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7:35 PM

GDP estimates signal upside potential for Indian economy this fiscal: CEA

Chief Economic Adviser K V Subramanian on Friday said there is an "upside potential" in the estimates about the economy during the current financial year as recovery is taking faster than expected. Giving outlook for the near future, he said, "We should be cautiously optimistic and the caution is warranted because economic impact is primarily due to the pandemic."

 

Given the uncertainty, he said, it is difficult to predict if positive territory can be hit in the third or fourth quarter of this fiscal.

 

"I would say that the given what we have seen in Q1 and Q2 and with the optimism that is being seen in the estimates, I do see upside potential in that estimate given the good recovery that is happening," he said when asked about growth estimates for the entire financial year. READ ON...

6:55 PM

People taking it on themselves on their own: Bihar CM Nitish Kumar on Tejashwi Yadav's remarks

6:47 PM

Rajasthan reports 3,093 new coronavirus cases; state tally 260,040

6:16 PM

Supreme Court today adjourned hearing on loan moratorium case to Dec 2

6:10 PM

India's GDP Q2 2020: Economic contraction narrows to 7.5% from 23.9% in Q1

In line with analyst estimates for its performance in the July-September quarter (Q2) of 2020-21, the Indian economy contracted 7.5 per cent from the same quarter last year, official data released by the National Statistics Office showed on Friday. This was a significant improvement over an unprecedented 23.9 per cent year-on-year contraction witnessed in the April-June quarter of this year. In the September quarter of 2019-20, the country had reported a year-on-year gross domestic product (GDP) growth of 4.5 per cent.

 

The country's gross value added (GVA) contracted by seven per cent during the quarter. Another set of data released on Friday showed that the eight core infrastructure sectors of the economy saw a 2.5 per cent contraction over a the same quarter last year.

 

Even if India continues to be in a technical recession, a drop in the rate of GDP contraction signals a revival for the economy after a major plunge in the wake of the coronavirus pandemic. READ ON...

5:53 PM

Australia beat India by 66 runs in the opening ODI in Sydney

5:53 PM

Indian economy contracts by 7.5% in July-September 2020: Govt data

5:37 PM

LIVE: Bus catches fire on Delhi-Jaipur Highway; three dead, several injured

5:37 PM

Classes to resume in medical colleges of West Bengal from December 1

4:57 PM

Sensex drops 110.02 points to end at 44,149.72; Nifty slips 18.05 points to 12,968.95

4:40 PM

Opposition create ruckus inside Bihar Legislative Assembly during CM Nitish Kumar's speech

4:32 PM

MeT department forecasts more rains for Tamil Nadu and Puducherry next week

A low pressure area over the Bay of Bengal on November 30 could bring more rains to Tamil Nadu and Puducherry from December 1, the regional weather office said on Friday. Deputy Director General of Meteorology, Chennai, S Balachandran, told reporters that the system was likely to intensify into a depression later.

 

"A low pressure area is likely to form over southeast Bay of Bengal during the next 48 hours. It is very likely to intensify into a depression on November 30 and move towards the Tamil Nadu coast," he told reporters here.

 

As a result, there will be widespread rains in Tamil Nadu and neighbouring Puducherry from December 1-3, he said.

4:06 PM

SC directs govt to implement its decision to forego interest on eight categories of loans

The Supreme Court Friday directed the government to ensure that all steps be taken to implement its decision to forego interest on eight specified categories of loans paid upto Rs two crore in view of the coronavirus pandemic. A bench headed by Justice Ashok Bhushan said the COVID-19 pandemic has not only caused serious threat to the health of the people but has also cast its shadow on the economic growth of the country as well as other countries in the entire world.

 

The eight categories of loans are MSME (Micro, Small & Medium Enterprises), Education, Housing, Consumer durable, Credit card, Automobile, Personal and Consumption.

 

"Due to lockdown imposed by the Government of India in exercise of powers under the Disaster Management Act, 2005, there can be no denial that most of the businesses including private sector as well as public sector has been adversely affected.

 

"For several months, large number of industries were not allowed to function and exemptions were granted only to few of the industries to run and carry on its activities, which were found essential and necessary in the fact situation," the bench, also comprising Justices R S Reddy and M R Shah, said.

3:31 PM

Farmers' protest LIVE updates: Farmers enter Delhi through Tikri border

3:06 PM

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

LPG customers of Bharat Petroleum Corporation Limited (BPCL) will continue to get cooking gas subsidy post-privatisation of the nation's second-biggestfuel retailers, Oil Minister Dharmendra Pradhan said on Friday.

 

"Subsidy on LPG is paid to consumers directly and not to any company. So the ownership of the company that sells LPG is not of any material consequence," Pradhan told PTI. The government gives 12 cooking gas (LPG) cylinders of 14.2-kg each to households in a year at a subsidised rate. This subsidy is directly paid into the bank accounts of the users.

 

The subsidy is paid in advance and consumers use this to buy LPG refills that are available only at market price from dealers of oil marketing companies -- Indian Oil Corporation (IOC), BPCL and Hindustan Petroleum Corporation Limited (HPCL). The moment a refill is bought using the subsidy, another installment is transferred into the user bank accounts. Pradhan said the LPG subsidy payment is done digitally to all verified customers.