GDP

Economic Survey projects 8-8.5% GDP growth next fiscal

New Delhi: The pre-Budget Economic Survey projects the GDP growth in the country at 8-8.5 per cent for the fiscal year 2022-23. As per the Survey, whose report was tabled by Finance Minister Nirmala Sitharaman on Monday, the economy is projected to grow at a 9.2 per cent rate in the current fiscal. Widespread vaccine...

Moody’s downgrades India’s growth forecast for 2021 to 9.6%

Rating agency Moody’s has downgraded India’s growth forecast to 9.6 per cent in the 2021 calendar year as against an earlier projection of 13.9 per cent. The decline in projected growth is attributed to the second wave of the COVID-19 pandemic that wreaked havoc across India. Earlier this month, the World Bank too slashed India’s...

World Bank downgrades India’s growth forecast to 8.3% in 2021-22

After the second wave of the COVID-19 pandemic battered India, the World Bank has downgraded its growth forecast for the country from 10.1 per cent in April to 8.3 per cent in 2021-22.  It has predicted a growth of 7.5 per cent for the 2022-23 financial year and 6.5 for the subsequent financial year. “In...

India’s GDP contracts 7.5% in Q2

The Gross Domestic Product (GDP) data released on Friday reveals a contraction of 7.5 per cent in the second quarter of 2020-21 as compared to the same period last year. While it is much better than the 23.9 per cent contraction recorded in the first quarter, the data also reveals that the country is in...

Recession: Indian economy to contract by 9.5%

With the GDP likely to contract by 8.6 per cent for the July-September period, India will enter into a recession for the first time in history in the first half of this fiscal with two successive quarters of negative growth due to the COVID-19 pandemic, as per an RBI official. Nowcasting method used by researchers...

Rahul Gandhi launches scathing attack on Centre, says BJP has institutionalised lies

Congress leader Rahul Gandhi on Sunday sharpened his attack on the Bharatiya Janata Party (BJP) with a three-pronged criticism of the government on a number of issues he has been raising already. Earlier, Rahul Gandhi had tweeted his criticism of the Centre over its handling of the face-off with China in eastern Ladakh last month,...

India flattened the wrong curve, not coronavirus but GDP: Rajiv Bajaj

At a time when several questions have being raised about India’s prolonged lockdown, Bajaj Auto MD Rajiv Bajaj said India has flattened the wrong curve, not coronavirus but GDP. Bajaj, who had been expressing dissent against the prolonged strict lockdown in India, said, “I think unfortunately India not only looked West it went to the...
India facing its worst recession, claims rating agency Crisil

India facing its worst recession, claims rating agency Crisil

India’s fourth recession since Independence, first since liberalisation, and perhaps the worst to date is here, according to rating agency Crisil. CRISIL sees the Indian economy shrinking 5 per cent in fiscal 2021 (on-year), because of the COVID-19 pandemic. The first quarter will suffer a staggering 25 per cent contraction. About 10 per cent of...

Indian economy could contract up to minus 0.9% in FY21 if virus crisis continues: CII report

The Indian economy could contract as much as minus 0.9% in FY21 if the COVID-19 crisis prolongs and the Union government is unable to restore economic activity, said Confederation of Indian Industry (CII) in a report released on Thursday. The lobby group also urged the government to initiate structural reforms to revive the economy over...

India’s GDP to decline to 2.5% from estimated 5.3% in 2020: Moody’s

Moody’s Investors Service has slashed its estimate of India’s economic growth forecast to 2.5% during the 2020 calendar year from an earlier estimate of 5.3% amid the rising economic cost of the coronavirus pandemic. Moody’s said it expects the growth to bounce back to 5.8% in the calendar year in 2021 and expects a gross...