The second wave of COVID-19 inflicts massive damage as GDP falls by record 7.3%

GDP

COVID-19 pandemic’s second wave has inflicted massive damage on the country’s economy. According to the latest data from the Government of India, there has been a decrease of 7.3% in the gross domestic product (GDP) in the year 2020-21. At the same time last year (2019-20), the loss in GDP stood at 4%. In the fourth quarter, the GDP growth rate was recorded mere 1.6%. In February, the central government itself had projected about an 8% decline in the GDP during the entire financial year 2020-21. However, the GDP figures…

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Government set to sell 25 percent stakes of LIC.

LIC

As Prime Minister Modi is looking for resources to bridge the widening gap in the budget, authorities are now seeking cabinet’s approval to sell 25 percent of the nation’s largest life insurer, Life Insurance Corporation (LIC). To prepare the sale of the insurance body, the government plans to amend the act of the parliament under which the Life Insurance Corporation was set up. The sale of the insurance body will be conducted in phases and depending on the market conditions, the timing of the insurer’s initial public offer will be…

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