Today’s top business news: Stocks drop, UN predicts Indian economy to contract 5.9% in 2020, Zomato says food delivery sector is showing strong signs of recovery, and more

Stocks drop, UN predicts Indian economy to contract 5.9% in 2020

India’s economy is likely to shrink 4.7 per cent this year, a new report from the United Nations on Tuesday predicted. The estimate comes amid slowing global growth as well as a cyclical slump in several Asian economies. The Indian economy is reeling under the impact of a messy rollout of the goods and services tax, which has led to slower industrial output growth, slow growth in service exports and construction activity has slowed.

The report expects the Indian economy to shrink to 5.9 per cent in 2020.

UN predicts Indian economy to contract 5.9% in 2020

Stocks drop, UN predicts Indian economy to contract 5.9% in 2020

Indian stock prices fell more than 1 per cent on Wednesday as investors followed weak global markets, while the rupee fell near a record low after the United Nations predicted a 5.9 per cent fall in India’s economy next year. The benchmark Sensex index dropped 1.13 per cent to close at 26,833.49 points, while the broader Nifty 50 index lost 1.1 per cent to end at 8,177.15 points.

Diwali festival sales likely to be healthy

Stocks likely to rise further: Forbes India and the World. Retailers report few signs of tepid Dhanteras and Diwali demand. Many hotels are reporting higher occupancy levels with an overall rise in number of visitors on both days, as consumers look to stock up in anticipation of discounts that usually commence during the festivals. Retailers in India reported healthy sales this week, with some netting sales in excess of their 2018 budget targets.

Food delivery sector showing strong signs of recovery: Zomato

Food delivery firm Zomato said on Tuesday that the sector has shown strong signs of recovery in terms of sales growth. The firm expects that the performance would be around 20-25 per cent growth by end of 2019.

Indians like to have their health care delivered: Prasoon Joshi

Indian consumers are inclined to have their health care delivered to them, Prasoon Joshi, chief executive of WPP’s Young & Rubicam South Asia and a former Ogilvy & Mather chief, told The Economic Times on Tuesday.