Economy

The opening up of India's economy post lockdown and implementation of the economic package unveiled by the government have started showing results on the ground with initial signs of improvement in the performance of businesses now visible, says a survey. The Ficci-Dhruva Advisors industry survey was conducted in June 2020 and saw participation of over 100 top corporate executives (CxOs) from across sectors. "While the green shoots of recovery are being seen, it is important to emphasise that sustaining this improvement in the operational parameters of businesses will require continuous support from the government. "The support is particularly needed in the realm of strengthening market demand in the absence of which this initial recovery may fizzle out," Ficci emphasised. The results of the survey show that presently close to 30 per cent of the firms are operating at 70 per cent plus capacity utilisation, while nearly 45 per cent expect capacity utilisation to be above 70 per … [Read more...] about Economic package, opening up of economy post lockdown have begun showing results: Survey

BERLIN: German lawmakers have finalized the country's long-awaited phase-out of coal as an energy source, backing a plan that environmental groups say isn't ambitious enough and free marketeers criticize as a waste of taxpayers' money. Bills approved by both houses of parliament Friday envision shutting down the last coal-fired power plant by 2038 and spending some 40 billion euros ($45 billion) to help affected regions cope with the transition. The plan is part of Germany's 'energy transition' - an effort to wean Europe's biggest economy off planet-warming fossil fuels and generate all of the country's considerable energy needs from renewable sources. Achieving that goal is made harder than in comparable countries such as France and Britain because of Germany's existing commitment to also phase out nuclear power by the end of 2022. "The days of coal are numbered in Germany," Environment Minister Svenja Schulze said. "Germany is the first industrialized country that leaves behind … [Read more...] about Germany is first major economy to phase out coal and nuclear

The Indian economy is staring at its first contraction this year in over four decades. Growth outlooks range from -12 to +2 per cent. The signs from the most crucial banking industry aren’t encouraging either.ETCFO spoke with the country’s top real estate entrepreneur Niranjan Hiranandani to understand where the economy is headed and what more is required to be done. Hiranandani, also the ASSOCHAM’s President, has urged the government to set up an infrastructure bank and provide a one-time rollover of debt. Edited excerpts from the interaction. Q: How is your reading of the Indian economy?Niranjan Hiranandani:The Indian Economy is in a much robust condition as compared to most of the other countries. India is one of the very few countries that can still think of registering a positive growth rate even this year.Some of the programs initiated by the central government like Make in India or Skill India are showing results. The government’s initiative to make India … [Read more...] about India needs an Infrastructure Bank at this stage: Billionaire entrepreneur Niranjan Hiranandani

On Monday evening, India reported a total tally of 700,724 people being infected by the novel coronavirus (Covid-19), the number of recoveries stands at 4,24,433, with 19,693 people having succumbed to the virus, as per the latest update of the Health Ministry. Around the world, the virus has so far infected 11,586,780 and claimed the lives of 537,372 people.Economic revival & capacity utilisation India’s economic growth is expected to contract 4.5% in the current fiscal year, due to the impact of Covid-19, the ministry of finance stated in its macroeconomic report June 2020. However, it also cited visibility of "green shoots" in the economy for the months of May and June due to prompt policy measures taken by the government and Reserve Bank of India (RBI). The ministry said that revival of real activity can be witnessed in indicators like electricity and fuel consumption, inter and intra-state movement of goods, retail financial transactions.The development comes as the … [Read more...] about India Lockdown 5.0: FinMin expects 4.5% GDP contraction despite green shoots

India has flattened the Covid-19 curve to a great extent with early containment measures, a finance ministry report has said, and ‘green shoots’ have emerged after the restrictions were lifted. “These green shoots have a conducive policy environment to grow further and nudge the economy early on the path of economic recovery and growth,” the ministry said in its macroeconomic report for June. It reiterated the International Monetary Fund’s forecast in June of a 4.5% contraction for India in FY21. “Early green shoots of economic revival have emerged in May and June with real activity indicators like electricity and fuel consumption, inter and intra-state movement of goods, retail financial transactions witnessing pick up,” it said. It also pointed to rise in e-way bills, increased railway freight, toll collection on highways, improvement in purchasing managers’ indices and the rebound in goods and services tax collections. The report … [Read more...] about India has flattened Covid curve, green shoots emerging: Finance Ministry