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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, Jan 16: Board of Control for Cricket in India (BCCI) on Thursday condoled the demise of India's super cricket fan, 87-year-old Charulata Patel.

"#TeamIndia's Superfan Charulata Patel Ji will always remain in our hearts and her passion for the game will keep motivating us. May her soul rest in peace," BCCI tweeted.

Patel had made herself a household name after turning up for India's matches during the 2019 World Cup.

She went on to storm social media after she was seen cheering for the Men in Blue during their World Cup clash against Bangladesh.

After the match, the entire Indian side went to meet Patel and both Rohit Sharma and Virat Kohli were seen meeting the octogenarian fan.

"I am a very religious person and have so much trust in God. So, when I pray, it comes true and I am saying that India is going to get the World Cup, definitely," Patel had told ANI during the World Cup.

The 87-year old had caught everyone's eyes when she was ardently cheering for the Indian team when they were batting.

Patel had also stated that she was there in the stadium when India lifted their first World Cup, back in 1983, under the leadership of former cricket Kapil Dev.

"I have been there. When they won the World Cup, I was so proud, I started dancing. And today also, I told my granddaughter that when India is going to defeat Bangladesh, I am going to dance," she had said.

"I have been watching cricket for decades. When I was in Africa, I used to watch it, then I came to this country in 1975. Here I had work because of which I did not get time to watch but I used to watch it on TV. But nowadays as I am not working, so I have the interest and I am very lucky that I get a chance to watch cricket," she added. 

New Delhi, Jun 22: With an increase of 14,821 new cases and 445 deaths, India's COVID-19 count reached 4,25,282 on Monday.

According to the latest update by the Union Ministry of Health and Family Welfare (MoHFW), 13,699 deaths have been recorded due to the infection so far in the country.

The rise in confirmed cases today is lower than the highest spike of 15 thousand plus cases registered on Sunday.

The count includes 1,74,387 active cases, and 2,37,196 cured/discharged/migrated patients.

Maharashtra with 1,32,075 confirmed cases remains the worst-affected by the infection so far in the country. The state's count includes 60,161 active, 65,744 cured, discharged patients while 6,170 deaths have been reported due to the infection so far.

Meanwhile, the national capital today became the second-worst affected region in the country with the number of confirmed cases in Delhi reaching 59,746 as opposed to Tamil Nadu's 59,377 cases.

While 2,175 deaths have been reported in Delhi due to the infection so far, the toll in Tamil Nadu stands at 757.