Gross domestic product for the first quarter of 2022 contracted by 4 percent from a year earlier, according to advance government figures released on Tuesday.
Growth in the world's second-largest economy was already slowing in the latter half of last year with a property market slump and regulatory crackdowns, leading policymakers to set their lowest annual GDP target in decades for 2022.
Hundreds of thousands of people have been sent to isolation facilities in China, and millions more have been told to stay in their homes.
Doctors recommending sufficient intake of proteins during the pandemic was one of the reasons for the industry’s buoyancy during the pandemic. Rising incomes, rapidly expanding middle class, emergence of vertically integrated poultry producers and lower production and marketing costs other factors.
Supply shortages and the high base weigh on manufacturing, while services output may grow at a faster clip to lead the growth recovery in Q3 FY22, Barclays India said
The Labor Department’s report on Friday also showed the unemployment rate ticked up from 3.9 percent to 4 percent. Estimated job growth for December was also revised much higher, from 199,000 to 510,000.
Coronavirus Omicron India Highlights: The active cases comprise 3.67 per cent of the total infections, while the national COVID-19 recovery rate has decreased to 95.14 per cent, the ministry said. A reduction of 87,682 cases has been recorded in the active COVID-19 caseload in a span of 24 hours.
This brings Pakistan's total draw against the Extended Fund Facility program, initially approved in July 2019 for budget support, to about $3 billion
The newly appointed Chief Economic Adviser VA Nageswaran is expected to speak to media later in the day at 3:45 pm
Coronavirus Omicron India Highlights: The cumulative number of anti-COVID vaccine doses administered in the country so far has crossed 165.7 crore, according to the Union health ministry
Squeezed by inflation and still gripped by COVID-19 caseloads, the economy is expected to keep expanding this year, though at a slower pace. Many economists have been downgrading their forecasts for the current January-March quarter, reflecting the impact of the omicron variant. For all of 2022, the International Monetary Fund has forecast that the the nation’s GDP growth will slow to 4 percent.
Tea, edible oil, pulses, meat, cooking gas and services have gone up by 20 percent-40 percent since the COVID-19 pandemic began in early 2020 - hurting consumers while their incomes have fallen below levels seen before the health crisis.
The BlackRock report states that the “new era” of supply driven inflation has been ushered due to shutdowns amid the COVID-19 pandemic and the restart that followed, and this trend will “likely bring more macro volatility and force policymakers to live with higher inflation”
Arvind Panagariya suggested that the government must now signal its intention to wind down fiscal deficit by cutting it by half-to-one percentage point in 2022-23.
Punit Renjen said India will be the fastest-growing large economy in the world in 2022, registering a growth of somewhere between eight and nine per cent. ''This is going to be India's century,'' Renjen told PTI in an interview.
Asia’s third-largest economy is in the midst of a resurgence in coronavirus cases driven by the new variant that has forced most states to impose localised restrictions.
In a quarterly report on prices and the economy, the central bank said it now forecasts inflation of 1.1 percent for the fiscal year to March 2023, up from its previous forecast of 0.9 percent
"On the vaccination front, India has made rapid strides. On the Omicron variant, the recent data from the UK and South Africa suggest that such infections are 66 to 80 per cent less severe, with a lower need for hospitalisation,” the article on the state of economy published in the RBI Bulletin said on Monday.
Focus would also remain on the COVID situation, global stock markets, investment pattern of foreign institutional investors (FIIs), rupee-dollar trend and Brent crude, analysts said
Experts are of the view that the slowdown in power consumption growth in the first fortnight of January clearly shows the impact of local restrictions imposed by states amid the third wave of COVID-19 which affected industrial and commercial demand
The gathering, an online alternative to the event typically held in the Swiss ski town of Davos, will feature speeches by the leaders of various countries; as well as panel discussions with business, government and philanthropy figures who are expected to discuss climate change
About 850 companies in 21 sectors have plans to hire blue-collar workers over the next three months, but are facing difficulty “sourcing labour”, as per the report.
China has locked down two cities, while more face restrictions as the country is fighting multiple outbreaks of the Delta and Omicron COVID-19 variants
Brent crude gained $2.85, or 3.5 percent, to $83.72 a barrel, its highest settlement since early November. The global benchmark dropped 1 percent on Monday
The overall volumes of securitisation where a non-bank lender passes on future receivables against loans or a bunch of loans to another entity for upfront cash will come at Rs 1-1.1 lakh crore in FY22 as against the Rs 1.2 lakh estimated earlier, ICRA said in a report.