SME Times is powered by   
Search News
Just in:   • Equity indices break two-day losing streak on value buying  • IMF urges Sri Lanka to tighten monetary policy  • Global semiconductor sales to reach $676 bn this year: Gartner  • Tinna Rubber hits upper circuit, investors accumulate 900% returns in year  • Availability of jobs in Japan improves for 1st time in 3 yrs 
Last updated: 05 Oct, 2020  

Up.Down.Arrow.9.Thmb.jpg Economic recovery not far off!

   Top Stories
» Net direct tax collection reaches highest-ever figure in FY 22
» Musk has to manufacture here to sell Tesla cars in India: Gadkari
» Round tripping of industrial inputs by large players unfavourable to local value chains
» Sitharaman engages investors in Silicon Valley
» Modi hails India's success in achieving target of $400 billion of exports
Bikky Khosla | 05 Oct, 2020

The Indian economy is not in a good shape, with GDP growth contracting 23.9% in the first quarter of the current fiscal. Recently, multiple rating agencies has further cut the economy's growth forecast down for FY21, but according to some economy watchers, things are still not that bad. A new poll of industry honchos also reflect this optimism, which would further be bolstered if the government announces another round of stimulus package in the coming days.

CEOs of top 115 companies from across sectors who met recently at CII's National Council, indicated revival of positive business sentiment and gradual rise in expected corporate performance. Deliberating on a virtual platform, they viewed that with the unlocking of almost all economic activities along with the reform and revival measures announced by the Government and RBI, business sentiment has improved and a steady recovery is likely during the second half of the financial year 2020-21.

The poll found that when it comes to consumer demand, 32% of the CEOs are hoping for better prospects against 27% expecting no change on a year-on-year basis. On revenue growth, 31% are expecting growth. On exports, 40% are expecting better prospects against 24% expecting no change in prospects. These figures are not that encouraging, but they still raise hope. Besides, the poll shows that there are clear indications of recovery in sectors like automobiles, FMCG, consumer durables and construction equipment.

Coming to exports again, September foreign trade figures show that merchandise exports in the month rose by 5.27% year-on-year. India shipped out merchandise worth $27.40 billion as compared to merchandise worth $26.02 billion exported in September, 2019. More importantly, it is encouraging that with business activities and economic sentiments getting normal globally, our exporters have started receiving a lot of orders, and this trend is likely to continue.

I invite your opinions.

Print the Page
Add to Favorite
Share this on :

Please comment on this story:
Subject :
(Maximum 1500 characters)  Characters left 1500
Your name:

  Customs Exchange Rates
Currency Import Export
US Dollar
UK Pound
Japanese Yen 58.85 56.85
As on 27 Apr, 2022
  Daily Poll
COVID-19 has directly affected your business
 Can't say
  Commented Stories
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter