Back on track? At minus 7.5%, economy looks better than expected

The pull-down impact of net exports, which benefited from a Covid-induced demand-compression in the economy in Q1, exacerbated again in Q2, as imports recovered. India’s gross domestic product (GDP) shrank at 7.5% in September quarter, a contraction much narrower than feared by many, including the Reserve Bank of India (RBI), official data showed, as resilient consumers kept producers on their toes and let the economy claw its way out of the pandemic’s deep pit. The economy contracted at a record 23.9% in the first quarter of the fiscal; that was the steepest slide among G-20 countries. Though robust release of pent-up […]

Continue reading

States to get loan from agriculture infrastructure fund for Kusum scheme

The Centre will provide 30% CFA for the scheme, while the state governments will give a 30% subsidy and the remaining 40% will be provided by the farmer. States have the option to get funding at discounted interest rate through the Rs 1-lakh-crore Agriculture Infrastructure Fund (AIF) if they want to implement the Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan (PM-Kusum) scheme which aims to remove the use of diesel in irrigation and promote solar technology in the agriculture sector. “The ministry of new and renewable energy (MNRE) will provide Rs 34,422 crore as central financial assistance (CFA) towards the […]

Continue reading

FY21 GDP: Q2 data signal ‘upside potential’ to forecasts, says CEA KV Subramanian

Also, given the uncertainty, it is difficult to predict if the economy will enter the positive territory in the third or fourth quarters of this fiscal. Encouraged by a lower-than-expected slide of 7.5% year-on-year in real GDP in the September quarter, chief economic adviser KV Subramanian on Friday spoke of an “upside potential” to the GDP estimates firmed up by the central bank and other agencies if the country doesn’t go through a second wave of Covid-19. The RBI had in October forecast a 9.5% contraction for FY21, while some other global agencies recently projected an up to 11% slide for […]

Continue reading

OPEC, Russia Alliance Lean Toward Keeping Oil Cuts in Place

OPEC and its Russia-led partners are leaning toward extending oil production cuts for another two to three months, according to officials familiar with the discussions, a move they hope will keep markets tight even as prices start to recover from Covid-19-inspired lows earlier this year. A deal isn’t done yet, these officials said, and issues related to several countries’ past compliance could still prevent an agreement when the group meets online next week to discuss the issue. Recently buoyant oil prices are also changing market dynamics, they say, giving some countries more firepower in arguing for opening taps back up. The […]

Continue reading

Black Friday Is Big in Taiwan, but Why?

Among the holiday traditions many Americans will forgo this year is waking early up from our turkey-induced slumber to hit the stores at dawn on Black Friday. But we can at least live vicariously thanks to Taiwan. In years without a pandemic, Americans are firmly divided into two camps: those who can’t resist a bargain and show up in-person, and those who puzzle over why anyone would risk being trampled over a discounted TV. Now Americans can unite in wondering why people in one of the few places in the world where it is safe to mob the stores in-person are […]

Continue reading

Oil Prices Seen Remaining Subdued Into 2021

Oil prices are expected to remain subdued into the new year, with murky prospects for the global economy and supply of crude weighing on the outlook. Futures for West Texas Intermediate, the U.S. benchmark for oil, will likely be about $43.25 a barrel in the first quarter, according to a survey of 10 investment banks, suggesting the market will remain within a narrow band. WTI futures slid 0.9% to $45.34 Friday. Next… Source link

Continue reading

Women Do Talk Money, With Their Text Group

The pandemic has helped propel the growth of group chats as people seek ways to connect and ease feelings of isolation. The continuing economic stress and stock-market volatility has also inspired women to join such groups to talk to peers about emergency funds, investing and financial goals. Money-focused text-messaging groups range in size but are often small, around four or five friends or peers who might text weekly or more, usually through iMessage or WhatsApp. According… Source link

Continue reading

Investors Seek New Election Data

Wall Street is tired of getting political bets wrong. Fund managers and research analysts are parsing alternative data for gauging election probabilities after twists and turns in the recent U.S. voting sent asset prices swinging. That means looking at everything from betting markets to historical changes in voter registrations and sentiment on Twitter. The… Source link

Continue reading