India’s economic recovery is reported to have been sabotaged by the rising number of COVID cases. Reports suggested that the economic activity in July has been found not only slower than previous year, but recovery activity in May and June was also interrupted. Reuters’ poll claimed that India’s economy may be in a contraction mode till Dec quarter.
India’s fiscal deficit is forecasted to surge over 6.8% of Gross Domestic Product in this fiscal due to the COVID caused economic impact. The Controller General of Accounts said country’s fiscal deficit widened to 83% of Budget Estimate in the April-June quarter. It has cited a decline in tax revenue amid higher expenditure for COVID relief.
Amazon founder Jeff Bezos added $13 billion to his net worth on Monday after Amazon shares made significant gains across the globe. It is considered to be highest single day jump for an individual since the Bloomberg Billionaires Index was created in 2012, reported Bloomberg. Amazon share values surged by 7.9% following the buying spree.
Forex trade said that the Indian rupee appreciated 10 paise to 74.92 against the US dollar in opening trade. "Positive opening in domestic equities and foreign fund inflows supported the rupee. Strengthening American currency and rising COVID-19 cases weighed on the local unit, said Forex traders. Earlier, domestic currency was at 75.02 against USD.
A report prepared by the Swiss bank UBS found that the league of world’s super riches has added a significant wealth into their already existing fortunes amid the COVID crisis. It said that 77% of the richest families in the world could see their investment portfolios on the growth trajectory during this most volatile time in the financial markets.
Domestic stock markets slipped to trade down after opening higher today. But the IT stocks following the reports on Infosys better-than-expected earnings made modest gains. The S&P BSE Sensex index traded 122.01 points - or 0.34%- higher at 36,173.82, while the broader NSE Nifty 50 benchmark was up 27.25 points - or 0.26%- at 10,645.45.