India’s surprise move to restrict imports of TVs, announced on Thursday, will boost local manufacturing, strengthening Prime Minister Narendra Modi’s flagship ‘Make in India’ drive, an industry body said. The Indian trade ministry issued a notice late on Thursday saying it would restrict inbound shipments of TVs by requiring importers to get a special license.
India’s fiscal deficit touched a record $88.5 billion in the April-June quarter, 83.2% of the target for the whole of the current fiscal year, reflecting the impact of the corona virus pandemic on tax collections and as the government front-loaded its spending. The deficit is predicted by private economists to cross 7.5% of GDP in
Pandemic, Recession: The Global Economy in Crisis Global Outlook: Pandemic, Recession: The Global Economy in Crisis. The COVID-19 pandemic has, with alarming speed, delivered a global economic shock of enormous magnitude,leading to steep recessions in many countries.The baseline forecast envisions a 5.2 percent contraction in global GDP in 2020—the deepest global recession in eight decades,