Page 6 - Latest Updates on Gross Domestic Product (GDP)
Moody's pegs FY21 GDP growth at 0%, says upgrade unlikely in near term
The rapid and widening spread of the Covid-19, deteriorating global economic outlook, falling oil prices, and financial market turmoil are creating a severe and extensive economic and financial shock
 "Moody's pegs FY21 GDP growth at 0%, says upgrade unlikely in near term")
India's credit profile to face further pressure due to Covid-19: Moody's
Moody's rating on the government of India is Baa2 with negative outlook
 "India's credit profile to face further pressure due to Covid-19: Moody's")
Covid-19 economic impact to be much greater than assessed earlier
Large-scale contraction across sectors in April; which way the GDP will go depends largely on how long the lockdown stays
 "Covid-19 economic impact to be much greater than assessed earlier")
India coronavirus dispatch: Can RWAs really stop maids from coming to work?
From Mumbai migrant workers' struggle to get home, to rethinking school education, and why the coronavirus test costs Rs 4,500 in India - read these and more in today's dispatch
 "India coronavirus dispatch: Can RWAs really stop maids from coming to work?")
Finance Ministry sees FY21 economic growth at 2-3% amid Covid-19 outbreak
The internal projections of 2-3% are based on the Finance Ministry's current assessment of the economic impact of the nationwide lockdown, which is in its sixth week
 "Finance Ministry sees FY21 economic growth at 2-3% amid Covid-19 outbreak")
As banker it is my first job to be safe: IDFC First Bank CEO V Vaidyanathan
From now on, the system should open up systematically as people's financial cushions could vanish soon, he says
 "As banker it is my first job to be safe: IDFC First Bank CEO V Vaidyanathan")
India's rating could come under pressure if fiscal outlook worsens: Fitch
Fitch had in December 2019 reaffirmed India's 'BBB-' rating with a stable outlook
 "India's rating could come under pressure if fiscal outlook worsens: Fitch")
CRISIL pegs India's FY21 economic growth rate at 1.8% from 3.5%
Its parent Standard & Poor's has (S&P) forecast the world economy to contract 2.4 per cent, against its earlier estimates of 0.4 per cent growth.
In a sea of red ink
A lot of uncertainties remain on how, when, and at what total economic and social cost, this pandemic will be tamed
Lives vs livelihoods
The low virus-related mortality rates for India and other tropical countries do not support the case for stringent lockdowns, which would also destroy businesses and jobs
 "Lives vs livelihoods")
Coronavirus crisis: Lockdown batters India's already slowing economy
Some of the leading indicators only tell the magnitude of its impact
 "Coronavirus crisis: Lockdown batters India's already slowing economy")
Covid-19 impact: Fitch slashes India's GDP forecast to below 1% for FY21
Mexico, Brazil, Russia, South Africa and Turkey have all seen big GDP forecast adjustments
 "Covid-19 impact: Fitch slashes India's GDP forecast to below 1% for FY21")
The fiscal response challenge
In terms of policy response, governments and central banks are intervening aggressively in the advanced economies
Coping with the lockdown
Given the scale of demand contraction, we need a fiscal package of at least 3-4 per cent of GDP
 "Coping with the lockdown")
Covid-19: Fitch cuts India's FY21 GDP growth forecast to 1.8% from 4.6%
Fitch Solutions also anticipated a deeper contraction in fixed investments as businesses choose to cut back on capital expenditure to conserve cash amid elevated economic uncertainty
 "Covid-19: Fitch cuts India's FY21 GDP growth forecast to 1.8% from 4.6%")
Will more foreign financing be needed?
It is important to remove the frictions, to connect the infinite capital of the global financial system with end-users in India
 "Will more foreign financing be needed?")
Dangerous crossroads: Extraordinary steps have the habit of becoming habits
Printing money to fund crisis measures is not without risk; countries like the US might get away with it, but the price for excess is always greater for a developing country, writes T N Ninan
Covid-19 impact: GDP growth may plunge to 1.1% in FY21, says SBI report
According to the SBI Ecowrap report, the extension of the lockdown would result in economic loss of Rs 21.1 trillion or 6 per cent of the nominal Gross Value Added (GVA).
 "Covid-19 impact: GDP growth may plunge to 1.1% in FY21, says SBI report")
Improve infra to become part of global supply chains: IMF's Ranil Salgado
The economic impact of Covid-19 is expected to be substantial, but recovery should take hold once the virus has been contained, says Salgado
 "Improve infra to become part of global supply chains: IMF's Ranil Salgado")
Retail needs therapy: Future and fortunes of a business after coronavirus
Modern, organised retail is bleeding as the coronavirus pandemic keeps India indoors and shuttered. Arvind Singhal explains what it will take to get this business back on its feet
 "Retail needs therapy: Future and fortunes of a business after coronavirus")
