Finance Minister Nirmala Sitharaman launches the National Monetization Pipeline (NMP)

National Monetisation Pipeline

The Union Finance Minister, Nirmala Sitharaman, has launched the National Monetization Pipeline (NMP) today. Through NMP, a list of infrastructural assets of the government will be prepared which will be sold in the next four years. In a statement, the finance minister said that the NMP includes a four-year pipeline of obsolete infrastructure possessions of the central government. Tuhin Kanta Pandey, Secretary to the Department of Investment and Public Asset Management, said earlier this month that the government was finalizing infrastructure assets worth ₹6 lakh crore, including national highways and…

Read More

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…

Read More

Unemployment in India gets worse; next in line to layoff employees happens to be Accenture

Unemployment rate in India

Several employees have suddenly fallen out of jobs due to the pandemic, and the situation seems to only be getting worse. Next in line to have laid employees off in Bengaluru happens to be Accenture. Many Accenture employees all over India will soon be shown the way to the exit gate, post the appraisal cycle, which is currently underway. Accenture has about two lakh of its global workforce (of around five lakh) in India itself. According to the Australian Financial Review’s (AFR) report on Tuesday, Accenture CEO Julie Sweet said,…

Read More

Demand for loans have dropped drastically even after liquidity injection.

Home Loan

These are uncertain times and taking a loan with uncertainty looming over your head is not a wise decision. There is no surprise that the masses who are facing the brunt of this uncertainty have therefore not resorted to getting themselves loans, even after a massive liquidity injection by the central government.  India’s outstanding bank loans shrank during the lockdown which stands indicative of the fact that the demands for loans are falling as it is obvious aftermath of the uncertainty that comes with the pandemic.  A total outstanding of…

Read More