The International Monetary Fund on Tuesday said forecasts for the global economy were "somewhat less dire" as wealthy countries and China rebounded more quickly than expected from coronavirus lockdowns but warned that the outlook was worsening for many emerging markets.
Department of Economic Affairs Secretary Tarun Bajaj said that India's economy is moving much faster than it was anticipated by economists. Bajaj further mentioned the International Monetary Fund report had predicted that India's growth should be 8.8% in next financial year. Tarun Bajaj said, "Despite COVID-19 situation, our growth story, which we feel is intact, is also accepted by others, who are ready to invest in India. We continue to see an uptick in economy for past few months since opening up of economy post lockdown. We are expecting a further improvement in November. The economy is moving much faster than anticipated by economists. This is mentioned in IMF report which says India's growth should be 8.8% in next financial year, which is highest for major economies."
Equity benchmark indices tumbled over half per cent during early hours on October 14 tracking Asian peers as halted COVID-19 vaccine trials soured investor risk appetite. Besides, the International Monetary Fund (IMF) revised its projection of contraction in India's GDP for current fiscal year to 10.3 per cent from 4.5 per cent earlier, citing a rise in COVID-19 cases. At 10:15 am, the BSE SandP Sensex was down by 232 points or 0.6 per cent at 40,393 while the Nifty 50 lost by 88 points or 0.73 per cent at 11,847. All sectoral indices at the National Stock Exchange were in the red zone with Nifty private bank down by 1 per cent, PSU bank by 0.7 per cent, IT by 1.1 per cent and metal by 0.9 per cent. Among stocks, Wipro slipped by 6.5 per cent to Rs 351.45 per share despite improving its performance in the second quarter of FY21 on several parameters.
Leaders of the world's 20 biggest economies on Sunday will pledge to pay for a fair distribution of COVID-19 vaccines, drugs and tests around the world so that poorer countries are not left out, and to extend debt relief to them, a draft G20 communique showed. Fred Katayama reports.
Wisconsin's governor on Friday extended a statewide mask mandate despite a legal challenge from conservatives, renewing an emergency health order requiring face coverings in public spaces to curb an alarming surge in COVID-19 infections. Fred Katayama reports.