Top headlines: SBI raises FY21 GDP estimate, SC proposes govt-farmer panel

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India GDP recovering better than expected; to contract 7.4% in FY21: SBI

India's GDP growth is expected to be at (-) 7.4 per cent in FY21 on better than projected recovery, said a SBI research report, upgrading its earlier forecast of (-) 10.9 per cent. The report also believes that it would take seven quarters from the fourth quarter of FY21 for GDP to reach the pre-pandemic level in nominal terms. "We now expect GDP decline for the full year (FY21) to be in single digits at 7.4 per cent (compared to our earlier prediction of () 10.9 per cent), aligned with RBI and markets' revised forecasts post Q2," SBI said in its research report - Ecowrap. Read more

'Negotiations haven't worked till now': SC proposes panel of farmers, govt

The Supreme Court Wednesday issued a notice to the Centre and others on a batch of petitions seeking removal of farmers camping at several roads near Delhi borders in protest against the three new agri laws. A bench comprising Chief Justice S A Bobde, and Justices A S Bopanna and V Ramasubramanian also indicated that the court may form a committee having representatives of the government and the farmer unions across the country to resolve the deadlock over the legislations. In a hearing conducted via video conferencing, the bench directed the petitioners to make protesting farmer unions parties to the pleas and posted the matter for hearing on Thursday. Read more

India to set up national security panel on trusted telecom sources, devices

India will set up a national security committee to list "trusted and not trusted sources" of telecom vendors and devices, said union minister Ravi Shankar Prasad on Wednesday. The committee will declare a list of trusted sources and products for telecom service providers; it will be headed by deputy National Security Advisor and comprise "all stakeholders", he said. Read more

Cabinet approves Rs 3,500 cr sugar export subsidy for 2020-21: Javadekar

The government on Wednesday approved a subsidy of Rs 3,500 crore to sugar mills for the export of 60 lakh tonnes of sweetener during the ongoing marketing year 2020-21 as part of its efforts to help them clear outstanding dues to sugarcane farmers. Briefing media after the meeting, Information and Broadcasting Minister Prakash Javadekar said the Cabinet Committee on Economic Affairs (CCEA) has approved a subsidy of Rs 3,500 crore on exports of 60 lakh tonnes of sweetener and the subsidy amount will directly be given to farmers. Read more

Huge first day IPO gains evoke 'bubble' risk in India, other Asian markets

Massive gains posted by companies at their trading debut in regional stock markets in Asia this year are raising the spectre of a bubble, bankers and brokers said. A record number of companies in Asia are seeing their valuations double after initial public offerings (IPO) this year, driven by red-hot demand from retail investors making the most of unprecedented market liquidity and lower interest rates. The huge price pops have taken place across regional stock markets, including in Hong Kong, China, and India, prompting concerns that a "bubble" could be emerging. Read more