Monetary policy: Taming Covid-19 key to soften GDP fall, says RBI

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India’s economy would contract in the current financial year, the Reserve Bank of India’s Monetary Policy Committee (MPC) said on Thursday, adding that the fall could be contained in the latter part of FY21 if Covid-19 was arrested soon.


The country’s gross domestic product (GDP) growth had fallen to 3.1 per cent in the three months ended March 2020, the slowest in 44 quarters.


The MPC in its statement said a revival in coming months would come from the “robust” rural side, “buoyed by progress in kharif sowing”. Agriculture forms less than a fifth of GDP.


Noting that there was “extreme” uncertainty in predicting the outlook, it underlined the stress in overall demand — both domestic and external — and the disruptions in the supply side of the economy.


ALSO READ: RBI hits pause button on monetary policy, applies balm on Covid-19 wounds


Due to supply disruptions, the MPC warned about high consumer inflation till September, with a chance of moderation towards the second half of FY21. CPI inflation stood at 6.1 per cent in June 2020, an inch above the upper band of 6 per cent.

Apple shines amid coronavirus pandemic with $2 trn value on horizon

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Early in 2020, appeared to be caught in a horrible bind.


The initial spread of the novel shut down the factories in China that assemble its and also closed its retail stores in a country that ranks as the company’s biggest market besides the U.S. Things looked even bleaker in March after the global pandemic shoved the US economy into what now looks to be its deepest downturn since the Great Depression nearly a century ago.



Since then, has managed to shine amid the gloom, putting it on the cusp of becoming the first US company to boast a market value of $2 trillion, just two years after it became the first to reach $1 trillion. With its stock already up 50% this year, the only question among analysts is whether will pass the $2 trillion milestone before the release of its next-generation in October.


It looks like “a performance for the ages,” as Wedbush Securities analyst Daniel Ives described it last week after Apple released unexpectedly strong earnings for an April-June quarter during which most US consumers were stuck at home and the company’s U.S.

Facebook Blocks Deceptive Pro-Trump Campaign From Romania

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Facebook said Thursday it took down accounts running a deceptive campaign out of Romania pretending to be Americans supporting US President Donald Trump ahead of the coming election.

The leading online social network removed 35 Facebook accounts, three pages, and 88 Instagram accounts as part of an ongoing fight against “coordinated inauthentic behavior,” according to security policy head Nathaniel Gleicher.

“The people behind this network used fake accounts to pose as Americans, amplify and comment on their own content, and manage pages including some posing as President Trump fan pages,” Gleicher said.

The network posted about the upcoming presidential election; the Trump campaign, conservative ideology, Christian beliefs and the far-right organization Qanon linked to conspiracy theories, according to Facebook.

The Facebook security team determined that the activity originated in Romania and focused on the US.

“We found this network as part of our investigation into suspected coordinated inauthentic behavior ahead of the 2020 election in the US,” Gleicher said.

The network often reposted stories by US conservative news networks and from the Trump campaign, according to Facebook.

Facebook pages in the campaign had about 1,600 followers, while about 7,200 people followed one or more of its Instagram accounts, the California-based

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