16
Sunday
May 2021
9:10 PM IST
News Headlines
FDA gives permission to Gentek Life Sciences to manufacture Amphotericin B injection in Wardha        England coach Silverwood to take break during SL, Pakistan ODI series        Shubman Gill receives first jab of COVID-19 vaccine        UN calls for de-escalation of Israel,Palestine conflict        Hamas turned residential areas in Gaza Strip into military strongholds: Israel Military        Cyclone Tauktae: Indian Coast Guard rescues three stranded fishermen off Kannur        PIL in SC seeking directions to use PM Cares fund for Covid vaccines, O2 plants        Cyclone Tauktae: PM Modi asks officials to pay special attention to Covid hospitals, vaccine cold chain & power back-up        Wipro Ltd appoints Tulsi Naidu to its board as an Independent Director        Bata India appoints Gunjan Shah as the new CEO        Daryl Mitchell, Glenn Phillips earn first NZC central contracts        Training in bio-bubble has brought team closer: Gurjant Singh        Twelve dead in Afghanistan Mosque blast        KP Oli takes oath as Nepal PM; to prove majority within 30 days        Japan to send USD 18.5 Mln worth COVID-19 aid to India        Plea in SC seeks cancellation of CBSE, ICSE class 12 Exams        Monsoon likely to reach Kerala on May 31: IMD        PM releases 8th instalment of financial benefit under PM-KISAN        Women''s head coach: Incumbent Raman, ex-coach Powar appear for interview        Independent panel recommends voluntary licensing and tech transfer for producing COVID-19 vaccines        
Home   | Main News   | Kerala  | National   | International  | Business   | Sports   | Entertainment   | Columns   | Offbeat   | Health   | About Deepika 
Business News
India''s GDP to grow at 11pc this fiscal; second wave of COVID a worry: ADB
 
New Delhi: ADB on Wednesday said the Indian economy is projected to grow at 11 per cent in the current financial year on the back of the strong vaccination programme, but cautioned that second wave of COVID is worrying. "India''s economy is expected to grow 11 per cent in fiscal year (FY) 2021, which ends on March 31, 2022, amid a strong vaccine drive. However, the recent surge in COVID-19 cases may put this recovery at risk," said the Asian Development Outlook (ADO) 2021. Continued economic recovery boosted by increased public investment, vaccine rollout and a surge in domestic demand will trigger this strong rebound, ADB said. The predictions are based on assumption that there is extensive vaccine deployment across the country and the second wave of coronavirus is contained.

According to ADB''s flagship publication Asian Development Outlook, "the second wave of COVID-19 cases is worrying, especially if vaccine rollout faulters or fails to contain it." Another risk is the further tightening of global financial conditions, which would apply pressure on India''s market interest rates and therefore affect economic normalisation, the report added. Going further, ADB forecasts India''s economic growth to moderate to 7 per cent in FY2022, on account of disappearance of base effect. The economy is expected to have contracted by 8 per cent in FY2020, in line with the government''s second advance estimate, it said. ADB Country Director for India Takeo Konishi said India''s economy faced its worst contraction in FY2020 due to the COVID-19 shock. "With large government stimulus and the ongoing vaccination drive, we expect economic activity will continue its recovery that started from the third quarter of FY2020 and rebound strongly in the current fiscal year with an uptick in domestic demand, especially in urban services,” said Konishi.

The government''s boost to public investment through its infrastructure push, incentives for manufacturing, and continued support to boost rural incomes will support India''s accelerated recovery, Konishi said. The Manila-headquartered multilateral funding agency expects India''s economic activity to continue to normalise and recover owing to government measures in the past one year including "large stimulus in FY2020" and a steep increase in capital expenditure budget in FY2021. Increased government expenditure on healthcare, water, and sanitation will strengthen the country''s resilience against future pandemics, said the report, adding private investment is expected to pick up on improving sentiment and risk appetite, as well as accommodative credit conditions. "The government''s push to the manufacturing sector through the production-linked incentive scheme will expand domestic production and help integrate domestic manufacturing with global supply chains," it said.

ADO expects inflation to moderate to 5.2 per cent FY2021, having risen to 6.2 per cent in FY2020. Good harvests and supply chain recovery is expected to contain domestic food inflation, it said. ADB said the current account deficit of India will equal to 1.1 per cent of GDP with imports outpacing exports on rising domestic demand and higher oil prices. About South Asia, of which India is a part, ADO said the region will see Asia''s fastest growth this year (2021) after suffering the sharpest contraction last year. South Asia''s aggregate output is forecast to expand by 9.5 per cent this calendar year, before tapering down to 6.6 per cent in 2022, as per the estimate. "This largely reflects the performance of India... A stimulus-fueled surge in the US, India''s largest export market, will support the revival, but a severe second wave is threatening the recovery". Growth is gaining momentum across developing Asia, but renewed COVID-19 outbreaks pose a threat to recovery, said ADB Chief Economist Yasuyuki Sawada.

According to ADB, most economies in developing Asia will see healthy growth this year and in 2022. Developing Asia comprises 46 members of ADB on the basis of geographic group. These include new industrialized economies, countries in Central Asia, East Asia, South Asia, Southeast Asia and the Pacific. Strong exports and a gradual recovery in household consumption will boost economic activity in China this year, the report said. China''s gross domestic product (GDP) is forecast to expand 8.1 per cent in 2021 and 5.5 per cent in 2022.


FDA gives permission to Gentek Life Sciences to manufacture Amphotericin B injection in Wardha
Wipro Ltd appoints Tulsi Naidu to its board as an Independent Director
Bata India appoints Gunjan Shah as the new CEO
Independent panel recommends voluntary licensing and tech transfer for producing COVID-19 vaccines
India projected to grow at 10.1% in 2022 but outlook for 2021 highly fragile: UN
Sensex surges over 350 pts in early trade; Nifty tops 14,900
Rupee rises 18 paise to 73.60 against US dollar in early trade
Petrol at Rs 102-mark in Rajasthan, Madhya Pradesh after 4th straight day of price hike
Petrol price hiked by 25 paise, diesel by 30 paise
Will try to keep soft interest rate regime as long as possible: SBI chief
S Premkumar is new Head of Canara Bank in Kerala, Lakshadweep
Visakhapatnam: RINL-VSP supplied over 9k tonnes of Liquid Medical Oxygen to states so far
Banks transaction timings rescheduled due to Covid till May 15
Finance Minister speaks to industry leaders, says Centre working with States to manage Covid
Lithium-ion battery maker Lohum to invest up to Rs 250 cr in three years on capacity expansion
My Tirth India' provides services of 'online darshan'
Ashoka University launches YSP, pre-college summer programme, for high school students
Rupee down 32 paise against USD
US sanctions Chinese computer makers in widening tech fight
India has world''s 3rd highest no. of billionaires; Mukesh Ambani dethrones Jack Ma in Asia: Forbes
KERALA NEWS
Kerala wants Centre to provide more vaccines
 Thiruvananthapuram: Amid rising COVID-19 cases in Kerala, the state government on Wednesday urged th  
Kerala woman killed in Palestinian rocket strike in Israel
Kerala poet''s FB account ''suspended'' for posting satire clip on BJP poll defeat
TV journalist Vipin Chandh dies of COVID-19
INTERNATIONAL NEWS
UN calls for de-escalation of Israel,Palestine conflict
 Geneva: UN High Commissioner for Human Rights Michelle Bachelet on Saturday called for strict respec
Hamas turned residential areas in Gaza Strip into military strongholds: Israel Military
Twelve dead in Afghanistan Mosque blast
KP Oli takes oath as Nepal PM; to prove majority within 30 days
NATIONAL NEWS
Cyclone Tauktae: Indian Coast Guard rescues three stranded fishermen off Kannur
 New Delhi: Indian Coast Guard (ICG) on Saturday said that it has rescued three fishermen stranded in
PIL in SC seeking directions to use PM Cares fund for Covid vaccines, O2 plants
Plea in SC seeks cancellation of CBSE, ICSE class 12 Exams
Monsoon likely to reach Kerala on May 31: IMD
Untitled Page
Rashtra Deepika LTD
Copyright @ 2021 , Rashtra Deepika Ltd.