India's GDP is estimated to contract by a record 7.7 per cent during 2020-21 as the COVID-19 pandemic severely hit the key manufacturing and services segments, as per government projections released on Thursday. Amid overall decline in economic activities, some respite was provided by the agriculture sector and utility services like power and gas supply, which have been projected to post positive growth during the current fiscal ending March 2021.
Panagariya also pointed out that COVID-19 pandemic may lead to integration of global labour market.
It is estimated that the luxury market in India is around USD 5.8 billion (nearly Rs 28,500 crore), is spreading beyond the metros as adoption of global trends is fast catching up in smaller cities, as well.
"I think the Governor has been doing a great job for the country and we would certainly see it as a very positive move if he were reappointed," Naushad Forbes, president, CII.
Gopalakrishnan, who is the immediate past President of CII, is the Chairman of the summit.
The government on Thursday said it may not be possible to roll out the Goods and Services Tax (GST) from April next year, as the proposal needs consent from all the states. "...the (GST) legislation cannot be voted upon until the ratification is completed...there may be problem on the time factor (April 1, 2012)," Revenue Secretary Sunil Mitra said at a CII post-Budget conference.
The prime minister is likely to talk about its possible extension.
'If you want Aatma Nirbhar, your policies should favour self-reliance, but your policies do not help the idea.' 'How are we going to be self-reliant if you make things difficult for us?'
After contracting for two quarters in a row, the Indian economy entered the positive territory with a growth of 0.4 per cent in the October-December quarter, mainly due to good performance by farm, services and construction sectors, official data showed on Friday. Trade and hotel industry registered a contraction of 7.7 per cent during the third quarter this fiscal, as the sectors continued to suffer on account of coronavirus pandemic. According to the data released by the National Statistical Office (NSO), the farm sector recorded a growth of 3.9 per cent, and the manufacturing sector output grew by 1.6 per cent in the quarter under review.
With India's GDP clocking a lower contraction of 7.5 per cent in the September quarter, industry and experts expressed confidence of further recovery in the coming months and said the government's actions are bearing fruit. In a tweet, Vedanta chairman Anil Agarwal said, "Q2 #GDP numbers show that economy is recovering. Government's efforts on stimulus and reform are showing results. Hopefully, we will have positive growth in H2 FY21 and double digit growth in FY22."
The Johnson and Johnson and Sputnik vaccines should be approved now, as should the Pfizer and Moderna ones, suggests Naushad Forbes. Leave it to the companies to figure out how to put in place the right chilling infrastructure. Don't let a lack of approvals deprive the country of availability, suggests Naushad Forbes.
"I would hope that the government would very respectfully request him to continue for one term or my preference would be two terms," Narayana Murthy said.
Stronger the pitch of various states, the better for India as a country. The two states plan to showcase their improved 'ease of doing business rankings'.
A new comprehensive Income Tax bill will be drawn up by the next fiscal end to clean up complex and archaic laws, Finance Minister P Chidambaram said on Friday.
Hit by the new drug pricing policy and regulatory interventions, growth rate of the Rs 72,069-crore Indian pharmaceutical market has slowed down to 9.8 per cent in 2013 as compared to 16.6 per cent in 2012, says a report.
Finance Minister P Chidambaram on Monday said 8 per cent GDP growth would be "difficult" this fiscal on the back of the high 8.2 per cent growth attained in 2003-04.
Every year, 60,000 armed forces personnel retire and 44 per cent of them are in the age group of 40-50.
50-odd biz leaders are part of Modi's entourage for the 3-nation tour
'Instead of doing reforms and restructuring, the present government is busy with the perception that everything is fine and the economy is hunky-dory.' 'Such hollow perceptions are very dangerous for the Indian economy in the long run.' 'The real risk to India is the lack of decent employment opportunities for youth in general and educated youth in particular.'
The DMK parliamentary party appears to be a house divided, reports R Rajagopalan.
While asserting that the growth of coronavirus cases in the country has been more or less linear and not exponential, it also said testing has been ramped up consistently.
Deposits of Rs 3 lakh are "justified" if a person has an annual taxable income of Rs 10 lakh and the tax department will "not touch" him.
'The ultimate satisfaction of helping in the country's space programme is the bigger achievement attracting women to space research -- and they are so good at it!'
Terming the rise in October retail inflation despite a bumper crop as "disturbing", India Inc said the government must immediately address supply side bottlenecks to bring down the consumer price inflation.
'This solid verdict would further strengthen his resolve to drive forward the economic agenda to ensure that the fruits of the economic momentum continue to reach the poor, so visible during the last five years.'
Worried over the fallout of the Supreme Court's observations on allocation of coal blocks, India Inc wants the apex court to consider a reprieve for those allotted to genuine companies that have invested billions.
The country saw two straight years of deficient monsoons.
'The manufacturing sector and the capital goods industry need all the support that the government can provide, because they are working in a global market where trade restrictions are coming down every day,' says Amar Kaul.
'I suggest Rahul Bajaj come out in the open and give us his own white paper on the perceived sense of fear that he thinks haunts corporate India,' says Dr Sudhir Bisht.
The fuzziness of Trump's economic blueprint remains the biggest risk.
'Prime Minister Modi's message from Tuesday's meeting with industrialists was loud and clear: stand up India, stand by start-ups, take risk and invest,' says CII chief Sumit Mazumder.
The trinity of rising stocks, rising yields and rising dollar since Donald Trump's election has already faced a setback.
The dollar gained strength with the emergence of the US as the only developed economy showing signs of recovery.
The consumer durables segment declined by 23.4 per cent in June, as against a dip of 10.1 per cent a year ago.
'We are looking at the Budget with the hope that it will address all issues even at the cost of exceeding the fiscal deficit target.'
'We are in the reverse gear and we are not there anywhere compared to the rest of the world'
The defence minister has 20 months to learn the military's ethos, culture and to publicly bat for an organisation that feels increasingly marginalised and underappreciated.
Asian emerging market stock prices did see a bounce post Fed-talk.
Germany is now sitting on a mountain of savings.
'While Modi is undoubtedly the star of the show, the online sphere has found in Modi the champion to re-engineer what it means to support the right.'
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