Economy News - Page 5

Indian Railways runs its most powerful 12,000 HP Made in India locomotive in Uttar Pradesh

The Indian Railways' most powerful 12000 HP Made in India locomotive made its maiden commercial run between Deen Dayal Upadhaya and Shivpur stations in Uttar Pradesh on Monday, the national transporter said

Rupee rises 6 paise to 75.60 against dollar in early trade on positive opening of domestic equities

The rupee appreciated 6 paise to 75.60 against the US dollar in early trade on Wednesday tracking positive opening of domestic equities

Coronavirus Lockdown: CAIT urges govt to reconsider economic package, says traders let down by exclusion

Industry body CAIT has urged the government to reconsider the economic package and announce measures to support traders, saying the community feels let down for exclusion from the Rs 20 lakh crore stimulus to aid the economy reeling from the COVID-19 crisis

Coronavirus Lockdown: Mahindra & Mahindra offers new finance schemes, special benefits for doctors, cops, women

Auto major Mahindra & Mahindra on Tuesday rolled out a range of new finance schemes, including special offers for the Corona Warriors and women buyers, such as 8-year loan term, 90-days moratorium on payment and 100 percent on-road financing, to help customers purchase its vehicle with ease amid the lockdown

Rupee surges 25 paise to 75.66 on encouraging results in COVID-19 vaccine trial, higher opening of domestic equities

The rupee appreciated 25 paise to settle at 75.66 (provisional) against the US dollar on Tuesday as reports of initial success in the COVID-19 vaccine trial boosted investor sentiment world over

Coronavirus Lockdown: FinMin extends deadline to fulfill contractual obligations of all govt projects by up to 6 months

The Finance Ministry has extended the deadline for fulfillment of contractual obligations of all government projects, including public-private partnerships (PPP), which were due for completion on or after 20 February, by up to six months in view of COVID-19 crisis

OYO takes measures to mitigate COVID-19 impact, offer quality hospitality experience

Hospitality firm OYO on Tuesday said it is taking several measures to minimise the impact of COVID-19, and innovating to meet new standards of good quality hospitality experience at its hotels

Govt to further revise criteria for classifying 'medium' enterprises under MSME definition: Nitin Gadkari

Days after changing the definition of MSMEs, the government has decided to further revise the criteria for medium units by enhancing the investment and turnover limits to up to Rs 50 crore and Rs 200 crore respectively, Union Minister Nitin Gadkari said on Tuesday

Coronavirus impact: Barclays pegs India's current account surplus at $20 bn this fiscal, first-time in 14 years

As imports continue to plunge due to the coronavirus-driven disruptions globally, India may end the current fiscal with a record surplus of about $20 billion or 70 bps of the GDP, says a report

Oil prices gain for fourth day on signs of output cuts, better demand; Brent crude up 0.7% to $35 per barrel

Oil prices rose for a fourth straight session on Tuesday amid signs that producers are cutting output as promised just as demand picks up, stoked by more countries easing out of curbs imposed to counter the coronavirus pandemic

Coronavirus Lockdown: Rs 6.45 lakh cr worth loans sanctioned by PSBs during 1 March-15 May, says Nirmala Sitharaman

State-owned banks have sanctioned about Rs 6.45 lakh crore worth loans to various sectors including MSME, agriculture and retail between 1 March and 15 May when businesses were reeling under the impact of COVID-19 crisis

India resumes purchases of Malaysian palm oil after four-month gap following diplomatic row

Indian buyers have resumed purchases of Malaysian palm oil after a four-month gap following a diplomatic row, with buying spurred by a fall in domestic inventories and discounted prices, trade sources said

US overtakes China as most attractive country for renewables investment; India slips to 7th spot: EY report

The United States has overtaken China as the most attractive country in the world for renewables investment and the global clean energy sector is expected to bounce back quickly despite the coronavirus pandemic, research showed on Tuesday

Gold surrenders early gains to trade flat at $1,731.5 per ounce; coronavirus vaccine hopes spur risk appetite

Gold gave up early gains on Tuesday to trade flat below a 7-1/2-year high hit in the last session, as risk appetite improved on promising early-stage data for a potential COVID-19 vaccine

Coronavirus Lockdown: Fiat India Automobiles, Tata Motors JV plant resumes operations at Ranjangaon

Fiat India Automobiles Pvt Ltd (FIAPL) on Tuesday said Ranjangaon-based manufacturing facility, co-owned by it and Tata Motors, has resumed operations

Coronavirus Lockdown: Flipkart partners Vishal Mega Mart for home delivery of essentials in 26 cities

Walmart-owned Flipkart on Tuesday said it has partnered with retail store chain, Vishal Mega Mart for home delivery of essential items in 26 cities in the country, including Delhi-NCR, Bengaluru and Kolkata

Coronavirus Lockdown: Govt implements cut in employees' provident fund contribution to 10% for May, Jun, July

The Ministry of Labour & Employment has implemented the decision to cut employees' provident fund (EPF) contributions to 10 per cent from the existing 12 per cent for three months till July

Nasdaq to tighten listing rules, restrict Chinese IPOs due to escalating tensions between US-China over trade: Report

Nasdaq Inc is set to unveil new restrictions on initial public offerings (IPOs), a move that will make it harder for some Chinese companies to debut on its stock exchange, people familiar with the matter said on Monday

Coronavirus Outbreak: Stimulus package for financial sector to ease asset risks, but won't fully offset pandemic blow, says Moody's

Moody's Investors Service on Tuesday said the measures announced by the government for financial institutions as part of Rs 20 lakh crore-economic package will help ease their asset risk, but will not fully offset the negative impact from the COVID-19 outbreak

UN economic experts hail India's 'impressive' stimulus package to revive economy hit by coronavirus

Top UN economic experts have hailed as “impressive” the Rs 20 lakh crore stimulus package, the largest so far among developing countries, announced by India to revive the country's economy, which has been severely hit by the coronavirus-triggered lockdown

Coronavirus Outbreak: World Bank approves $1 bn loans for India for social protection response program

The World Bank on Friday approved USD 1 billion ''Accelerating India’s COVID-19 Social Protection Response Program'' to support the country''s efforts for providing social assistance to the poor and vulnerable households, severely impacted by the pandemic

Coronavirus Lockdown: RBI may extend moratorium on repayment of loans for three more months, says report

With the government extending the nationwide lockdown up to 31 May, the Reserve Bank of India (RBI) is likely to extend the moratorium on repayment of loans for three more months, according to an SBI research report

Coronavirus Lockdown: Suzuki Motorcycle resumes production at Gurugram plant

Suzuki Motorcycle India Pvt Ltd (SMIPL) on Monday said it has resumed production at its manufacturing facility at Kherki Dhaula, Gurugram

Coronavirus Lockdown: Indian economy to contract 5% in FY21, worst-ever performance by country, says Goldman Sachs

American brokerage Goldman Sachs expects the Indian economy to contract by 5 percent in FY21, making it the worst performance by the country ever

India-focussed offshore funds, ETFs see $5 bn outflow in March quarter due to COVID-19 pandemic: Report

India-focussed offshore funds and exchange-traded funds (ETFs) witnessed a net outflow of $5 billion in three months ended March 2020, making it the eighth consecutive quarter of withdrawal amid the coronavirus pandemic, according to a Morningstar report

Rupee slips 33 paise at 75.91 on concerns over rise in crude prices, weak domestic equities; stimulus fails to cheer investors

The rupee plummeted by 33 paise to close at 75.91 against the US dollar on Monday, tracking weak domestic equities and foreign fund outflows

Stimulus package impact: Fiscal deficit of Centre, states likely to be at 12% of GDP, says DBS Bank

The combined fiscal deficit of the Centre and states will top 12 percent of the GDP because of the recent economy-boosting measures, and higher borrowings by States to meet COVID-19 exigencies, says a report

IOC nears first deal to export fuel in second half of this year to Bangladesh Petroleum Corp

India Oil Corp, the country’s top refiner, is close to winning its first contract to supply diesel, jet fuel and gasoline in the second half of this year to state-run Bangladesh Petroleum Corp, two sources with knowledge of the matter said

Coronavirus Lockdown: After Zomato, Swiggy sacks 1,100 employees as pandemic continues to hurt business

Joining arch rival Zomato, food delivery platform Swiggy on Monday announced to lay off 1,100 employees, nearly 14 per cent of its workforce, spanning across grades and functions in the cities and head office over the next few days as Covid-19 continues to hurt its business across verticals, IANS reported

Coronavirus Outbreak: Govt's fiscal stimulus package 'hopelessly inadequate', says P Chidambaram

The Congress on Monday said the fiscal stimulus package announced by the government is "hopelessly inadequate" given the gravity of the economic crisis as it amounts to only Rs 1.86 crore, which is 0.91 percent of the GDP