Economic growth declined to 4.7 per cent in December quarter as government revised GDP figures for the last two quarters. Growing fears of a coronavirus pandemic saw Sensex losing 1,448 points on Friday. Finance Minister Nirmala Sitharaman came clean on the future of Rs 2000 notes. Read for more top stories from the world of business and economy:
Quarterly GDP growth for financial year 2019-20 now reads 5.6 per cent, 5.1 per cent and 4.7 per cent, reaffirming that India's economic deceleration continues unabated.
Government wants to contain the fiscal deficit at 3.3 per cent of GDP in the year ending March 2020. For the next financial year, FM Nirmala Sitharaman has set the fiscal deficit target of 3.5 per cent.
On the contrary, things were very rosy five months ago. Analysts and brokerages were busy predicting new highs for Indian stock markets despite persistent slowdown in economic growth.
Globally, metals companies are negatively impacted by lower prices, while stocks of pharmaceutical companies are also facing the heat from the uncertainty of coronavirus outbreak.
The Finance Minister clarified that the banks have not been given any orders to re-calibrate their ATMs or to gradually phase out the high denominations notes.