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Economy News - Page 2

COVID-19 Impact: DGCA extends deadline for IndiGo, GoAir to replace unmodified PW engines to 31 August

Indian aviation regulator, DGCA, on Monday extended the deadline for IndiGo and GoAir to replace all the 60 unmodified Pratt and Whitney (PW) engines on their A320neo planes from 31 May to 31 August, as supply chain has been impacted due to the coronavirus-induced lockdown

South Korea’s K-Startup Grand Challenge 2020 accepting applications till 25 June

The Korean government’s K-Startup Grand Challenge supported by the Ministry of SMEs and Startups (MSS) and National IT Industry Promotion Agency (NIPA), is now accepting applications for the program till 25 June, 2020

India's manufacturing output falls further in May, rate of job cuts accelerates: PMI survey

The country's manufacturing sector activity recorded another sharp deterioration in business conditions during May as new orders placed with producers continued to fall after April's record contraction, leading firms to cut jobs at the quickest pace on record, a monthly survey said on Monday

China's May factory activity grew at slower pace, but momentum in services, construction sectors quicken

While most businesses in China have reopened, many manufacturers are struggling with reduced or cancelled overseas orders as lockdowns push the global economy into recession

NASSCOM teams up with IoT, AI startups to provide low-cost solutions to combat COVID-19

NASSCOM's Center of Excellence IoT and AI has focussed on a few startups to leverage their solutions and provide them with the resources

Biocon gets DCGI nod for emergency use of CytoSorb to treat critical COVID-19 patients

Biotechnology major Biocon on Wednesday said its subsidiary has received approval from the Drugs Controller General of India (DCGI) for a medical device to treat critical COVID-19 patients

Aegon Life Insurance launches first Life Plus hospitalisation cover for COVID-19 with Flipkart

Aegon Life Insurance on Wednesday announced the launch of ‘Life Insurance with COVID-19 Cover’ for hospitalization expenses up to Rs 1 lakh along with Flipkart, India’s homegrown e-commerce marketplace

Govt measures to deal with coronavirus impact 'very positive', says former RBI governor Bimal Jalan

Former Reserve Bank Governor Bimal Jalan on Thursday described the initiatives taken by the government to mitigate the impact of COVID-19 as "very positive" and hoped that these would help in containing the decline in growth

GST Council to meet in June; finance ministry not in favour of raising rates on non-essential items

The finance ministry is not in favour of increasing goods and services tax rates on non-essential items in the next month's meeting of the GST Council, despite depressed revenue collections due to the nationwide lockdown to contain the spread of COVID-19

Economy on course for full-year contraction this fiscal; recovery from COVID-19 disruptions remain clouded: DBS Bank

According to DBS, consumer discretionary sectors, production and services are likely to take longer to recover.

COVID-19 Lockdown: Majority of consumers want to buy goods from kiranas going forward, finds survey

Spending pattern of the consumers has changed over the past six weeks with 55 percent respondents, of the 1,000 participated, are willing to spend a lot more on less discretionary items like groceries, and 52 percent on everyday household goods.

Fiscal deficit widens to 4.6% of GDP in 2019-20, higher than revised estimates of 3.8%

The country's fiscal deficit widened to 4.6 percent of the Gross Domestic Product in 2019-20 mainly on account of poor revenue realisation, according to official data

Coronavirus Lockdown: Eight core sector output contracts by record 38.1% in April; cement falls 86%, steel by 84%

The output of eight core infrastructure industries shrank by a record 38.1 per cent in April due to the coronavirus-induced lockdown, according to the official data

Coronavirus Lockdown: Decision to open shops in malls soon after taking into account health ministry's guidelines

The decision to open shops in malls, will be taken soon, after taking into account the guidelines of the health ministry, the commerce and industry ministry said on Friday

Rupee appreciates 14 paise to close at 75.62; forex traders say investors await Q4 GDP data

The rupee appreciated 14 paise to provisionally close at 75.62 against the US dollar on Friday as foreign fund inflows and weak American currency boosted investor confidence

Coronavirus Lockdown: Economy needs support from PSBs, says Union Bank chief Rajkiran Rai G

The country's economy, which has been hit by the COVID-19 outbreak, needs support from the public sector banks (PSBs) to boost credit growth, an official said on Friday

Urban commuters wary of using public transport when lockdown measures relaxed; private vehicles, solo ridership preferred, finds survey

In the times of social distancing, public transport would not be preferred for the next few months, said respondents in a survey

GDP growth likely be at 3.6% in Jan-Mar quarter, says Care Ratings; govt to release data today evening

The country's GDP growth is likely to be at 3.6 percent in January-March 2020 as economic activity came to a complete halt due to the countrywide lockdown imposed to contain the coronavirus outbreak, says a report

Rupee rises 11 paise to 75.65 in early trade ; foreign fund inflows, weak US dollar boosts investor confidence

The rupee appreciated 11 paise to 75.65 against the US dollar in opening trade on Friday as foreign fund inflows and weak American currency boosted investor confidence

ADB approves $177 mn loan to upgrade 450 km of state highways, major district roads in Maharashtra

The Asian Development Bank (ADB) on Thursday signed a $177 million loan to upgrade 450 km of state highways and major district roads in Maharashtra

Coronavirus Lockdown: Commerce minister Piyush Goyal expects better exports performance in May, June

The performance of the country's exports is expected to be better in May and June as compared to the steep fall recorded in April, when the shipments contracted to an all-time high of 60.28 percent, Commerce and Industry Minister Piyush Goyal said on Thursday

US economy shrinks at 5% annual rate in Jan-Mar quarter; economists expect far worse GDP outcome in Q2

The US economy shrank at an even faster pace than initially estimated in the first three months of this year with economists continuing to expect a far worse outcome in the current April-June quarter

Income Tax Department notifies minimum fees for managers of India-based offshore funds

The income tax department has notified the minimum fee to be received by India-based fund managers of an overseas fund

Coronavirus Outbreak Impact: Nissan to close Indonesia, Spain auto plants after sinking into red for first time in 11 years

Japanese automaker Nissan plans to close auto plants in Spain and Indonesia after sinking into the red for the first time in 11 years as the pandemic squashed global demand and disrupted production

Forced lending to cripple banks; NPAs to soar by up to 600 bps in 2 years: Fitch Ratings

With incremental bank lending making up the bulk of the government's nearly Rs 21 lakh crore stimulus package, lenders face significant asset quality challenges which can increase their dud loan ratios by up to 6 percentage points over the next two years, warns a report

Coronavirus Outbreak: Nirmala Sitharaman chairs FSDC panel meeting, takes stock of economy