Economy
India's sequential Q2FY21 current account surplus moderates to $15.5 bn
On a YoY basis, the country's Balance of Payment status was in a deficit of $7.6 billion during Q2FY20. However, the data showed an increase in net services' receipts both sequentially and on a YoY basis, primarily on the back of higher net earnings from computer services.
India's GDP: Quickest to fall, fastest to recover
The economy, which faced a severe slowdown prior to the pandemic, was decimated due to the lockdown imposed to curb the pandemic's spread. Accordingly, the country's GDP contracted by more than 23 per cent in Q1FY21. Nonetheless, slow tapering of mobility and lockdown restrictions along with pent up demand narrowed this contraction to under 10 per cent in Q2FY21.
India's FY21 GDP now expected to contract by 7.8%: Ind-Ra
It pointed out the easing of the Covid-19 headwinds and better-than-expected 2QFY21 GDP numbers as the reasons behind such a move. "However, the question remains, how sustainable is the recovery witnessed in 2QFY21, as a significant part of the impetus came from the festival and pent-up demand," the ratings agency said in a report.
Markets rise on value buy, global cues and banking stocks rise
The two indices had a 'gap up' opening and rose some more but fell thereafter to make an intra-day low. Globally, Asian shares ended mostly higher on Thursday after stocks registered small gains on Wall Street following a mixed set of reports on the economy.
Covid-19 Strain Effect: Buying triggers as United Kingdom's mutant virus brings down stock prices
Earlier, they were spooked at the prospects of economic damage unleashed by a new and more contagious Covid-19 strain discovered in the UK. This had triggered selling pressure by FIIs during the initial part of the day's trade.
Delhi had highest per-capita economic loss due to air pollution in 2019: Lancet
For years, northern India -- especially New Delhi -- has been battling critical levels of air pollution, which have remained consistently in the hazardous mark, for many days at a stretch, during winters. This air pollution has already taken a big toll on the health of the citizens and rattled the government, forcing it to devise new governance mechanism to address the menace of pollution in the capital.
India to grow at double-digit rate for FY21: Report
The economic contraction reported in the second quarter of 2020-2021 stood at 7.5 per cent. A big improvement from the first quarter of 20202-20201 where the economy touched the historic mark of (-) 23.9 per cent.
National Council of Applied Economic Research projects GDP contraction of 7.3% in FY21
The Reserve Bank of India (RBI) also has revised the real GDP growth projection for FY21 upwards to (-) 7.5 per cent on the back signs of faster recovery after the narrowing of the GDP contraction for the July-September, along with hopes of Covid-19 vaccines.
India's GDP contraction expected to narrow down from 10.9% to 7.4%: SBI Ecowrap
"Our revised GDP estimates are based on SBI 'Nowcasting Model' with 41 high frequency indicators associated with industry activity, service activity, and global economy," the report said. "We have used the dynamic factor model to estimate the common or representative or latent factor of all the 41 high frequency indicators from Q4 of 2012 to Q4 of 2020 (till November actual data is used while trend is used for December)."
Trade activity worth Rs 5k cr affected in Delhi: CAIT
According to CAIT, Delhi is neither an agricultural state nor an industrial one but is the largest commercial distribution centre of the country. CAIT cited an estimate, that about 30 to 40 per cent of the goods coming to Delhi have been affected by the movement of farmers, which is adversely affecting the trade and other activities of the state.
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