India’s Fuel Demand Is Expected To Fall By 11.5% This Year
India’s fuel demand is expected to fall by 11.5% this year: Fitch Solutions. Rating agency Fitch Solutions has forecast a decline in India’s fuel demand. Fitch Solutions estimates that India’s fuel demand may decline by 11.5 percent in the year 2020.
The reduction in fuel demand estimates is certainly not a good sign for the country’s economy. Fitch has raised its estimate of a decline in the country’s fuel demand amid the weakening of India’s economic scenario.
Economists of the rating agency have forecast a 8.6 per cent slowdown in the country’s real GDP (real GDP) in the current financial year i.e. 2020-21. Earlier, he had predicted a slowdown of 4.5 percent in the country’s GDP.
The rating agency issued a statement on Saturday. Accordingly, the country’s fuel demand has been widely affected and both industrial and consumer fuel demand has come down. Earlier, the rating agency had predicted a 9.4 per cent shortfall in the country’s fuel demand this year, but Fitch has raised this estimate after the country’s economic outlook weakened.
According to Fitch Solution, the Indian economy is expected to grow at five per cent in 2021 and 2022. According to the agency, economic activity will pick up once the epidemic is controlled. Significantly, in the first quarter of the current financial year, the country’s GDP has registered a slowdown of 23.9 percent.
During this period, the slowdown was witnessed due to the severe impact of industrial activity due to the nationwide lockdown imposed to prevent the spread of the corona virus epidemic.
In India, gold closed up on Friday and silver fell on Friday. On October 5, 2020 gold futures on the MCX exchange closed at Rs 51,715 per 10 grams, a gain of Rs 262 on Friday, the last trading day of the week.
Similarly, the gold price of December futures closed at Rs 51,860 per 10 grams, rising by Rs 234 on Friday. Let us now know how much gold prices have changed this week.
Gold prices have increased this week. October futures gold opened at Rs 51,599 per 10 grams on MCX on Monday, September 14, the first trading day of this week. At the same time, it had closed at Rs 51,319 per 10 grams in the previous session.
In this way, the price of this gold has increased by Rs 396 per 10 grams this week. Similarly, the gold price of December futures has increased by Rs 366 per 10 grams this week.
