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New GDP series
Page 57 - Latest Updates on New GDP series
Fiscal deficit widens to 4.6% of GDP in FY20 on poor revenue realisation
The deficit, which signifies the gap between government revenue and expenditure, is higher than the revised estimate of 3.8 per cent for the fiscal
 "Fiscal deficit widens to 4.6% of GDP in FY20 on poor revenue realisation")
India's economy may have grown at slowest in 2 years during March quarter
The full impact of the lockdown on manufacturing and services will become more apparent in the June quarter, with Goldman Sachs predicting a 45% contraction from a year ago
 "India's economy may have grown at slowest in 2 years during March quarter")
India's Q1 GDP may contract 40%, states to lose Rs 30 trillion: Report
For FY21, the SBI Ecowrap report has projected a 6.8 per cent contraction in the country's real GDP
 "India's Q1 GDP may contract 40%, states to lose Rs 30 trillion: Report")
Indian economy may expand by around 5% in FY22: Ex-RBI governor Subbarao
According to Subbarao, the country is going to face its worst recession in the current financial year
 "Indian economy may expand by around 5% in FY22: Ex-RBI governor Subbarao")
FY21 GDP to contract 5%; pre-virus level unlikely in next 3 fiscals: Crisil
Extension in lockdown, higher economic costs and an economic package that lacked muscle are the three key reasons why Crisil has downgraded the GDP forecast now
 "FY21 GDP to contract 5%; pre-virus level unlikely in next 3 fiscals: Crisil")
States' deficit, market borrowings to increase to 4.5% of GDP: Ind-Ra
State governments were already faced with a lower-than-budgeted share in central taxes and subdued own revenue growth, when the 21 days economic lockdown was imposed from March 25
Markets were expecting a rate cut; onus now on banks to pass on the benefit
Given the severity of the situation due to the Covid-19 pandemic, the timing of rate transmission holds great significance.
 "Markets were expecting a rate cut; onus now on banks to pass on the benefit")
FIEO expects 20% fall in export during FY21 over coronavirus pandemic
The outlook is "extremely negative" at the moment, and fall in export will also be accompanied by a decline in import, an official of the apex exporters' body said
 "FIEO expects 20% fall in export during FY21 over coronavirus pandemic")
Govt package only worth Rs 3.22 trn and 1.6% of GDP, not Rs 20 trn: Cong
Congress' senior spokesperson Anand Sharma Sharma said Prime Minister Narendra Modi must "walk the talk" and announce the measures required by giving money in the hands of the poor
 "Govt package only worth Rs 3.22 trn and 1.6% of GDP, not Rs 20 trn: Cong")
Covid-19 could cause economic loss up to $8.8 trn, 9.7% of global GDP: ADB
Nearly 300,000 people worldwide have died from complications from the virus, which has infected more than 4.3 million people
 "Covid-19 could cause economic loss up to $8.8 trn, 9.7% of global GDP: ADB")
With Rs 20-trn package, fiscal deficit to balloon to 7.9% in FY21: Report
"We estimate a 4.5% direct impact on fiscal deficit purely because of revenue shortfall / automatic fiscal stabilizer and a 0.9% indirect effect because of GDP change," the SBI report says
 "With Rs 20-trn package, fiscal deficit to balloon to 7.9% in FY21: Report")
The lockdown hammer
Keeping the economy locked costs lives too and it may not be a price worth paying
 "The lockdown hammer")
Fiscal stimulus package fails to provide succour to the poorest: Opposition
Senior Congress leader P Chidambaram said the need of the hour was to put money into the pockets of the people, particularly the poorest 130 million people
 "Fiscal stimulus package fails to provide succour to the poorest: Opposition")
India to grow at 1.2% in CY20, global GDP to shrink by 3.2%, says UN
The World Economic Situation and Prospects as of mid-2020 released on Wednesday by the UN said that global gross domestic product is forecast to shrink by 3.2 per cent in 2020
 "India to grow at 1.2% in CY20, global GDP to shrink by 3.2%, says UN")
UN lowers India growth rate projection to 1.2% in 2020, to recover in 2021
India's economic growth is forecast to slow to 1.2 per cent in 2020, a further deterioration from the already slowed growth of 4.1 per cent in 2019
Morgan Stanley sees 3% contraction in global GDP; 12% dip in MSCI EM index
The global economy appears headed to its most severe recession in the post-war era, although there is a fair chance of rapid rebound in the second half of 2020-2 on unprecedented policy easing
 "Morgan Stanley sees 3% contraction in global GDP; 12% dip in MSCI EM index")
Unsure whether India gains if businesses shift from China: Abhijit Banerjee
"India plans to spend less than one per cent of its GDP at Rs 1.70 trillion. We should spend a much-increased proportion of GDP," he said
 "Unsure whether India gains if businesses shift from China: Abhijit Banerjee")
Tax-burden on India's GDP to rise further, hitting consumption and savings
In FY19, indirect taxes (net of subsidies) accounted for nearly 10 per cent of GDP up from 9.3 per cent a year ago and low of 6.1 per cent in FY10
 "Tax-burden on India's GDP to rise further, hitting consumption and savings")
Eight suggestions from Abhijit Banerjee to revive the Covid-19-hit economy
Abhijit Banerjee pointed out several measures, including giving temporary ration cards, a bigger stimulus package and providing cash to India's poorest 60% to revive the Covid-19-hit economy
 "Eight suggestions from Abhijit Banerjee to revive the Covid-19-hit economy")
Icra expects GDP to contract by 20% in June quarter, 2% fall in FY21
The agency's earlier economic forecast was a range, according to which the GDP may either expand by 1 per cent or contract by 1 per cent in 2020-21