Lockdown, Day 66: Economy takes a deep dive

India's GDP slowed to 3.1 per cent in Q4 of FY20 as against 4.7 per cent in Q3. This is the lowest growth rate in 8 years so far in the current series. However, India reported a better than expected growth rate of 4.2% in FY20.
Add to this, the 2-month long lockdown has led to a 38 per cent contraction in core sector output for April . The data measures the productivity of 8 core industries which account for 40 per cent of India's index of industrial production.

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COUNT SO FAR

• Rajasthan reports 91 new cases, tally rises to 8,158
• Odisha reports 63 new cases; total rises to 1,723
• Himachal Pradesh logs 291 cases
• 30 new cases in Assam, total count 910
• Manipur case count stands at 58
• Delhi reports 1106 new cases, tally reaches 17,386
• Karnataka registers 178 new cases, tally at 2,711
• Uttarakhand reports 102 new cases, total at 602
• Andhra count rises to 2,874 with 33 new cases
• Puducherry case count stands at 35
• Nagaland reports 7 new cases, total rises to 25

LIFE UNDER LOCKDOWN

• Travel resumption Day 4: 494 domestic flights, 38,078 passengers
• Quarantine must for rail passengers with symptoms in MP
• Two floors of Parliament sealed after official tests positive
• Decision to open shops in malls soon
• ITC Hotels partners with Swiggy to offer dining options to customers

BUSINESS AND ECONOMY

• Sensex takes winning run to 3rd day, rises 224 points
• Rupee settles 14 paise higher at 75.62 against US dollar
• Home Credit India lays off 1800 employees
• Motilal Oswal announces bonuses and promotions amid outbreak
• Indian IT eyes captives as global cos rejig operations
• Farm wages doubled in many agricultural districts
• Economy needs support from PSBs: Union Bank

GLOBAL ECONOMY

• Renault announces nearly 15,000 job losses worldwide
• Volkswagen invests 2 bn euros in Chinese EV sector
• COVID-19 could cause USD 8.5 trillion loss in global output: UN Sec Gen
• British lender Nationwide reports 44% profit slump
• Japan backs nearly a third of $6.6 billion loans to Nissan
• Finland in recession after Q1 GDP shrinks 0.9% Q/Q
• Italy Q1 GDP sharply revised down to -5.3% q/q

AROUND THE WORLD

• US death toll at 101,573, cases at 1,720,613
• Thailand reports 11 new cases, total stands at 3,076
• Germany's confirmed cases rise by 741 to 180,458
• Cases in Pakistan cross 64,000-mark, death toll hits 1,317
• Singapore cases reach 33,860
• Russia has highest daily spike of 232 deaths
• Indonesia reports 678 new cases, 24 deaths

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