GDP News LIVE Updates: India’s second quarter GDP to grow 8.4% year-on-year, Reuters survey shows
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Fuel prices remain unchanged since early November
Fuel prices remained unchanged after the tariff review by the Center and state governments in early November. Tuesday’s WTOs kept fuel prices unchanged in major Indian cities, but retail prices varied depending on the level of local taxes.
India’s Big Bang Pandemic Reforms Have They Hit The Line?
“Even though the government has used the pandemic to announce many long-standing reforms, implementation is still lagging behind. We still have to wait until next year to see if and how quickly the announced reforms are finally implemented, ”said Tanvee Gupta Jain, economist, UBS Securities.
Will Omicron put the brakes on Indian recovery?
The chief of drugmaker Moderna has said that COVID-19 vaccines are unlikely to be as effective against the Omicron variant of the coronavirus as they have been before, raising new concerns in financial markets about the trajectory of the pandemic.
Outlook for Indian banks stable, according to Moody’s
The outlook for Indian banks is stable, as a likely pick-up in lending growth in a favorable policy environment is expected to lower lending costs, Moody’s Investors Service said.
Stocks drop gains ahead of GDP data, global futures also down
The stock market is on track for its first monthly decline in seven years as markets abandoned their early gains on Tuesday as investors waited for second-quarter GDP data. Dow futures were down 350 points or more than 1% around 11:30 a.m.
Reuters survey of 44 economists shows India’s economy grew 8.4% in second quarter
India’s economy contracted 7.5% over the same period last year, as the pandemic-induced lockdown wreaked havoc on economic growth.
From the worst recession we experienced last year when the economy fell 7.3%, we are seeing 9.5% GDP growth this year. I would say that is in large part thanks to a favorable base. The actual rebound on the ground has been attenuated.
– Tanvee Gupta Jain, UBS Securities
Rupee gains 20 paise to 74.87 against US dollar at start of trade
Government support for the rural sector is slowly withdrawing. This implies that rural growth is expected to slow, which could act as a brake on growth, but could be at least partially offset by a pickup in urban demand.
– Teresa John, Economist, Nirmal Bang Institutional Equities
India reports 6,990 new cases of Covid-19
India has also reported 190 deaths and 10,116 recoveries in the past 24 hours. This brought the number of active cases to 1,00,543, while the total number of vaccinations is 1,23,25,02,767.
Union Health Secretary Rajesh Bhushan to Hold Review Meeting with States on Omicron Variant of COVID-19 Today
We are seeing a mixed recovery in India, certainly not a widespread recovery. But we expect indicators on the demand side to improve, including vehicles, real estate, home and personal care, and consumer durables.
– Tanvee Gupta Jain, Economist, UBS Securities
Everything you need to know before the second quarter GDP numbers
Kazakhstan suspends flights with Egypt on Omicron variant
Nur-Sultan’s government added that it would restrict the entry of citizens of a number of other African countries, as well as Hong Kong, and screen arrivals from countries where the variant has been reported.
CDC says 18+ should get booster shot
The Centers for Disease Control and Prevention on Monday expanded its recommendation for COVID-19 booster shots for all adults as the new variant of omicron is identified in more countries. The agency previously approved the recalls for all adults, but only recommended them for people 50 and older or if they live in a long-term care facility.
WHO warns new virus variant poses “very high” risk
The United Nations health agency’s assessment, contained in a technical paper addressed to Member States, was WHO’s strongest and most explicit warning to date regarding the new version first identified. times a few days ago by researchers in South Africa. It happened as a growing circle of countries around the world reported cases of variant and decided to slam their doors in an act now approach, to ask questions later while scientists are rushing to figure out just how dangerous the mutant version could be.
India has consistently condemned acts of violence in Syria as well as human rights violations, regardless of perpetrator
– Pratik Mathur, adviser to the Permanent Mission of India to the UNGA on the meeting of the UNSC Arria formula
Beware of the global energy crisis and its impact on recovery and growth: experts
Chandigarh returnee from South Africa tested positive for COVID-19
One of her family members and her domestic helper are also positive for the disease. Samples of positive cases will be sent for whole genome sequencing to NCDC, Delhi to determine variant of coronavirus, administration says
All international passengers who test negative for COVID-19 upon arrival in Bengaluru will be quarantined for seven days. They will be tested again after seven days. 598 of these passengers are under surveillance
– Bangalore rural district health worker
Aggregate capital spending in 24 states rose 62.2% in the second quarter, compared to 98.4% in the first quarter.
Public investments increased by 51.9% in Q2 against 26.3% in the same previous quarter of the current fiscal year
GDP growth of 8.3% in the second quarter of 9.4% for the whole year: ICRA
The agency attributed the higher growth to nine consecutive quarters of agricultural growth of more than 3%, which boosted consumer spending and the resulting rise in private final consumption spending, which is expected to fall to around 10% over the course of the year. of the September quarter of the current fiscal one.
Government expected to keep spending thanks to higher tax revenues
PEG growth was slightly higher in August
- 11.9% in August 2021
- 11.5% in July 2021
SBI sees possibility of upward bias
SBI Research has forecast GDP growth for the second quarter at around 8.1% (with an upward bias) while the second quarter GVA is estimated at 7.1%. India’s projected growth rate of 8.1% in T2FY22 is the highest growth of any economy, they said.
What it looks like, so far:
The RBI has put forward a growth forecast of 9.5% for India, matching the IMF forecast
Figures for the last quarter
GDP jumped 20.1% in the June quarter of FY22
India’s economy experienced its fastest growth on record in the June quarter, helped by weak base from the previous year’s record contraction and a strong rebound in industry and construction, according to released data in August.
The economy likely picked up in the September quarter before Omicron spread
- The data was expected to show India’s economic recovery strengthened in the July-September quarter, aided by a pickup in consumer spending, although the spread of the Omicron coronavirus variant raised fears for the future. .
- Asia’s third-largest economy has rebounded from last year’s deep recession, spurred by rising vaccination rates and a pickup in public spending.
- But as the market waited for the numbers, health officials said they were tightening testing at airports, following the spread of the Omicron variant. Prime Minister Narendra Modi on Saturday ordered a review of plans to ease travel restrictions.