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Sharper contraction of India's GDP expected in FY21
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SME Times News Bureau | 11 Feb, 2021
The Indian economy is likely to witness a sharper contraction in the
current fiscal as the Global Economic Conditions Survey shows that it is
likely to contract by around 10 per cent, higher than the official
estimates.
Official estimates project a contraction of around 7 per cent in FY21.
The
survey, conducted by the Association of Chartered Certified Accountants
and the Institute of Management Accountants, noted that South Asia has
been hit hard by the pandemic as economies reliant on services and
tourism are prevalent in the region.
However, there are signs of recovery with a rise in all the main activity indicators in the region, it added.
"Any growth revival will be fragile and subject to avoiding renewed Covid infections," it said.
The
Q4 Global Economic Conditions Survey (GECS) points to little change in
confidence but continued modest global economic recovery early in 2021.
However,
it said that polling for the survey was completed by December 8, 2020.
Since then, many countries have suffered increased Covid-19 infection
rates, prompting governments to re-impose restrictions including
national lockdowns.
"Hence global economic prospects early in
2021 will have deteriorated since the Q4 survey was conducted. At the
same time, there has been progress on the approval of vaccines, raising
hopes of a permanent improvement in economic conditions later this
year," it said.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
UK Pound
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87.50
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84.65 |
Euro
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78.25
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75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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