Wait...

Online Export Import Data Search

Recent Searches: No Recent Searches
Complete Training Video : Click Here

India’s GDP to contract by 20% in first quarter of FY21: Care Ratings.


Date: 20-08-2020
Subject: India’s GDP to contract by 20% in first quarter of FY21: Care Ratings
India’s GDP is likely to contract by 20 per cent during the first quarter of the current fiscal on account of the COVID-19 pandemic-induced disruptions, Care Ratings said.

The Central Statistics Office (CSO) will release the gross domestic product (GDP) data for the first quarter of FY21 on August 31, which is expected to statistically mirror the adverse impact of the pandemic led lockdown on economic growth.

Notwithstanding the fact that considerable uncertainty prevails regarding the quarterly economic performance, taking cognizance of the adverse impact of lockdown we are pegging the real GDP growth at (-) 20 per cent YoY for Q1 FY21,” the rating agency said in a report.

The agency said disruptions caused by the countrywide lockdown crippled most economic and commercial activities across the country as has been depicted by various high frequency indicators slipping into red during these months.

Although the government had exempted certain select activities pertaining to agriculture, banking including NBFCs and HFCs, construction activities in rural areas from lockdown restrictions, these activities have remained muted due to labour shortages and other operational issues.

It said gross value added (GVA) is expected to have contracted by nearly 19.9 per cent in Q1 FY21, led by broad based contraction across sectors, barring agriculture and public expenditure.

Low tax collections weighed on GDP, dragging down the growth further, the report noted.

Among the eight sectors under the broad categorisation of GVA, two sectors namely — agriculture, forestry and fishing and public administration; defence and other services — are expected to register positive growth rates, while others are expected to de-grow in Q1 FY21, the report pointed out.

It said the industry is likely to witness a steep de-growth of 35.9 per cent year-on-year in the June quarter.

Services sector may contract by 16.8 per cent, but increase in government expenditure will provide modest support, the report said.

Increase in spending on public administration by the government following announcement of stimulus measures is expected to drive growth in the sector in Q1 FY21, it said.

On demand side, the rating agency said investment scenario has been dwindling with lower capacity utilization (below 70 per cent).

Private sector consumption remained below par as a side effect of lockdown.

Exports have contracted by a considerable 37 per cent in Q1 FY21 due to muted demand in global markets and trade restrictions imposed by certain countries due to the pandemic.

Tax collections were also hit as aggregate GST collections in Q1 FY21 were 41 per cent lower at Rs 1.85 lakh crore as compared with Q1 FY20 on account of restrictions on movements of goods and muted demand due to lockdown, it added.

Source:- financialexpress.com

Get Sample Now

Which service(s) are you interested in?
 Export Data
 Import Data
 Both
 Buyers
 Suppliers
 Both
OR
 Exim Help
+


What is New?

Date: 24-10-2020



Date: 21-10-2020
Notification No. 38/2020-Customs
Notification regarding exemption of duties of Customs against scrips issued under the RoSL scheme for apparel and made-ups sectors.

Date: 21-10-2020
Notification No. 07/2020 – Central Excise
Notification regarding exemption of duties of Central Excise against scrips issued under the RoSL scheme for apparel and made-ups sectors

Date: 20-10-2020
Notification No. 37/2020-Customs
Seeks to further amend notification no. 152/2009 dated 31.12.2009, regarding the rate of duty of customs on imports of "Polybutadiene Rubber" originating in Korea RP and imported under the India-Korea Comprehensive Economic Partnership Agreement.

Date: 15-10-2020
Notification No. 99/2020 - Customs (N.T.)
Exchange rate Notification No.99/2020-Cus (NT) dated 15.10.2020- regd.

Date: 13-10-2020
Trade Notice No. 30/2020-2021-DGFT
Electronic filing and Issuance of Preferential Certificate of Origin (CoO) for India’s Exports under GSP, GSTP, India-Malaysia CECA, India-Singapore CECA w.e.f. 15th October 2020

Date: 13-10-2020
Notification No. 30 /2020 -Customs (ADD)
Seeks to amend notification No. 48/2015-Customs (ADD), dated 21st October, 2015 to extend the levy of ADD on imports of “Plain Medium Density Fibre Board of thickness 6mm and above” originating in or exported from China PR, Malaysia, Sri Lanka & Thailand, for a period of three months i.e. upto 20th January, 2021.

Date: 09-10-2020
Notification No. 39/2015-2020
Amendment in Export Policy of Onions

Date: 08-10-2020
Circular No. 44/2020-Customs
Procedure for inspection of ICDs/CFSs/AFSs -reg

Date: 08-10-2020
Notification No. 50/2020-Customs (N.T./CAA/DRI)
Appointment of CAA by Pr. DGRI



Exim Guru Copyright © 1999-2020 Exim Guru. All Rights Reserved.
The information presented on the site is believed to be accurate. However, InfodriveIndia takes no legal responsibilities for the validity of the information.
Please read our Terms of Use and Privacy Policy before you use this Export Import Data Directory.

EximGuru.com

C/o InfodriveIndia Pvt Ltd
F-19, Pocket F, Okhla Phase-I
Okhla Industrial Area
New Delhi - 110020, India
Phone : 011 - 40703001