Gdp

“The new national education policy lacks an action plan to implement it. The implementation of this policy should be carefully planned so that it is not limited to just a wonderful idea. Even after 73 years of independence, we hide the shortcomings of our governments by blaming Macaulay,” he said. … [Read more...] about Law should be made for spending 6% of GDP on education: Sisodia

Rating agency Fitch has revised down its growth forecast for India to 10.5 per cent contraction in this financial year. In its previous forecast, it had projected 5 per cent contraction. The revision follows after India reported its worst ever quarterly slump in over four decades. “India recorded one of the sharpest GDP contractions in the world in 2Q20 (1Q of the 2020 fiscal year). GDP shrank a staggering 24% yoy – almost double our expectation embedded in the June GEO (Global economic outlook) – amid the imposition of one of the most stringent global nationwide lockdowns… We have slashed our GDP forecast for this fiscal year to -10.5%, a huge revision of -5pp compared to the June GEO,” Fitch said.Fitch expects GDP to rebound in the July-September quarter amid a re-opening of the economy, however the recovery is likely to be sluggish and uneven. Since June, India has been opening up its economy in a graded manner.“The PMI balances have bounced back … [Read more...] about GDP growth to contract 10.5% in FY21: Fitch

India Rating’s FY21 GDP growth forecast of -11.8% will be the lowest GDP growth in the Indian history (GDP data is available from FY-1951) and sixth instance of economic contraction, others being in FY-1958, FY-1966, FY-1967, FY-1973 and FY-1980, the rating agency said in a report. … [Read more...] about India Ratings revises country’s GDP growth projection to negative 11.8%

Fitch Ratings has sharply lowered its forecast for India's gross domestic product (GDP) growth for the current fiscal year (FY21) and expects it to contract by 10.5 per cent as compared to its earlier estimate of 5 per cent contraction. Multiple challenges are holding back the recovery both in the short and medium-term, it said in its latest Global Economic Outlook. New cases of the coronavirus continue to increase, forcing some states and union territories to re-tighten restrictions, though these localised containment measures are generally less stringent than in March and April. The severe fall in activity has also damaged household and corporate incomes and balance sheets amid limited fiscal support. A looming deterioration in asset quality in the financial sector will hold back credit provision amid weak bank capital buffers. Besides, said Fitch, high inflation has added strains to household income. Supply-chain disruptions and excise duties increases have caused prices to … [Read more...] about Fitch lowers India FY21 GDP forecast to minus 10.5 per cent

Fitch Ratings has sharply lowered its forecast for India's gross domestic product (GDP) growth for the current fiscal year (FY21) and expects it to contract by 10.5 percent as compared to its earlier estimate of 5 percent contraction.Multiple challenges are holding back the recovery both in the short and medium-term, it said in its latest Global Economic Outlook.New cases of the coronavirus continue to increase, forcing some states and union territories to re-tighten restrictions, though these localised containment measures are generally less stringent than in March and April."The continued spread of the virus and the imposition of sporadic shutdowns across the country depress sentiment and disrupt economic activity," said Fitch.The severe fall in activity has also damaged household and corporate incomes and balance sheets amid limited fiscal support. A looming deterioration in asset quality in the financial sector will hold back credit provision amid weak bank capital buffers.Besides, … [Read more...] about Fitch lowers India FY21 GDP forecast to minus 10.5%