The coronavirus (COVID-19) pandemic may set back the recovery of India's banking sector by years, which could hit credit flows and, ultimately, the economy. Non-performing loans (NPLs) in India will hit a fresh high, raising credit costs, and putting pressure on ratings, says ratings agency...
India's gross domestic product (GDP) is likely to contract 5.3% in FY21, the lowest GDP growth in the country history since FY51 and sixth instance of economic contraction, others being in FY58, FY66, FY67, FY73 and FY80, says India Ratings and Research (Ind-Ra).
The previous low of...
Global ratings agency Moody's Investor Services on Monday reduced its calender year 2020 economic growth forecast for India to (-)3.1 per cent, from its earlier projection of (+)0.2 per cent.
It said that effects of lockdowns on Q2 activity will be larger than previously...
Rajiv Bajaj has said that the nationwide lockdown implemented to curb the spread of the Covid pandemic has decimated the economy "You flattened the wrong curve. It is not the infection curve, it is the GDP curve. This is what we have ended (up) with, the worst of both worlds."
The...
Rains have started in Mumbai at 1750 today evening and Mumbai will most likely continue to see light to moderate showers as the cyclone Nisarg moves closer. These rains are due to the outer bands of the cyclone. Earlier Ratnagiri and Sindhudurg felt rains throughout the day today. Reports...
