BUSINESS
India's GDP contraction narrows down in FY21: First Revised Estimates
"Real GDP or GDP at constant (2011-12) prices for the years 2020-21 and 2019-20 stands at Rs 135.58 lakh crore and Rs 145.16 lakh crore, respectively, showing a contraction of 6.6 per cent during 2020-21 as compared to growth of 3.7 per cent during 2019-20," the National Statistical Office (NSO) said. As per the estimates, real GVA at constant (2011-12) basic prices contracted by 4.8 per cent in 2020-21, as against growth of 3.8 per cent in 2019-20.The earlier projection had pegged the GVA at (-) 6.2 per cent.
IndianOil's Q3FY22 net profit rises to Rs 5,861 cr
The net profit rose to Rs 5,861 crore from Rs 4,917 crore reported for the corresponding quarter of FY 2020-21 due to higher refining margin during the current quarter. Besides, the company's revenue from operations increased to 197,172 crore in Q3FY22 from Rs 146,465 crore in the corresponding quarter of FY21.
Current account deficit likely to further widen in second half
India's exports of both goods and services have been exceptionally strong so far in 2021-22. Merchandise exports have been above $30 billion for eight consecutive months in 2021-22, despite a rise in trade costs arising from global supply constraints such as fewer operational shipping vessels, exogenous events such as blockage of Suez Canal and Covid-19 outbreak in the port city of China etc.
India's economic growth in 2022-23 could spring a surprise: ASSOCHAM
While the 8-8.5% GDP projections for FY23 are on the back of a high base of 9.2% in the current financial year, ASSOCHAM is of the view that India's economic growth can surprise us on higher side. "Even as the pandemic is still raging in most parts of the world, its latest variant is less damaging. Besides, with 75% of eligible Indians fully vaccinated and booster dose being rolled out, India would be far better prepared to take on challenges," ASSOCHAM Secretary General Deepak Sood said.
Pandemic's economic shock 'weathered well' by banking system: EcoSurvey
According to it, reserve and broad money supply growth in 2021-22 so far was lower than in the previous year. The Survey noted that reserve money growth did not fully translate into commensurate broad money supply growth due to the smaller (adjusted) money multiplier reflecting large deposits by banks with the RBI under reverse repo window.
'Agriculture sector was least affected by lockdowns'
Sanjeev Sanyal said this while responding to questions on the economic rebound in the post-pandemic era. His optimism is seconded by the economic survey data, as during both the lockdown period, the agriculture sector was seen as the least affected sector among others. The economic survey 2021-22 says that the gross value added (GVA) growth in the agriculture sector did not have a negative trend even during the pandemic time.
Excess liquidity, stalled insolvency long-term risks to financial health: EcoSurvey
To negate the downside risks that emanated from the pandemic, the RBI's Monetary Policy Committee had cut the repo rate by 115 basis points (bps) during February to May 2020, besides another 135 basis points reduction in the preceding twelve months. Almost since the start of the pandemic, the MPC has maintained status quo on the policy repo rate by keeping it unchanged at four per cent.
India saw production worth Rs 67,275 cr under PLI for large-scale electronics: Eco Survey
The PLI for large-scale electronics manufacturing was notified on April 1, 2020 which provides an incentive of 4 to 6 percent on incremental sales (over base year) to eligible companies involved in mobile phone manufacturing and manufacturing of specified electronic components, including assembly, testing, marking and packaging (ATMP) units.
Satellite images used to track economic activity
The Survey looks at the use of a new kind of data – geo-spatial data and cartographic techniques – to track, compare and represent longer term developments. Geospatial maps not only lets users visualise the data, but also helps users to better understand trends, relationships and patterns. The use of maps is not entirely new and previous Economic Surveys have used them for years, but there is now a plethora of information from satellites, drones, mobile phones and other sources.
Tata Motors reports Q3FY22 net losses at Rs 1,451 cr
In the same quarter last fiscal, the net profits were at Rs 2,941 crore, the company said in its earnings report. "India operations showed significant revenue improvement as compared to Q3 a year ago, however, commodity inflation impacted the margins," it said in the filing. The passenger vehicles segment continued its turnaround journey and strengthened its double-digit market share with highest sales in any calendar year since inception.
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