Output of eight core infrastructure industries contracted by 5.8% in October, indicating the severity of economic slowdown. As many as six of eight core industries saw

Core sector output shrinks 5.8% in Oct, only fertilizers see growth

Output of eight core infrastructure industries contracted by 5.8% in October, indicating the severity of economic slowdown.&nbsp;As many as six of eight core industries saw a contraction in output in October.&nbsp;Coal production fell steeply by 17.6 per cent, crude oil by 5.1 per cent, and natural gas by 5.7 per cent.&nbsp;Production of cement, steel and electricity also declined during the month.&nbsp;The only sector that posted growth in October was fertilizers where production increased by 11.8 per cent year-on-year.&nbsp;The eight core sectors had expanded by 4.8 per cent in October 2018.

Output of eight core infrastructure industries contracted by 5.8% in October, indicating the severity of economic slowdown. As many as six of eight core industries saw a contraction in output in October. Coal production fell steeply by 17.6 per cent, crude oil by 5.1 per cent, and natural gas by 5.7 per cent. Production of cement, steel and electricity also declined during the month. The only sector that posted growth in October was fertilizers where production increased by 11.8 per cent year-on-year. The eight core sectors had expanded by 4.8 per cent in October 2018.

The IHS Markit India Manufacturing PMI stood at 30.8 in May, pointing to another substantial decline in the health of the country's manufacturing sector. In April, the

The&nbsp;IHS Markit India Manufacturing PMI&nbsp;stood at 30.8 in May, pointing to another substantial decline in the health of the country's manufacturing sector. In April, the index had slipped into contraction mode, after remaining in the growth territory for 32 consecutive months. Consequently, firms cut staff numbers at the quickest pace since data collection began over 15 years ago.

Moody's Investors Service on Friday said it estimates India’s GDP growth to hit zero in FY21. It also pointed to a wide fiscal deficit, high government debt, weak socia

Moody's Investors Service on Friday said it estimates India&rsquo;s GDP growth to hit zero in FY21. It also pointed to a wide fiscal deficit, high government debt, weak social and physical infrastructure, and a fragile financial sector. However, the agency estimated the GDP&nbsp;to grow by&nbsp;6.6% in FY22. Moody's warned that the Covid-19 shock will exacerbate an already material slowdown in economic growth.

India’s services sector activity collapsed to its record low in April as the lockdown to contain the Covid-19 pandemic forced businesses to shut down and consumers to s

India&rsquo;s services sector activity collapsed to its record low in April as the lockdown to contain the Covid-19 pandemic forced businesses to shut down and consumers to stay indoors. The services Purchasing Managers&rsquo; Index (PMI) for India declined to 5.4 in April, an extreme decline from 49.3 in March. This was the sharpest deterioration in services output since data analytics firm IHS Markit started collecting the data in December 2005.
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Banks' bad debts could double after the coronavirus crisis brought the economy to a sudden halt, a senior government official and four top bankers told Reuters. Indian

Banks' bad debts could double after the coronavirus crisis brought the economy to a sudden halt, a senior government official and four top bankers told&nbsp;Reuters. Indian banks are already grappling with ₹9.35 lakh crore of soured loans, which were equivalent to about 9.1% of their total assets at the end of September 2019. This could double to 18-20% by the end of the fiscal year, as 20-25% of outstanding loans face a risk of default, the report said.

A prolonged lockdown may possibly push millions of Indians into the 'margins of subsistence', former RBI Governor Duvvuri Subba Rao said on Sunday. He also expects a 'V

A prolonged lockdown may possibly push millions of Indians into the 'margins of subsistence', former RBI Governor Duvvuri Subba Rao said on Sunday. He also expects a 'V curved' recovery once the Covid-19 crisis ends and the turnaround in India to be faster than some economies.

A large global contraction in the first half of this year is inevitable, the International Monetary Fund has warned. It asserted that the coronavirus pandemic has struc

A large global contraction in the first half of this year is inevitable, the International Monetary Fund has warned. It asserted that the coronavirus pandemic has struck the world economy that was already in a fragile state. Trade disputes, policy uncertainty and geopolitical tensions further weighed down the global economy.&nbsp;IMF Managing Director Kristalina Georgieva said on Friday that the world economy was in a sluggish recovery before the coronavirus outbreak, warning that it is now bound to suffer a 'severe recession' in 2020.

The year 2020 could see the worst global economic fallout since the Great Depression in the 1930s, IMF Managing Director Kristalina Georgieva said on Thursday. Over 170

The year 2020 could see the worst global economic fallout since the Great Depression in the 1930s,&nbsp;IMF Managing Director Kristalina Georgieva said on Thursday.&nbsp;Over 170 countries likely to experience negative per capita income growth due to the raging coronavirus pandemic, she added.&nbsp;Covid-19 has disrupted our social and economic order at lightning speed and on a scale that we have not seen in living memory, Kristalina said.

Goldman Sachs has revised India's growth forecast to 1.6% downgrading it by over 400 basis points. The report also predicted that 25% of activity in India will be wiped

Goldman Sachs has revised India's growth forecast to 1.6% downgrading it by over 400 basis points. The report also predicted that 25% of activity in India will be wiped out due to the lockdown. Goldman Sachs also predicted that the&nbsp;RBI will further reduce the interest rates by 50 basis points.

The head of the International Monetary Fund, Kristalina Georgieva, said the recession sparked by the coronavirus pandemic is 'way worse' than the 2008 global recession.

The head of the International Monetary Fund,&nbsp;Kristalina&nbsp;Georgieva, said the recession sparked by the coronavirus pandemic is 'way worse' than the 2008 global recession. She described the situation as 'a crisis like no other.'
&nbsp;(BYTE)"It is now clear that we have entered a recession as bad or worse than in 2009. We do project recovery in 2021. In fact, there may be a sizeable rebound, but only if we succeed with containing the virus everywhere and prevent liquidity problems from becoming a solvency issue."
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Fitch has slashed India’s GDP growth forecast to 2% for the year 2020 in the wake of business shutdown and lower consumer spending after the coronavirus breakout. This

Fitch has slashed India&rsquo;s GDP growth forecast to 2% for the year 2020 in the wake of business shutdown and lower consumer spending after the&nbsp;coronavirus&nbsp;breakout.&nbsp;This would make it the slowest growth in India over the past 30 years. Fitch had earlier lowered its forecast to 5.1%.

The global economy could shrink by up to 1% in 2020 due to the coronavirus pandemic, a reversal from the previous forecast of 2.5% growth, the UN has said. It has warne

The global economy could shrink by up to 1% in 2020 due to the coronavirus pandemic, a reversal from the previous forecast of 2.5% growth, the UN has said. It has&nbsp;warned&nbsp;that economy may contract even further if restrictions on the economic activities are extended without adequate fiscal responses.&nbsp;The analysis said the Covid-19 pandemic is disrupting global supply chains and international trade.&nbsp;
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Asia-Pacific economic growth for the year will more than halve to less than 3% as the global economy enters a recession, according to S&P Global Ratings. An enormous fi

Asia-Pacific economic growth for the year will more than halve to less than 3% as the global economy enters a recession, according to S&amp;P Global Ratings.&nbsp;An enormous first-quarter shock in China, shutdowns across the US and Europe, and local virus transmission guarantees a deep recession across Asia-Pacific, the ratings agency said.&nbsp;The agency's estimate of permanent income losses is likely to at least double to more than $400 billion. S&amp;P lowered its growth forecast for China, India, and Japan for 2020 to 2.9%, 5.2%, and negative 1.2%, respectively.

Fitch Ratings on Monday cut India's economic growth forecast to 4.9% in the current fiscal from 5.1% on weak domestic demand and supply chain disruptions due to the cor

Fitch Ratings on Monday cut India's economic growth forecast to 4.9% in the current fiscal from 5.1% on weak domestic demand and supply chain disruptions due to the coronavirus outbreak. The GDP growth is forecast to recover slightly to 5.4% in 2020-21, it added. The revision comes due to disruption in the automotive and electronics supply chain from the ongoing Covid-19 outbreak in China which is expected to weigh on India's export manufacturing sector. It expected a mild pick-up in growth in the next fiscal assuming an easing of the virus spread from June.

State-run Oil and Natural Gas Corporation (ONGC) said its investments have not been affected due to slowdown in the country's economy. "Our investments are long-term an

State-run Oil and Natural Gas Corporation (ONGC) said its investments have not been affected due to slowdown in the country's economy. "Our investments are long-term and it takes long for them to yield profits but our fundamentals are very strong both in oil and natural gas and we are progressing well,"&nbsp;ONGC&nbsp;Chairman and Managing Director Shashi Shanker said.&nbsp;ONGC has always been a profit making company with government stake of 62% and it has made large-scale foreign investments in Middle East, different countries of Africa and even in Venezuela.

Growth of consumer durables segment is expected to pick up in the last quarter taking the sector's expansion in 2019-20 to 15%, an industry official said on Wednesday.

Growth of consumer durables segment is expected to pick up in the last quarter taking the sector's expansion in 2019-20 to 15%, an industry official said on Wednesday. The expert also said that the economic slowdown has not affected the sector, which grew by 10% in the first three quarters of 2019-20, as people continue to spend on consumer products like ACs, refrigerators, washing machines and other appliances.
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Slowing growth and weak consumer sentiment will continue to weigh on auto sales and the marginal improvement seen in the December quarter driven by festive discounts is

Slowing growth and weak consumer sentiment will continue to weigh on auto sales and the marginal improvement seen in the December quarter driven by festive discounts is unlikely to sustain, Fitch said in a report, without stating when the volumes will begin to pick up or how long the slump will persist. Automakers could also face production disruptions if the novel coronavirus outbreak in China leads to a prolonged halt in supply of required auto components.
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As the real estate sector reels under a slowdown, a report by Anarock Realty Consultants brings some good news. The report says that major real estate companies listed

As the real estate sector reels under a slowdown, a report by Anarock Realty Consultants brings some good news. The report says that major real estate companies listed on stock exchanges have recorded a steady growth in their revenue during the October-December quarter of the current fiscal&nbsp;year. Housing sales revenue of the top nine listed developers in the quarter stood at nearly ₹5,800 crore, up 4% sequentially and 2% over previous&nbsp;year.
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India’s trade deficit widened to $15.2 billion in January as exports contracted for a sixth straight month while the decline in imports eased. That’s the widest gap sin

India&rsquo;s trade deficit widened to&nbsp;$15.2 billion in January as exports contracted for a sixth straight month while the decline in imports eased. That&rsquo;s the widest gap since June. The gap between exports and imports was $11.25 billion in December, as per the Commerce Ministry's data. Imports declined by 0.75% from a year ago to $41.4 billion, compared with an 8.8% drop in December, while exports fell 1.7% to $26 billion. Oil imports rose 15.3% from a year earlier, while gold imports fell 31.5%.

Credit ratings agency Moody's Investors Service on Monday slashed India's growth forecast to 5.4% for 2020, from 6.6% projected earlier, on slower than expected economi

Credit ratings agency Moody's Investors Service on Monday slashed India's growth forecast to 5.4% for 2020, from 6.6% projected earlier, on slower than expected economic recovery. In its update on Global Macro Outlook, Moody's said India's economy has decelerated rapidly over the last two years and expects economic recovery is likely to be shallow.&nbsp;The growth projections are based on calendar year and as per its estimates, India has clocked a GDP growth of 5% in 2019. Moody's said&nbsp;revival of domestic demand - both rural and urban, is key for economic momentum.

Sales growth of consumer durables like refrigerators, ACs and washing machines in 2019 was the best since demonetisation, as per the data released by market research fi

Sales growth of consumer durables like refrigerators, ACs and washing machines in 2019 was the best since demonetisation,&nbsp;as per the data released by market research firm,&nbsp;GfK India.
Volume sales in the overall consumer electronics and major domestic appliances market grew 9% year-on-year in 2019 against 1% in 2018 and 4% in 2017.
As per the data, refrigerator sales went up by 9% in 2019, washing machines by 12%, and air-conditioners by 25%.&nbsp;Smartphone sales growth in offline stores declined marginally from 10.9% in 2018 to 8.7% last year. However, online sale of&nbsp;smartphones&nbsp;grew at 45% last year.
Television sales declined 2% in 2019 due to a shift towards audio-visual consumption over smartphones.&nbsp;

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