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New Delhi, May 24: The Indian economy is likely to slip into recession in the third quarter of this fiscal as loss in income and jobs and cautiousness among consumers will delay recovery in consumer demand even after the pandemic, says a report.

According to Dun & Bradstreet's latest Economic Observer, the country's economic recovery will depend on the efficacy and duration of implementation of the government's stimulus package.

"The multiplier effect of the stimulus measures on the economy will depend on three key aspects i.e. the time taken for effecting the withdrawal of the lockdown, the efficacy of implementation and duration of execution of the measures announced," Dun & Bradstreet India Chief Economist Arun Singh said.

The report noted that the government's larger-than-expected stimulus package is likely to re-start economic activities.

Besides, measures taken by the Reserve Bank of India like reducing the repo rate by a further 40 basis points to 4 per cent, extending the moratorium period by three months and facilitating working capital financing will also help stimulate the momentum.

Singh said while the measures announced by the government are "positive", most of them have been directed towards strengthening the supply side of the economy, and "it is to be noted that supply needs to be matched with demand", he said.

Besides, "in the absence of cash-in-hand benefits under the government's stimulus package, demand for goods and services is expected to remain depressed", he added.

He further said the loss in income and employment opportunities, and cautiousness among consumers, will lead to a delayed recovery in consumer demand, even after the pandemic. As debt and bad loan levels increase, the banking sector might face challenges.

The report further noted that even as the monetary stimulus is expected to inject liquidity and stimulate demand for a wider section of the economy, the channelisation of funds from the financial institutions will be subjected to several constraints.

The foremost concern being increase in risk averseness, as the balance sheets of firms, households, and banks/NBFCs have weakened considerably and low demand for funds by firms as production activities have been on a standstill during the lockdown period, Singh said.

India has been under lockdown since March 25 to contain the spread of the coronavirus, resulting in supply disruptions and demand compression.

Prime Minister Narendra Modi imposed a nationwide lockdown to control the spread of coronavirus on March 25. It has been extended thrice, with some relaxations. The fourth phase of the lockdown is set to expire on May 31. 

New Delhi, Jun 6: With 9,887 new positive cases reported in the last 24 hours, India's COVID-19 count touched 2,36,657 on Saturday surpassing Italy's latest tally of over 2.34 lakh, taking India to the sixth spot among countries with the highest caseloads of the virus.

The Union Ministry of Health and Family Welfare (MoHFW) said that India registered a spike of 9887 new cases and 294 deaths in the past 24 hours taking the tally to 1,15,942 active cases and 6642 deaths.

Today's count was the highest single-day spike in the country, which has now overtaken Italy, according to the tally posted by the Johns Hopkins University which posted that globally the coronavirus had infected over 66.64 lakh people and claimed over 3.91 lakh lives so far.

In india, the MoHFW informed that 1,14,073 persons have been cured/discharged/migrated so far.

Maharashtra remains the worst-hit State as the total number of COVID-19 positive cases reached 80,229. While the total number of active cases in the state stands at 42,224.

In Tamil Nadu, 28,694 cases have been detected so far while Delhi has reported 26,334 coronavirus cases.

New Delhi, Jan 8: Iran will welcome any peace initiative by India for de-escalating its tensions with the US after the killing of Iranian military commander Qasem Soleimani, the Iranian envoy here said on Wednesday.

His comments come hours after Iran launched missile strikes against two US military bases in Iraq in retaliation to the killing of its top commander General Qassem Soleimani.

"India usually plays a very good role in (maintaining) peace in the world. At the same time, India belongs to this region. We welcome all initiatives from all countries, especially India as a good friend for us, to not allow escalation (of tensions)," Iranian Ambassador to India Ali Chegeni told reporters after a condolence meeting for Solemani at the country's embassy here.

"We are not for war, we are looking for peace and prosperity for everybody in this region. We welcome any Indian initiative or any project that can help peace and prosperity in this world," he said.

On the Iranian attack on US targets in Iraq, Chegeni said his country retaliated under its right to defend.

Amid spiralling US-Iran tensions over the killing of Soleimani, External Affairs Minister S Jaishankar on Sunday had a conversation with his Iranian counterpart Javad Zarif and US Secretary of State Mike Pompeo, voicing India's concerns over the escalation of tensions.