Economy News - Page 17

Coronavirus Outbreak: IMF calls on all countries to refrain from putting restrictions on exporting medical supplies

The IMF has called on all countries to refrain from putting restrictions on exporting medical supplies in view of their massive requirement across the globe to combat the coronavirus pandemic that has killed at least 119,000 people and infected nearly two million

Coronavirus Outbreak: HDFC chairman Deepak Parekh sees 20% drop in property prices

HDFC Chairman Deepak Parekh on Tuesday said he sees 20 percent drop in property prices of unsold residential inventory, and advised developers to offload their stocks to enhance liquidity position

Coronavirus Outbreak: Analysts flag economic growth concerns post-lockdown extension

The 19-day extension of the lockdown on Tuesday by Prime Minister Narendra Modi led analysts to flag concerns over its economic impact, with some estimating a GDP contraction of 1 percent in FY21 as well

Coronavirus Outbreak: US allows H-1B visa extension, relief for stranded Indian professionals

In a big relief for thousands of stranded Indian professionals in America due to the coronavirus pandemic, the US government has decided to accept their H-1B visa applications for an extended stay in the country

Coronavirus Outbreak: Businesses can claim GST refund for cancellation of services, goods contract

With aviation and hospitality sectors seeing mass cancellation of bookings following Covid-19 outbreak, the CBIC has allowed businesses to claim refund of GST in cases where invoice was generated but was subsequently cancelled

Coronavirus Outbreak: IndiGo says will resume flight services from 4 May in phased manner

IndiGo on Tuesday said it will resume flight services from 4 May in a phased manner

Coronavirus Outbreak: HDFC chairman Deepak Parekh pushes for one-time restructuring of realty accounts

HDFC Chairman Deepak Parekh on Tuesday pushed for a one-time restructuring of stressed real estate accounts and relaxation in the classification of NPA norms to 180 days from 90 days to help the sector which has been severely affected due to COVID-19 related disruptions

Coronavirus Outbreak: Extended lockdown to cause Rs 18-lakh crore economic loss, says Barclays

Extension of the nationwide lockdown till 3 May will inflict an economic loss of $234.4 billion (approx Rs 18 lakh crore), and result in stagnant GDP for the calendar year 2020, a British brokerage said on Tuesday

IMF projects India's GDP growth at 1.9% in 2020, forecasts global recession due to coronavirus

The IMF on Tuesday projected a GDP growth of 1.9 percent for India in 2020, as the global economy hits the worst recession since the Great Depression in the 1930s due to the raging coronavirus pandemic that has nearly stalled all economic activities across the world

Coronavirus Outbreak: ESIC further extends period for filing ESI contributions for February till 15 May

The Employees' State Insurance Corporation (ESIC) has further extended the deadline for filing ESI contributions for February till 15 May in view of the coronavirus lockdown

Tourists will need COVID-19 certificate to enter Goa even after lockdown is lifted: State health minister

Goa Health Minister Vishwajit Rane on Tuesday said air travellers will not be allowed to enter the coastal state without a health certificate, after the Centre opens up airports once the COVID-19 lockdown is eased or lifted

Coronavirus Outbreak: Harvard, MIT announce salary, hiring freeze and leadership pay cuts

Prestigious US educational institutions Harvard University and Massachusetts Institute of Technology are implementing salary and hiring freeze and their top leadership will take pay cuts as part of "hard choices" to control costs in a tough economic environment resulting from the global coronavirus pandemic, according to a report

Coronavirus Outbreak: Realty sector welcomes lockdown extension, seeks relief package to cushion liquidity crisis

The real estate industry on Tuesday welcomed the decision to extend the lockdown period till 3 May, but said the government should allow limited construction activities with proper safety and also provide a relief package to ease the liquidity crisis faced by builders

Coronavirus Outbreak: Extension of lockdown right decision amid spiking Covid-19 cases, says Kiran Mazumdar-Shaw

Extension of the nation-wide lockdown is the right decision as India is witnessing a surge in the number of novel coronavirus infections, Biocon Chairperson Kiran Mazumdar-Shaw said

Coronavirus Outbreak: CBIC launches e-gate passes to expedite import clearance process

The revenue department has launched electronic delivery of gate passes and final bills of entry to customs brokers and importers with an aim to further simplify the import clearance process by reducing human interface and help tackle the scourge of Covid-19

Coronavirus Outbreak: Hero MotoCorp to provide 60 custom-built mobile ambulances for Covid-19 patients

Leading two-wheeler maker Hero MotoCorp on Tuesday said it is donating 60 first-responder mobile ambulances to authorities across the country as part of its Covid-19 relief efforts

Govt plans to fill strategic petroleum reserve by third week of May; to help refineries reduce excess crude

India plans to completely fill its strategic petroleum reserve (SPR) by the third week of May by moving about 19 million barrels into the sites by then, the managing director of the country’s SPR said on Tuesday

India has opportunity to build a more resilient and diverse economy after coronavirus pandemic: USIBC

Nisha Desai Biswal, the president of the US India Business Council (USIBC) said India is expected to benefit as it is expected that businesses will want to de-risk in having too much of a supply chain concentrated in one area and try to diversify and disperse

Coronavirus Outbreak: Railways offer full refund for trains cancelled till 3 May and for advance bookings

The Indian Railways on Tuesday said full refund would automatically be provided to its online customers for trains cancelled up to 3 May, while those who have booked at the counters can take refund till 31 July

Coronavirus Outbreak: MSME exporters have no liquidity to pay wages for April, says industry body

Apex exporters body FIEO on Tuesday said the micro, small and medium enterprises (MSME) do not have adequate liquidity to pay wages to their employees for the month of April as they are unable to conduct any business activity during the lockdown

Coronavirus Outbreak: Railways extends suspension of passenger services till 3 May as govt increases lockdown period

The Indian Railways has extended the suspension of its passenger services till 3 May, senior officials said on Tuesday

Coronavirus Outbreak: Economists expect retail inflation to spike in April due to nationwide lockdown

Economists on Monday termed the ease in March CPI inflation to a four-month low of 5.1 percent as a misplaced sense of improvement because the impact of lockdown on food prices will be felt in April

Coronavirus Outbreak: No dearth of cash, prepared to meet any demand during nationwide lockdown, say bankers

Banks have enough cash to meet any demand in view of nationwide lockdown and Direct Benefit Transfer (DBT) commitments under Rs 1.7 lakh crore Pradhan Mantri Garib Kalyan Yojana package

Coronavirus Outbreak: PFRDA allows deferment of Atal Pension subscribers' contribution till June

In a major relief to Atal Pension Yojana (APY) subscribers in the wake of coronavirus pandemic, PFRDA has allowed deferment of their contribution until June 2020

IOC gets first shipload of 1 million barrels crude oil from UAE to fill strategic reserves

India is capitalizing on low global oil prices to fill its underground strategic oil reserves, with the first shipload of 1 million barrels of crude oil from the UAE arriving at Mangalore as part of efforts to shore up supplies to meet any supply or price disruption

Coronavirus Outbreak: Goodricke Group MD, CFO opts for 60% cut in salary to control expenses

Premium tea maker Goodricke Group's Managing Director & CEO Atul Asthana and Wholetime Director & CFO Arjun Sengupta have opted to take a 60 percent cut on their respective salaries in the crisis arising out of the Covid-19 outbreak

Coronavirus Outbreak: Govt to extend all possible support to industry for revival, says union minister VK Singh

The government will extend all possible support to the industry for the revival of economic activities hit by COVID-19, Union minister VK Singh said on Monday

India's GDP to contract by 6.1% in April-June quarter; RBI may cut repo rate by 75 bps in 2020 to push growth: Nomura

The Indian economy will contract by 6.1 percent in the April-June quarter and is likely to expand only in the December quarter, a Japanese brokerage said on Monday, expecting another 0.75 percent cut in rates by the RBI to push growth in 2020

Coronavirus Outbreak: One crore job cuts likely in textile industry without govt support, says CMAI

There could be as many as one crore job cuts in the textiles sector, which has been severely hit by the ongoing lockdown, if there is no support and revival package from the government, according to apparel industry body Clothing Manufacturers Association of India (CMAI)

Rupee settles on flat note at 76.27 amid weakening of greenback in international market

The rupee pared initial losses and settled for the day on a flat note at 76.27 (provisional) against the US dollar on Monday amid a weakening of the greenback in the international market