INDIANECONOMY – The Purbottar

05 Aug

Sensex gives up gains after touching new high

editor0 CommentsBusiness, IndiaINDIANECONOMY, sensex

The key Indian equity indices gave up gains on Thursday after touching record highs during the initial trade. The BSE Sensex touched a new high of 54,576.64, and the Nifty50 on the National Stock Exchange hit a record 16,294.65 points. Around 10.25 a.m, Sensex was trading at 54,284.73, lower by 85.04, or 0.16 per cent from its previous close of 54,369.77. It opened at 54,576.64 and has so far touched an intra-day low of 54,243.97 points. The Nifty50 on the National Stock Exchange was trading at 16,231.20, lower by 27.60 points or 0.17 per cent from its previous close. Analysts…

Indian economy to witness substantial slack in FY22

editor0 CommentsBusiness, IndiaBusiness, INDIANECONOMY

Reserve Bank of India (RBI) has said that there will be “substantial slack” in growth for the Indian economy, although it is poised to recover and witness positive growth in the current fiscal. The RBI Bulletin for July 2021 noted that the economy is struggling to regain the momentum of recovery that had started in the second half of 2020-21 but was interrupted by the second wave of Covid. “Even with a 9.5 per cent GDP growth in 2021-22, there will be substantial slack in the economy and demand pressures may take some more time to become evident,” it said.…

Q1 GDP data: Employment-creating sectors get hit drastically

editor0 CommentsBusinessECONOMY, GDP, INDIA, INDIANECONOMY, UNEMPLOYMENT

The April-June quarter GDP data, released on Monday, showed thedeepest damage in the employment-creating sectors, likeconstruction and manufacturing. This comes at a time the Centreand the Finance Ministry are talking about green shoots in theeconomy. According to the data released by the National Statistical Office, theconstruction sector fell a staggering 50.3 per cent, whilemanufacturing sector contracted by 39.3 per cent, at constantprices. Almost all the major sub-sectors reported a contraction, withconstruction activities, manufacturing sector and trade, hotels, andtransport in the services sector being hit the worst hit. Thecontraction in some services is large, and as these continue to beunder restricted…