Name: Economic growth improves marginally to 4.7% in Dec quarter
Uploaded: 2020-02-28T06:09:00.fff+05:30
Duration: T00M16S
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Description: India's Gross Domestic Product (GDP) has risen marginally to 4.7% in the third quarter of the current financial year, according to official data released by the government on Friday. The economy grew by 5% in the first quarter and 4.5% in the second quarter.

India's Gross Domestic Product (GDP) has risen marginally to 4.7% in the third quarter of the current financial year, according to official data released by the government on Friday. The economy grew by 5% in the first quarter and 4.5% in the second quarter.

India's Gross Domestic Product (GDP) has risen marginally to 4.7% in the third quarter of the current financial year, according to official data released by the government on Friday. The economy grew by 5% in the first quarter and 4.5% in the second quarter.

Despite the coronavirus pandemic hitting global demand, exports from China have remained vigorous as medical supply exports jumped in the first half of the year.
China&rsquo;s dollar-denominated exports rose 7.2% while imports fell 1.4% in July from a year ago, data from the country&rsquo;s General Administration of Customs showed on Friday.
Economists polled by Reuters had expected China&rsquo;s dollar-denominated exports to fall by 0.2% year-on-year, while imports were predicted to have risen 1%.
In June,&nbsp;China&rsquo;s dollar-denominated exports posted a rise of 0.5% and imports rose 2.7%.

Two-wheeler industry unit sales are now likely to decline between 16 and 18% to around 17 million units in FY21, ICRA Ratings has said.
The rating agency had earlier estimated a decline of 11-13% but revised the forecast considering the Covid-19 demand-supply disruptions, looming income uncertainties and increased cost of ownership of BS-VI vehicles.
Accordingly, ICRA expects two-wheeler manufacturers to brace for another year of lower earnings and a decline in average operating margins by 150-200 basis points.

The Reserve Bank of India on Thursday added additional shine to gold ornaments and jewellery by allowing banks to give loans up to 90% of the value of such items pledged by borrowers.
At present, loans sanctioned by banks against pledge of gold ornaments and jewellery is up to 75% of the value of such items.&nbsp;The enhanced loan-to-value ratio will be applicable up to March 31, 2021.
The additional loan against jewellery is expected to mitigate the economic impact of the Covid-19 pandemic on households, entrepreneurs and small businesses and help them tide over their temporary liquidity mismatches.
&nbsp;

The Reserve Bank of India has&nbsp;decided that stressed MSME borrowers will be made eligible for restructuring their debt under the existing framework, provided their accounts with the concerned lender were classified as standard as on March 1, 2020. This restructuring will have to be implemented by March 31, 2021.
A restructuring framework for MSMEs that were in default but &lsquo;standard&rsquo; as on January 1, 2020 is already in place. The scheme has provided relief to a large number of MSMEs.&nbsp;

The central bank on Thursday announced that an additional special liquidity facility of ₹10,000 crore will be provided at the policy repo rate.
This will consist of ₹5,000 crore to the National Housing Bank to shield the housing sector from liquidity disruptions and augment the flow of finance to the sector through housing finance companies.
The National Bank for Agriculture and Rural Development (NABARD) will get&nbsp;₹5,000 crore&nbsp;to ease the stress being faced by smaller NBFCs&nbsp;and micro-finance institutions.

The central bank's&nbsp;Monetary Policy Committee led by RBI Governor Shaktikantha Das&nbsp;on Thursday announced to&nbsp;leave the repo rate unchanged at 4%. The reverse&nbsp;repo rate also remained unchanged at 3.3%.
The Committee has maintained its accommodative stance. While space for further monetary policy action is available it is important to use it judicially to maximise the beneficial effects on the underlying economy, Das said
&nbsp;
&nbsp;&nbsp;

The revenue of mall operators is set to halve this fiscal due to the Covid-19 pandemic-driven lockdowns, rating agency Crisil said on Wednesday.
Much of the impact on mall revenue is because multiplexes, food courts, restaurants and gaming zones have not yet opened in many locations as per government orders.
For the other categories, such as apparel, cosmetics, electronics, and bookstores, which contribute 75% of mall revenues, consumption is still low at 30-35% of previous years' numbers, the report said.

Maruti Suzuki and Hyundai Motor are looking to ramp up vehicle production back to the peak levels of FY18,&nbsp;as they&nbsp;expect a spurt in sales during the upcoming festival season.
As per a Mint report,&nbsp;Maruti plans to produce around 1.7 lakh vehicles in October and has also asked suppliers and employees to work extra days during the month. Hyundai is also likely to manufacture almost 60,000 vehicles as it expects demand for its Creta and Venue utility vehicles to peak during Diwali.
Maruti Suzuki and Hyundai have a combined 68% share of the domestic passenger vehicle market as of March 31, 2020.

Output fell in July as regional lockdown extensions across the country severely held back demand, said the monthly IHS Markit India&nbsp;survey on Monday.
Manufacturing PMI stood at 46 in July, down from 47.2 in June. In PMI parlance, a score above 50 means expansion and below that denotes contraction.
PMI fell to a historic low of 27.4 in April, but had been steadily climbing up since.

The Reserve Bank of India&nbsp;has suggested bringing down the government&rsquo;s stake in six leading public sector banks to 51% over the next 12 to 18 months. This, the regulator feels, will give a much-needed push to the government&rsquo;s disinvestment efforts.
State Bank of India, Punjab National Bank, Bank of Baroda, Canara Bank, Union Bank of India, and Bank of India have been shortlisted for this.
The government has taken the suggestion positively, a Business Standard report said.

The Reserve Bank's Monetary Policy Committee will meet next week to decide on the policy stance amid the urgency to revive the coronavirus-hit economy and increased demand for one-time loan restructuring by industry chambers.
Experts are, however, arguing that one-time loan restructuring is more essential at this juncture to tide over the Covid-19 situation.&nbsp;
The MPC, headed by RBI Governor, is scheduled to meet for three days beginning August 4 and announce its decision on August 6.

GST collections in July stood at ₹87,422 crore as against&nbsp;₹90,917 crore in June, according to a Finance Ministry statement. However, July collections are higher than ₹62,009 crore in May and ₹32,294 crore in April.
The revenues for the month are 86% of the GST revenues in the same month last year.
It should be noted that the taxpayers with turnover less than ₹5 crore continue to enjoy relaxation in filing of returns till September 2020.

Maruti Suzuki&nbsp;on Saturday informed it had sold a total of 1,08,064 units in July, including one lakh units in the domestic market itself.&nbsp;
The carmaker&nbsp;said July's sales figure is just a 1.1% fall when compared to figures from July 2019. More importantly, it is a massive 88.2% jump over sales figures from June.
Sales have been picking up gradually after an unprecedented April when Maruti and almost every other automobile manufacturer reported either zero or negligible sales owing to the national lockdown.

India's fiscal deficit in the first quarter of FY21&nbsp;stood at record ₹6.62 lakh&nbsp;crore which is&nbsp;83.2% of the budgeted target, government data showed.
Net tax receipts were ₹1.35 lakh&nbsp;crore while total expenditure was ₹8.16 lakh&nbsp;crore, indicating the government was front-loading its spending to combat the impact of the coronavirus.
&nbsp;

The eight core industries&rsquo; output contracted 15% in June against a growth of 1.2% in the same month last year.&nbsp;
However, lifting of the lockdown since June has led to better output as it contracted by&nbsp;37% and 22% in April and May, respectively, when the country faced one of the strictest lockdowns to arrest the spread of Covid-19.
&nbsp;

PTI, New Delhi: Jet fuel or ATF price on Saturday was hiked by 3 per cent, the fifth straight increase in two months, while there was no change in rates of cooking gas LPG, petrol and diesel.
Aviation turbine fuel (ATF) rates went up by Rs 1,304.25 per kilolitre or 3 per cent in the national capital to Rs 43,932.53 per kl, according to a price notification of state-owned oil companies.
ATF price was last hiked by 1.5 per cent or Rs 635.47 per kl, on July 16. This was the fifth straight increase since June. In four hikes, rates went up by Rs 22,483.91 per kl.
Rates were hiked by a record 56.6 per cent (Rs 12,126.75 per kl) on June 1, followed by Rs 5,494.5 per kl (16.3 per cent) increase on June 16. Price was hiked by Rs 2,922.94 per kl or 7.48 per cent on July 1.
ATF prices are revised on 1st and 16th of every month based on average of benchmark international price and foreign exchange rate in the preceding fortnight.
Petrol and diesel prices, which are revised on a daily basis, were kept unchanged on Saturday.
The price of petrol has not changed for over a month now. It sells for Rs 80.43 a litre in the national capital since June 29.
Diesel, on the other hand, has seen sporadic rates revisions. It currently sells for Rs 73.56 per litre in the national capital.
Petrol price rose by Rs 9.17 per litre between June 7 and June 29 while diesel rates increased by Rs 12.55 per litre since June 7.&nbsp; Cooking gas rates too were unchanged on Saturday.
Non-subsidised cooking gas LPG rates were last revised on July 1 when prices went up by Re 1 to Rs 594 per 14.2-kg cylinder in the national capital.
This increase reversed a four-month declining trend in rates. Prices had come down from Rs 858.50 in February to Rs 593 in June - Rs 265.5 in all.
Non-subsidised LPG is cooking gas that a consumer buys after exhausting his or her quota of 12 cylinders of 14.2-kg at subsidised rates.&nbsp;
&nbsp;

In a bid to help industry tide over the impact of the&nbsp;Covid-19 pandemic, Finance Minister Nirmala Sitharaman on Friday said the government is working with the RBI on the need for restructuring of loans.&nbsp;
The Finance minister also said that the decision on reducing GST rates on&nbsp;healthcare and other products will be taken by the GST Council.
Sitharaman said the Finance Ministry is working with RBI on the demand of the hospitality sector for extension of the moratorium, or restructuring.

Prime Minister Narendra Modi will meet&nbsp;heads of large banks and NBFCs on Wednesday to take stock of the economy that has been hit hard by the outbreak of coronavirus pandemic. According to&nbsp;an official statement, the prime minister will discuss the&nbsp;roadmap for the future. The topics on agenda include credit products and efficient models for delivery, financial empowerment through technology, prudential practices for stability and sustainability of the financial sector.

As much as ₹30,000 crore has been withdrawn in under four months starting April by 8 million subscribers of the Employee Provident Fund Organisation, The Economic Times reported.
The coronavirus pandemic has forced many people to dig into their savings as most have lost jobs, faced salary cuts or seen a rise in other expenses.
EPFO manages a corpus of ₹10 lakh crore built on mandatory contributions from nearly 60 million salaried people and their employers. The huge outgo is likely to impact the fund&rsquo;s earnings in FY21, officials said.

HDFC&nbsp;Chairman&nbsp;Deepak Parekh&nbsp;on Monday requested the central bank Governor Shaktikanta Das to not extend the moratorium on loan repayments any further.
In an online discussion, organised by the Confederation of Indian Industries, Parekh said extending the moratorium will hurt NBFCs as many customers who have the ability to repay are deferring payments.
As per some reports, the RBI&nbsp;is mulling to extend the&nbsp;moratorium period beyond&nbsp;August.

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Feb 28, 2020 18:09 IST

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