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April 26, 2021 19:31 IST
“A month of nationwide lockdown costs 100-200 bps of GDP. This poses a 300 bps risk to our 9% real GVA growth forecast for FY22,” Bank of America Securities India economists said
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They also expect the Reserve Bank to come to aid by funding government’s welfare measures like resumption of free food grains to the needy in May-June.
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“A month of nationwide lockdown costs 100-200 bps of GDP. This poses a 300 bps risk to our 9% real GVA growth forecast for FY22,” Bank of America Securities India economists said A month-long national lockdown to arrest the spread of COVID 2.0 could shave off 100-200 bps of GDP, leading to a 300 bps risk to annual growth, a brokerage report has flagged while expressing doubts over the ability of local lockdowns to control the pandemic.
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US puts India on currency manipulator watchlist
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Last Updated: Apr 20, 2021, 07:33 AM IST
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This is the second time since the start of the pandemic that India has figured on the list, even as the Reserve Bank of India has purchased large quantities of dollars on account of huge capital inflows.
Buying excessive dollars tends to suppress the real value of the currency.
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Mumbai: The US treasury department has placed India on a watchlist of currency manipulators, citing the central bank’s dollar purchase that it said at 5% of the GDP exceeded the 2% threshold, and India’s large trade surplus with the US.
America retains India in currency manipulator watch list due to huge dollar purchases
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In addition India has had a trade surplus with the United States. But Reserve Bank s official stand has always been that it would continue its intervention to avoid any undue volatility in the currency market.
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The US treasury department has retained India in the currency manipulator watch list in its semi-annual report submitted to the Congress since COVID-19 induced global lockdown since March 2020. The reason being higher dollar purchases by RBI of close to 5% of GDP large on account of huge capital inflows, which is higher than its threshold of 2% of GDP.