• Thursday, August 05, 2021
India Corona Update 
Total Fatalities 426,290
Total Cases 31,812,114
Today's Fatalities 533
Today's Cases 42,982
Pakistan Corona Update 
Total Fatalities 418,480
Total Cases 31,216,337
Today's Fatalities 3,998
Today's Cases 42,015
Sri Lanka Corona Update 
Total Fatalities 418,480
Total Cases 31,216,337
Today's Fatalities 3,998
Today's Cases 42,015
Bangladesh Corona Update 
Total Fatalities 418,480
Total Cases 31,216,337
Today's Fatalities 3,998
Today's Cases 42,015
UK Corona Update 
Total Fatalities 418,480
Total Cases 31,216,337
Today's Fatalities 3,998
Today's Cases 42,015
India corona update 
Total Fatalities 426,290
Total Cases 31,812,114
Today's Fatalities 533
Today's Cases 42,982

Business

Indian economy seen ‘shrinking 12 per cent in April-June’

iStock image

By: Shilpa Sharma

THE INDIAN economy is likely to register a 12 per cent contraction in the June quarter of fiscal year 2021-22, against a 23.9 per cent decrease in the same quarter previous year, according to a brokerage report.

The imposition of lockdowns by states during April-May to control the spread of the Covid-19 pandemic may trigger this fall, Swiss brokerage UBS Securities India said.

India’s economy witnessed its worst contraction in fiscal year 2021 at 7.3 per cent following an unprecedented lockdown of more than two months that crippled the economy.

With a 12 percentage point reduction, India is likely to miss a sharp V-shaped recovery, unlike last year when the national lockdown was lifted, the brokerage said.

Consumer sentiment is weak as people are more worried about the pandemic this year than last year, it said.

The brokerage expects a sequential recovery in economic activity from June; however, it may gain strength only from the second half, when the vaccination drive may pick up pace.

The vaccination drive has improved in India to 3.2 million doses daily in the week to June 13 from 2.5 million in May.

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