16.5%: Estimated contraction in India’s gross domestic product (GDP) during the April-June quarter of 2020-21 (at current prices), according to an SBI Research report.
- The estimate has been revised from a contraction of 30 per cent forecast earlier amid the economic stress caused by the coronavirus pandemic. The improved outlook is mainly on account of smaller than expected gross value added (GVA) de-growth reported by companies.
- The segments that are expected to report the biggest contraction are mining & quarrying (57.2%), and manufacturing (35.8%).
- According to a PwC survey, even as 79% Indians have been impacted by the coronavirus pandemic, 52% are hopeful of an economic recovery within the next 12 months.
- The greatest positive impact of the present crisis is expected to be on opportunities related to digital and remote working, with 36% of respondents to the PwC survey viewing that as the biggest gain. 32% respondents feel the crisis will end up bringing a greater focus on citizens.
A few links for further reading
Insecure and uncertain in insurance business as Covid-18 damage claims mount
Insurance companies around the world were sailing smoothly, helped by growth in emerging markets and strong capitalisation. Things changed in late February when markets realised that Covid-19’s impact on insurers could be significant. Insurers are yet to know the full impact of the crisis as governments and regulators nudge them to give moratoriums to policyholders and quickly settle claims too. India’s insurance regulator has set strict deadlines for medical insurers to settle Covid-19 claims. General insurers face damage claims from businesses devastated by the national lockdown to contain the disease. Is insurance secured to survive, Joydeep Ghosh explains
There was a time when pay cuts we see today were a complete no-no; govt and public sector jobs were considered safe, as pay and pensions were both assured. Not any longer, it seems, writes T N Ninan
Quick approval, grace period
The COVID-19 pandemic has brought home the significance of health and life insurance like nothing else earlier. Even those who were blasé about these covers in the past are now looking to buy a new policy or want to enhance the sum insured on their existing ones. Meanwhile, the Insurance Regulatory and Development Authority of India (IRDAI) has been issuing a slew of guidelines to health/general and life insurance companies aimed at easing matters for customers.