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Pandemic

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India’s June services activity shrinks at fastest rate in 11-months

Jul 5, 2021 | , , , , ,

“PMI data for June showed quicker declines in new business, output and employment that were sharp but much softer than those recorded in the first lockdown.”
Muted demand sank the new business sub-index to its lowest since July 2020.

As a result, firms shed headcount for a seventh straight month, with the fastest reduction rate recorded in June. A Reuters poll taken around a month ago showed the job crisis may worsen over the coming year.Asia’s third largest economy, which has already recorded more than 400,000 COVID-19 deaths, is still reporting over 40,000 coronavirus cases per day, taking the total number of infections to over 30.5 million.

Increase in household debt stress is worrying: SBI report

Jul 5, 2021 | , , , , ,

Household debt — after taking into account retail loans, crop loans and business loans from financial institutions like commercial banks, credit societies, NBFCs and HFCs — has sharply increased to 37.3 per cent of GDP in FY21 from 32.5 per cent of GDP in FY20.

“The decline in bank deposits in FY21 and concomitant increase in health expenditure may result in further increase in household debt to GDP in FY22,” said the report. India’s household debt to GDP ratio is still lower than other countries, though there is need to supplement wage income as a percentage of GDP that has been declining.

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