Indian economy to rebound with 8.9% growth in fiscal 2022: IHS Markit


is likely to rebound with an 8.9 per cent growth in the fiscal year beginning April 2021 after economic activity showed significant improvement in the last quarter, IHS Markit said on Friday.

The National Statistical Organisation (NSO) on Thursday predicted that the economy will contract 7.7 per cent in the current financial year ending in March, the worst performance in four decades.

“The suffered a severe recession in 2020,” IHS Markit said in a note. “The worst contraction occurred during the period from March until August, with the economy having shown a strong rebound in economic activity since September.”

The contracted by a record 23.9 per cent in the April-June quarter following a national lockdown to prevent the spread of the coronavirus. The contraction came down to 7.5 per cent in the September quarter.

“During the fourth quarter of 2020, India’s industrial production and consumption expenditure have shown a rebound.

“October data showed that industrial production grew by 3.6 per cent year-on-year compared with a steep contraction of -55.5 per cent in April 2020,” IHS said.

Stating that there has been a marked

RBI to conduct this year’s 2nd Operation Twist on January 14


The (RBI) announced it will conduct simultaneous purchase and sale of government securities under Open Market Operations (OMO) for Rs 10,000 crore each on January 14.

The decision was taken after a review of current and financial conditions, it said.

On January 14, the RBI will purchase three government securities of different maturity dates aggregating to Rs 10,000 crore and sell two securities aggregating to the same amount using the multiple price auction method.

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Biden Condemns Trump As Calls Mount For His Removal From Office


President-elect Joe Biden on Thursday launched a blistering attack on Donald Trump after his supporters stormed the Capitol, saying the outgoing Republican leader was responsible for one of the “darkest days” in US history.

Supporters of US President Donald Trump gather for a rally in Washington
 AFP / Brendan Smialowski

As the top two Democrats in Congress called for Trump’s immediate removal from office, Transportation Secretary Elaine Chao became the first member of his cabinet to step down in protest at Wednesday’s chaos.

Biden, at an event introducing his nominee for attorney general, declined to address the mounting demands for Trump’s removal but accused him of unleashing an “all-out assault on the institutions of our democracy.”

Democratic Senate candidate Raphael Warnock

Democratic Senate candidate Raphael Warnock

“Yesterday, in my view, was one of the darkest days in the history of our nation,” the 78-year-old president-elect said.

Democratic Senate candidate Jon Ossoff

Democratic Senate candidate Jon Ossoff

“They weren’t protesters,” Biden said of the Trump supporters who attacked the Capitol while Congress was certifying the Democrat’s November 3 election victory. “They were a riotous mob, insurrectionists, domestic terrorists.”

“I wish we could say we couldn’t see it coming but that isn’t true,” Biden

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