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Economy

Global trade will plunge by up to a third in 2020 amid pandemic: WTO

The WTO said that while the global shock might invite comparisons to the financial crisis of 2008-2009, the situation now was worse.

States with higher number of COVID-19 patients at greater risk of fiscal slippages: ICRA

It said those state governments which have a larger portion of their revenue receipts dependent on GST compensation, face greater revenue and liquidity risk as collection from the cess would be adversely impacted during the year.

GST refund, income tax refund soon; FinMin gives immediate tax relief to lakhs of businesses, taxpayers

The government has decided to provide immediate tax relief to about 1 lakh businesses and 14 lakh taxpayers.

Europe’s biggest German economy to shrink by nearly 10% in Q2, say experts

Gross domestic product likely contracted by 1.9 percent in the first three months of 2020, and is set to shrink by a whopping 9.8 percent year-on-year in the second quarter as companies feel the pain from widespread shutdowns.

Covid-19 impact: India’s GDP may plummet to multi-decade low of 1.6% in FY21, says Goldman Sachs

The growth slowdown is different from previous recession episodes because there is fear in the minds of citizens which were not present earlier, it said.

Three key factors which will decide states’ fiscal fate as coronavirus takes a toll on economy

States with higher patient count and returning migrant workers are expected to face a sharp increase in their expenditure in the current fiscal.

Economists pitch for Rs 3 lakh crore additional package to tide over COVID-19 crisis

The note said 98 per cent of the banking system's outstanding credit is in the 284 districts of the country affected by the COVID-19 and asked for needful attention to be given to the banking system.

Coronavirus outbreak: Centre releases Rs 14,103 cr GST compensation to states; more to be released soon

According to sources, the government has released close to Rs 1.35 lakh crore to states and union territories towards GST compensation cess.

French economy shrinks 6% in Q1, worst performance since 1945: Bank of France

Official figures showed previously that the economy shrank 0.1 per cent in the last three months of 2019, meaning that with two consecutive quarters of negative growth, the country is now technically in recession.

India spending more on healthcare now, but yet not as much as others; here’s how much US, China spend

The budget allocation for the Department of Health & Family Welfare surged from Rs 37,061 crore in FY17 to Rs 65,001 crore in FY21.

Recession is already here: Evidence piles up showing deep distress beginning March

The hit to demand is visible on the world’s oceans, where a measure of U.S. export volumes in the first two full weeks of March showed shipments abroad at less than half the year-earlier level.

40 crore workers in India may sink into poverty, as corornavirus to eat crores of full-time jobs: UN

The International Labour Organization (ILO) in its report titled 'ILO Monitor 2nd edition: COVID-19 and the world of work', describes coronavirus pandemic as "the worst global crisis since World War II".

Employment rate falls to record low; workers hopeless about jobs walk out of job market

The unemployment rate during the last week was 23.8 per cent, labour participation rate fell to 39 per cent and the employment rate was a mere 30 per cent.

RBI issues final directions on hedging of foreign exchange risk

RBI said the directions have been finalised based on the public comments received and the recommendations of the Task Force on Offshore Rupee Markets.

Coronavirus to impact India Inc on multiple fronts: Icra

According to Icra, the high impact sectors in terms of risks due to Covid-19 are aviation, hotels, restaurants & tourism, auto dealerships, gems & jewellery, retail, shipping, among others.

Gujarat seeks GST compensation cess due from Centre

The Centre has a target to collect Rs 1 trillion in GST cess during the current financial year.

Rural development ministry releases Rs 1,410 crore ex-gratia pension to 2.82 crore people

The amount of ex-gratia, as proposed in the PMGKYP, is in addition to the normal amount of central assistance under NSAP for disbursement of monthly pension of all eligible beneficiaries under NSAP.

Odisha asks Centre to remove 30% cap on use of DMF for coronavirus fight

If the 30% norm is applied, the state DMFs can utilise only Rs 1,000 crore subject to one active coronavirus case.

Relief to construction workers: 18 states transfer Rs 1,000-5,000 each in 1.8 crore beneficiary A/Cs

As on September 30, 2018, India had around 3.2 crore registered construction workers of which the highest were in Uttar Pradesh at 42 lakh followed by 31 lakh in West Bengal, 30 lakh in Madhya Pradesh, 29 lakh in Tamil Nadu and 22.5 lakh in Odisha.

Coronavirus lockdown not to impact farmers due to govt measures: Niti Aayog member

The country is under a 21-day lockdown as part of efforts to curb spreading of coronavirus infections. On the first day of the countrywide lockdown, Chand said some reports came that farmers had to throw their perishable produce on the road.