Gujarat Exclusive > Recession
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...
UK officially in recession after over 20% economic slump
With the coronavirus pandemic yet to be brought under control and the economy contracting by over 20 per cent in the second quarter, the United Kingdom (UK) has officially fallen into recession. The inevitable recession is a result of the lockdown measures that were imposed to contain the spread of coronavirus. The government figures reveal...
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...
RBI cuts reverse repo rate by 25 basis points to push banks towards lending
The Reserve Bank of India (RBI) unexpectedly cut its key deposit rate for the second time in three weeks on Friday to discourage banks for parking idle funds with it and push them toward lending to revive the flagging economy amid the coronavirus lockdown. The RBI cut its reverse repo rate by 25 basis points...