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in BUSINESSIndian economy to contract in FY21; lockdown compounds economic challenges, says Moody’s
New Delhi: Moody’s Investors Service on Friday said India’s economy is expected to contract for the first time in more than four decades saying economic damage owing to the coronavirus-induced lockdown will be significant with lower consumption and sluggish business activity. Even before the coronavirus outbreak, the Indian economy already was growing at its slowest […] More
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in BUSINESS
RBI monetary policy: Central bank extends moratorium on loans for another 3 months till August
Mumbai: Reserve Bank Governor Shaktikanta Das on Friday extended the moratorium on payment of loans by another three months till August to provide much-needed relief to borrowers whose income has been hit due to the coronavirus crisis. #RBIActs | Earlier announced Moratoriums extended by additional three months, says @RBI Governor @DasShaktikanta pic.twitter.com/mZUuHz38Lh — CNBC-TV18 (@CNBCTV18Live) […] More
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in BUSINESS
Coronavirus Outbreak: RBI cuts repo rate by 40 bps to 4%; full text of resolution of monetary policy statement
To mitigate the economic impact of COVID-19 outbreak, in a surprise move, the Reserve Bank of India (RBI) on Friday again reduced the key lending rates by 40 basis points. In an off-cycle meeting of the Monetary Policy Committee (MPC), the decision was taken unanimously to cut repo to support growth. Following the reduction, the […] More
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in NEWSChina boosts spending but no big steps for virus-hit economy
China’s top economic official on Friday promised higher spending to revive its pandemic-stricken economy and curb surging job losses but steered clear of launching a massive stimulus on the scale of the United States or Japan. Premier Li Keqiang, in a speech to legislators, said Beijing would set no economic growth target, usually a closely […] More
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in NEWS
New Zealand PM Ardern floats ‘4-day week’ as a way to help the economy after coronavirus
In a Facebook Live video posted earlier this week, Prime Minister Jacinda Ardern shared the suggestion while discussing ways to revive domestic tourism in her country. Over the last few months, the coronavirus crisis has forced people around the world to lock down and decimated global demand for travel. “I’ve had lots of people suggesting […] More
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in NEWSA US-China trade war is the last thing the world economy needs now
A US-China trade war is the last thing the world economy needs now More
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in NEWS
US-China trade war is the last thing the world economy needs now
But the pandemic has left the global economy in a much more precarious position than it was when the two countries began sparring over trade two years ago. And neither can afford the damage another full-blown trade war would inflict. The virus has weighed heavily on both countries, plunging their economies into the deepest contractions […] More
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in NEWS
Long-lasting Global Recession Likely Due to Covid-19, Warns World Economic Forum Report
Representative Image.(Reuters) Half of the risk managers expected bankruptcies and industry consolidation, the failure of industries to recover and high levels of unemployment, particularly among the young. Reuters London Last Updated: May 19, 2020, 11:30 AM IST Risk managers expect a prolonged global recession as a result of the coronavirus pandemic, […] More
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in NEWS
Twitter Wants PM Modi to Know We Have Been ‘Atmanirbhar’
Photo of Prime Minister Narendra Modi. It was the phrase ‘Atmanirbhar’ (self-reliant) which tickled the funny bone on twitter and netizens came up with all sorts of possibilities on what all ‘atmanirbhar’ could mean in the lockdown. News18.com Last Updated: May 13, 2020, 12:25 PM IST In his speech on Tuesday, […] More
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in NEWS
Germany and France propose 500 billion euro EU recovery fund
Merkel said the crisis threatened the cohesion of the European Union. The initiative by Europe’s top two economies was aimed at helping achieve a consensus among all 27 EU member states, she added. “To support a sustainable recovery that restores and enhances growth in the EU, Germany and France support an ambitious, temporary and targeted […] More
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in BUSINESS
Coronavirus Lockdown: Indian economy to contract 5% in FY21, worst-ever performance by country, says Goldman Sachs
Mumbai: American brokerage Goldman Sachs expects the Indian economy to contract by 5 percent in FY21, making it the worst performance by the country ever. The brokerage said the GDP will contract by a mind-boggling 45 percent in the June quarter as compared to the January-March period on an annualised basis, because of the continuing […] More
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in NEWS
Virus Could Cut Up to 9.7 Percent Off Global Economy: ADB
File photo of Asian Development Bank. The estimated impact would cost as much as $8.8 trillion based on a range of scenarios, but ADB said government interventions could help offset the losses inflicted by the crisis. AFP Last Updated: May 18, 2020, 7:06 PM IST The coronavirus pandemic could cut up […] More
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