Economic Activity

Economic Activity News

Strict COVID-19 lockdowns in Shanghai threaten auto production in China
World

Strict COVID-19 lockdowns in Shanghai threaten auto production in China

COVID-19 outbreaks across China and the associated reductions in economic activity have already hit the auto industry hard, with car sales dropping 10.5 per cent in March

GST collection hits five-month high at Rs 1.17 lakh in Sept, revenues 23% higher than last year
India

GST collection hits five-month high at Rs 1.17 lakh in Sept, revenues 23% higher than last year

The collection in September is the highest in five months since April, when revenue was at record high of Rs 1.41 lakh crore.

India's debt ratio to GDP increases from 74% to 90% during COVID-19: IMF
India

India's debt ratio to GDP increases from 74% to 90% during COVID-19: IMF

Vitor Gaspar, Director of IMF's Fiscal Affairs Department, said that widening deficits and contraction in economic activity, debt worldwide increased sharply to 97% of GDP in 2020

Despite lockdowns, emissions from use of oil, gas, coal were higher in Dec 2020 than 2019: Study
World

Despite lockdowns, emissions from use of oil, gas, coal were higher in Dec 2020 than 2019: Study

The right energy policies could ensure the historic opportunity to make 2019 the definitive peak in global emissions, is not wasted, experts said.

India's GDP may turn positive at 1.3% in Dec quarter of FY2020-21: DBS Bank report
India

India's GDP may turn positive at 1.3% in Dec quarter of FY2020-21: DBS Bank report

The government will release the GDP numbers for the October-December quarter of the current fiscal on Friday

US businesses hammered by COVID-19 pandemic but some feel worst of crisis behind them: Fed survey
Business

US businesses hammered by COVID-19 pandemic but some feel worst of crisis behind them: Fed survey

The Fed’s survey, known as the “Beige Book,” was conducted in April, when non-essential businesses were shut down in much of the country, through 18 May, when some states had started to loosen restrictions.

India's first quarter GDP growth likely to be weakest since 2012; coronavirus, lockdown halted economic activity: Poll
Business

India's first quarter GDP growth likely to be weakest since 2012; coronavirus, lockdown halted economic activity: Poll

Forecasts for gross domestic product (GDP) data, due to be released on 29 May, ranged between +4.5 percent and -1.5 percent, underscoring the widespread uncertainty on the impact of the coronavirus on the economy at that stage.

COVID-19 Impact: Bad loans in banking sector may rise by Rs 5.5 lakh cr this fiscal, says India Ratings
Business

COVID-19 Impact: Bad loans in banking sector may rise by Rs 5.5 lakh cr this fiscal, says India Ratings

While bad loans from the corporate sector may rise by Rs 3.4 lakh crore, for non-corporate segments it may increase by Rs 2.1 lakh crore in FY21, India Ratings and Research said in the report

UP, MP ease labour laws: India needs to ride this wave focussing on employee health, safety and correct 'miserable' record in this matter
Business

UP, MP ease labour laws: India needs to ride this wave focussing on employee health, safety and correct 'miserable' record in this matter

Labour regulations such as 8 hours work days were brought in after years of protests against exploitation.

State refiners scale up crude processing as fuel demand improves with easing of lockdown measures
Business

State refiners scale up crude processing as fuel demand improves with easing of lockdown measures

Indian Oil Corp, the country’s top refiner, has raised crude processing at its plants to 60 percent capacity and aims to reach 80 percent by the end of this month, it said in a statement on Monday

Automakers warn of up to 45% sales drop as economy slumps due to pandemic; seek govt help in crisis
Business

Automakers warn of up to 45% sales drop as economy slumps due to pandemic; seek govt help in crisis

The auto industry is already reeling, with sales of cars, SUVs, trucks and motorbikes falling 18 percent last fiscal year to 21.5 million vehicles due to an economic slowdown.

Hyundai rolls out 200 vehicles from Chennai plant on first day of resuming operations
Business

Hyundai rolls out 200 vehicles from Chennai plant on first day of resuming operations

The auto major has commenced production at the facility adhering to 100 percent compliance of safety and social distancing norms, Hyundai Motor India said

Coronavirus impact: Fuel demand nearly halves in April as lockdown, travel curbs erode economic activity
Business

Coronavirus impact: Fuel demand nearly halves in April as lockdown, travel curbs erode economic activity

Consumption of fuel, a proxy for oil demand, totalled 9.93 million tonnes-its lowest since 2007, government data showed on Saturday.

Coronavirus Impact: Retail inflation likely fell to a five-month low in April over sluggish demand, says report
Business

Coronavirus Impact: Retail inflation likely fell to a five-month low in April over sluggish demand, says report

Retail inflation eased to a five month low in April as the nationwide lockdown imposed to try to quell the spread of the coronavirus and subsequent sluggish demand drove price pressures down, a poll surveys revealed.

JSPL's crude steel output remains flat during April; export contributes 74% of total sales volume
Business

JSPL's crude steel output remains flat during April; export contributes 74% of total sales volume

JSPL said the outbreak of pandemic began impacting economic activity by the third week of March, leading to the announcement of the nationwide lockdown.

Lockdown led to subdued economic activity but saved India from lot of agony: SBI chairman
Business

Lockdown led to subdued economic activity but saved India from lot of agony: SBI chairman

The SBI Chairman said the nationwide lockdown should only be lifted once the situation is fully under control.

Govt brushes off officers' proposal for wealth, coronavirus tax on super rich; terms IRS report 'irresponsible'
Business

Govt brushes off officers' proposal for wealth, coronavirus tax on super rich; terms IRS report 'irresponsible'

The suggestions are part of a paper titled 'Force', which stands for 'Fiscal Options & Response to the COVID-19 Epidemic', submitted by the Indian Revenue Service (IRS) Association to CBDT (Central Board of Direct Taxes) Chairman P C Mody,

Banking declared as public utility service for six months till 21 October; employees will not be able to go on strikes
Business

Banking declared as public utility service for six months till 21 October; employees will not be able to go on strikes

All public sector banks, old generation private sector banks like HDFC Bank, ICICI Bank, Axis Bank and Federal Bank are members of IBA

Inland logistics players' volume may fall 10-15% in current financial year; operational recovery to be gradual: India Ratings
Business

Inland logistics players' volume may fall 10-15% in current financial year; operational recovery to be gradual: India Ratings

The agency pointed out that between 2016-17 and 2018-19, the logistics space in India experienced a large amount of consolidation and the share of integrated logistics players increased substantially.

US oil plunged below $0 a barrel on Monday: Here's all you need to know about negative crude futures and what it means for consumers
Business

US oil plunged below $0 a barrel on Monday: Here's all you need to know about negative crude futures and what it means for consumers

The price of a barrel of benchmark US oil plunged below $0 a barrel on Monday for the first time in history, a troubling sign of an unprecedented global energy glut