India's GDP may contract 6% in FY21, says Citi : Bulletin: Business Today
Business Today

India's GDP may contract 6% in FY21, says Citi

Loading the player...

BusinessToday.In | July 7, 2020

RIL becomes first Indian firm to cross Rs 12 lakh crore market cap

Reliance Industries Limited (RIL) on Monday became the first Indian company to cross Rs 12 lakh crore market capitalisation. The aggregate market capitalisation of billionaire Mukesh Ambani-led RIL, thus, stands at Rs 12.16 lakh crore, or $163.1 billion, on account of surge in share value after the company bagged 12th foreign investment for its digital arm Jio Platforms on Friday.

Coronavirus impact: India's GDP may contract 6% in FY21, says Citi

India's gross domestic product (GDP) growth is expected to contract 6 per cent in financial year 2020-21 amid rising coronavirus cases, a brokerage said. The revision by Citigroup is mainly owing to a cut to the fiscal first-quarter forecast, with the economy seen falling 21 per cent during the period compared to 16 per cent estimated earlier. In its last projection the global brokerage had said that the GDP may see a 3.5 per cent decline.

Vistara in talks with planemakers, lessors to delay aircraft delivery

Indian airline Vistara is in talks with planemakers and leasing companies to delay taking delivery of some aircraft, the carrier's chief strategy officer said  as COVID-19 hits demand for air travel. Like airlines around the world, Vistara is battling low demand for air travel due to the pandemic. While India has allowed airlines to fly up to 45% of their total capacity on domestic routes, international flights are still banned.

A peek inside the temporary COVID-19 hospital built by DRDO

Vizag gas leak: Panel blames LG Polymers' negligence, poor maintenance for mishap

A committee set up by the Andhra Pradesh government to probe the May 7 gas leak at LG Polymers plant on the outskirts of Vizag submitted its report to Chief Minister YS Jagan Mohan Reddy. The horrendous incident had claimed 11 lives and left hundreds hospitalised. The report summarised that slackness on part of the company was responsible for the incident. The panel discovered negligence by the company with regard to safety measures and also poor maintenance.

Coronavirus vaccine: Covaxin human trials on 375 people to begin next week

India's first coronavirus vaccine candidate Covaxin will be tested on more than 1,100 people in two phases, the first one scheduled to begin next week. The Hyderabad-based Bharat Biotech, the vaccine manufacturer, has planned to enroll 375 people in the first phase of trials, global news agency Bloomberg quoted an Indian Council for Medical Research (ICMR) spokesperson as saying. July 13 has been fixed as the last date of enrolment.

WHO reviews report seeking revised guidelines over airborne spread of COVID-19

The World Health Organization (WHO) is reviewing a report urging it to update guidance on the novel coronavirus. This is after more than 200 scientists, in a letter to the health agency, outlined evidence the virus can spread in tiny airborne particles. The WHO says the  virus that causes COVID-19, spreads primarily through small droplets expelled from the nose and mouth of an infected person that quickly sink to the ground. 239 scientists in 32 countries outlined evidence that it is also airborne.

Petrol, diesel price today: Diesel prices hiked in Delhi; check out latest fuel rates

More from this section