Economy News - Page 6

Coronavirus Outbreak: Govt’s economic stimulus package won't stop GDP from contracting in FY21, say analysts

The government’s reform moves and stimulus package will only help the deeply-impacted growth process in the medium term of over three years and will not push up the GDP in the short term, analysts at two foreign brokerages said on Monday

US economy will recover, could stretch through end of next year, says Federal Reserve chairman Jerome Powell

The US economy, the world's largest, which has been thrown into a recession due to the coronavirus pandemic, will rebound but the recovery could stretch through the end of next year, Federal Reserve Chairman Jerome Powell has said

Rupee slips 31 paise to 75.89 in early trade on weak opening in domestic equities, foreign fund outflows

The rupee depreciated 31 paise to 75.89 against the US dollar in opening trade on Monday tracking weak opening of domestic equities and sustained foreign fund outflows

Coronavirus impact: NBFCs urge RBI to allow draw-down from reserves for provisioning

Non-banking financial companies (NBFCs) on Friday requested the Reserve Bank of India (RBI) to allow them to draw-down from their reserves for making additional provision for expected losses due to COVID-19 pandemic

Trade unions to go on strike on 22 May to protest against labour laws suspension by some states during the lockdown

Ten central trade unions on Friday gave a call for a nationwide strike on 22 May to protest against the suspension of labour laws by some states during the lockdown period, and also decided to take the matter to International Labour Organization (ILO)

Lockdown: EPFO not charging penalty from companies for delay in payment of provident fund dues

Retirement fund body EPFO has decided not to impose any penalty for delay in payment of employees' provident fund contributions by firms during the natiowide lockdown

Nirmala Sitharaman on Economic Package: Govt to amend Essential Commodities Act to deregulate cereals, edible oil, pulses

The government will amend the six-and-a-half-decade old Essential Commodities Act to deregulate food items, including cereals, edible oil, oilseeds, pulses, onion and potato, Finance Minister Nirmala Sitharaman said on Friday

Nirmala Sitharaman on Economic Package: FM announces setting up of Rs 1 lakh cr agri fund for farm-gate infrastructure

Finance Minister Nirmala Sitharaman on Friday announced setting up of a Rs 1 lakh crore agri infrastructure fund for farm-gate infrastructure

Govt projects 4th consecutive year of record foodgrain output at 295.67 million tonnes for 2019-20

The country is estimated to achieve an all-time high foodgrain production of 295.67 million tonne in 2019-20 crop year, the fourth consecutive year of record production, buoyed by good rains, the Agriculture Ministry's latest data released on Friday said

Moody's cuts outlook for Indian power sector due to coronavirus-induced stress

Moody's Investors Service on Friday cut its outlook for the Indian power sector to negative as it expects power demand to drop at least four to five percent in fiscal 2021 due to slowing activity and policy actions amid coronavirus-induced pressure

Coronavirus Outbreak: SEBI extends deadline for stock brokers to submit reports till 30 June

Market regulator SEBI on Friday extended the deadline for brokers to submit reports on client funding and daily margin till June 30 in the wake of the coronavirus pandemic

Trump to tax American companies manufacturing outside US; Apple's India production plan may be hit

President Donald Trump has threatened to slap new taxes on American companies like Apple to dissuade them from moving their manufacturing bases from China to countries like India and Ireland instead of the US amidst the COVID-19 pandemic

Coronavirus pandemic could inflict up to $8.8 trillion losses in global economy, says ADB

The global economy is expected to suffer USD 5.8-8.8 trillion in losses due to the coronavirus pandemic, Asian Development Bank (ADB) said on Friday

Rupee rises 6 paise to 75.50 in early trade; investors await fresh cues from Nirmala Sitharaman's PC today

The rupee appreciated marginally by 6 paise to 75.50 against the US dollar in early trade on Friday as investors await fresh cues from further announcements on the fiscal stimulus package

Stimulus package: Govt announces free foodgrain to migrants, concessional credit to farmers

The government on Thursday announced a Rs 3.16 lakh crore package of free foodgrains for migrant workers, concessional credit to farmers and working capital loan for street vendors as part of the second tranche of fiscal stimulus to heal an economy hit hard by coronavirus lockdown

Stimulus package: Nirmala Sitharaman says housing subsidy scheme for middle-income families extended till March 2021

Finance Minister Nirmala Sitharman on Thursday announced a Rs 70,000-crore boost to the housing sector by extending the subsidy scheme for affordable housing for the middle-income group

Rupee settles 10 paise lower at 75.56 on concerns over fiscal deficit due to Rs 20-lakh cr stimulus package

The rupee slipped 10 paise to close at 75.56 (provisional) against the US dollar on Thursday, tracking weak domestic equities

Coronavirus pandemic to eat up half of dine-in restaurants' revenue in FY21: CRISIL Research

The COVID-19 pandemic is likely to cut 40-50 percent revenue of the country's organised dine-in restaurants this financial year, according to a report

Fiscal deficit likely to be more than double to 7.9% in FY21 due to govt's Rs 20-lakh cr stimulus package: Report

With the government's Rs 20 lakh crore stimulus package, the country's fiscal deficit is likely to be more than double to 7.9 percent in the current financial year, according to an SBI research report

Govt releases truncated April WPI inflation data; reports 10.12% deflation in fuel, power basket

The government on Thursday released truncated data for April wholesale price-based inflation saying there was limited transaction of products in the market due to the outbreak of COVID-19

Stimulus package: Govt's liquidity boosting steps to safeguard businesses, jobs, say retailers

Retailers on Wednesday said measures announced by Finance Minister Nirmala Sitharaman will bring back liquidity with businesses and provide a boost to the economy

Bankers welcome economic package announced by govt, say will encourage lending to MSMEs

The various initiatives announced by the government on Wednesday to support micro, small and medium enterprises (MSMEs) will encourage banks to lend more to the sector, bankers said

Coronavirus Lockdown: PFC, REC to infuse Rs 90,000 cr liquidity into cash-strapped discoms

Finance Minister Nirmala Sitharaman on Wednesday announced Rs 90,000 crore liquidity infusion into cash-strapped discoms, facing demand slump due to the lockdown to contain COVID-19

Global trade fell 3% in first quarter of 2020 due to COVID-19, downturn to accelerate in next quarter: UN

The coronavirus pandemic has led to a three percent drop in global trade in the first quarter of 2020 and this downturn is expected to accelerate in the next quarter to project a whopping quarter-on-quarter decline of 27 percent, the UN trade body has warned

Rupee rises by 5 paise to close at 75.46; Rs 20-lakh cr economic stimulus package bolsters investor sentiment

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