Covid-19 impact: India’s economy to contract 9% in FY21, says ADB

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India’s coronavirus-battered economy will shrink by 9 per cent this fiscal, the (ADB) predicted on Tuesday saying growth outlook remains highly vulnerable to either a prolonged outbreak of the pandemic or a resurgence of cases.


This will be the first time in four decades that the Indian economic growth will contract.



In its Asian Development Outlook (ADO) 2020 Update, ADB forecasts a strong recovery for the economy in FY2021, with gross domestic product (GDP) growing by 8 per cent as mobility and business activities resume more widely.


“India imposed strict measures to contain the spread of the pandemic and this has had a severe impact on economic activity,” said ADB Chief Economist Yasuyuki Sawada.


Sawada further noted that “it is crucial that containment measures, such as robust testing, tracking, and ensuring treatment capacities, are implemented consistently and effectively to stop the spread of Covid-19 and provide a sustainable platform for the economy’s recovery for the next fiscal year and beyond.”

With lockdowns stalling private spending, ADB said GDP will shrink by 9 per cent in April 2020 to March 2021, sharply down from

Promoting IT sector to make TN as hub of South Asia: Govt

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: was actively promoting

the Information Technology sector with the objective of making it an Information and Communication Technology hub of South Asia, state minister R B Udhayakumar said here on Tuesday.


The state was creating an ecosystem thereby leveraging entrepreneurship and was promoting a socially inclusive growth to achieve 25 per cent share in the domestic ICT industry, the minister for revenue and disaster management and information technology said at the 19th edition of Connect 2020 organised by CII



Listing out some investments received in the ICT sector, he said during the second edition of Global Investors Meet in January 2019, the state signed Memorandum of Understandings with various worth Rs 11,974 crore in the IT sector.


“The Government ofTamil Nadu is activelypromoting Information Technologyin the State with the objective of becoming the ICT hub of South Asia by creating a knowledge driven ecosystem,” he said.


Software exports in increased by nearly 12 per cent to Rs 1. 39 lakh crore in 2019-20 as against Rs 1.23 lakh crore recorded the previous year, he said.


The

Apple Bundles TV, Music, News And More In Services Push

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Apple on Tuesday said it is putting TV, music, news and more in a subscription bundle as it increases its push into services tied to its iPhone “ecosystem.”

An Apple One bundle to be available later this year will start at $15 monthly and include a freshly launched fitness service tied to Apple Watch.

The Silicon Valley titan made no mention of a keenly anticipated iPhone 5G considered vital to the company’s fortunes, with analysts expecting that debut next month, due to disruption in production caused by the coronavirus pandemic.

The subscription bundle highlights Apple’s efforts to put more emphasis on digital content and services amid a sluggish global smartphone market.

The $15 Apple One bundle includes Apple Music, Apple TV+, the Apple Arcade game service and iCloud storage. A $20 family plan can be shared by up to six people.

An upgraded $30 bundle adds Apple Fitness+, Apple News+ and additional cloud storage.

“With Apple One, you can access the best of Apple entertainment across all your favorite devices with one simple subscription,” said Apple senior vice president of internet software and services Eddy Cue.

The Fitness+ service introduced by Apple is tied to its smartwatch line-up, which was

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