Top headlines: India's FY22 GDP forecast cut; Covid cases dip in 18 states

Business Standard brings you stories that made the headlines on Tuesday

Moody's slashes India growth forecast to 9.3%
 

Moody's Investors Service on Tuesday slashed India's growth forecast for the current financial year to 9.3 per cent, from the 13.7 per cent projected earlier, on account of the negative impact of the second wave of Covid-19. India is experiencing a severe second wave of coronavirus infections which will slow the near-term economic recovery and could weigh on longer-term growth dynamics, it said. READ MORE...

Nomura cuts FY22 growth estimate to 10.8% due to lockdowns
 

Japanese brokerage Nomura on Tuesday cut its GDP growth estimate for the current 2021-22 fiscal to 10.8 per cent from the earlier 12.6 per cent, blaming the impact of the second wave-induced lockdowns. It said the activity levels have dropped further to 64.5 per cent of the pre-pandemic levels in the week to May 9 as per a proprietary index, after a further 5 percentage points drop in the week. The activity levels, at present, are at par with those seen in June 2020. READ MORE...

Covid cases dip in 18 states: Govt

An early trend of decline in daily new Covid-19 cases and deaths has been noted in the country, the government said on Tuesday, indicating that the devastating second wave of the pandemic is on the wane. According to the government, Maharashtra, Uttar Pradesh, Delhi and Chhattisgarh were among 18 states and union territories showing continued plateauing or decrease in daily new Covid-19 cases. READ MORE...

Flipkart to add 8 lakh sq ft warehousing space
 

Walmart-owned Flipkart on Tuesday said it plans to expand its fulfilment centre capacity for grocery by more than 8 lakh sq ft over the next three months across Delhi, Kolkata and other cities. The additional fulfilment centre capacity will help Flipkart cater to over 73,000 grocery orders per day, a statement said. READ MORE...