European Parliament Passes Law to Restrict Cash Payments to €10,000
The European Parliament has voted to impose a €10,000 limit on cash payments within the European Union
The fifth largest economy in the world is set to contract for the second consecutive quarter, dragging the country into an unprecedented recession, according to a forecast by the Indian national central bank.
Gross domestic product (GDP) shrunk 8.6 per cent in the quarter ending in September, the Reserve Bank of India said after reviewing high-frequency data to gauge economic activity.
India’s economy tanked 23.9 per cent between April and June, the worst-ever quarterly decline, after the coronavirus lockdown brought economic activity to a halt and rendered millions of people jobless. India’s financial year runs from April to March.
“India is likely to have entered a technical recession in the first half of 2020-21 for the first time in its history, with two successive quarters of GDP contraction,” the RBI said in a bulletin posted on its website late on Wednesday.
However, the forecast, based on an Economic Activity Index for India from 27 monthly indicators, pointed out that the economy was making a quick recovery.
“The index suggests that the economy rebounded sharply from May/June 2020 with the reopening of the economy, with industry normalizing faster than contact-intensive service sectors, pointing to a short-lived contraction,” it said.
The government will publish second quarter GDP data on November 27.
Finance Minister Nirmala Sitharaman has prepared an economic stimulus package, with a focus on job creation, domestic media reported.
India has the world’s second-largest caseload after the United States, with more than 8.6 million coronavirus cases registered so far. On Thursday, it reported 47,905 fresh cases and 550 deaths within 24 hours./DPA
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The European Parliament has voted to impose a €10,000 limit on cash payments within the European Union
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