Lockdown
India on course for 9% GDP growth in FY22, 3rd wave still a concern
The data released by the Union Ministry of Statistics on Tuesday showed that the country's GDP has recovered swiftly to clock a growth of 20.1 percent in the April-June quarter of FY22 as against a contraction of 24.4 percent seen in the same period of the previous year.
Accelerated Recovery: India's Q1FY22 GDP growth zooms 20.1% YoY
In 2020, the pandemic had battered the country's GDP which had contracted by 24.4 percent during Q1FY21. India's GDP at constant 2011-12 prices has been estimated at Rs 32.38 lakh crore, as against Rs 26.95 lakh crore in Q1FY21.
India on course for a double digit growth in FY22
The report authored by Barclays chief India economist Rahul Bajoria has projected upside risks to its FY 2021- 22 GDP projection of 9.2 per cent and says that if all its forecast is realized, GDP growth could be close to double digits for the current fiscal year. The banker's projection on India's FY22 GDP is close to RBI's which had retained GDP forecast for the year at 9.5 per cent.
Real GDP growth of 20% YoY expected in Q1FY22: Report
According to MOFS' EcoScope report, the 'Economic Activity Index' for India's real GVA grew by 11.6 per cent YoY in June, after growing 22.8 per cent YoY in May. "It implies EAI-GVA growth of 22.6 per cent YoY in 1QFY22, following a contraction of 14.4 per cent YoY in 1QFY21. A low base led to higher double-digit growth in the non-farm sector, while farm activity grew 6.6 per cent in the quarter," the report said.
New lockdowns impacted business in India in Q2: Uber
Overall, Uber's gross bookings reached $21.9 billion in the second quarter, up 114 per cent compared to the year-ago period, the company said in a statement late on Wednesday.The company recorded Mobility Gross Bookings of $8.6 billion and Delivery Gross Bookings of $12.9 billion. Net income was $1.1 billion, including $272 million in stock-based compensation .
Moody’s cuts India’s GDP growth rate to 9.6%, says slow vaccination rate can create problems
Moody’s said that a faster rate of Covid vaccination would create a positive effect on the country’s economy and would minimise the restriction on GDP flow. But the second wave of Covid slumped the economy which will result in slower growth than previously estimated, it added.
Medical stores witnessed a 32% transaction growth this year
The primary reason for this moderate impact has been absence of a national lockdown this year as compared to a harsh lockdown in March 2020 which forced several businesses to shut down. This year however, states have taken a more relaxed approach towards lockdowns keeping the economy in mind.
Lockdowns led to 12% fall in liquor sales in FY21: CIABC
Though the sales picked up in the second half of 2020-21 in most parts, the States which imposed high Corona cess and other taxes after the first wave of Covid-19 showed poor recovery. The total sales of IMFL products in 2020-21 was 305 million cases (9 litres each) which is nearly 12 per cent below the previous year
Restrictions on movement fine, but not total lockdown: TN MSME units
They also said the central government should waive off the bank interest so that the units which are recovering from last year's lockdown can now stablise. "With the learnings from last year's lockdown, all industrial units are following the Covid-19 safety protocols."
Lockdown in various parts to impact vehicle demand temporarily: Tata Motors
The auto major also said it remains vigilant about the evolving Covid situation and has scaled up efforts to enhance the well-being of its personnel and their supporting ecosystem. "The lockdown enforced in various parts of the country is expected to impact vehicle demand temporarily. Hence, the company has set in motion a comprehensive 'Business Agility Plan' to protect and serve the interests of its customers, dealers and suppliers.
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