Reserve Bank of India's former deputy governor and Indian economist talks about the role of micro entrepreneurs in nation building and how financial institutions can play a crucial role, especially during the pandemic
Though largely along the lines of market expectations, this contraction is the biggest ever on record and the first contraction since the government started releasing quarterly GDP numbers in FY 1997-98
With adverse outcomes looming large on the economy, government intervention and relief measures are the need of the hour to minimise the damage being caused to industry, economy and livelihood of many.
From setting up an economic task force to addressing the recent panic buying of consumers, the Indian Prime Minister listed out a few things that the government was doing to fight the pandemic. He also appealed for a nationwide self-imposed curfew on Sunday and asked citizens not to burden the healthcare system unless absolutely necessary.
The agency cut the country's 2019 economic growth from the 6.1 per cent that it estimated in October, citing a sharper-than-expected fall in domestic demand and stress in NBFCs leading to a decline in credit growth.