Friday 29 May 2020

Lockdown, Day 66: Economy takes a deep dive

CORONAVIRUS UPDATES

29 May, 2020 | 06:24 PM IST


Lockdown, Day 66: Economy takes a deep dive

India's GDP slowed to 3.1 per cent in Q4 of FY20 as against 4.7 per cent in Q3. This is the lowest growth rate in 8 years so far in the current series. However, India reported a better than expected growth rate of 4.2% in FY20.

Add to this, the 2-month long lockdown has led to a 38 per cent contraction in core sector output for April . The data measures the productivity of 8 core industries which account for 40 per cent of India's index of industrial production.

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COUNT SO FAR
    Rajasthan reports 91 new cases, tally rises to 8,158
    Odisha reports 63 new cases; total rises to 1,723
    Himachal Pradesh logs 291 cases
    30 new cases in Assam, total count 910
    Manipur case count stands at 58
    Delhi reports 1106 new cases, tally reaches 17,386
    Karnataka registers 178 new cases, tally at 2,711
    Uttarakhand reports 102 new cases, total at 602
    Andhra count rises to 2,874 with 33 new cases
    Puducherry case count stands at 35
    Nagaland reports 7 new cases, total rises to 25

World India
Tally Toll Tally Toll
5,803,416 359,791 165,799 4,704



LIFE UNDER LOCKDOWN
    Travel resumption Day 4: 494 domestic flights, 38,078 passengers
    Quarantine must for rail passengers with symptoms in MP
    Two floors of Parliament sealed after official tests positive
    Decision to open shops in malls soon
    ITC Hotels partners with Swiggy to offer dining options to customers


BUSINESS AND ECONOMY
    Sensex takes winning run to 3rd day, rises 224 points
    Rupee settles 14 paise higher at 75.62 against US dollar
    Home Credit India lays off 1800 employees
    Motilal Oswal announces bonuses and promotions amid outbreak
    Indian IT eyes captives as global cos rejig operations
    Farm wages doubled in many agricultural districts
    Economy needs support from PSBs: Union Bank

GLOBAL ECONOMY
    Renault announces nearly 15,000 job losses worldwide
    Volkswagen invests 2 bn euros in Chinese EV sector
    COVID-19 could cause USD 8.5 trillion loss in global output: UN Sec Gen
    British lender Nationwide reports 44% profit slump
    Japan backs nearly a third of $6.6 billion loans to Nissan
    Finland in recession after Q1 GDP shrinks 0.9% Q/Q
    Italy Q1 GDP sharply revised down to -5.3% q/q


AROUND THE WORLD
    US death toll at 101,573, cases at 1,720,613
    Thailand reports 11 new cases, total stands at 3,076
    Germany's confirmed cases rise by 741 to 180,458
    Cases in Pakistan cross 64,000-mark, death toll hits 1,317
    Singapore cases reach 33,860
    Russia has highest daily spike of 232 deaths
    Indonesia reports 678 new cases, 24 deaths

DEBATE THIS
Do you think India messed up the lockdown? Tell us here


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