Economy News - Page 3
Coronavirus Lockdown: India faces worst recession in current fiscal; economy to shrink by 5%, says CRISIL
India's fourth recession since independence, the first since liberalisation and perhaps the worst to date, is here, CRISIL said on Tuesday as it predicted the economy to shrink by 5 percent in the current fiscal because of coronavirus lockdown
Coronavirus Lockdown: SC issues notice to Centre, RBI on plea against interest on loans during moratorium
The Supreme Court Tuesday asked the Centre and the RBI to respond to a plea challenging levy of interest on loans during the moratorium period, which has now been extended by another three months till August 31 due to the coronavirus pandemic
Coronavirus Lockdown: Karnataka farmers team up with Flipkart for home delivery of mangoes
E-commerce marketplace Flipkart and Karnataka State Mango Department and Marketing Corporation signed a memorandum of understanding (MoU) on Tuesday, enabling mango farmers sell their fresh produce online through the Flipkart platform
Coronavirus Lockdown: Trader's body writes to PM, suggests measures to tide over financial stress
A national body of traders has written to Prime Minister Narendra Modi, suggesting a host of measures to help the community tide over the crisis triggered by the coronavirus lockdown, including putting a cap on the value of e-commerce sales and giving access to Udyog Aadhaar cards
Mutual funds add 7 lakh folios in April; total tally surpasses 9-cr mark, reveals AMFI data
The mutual fund industry has added nearly seven lakh investor accounts in April, taking the total folio tally to 9.04 crore, amid volatility in broader markets
GDP growth seen at 1.2% for Q4 FY20; economic activity came to standstill due to nationwide lockdown: SBI report
The country's GDP is estimated to have grown at 1.2 percent in the last quarter of the previous fiscal as economic activity came to a standstill in the last week of March due to the nationwide lockdown to contain the spread of COVID-19, a report said
Rupee settles 29 paise higher at 75.66; easing of COVID-19 lockdown measures fuel growth optimism
The rupee appreciated 29 paise to close at 75.66 against the US dollar on Tuesday tracking weakness in the American currency, while easing of COVID-19 lockdown measures fuelled growth optimism
Rs 90, 000 cr package to provide only temporary relief to discoms but not long-term stability: India Ratings
The Rs 90,000 crore package would provide only a temporary relief to power distribution companies but not long-term stability, India Ratings and Research (Ind-Ra) said on Tuesday
Rupee surges 30 paise to 75.65 in early trade on positive opening in domestic equities; dollar weakens overseas
The rupee appreciated 30 paise to 75.65 against the US dollar in early trade on Tuesday tracking positive opening of domestic equities and weakness in the American currency
Strides Pharma receives regulatory approval to conduct trials in India for potential COVID-19 drug
Indian pharmaceutical company Strides Pharma Science Ltd said on Thursday it has got regulatory approval to conduct clinical trials of antiviral drug favipiravir, considered a potential treatment for COVID-19
RBI monetary policy: Central bank extends Rs 15,000-cr credit line to EXIM Bank to help revive sagging foreign trade
The Reserve Bank on Friday announced a Rs 15,000-crore line of credit to the Export-Import Bank of India, to help the sagging foreign trade
Amazon India to add 50,000 temporary roles for warehousing, delivery network to meet surge in demand for products
E-commerce major Amazon India on Friday said it will add 50,000 'seasonal' or temporary roles to meet the surge in online demand for products, particularly from those most vulnerable to being out in public in the backdrop of the coronavirus pandemic
Rupee falls 34 paise to close at 75.95 against dollar; RBI rate cut booster dose fails to cheer investors
The Indian rupee slipped 34 paise to close at 75.95 against the US dollar on Friday as Reserve Bank''s fresh measures to alleviate economic distress failed to strike a chord with investors
Govt stimulus package does not address immediate concerns of healthcare system: Fitch Solutions
Fitch Solutions has said that the latest stimulus package does not address immediate concerns of the healthcare system which is reeling under the pressure of COVID-19 pandemic
RBI monetary policy: GDP growth in 2020-21 likely to be in negative territory, says Shaktikanta Das
The Reserve Bank on India (RBI) on Friday said India''s gross domestic product (GDP) growth will be in negative territory in 2020-21 as the outbreak of coronavirus has disrupted economic activities
Around 8.21 lakh subscribers join ESIC scheme in March as against 11.83 lakh in February: Payroll data
Around 8.21 lakh new members joined the ESIC-run social security scheme in March 2020, against 11.83 lakh in the previous month, according to payroll data of the Employees' State Insurance Corporation (ESIC)
Trade unions stage protests against suspension, tweaking of labour laws by some states during lockdown
Ten central trade unions on Friday held protests across the country to oppose suspension and tweaking of labour laws by states
Income Tax Department issues refunds of Rs 26,242 cr since April to 16.84 lakh taxpayers; move to ease liquidity
The tax department on Friday said it has issued I-T refunds of Rs 26,242 crore to 16.84 lakh taxpayers since April as part of efforts to hasten refund process for making liquidity available with people and firms to deal with COVID-19 crisis
Indian economy to contract in FY21; lockdown compounds economic challenges, says Moody's
Moody's Investors Service on Friday said India's economy is expected to contract for the first time in more than four decades saying economic damage owing to the coronavirus-induced lockdown will be significant with lower consumption and sluggish business activity
RBI monetary policy: Central bank extends moratorium on loans for another 3 months till August
Reserve Bank Governor Shaktikanta Das on Friday extended the moratorium on payment of loans by another three months till August to provide much-needed relief to borrowers whose income has been hit due to the coronavirus crisis
Coronavirus Outbreak: RBI cuts repo rate by 40 bps to 4%; full text of Shaktikanta Das' statement
The Reserve Bank of India Governor Shaktikanta Das on Friday said the central bank reduced the repo rate by 40 bps to 4 percent to ease the financial stress caused by the Covid-19 pandemic
Coronavirus Outbreak: RBI cuts repo rate by 40 bps to 4%; full text of resolution of monetary policy statement
To mitigate the economic impact of COVID-19 outbreak, in a surprise move, the Reserve Bank of India (RBI) on Friday again reduced the key lending rates by 40 basis points
Coronavirus Outbreak: Paytm records 4 times growth in payments made to merchants during lockdown
Digital payments firm Paytm has recorded around four-fold jump in payments received by merchants in its new ledger service amid the coronavirus pandemic, a senior company official said on Thursday
Rupee gains 19 paise to close at 75.61 on hopes of forex inflow as economic activities resume
The rupee rose by 19 paise to close at 75.61 against the US currency on Thursday on dollar selling by banks following gains in equities and weakness in the greenback
Coronavirus Outbreak: PHD Chamber Commerce and Industry contributes Rs 528 cr towards PM-CARES Fund
The PHD Chamber of Commerce and Industry (PHDCCI) on Thursday said it has contributed Rs 528 crore towards the PM-CARES Fund to support fight against the coronavirus pandemic
Coronavirus Outbreak: Log 9 Materials ties up with Indian Institute of Science for its ‘CoronaOven’ project
Nanotechnology start-up Log 9 Materials — which has come up with a time-critical, novel technological solution (in the form of a small disinfection chamber that uses UV- C rays to kill Coronaviruses) to deal with the rising threat of the transmission of Covid-19 through object surfaces, is associating with the Indian Institute of Science - Bangalore for the ‘CoronaOven’ project
Govt extends social security scheme for senior citizens till March 2023; rate of return reduces to 7.4% for FY21
The government on Wednesday fixed the annual rate of return for Pradhan Mantri Vaya Vandana Yojana (PMVVY), a social security scheme for senior citizens, at 7.4 percent for 2020-21, down from 8 percent in the previous fiscal, as it extended the scheme by three years
Govt releases Rs 92,077 cr towards devolution of central taxes to states for April, May, says Nirmala Sitharaman
The government on Thursday said it has released Rs 92,077 crore towards the devolution of central taxes to states for April and May
Govt notifies changes in rules disallowing global tender for procurement up to Rs 200 cr; move to benefit MSMEs
The government has notified amendments to General Financial Rules (GFR) to ensure that goods and services valued less than Rs 200 crore are being procured from domestic firms, a move which will benefit MSMEs
Coronavirus Lockdown: Govt cap fares of Mumbai-Delhi route at Rs 3,000-10,000; comes out with guidelines for domestic air travel
About a third of operations will be allowed under strict norms when domestic flight services restart on Monday after a two-month hiatus and all the airlines will have to adhere to the upper and lower limits of fares prescribed by the government, the Civil Aviation Ministry said on Thursday