Business Economy

Indian economy contracts by 7.5% in Q2

Country enters technical recession. India’s Gross Domestic Product (GDP) contracted 7.5% in the second quarter of 2020-21, following the record 23.9% decline recorded in the first quarter, as per estimates released by the National Statistical Office on Friday. The country has now entered a technical recession with two successive quarters of negative growth.  However, the […]

Business Economy

₹4300 crore collected as compound interest during moratorium returned, SC notes

The payments were made in compliance of a government payback scheme introduced on October 23 The Supreme Court recorded in a judgment on Friday that lending institutions have returned over ₹4300 crore in compound interest collected from small borrowers during the moratorium period. The ex-gratia payments have been made into 13.12 crore bank accounts across […]

Business Economy

LPG subsidy for BPCL consumers to continue post-privatisation: Pradhan

The subsidy is paid in advance and consumers use this to buy LPG refills. LPG customers of Bharat Petroleum Corporation Limited (BPCL) will continue to get cooking gas subsidy post-privatisation of the nation’s second-biggest fuel retailers, Oil Minister Dharmendra Pradhan said on Friday. “Subsidy on LPG is paid to consumers directly and not to any […]

Business Economy

Recovery’s momentum stronger-than-expected, says RBI chief Shaktikanta Das

Need to watch demand sustainability amid downside risks from COVID-19 surge, he says. India’s economy has exhibited a stronger-than-expected pick up in momentum of recovery following a multi-speed normalisation of activity in the second quarter, Reserve Bank of India Governor Shaktikanta Das said on Thurday. Also read: Do recent indicators hint at a real economic […]

Business Economy

Proposal to allow business houses into banking a ‘good-looking’ step in ‘bad direction’: Kaushik Basu

The proposal might lead to crony capitalism and eventual financial instability, says the former chief economist of World Bank The RBI working group’s proposal to allow corporate houses to set up banks is a ‘good-looking’ step in a ‘bad direction’ and may lead to crony capitalism and eventual financial instability, former chief economist of World […]