Featured India Q1 GDP plunges 23.9% in worst quarter on record

[beijingwalker]

India Q1 GDP plunges 23.9% in worst quarter on record
India's economy contracted 23.9% in its fiscal first quarter ended June -- that's the largest quarterly slump on record and worse than analysts' prediction in a Reuters poll. The country is reeling from COVID-19 lockdowns and low consumer demand.

 

[vi-va]

Who is responsible for this? No one. Two month wasted, no preparation at all. India is lame duck, as always.

 

[CrazyZ]

Considering BJP has relaxed how GDP is measured in order to able to better massage growth numbers for foreign investors....true figures must be worse.

 

[Peshwa]

How does this compare against other world economies?

 

[Dark1]

Considering BJP has relaxed how GDP is measured in order to able to better massage growth numbers for foreign investors....true figures must be worse.

Expected since their was complete lockdown for more than 3 months. Even this 23 % drop is better than I expected.
The economy is self sustaining and is reflected in the rapid rise of foreign exchange reserves to 538 b usd and appreciation of the rupee to 73.3 from 76 to a dollar.
Car sales are nearly back to last year figures inspite of the corona.
The recent clash with China has disturbed the markets today though.

 

[beijingwalker]

By the year end, India's GDP will be smaller than one fifth of China's, the gap keeps widenning.

 

[CrazyZ]

Expected since their was complete lockdown for more than 3 months. Even this 23 % drop is better than I expected.
The economy is self sustaining and is reflected in the rapid rise of foreign exchange reserves to 538 b usd and appreciation of the rupee to 73.3 from 76 to a dollar.
Car sales are nearly back to last year figures inspite of the corona.
The recent clash with China has disturbed the markets today though.

Central bank financial engineering is not real economic strength. Indian forex was in decline before USA federal reserve provided a currency swap line. RBI has been secretive about use of this currency swap line.

 

[ASKardar]

 

[Protest_again]

India completely locked its market for 2 months and partially opened it in the other month(June). Of course, GDP will falter. What's so historic about it? It was an unprecedented disaster thanks to China virus. Yet check out July numbers, 90% of last year collections in GST, car sales back to normal, commercial and tractor sales are up in double digits. Huge investment spree into India. Both FDI and FPI bullish on India.

LIC is going up for an IPO soon. This disinvestment will buttress the revenue shortage in a huge way.

The selection of mobile manufacturing companies under PLI scheme will be done by end Sept. That will bring in another $15 billion FDI.

Reliance which already raised $20 billion in Pandemic is going to get another $3.6 billion from sale of its towers business soon.

Even as Saudi Arabia is ditching it's own plans to build a refinery in India but still will not leave talks with Reliance.We can expect another $15 billion into Reliance for its divestment of 20% of its oil business by Dec end.

Right now, India is wide awake to our economic situation. This China border issue actually roused our passion to make something of ourselves. There was never this passion previously in our govts and businesses. We got much need kick in the butt from China. You'll see much faster growing India in a years to come.

 

[bolo]

Who is responsible for this? No one. Two month wasted, no preparation at all. India is lame duck, as always.

Indian GDP actually went up by 4.5% as per ancient Vedic math. You Chinese are wrong.

 

[CrazyZ]

India completely locked its market for 2 months and partially opened it in the other month(June). Of course, GDP will falter. What's so historic about it? It was an unprecedented disaster thanks to China virus. Yet check out July numbers, 90% of last year collections in GST, car sales back to normal, commercial and tractor sales are up in double digits. Huge investment spree into India. Both FDI and FPI bullish on India.

LIC is going up for an IPO soon. This disinvestment will buttress the revenue shortage in a huge way.

The selection of mobile manufacturing companies under PLI scheme will be done by end Sept. That will bring in another $15 billion FDI.

Reliance which already raised $20 billion in Pandemic is going to get another $3.6 billion from sale of its towers business soon.

Even as Saudi Arabia is ditching it's own plans to build a refinery in India but still will not leave talks with Reliance.We can expect another $15 billion into Reliance for its divestment of 20% of its oil business by Dec end.

Right now, India is wide awake to our economic situation. This China border issue actually roused our passion to make something of ourselves. There was never this passion previously in our govts and businesses. We got much need kick in the butt from China. You'll see much faster growing India in a years to come.

I agree that foreign investment is critical for India and this point. With a shaky banking sector and huge government deficits there is not much room for additional domestic investment sources. Foreign investors are starting to get spooked. Their is a ponzi scheme air in India right now. Existing investors have to sucker in new foreign investors so they can get their money out of the scheme.....like Ambani is doing. Doesn't inspire much confidence.

 

[Chakar The Great]

The day these figures come out, India media reports clash at Sino-Ind border/LAC.


Like if you get it.

 

[CrazyZ]

The day these figures come out, India media reports clash at Sino-Ind border/LAC.


Like if you get it.

Agreed. BJP wants to turn India into Uncle Sams front line state against China. They desperately need USA aid, currency swap lines and investment to prevent an economic melt down.

 

[Pandora]

Overall shrinkage is standing at -5.4% for the passing year. Last quarter really did a number on Indian economy due to efficiency of Modi to seem pro west by adopting their Covid related measures. Pakistan is lucky to have IK at helm had it been Mr 10% or Nawaz they would have put country under lock down without even a second thought. If IK hadnt taken measures to reduce CA deficit our country would have gone broke in this pandemic. Thank Allah almighty for having us rid of curse called Nawaz family.

 

[Chakar The Great]