Oil has been holding near one-month highs but the prices were lower. Oil demand and supply are set to be rebalanced in the second half of 2021 since the demands reduced due to the COVID-19 pandemic and lockdown. International Energy Agency (IEA) upgraded forecasts for oil demand during the recovery process from the pandemic and economic repercussions.
Central government will be announcing a stimulus package to ensure economic recovery amidst the increase in the number of COVID-19 cases. The recovery process was underway since the pandemic and lockdown were declared last year. Centre had announced an economic stimulus package between March 26 and May 17 last year to jump-start economy since curbs.
Indian-origin businessman Yusuffali MA has been honoured with Abu Dhabi's top civilian award for their noble and charitable contributions to the community, by Crown Prince of Abu Dhabi Sheikh Mohamed Bin Zayed Al Nahyan. Yusuffali is the Chairman and Managing Director of LuLu Group which operates hypermarkets and retail companies in many countries.
World Bank president David Malpass said that there is now a faster global growth driven primarily by the US, China, and India. He also expressed concern regarding inequality in terms of vaccinations, in terms of median income that’s not going up fast for some of the countries and may even be going down. Poor countries face much higher interest rates.
Finance Ministry report highlighted its confidence in Indian economy despite a surge in the number of COVID-19 cases. Economic recovery is termed as resilient citing improvement in high-frequency indicators. "Agri sector remains the bright spot with foodgrains production touching 303.3 mn tonnes in 2020-21," said Monthly Economic Review for March 2021.
Amid a surge in COVID-19 cases and restrictions to control it, the key rates and reverse repo rate are kept unchanged at 4% and 3.35% respectively, according to Shaktikanta Das, Reserve Bank of India Governor. Repo rate is the key interest rate at which the RBI lends money to commercial banks and reverse repo rate is the rate at which it borrows.
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