Indian economy may contract 25% in current fiscal: Economist Arun Kumar

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The is not recovering as fast as the government claims and the country’s economy may contract 25 per cent in the current financial year, noted economist Arun Kumar said on Sunday.


Kumar further said that due to a big decline in the GDP during the current financial year, the budget estimates have gone completely out of gear and, therefore, there is a need to correct the Budget.


“India’s economic growth is not recovering as fast as the government is showing because the unorganised sector has not started recovering and some major components of the services sector have not recovered.


“My analysisshows that the rate of growth will be (-)25 per centin the current financial year becauseduring lockdown (during April-May), only essential production was taking place and even in agriculture, there was no growth,” he told PTI in an interview.


The Reserve Bank of (RBI) has projected the to contract 7.5 per cent in the current financial year, while the National Statistical Office (NSO) estimates a contraction of 7.7 per cent.


Also, according to the NSO, the contracted by 23.9 per cent

PM Modi announces Rs 1,000 cr startup fund to push growth of tech ventures

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Prime Minister on Saturday launched a Rs 1,000 crore seed fund at ‘Prarambh: India International Summit.’ This fund would help to launch and grow new-age ventures.


PM Modi said this fund is one of the initiatives that the country has started so that startups don’t face any capital crunch. Startups are already being helped to raise equity capital through the Fund of Funds scheme. Further, the government will also help startups raise debt capital through guarantees.



“India is trying to create a ecosystem which is based on the mantra ‘of the youth, by the youth, for the youth’,” said Modi. “For the next five years, we have a mission that our startups, unicorns emerge as global giants and lead in futuristic technologies.”


He said if such is the mission of all the countries of the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC), then a huge population would benefit from it. is an international organisation of seven nations of South Asia and Southeast Asia, housing 1.5 billion people and having a combined gross domestic product of $3.5 trillion. The

5 tips for using merchant cash advance

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Merchant cash advances (MCAs) are one of the most common ways that small businesses choose to access quick capital in the modern world.

Rather than acting as a traditional loan, which requires a lengthy process of applications and credit checks, alongside typically complex and opaque repayment terms, MCAs tend to be used as a short-term bridge to keep businesses afloat and prospering in the event of any unprecedented cost they may be faced with.

The merchant cash advance system is pretty straightforward; the provider will give a business a large lump-sum payment, which will then be paid back via the lender taking a percentage of future debit or credit card sales.

The amount loaned and repaid varies significantly depending on the size and revenues of your business, but MCAs are generally viewed as an effective and easy way to address short-term cash flow issues. The industry is large and growing, so it’s important you approach an MCA equipped with the right knowledge. Here are 5 tips on how to make the most of your merchant cash advance.

Know Your Terms

The number of merchant cash advance providers is significant and all of them have different terms. For those still asking

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