Name: Core sector output contracts by record 38.% in April
Uploaded: 2020-05-29T06:00:16.fff+05:30
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The output of eight core infrastructure industries shrank by a record 38.1% in April due to the coronavirus-led lockdown, according to the official data. The eight core

Core sector output contracts by record 38.% in April

The output of eight core infrastructure industries shrank by a record 38.1% in April due to the coronavirus-led&nbsp;lockdown, according to the official data. The eight core sectors had expanded by 5.2% in April 2019. In March this year, the production of eight sectors had contracted by 9%.
Industries including coal, cement, steel, natural gas, refinery, crude oil etc experienced a substantial loss of production due to the nationwide lockdown, the commerce ministry said in a statement.

The output of eight core infrastructure industries shrank by a record 38.1% in April due to the coronavirus-led lockdown, according to the official data. The eight core sectors had expanded by 5.2% in April 2019. In March this year, the production of eight sectors had contracted by 9%. Industries including coal, cement, steel, natural gas, refinery, crude oil etc experienced a substantial loss of production due to the nationwide lockdown, the commerce ministry said in a statement.

The deadline to file GST returns for FY'20 has been extended to March 31 by the govt. This is the second extension by the govt, moving the calendar from Dec 2020 t

The deadline to file&nbsp;GST returns for FY'20 has been extended to March 31 by the govt. This is the second extension by the govt, moving the calendar from Dec 2020 to end of February and now to March end.&nbsp;&nbsp;
Members of the industry&nbsp;welcomed this move as&nbsp;many were struggling to meet this statutory deadline and had represented to the government for an extension.
&nbsp;

Strong festive sales boosted growth numbers in the final quarter of 2020 as India exited recession after two quarters of growth contraction. GDP for the October-Decembe

Strong festive sales boosted growth numbers in the final quarter of 2020 as India exited recession after two quarters of growth contraction. GDP for the October-December period is now pegged at 0.4% , the first expansion after the pandemic hit.&nbsp;India is now one of the few economies that saw growth expand in the quarter gone by.&nbsp;&nbsp;
Though technically the recession may be over but it is not all good news the govt has&nbsp;revised&nbsp;&nbsp;the&nbsp;full year GDP to reflect a contraction of 8% vs &ndash;7.7% earlier. Some of the&nbsp;internal indicators&nbsp;are also not very encouraging&nbsp;for example spending from the govt&nbsp;as well private spending have shown a contraction on a&nbsp;year on year&nbsp;basis.&nbsp;&nbsp;
It is&nbsp;definitely&nbsp;too&nbsp;early to celebrate the recovery as International ratings agency Moody&rsquo;s warns that the risk to growth forecast for India is tilted to the downside. Even JPMorgan&nbsp;has raised an alarm that&nbsp;&nbsp;a&nbsp;consumer credit crisis could derail India&rsquo;s economic recovery . For the weekend however economy watchers can enjoy the headline that India has exited recession.&nbsp;

Good news for startups and FinTechs as the Prime Minister has made a big pitch for larger credit flows to head their way. Speaking at a webinar PM Modi highli

Good news for startups and&nbsp;FinTechs&nbsp;as the Prime Minister has made a big pitch for larger credit flows to head their way. Speaking at a webinar PM Modi highlighted that&nbsp;financial products will have to be tailor-made for fintech and startups.&nbsp;He expects&nbsp;India's fintech market to grow to Rs 6 lakh cr.
Addressing a webinar&nbsp;on&nbsp;the implementation of Budget in the Financial Services sector&nbsp;the Prime Minister assured the audience that the government is committed to strengthening the banking sector and the focus remains on&nbsp;taking steps to make the financial services sector vibrant, proactive and strong. PM&nbsp;Modi said that investors, depositor&rsquo;s trust and transparency is the top priority of his government.&nbsp;

Rising momentum in business activity led by public spending has helped the Indian economy take the much-needed exit track from recession in the Oct-Dec quarte

Rising momentum in business activity led by public spending has helped the Indian economy take the&nbsp;much-needed&nbsp;exit track from recession in the Oct-Dec quarter last year.&nbsp;&nbsp;Economists&nbsp;surveyed expect&nbsp;the economy to show a modest 0.8% expansion in the final quarter of 2020. Government will release the data on late evening on Friday.&nbsp;&nbsp;Public spending took the lead in accelerating activity as disbursements rose 29% in October to December vs a contraction of 12% in the previous quarter.&nbsp;&nbsp; &nbsp;The RBI Governor also reiterates that growth had become very dependent on public expenditure even before the pandemic hit. In&nbsp;fact, spending analysis shows that every rupee spent by the govt results in a growth of Rs 3 in the economy.&nbsp;Consumption activity was aided by the festive season and it was noticeable in the sales of consumer durables and&nbsp;non-durables&nbsp;in the final quarter of the calendar year. Auto sales numbers indicated a big recovery in sentiment seeing the biggest single quarter jump in the last 2&nbsp;years,&nbsp;though the low base also helped.&nbsp;&nbsp;This is definitely light at the end of the tunnel and not an aberration as indicators in January are holding onto the turnaround during the festive period. Markit India PMI has been above the&nbsp;50 mark&nbsp;indicating an expansion since&nbsp;September.&nbsp;But will this growth hold that&rsquo;s the real question and the market remains divided on the response for now.&nbsp;&nbsp; &nbsp;

As resentment grows against the govt due to the hike in fuel prices, the Finance Ministry and the Reserve Bank of India are in agreement on the need for coordinated act

As resentment grows against the govt due to the hike in fuel prices, the Finance Ministry and the Reserve Bank of India are in agreement on the need for coordinated action between the Centre and the states to reduce fuel prices.
Finance Minister Nirmala Sitharaman&nbsp;in a tweet said, that there is no hiding from the fact that the fuel is an important revenue source and in order to reduce prices for the consumer, the Centre and States will have to talk.
RBI Governor Shaktikanta Das emphasised that a calibrated reduction of taxes on petrol and diesel was important, as it affects the cost of manufacturing and production which in turn impacts inflation.&nbsp;

The shine for the yellow metal seems to be dulling with gold prices falling nearly ₹10,000 from the peak it scaled in August 2020. In fact, gold is now h

The shine for the yellow metal seems to be dulling with gold&nbsp;prices&nbsp;falling nearly ₹10,000&nbsp;from the peak it scaled in August 2020. In fact, gold is now headed for a second&nbsp;monthly decline as it sinks towards an&nbsp;8 month&nbsp;low.&nbsp;&nbsp;
Stronger returns in the US bond market&nbsp;with global central banks continuing to support growth has dulled demand for gold. Meanwhile, Goldman Sachs has cut its gold forecast, citing&nbsp;rising risk appetite for assets&nbsp;as a&nbsp;factor&nbsp;for the&nbsp;price&nbsp;underperformance.&nbsp;
Rising bond yields have always led to lower gold prices and with US yields hovering near 1 year high the demand for gold and thus the prices have seen a consistent correction. In fact, reports&nbsp;indicate&nbsp;&nbsp;holdings&nbsp;of the world's largest gold-backed exchange-traded fund, SPDR Gold Trust, have&nbsp;fallen&nbsp;to their lowest since May 2020

A cautious call on growth from the international ratings agency Moody’s ahead of Q3 GDP release tomorrow. Moody’s though expects India’s GDP numbers t

A cautious call on growth from the international ratings agency Moody&rsquo;s ahead of Q3 GDP release on Friday.&nbsp;Moody&rsquo;s though, expects India&rsquo;s GDP numbers to rise sharply&nbsp;to 13.5% next fiscal year; this is higher than the 10.5% projection from the RBI for FY&rsquo;22.&nbsp;&nbsp;They do&nbsp;however&nbsp;expect the cheer to moderate, as growth is likely to slow to 6.2% in FY&rsquo;23 as the low base effect also wears out.&nbsp;&nbsp;
Holding a negative outlook on India, Moody&rsquo;s warns that the&nbsp;&ldquo;Risk to growth forecast for India is tilted to the downside.&rdquo;&nbsp;
India will release GDP for the period of October-December 2020 on&nbsp;Friday,&nbsp;where data will indicate that the economy has finally exited recession with&nbsp;a&nbsp; projected&nbsp;growth rate of 0.5%.&nbsp;&nbsp;

“Government has no business to be in business” that was the clear and concise message from PM Modi as the govt batted aggressively for privatisation.

&ldquo;Government has no business to be in business&rdquo; that was the clear&nbsp; and concise message from PM Modi as the govt batted aggressively for privatisation. Putting the focus back onto development PM Modi reiterated that being in businesses distracts the govt from its main goals.
With over 100 assets identified in its asset monetisation pipeline the Prime Minister reminded India Inc that the Rs 2.5 lakh crore that they are hoping to raise via divestment will be dedicated to development goals. PM Modi added that the government will be&nbsp;having&nbsp;public sector companies only in key strategic sectors and that too only minimum companies. &nbsp;
 There were about 249 PSUs in 2018-19. Of these, 70 were loss-making, with combined losses to the tune of Rs 31,000 cr.&nbsp;

Home prices across the United States jumped 10.4% in December, traditionally as a slow month for realty. Case-Shiller Home Price Indices which measures

Home prices across the United States jumped 10.4% in December, traditionally as a slow month for realty.&nbsp;Case-Shiller Home Price Indices&nbsp;&nbsp;which measures average home prices in major metropolitan areas saw one of the largest annual gains in the 30-year history of the index.
Phoenix, Seattle, and San Diego continued to show the strongest price gains among the 19 cities surveyed.
Record low interest rates and pandemic forced work from home has led to a surge in home sales across the United States.&nbsp;Sales of previously owned homes, which make up the bulk of the housing market, rose in 2020 to their&nbsp;highest annual level since 2006.

India is on track to recover from a pandemic-led economic contraction and is likely to grow 10% in the financial year 2022, S&P Global Ratings said in a foreca

India is on track to recover from a pandemic-led economic contraction and is likely to grow 10% in the&nbsp;financial year 2022, S&amp;P Global Ratings said in a forecast on Tuesday. This is slightly lower than the 11% growth projected by the Economic Survey for FY22. The projected rebound in FY22, however, comes on a lower base, with the Indian economy estimated to contract 7.7% this fiscal. For the recovery in growth in the next fiscal, S&amp;P relied on consistently good agriculture performance, flattening of the Covid-19 infection curve, and a pickup in government spending.

The Wholesale price-based inflation (WPI) in January rose to 2.03 percent from 1.22 percent a month ago in December.

The Wholesale price-based inflation (WPI) in January rose to 2.03 percent from 1.22 percent a month ago in December, according to the government data released on Monday.&nbsp;
This is the highest level of WPI inflation since February 2020 when it was 2.26 percent.
WPI&nbsp;was at 2.03% for the month of January 2021 as compared to 3.52% during the corresponding month of the previous year.

The Reserve Bank of India on Friday left the benchmark interest rate unchanged at 4 per cent for a fourth time and keep the stance accommodative, in the first policy af

The Reserve Bank of India on Friday left the benchmark interest rate unchanged at 4 per cent for a fourth time and keeping the stance accommodative, in the first policy after Budget 2021.&nbsp;Meanwhile, the reverse&nbsp;repo rate&nbsp;will also continue to earn 3.35 per cent for banks for their deposits kept with the&nbsp;RBI.&nbsp;RBI&nbsp;governor,&nbsp;Shaktikanta&nbsp;Das&nbsp;said&nbsp;inflation has been better than what was expected in the December meeting.&nbsp;
Saying that GDP growth was projected at 10.5 per cent for the next fiscal, Das said that the Budget had provided impetus to health and infra sectors.
&nbsp;

Actress Vidya Balan's short film ‘Natkhat’ has entered the race for Oscars 2021. The film has been nominated for Best Short Film categ

Actress&nbsp;Vidya Balan's short film&nbsp;&lsquo;Natkhat&rsquo;&nbsp;has entered the race for Oscars 2021. The film has been nominated for&nbsp;Best Short Film category.&nbsp;Taking to Instagram, Vidya announced the news and shared a snippet from the film. Produced by Vidya Balan, &lsquo;Natkhat&rsquo; follows the story of a&nbsp;mother teaching her son lessons about value of gender quality.&nbsp;The 93rd Academy Awards, which was about to take place on February 28, has been postponed to April 25 due to Covid-19 pandemic

Finance Minister Nirmala Sitharaman announced the PM Atmanirbhar Swasth Bharat Yojana which will spend Rs 64,180 crore on primary.

Finance Minister Nirmala Sitharaman&nbsp;on Monday announced the PM Atmabirbhar Swasth Bharat Yojana which will spend ₹64,180 crore on primary, secondary and tertiary healthcare over a period of six years.&nbsp;This will be in addition to the National Health Mission, she said. 17,000 rural and 11,000 urban health and wellness centres to be set up. Sitharaman&nbsp;also announced that the government will establish integrated public health labs in each district.
&nbsp;
Click here for <a href="https://www.editorji.com/watch-live" target="_blank" rel="noopener">Live Budget 2021</a> coverage, analysis and detailed discussions.&nbsp;
&nbsp;

The fiscal deficit for the financial year 2020-21 has been pegged at 9.5% with a plan to bring it down to below 4.5% by FY26, Finance Minister Nirmala Sitharaman&n

The fiscal deficit for the financial year 2020-21 has been pegged at 9.5% with a plan to bring it down to below 4.5% by FY26, Finance Minister Nirmala&nbsp;Sitharaman&nbsp;said.&nbsp;The government would need another ₹80,000&nbsp;crores for which it would be approaching the markets in February and March.&nbsp;The fiscal deficit in FY22 is estimated to be 6.8% of GDP. The gross borrowing from the market for the next year would be around ₹12 lakh crores, Sitharaman&nbsp;said.
&nbsp;

Finance Minister Nirmala Sitharaman on Monday announced that the government is setting aside a sum of ₹35,000 crore for Covid-19 vaccine. The FY22 health

Finance Minister Nirmala&nbsp;Sitharaman&nbsp;on Monday announced that the government is setting aside a sum of ₹35,000 crore&nbsp;for Covid-19 vaccine. The FY22 health and well-being expenditure has been pegged at ₹2.23 lakh crore, Finance Minister Nirmala Sitharaman&nbsp;added.&nbsp;
&nbsp;
Click here for <a href="https://www.editorji.com/watch-live" target="_blank" rel="noopener">Live Budget 2021</a> coverage, expert analysis and detailed discussions

The government in Economic Survey 2021 projects the Indian economy to grow by a robust 11% in the financial year 2022. It also estimated India’s GDP to contr

The government in Economic Survey 2021 projects the Indian economy to grow by a robust 11% in the financial year 2022. It also estimated India&rsquo;s GDP&nbsp;to contract by 7.7% in FY21, the sharpest fall in four decades. This will comprise of a sharp 15.7% decline in the first half and a modest 0.1% fall in the second half.
India's fiscal deficit is projected to overshoot the initial estimates, 3.5% of GDP, in the financial year ending in March.&nbsp;In order to sustain the recovery in aggregate demand, the government may have to continue with an expansionary fiscal stance, the survey said.
&nbsp;

The government also plans stake sales in IDBI Bank, Central Bank of India and Punjab & Sind Bank, as per the report.

The government may announce to sell a 10-15% stake in the country's biggest insurer Life Insurance Corporation or LIC&nbsp;in next week's union budget, as part of a privatisation push to improve public finances, government sources told&nbsp;Reuters.
The government had announced plans to sell its stake in LIC last year but it got delayed by legal and administrative hurdles, the report said.
The government also plans stake sales in IDBI Bank,&nbsp;Central Bank of India&nbsp;and Punjab &amp; Sind Bank, as per the report.
Together, the plan is to raise up to ₹3 lakh&nbsp;crore&nbsp;in the next financial year, partly to set off the shortfall in the proceeds this year.

Union Budget 2021: Ahead of India's annual budget presentation next week, IMF chief economist Gita Gopinath has favoured the extension of the pandemic support measures.

Ahead of <a href="https://www.editorji.com/story/mind-over-matter-will-fm-budget-for-india-s-mental-health-pandemic-1611647339304" target="_blank" rel="noopener">India's annual budget</a> presentation next week, IMF chief economist Gita Gopinath has favoured the extension of the pandemic support measures.
She has also pitched for thrust on investment in infrastructure and expanding health sectors programmes like Ayushman Bharat, and a very credible divestment path for commercially viable companies.
The Indian government has provided a lot of schemes for small and medium enterprises, most of which is in the form of liquidity support, Gopinath told PTI.
She added that it would be a good time for banks and Non-Banking Financial Companies to raise capital given the attractiveness of financing conditions at this point

The IMF on Tuesday projected an 11.5% growth rate for India in 2021, making it the only major economy of the world to register a double-digit growth this year amidst th

The IMF on Tuesday projected an 11.5% growth rate for India in 2021, making it the only major economy of the world to register a double-digit growth this year amidst the coronavirus pandemic.&nbsp;China is next with 8.1% growth in 2021. The Indian economy&nbsp;is estimated to have contracted by 8% in 2020 due to the pandemic. With the latest projections, India regains the tag of the fastest developing economies in the world.

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