The reported growth figures, while seemingly promising, come with a caveat ~ a dash of scepticism. Behind the curtain of soaring numbers lies a labyrinth of methodology, where the calculation of GDP growth resembles more of an art than a science.
Inflation is expected to remain above the Reserve Bank of India's target level of 4 per cent over the forecast period due to strong economic activity, Majumdar said.
Markets will continue to focus on the earnings season and global cues in the upcoming week.
The decline in CAD reflects a strengthening of the macroeconomic fundamentals of the Indian economy.
Within global economies, America’s resilience shines brightly, defying the dire predictions of naysayers and sceptics. Against a backdrop of uncertainty and volatility, the US economy has emerged as a bastion of strength and vitality, demonstrating a remarkable ability to weather storms and navigate through turbulent waters.
'Many have been badly affected by this- lakhs of poor families, crores lost their jobs, states' economy was affected,' he said.
He said, the country 'must unite and fight' what he called the attack on the poor, farmers and unauthorised sector.
As per the National Statistical Office, Gross Value Added (GVA) came in at -22.8 per cent.
'The economic growth of pre-COVID times, as and when restored through fuller unlocking of the economy, will heavily lean on the reforms undertaken today to enhance its potential tomorrow.'
Global output is projected to decline by 4.9 percent in 2020, 1.9 percentage points below IMF's April forecast, followed by a partial recovery, with growth at 5.4 percent in 2021.
