Quoting the stress tests on banks, the governor has also warned that gross NPAs may jump to 8.1-9.5 per cent by September 2022 from 6.9 per cent in September 2021.
Union Minister Ravi Shankar Prasad on Saturday said the central budget for 2021-22 fiscal has focused on spending to build infrastructure and boost the economic growth of the country.
The contraction in FY21 is mainly due to coronavirus (Covid-19) pandemic and the visible damage caused by the subsequent countrywide lockdown to contain it.
India's GDP is within the striking distance of attaining positive growth, the Reserve Bank said observing that the letter "V" in the V-shaped recovery stands for the vaccine.
The report's estimates are based on the International Monetary Fund's projections of a deeper recession in 2020 and a slower recovery in 2021.
Tata Consumer Products Limited (TCPL) sees 'digital transformation as a key driver' for growth of the company and it is strengthening capability in this area, according to the company's annual report. The Tata Group firm expects a long term shift in consumer behaviour due to the coronavirus pandemic, while in short term an increase at-home consumption with a reduction in orders for take-out or deliveries is expected.
Hit hard by coronavirus outbreak, Asia is expected to witness zero per cent growth in 2020, its worst growth performance in almost 60 years, but still the world's largest and most populous continent is likely to fare better than other regions in terms of activity, IMF said.
Investment in infrastructure is necessary for the economy, as power shortages, inadequate transport and poor connectivity affects overall growth performance, as per the Economic Survey 2019-20, tabled in Parliament by Union Finance and Corporate Affairs Minister Nirmala Sitharaman.
Senior Congress leader P Chidambaram said he won't be surprised if GDP growth goes even lower after IMF lowered India's economic growth estimate for the current fiscal to 4.8 percent.
The Reserve Bank on Friday said the country's financial system remains despite slowing economic growth. The country's GDP slowed to a six-year low of 4.5 per cent in the second quarter of FY20, forcing the RBI to slash its growth forecast by 240 basis points to 5 per cent for the fiscal in its December monetary policy review.
Chief Economic Advisor Krishnamurthy Subramanian on Friday said the government is focusing on increasing consumption to boost economic growth.
India's economic growth has slowed to 4.5 per cent in July-September from 7 per cent a year ago, government data said on Friday.
"Rated companies’ credit profiles are unlikely to improve significantly over 2020-2021 due to elevated debt levels, weakening profitability and the continued economic slowdown, which is pressuring both investment and consumption," Kaustubh Chaubal, a Moody’s Vice President and Senior Credit Officer said.
"Reached Brazil to take part in the BRICS Summit. Will also meet various world leaders during this visit," Modi tweeted after his arrival here. On the sidelines of the 11th BRICS summit, Modi will meet Brazilian President Jair Bolsonaro to discuss ways to enhance the bilateral strategic partnership
Moody's assigned a Ba3 rating to the proposed senior unsecured notes to be issued by Tata Motors. The rating outlook is negative, Moody's said in a statement.
Liquidity flows, as well as positive sentiments on the back of better-than-expected quarterly results and the government's recent reform measures, have the potential to lift the key Indian equity indices higher during the upcoming truncated weekly trade, analysts opined.
India's economic growth is showing signs of revival with pick-up in lending and recovery in the automobile sector, a top government official said insisting that the slump in GDP growth has bottomed out.
Rating agency ICRA on Thursday revised the outlook on construction equipment (CE) sector to 'negative', citing a sharp drop in unit sales amidst slowing economic growth.
According to the report, what stands out in this land reform is Shunde District in the city of Foshan, south China's Guangdong Province, which recorded a gross domestic production (GDP) of over 150 billion yuan (around $21 billion) in the first half of 2019, up 7.1 per cent year-on-year.
The Committee on Welfare of Other Backward Classes (OBCs) also said, in a report, that the income ceiling to determine the ‘creamy layer', should be revised periodically – three yearly or less.
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