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Biz EOD: India's GDP to contract 45%; MSMEs reopen; Sensex slips 1,068 points

Catch top stories from the world of business and economy with BusinessToday.In's Biz EOD report

twitter-logoBusinessToday.In | May 19, 2020 | Updated 00:15 IST
Biz EOD: India's GDP to contract 45%; MSMEs reopen; Sensex slips 1,068 points
Top stories from the world of business and economy

Goldman Sachs expects India's gross domestic product (GDP) to decline by a massive 45 per cent in the June quarter. The small and medium enterprises (SMEs) have opened factories with 30-50% capacity but are grappling with issues such as shortage of labour and limited raw material. Sensex and Nifty closed sharply lower as investors fretted over the news of the extension of the nationwide lockdown till May 31. Read for more top stories from the world of business and economy:

1. India's GDP to contract 45% in June quarter, stimulus package 'strikingly smaller': Goldman Sachs

The deeper trough in Q2 (June quarter) forecasts reflects extremely poor economic data received so far for March and April, and the continued stringent lockdown measures, says Goldman Sachs.

2. Massive dues from govt are hurting MSMEs more than coronavirus

CII poll finds governments owe 450 MSMEs Rs 1709 crore; 32% for the past 2 years.

3. Lockdown 4.0: MSMEs open factories with 30-50% capacity; face raw material labour, cash crunch

The government last week announced a slew of measures including Rs 3 lakh crore collateral free loans, but most MSMEs say this will not help much given that they need immediate cash support.

4. Sensex slips 1,068 points, Nifty at 8,823 as economic stimulus fails to cheer Dalal street

With country recording a rise in Covid-19 cases each day, worsening of the economic outlook for current fiscal has also kept investors sentiments cautious. Foreign fund outflows also weighed on the currency and equity market today.

5. Imposing conditions on states to borrow more a bad idea: Abhijit Sen

Taking a swipe at the finance ministry, Abhijit Sen says that an idea like this can come from the finance ministry because they (people in the finance ministry) don't have an idea what happens on the ground, they only look at spreadsheet.

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