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Beyond the pandemic: India’s economic outlook SECTIONS Last Updated: Feb 12, 2021, 01:42 PM IST Share Synopsis The recently announced national budget has rightly focused on some of the key elements that would be foundational for charting India’s growth and recovery pathways. AP Related The ravages of the COVID-19 pandemic have taken a heavy human toll, not just in terms of afflicting lives and human well-being, but also by impacting incomes and livelihoods. The latest World Economic Outlook of the International Monetary Fund (IMF) predicts global growth to contract by 3.5 percent in 2020, with India’s GDP trajectory sliding down by 8.0 percent over the preceding year. Even though the IMF has predicted a rebound growth of 11.5 percent in FY22, there is obviously a permanent residual loss to the economy, which will take quite some time to overcome. Assessing the impact of the pandemic on India’s informal economy is still very much a work-in-pr ....
GDP growth to bounce back to 10.4% YoY in FY22 - India Ratings India-Ratings expects the industrial and services sector to grow at 11.5% and 11.4% YoY, respectively, in FY22. February 10, 2021 / 12:34 PM IST India Ratings and Research on Wednesday said it estimates the gross domestic product (GDP) growth to bounce back to 10.4% year on year (YoY) in FY22, driven by the base effect. Although the recovery in FY22 on a YoY basis will be V-shaped, the size of the GDP will barely surpass the level attained in FY20 and will be 10.6% lower than the trend value. The impact of COVID-19 pandemic and lockdown on the economy, although subsiding, will continue to delay the normalisation of economic activities in the contact-intensive sectors till the mass vaccination/herd immunity becomes a reality, the agency said. ....
All eyes on the Budget pronouncements on Monday. There is a hope in the market that the Budget most likely will arrest the 6-day slide in the benchmark indices. Analysts are expecting Finance Minister ....
New Delhi: The states on Monday said the Centre should consider using the escape clause to monetise its fiscal deficit to support the pandemic-hit economy. The states pitched for an extension of the goods and service tax compensation cess mechanism for five years beyond 2022 and that it be ratified in the upcoming Union Budget. The suggestions were among several made by the states in the customary pre-budget discussions with Finance Minister Nirmala Sitharaman. “The possibility of using all support measures, including the escape clause, should be placed on the table for consideration,” said one state finance minister, asking not to be identified. ....