Ex-RBI Governor Rangarajan heads panel to look at Tamil Nadu fiscal challenges
NEW DELHI: The Tamil Nadu government on Saturday said it has set up a high-level committee, headed by former RBI Governor C. Rangarajan to look at the fiscal challenges being faced by the state and the way forward in the context of Covid-19. According to the government, the committee comprises economists, industrialists, vice chancellors, bankers, […]
India sharply increases borrowing to Rs 12 lakh crore
NEW DELHI: The government of India plans to borrow Rs 12 lakh crore ($160 billion) in the fiscal year to March 2021, up from the previously budgeted Rs 7.8 lakh crore to cushion the blow from the new coronavirus pandemic, it said on Friday. The “revision in borrowings has been necessitated on account of the […]
Wall Street jumps as historic job losses fewer than feared
By Lewis Krauskopf Major U.S. stock indexes jumped on Friday and logged solid gains for the week after data on historic job losses due to the coronavirus crisis showed they were slightly fewer than feared. All 11 S&P 500 sectors were positive, led by the beaten-up energy group .SPNY, which gained 4.3%. A 2.4% gain […]
India’s fuel demand nearly halves in April amid lockdown
NEW DELHI: India’s fuel demand dipped 45.8% in April from a year earlier, as a nationwide lockdown and travel curbs to combat the spread of novel coronavirus eroded economic activity. Consumption of fuel, a proxy for oil demand, totalled 9.93 million tonnes – its lowest since 2007, government data showed on Saturday. State fuel retailers […]
Some states unwilling to take back migrants from Maharashtra
NEW DELHI: Maharashtra Revenue Minister Balasaheb Thorat on Saturday expressed concern over the stand taken by several states to not take in migrant workers who were stranded in Maharashtra due to the COVID-19 lockdown. In a statement, Thorat, who is also the state Congress president, alleged that arbitrary decisions taken by many states regarding migrant […]
Assam government hikes excise duty on IMFL by 25 per cent
NEW DELHI:The Assam government has decided to increase the excise duty on Indian Made Foreign Liquor (IMFL) by 25 per cent, state Industry Minister Chandra Mohan Patowary said after a Cabinet meeting on Friday. This will generate an additional income of Rs 1,000 crore for the state to meet the unexpected financial burden and expenditure […]
CII bats for immediate stimulus package of Rs 15 lakh crore
NEW DELHI: Industry body CII on Friday suggested that the government of India should immediately announce a stimulus package of Rs 15 lakh crore, or 7.5 per cent of the GDP, observing that the COVID-19 pandemic has led to “deep distress” in the Indian economy. “The COVID-19 pandemic, which came as a bolt from the […]
Gujarat: Sops, break from few labour laws to attract industries
AHMEDABAD: The Gujarat government on Friday said it will go all out to welcome to the state firms wanting to shift out of China by giving them land within seven days and all clearances to set up industries in 15 days. The Vijay Rupani government also announced that new industries being set up will not […]
Cricket: India ready for quarantine in Australia to help tour proceed
SYDNEY: India captain Virat Kohli and his team mates would be ready to spend two weeks in quarantine in Australia if that helped the tour go ahead as planned later this year, a top official of the Indian board has said. A cash-strapped Cricket Australia (CA) is banking heavily on the series, reportedly worth A$300 […]
India may see 0% GDP growth this fiscal year: Moody’s
MUMBAI: The impact of the coronavirus outbreak will exacerbate the material slowdown in India’s economic growth, with the country expected to see 0% expansion in the current fiscal year, analysts at Moody’s said on Friday. The ratings agency said it expected India to see no growth in financial year 2021 and bounce back to a […]
India equity mutual fund inflows halve in April as coronavirus keep investors away
MUMBAI: Inflows into India’s equity mutual funds nearly halved in April, industry data showed, as many investors rattled by stock market volatility due to the new coronavirus and the impact of a lockdown on the economy chose to stay away. Net flows into mutual funds that invest in equity fell 47% to 62.12 billion rupees […]
China-backed AIIB approves $500 million loan for India’s COVID-19 response
BEIJING: Beijing-backed Asian Infrastructure Investment Bank (AIIB) said on Friday it had approved a $500 million loan to India to help the country navigate the coronavirus pandemic. The loan is intended to help India’s government strengthen its public health system, prepare for future outbreaks, and limit the transmission of cases, a statement from AIIB said. […]
Hundreds of migrant workers protest at Mangalore Central Railway Station
MANGALURU: Hundreds of migrant workers belonging to northern states on Friday staged a protest in front of the central railway station here demanding that arrangements be made for them to return to home towns. The crowding of workers at the railway station is learnt to be prompted by a social media post which went viral […]
16 migrant workers crushed to death by goods train in Maharashtra
NEW DELHI: At least 16 migrant workers sleeping on rail tracks were crushed to death by a goods train in Aurangabad district of Maharashtra on Friday morning, police said. While 14 of them died on the spot, two of them later succumbed to injuries which took place at 5.15 am under the Karmad Police station […]
Nagaland government focuses on agriculture to revive economy
NEW DELHI: The Nagaland government, which is facing a financial crunch in the wake of the lockdown, has focused on strengthening the agriculture and allied sectors to revive the state’s economy, a minister said. The government will hold a meeting with the representatives of the farming community and entrepreneurs on Friday to discuss various issues […]
SBI to extend moratorium to NBFCs
NEW DELHI: India’s largest lender State Bank of India (SBI) has decided to extend the RBI-approved moratorium to the cash-strapped NBFC sector to help them tide over the crisis, its MD Dinesh Kumar Khara said on Thursday. The RBI has allowed banks to extend moratorium to borrowers of term loans of all kinds for three […]