the ADB said in a supplement to its Asian Development Outlook on Thursday. ‘Developing Asia’ will barely grow in 2020, as containment measures to address the coronavirus disease COVID-19 pandemic is expected to hamper economic activity and weaken external demand, …

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