India likely to witness second wave of coronavirus, says Japanese firm Nomura : Bulletin: Business Today
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India likely to witness second wave of coronavirus, says Japanese firm Nomura

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June 11, 2020

India likely to witness second wave of coronavirus; in high-risk group: Nomura
India's decision to unlock the world's longest coronavirus-induced lockdown in a phased-manner might turn detrimental in the upcoming days. According to Japanese financial research firm, Nomura, India has been listed among 15 countries where relaxing the lockdown could result in an increase in the cases of coronavirus infection more rapidly. And, in extreme cases, it could lead to the situation of re-locking.

India may lose Rs 10-lakh crore revenue due to coronavirus: Gadkari
Union Transport and Highway Minister Nitin Gadkari said that economic war against coronavirus pandemic has started in India and that the COVID-19 outbreak would cause a humongous loss to the country's revenue. Gadkari, who was addressing his Bharatiya Janata Party (BJP)'s Jan Samvad virtual rally from Nagpur on Wednesday, stated that India was expected to lose revenue of Rs 10 lakh crore due to coronavirus outbreak.

Cash withdrawal from ATMs falls nearly 50% in April
Cash withdrawals from automated teller machines (ATMs) nearly halved to about Rs 1.27 lakh crore during April, mainly on account of the impact of the coronavirus-induced lockdown. The withdrawals were Rs 2.51 lakh crore in March. According to data released by the RBI in monthly bulletin for June, the number of transactions or cash withdrawal volume from ATMs also declined 28.66 crore in April from 54.71 crore in the previous month.

Govt releases Rs 6,195 crore to 14 states to support fight against coronavirus
The central government on Wednesday disbursed Rs 6,195 crore to 14 states as monthly installment for boosting their financial resources meant for containing  coronavirus outbreak and treating affected people. This was the third equated-monthly installment of the post devolution revenue deficit grant as recommended by the 15th Finance Commission.

S&P keeps India's rating unchanged at 'BBB-'; keeps outlook stable
S&P Global Ratings on Wednesday kept India's sovereign rating unchanged at 'BBB-' with a stable outlook on the country's long-term rating. The American credit rating agency said that the stable outlook "reflects it expectation that India's economy will recover" after containing the COVID-19 pandemic and the country will "maintain its sound net external position."

OECD warns Indian economy can contract 7.3% in FY21 if there's second wave of coronavirus
The Organisation for Economic Co-operation and Development (OECD) has said that India's economy may contract by as much as 7.3 per cent in FY21 in case of a second coronavirus outbreak by year end. Otherwise, the economy is expected to shrink at 3.7 per cent, the intergovernmental economic organisation said in its latest Economic Outlook.
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