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'Inequality starts at top': UN chief pushes for reform of global institutions in speech to world leaders
World

'Inequality starts at top': UN chief pushes for reform of global institutions in speech to world leaders

Antonio Guterres pushed for a so-called New Global Deal to ensure power, wealth and opportunity are shared more broadly and fairly.

India's economy wasn't hit as hard as anticipated; scope to boost farm employment: veteran banker KV Kamath tells Network18
India

India's economy wasn't hit as hard as anticipated; scope to boost farm employment: veteran banker KV Kamath tells Network18

Indicating there is a big scope for enhancing farm employment, KV Kamath said that agriculture has come back very quickly and rural India has been less affected by the challenges presented by the COVID-19 pandemic.

Indian economy to contract by 4.5% in 2020 due to longer lockdown, slow recovery, says IMF
Business

Indian economy to contract by 4.5% in 2020 due to longer lockdown, slow recovery, says IMF

The IMF on Wednesday projected a sharp contraction of 4.5 percent for the Indian economy in 2020, a 'historic low', citing the unprecedented coronavirus pandemic that has nearly stalled all economic activities

COVID-19 Impact: Foreign investors pull out $26 billion from Asian economies, over $16 billion from India
Business

COVID-19 Impact: Foreign investors pull out $26 billion from Asian economies, over $16 billion from India

“Foreign investors have pulled an estimated $26 billion out of developing Asian economies and more than $16 billion out of India, increasing concerns of a major economic recession in Asia,” independent Congressional Research Center said in its latest report on global economic effects of COVID-19.

Nirmala Sitharaman's first COVID-19 stimulus sheds moral baggage for morale booster, but fiscal puzzles remain
Business

Nirmala Sitharaman's first COVID-19 stimulus sheds moral baggage for morale booster, but fiscal puzzles remain

There is plenty to celebrate for MSMEs and other entities covered under Nirmala Sitharaman's first package of details to flesh out Prime Minister Narendra Modi's Rs 20-lakh-crore stimulus

US to temporarily ban work-based visas like H-1B as unemployment levels peak: Report
Business

US to temporarily ban work-based visas like H-1B as unemployment levels peak: Report

The H-1B is a non-immigrant visa that allows US companies to employ foreign workers from countries like India and China in speciality occupations that require theoretical or technical expertise.

Pandemic throws global economy into deeper decline; govts, central banks around world unleash fiscal support to tide over crisis
Business

Pandemic throws global economy into deeper decline; govts, central banks around world unleash fiscal support to tide over crisis

Separate data on Thursday showed South Korea’s trade-reliant economy, Asia’s fourth-largest, shrank at its fastest pace since 2008 as self-containment measures kept shops closed and slumping global demand hurt exports.

COVID-19: Global fiscal measures, liquidity injections near $14 trillion to mitigate challenges, says IMF
Business

COVID-19: Global fiscal measures, liquidity injections near $14 trillion to mitigate challenges, says IMF

The IMF's policy tracker shows that fiscal measures so far have amounted to about $8 trillion and liquidity injections by central banks amounting to over $6 trillion

RBI measures to expand bank credit, boost liquidity, says NITI Aayog vice-chairman Rajiv Kumar
Business

RBI measures to expand bank credit, boost liquidity, says NITI Aayog vice-chairman Rajiv Kumar

The RBI measures will revive credit flow by commercial banks and targeted long-term repo operation (LTRO) would further activate the corporate bond market and also provide much-needed liquidity to NBFCs, NITI Aayog vice-chairman Rajiv Kumar said on Friday

Coronavirus Outbreak: Bankers welcome Reserve Bank's steps to enhance liquidity
Business

Coronavirus Outbreak: Bankers welcome Reserve Bank's steps to enhance liquidity

The second set of measures announced by RBI for the COVID-19 pandemic-stricken economy got a thumbs-up from bankers who welcomed the steps taken as per the evolving market conditions

Coronavirus Outbreak: RBI governor Shaktikanta Das hopes India will stage sharp V-shaped recovery in FY22
Business

Coronavirus Outbreak: RBI governor Shaktikanta Das hopes India will stage sharp V-shaped recovery in FY22

The Reserve Bank Governor Shaktikanta Das on Friday said there are a few slivers of brightness amidst the encircling gloom and hoped that India will stage a sharp V-shaped recovery in 2021-22 as projected by the International Monetary Fund (IMF)

IMF liquidity boost may have costly side effects, says Nirmala Sitharaman; opposes new SDR allocation
Business

IMF liquidity boost may have costly side effects, says Nirmala Sitharaman; opposes new SDR allocation

Sitharaman said in a statement to the IMF’s steering committee that she also was concerned that such a major liquidity injection could produce potentially costly side-effects if countries used the funds for “extraneous” purposes.

Coronavirus Outbreak: Asia to see zero percent growth in 2020, worst performance in 60 years, says IMF
Business

Coronavirus Outbreak: Asia to see zero percent growth in 2020, worst performance in 60 years, says IMF

Asia is expected to witness zero percent growth in 2020 due to COVID-19 pandemic, its worst growth performance in almost 60 years, but still the world's largest and most populous continent is likely to fare better than other regions in terms of activity, the International Monetary Fund (IMF) has said

IMF says it strongly supports India's policy response to COVID-19 pandemic, including extension of lockdown
Business

IMF says it strongly supports India's policy response to COVID-19 pandemic, including extension of lockdown

Against the backdrop of the pandemic, the Indian economy faces several challenges and risks, both externally and internally, IMF said.

Coronavirus Outbreak: IMF proposes to deploy full $1 trillion lending capacity to support countries battling COVID-19
Business

Coronavirus Outbreak: IMF proposes to deploy full $1 trillion lending capacity to support countries battling COVID-19

Describing the COVID-19 pandemic as "a crisis like no other," IMF head Kristalina Georgieva has said the international lender plans to use all its $1 trillion lending capacity to support countries across the world battling the deadly outbreak

Rupee tanks 36 paise to all-time low of 76.80 in early trade on weak domestic equities, coronavirus concerns
Business

Rupee tanks 36 paise to all-time low of 76.80 in early trade on weak domestic equities, coronavirus concerns

The Indian rupee tanked 36 paise to an all-time low of 76.80 against the US dollar in opening trade on Thursday, tracking weak domestic equities and sharp rise in coronavirus cases in the country

Evidence of coronavirus' effect on US economy grows more ominous, will shrink 7% in 2020, predict economists
Business

Evidence of coronavirus' effect on US economy grows more ominous, will shrink 7% in 2020, predict economists

Retail sales—a primary driver of the US economy—are almost surely suffering further during April because business shutdowns will have been in effect for the entire month, compared with just half of March

Coronavirus Outbreak: IMF supports India's 'proactive' decision of nationwide lockdown despite economic slowdown
Business

Coronavirus Outbreak: IMF supports India's 'proactive' decision of nationwide lockdown despite economic slowdown

"India entered the pandemic turmoil in the midst of a credit crunch-induced slowdown and its recovery prospect becomes more uncertain," Chang Yong Rhee, the Director of the IMF's Asia and Pacific Department,

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

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