Market Pulse

Date Heading Details
22-Sep-2020   09:23 Hrs IST India to need fiscal stimulus, faster bank recapitalisation to return to 7% growth rate: Arvind Panagariya <p align="justify">Former Niti Aayog vice chairman -- Arvind Panagariya has said India will need fiscal stimulus, lower interest rates, faster bank recapitalisation and privatisation of some PSUs to return to 7 per cent growth rate. Panagariya further said the country lost nearly $125 billion in the April-June period due to the COVID-19 pandemic. </p><p align="justify">Besides, he pointed out that India's economic growth was slowing down even before COVID-19 hit the country because there was a lot of stress in the financial sector. He emphasised ‘so we need to recapitalise banks now, otherwise NPAs will rise again and it will be difficult for Indian economy to grow at 7-7.5 per cent again. So, we should not commit past mistakes'.</p><p align="justify">Talking about the farm sector, he said agriculture is important for India because too many people are dependent on it. But, he added agriculture cannot grow more than 4 per cent. So India needs more growth in services and manufacturing sector. India's economy suffered its worst slump on record in April-June, with the gross domestic product (GDP) contracting by 23.9 per cent as the coronavirus-related lockdowns weighed on the already-declining consumer demand and investment. However, agriculture grew by 3.4 per cent during the April -June quarter of the current fiscal.<br></p>
21-Sep-2020   09:08 Hrs IST Govt collects non-tax revenue of Rs 84,023.78 crore so far in FY21: Anurag Singh Thakur <p align="justify">Minister of State for Finance Anurag Singh Thakur has said that the total non-tax revenue collected by the Central Government, so far, during this financial year (FY21) is Rs 84,023.78 crore (Provisional). He said the total corporate tax collection so far during FY21 is Rs 95,533 crore, while the total GST collection in the current financial year is Rs 3,59,112 crore. Besides, he said the total market borrowings of the central government so far this financial year stands at Rs 7.06 lakh crore.</p><p align="justify">Thakur has stated that the overall expenditure of government stood at Rs 10,54,209 crore as on July 31, 2020. He also listed out few expenditure items related to fighting COVID-19 pandemic, including Rs 8,575.17 crore under 'India COVID-19 Emergency Response and Health System Preparedness package' to provide support to all states and UT governments for COVID-19 management, National Centre of Disease Control (NCDC), among others, by Ministry of Health &amp; Family Welfare. The expenditure also included Rs 20.81 crore by Ministry of Ayurveda, Yoga and Naturopathy Unani, Siddha and Homoeopathy (AYUSH), Rs 102.88 crore by Ministry of Home Affairs and Rs 19.34 crore by Ministry of Civil Aviation. </p><p align="justify">The minister further said Rs 2,454.56 crore was spent on procurement of masks and PPE Kits for healthcare workers and other frontline workers by Ministry of Health &amp; Family Welfare; Rs 1.35 crore by Ministry of Ayurveda, Yoga and Naturopathy Unani, Siddha and Homoeopathy (AYUSH) and Rs 58.05 crore by Ministry of Home Affairs. Apart from the specific expenditure items, he noted that two packages, one amounting to Rs 1.70 lakh crore under Pradhan Mantri Garib Kalyan Yojana and AtmaNirbhar Programme, being a special economic and comprehensive package amounting to Rs 20 lakh crore have been announced to fight COVID-19. He added that the total capital expenditure during the current financial year 2020-2021 is Rs 1,11,849 crore as on July 31, 2020.<br></p>
18-Sep-2020   09:22 Hrs IST RBI to purchase government securities under OMOs for aggregate amount of Rs 10,000 crore
17-Sep-2020   09:09 Hrs IST Economic recovery not yet fully entrenched, RBI battle ready to support growth: Das
16-Sep-2020   09:23 Hrs IST India to be back to high growth through reforms after overcoming pandemic: CEA KV Subramanian
15-Sep-2020   09:08 Hrs IST Indian economy likely to contract by 9% in FY21: S&P
14-Sep-2020   09:10 Hrs IST India's GDP likely to see sharper contraction of 8-8.2% in FY21: CARE Ratings
11-Sep-2020   09:07 Hrs IST India's GDP growth likely to contract by 9% in FY21: Crisil
10-Sep-2020   09:23 Hrs IST India must convert COVID-19 crisis into opportunity: Amitabh Kant
09-Sep-2020   09:24 Hrs IST India needs more banks to double credit-to-GDP ratio to 100%: RBI board member