NEW DELHI: India's economic growth picked up in the January to March quarter from the previous three months, but economists have grown pessimistic about this quarter after a huge second wave of COVID-19 infections hit the country last month.
India also revised its annual GDP estimates for the fiscal year, predicting a 7.3 per cent contraction, less than its earlier estimate of -8.0 per cent. Economists said the economy, which was facing a slowdown even before the pandemic, may now see a collapse in consumer demand, which accounts for more than 55 per cent of the economy, as household incomes and jobs have declined.
"The rebound in consumer spending would hence be more gradual than the first wave, with vaccination being the key driver."The central bank, which has kept monetary policy loose while boosting liquidity to the economy, said last week the prospects will depend on how fast India can arrest infections.Prime Minister Narendra Modi has faced criticism for the slow pace of his four-month-old vaccination campaign, which has inoculated fewer than 4 per cent of India's 1.38 billion people.
Being cancer-stricken and begging CPF Board to repay overdue debt; that which in any case cannot be done as the money had been commingled and funneled to private entity Temasek Holdings for Ho Ching to wager on unviable, untenable and ultimately, invariably doomed gambles
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