India in historic technical recession, RBI 'nowcast' shows
NEW DELHI: India’s economy probably shrank for a second straight quarter, according to a team of economists including Michael Patra, the central bank’s deputy governor in charge of monetary policy, pushing the country into an unprecedented recession.
Gross domestic product contracted 8.6% in the quarter ended September, the Reserve Bank of India showed in its first ever published ‘nowcast,’ which is an estimate based on high-frequency data. The economy had slumped about 24% in April to June.
“India has entered a technical recession in the first half of 2020-21 for the first time in its history,” the authors wrote. The government is due to publish official statistics November 27. The median forecast in a Bloomberg survey of economists sees a contraction of 10.4% in the July-September quarter.
The Reserve Bank’s number is buoyed by cost cuts at companies, which boosted operating profits even as sales dipped. The team of authors also used a range of indicators from vehicle sales to flush banking liquidity to signal brightening prospects for October. If this upturn is sustained, the Indian economy will return to growth in the October-December quarter, earlier than projected by governor Shaktikanta Das last month, when he pledged to keep monetary policy accommodative.
However, “there is a grave risk of generalization of price pressures, unanchoring of inflation expectations feeding into a loss of credibility in policy interventions,” the team of economists wrote in the Reserve Bank’s bulletin. They also highlighted risks to global growth from a second wave of coronavirus infections.
译文来源：三泰虎 http://www.santaihu.com/p/51293.html 译者：Jessica.Wu
At last, the truth is told by RBI, we are in recession for some time now and the economy is going down still further. This situation really defines the failure of current government policies and planning
Now India is sick man of south Asia....
which country is zooming in economy?
Finally the cat is out of the bag. We are in recession Madam Nirmala.
Global slow down is a reality and we in India have to face it. We have to take this head-on and come out of it
we have to face this recession due to the wrong and foolish policies of the ruling govt
Keep voting for uneducated chai valas and gundas.. this is what you get..
Only anti national people divert focus to unimportant issues like poverty, hunger, unemployment, economy, rapes. India is clearly a vishwa guru. All this is just a conspiracy to malign India.
Lock down was big mistake.PM totally ignored Economy before introducing lock down. Lock down proved disastrous for poor and backward country like India. African countries succeeded to control corona without lock down
Finally it here.
The Ache din.
Modi has destroyed Indian ecomony.
Shailendra Mumbai Pune
Petrol and diesel prices are burning people. When international prices are considerably low, prices in India are hovering around 90. BJP was shouting against petrol prices before 2014 elections. Most of the PSUs like BSNL and BPCL had gone to Ambani. This govt has failed on economic front.
RBI is anti national and it should go to Pakistan. We don't want this anti national news. Our economy is number one and growing very fast under Modiji. All patriotic Indians should ignore this news.
Everything is historic when in hands of illiterate chaiwala
This is indian politics. Before election economy booming and after results economy recession.
Bhakts will make 5 trillion pakoda economy.
I don't see any recession. People still continue to buy cars, houses, invest in gold, go for tour. I see celebrations are around..
India in recession, share market in all time high. Lol. Kya jumlabaazi hai
As global economy is down to historic low all the countries will be effected by that..
But India is number one!!!! Because only India has Modi!!!