ONGC was the top loser in the Sensex pack, followed by HCL Tech, SBI, ICICI Bank, IndusInd Bank, Hero MotoCorp and M&M.
Speaking at a virtual conference of the World Economic Forum, the external affairs minister, at the same time, said the border row happens to be one part of the larger issue of how India and China adjust to each other when both are rising.
As many as five plagues have come out of China in the last 20 years and at some point it has to stop, United States National Security Advisor Robert O'Brien has said, holding the country responsible for the origin of the coronavirus pandemic which has killed over 250,000 people globally.
If not contained quickly, it will have a knock-on effect in the world economy and disrupt global supply chains, Crisil analysts warned.
On the Sensex chart, Sun Pharma was the top loser, followed by Maruti, L&T, Hero Motocorp, Infosys, ONGC and RIL.
We have a government with an extremely weak economic team advising a PM who hardly pays attention to their thoughts, says Jayanta Roy.
With nearly 100 countries closing national borders during the past month, the movement of people and tourism flows have come to a screeching halt. The contraction could be even higher if governments fail to provide income support and help boost consumer spending.
China's presence in the international dog house is just the kind of opportunity that his opponents must be waiting for, predicts Colonel Anil A Athale (retd).
Both India and China talk now of self-reliance when their external trade, in relation to GDP, has been falling for some years, points out T N Ninan.
In a veiled reference to China's aggressive military behaviour, Defence Minister Rajnath Singh on Thursday said exercising self-restraint in the conduct of activities and avoiding actions that may further complicate situation will go a long way in bringing sustained regional peace.
We will find it difficult to exceed an average of 5 per cent growth in the medium term, warns Shankar Acharya, the former chief economic adviser.
Tech Mahindra was the top loser in the Sensex pack, crashing over 9 per cent, followed by Kotak Bank, Axis Bank, TCS, Infosys and HUL. On the other hand, Hero MotoCorp, Bajaj Auto, Bajaj Finance and Titan were the gainers.
For maintaining sustained demand in domestic consumption and household investment, the economy must generate enough jobs in the formal sector,says Shubhashis Gangopadhyay.
Facing the twin task of fighting the coronavirus pandemic today and building a better tomorrow, the world is experiencing a new Bretton Woods moment, IMF managing director Kristalina Georgieva said
Microsoft co-founder Bill Gates, whose foundation has been part of the effort to develop and deliver COVID-19 vaccines, has warned that the next four to six months could be the worst of the coronavirus pandemic.
China, besides denying the United States allegations that COVID-19 has emerged from a bio-lab in Wuhan, also rejected that it emanated from a wet market in the central Chinese city from bats or pangolins before infecting humans.
India and the US are among the countries excluded from the list of nearly 60 low-risk countries.
"Despite subdued growth in the world economy, India has maintained a GDP growth rate of 7.2 per cent in 2014-15, 7.6 per cent in 2015-16 and 7.1 per cent during April to September of 2016-17," the commerce and industry minister said in a written reply during Question Hour in the Lok Sabha.
In an address during the virtual meeting of the American Association of Physicians of Indian Origin (AAPI) on Saturday, Modi said COVID-19 had been used as an opportunity to work towards making the country self-reliant.
In his address to RIC Foreign Ministers, Wang said the three countries should 'correctly handle and properly deal with sensitive factors in bilateral relations and safeguard the overall interests of mutual relation', without directly referring to the current round of India-China military tensions along the Line of Actual Control, (LAC).
China's economy, which suffered 6.8 per cent slump in the first quarter due to the coronavirus pandemic -- the worst in 44 years -- bounced back posting 4.9 per cent growth between July and September buoyed by the government's sweeping efforts to stimulate demand and consumption.
The problem is major, and the problem affects hundreds of millions of people. Ignoring it must have a sound reason. Ignoring it must in some way be more important than addressing it, notes Aakar Patel.
The uptick in prices ranging from steel to wheat could benefit lots of commodity-based companies -- from State-owned SAIL to the agro exporters.
US President-elect Joe Biden plans to increase the number of high-skilled visas, including H-1B, and eliminate the limit on employment-based visas by country, both of which are expected to benefit tens of thousands of Indian professionals impacted by some immigration policies of the outgoing Trump administration.
RBI said aggregate demand during the year so far suggests that the shock to consumption is severe, and it will take quite some time to mend and regain the pre-COVID-19 momentum.
There are a number of vaccine candidates already in clinical trial and a few out of those candidates have completed phase 1/2 status, he said, adding that there are trials that will be going into phase three sometime at the end of July and then others will follow in the months of August, September and October.
The bulk of the erosion in terms of value took place in India's most-valued firms. For instance, Mukesh Ambani-led Reliance Industries alone has lost Rs 3.8 trillion in m-cap, followed by HDFC Bank, which has seen its value erode by Rs 2.45 trillion and Tata Consultancy Services (TCS), which has lost Rs 1.85 trillion to stand at Rs 6.24 trillion, making it India's most-valued.
While most economies contracted in the second quarter of 2020, the Chinese economy grew by 3.2 per cent.
Other top losers in the Sensex pack included Bharti Airtel, Asian Paints, TCS, HCL Tech, Tata Steel, SBI, IndusInd Bank and Hero MotoCorp, declining up to 3.28 per cent.
Officers across departments and ministries have been asked to speak to people across sectors for 'SWOT' analysis of issues for revival of the economy.
China remains the elephant in the room and has to be tamed, which the United States alone is unable to do and therefore calls allies to come on board.
Risk aversion is currently a dominant depressant to economic recovery, points out Shankar Acharya, former chief economic advisor to the Government of India.
'Invest a part of your portfolio in a global currency that can't be printed, or meddled with -- gold,' suggests Chirag Mehta.
The only path to recovery of the economy lies in profit growth that triggers off employment growth, and finally investment, notes Ajay Shah.
The world is in the face of a devastating impact due to the coronavirus pandemic and has clearly entered a recession, the International Monetary Fund said on Friday, but projected a recovery next year. "We have reassessed the prospects for growth for 2020 and 2021. It is now clear that we have entered a recession as bad or worse than in 2009. We do project recovery in 2021," IMF Managing Director Kristalina Georgieva told reporters at a news conference.
The decision comes as countries around the world seal their borders and ban travel to stop the fast-spreading COVID-19 pandemic that has claimed over 9,000 lives so far.
ONGC was the top loser in the Sensex pack, cracking over 16 per cent, followed by Reliance Industries, IndusInd Bank, Tata Steel, TCS, SBI, ICICI Bank and Bajaj Auto.
Chinese Premier Premier Li Keqiang said world economic recovery should not be driven by mainly China, but in concert with many countries.
'The numbers are null and void now. Look, we can give out projections now, but we know that a week later those numbers will also be irrelevant. So we need to wait,' a top government official said.
Indian IT companies have played a big role in making US companies more competitive and have created more jobs than taking them away.
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