The Indian economy is likely to grow at 11 per cent in the current financial year, said the Asian Development Bank (ADB).
In its report, ‘Asian Development Outlook (ADO) 2021’, the ADB also noted that the recent surge in Covid-19 cases may put this recovery at risk.
“India’s economy, meanwhile, is expected to grow 11.0 per cent in fiscal year (FY) 2021, which ends on 31 March 2022, amid a strong vaccine drive. However, the recent surge in COVID-19 cases may put this recovery at risk,” it said.
India’s GDP is expected to expand 7.0 per cent in the next financial year. This year, South Asia’s GDP growth is expected to rebound to 9.5 per cent, following a 6.0 per cent contraction in 2020, before moderating to 6.6 per cent in the next year.
It added that the economic growth in developing Asia is set to rebound to 7.3 per cent this year, supported by a healthy global recovery and early progress on coronavirus disease (COVID-19) vaccines.
“Growth is gaining momentum across developing Asia, but renewed COVID-19 outbreaks pose a threat to recovery,” said ADB Chief Economist Yasuyuki Sawada.
“Economies in the region are on diverging paths. Their trajectories are shaped by the extent of domestic outbreaks, the pace of their vaccine rollouts, and how much they are benefiting from the global recovery,” the Chief Economist said.
As per the report, inflation in developing Asia is projected to fall to 2.3 per cent from 2.8 per cent last year, as food-price pressures ease in India and the People’s Republic of China. The region’s inflation rate is forecast to rise to 2.7 per cent in 2022.
Equity indices trade lower; Sensex down by over 300 pts
India’s key equity indices – S&P BSE Sensex and NSE Nifty50 – traded lower during Monday’s early-morning session.
At 10 a.m., the 30-scrip sensitive index traded at 60,504.75 points, down 316.87 points or 0.52 per cent.
The Sensex opened at 61,398.75 points from its previous close of 60,821.62 points.
Besides, the NSE Nifty50 traded at 17,989.40 points, lower by 125.50 points or 0.69 per cent.
It opened at 18,229.50 points from its previous close of 18,114.90 points.
Nissan, Porsche face action over false emissions information
South Korea’s antitrust regulator has decided to order Nissan Motor, Porsche AG and their two Korean units to take corrective steps for falsified information over gas emissions of their diesel cars.
Nissan Motor, Nissan Korea, Porsche and Porsche Korea are alleged to have stated false information about gas emissions of their diesel vehicles imported for sale in South Korea, according to the Korea Fair Trade Commission (KFTC).
The KFTC also decided to impose a fine of 173 million won ($146,700) only on Nissan Korea, reports Yonhap news agency.
Illegal software installed in their cars caused gas emission reduction devices to not fully operate during normal driving conditions.
The practice meant that the cars did not meet permissible emission levels, but the automakers falsified such facts in signs attached to their cars, according to the commission.
In September, the regulator fined Audi-Volkswagen Korea and Stellantis Korea a combined 1.06 billion won for similar allegations over gas emissions.
Fuel price hike paused after 5 days of increase
The price hike of petrol and diesel paused on Monday after increasing for the last five days to reach their highest-ever levels across the country.
Accordingly, the pump price of petrol in Delhi remained at Rs 107.59 a litre, while diesel prices also stood at Sunday’s level of Rs 96.32 a litre, according to a price notification of state-owned fuel retailers.
In the financial capital Mumbai, where petrol prices increased to Rs 113.47 per litre and diesel to Rs 104.47 a litre, the highest among all metros, there was no further hike in the retail rates on Monday.
The fuel prices remained static on October 18 and 19, but increased for a fourth straight day by 35 paise per litre previously before again rising for five consecutive days between October 20 to 24. There was no change in rates on October 12 and 13.
Diesel prices have now increased on 24 out of the last 31 days, taking up its retail price by Rs 7.80 per litre in Delhi.
Due to the sharp hike, the fuel is now available at over Rs 100 a litre in several parts of the country.
This dubious distinction was earlier available to petrol that had crossed Rs 100 a litre mark across the country a few months earlier.
Petrol prices had maintained stability since September 5 but oil companies finally raised its pump prices last week.
The rates increased on 21 of the previous 27 days taking up the pump price of petrol by Rs 6.40 per litre.
Crude price has been on a surge rising over a three-year high level of over $86 a barrel as global demand remains firm while OPEC+ continues to move s lowly on increasing production.
Since September 5, wthe price of petrol and diesel in the international market is higher by around $9-10 per barrel as compared to average prices during August.
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