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
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
The World Bank Chief Economist for South Asia Hans Timmer has stated that though the Indian Government's effort with limited resources was commendable, the Indian economy has a “dire outlook” after the impact of the lockdown. A report by the bank mentioned that Indian economy might take a dip by around 9.6% for the fiscal year that started March 2020. However, a regional growth of 4.5% is expected in FY2021.
Mumbai’s Motilal Oswal Financial Services, in their 'Ecoscope' report on October 5, stated that economic indicators show the GDP will fall by 6-7% in the second quarter. This is lower than the widely expected 11% fall. According to the firm, e-way registrations, power generation, mobility-indices and auto sales have resulted in increased economic activity. The report also suggests a positive trend in economic activities during the upcoming… read-more
Courtesy: The Economic Times
The former Reserve Bank Governor, C. Rangarajan led high-level committee, reported that the economy of Tamil Nadu might recover within a few months. However, to achieve it, the state must create more jobs. The committee advised the state to extend rural employment programs to urban areas, amidst pandemic. The report also suggested spending another ₹5000 crores in the health care sector, as there is a huge demand.
Finance Ministry, on September 19 predicted that the GDP will see a rise of 19% by the end of Fiscal Year 2022. K. Subramanian, Chief Economic Advisor to Finance Ministry said, "When you take account of the reforms, all those together will increase productivity in the economy and will help bringing growth." The experts also speculated that rebound might be strong but GDP may be less than the pre-pandemic times.
Courtesy: Live Mint
Fitch Ratings on September 8 has predicted the Indian economic growth to shrink by 10.5% for the financial year 2021. Reportedly, the decline was attributed to the pandemic and irregular shutdowns. Fitch noted that the economy should recover in the July-September period after the re-opening of the economy. The company stated, “we do not expect GDP to return to pre-virus levels until January-March of 2022.”
Courtesy: The Economic Times
Thailand has planned to close its National Parks for 2-4 months every year "so that nature can rehabilitate itself". Apparently, the decision came after seeing the recovery of natural habitats during the pandemic-induced lockdown. It will allow beaches to recover from the damage of mass tourism, said Environment Minister. With over 100 national parks, tourism contributes to 1/5th to the Thailand GDP. This, reportedly, took a hit during the… read-more
Congress Spokesperson Randeep Singh Surjewala on September 3 criticized the Union Government for the economic downfall and stated that the country is being pushed to a "Financial Emergency". In a press meet, he slammed the Government for blaming God (BJP's 'Act of God' remarks) for its own frauds and inefficiencies. He also condemned the act of removing question hour in the upcoming parliament session and… read-more
Courtesy: ANI News