economics News

BofA report counters 'green-shoots', forecasts contraction in GDP

BofA report counters 'green-shoots', forecasts contraction in GDP

A Bank of America securities analysis finds that India's GDP could slip by 3 percent in 2020-21.  BofA's forecast of a GDP contraction has been based on the assumption that India fully opens to business by August. Should the impact of the pandemic exist beyond August, a higher GDP contraction h...

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Covid-impact? PM Modi says India is already seeing green-shoots of recovery

Covid-impact? PM Modi says India is already seeing green-shoots of recovery

New Delhi: Indian Prime Minister Narendra Modi on Thursday side-lined fears of a Covid-induced stress in the economy at a global event.Speaking at the virtual conference - Global India Week to be attended by 5,000 leaders, Modi said green-shoots of economic recovery were already visible. "The econom...

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Gold Outlook: Is all truly well for Bullion in July?

Gold Outlook: Is all truly well for Bullion in July?

The world is facing a crisis of lives and livelihoods that seems to be compounding with every passing day. Distressing statistics of Covid-19 fatalities and mounting unemployment pop up on our TV and mobile screens. And yet financial markets seem to signal that "all is well".Well, this is a classic ...

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India-China: Trade deficit slips and so do FDI investments

India-China: Trade deficit slips and so do FDI investments

New Delhi: Indian government's latest data reveals impact on Sino-Indian trade ties after relations between the two Asian nations turned sour.The data shows a difference in import-export (trade deficit) slipping to $48.66 billion from $53.56 billion a year ago. In 2019-20, India imported $65.26 bill...

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RBI data shows Bank credit and deposits growing in last fortnight

RBI data shows Bank credit and deposits growing in last fortnight

The Reserve Bank of India's latest fortnightly tracker shows bank credit and deposits as having grown by 6.18 per cent and 11 per cent to Rs 102.45 lakh crore and Rs 138.67 lakh crore respectively. The data is for the fortnight ending June 19.In the corresponding period of the previous year (fortnig...

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UPI sets history, Indians transacted 2.62 lakh crores in June

UPI sets history, Indians transacted 2.62 lakh crores in June

Mumbai: Latest data on Unified Payments Interface (UPI) from the National Payments Corporation of India (NPCI) shows that Indians transacted for Rs 2.62 lakh crores from an average 134 crore transactions.Transaction volume for the month of June is the highest, registering a nearly 9 percent month-on...

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Covid-Impact: Revising NPA norms could throw bank' recovery by years and soaring NPAs

Covid-Impact: Revising NPA norms could throw bank' recovery by years and soaring NPAs

Global rating agency in its recent report has revealed a major worry for Indian banks. That, on recovering dues and recognizing NPAs."The Covid-19 pandemic may set back the recovery of India's banking sector by years, which could hit credit flows and, ultimately, the economy," S&P said in its la...

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June auto sales show sequential uptrend

June auto sales show sequential uptrend

New Delhi, India's major automobile players reported a sequential uptrend in June, as the rate of sales de-growth decelerated.Accordingly, two-wheelers and tractors off-take on a sequential basis in June showed narrowing of the de-growth rate.However, analysts said that the industry is still reeling...

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GST collection drops 9% to Rs 90,917 cr in June

GST collection drops 9% to Rs 90,917 cr in June

New Delhi: The COVID-19 induced shrinking of economic activity for past few months has continued to have its impact on government's tax collections with revenue under the Goods and Services Tax (GST) falling far below the psychological level of Rs 1 lakh crore to Rs 90,917 crore in June.The June col...

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Real picture of Indian economy may be visible only after September

Real picture of Indian economy may be visible only after September

Mumbai: An unlocked India, recovering markets, and labourers heading back to cities may not be the signs of a recovery if this latest report from State Bank of India is to be believed.Markets that had tanked in the wake of coronavirus are recovering despite India Inc failing to provide sizzling four...

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