Picture used for illustrative purpose.
As the coronavirus pandemic brings the economy to a grinding halt, raising the need for the higher government spending, India’s gross debt is likely to touch Rs170 lakh crore, which is 87.6 per cent of the GDP, according to the SBI Ecowrap.
The government is working on a privatisation plan to help to raise money by selling assets in non-core companies and sectors when the country is strapped for funds due to lack of economic growth caused by the coronavirus pandemic.
According to most estimates, the Indian economy will register a record contraction of over 4.5% in the current fiscal year that started on April 1 due to the pandemic.
With economic activities coming to a halt amid the Covid-19 pandemic and the lockdown, the Indian economy is expected to record a negative 4.5 per cent growth rate in the current financial year (FY21), according to the FICCI’s Economic Outlook Survey.
Commenting on the recent agreement forged at the G20 meet to link Middle East countries by railway and connect them to India through seaports, Bin Sulayem stressed that the ultimate objective was to expedite the delivery of goods and introduce new alternative routes.
The UAE economy is forecast to grow 3 per cent in 2023 and 4 per cent in 2024, driven by the non-oil sector, which is expected to benefit from strong growth in tourism,
This important accomplishment has been fulfilled under the directives of His Highness Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council, and the supervision of His Highness Sheikh Maktoum bin Mohammed Bin Rashid Al Maktoum, Deputy Ruler of Dubai and Deputy Prime Minister and Minister of Finance of the UAE.