However, the World Bank has projected India's GDP growth rate at 7.5 per cent for the next three financial years, including the current one.
Stating that the economic costs of shutdown of the global economy are accumulating rapidly, Moody's projected that all G-20 advanced economies would contract by 5.8 per cent in 2020.
However, the growth during the next financial year would be higher at 8.1 per cent in case of a second wave of the coronavirus and bit slower at 7.9 per cent if the virus recedes and remains under control.
Subramanian recommended five ways of financing additional expenditure over a period of one year, including cutting expenditure and borrowing directly from the RBI or monetising debt.
The IMF said global growth is projected to reach 3.9 per cent in 2018 and 2019, in line with the forecast of the April 2018 WEO, but the expansion is becoming less even, and risks to the outlook are mounting.
Barring rice, spices, iron ore and pharmaceuticals, all the remaining 26 key sectors registered negative growth in May. Imports too plunged 51 per cent to $22.2 billion in May.
Fitch Ratings director Thomas Rookmaaker said India's debt-to-GDP ratio is likely to rise to 76 per cent from 70 per cent currently due to wider fiscal deficit and low economic growth.
The time is ripe to extend the confrontation with the Chinese to the maritime domain, says former RA&W officer Krishan Varma.
India's total online shopper base at 30 per cent of its internet population is low when compared with 78 per cent in China and 70-plus per cent in the US.
Subbarao said, short-term as well as medium-term prospects or Indian economy continue to be grim. Fiscal deficit is going to be much higher, the debt burden much larger and the financial sector will be in a worse shape.
India's Ministry of External Affairs said on Wednesday the bus service will be a violation of India's sovereignty and territorial integrity.
ISRO chairman K Sivan said all activities related to the third lunar mission -- Chandrayaan-3 -- were going on smoothly but its launch may shift to next year.
"Growth is expected to moderate gradually in China... pick up in India, and remain broadly stable in the Asean-5 region."
Moody's on Monday slashed India's growth forecast for 2020 to 5.4 per cent from 6.6 per cent projected earlier, on slower than expected economic recovery. In its update on Global Macro Outlook, Moody's Investors Service said India's economy has decelerated rapidly over the last 2 years and economic recovery is likely to be 'shallow'.
Stating that an economic recession gripped global economy following the lockdowns due to COVID-19 pandemic, Fitch Ratings on Friday said the initial disruptions to regional manufacturing supply chains in China have now broadened to include local discretionary spending and exports.
The prime minister was speaking at an event to mark golden jubilee of the Aditya Birla Group's presence in Thailand.
The sources said India may be building small libraries as part of the community development initiative, but most of its investments in Afghanistan were on mega infrastructure projects including the 218 km road from Zaranj to Delaram, the Salma Dam and the new Afghan Parliament building.
According to sources, government officials have asked industry bodies and manufacturers to submit key concerns and requirements to begin manufacturing activity.
Top gainers in the Sensex pack included Bharti Airtel, Tata Motors, IndusInd Bank, Kotak Bank, Hero MotoCorp, Asian Paints and PowerGrid, which rose up to 2.53 per cent.
The agriculture ministry projects India's tomato output at 19.69 million tonnes in 2016-17 (July-June)
"The contract for the detailed design would be signed soon and that will be a major milestone. It should be signed in the second half of the year," a top official involved in the negotiations with Russia on the project said.
A three-member crew will be sent to space for at least seven days.
If the precautions are not taken and guidelines are not followed properly, there can be chances of spike in cases, the government said.
Neeraj has emerged as a truly a world class athlete and a bright prospect for Indian athletic's elusive medal in athletics.
Banking stocks led by Yes Bank, ICICI Bank, Axis Bank and SBI came under heavy selling pressure
While the Reserve Bank and the Economic Survey of the finance ministry have projected India to grow at 6.9 per cent and 6.5 per cent in current fiscal, the International Monetary Fund estimates it to be 6.6 per cent.
India has opposed the CPEC project and protested to China as it is being laid through PoK.
Investor sentiment got a boost after the IMF said India will see its growth picking up to 7.4 per cent in 2018-19 to regain the status of the world's fastest growing major economy.
Gokhale will be visiting China for regular consultations, the Indian Embassy in Beijing said on Saturday.
Turning tables on Congress and left thinkers, Finance Minister Arun Jaitley on Sunday accused them of practising "ideological intolerance" towards the Bharatiya Janata Party and Prime Minister Narendra Modi and trying to project India as an intolerant society through structured and organised propaganda.
'The target for next year is unlikely to be more than that of this year. The more you divest in any cycle, the less your potential pipeline for the next,' said an official. 'The first two issues we want to tackle and complete in FY20 are Air India and Hotel Ashok.'
In a series of tweets -- in Russian and then in English -- on the eve of his visit to Russia, Modi said he looked forward to his meeting with Putin.
It said the money supply recovered to its pre-demonetisation level in mid-2017 and is now increasing steadily, similar to the previous trend.
The NSE Nifty also gained 53 points, or 0.49 per cent, to settle 10,855.15 after shuttling between 10,870.40 and 10,749.40.
Both the countries agreed to undertake the Treaty mandated tours of both the Indus Commissioners in the Indus basin on both sides, the ministry said in a statement in New Delhi.
Winding up his whirlwind five-day US visit, Prime Minister Narendra Modi "thanked" America for what he said was a highly "successful and satisfactory trip" to the country.
'Congress is being increasingly seen to be standing with Pakistan as Tharoor's statement was not an isolated incident'
Sitharaman also highlighted the steps taken by the government to achieve ease of doing business by digitisation of approvals and making more stable policies to make India a favourable destination for investors.
In his address at the Plenary session of the 18th SCO summit in Qingdao, Modi coined an acronym 'SECURE' which he explained: 'S' for security for citizens, 'E' for economic development, 'C' for connectivity in the region, 'U' for unity, 'R' for respect of sovereignty and integrity, 'E' for environment protection.
Official sources said the two leaders will meet for around four to six hours for the 'agendaless' talks
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