As per an Oxfam International report, women in 202 have lost income to the tune of about $800 billion due to the pandemic. Shockingly, the amount is equivalent to the cumulative GDP of 98 countries. While Oxfam international's executive director Gabriela Bucher raised concerns about widening income gap, Women's Economic Empowerment's associate director Maria Bolis insisted on having gender sensitive policies. Notably, around 64 million women… read-more
According to Commerce Ministry data, gold imports during 2020-21 increased by 22.58% to $34.6 billion (around Rs 2.54 lakh crore) in India. While the surge was attributed to the increased domestic demand, silver imports decreased by 71%. Moreover, the trade deficit decreased by $98.56 billion and gems and jewellery exports decreased by 27.5%. Reportedly, the demand of gold will further increase due to Akshaya Tritiya and marriage season ahead… read-more
Courtesy: Financial Express
Recovering from COVID-19 led recession, the Indian economy posted a 0.4% growth in the Q3 FY2020-21. Reportedly, India became one of the few economies that posted a post-COVID growth in the final quarter of 2020. While India's growth slid to -23% in the June quarter, it regained gradually to -7.5% in the September quarter. Amidst the major eight core sectors showing a slight recovery in 2021, the RBI estimated a 10.5% growth for FY2021-22.… read-more
Despite COVID-19 blues, Uttar Pradesh has emerged as the second-largest state in terms of Gross State Domestic Product (GSDP) for the year 2020-21. Surprisingly, UP jumped three places in 2020-21 by surpassing top the contenders. While Maharashtra remained first, UP's GSDP clocked over $268 billion followed by TN and Karnataka. As the experts cited non-agricultural activities behind the growth, the state also emerged second in ease of doing… read-more
Courtesy: The New Indian Express
The International Monetary Fund has projected a growth of 11.5% in the GDP of India for the year 2021. The growth will support India firmly in reaching its target of $5 Trillion economy. Moreover, the IMF in its World Economic Outlook expects much better growth in the Indian economy as compared to china (8.1%). Wishing luck for the projections, Commerce and Industry Minister Piyush Goyal termed India as "Bright start in the Global Market".… read-more
Courtesy: The Times of India
As per the FICCI's Economic Outlook Survey, India's GDP is expected to shrink by 8% in 2020-21. The survey has predicted that the industry and services sector can expand up to 10% and 9.2% respectively, whereas Agriculture and allied activities stood at 3.5%. Besides, it mentioned sectors like tourism, entertainment, and education are yet to see normalcy. However, the study expects a rise of 0.5% in the fourth quarter of the fiscal year.
Courtesy: The New Indian Express
Finance Minister Nirmala Sitharaman on December 3 said that the 2021-22 budget will focus on laying the foundations for strong economic growth in the next five years. While asserting that the Indian economy was recovering, the Finance Minister hinted that the government may ease up on spending to stimulate growth. She stated, "2021-22 will be very big, good traction year for achieving a really good rate of growth".
A report by McKinsey Global Institute on November 25 indicated that India can lose $200 billion from its GDP by the next decade due to rising temperature. The report said that increase in temperature could result in loss of working hours and decline in agricultural produce, cumulatively hurting the country's economy. It stated that India needs to shift working hours and undertake heat management efforts to counter this risk.
Courtesy: Hindustan Times
On Shiv Sena’s annual 'Dussehra' event, Maharashtra CM Uddhav Thackeray said instead of toppling elected governments, BJP should focus on sorrow state of the economy and reconsider GST system. Taking a jibe at the Centre, he said people are now looking for alternatives and challenged BJP to topple Maharashtra government. He also questioned JDU leader Nitish Kumar on his 2014's ‘Sangh-mukt Bharat’ slogan, while slamming Maharashtra Governor… read-more
Courtesy: The Hindu
The IMF's Managing Director Kristalina Georgieva on October 9 informed that African states may witness a financial deficit of $345 billion through 2023. Reportedly, an extra 2.5% of GDP was spent by African nations to cover the economic losses caused by the pandemic, drop in commodity prices, and locust plague. “All of us, countries and institutions, must do more to support Africa to cope… read-more