close
Breaking news

A new line of argument has already come to dominate the public sphere: it’...read more The government has gone one step further to detect community spread of the coro...read more The government has issued an order to abolish the six allowances, including the...read more Aarogya Setu application launched by NIC is aimed to track COVID-19 affected pe...read more SEOUL| South Korea’s unemployment rate was unchanged in April as the coronavi...read more Amid the outbreak of Corona pandemic in the country, Indian government has been...read more Prime Minister Narendra Modi in his address to the nation on Tuesday indicated ...read more Corona infection in the country is taking a macabre form. So far, more than 74 ...read more Congress General Secretary Priyanka Gandhi Vadra has written a letter to UP Chi...read more On Tuesday, Prime Minister Narendra Modi announced a package of Rs 20 lakh cror...read more

DBS Bank said on Monday ,Indian economy may face further slowdown this year

Singapore’s DBS Bank said on Monday, India’s economic growth is expected to slow further in the second half of the year,

“Real GDP is likely to print 4.3 per cent YoY in 3Q vs 2Q’s 5 per cent, nearing the trough for this cycle,” DBS said in its daily economic report.

Weakness in the crucial consumption sector is likely to be extended into the quarter along with tepid private sector activity.

New project announcements remain at a multi-year low, while production was depressed by weak consumer durables, non-durables, intermediate and capital goods, the bank pointed out.

Surveys by the Reserve Bank of India (RBI) reflect downbeat consumer sentiments towards income and employment conditions.

Indirect and direct tax collections also reflected slower demand, as did sluggish credit growth as banks and non-banks tightened due diligence, it said.

Providing a counterweight, fiscal spending likely quickened after slower disbursements in the first half of the year due to the general elections.

Net trade is unlikely to be a drag with weak exports accompanied by a sharper fall in non-oil, non-gold imports.

“Under GVA (Gross Value Added), we expect 4.1 per cent print, with most sectors barring public administration to have slowed in the quarter,” said DBS.

Tags: , , ,

Story Page

Download Our Mobile App