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.

As per some reports, India&rsquo;s tourism sector may see an overall loss of&nbsp;₹5 lakh crore and job cuts for 4-5 crore people.&nbsp;Of the total losses, the organised sector in the industry -- branded hotels, tour operators, travel agencies &ndash; may be hit the hardest with an estimated loss of around&nbsp;₹1.58 lakh crore, according to Confederation of Indian Industry estimates.

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&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 World Bank on Thursday approved $ 1-billion emergency financing for India to tackle the coronavirus outbreak.&nbsp;The World Bank's first set of aid projects, amounting to $1.9 billion, will assist 25 countries, and new operations are moving forward in over 40 nations using the fast-track process, the bank said.&nbsp;The largest chunk of the emergency financial assistance, $1billion, has gone to India.

As the real estate sector receives yet another jolt with the coronavirus crisis, a report by Anarock Property Consultants says that housing sales across seven major cities in the country is likely to decline 25-35% in 2020. Residential sales in 2019 stood at around 2.61 lakh units across the top seven cities and may now fall between 1.70-1.96 lakh units.

Moody's Investors Service on Thursday revised its outlook for Indian banking system to negative from stable, as it expects banks' asset quality to deteriorate due to disruption in economic activity from the coronavirus outbreak. Moody's report mentioned that a sharp decline in economic activity and a rise in&nbsp;unemployment will lead to a deterioration of household and corporate finances, which in turn will result in increased delinquencies.

During an interaction with Union Commerce and Industry Minister&nbsp;Piyush Goyal,&nbsp;export industry representatives have said that if the government does not find a way soon to re-open manufacturing units under lockdown, Indian products will lose their international markets to China, which has resumed production post the&nbsp;coronavirus&nbsp;outbreak. The industry players demanded resumption with some 50% manpower or even less, so that the industry is not hard hit, the Indian Express reported.&nbsp;Exporters also sought financial sops to pay wages, citing liquidity crunch with businesses being hit by the outbreak.

The Congress has hit out at the Centre for not announcing an interest subvention scheme along with the moratorium announced on payment of EMIs for three months against loans including for house, personal requirements, auto and other purposes, and said that it defeats the purpose of the relief. Banks have also&nbsp;warned borrowers that they would have to pay more if they choose to defer EMI&nbsp;payments.

EMI&nbsp;deferment could put&nbsp;additional payment burden on the borrowers as banks informed that the interest shall continue to accrue on the outstanding portion of the loan during the moratorium period. They reiterated that it is 'deferment' and not an 'interest waiver'. The country's largest public-sector lender SBI also warned customers on Wednesday about the additional cost and advised borrowers to repay their loans if they are in a position to do the same.&nbsp;Explaining about the impact on home loan, State Bank of India said for a loan of ₹30 lakh with a remaining maturity of 15 years, the net additional interest would be nearly ₹2.34 lakh which is equal to eight EMIs.&nbsp;For auto loan of ₹6 lakh with a remaining maturity of 54 months, the additional interest payable would be around ₹19,000, equal to additional 1.5 EMIs, the bank said.

Goods and services tax&nbsp;collection fell below the ₹1 lakh crore mark in March after a gap of four months.&nbsp;GST&nbsp;collections in March stood at ₹97,597 crore, a 8.4% fall over the corresponding month last year.&nbsp;However,&nbsp;disruptions caused by the coronavirus-led&nbsp;lockdown will get captured only in the coming months.&nbsp;The government had targeted a collection of ₹1.25 lakh&nbsp;crore.&nbsp;GST collection&nbsp;grew by a meagre 3.7% in the fiscal year 2020.

The central government employees due to retire on March 31, will superannuate on that day only, the Personnel Ministry said on Tuesday. In view of the unprecedented situation arising out of the countrywide lockdown declared by the government consequent to the outbreak of Covid-19, it is clarified that the central government employees who are attaining the age of superannuation on March 31, 2020, shall retire from central government services irrespective of whether they are working from home or office, it said.

The government on Tuesday sharply cut interest rates on small savings scheme by up to 1.4% for April-June quarter after the RBI reduced repo rate to its lowest since 2004. As per the revised rates, the PPF&nbsp;will fetch an interest rate of 7.1%, down from 7.9% earlier.&nbsp;The government slashed the National Savings Certificate (NSC) rate from 7.9% to 6.8%. The rate on Kisan Vikas Patra has been slashed from 7.6% earlier to 6.9%.
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The world economy will go into recession this year with a predicted loss of trillions of dollars of global income due to the coronavirus pandemic. This indicates serious trouble for developing countries with the likely exception of India and China, according to a latest UN trade report. The UN&nbsp;said that in recent days, advanced economies and China have put together massive government packages.&nbsp;This represents an unprecedented response to an unprecedented crisis, which will reduce the extent of the shock physically, economically and psychologically, the report said.

State-run Bank of Baroda has cut its repo-linked-lending rate by 75 basis points with effect from March 28.&nbsp;This is&nbsp;in line with the reduction on RBI's repo rate by 75 bps last week.&nbsp;The revised rate&nbsp;for all retail loans and loans to MSMEs&nbsp;has been reduced to 7.25%.

CRR reduced by 100 bps for 1 year Move to release liquidity of 1 lakh 37 000 cr in banking system Minimum daily CRR balance reduced from 90 to 80%, upto June 26 2020

International Monetary Fund Managing Director&nbsp;Kristalina Georgieva&nbsp;on Monday said&nbsp;that the world will face a recession that could be as bad as the 2008 economic meltdown, or even worse.&nbsp;However, the&nbsp;IMF expects recovery in 2021. Speaking at a conference call of G20 nations,&nbsp;Kristalina&nbsp;said that to get there, it is paramount to prioritise containment and strengthen health systems everywhere. The economic impact is and will be severe, but the faster the virus stops, the quicker and stronger the recovery will be, she added.
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The Reserve Bank of India on Friday announced to purchase government securities of worth ₹30,000 crore&nbsp;via Open Market Operations. With this, the central bank aims&nbsp;to ensure that all market segments function normally with adequate liquidity and turnover. The transaction will be done in two tranches&nbsp;of ₹15,000 crore&nbsp;each in March. The maturity of these bonds will be between two and nine years. The Reserve Bank purchased ₹10,000 crore&nbsp;of government bonds on March 20 as well.

Fitch Ratings on Friday cut India's growth forecast to 5.1% for the financial year 2021, saying the coronavirus outbreak is likely to hit business investment and exports. Fitch had in December 2019 projected India's growth at 5.6% for the upcoming financial year. While India&rsquo;s linkages with China are modest, manufacturers in India are heavily reliant on key Chinese inputs, especially for electronics, machinery and equipment, the rating agency said. Difficulties for the Indian economy have been exacerbated by Yes Bank failure, it said.

The Reserve Bank of India on Wednesday announced that it&nbsp;will conduct open market operations (OMO) on March 20. The central bank&nbsp;would purchase short-term government bonds worth ₹10,000 crores&nbsp;in a bid to increase liquidity and enhance confidence in the market amid the coronavirus crisis.

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.

Economic growth improves marginally to 4.7% in Dec quarter

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