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economic slowdown

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Unparalleled global recession underway, twice as severe as 2009: Report

Fitch said the slump in FY21 growth was mainly due to a projected fall in consumer spending to just 0.3 per cent in FY21 from 5.5 per cent a year back and a 3.5 per cent contraction in fixed investment.
Global recession will be twice as severe 2009 recession, says Fitch Ratings.(Bloomberg File Photo)
Global recession will be twice as severe 2009 recession, says Fitch Ratings.(Bloomberg File Photo)
Updated on Apr 23, 2020 01:07 PM IST
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New Delhi | By Press Trust of India

Covid-19 update: India may see first contraction in 40 years on lockdown extension

The index of consumer sentiment plummeted to its lowest level since 2015, immediately after the nationwide lockdown was announced by the government on March 24, according to a report
People queue to collect food during lockdown, in Patna, Bihar on Wednesday.(Santosh Kumar/HT Photo)
People queue to collect food during lockdown, in Patna, Bihar on Wednesday.(Santosh Kumar/HT Photo)
Updated on Apr 16, 2020 02:15 PM IST
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By Bloomberg

Covid-19 has ‘drastically altered’ India’s growth outlook, shows RBI report

India’s economy expanded at its slowest pace in more than six years in the last three months of 2019 and was projected to clock in full-year growth of 5% which would be the lowest in over a decade.
Deserted view of Bypass Rd in Patnha on day fifteen of the 21-day nationwide lockdown to curb the spread of coronavirus.(Santosh Kumar/HT Photo)
Deserted view of Bypass Rd in Patnha on day fifteen of the 21-day nationwide lockdown to curb the spread of coronavirus.(Santosh Kumar/HT Photo)
Updated on Apr 09, 2020 01:28 PM IST
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Mumbai | By Reuters

Coronavirus will change the way we shop, travel and work for years

Coronavirus: In the white-collar world, workplaces have amped up options for teleworking and staggered shifts -- ushering in a new era where work from home is an increasing part of people’s regular schedule.
Huge crowd out shopping amid coronavirus outbreak at Central Market, Lajpat Nagar in New Delhi, India, on Saturday, March 14, 2020.(Biplov Bhuyan/HT PHOTO)
Huge crowd out shopping amid coronavirus outbreak at Central Market, Lajpat Nagar in New Delhi, India, on Saturday, March 14, 2020.(Biplov Bhuyan/HT PHOTO)
Updated on Mar 15, 2020 10:04 AM IST
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Bloomberg | By Enda Curran

Manmohan Singh says government is in denial over economic slowdown

Singh, also a noted economist widely credited with ushering in broad economic reforms as the finance minister in Narsimha Rao government in the 1990s, was addressing a gathering at the launch of Montek Singh Ahluwalia’s book, ‘Backstage’.
Manmohan Singh at the release of Montek Singh Ahluwalia’s latest book ‘Backstage’(HT Photo by Sanjeev Verma)
Manmohan Singh at the release of Montek Singh Ahluwalia’s latest book ‘Backstage’(HT Photo by Sanjeev Verma)
Updated on Feb 19, 2020 10:47 PM IST
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Hindustan Times, New Delhi | By HT Correspondent

Indian economy experienced abrupt slowdown, but it’s not in a recession: IMF

In the medium-term, Managing Director Kristalina Georgieva said, the IMF remains optimistic about India. “This is why we see that upswing potential for the growth in the country,” she said.
India had undertaken some important reforms that over the longer term would be beneficial for the country, but they do have some short-term impact, IMF MD said.(Reuters File Photo)
India had undertaken some important reforms that over the longer term would be beneficial for the country, but they do have some short-term impact, IMF MD said.(Reuters File Photo)
Updated on Feb 01, 2020 08:09 AM IST
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Washington | By Press Trust of India

If BJP stays in power, India won’t recover from slowdown: Chidambaram

Earlier, the Congress veteran had alleged that Prime Minister Narendra Modi had left it to his ministers to indulge in ‘bluff and blister’ about the state of the economy. He had also charged Modi with being ‘unusually silent’ on the economy.
Congress leader P Chidambaram waves at party workers as he arrives at Chennai airport(PTI Photo)
Congress leader P Chidambaram waves at party workers as he arrives at Chennai airport(PTI Photo)
Updated on Dec 08, 2019 12:35 AM IST
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Hindustan Times, Chennai | By MC Rajan

Loans worth Rs 5 lakh cr, rise in income tax refunds may push up spending

The loans push is part of the government’s efforts to revive demand in a slowing economy. Data released on Friday showed that the economy expanded by 4.5% in the second quarter (ending September 30) of 2019-2020, the lowest rate of growth since March 2013.
The income-tax department said that it had processed 21 million refunds for the current assessment year 2019-20 as on November 28, 2019, a 20% year-on-year jump(Getty Images/iStockphoto)
The income-tax department said that it had processed 21 million refunds for the current assessment year 2019-20 as on November 28, 2019, a 20% year-on-year jump(Getty Images/iStockphoto)
Updated on Dec 04, 2019 09:39 AM IST
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Hindustan Times, New Delhi | By Rajeev Jayaswal

April-October fiscal deficit stood at 102.4 % of budgeted target

Net tax receipts in the April-October period was 6.83 trillion rupees, while total expenditure was 16.55 trillion rupees, the data showed
This GDP growth data for the September 2019 quarter is the lowest since January-March of 2012-13, when it was registered at 4.3 per cent. (HT photo)
This GDP growth data for the September 2019 quarter is the lowest since January-March of 2012-13, when it was registered at 4.3 per cent. (HT photo)
Updated on Nov 29, 2019 07:56 PM IST
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New Delhi | By Reuters

What the Index of Industrial Production numbers mean for economy

With Index of Industrial Production (IIP) growth turning negative, it is reasonable to expect that the industry component of Gross Value Added (GVA) will grow at a much slower pace in the September quarter than what it did in the June quarter.
The Index of Industrial Production (IIP) has contracted for two consecutive months now.(Bloomberg File Photo)
The Index of Industrial Production (IIP) has contracted for two consecutive months now.(Bloomberg File Photo)
Updated on Nov 13, 2019 07:58 AM IST
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Hindustan Times, New Delhi | By Roshan Kishore and Vineet Sachdev

Industrial output in September shrinks to lowest in seven years

Data released by the statistics department on Monday showed capital goods that indicate investment demand in the economy shrinking 20.7% in its ninth straight month of contraction, while both consumer durables and consumer non-durables also contracted, signalling a continuing slump in consumption demand.
All components of industrial output—mining, manufacturing and electricity—fell during the month, pointing towards a deepening economic downturn.(Reuters File Photo)
All components of industrial output—mining, manufacturing and electricity—fell during the month, pointing towards a deepening economic downturn.(Reuters File Photo)
Updated on Nov 12, 2019 05:48 AM IST
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Livemint, New Delhi | By Asit Ranjan Mishra

Bolstered by Maharashtra, Haryana show, Cong-led Oppn to counter BJP on economy

The Congress is also determined to strongly oppose the government’s attempt to clear the contentious bill to amend the citizenship law.
(PTI file photo)
(PTI file photo)
Updated on Oct 30, 2019 09:20 AM IST
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Hindustan Times, New Delhi | By Saubhadra Chatterji

Banks had ‘worst phase’ under Manmohan Singh, Raghuram Rajan: Nirmala Sitharaman

Delivering a lecture at the prestigious Columbia University’s School of International and Public Affairs here on Tuesday, Sitharaman said that giving all the public sector banks a “lifeline” is today her primary duty. Finance Minister Nirmala Sitharaman.
Finance Minister Nirmala Sitharaman(PTI photo)
Finance Minister Nirmala Sitharaman(PTI photo)
Updated on Oct 16, 2019 12:52 PM IST
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New York | By Press Trust of India

Ravi Shankar Prasad defends economy with 3 movies made Rs 120 cr remark. Then withdraws it

Union law minister Ravi Shankar Prasad’s statement amid gloomy economy numbers drew sharp criticism from the opposition. Senior Congress leader Jairam Ramesh took a swipe at the government and said it was “Pra-sad index”.
Union minister Ravi Shankar Prasad on Saturday highlighted the “huge business” done by three movies released on single day to underscore the “soundness” of the Indian economy.(@rsprasad/Twitter)
Union minister Ravi Shankar Prasad on Saturday highlighted the “huge business” done by three movies released on single day to underscore the “soundness” of the Indian economy.(@rsprasad/Twitter)
Updated on Jul 10, 2020 01:57 AM IST
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Hindustan Times, New Delhi | By HT Correspondent

Indians are going to the movies to escape slowing economy, says PVR CEO

Sensing competition from the likes of Netflix Inc. and Reliance Industries Ltd.’s Jio service, PVR has partnered with Canadian motion technology player D-Box Technologies Inc. to design seats that sway and jerk in sync with the action on screen, offering a more immersive experience.
Seventeen of 26 analysts surveyed by Bloomberg have buy ratings on PVR stock, with eight holds and one sell.(HT File Photo)
Seventeen of 26 analysts surveyed by Bloomberg have buy ratings on PVR stock, with eight holds and one sell.(HT File Photo)
Updated on Oct 09, 2019 10:20 AM IST
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Bloomberg | By Nupur Acharya

Effect of global economic slowdown ‘more pronounced’ in India: IMF chief

In her speech, ahead of the IMF-World Bank autumn meetings next week, Georgieva said slower growth is expected this year in nearly 90% of world economies.
Kristalina Georgieva, managing director of the International Monetary Fund (IMF), speaks during a discussion in Washington on October 8.(Bloomberg)
Kristalina Georgieva, managing director of the International Monetary Fund (IMF), speaks during a discussion in Washington on October 8.(Bloomberg)
Updated on Oct 11, 2019 06:55 AM IST
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Washington | By HT Correspondent

New IMF chief says global economy suffering ‘synchronized slowdown’

Grinding trade disputes are undermining the global economy, which is set to see its slowest growth in nearly a decade, the new IMF chief said Tuesday.
Kristalina Georgieva said it is a crisis where no one is immune and everyone has a responsibility to act.(Bloomberg)
Kristalina Georgieva said it is a crisis where no one is immune and everyone has a responsibility to act.(Bloomberg)
Updated on Oct 08, 2019 09:53 PM IST
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Washington | By Agence France-Presse

Shadow bank crisis in India is making it hard to cut bond losses

Mutual funds are in a particularly tough spot, given their large holdings of non-bank financing company bonds.
Trading in NBFC bonds slid to a five-month low of about 755.2 billion rupees ($10.6 billion) in the secondary market in September.(Abhijit Bhatlekar/Bloomberg News.)
Trading in NBFC bonds slid to a five-month low of about 755.2 billion rupees ($10.6 billion) in the secondary market in September.(Abhijit Bhatlekar/Bloomberg News.)
Published on Oct 07, 2019 10:00 AM IST
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Bloomberg | By Divya Patil

Economic slowdown, fear factor hit West Bengal’s Durga Puja economy

Most puja organisers in West Bengal said they had to cut down their budget by 15% to 30% and shopping for the annual festival Durga puja.
Economic slowdown has cast its shadow on Durga Puja festival in West Bengal.(Photo by Bachchan Kumar/ Hindustan Times)
Economic slowdown has cast its shadow on Durga Puja festival in West Bengal.(Photo by Bachchan Kumar/ Hindustan Times)
Updated on Oct 03, 2019 05:15 PM IST
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Hindustan Times, Kolkata | By Tanmay Chatterjee

Amid economic slowdown, GST collection dips to 19-month low

The gross GST collections comprised of Rs 16,630 crore collection through Central-GST (CGST), Rs 22,598 crore in State-GST and Rs 45,069 crore through Integrated-GST (IGST). As much as Rs 7,620 crore was collected as cess levied on luxury goods.
The Goods and Services Tax (GST) collections dropped sharply to a 19-month low of Rs 91,916 crore in September, mirroring a widening slowdown in economy triggered by shrinking consumer demand.(HT FILE PHOTO.)
The Goods and Services Tax (GST) collections dropped sharply to a 19-month low of Rs 91,916 crore in September, mirroring a widening slowdown in economy triggered by shrinking consumer demand.(HT FILE PHOTO.)
Updated on Oct 01, 2019 08:50 PM IST
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Hindustan Times, New Delhi | By HT Correspondent and Agencies

Goa slashes road tax by 50% to boost struggling auto sector

The tax reduction comes ahead of the festive period and is expected to boost demand. Given its temporary nature, the cut is expected to push those stalling on purchasing a vehicle over the line.
Cars are seen parked in a dock. Goa government has slashed road tax on purchases of new vehicles for a period of three months, in a bid to help the struggling auto industry.(PTI)
Cars are seen parked in a dock. Goa government has slashed road tax on purchases of new vehicles for a period of three months, in a bid to help the struggling auto industry.(PTI)
Published on Oct 01, 2019 10:10 AM IST
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Panaji | By HT Correspondent

Housing sales dips 18 per cent in July-September quarter across top 7 cities: Report

Bengaluru saw maximum decline in new supply and housing sales by 35 per cent to 10,500 units.
Housing sales stood at 67,140 units in the year-ago period across seven cities. Housing sales demand was low by 13 per cent in the national capital region at 9,830 units.(Parveen Kumar/Hindustan Times)
Housing sales stood at 67,140 units in the year-ago period across seven cities. Housing sales demand was low by 13 per cent in the national capital region at 9,830 units.(Parveen Kumar/Hindustan Times)
Updated on Sep 30, 2019 02:23 PM IST
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New Delhi | By Press Trust of India

Why is BJP government so confused on economy: Priyanka Gandhi on Nirmala Sitharaman’s ‘Ola-Uber’ remark

The Congress has been attacking Sitharaman for her remarks saying it reflected the “inefficiency, immaturity, and inexperience” of the BJP in governance.
Priyanka Gandhi combats BJP on ‘Ola-Uber’ remarks.(HT File Photo)
Priyanka Gandhi combats BJP on ‘Ola-Uber’ remarks.(HT File Photo)
Updated on Sep 12, 2019 03:52 PM IST
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New Delhi | By Press Trust of India

Economic slowdown might be more than a passing cycle of low demand | Opinion

What has caused India’s slowdown and when will GDP growth pick pace again? Answering the second question actually depends on the first, about which there’s considerable debate.
Finance minister Nirmala Sitharaman, addressing the media on her government’s crossing of 100 days in office on September 10, passed off the slowdown as part of the cycle.(ANI)
Finance minister Nirmala Sitharaman, addressing the media on her government’s crossing of 100 days in office on September 10, passed off the slowdown as part of the cycle.(ANI)
Updated on Sep 12, 2019 04:50 PM IST
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Hindustan Times | By Zia Haq

‘Acknowledging problem is good start’: Rahul Gandhi disses government on economy

The Indian economy is seeing a slowdown with the gross domestic product (GDP) growth dipping to 5% in the quarter ended June.
Rahul Gandhi(Twitter)
Rahul Gandhi(Twitter)
Updated on Jun 28, 2020 05:19 PM IST
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Thank you all, tweets P Chidambaram from Tihar. Then comes the jab at govt

Chidambaram was sent to 14 days’ judicial custody in Tihar jail on September 5 by a Delhi court in the INX Media corruption case.
New Delhi: Senior Congress leader and former finance minister P Chidambaram after he was produced in a CBI court in the INX media case, in New Delhi, Thursday, Aug 22, 2019.(PTI)
New Delhi: Senior Congress leader and former finance minister P Chidambaram after he was produced in a CBI court in the INX media case, in New Delhi, Thursday, Aug 22, 2019.(PTI)
Updated on Jun 28, 2020 08:29 AM IST
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Hindustan Times, New Delhi | By HT Correspondent

‘When will govt open its eyes?’ Priyanka Gandhi on auto sector crisis

The auto industry suffered its worst-ever monthly sales performance in August. Passenger vehicle sales were down 31.57% year-on-year to 196,524 units in August, passenger car sales slipped to 41.09% to 115,957 units.
Congress general secretary Priyanka Gandhi.(Ajay Aggarwal/HT PHOTO)
Congress general secretary Priyanka Gandhi.(Ajay Aggarwal/HT PHOTO)
Updated on Jun 27, 2020 08:48 PM IST
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Hindustan Times, New Delhi | By HT Correspondent

‘Slowdown is a cyclic process’: Prakash Javadekar on economy

The gross domestic product (GDP) numbers, released last week, showed that growth was at 5%, a six-year low. GDP growth has been declining for five consecutive quarters now.
Union minister Prakash Javadekar said at a press briefing on the Narendra Modi government completing 100 days in its second term.(ANI)
Union minister Prakash Javadekar said at a press briefing on the Narendra Modi government completing 100 days in its second term.(ANI)
Updated on Jun 27, 2020 07:20 PM IST
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Hindustan Times, New Delhi | By HT Correspondent

Why demand for power is surging amid India’s growth slowdown

Power requirement growth in the nation’s most industrialized states decelerated in the April-July period, as demand from businesses cooled in line with the broader slowdown in Asia’s third-largest economy.
Consumption of electricity during the April-July period grew 2.4% from a year earlier.(Getty Images/iStockphoto)
Consumption of electricity during the April-July period grew 2.4% from a year earlier.(Getty Images/iStockphoto)
Updated on Sep 04, 2019 01:33 PM IST
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Bloomberg | By Rajesh Kumar Singh and Debjit Chakraborty

Amazon India to offer to jobs to ex-servicemen, their spouses

An e-commerce market analyst, however, said Amazon India should hire more youth in their 20s and 30s given that unemployment rate is at a 45-year peak and job opportunities are scarce due to economic slowdown.
Amazon has about 50 fulfilment and 200 delivery centres in cities and towns across India.(Ramesh Pathania/HT File Photo)
Amazon has about 50 fulfilment and 200 delivery centres in cities and towns across India.(Ramesh Pathania/HT File Photo)
Published on Aug 27, 2019 08:57 AM IST
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Bengaluru | By Indo Asian News Service
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