India’s GDP expected to contract 9% in FY21: ADB


New Delhi, Sep 15 | The Asian Development Bank (ADB) on Tuesday projected a 9 per cent contraction of the Indian economy in the financial year 2020-21, revising its outlook within three months as the Covid situation continues.

In June, ADB had predicted a 4 per cent contraction in the country’s GDP in the current fiscal.

The forecast comes just over a fortnight after the country reported a 23.9 per cent contraction in its Gross Domestic Product (GDP) for the April-June quarter.

The ADB report noted that the Indian economy having weakened even before the pandemic struck, the government enjoyed little fiscal space to respond.

“Indian GDP is expected to fall by 9 per cent in the whole of this fiscal year and then grow by 8.0 per cent in the next,” it said.

On South Asia, ADB says that the sub-region is now expected to shrink by a steep 6.8 per cent in 2020 and rebound by 7.1 per cent in 2021.

It noted that as the Coronavirus (Covid-19) continued to expand regionally and globally, containment measures to counter the pandemic stifled economic activity. Domestic demand and production plummeted, plunging global economic activity and slashed external demand, it added.

Governments in the region responded with diverse policy measures, it said, citing the ‘Developing’ Asian countries.

It noted that after nosediving at first, capital flows, financial markets, and currencies have recovered.

Citing recent data, the ADB report said that the crisis may have bottomed out, but the picture across the region is mixed.

It noted the different economic trajectory in China and India, as the former has moved towards a nascent recovery (as it has reported a total of 85,202 cases) while India continues to struggle (as the second worst-hit by the pandemic with over 49 lakh cases so far).

“In particular, the two largest economies in the region are diverging as nascent recovery in the People’s Republic of China (PRC) contrasts with continued fragility in India,” it said.

The report said that after containing its domestic outbreak relatively rapidly, China saw growth recover from 6.8 per cent contraction in the first quarter to 3.2 per cent growth in the second. By contrast, the outbreak in India has intensified since April, spreading fast from cities to rural areas.

The hard and prolonged lockdown caused output to contract by 23.9 per cent in the April-June quarter, and various high-frequency indicators, while improving somewhat, show continued economic weakness, it added.

Source: IANS

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Policybazaar Unveils its new brand campaign "AapKiSideHai"

Policybazaar Unveils its new brand campaign

Akshay Kumar delivers the brand’s promise of always being on the customer’s side

Gurugram, 19th Sept, 2020: (Twitter handle: PolicyBazaar), India’s largest online insurance marketplace with over 10 million customers, showcases its commitment to customers in its new television campaign “AapKiSideHai”. The new ad campaign featuring Policybazaar brand ambassador, Akshay Kumar, highlights the brand’s promise of embracing a holistic customer centric approach while helping to bridge the insurance protection gap in India.

Policybazaar’sAapKiSideHai campaign seeks to reassure its customers on being a dependable Insurance partner for them, every step of the way. The brand has always focused on distributing products like term insurance, health insurance, zero commission ULIP’s and motor insurance that are optimal from a customer perspective. Policybazaar is now extending the brand promise beyond the purchase experience to ensure that consumers get the highest levels of service throughout the policy lifecycle.

The new brand campaign reinforces Policybazaar core value of putting the customer first by delivering on its promise of providing a trusted platform for all types of insurance products. The brand is committed to guiding the customer throughout the insurance journey, starting from recommending the right products at affordable pricing, ensuring thatthe policy issuance process is smooth and fast, and, to providing services and claims assistance when needed.

“While we continue to highlight the importance of Health & Term life Insurance through our marketing campaigns, with the brand promise of Policybazaar AapKiSideHai, we also intend to position Policybazaar as a customer centric brand, that is committed to stand by its customers, both pre and post purchase”, said Samir Sethi, Head of Brand Marketing, The new ad series highlights Policybazaar’s unparalleled support to customers, while providing them with the ease of comparing and buying term and health plans online with guidance at each & every step.

Speaking about the TVC launch, Sharat Dhall, Chief Operating Officer, said, “Our ultimate aim is to provide 360-degree assistance to customers that starts from when the policy is bought, to provide assistance when the claim is paid out, should such a situation arise. Winning and maintaining customer trust is a strong ethos within the company and this campaign reflects that. At a time when the world is grappling with a crisis like no other, the brand intends to instill confidence in the customers’ buying decisions by assuring them protection of their futures with the right insurance products & thorough assistance throughout the journey.”

The new brand campaign in its series displays moments of indecision that people may have while investing in protection products. It addresses these queries &emphasizes the importance of nurturing a bond with the consumers thereby creating customer delight.


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