Economy News - Page 8

Indian economy may contract 0.4% in FY21 on coronavirus pandemic, says two foreign brokerages

Two foreign brokerages on Friday predicted a contraction of 0.4 percent of India's GDP in the current financial year due to the impact of the COVID-19 pandemic

Moody's pegs FY21 GDP expansion at 0%; says India's rating outlook reflects rising risk of slower growth, low policy effectiveness

Moody's had, in November 2019, downgraded India's outlook to negative from stable on concerns of lower economic growth.

Equity mutual fund inflows hit 4-month low of Rs 6,108 cr in April as stock market witnesses extreme volatility

Inflows into equity mutual funds dropped to a four-month low of Rs 6,108 crore in April as the broader market witnessed extreme volatility on concerns over the coronavirus pandemic

Coronavirus Outbreak: Air India unions challenge airline's decision to slash allowances by 10% in Mumbai High Court

Air India employee unions have moved the Bombay High Court against the airline's decision to slash allowances, which form a major part of the salary, by ten percent because of the impact of the coronavirus pandemic

Record excise duty hike on petrol, diesel unlikely to help govt bridge fiscal gap: Report

The record excise duty hike on petrol and diesel will not help the government bridge the fiscal gap as planned, nor will it help boost economic growth as consumption demand will further be crippled, warns a report

Rupee surges 18 paise to close at 75.54 on higher domestic equities, weak dollar overseas

The rupee appreciated 18 paise to provisionally settle at 75.54 against the US dollar on Friday, tracking higher domestic equities and weakness in the American currency

Coronavirus Lockdown: Air India pilot unions urge govt to provide financial support to clear wage backlog

Air India's pilot unions IPG and ICPA has urged Civil Aviation Minister Hardeep Singh Puri to "urgently" provide financial support to the national carrier amid private airlines' cry for a bailout package in the wake of the COVID-19 outbreak

Rupee rises 45 paise to 75.27 in early trade on positive start in domestic equity markets, foreign fund flows

The rupee appreciated 45 paise to 75.27 against the US dollar in early trade on Friday tracking positive opening of domestic equities and weakness in the American currency

Air India divestment process looks very uncertain due to COVID-19 crisis, says CRISIL

The disinvestment process for national carrier Air India looks "very uncertain" in the wake of the coronavirus pandemic that has impacted the aviation sector the most globally, according to rating agency CRISIL

Yes Bank creates stressed asset management vertical to resolve NPA accounts

Having recognised a huge quantum of non-performing assets (NPAs) in the past few quarters, Yes Bank has created a dedicated stressed asset management vertical to recover and resolve such accounts that have touched Rs 50,000 crore, a top official said on Thursday

UK economy could suffer deepest annual contraction in more than three centuries due to covid-19, warns Bank of England

The Bank of England warned Thursday that the British economy could suffer its deepest annual contraction in more than three centuries as a result of the coronavirus pandemic, before bouncing back next year

Coronavirus Outbreak: Road developers to incur Rs 3,700 cr toll revenue losses in March-June, says CRISIL

Highway developers and toll operators are likely to incur toll revenue losses of about Rs 3,700 crore during March-June this year, while NHAI will lose Rs 2,200 crore in toll fee, Crisil Research said on Thursday

Coronavirus Outbreak: CAIT flags traders' inability to pay full salary for April, seeks Piyush Goyal's intervention

As the country battles COVID-19, traders'' body CAIT on Thursday said traders are facing tremendous financial crunch and payment of full salary for April to their staff was next to impossible

Coronavirus Outbreak: Domestic aviation industry to crash-land this fiscal with Rs 24,000-25,000 cr revenue loss, says CRISIL

The domestic aviation industry, which has been severely hit by the coronavirus outbreak and the subsequent lockdown, is expected to crash-land this fiscal with a massive revenue loss of Rs 24,000-25,000 crore, a Crisil report said on Thursday

Coronavirus Outbreak: All visas, OCI cards for foreign nationals outside India remain suspended

All visas for foreign nationals and the OCI card visa-free travel for Indian-origin people, who are not in the country, remain suspended till the restrictions on international travel to and from India are in place, the Indian embassy here said on Wednesday

MSMEs need govt push to benefit from comparative advantage over China-made consumer goods: Report

The government needs to give a direct push to MSMEs to ramp up the export of consumer goods to reap the benefits of its comparative advantage over products made in China in the post-pandemic world, a report said

IOB, Bank of Maharashtra cut lending rates; personal, car and home loan EMIs to become cheaper

State-owned Indian Overseas Bank and Bank of Maharashtra on Wednesday announced a reduction in their marginal cost of funds based lending rate (MCLR)

Kansai Nerolac Paints Q4 net profit down 23.5% to Rs 65.4 cr; total revenue marginally drops to Rs 1,080 cr

Kansai Nerolac Paints Ltd on Wednesday reported a 23.47 percent decline in consolidated net profit at Rs 65.36 crore for the fourth quarter ended March 2020 due to COVID-19 pandemic

Coronavirus Lockdown: Footwear sector revenue may drop by 10-15% in FY21, says ICRA

Closure of retail outlets coupled with weak consumer sentiment due to the ongoing lockdown is likely to impact the footwear industry which is expected to witness a 10-15 percent decline in revenues in the current fiscal, says ICRA

Hiring during April dips by 62% due to lockdown to curb coronavirus pandemic: Report

The nationwide lockdown due to the spread of COVID-19 pandemic has resulted in 62 percent decline in hiring activities in April compared to the same month last year, according to a report

Assam forest dept slapped Rs 43.25 cr fine on Coal India for carrying out 'illegal mining'

The Assam forest department has slapped a penalty of Rs 43.25 crore on PSU major Coal India Ltd for carrying out "illegal mining" inside a reserve forest for 16 years from 2003, officials said on Wednesday

Rupee settles 9 paise lower at 75.72 on fears of renewed US-China trade war, stronger dollar overseas

The rupee depreciated 9 paise to close at 75.72 against the US dollar on Wednesday, following a strong American currency overseas and fears of a renewed trade war between the US and China

Companies need to be more diligent while choosing partners for implementing COVID-19 relief measures: EY report

With an increasing number of corporates mobilising resources to support the government address the COVID-19 threat, there is a greater need for due diligence by companies on the partners they choose to work with to implement the relief measures, consultancy firm EY said on Wednesday

Chidambaram dubs imposition of taxes on fuel as 'cruel' in times of distress; says govt must borrow to meet deficits

Governments must borrow to meet their deficits and not impose higher tax burdens when economic activity has ground to a halt amid the coronavirus pandemic, senior Congress leader P Chidambaram said on Wednesday after the Centre and the Delhi government hiked taxes on petroleum products

Stung by virus, long-haul carrier Qatar Airways cuts jobs as pandemic largely grounds global aviation industry

Long-haul carrier Qatar Airways said on Wednesday that it will lay off staff as the coronavirus pandemic largely has grounded the global aviation industry

PM Garib Kalyan Package: Govt says Rs 34,800 cr financial help given to 39 cr beneficiaries

The government has provided Rs 34,800 crore financial assistance using digital payment infrastructure to about 39 crore beneficiaries under the Pradhan Mantri Garib Kalyan Package (PMGKP) to protect them from the impact of COVID-19 lockdown

Oil marketing companies shares drop up to 13% post govt hikes excise duty on petrol, diesel

Shares of oil marketing companies -- Indian Oil Corporation Ltd, Bharat Petroleum Corporation Ltd and Hindustan Petroleum Corporation Ltd -- on Wednesday plunged up to 13 percent, a day after a hike in excise duty on petrol and diesel

Govt to gain Rs 1.6 lakh cr additional revenues this fiscal from record excise duty hike on petrol, diesel

The cash-strapped government will gain close to Rs 1.6 lakh crore in additional revenues this fiscal from a record increase in excise duty on petrol and diesel, that will help make up for revenue it lost in a slowing economy and shutting down of businesses due to coronavirus lockdown

Govt appoints Tarun Bajaj, Economics Affairs Secretary as director on RBI central board

The government has appointed Economic Affairs Secretary Tarun Bajaj as a director on the central board of Reserve Bank of India (RBI)

Coronavirus Outbreak: Services activity collapses, at all-time low of 5.4 in April as pandemic paralyses global economy, says PMI survey

India’s services activity suffered a shock collapse in April as the coronavirus lockdown crippled global demand, causing a historic spike in layoffs and reinforcing fears of a deep recession in Asia’s third-largest economy, a private survey showed