RBI governor Shaktikanta Das said on Friday(9 oct) that India’s GDP is seen shrinking by 9.5% in FY21 following the monetary disturbances from Covid yet trusted that the economy will organize a mellow recuperation of 0.5% by Q4
What ASSOCHAM SAID IS – “Be it India’s Purchasing Managers’ Index (PMI – Manufacturing) or PMI for Services, robust recovery is visible. The PMI for Manufacturing expanded to 56.8 in September 2020, the highest since January 2012. The PMI for Services expanded for the fifth straight month in September to 49.8 from 41.8 in August,”
The International Monetary Fund (IMF) on Tuesday(13 Oct) projected India’s gross domestic product (GDP) to plunge in FY21 by 10.3%, revised down since its June forecast of 4.5% drop, reflecting a severe-than-anticipated contraction in economic activities in the first quarter as a result of the nationwide lockdown as well as the rapidly spreading pandemic.