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 The Telegraph Online December 09, 2020 The agency kept its forecast for the next fiscal and the following year unchanged at 11 per cent and 6.3 per cent growth, respectively.  Fitch Ratings on Tuesday has lowered its forecast of contraction of the Indian economy for the fiscal to 9.4 per cent against 10.5 per cent contraction earlier, taking note of the sharper than expected growth in the second quarter of the current fiscal. Fitch kept its forecast for the next fiscal and the following year unchanged at 11 per cent and 6.3 per cent growth, respectively. The report said the coronavirus-induced lockdown has inflicted severe economic scarring and the country needs to repair balance sheets and increase caution about long-term planning. The projections compare to a GDP growth of 4.2 per cent in 2019-20 fiscal and 6.7 per cent annual expansion between 2015 and 2019. Fitch said the Indian economy staged a sharper rebound in the July-September quarter from the coronavirus-induced re...

The Indian Express Last month, Moody’s Investors Service reduced the nation’s credit-assessment outlook to negative, citing issues ranging from a worsening shadow banking crunch and a prolonged slowdown in the economy to rising public debt. Other Highlights India needs to consolidate its finances by curbing expenditure and boosting taxes to trim its debt, the International Monetary Fund said. “A credible medium-term fiscal consolidation path driven by subsidy-spending rationalization and tax-base enhancing measures is needed to reduce debt, free up financial resources for private investment, and reduce the interest bill,” the Washington-based fund said in a staff report following its latest regular review of the economy, known as an article IV consultation. The IMF, which estimates India’s economy will expand 6.1% in the year through March, is set to reduce the prediction amid continuing weakness signaled by a decrease in rural consumption and lower business sentim...

The Print Suvashree Ghosh Banks are expected to benefit from bankruptcy recovery process from Essar Steel, Prayagraj Power Generation, Ruchi Soya and RattanIndia Power.  India’s banks are set for a $7.6 billion earnings windfall this month as the country’s bankruptcy court has made sudden progress in clearing a backlog of large cases. The lenders are expected to benefit from the recovery process from four failed companies —  Essar Steel India Ltd ., Prayagraj Power Generation Co., Ruchi Soya Industries Ltd. and RattanIndia Power Ltd. — which should be completed in December, according to people familiar with the matter. The gains will be welcome news for banks, which are facing a further increase in their $130 billion pile of bad loans thanks to India’s shadow banking crisis and the slowdown in the economy. Many lenders are expected to set aside additional provisions in their earnings reports for this quarter. The total proceeds from the bankruptcy cases shou...