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Indian economy to dip 10.3 per cent in 2020; rebound with 8.8 per cent growth in 2021, says IMF

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BS Web Team  | New Delhi 

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The Indian economy, severely hit by the coronavirus pandemic, is projected to contract by a massive 10.3 per cent this year, the International Monetary Fund said on Tuesday.

However, India is likely to bounce back with an impressive 8.8 per cent growth rate in 2021, thus regaining the position of the fastest growing emerging economy, surpassing China's projected growth rate of 8.2 per cent, the IMF said in its latest 'World Economic Outlook' report.

The Supreme Court heard a batch of petitions today seeking a waiver of interest on loans during the moratorium period and seeking an extension of the moratorium. The top court will decide if any further relief is to be given on loans over 2 crores, apart from what has been prescribed by the Kamath Committee recommendations. First hearing was conducted on October 5 and the hearing on October 13 (today) was deferred as Judge Bhushan is required to sit in a different combination of Judges in the post lunch session. 

Amazon.com Inc will hold its annual shopping event, Prime Day, today and tomorrow as the e-commerce giant aims for an early kickstart to the holiday season. The company earlier this year had postponed the two-day shopping event, started in 2015 to drum up sales during the summer shopping lull, due to the Covid-19 pandemic.

Prime Minister Narendra Modi will release the autobiography of Dr Balasaheb Vikhe Patil and rename Pravara Rural Education Society as Loknete Dr Balasaheb Vikhe Patil Pravara Rural Education Society today at 11 am via video conferencing.

Stay tuned for the latest news of the day.

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