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Read more about Slackening economic momentum to limit discretionary purchases: ICRA on Business Standard. In addition, contact-intensive services can expect cutback in spending, said Chief Economist Aditi Nayar ....
Read more about TCI hits record high after strong Q4 numbers on Business Standard. TCI Express rose 11.66% to Rs 1203 after the company reported a 123.9% jump in net profit to Rs 42.57 crore on 17.6% rise in net sales to Rs 279.80 crore in Q4 FY21 over Q4 FY20. ....
Sequential growth slackening driven by the second wave of Covid-19 in India has emerged as a concern, ratings agency ICRA said. ICRA also cautioned that bruised sentiment, high healthcare and fuel expenses will limit discretionary purchases in the immediate term. Furthermore, the agency expects a cut-back in spending on contact-intensive services. As expected, the shrunken base of the nationwide lockdown in April 2020 has boosted the pace of year-on-year (YoY) expansion of several high-frequency indicators in April 2021, resulting in a widespread improvement compared to the performance in March 2021, ICRA Chief Economist Aditi Nayar said. However, the optimism generated by this trend is limited, as eight of the 13 non-financial indicators in April 2021 remained below their pre-Covid levels. ....
Blaming the slow pace of vaccinations and uncertainty around the number of those infected and dead in the second COVID-19 wave, global brokerage firm Barclays cut India s FY22 GDP growth estimate to 10 per cent from earlier 11 per cent. If the ongoing localised lockdowns continue till June, it will lead to economic losses of USD 38.4 billion, it said. In a more pessimistic scenario of the pandemic not being brought under control soon and mobility restrictions continuing till August, the growth can fall to 8.8 per cent, Barclays warned. The country s economy is estimated to contract by 7.6 per cent in FY21 as the pandemic-induced lockdowns led to chilling of economic activity, hurt jobs and demand. ....
The Reserve Bank Of India (RBI) Governor Shaktikanta Das noted in the minutes of the latest monetary policy meeting that economic activity and inflation developments over the past two months have been largely along the anticipated lines. The curve of active cases of COVID-19, which was on a downward trend till mid-February, has changed its course with a surge in several parts of the country. Experience of other countries suggest that this new surge can be more infectious due to several mutations of the virus. Rapidly rising cases of COVID-19 is the single biggest challenge to ongoing recovery in the Indian economy. In the domestic economy, there are clear signs of revival of growth. ....