State Bank of India (SBI.NS) (SBI) posted a sharp increase in net profit on Friday and provided a steady outlook for the coming quarters, even as the corona virus crisis ravages the country’s economy. SBI’s results come as Indian lenders brace for a flood of potential loan defaults, with many small businesses finding it hard
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
The Indian government is working with the central bank on a possible one-time restructuring of loans due to the impact of the COVID-19 pandemic on businesses, finance minister Nirmala Sitharaman said on Friday. “The focus is on restructuring. The finance ministry is actively engaged with the RBI (Reserve Bank of India) on this. In principle,
WHAT IS A BOND? A bond is a fixed income instrument that represents a loan made by an investor to a borrower. The government is launching the Floating Rate Savings Bonds 2020 (Taxable) scheme from July 01, 2020. The Floating Rate Savings Bonds 2020 (FRSB Bonds) will have a tenure of 7 years and the interest
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,