Bitumen manufacture
Bitumen manufacture : In this article, we will discover those items that change the situation
for bitumen manufacture procedure. So, stay with us to find out the
world of bitumen manufacture and export.
The corona financial crisis has devastated almost a quarter of India’s economy
This is the first item that has a large impact on global bitumen manufacture. According to news, the world’s fifth-largest economy,
India, is in deep recession due to the Corona crisis;
the country’s gross domestic product fell by an unprecedented 23.9
percent from April to June. India, the world’s fifth-largest economy,
has plunged into a deep recession as the Corona crisis falls
its gross domestic product by an unprecedented 23.9 percent from April to June. Official data for the first quarter of the Indian fiscal year (April to June)
released by the Indian Ministry of Statistics and
Program Implementation on Monday show that the economy
has seen its first recession since the start of the 1996 quarter. In addition,
India’s economy grew 5.2 percent during the same period last year.
The government’s severe restrictions,
which have lasted over two months to prevent the spread of COVID-19,
have pushed major sectors of the economy into free fall. Bitumen Manufacture, construction and trade fell 39.3%,
50.3% and 47%, respectively. Meanwhile, the agricultural sector overcame the negative trend
and grew by 3.4%.Besides;
recent data suggest that India is likely to be on track for its
first annual recession in more than four decades.
At the same time, if India cannot improve its economic performance
in the second quarter, which ends in September,
the country will technically enter a recession. In technical terms, we define a recession when the economy is negative in two consecutive seasons. In fact, it will release data for the period July to September in November.
India’s economy shrank 25 percent
Generally speaking, India’s economy shrank 25 percent at
the height of the Corona crisis. Asia’s third-largest economy is likely to shrink by 25 percent in the second quarter of this year. This is another variable affecting bitumen manufacture procedure. Surveys by the ICRA show that Asia’s third-largest economy
is likely to shrink by 25 percent in the first quarter of the current
fiscal year, according to the news agency. As a matter of fact, the
institute is examining the devastating consequences of the coronavirus epidemic. According to the credit rating agency,
both GDP and gross value added in India fell in the second quarter of this year. Unlike many countries,
India’s fiscal year begins on April 1. Therefore, the second quarter of the
year is the first quarter of the Indian fiscal year.
Bitumen manufacture in India
Needless to mention that the ICRA said India’s recession resulted
from the paralysis of the country’s major manufacturing sectors
during shutdowns due to the Coronavirus epidemic. India’s manufacturing
sector is 40 percent smaller than last year, and economic activity in
sectors such as construction, trade, hospitality and transportation has
dropped to an all-time low. Analysts also point out that travel, tourism
and accommodation restrictions related to the Coronavirus epidemic
have affected the performance of the service sector during this period.
It is important to know that the accreditation firm last month changed its
forecast for gross domestic product decline in India this year to 9.5 percent,
up from 5 percent previously forecast. The decision follows an increase in corona in India and the re-establishment of quarantine. Moreover, the World Bank warned last week that a coronavirus outbreak could undermine India’s
progress in reducing poverty and add millions more to the poor. The bank has also changed its outlook for the economy and
now forecasts a decline in India’s GDP of more than the 3.2 percent
previously announced.
Bitumen manufacture
The Indian economy is ready to return to pre-corona levels by the end of 2020
Respectively, the Indian Ministry of Finance predicted in a report that
the country’s economy could reach the level before the outbreak of
corona by the end of 2020. As mentioned, the Indian Ministry of Finance predicted in a report that the country’s economy
could reach the level before the outbreak of Coronavirus by the end of 2020.
Referring to the increase in various indicators in October,
the ministry stressed that the “continuous improvement”
of the Bank of India’s indicators such as consumption indicators
and hope for business activities, promises a strong return to the economy
over the next year.Bitumen manufacture
The report also cited the International Monetary Fund’s
forecast of 8.8 percent GDP growth in India next fiscal year as
“the highest in the world” and shows a strong recovery in India’s economy.
While India’s retail inflation rose to 7.3 percent in September,
the Ministry of Finance said that given the inflation outlook and
pressure on the prices of key agricultural products such as tomatoes,
onions and potatoes. He also said we should import in the quarter. According to the report, seasonal rainfall,
along with the reduction of corona restrictions in the country,
reduces the risks of stress due to supply disruptions and labor shortages.
Despite a 5.4 percent drop in exports in October to $24.8 billion,
the Indian Ministry of Finance has expressed confidence in the current
account surplus for the next three months. The ministry also stressed that
the trade surplus observed from April to September supports the forecast.
Corona $100 billion damage to the Indian economy
According to research conducted by India, the global quarantine in
India has closed the businesses of this country and will cause about
100 billion dollars in damages in 21 days. Respectively, business closures
and market closures are reportedly costing $4 billion to $6 billion a day,
a significant figure during the quarantine period.