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Kant further said that almost 90 per cent plus of the USD 22 billion foreign direct investment in India during the pandemic came through the automatic route.
A large section of the global young population led by India is confident of their future despite lower salaries and the possibility of a further hit on jobs and income due to the Covid-19 pandemic as they are prepared to adopt to a new world to work harder and use digital technologies.
The think tank’s Business Expectation Survey (BES), of which the BCI formed a part of, found substantial regional variations in business sentiment.
“Our aggregate scorecard ranks India and Indonesia on top as the most likely candidates to implement debt monetisation. These two economies rank high on the need scores, reflecting their high vulnerability to COVID-19, steep yield curves and high public debt (India),” Nomura said.
On Thursday, the six-member monetary policy committee voted unanimously to keep its main policy rate unchanged, given the recent surge in inflation to above the central bank’s 2%-6% target range.
Consumers around the world are showing an increased interest in safeguarding their health and boosting their immunity. In India, that often means ayurveda, the country’s ancient system of medicine. Here are a few of the products shoppers in the world’s biggest open consumer market have been stocking up on.
"The spike in the number of positive COVID-19 cases, the extension of lockdown in containment zones and the staggered easing of restrictions affected the business optimism levels," said Arun Singh, Global Chief Economist, Dun & Bradstreet. All six optimism indices -- volume of sales, net profits, selling prices, new orders, inventories and employees.
CMIE data for the week ended August 2 showed the employment rate in July stood at 37.6%, which it says is much lower than what it was during 2019-20. Employment rate stood at 39% in the pre-Covid period. “The recovery process accelerated in June and continued into July. Yet, it is not complete and the recovery process has slowed down,” CMIE said.
The IHS Markit Services Business Activity Index was 34.2 in July as against 33.7 in June. A reading above 50 indicates expansion and below that, shows contraction in business activity. As per the release, the latest reading remains close to the lowest recorded in nearly 15 years of data collection, surpassed only by the unprecedented falls in the previous three months.
The July uptick reflected post-lockdown normalisation and pent-up demand driven largely by a recovery in rural demand, however, the continuous rise in daily cases posed a growing risk of tapering sequential improvements, Nomura said in a report on Monday.
The unemployment data by the Centre for Monitoring Indian economy shows 122 million people had lost jobs in April, the first month of the lockdown. However, 91 million of these recovered by the end of June with 21 million joining back work in May and another 70 million coming back to the labour market in June.
Asia's third-largest economy, which has the third-highest coronavirus caseload globally, is expected to shrink at its sharpest pace since 1979 this fiscal year, a Reuters poll found last week.
Transportation of goods, rail freight, exports, car sales, farming and employment indicators improved further in July from June levels, but retail remained sluggish, credit growth was lower, diesel demand fell and mobility indicators did not suggest increased activity in the month.
The index of eight core industries dropped 15% in June compared to a 22% decline in May. It had declined 37% in April. This is the fourth consecutive month of contraction in the core sector.
Gross tax revenue declined 32.6% in the first quarter of the year from the corresponding year ago period with the centre’s GST taking the maximum 47% knock, suggesting extreme consumer distress or caution. The extra borrowing to meet the revenue shortfall pushed up the fiscal deficit at the end of June to Rs 6.62 lakh crore, 83.2% of the full year budget estimate or Rs 7.96 lakh crore.
Retail inflation for industrial workers measured in terms of Consumer Price Index for Industrial Workers (CPI-IW) for June 2020 increased by 2 points and stood at 332.
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