IMF revises India growth forecast, sees GDP shrinking at sharper 8% in FY21

Expects economy to grow 11.5% next year, which could slightly correct govt’s fiscal mathematics

The International Monetary Fund (IMF) has pegged contraction in India’s economy at eight per cent in the current financial year, higher than 7.7 per cent projected by the official advance estimates. However, it expected the growth to rise to 11.5 per cent in the next financial year before slowing down to 6.8 per cent, helping the economy regain its tag of the fastest growing large economy in the world in both the years.

ALSO READ: Mahindra, Reliance commit to WEF’s Stakeholder Capitalism Metrics

In the World Economic Outlook released on Tuesday, IMF said the second quarter GDP numbers for India surprised it on the upside. India’s economy declined by 7.5 per cent in the quarter, while most experts had expected it to be in the double digits. The Fund was also surprised on the upside by the growth numbers for Australia, Euro Area, Japan, South Korea, New Zealand, Turkey and the United States for the same quarter. The IMF had earlier expected India’s economy to decline by 10.3 per cent in FY21. However, the second quarter figure helped it revise the number. The IMF had also projected the economy to grow by 8.8 per cent in FY22, but now it has revised it up by 2.7 percentage points…

Comments

Best Unconventional Workout and Sporting Activities for Summer

In summers, depending upon conditions and circumstances one can incorporate both outdoor and indoor activities in their training schedule. Summer is the season of holidays, picnics, outings and beaches. With travel and binge eating proper workout becomes that much more essential in summers. But with heat and the sun outdoors, an individual has to balance his indoor and outdoor activities to get a fulfilling workout. In summers, depending upon conditions and circumstances one can incorporate both outdoor and indoor activities in their training schedule. Mentioned below are some of the best physical and sporting activities that one can use as a workout to stay fit in the summer season. Beach Sports - If in summers one is going to spend much time on beaches or at a beach destination then one may use beach sporting activities such as beach rugby, beach soccer, beach tennis and beach volleyball to stay fit. All of these sporting activities on sand provide a ...

Meet Balesh Sharma, who will be the CEO of Vodafone-Idea merged entity

United Kingdom-based Vodafone Group and Aditya Birla Group have appointed Balesh Sharma as the chief executive officer (CEO) of the merged entity to be created as the local units of the two telecom majors come together for the India market. The appointment of Sharma has not come as a surprise to Vodafone employees, who have seen him taking control of the day-to-day functions of the company over the past year as its chief operating officer (COO). According to several employees of the company, over the past year or so, Sharma was the man responsible for running the company, with Vodafone India CEO Sunil Sood taking a backseat for routine activities. When everybody was guessing about the CEO of the new entity, there were a few people in Vodafone who were sure about Sharma taking the reins of the new company. Sharma, having worked in different positions for over 25 years, has been a Vodafone veteran.He was specially called to India in April 2017 as COO from the Czech Republic. Th...

Budget 2018: Will Arun Jaitley meet power industry's Budget expectations?

PwC and Business Standard take a look at the key issues facing the power sector and the industry's expectations from Budget 2018 Worthy of attention ahead of Budget 2018 is the fact that the recent times have been very exciting for India’s power sector, especially with respect to the renewables segment. New generation capacity addition this year came predominantly from non-carbon sources – over 80% came from renewables, hydro and nuclear alone. Here are a snapshot of the power sector and its expectations from the Union Budget 2018-19: Key developments New generation capacity addition this year came predominantly from non-carbon sources (over 80% from renewables, hydro and nuclear). The main renewable energy sources, wind and solar, are now contracted solely viaauctions. This hasdelivered record low tariffs (Rs 2.44 per kWh for solar). A roadmap was announced to procureabout 110 Gw renewable energy,over coming months up to 2020. This pipeline of tenders ...

Budget 2018-19

Search This Blog