Economy News - Page 4

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

Amazon enters Indian food delivery market, to compete against Zomato, Swiggy; starts operations in select parts of Bengaluru

Amazon India on Thursday said it is launching its food delivery operations in select parts of Bengaluru, a move that will see the e-commerce giant compete against major players like Zomato and Swiggy in the country

Coronavirus Lockdown: Swiggy, Zomato start home delivery of alcohol in Ranchi; to add other cities over next couple of days

Swiggy, on-demand delivery platform, has enabled online processing and home delivery of alcohol through the ‘Wine Shops’ category on the Swiggy app

Coronavirus Outbreak: Kerala records highest number of cyberattacks during lockdown, says report

The COVID-19-induced lockdown saw a spurt in crybercrimes in India with Kerala recording the highest number of cyberattacks during the period, according to an analysis of IT security solutions provider K7 Computing

Coronavirus Lockdown: Honda Motorcycle and Scooter India to resume manufacturing operations from next week in phased manner

Honda Motorcycle and Scooter India (HMSI) on Thursday said it will resume manufacturing operations across its four plants in the country in two phases, with Karnataka-based facility kickstarting the process from next week

COVID-19 Lockdown Impact: Nissan India introduces online vehicle booking process

Automaker Nissan India on Thursday said it has launched a new digital initiative enabling customers to book and buy vehicles online amid coronavirus pandemic

COVID-19 Lockdown Impact: Jaguar Land Rover India enhances online sales, service network

Jaguar Land Rover (JLR) India on Thursday said it has enhanced its online sales and service initiative amid the coronavirus pandemic

Malaysia to strengthen trade ties with India after palm oil purchases resume after gap of four months

Malaysia voiced its commitment to further strengthen diplomatic and trade ties with India, after the world’s largest edible oil buyer renewed purchases of Malaysian palm oil, in a sign of improving relations between the two countries

Rupee rises 13 paise to 75.67 against dollar in early trade on positive opening in domestic equities

The rupee appreciated 13 paise to 75.67 against the US dollar in early trade on Thursday tracking positive opening of domestic equities

Coronavirus economic stimulus package: Cabinet approves Rs 10,000 cr scheme to support micro food processing units

The Union Cabinet, headed by Prime Minister Narendra Modi, on Wednesday gave approval for a new central scheme with an outlay of Rs 10,000 crore for providing credit-linked subsidy to 2 lakh micro food processing units across the country

Coronavirus economic stimulus package: Cabinet approves Rs 20,050 cr scheme for fisheries sector

The Cabinet on Wednesday approved a scheme to bring about a blue revolution through sustainable and responsible development of the fisheries sector with a total estimated investment of Rs 20,050 crore in the next five years

Coronavirus Lockdown: Cabinet approves Rs 3 lakh cr emergency credit line for MSME; loans at 9.25% rate

The Union Cabinet on Wednesday approved additional funding of up to Rs 3 lakh crore at a concessional rate of 9.25 per cent through the Emergency Credit Line Guarantee Scheme (ECLGS) for the MSME sector hit hard by the coronavirus crisis

RBI board member Satish Marathe says stimulus package fails to involve banks as frontline warriors in economic revival

The stimulus package announced by Finance Minister Nirmala Sitharaman "fails to involve" banks in the economic revival process, a member of the Reserve Bank of India's central board said on Wednesday

Coronavirus Outbreak: Fifteenth Finance Commission to meet its high level group on health sector on Thursday

The 15th Finance Commission will hold a virtual meeting with its high-level group on the health sector on Thursday to discuss the requirement of increased resources and manpower in the context of COVID-19 pandemic

SEBI asks listed companies to make disclosure about impact of coronavirus pandemic on business

Markets regulator SEBI on Wednesday asked listed companies to make a disclosure about the impact of coronavirus pandemic on their business to investors and stakeholders in a timely and cogent manner

Rupee falls 14 paise to close at 75.80 on concerns over US-China trade tiff, second wave of coronavirus infection

The rupee depreciated by 14 paise to 75.80 (provisional) against the US dollar on Wednesday as headwinds due to US-China trade tiff and worries over the second wave of coronavirus infection weighed on investor sentiment

Coronavirus Outbreak: TCS well-positioned to weather this storm, take advantage of opportunities in downturn, says chairman N Chandrasekaran

The next few months will be difficult for enterprises globally but Tata Consultancy Services (TCS) is well-positioned to weather the storms and take advantage of opportunities that come up during the downturn, TCS Chairman N Chandrasekaran has said

Coronavirus Outbreak: Tata Motors' JLR rolls out first Range Rover made under social distancing measures

The first Range Rover made under new social distancing measures in place to combat coronavirus drove off the production line at the Tata Motors’ owned Jaguar Land Rover’s manufacturing plant in Solihull in the West Midlands region of England on Wednesday, following a recent temporary pause in production due to the pandemic

Economic package: Successful implementation of support measures for NBFI will be key, says Fitch Ratings

Fitch Ratings on Wednesday said support measures announced by the government for non-banking finance companies seek to ease borrower strain and boost funding conditions for NBFIs, but successful implementation will be the key

AIBOC flays govt's decision to privatise PSUs; says move 'does not promote self-reliance but destroys foundation of economy'

All India Bank Officers' Confederation (AIBOC) expresses its outright opposition to and strong anguish over the decision of wholesale demolition of Public Sector Enterprises of India

Coronavirus Lockdown: Ola to lay off 1,400 staff; CEO says revenues decline by 95% in last two months due to pandemic

Cab aggregator Ola is laying off 1,400 staff from rides, financial services and food business as revenues declined by 95 percent in the last two months due to coronavirus pandemic, a note by CEO Bhavish Aggarwal said

H-1B visa holders do not adversely affect US workers; presence of foreign workforce boost employment: Report

The H-1B visa-holders, a majority of them Indian IT professionals, do not adversely affect Americans, according to new research, which also suggests that the presence of foreign workforce having such visas boost employment among other workers in an occupation