Economy

Edible oil demand likely to decline during March-April amid COVID-19 lockdown

Edible oil imports and processing activities have also slowed down, but there is sufficient stock in the country to meet domestic demand, Solvent Extractors' Association of India (SEA) Executive Direc

Edible oil demand, coronavirus disease, nationwide lockdown, Edible oil imports, palm oil imports, production of mustard oil  News

Businesses hit by coronavirus may take months to return to normalcy, even if lockdown lifts in 21 days

The businesses facing a wallop due to slump in demand and zero footfall in the market may take up to 6 months to come back to normalcy.

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ADB to invest $100 million in Indian infrastructure sector via NIIF

The investment announcement comes at a critical time for India, as the already sagging economic growth is feared to be taking a heavy hit due to the coronavirus pandemic.

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Bankruptcy deadlines relaxed: IBC activity falling behind during lockdown can be finished later

If an IBC activity was to be carried out during the 21 days of lockdown announced by the centre, it can be completed after lockdown.

IBC deadline extended, insolvency and bankruptcy code, ibbi, insolvency and bankruptcy board of inida, threshold limit increased News

Covid-19 impact: Centre’s FY21 fiscal deficit seen at 5% or higher

Actual combined government deficit — Centre and states — could even reach double digit level next fiscal, frustrating FRBM mandate

Covid-19 impact, fiscal deficit,FY21, GDP size, FY21 deficit, nomura, PSUs, FCI, GDP growth, ACTUAL DEFECIT, FRBM News

Power demand dips by a quarter in just 10 days

Power demand has grown at a meagre 2.2% Y-o-Y in the April-February period this fiscal, with electricity consumption contracting for the fourth straight month in November due to an extended monsoon an

Power demand, daily power demand, electricity requirement, covid 10 lockdown, discoms, Ministry of Home Affairs, section 144, electricity supplies News

India to grow fastest among G20 economies despite Coronavirus; these countries to be worst-hit

"The global economic picture is looking bleak, with recessions in almost every developed economy across the world. We assume that there will be a recovery in the second half of the year," said Agathe

Economy News

Bank of India cuts external benchmark lending rate; MSME, home, other loans to get cheaper

The bank’s lending rate is linked to the RBI’s repo rate which was reduced by 75 bps from 5.15 per cent to 4.40 per cent on March 27.

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Tax evaders fill coffers with empty beer bottles

Margin scheme is employed in such transactions to avoid double taxation, as the goods, having once borne the incidence of tax, re-enter the supply and the economic supply chain.

They are sold to breweries at a price which is almost always fixed for a specific buyer for a certain period under a contract. News

ADB approves $300,000 aid to Bangladesh for tackling Coronavirus

The grant is part of the Asian Development Bank's Regional Support to Address the Outbreak of Coronavirus Disease 2019 and Potential Outbreaks of Other Communicable Diseases.

The ADB grant will fund the procurement of N95 masks, goggles, aprons, thermometers, and biohazard bags. News

Minimising coronavirus damage: After poor, govt must now focus on small businesses, industries

For future stimulus announcements, the government can support industries such as airlines, travel and tourism and small players because they are now next in the firing line after daily wage labourers.

Economy News

Covid-19 packages will take care of both people, corporates: Rajiv Kumar, vice-chairman, Niti Aayog

Today, the situation is very different for two-three reasons – medical services are much better developed, consciousness is very high, every economy has taken major steps to counter the spread and a

Rajiv Kumar, vice-chairman, Niti Aayog News

Moody’s pegs India’s 2020 growth at 2.5%, lower than China’s

ICRA, too, trimmed its growth projection to 4.2% for FY21 from 4.4%, despite the support from agriculture and government spending.

The global rating agency has forecast a 0.5% contraction for the global economy in 2020, citing an unprecedented demand compression. News

Lenders game for loan repayment moratorium

Bullet repayments, equated monthly installments (EMIs) and credit-card dues will all be eligible for deferment under the moratorium, without the accounts being classified as bad loans.

The RBI said the moratorium will apply to all term loans, including agricultural loans, retail and crop loans, with installments falling due between March 1, 2020 and May 31, 2020. News

RBI unlocks Rs 3.74 lakh-crore chest to push banks to lend

Bankers lauded the liquidity bonanza as they expect credit demand to rise in the coming days as corporate revenues run dry and they look for funds to keep operations going.

Bankers said the measures will help ease credit flow at a time when cash flows are getting stretched across industries. News

P Chidambaram welcomes RBI measures but says EMI deferment ambiguous, half-hearted

"I had suggested that all due dates falling before 30 June may be deferred to 30 June. Borrowers have been made dependent on the bank concerned and will be disappointed," Chidambaram said. 

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Clear we have entered recession: IMF chief Kristalina Georgieva

With the worldwide economic "sudden stop," Georgieva said the fund's estimate "for the overall financial needs of emerging markets is $2.5 trillion."

IMF, Kristalina Georgieva, International Monetary Fund, IMF, Recession, Economy, Economic Recession News

Coronavirus effect: India’s forex reserves fall by a whopping $12 billion

The rupee hit an all-time low of Rs 76.15 against the US dollar on March 23 as foreign investors continued to withdraw money from domestic equity and debt market amid uncertainties due to the fast-spr

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Coronavirus lockdown: Exporters urge govt to allow them to operate factories with minimum workforce

The FIEO suggested that "all manufacturing companies in exports should be allowed to operate with 50 per cent of the manpower with full sanitation and safety with social distancing norms as loss in ex

exports, imports, trade, foreign trade, repatriation, realisation from exports, way and means News

Coronavirus outbreak: Centre releases Rs 4431 crore to clear pending wages under MGNREGA, to pay all dues by April 10

The announcement was made at a time a countrywide lockdown to combat the coronavirus outbreak has left wage labourers with no work and financial resources.

They said all the funds will be transferred directly into the beneficiaries' bank accounts. News

RBI fights back: Shaktikanta Das wages war on coronavirus-led economic crisis

RBI Governor Shaktikanta Das answers if a recession is underway, outlook on inflation, the significance of previous GDP estimates, other questions.

RBI, repo rate, liquidity funds, shaktikanta das, rbi governor, reserve bank of india, rbi mpc News

RBI extends deadline for meeting last tranche of capital conservation buffer by 6 months

The move would leave about Rs 35,000 crore capital in the hands of banks for lending to on-lending to productive sectors of the economy.

This would help banks increase lending by over Rs 3.5 lakh crore by leveraging ten times of the capital. News

NITI Aayog VC Rajiv Kumar hails RBI’s move to deal with COVID-19 impact on economy

Niti Aayog CEO Amitabh Kant also said the RBI has taken progressive and timely measures by giving 3 months moratorium on payments of term loan instalments (EMI) & much-desired relief on interest on w

The Reserve Bank of India (RBI) cut repo to 4.4 per cent, the lowest in at least 15 years. News

India’s economic growth likely to decline by 200 bps in FY21: Yashwant Sinha

The Economic Survey had projected India's economic growth at 6 per cent to 6.5 per cent in the next financial year starting April 1.

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Analysts welcome RBI stimulus measures

Analysts were unanimous in welcoming RBI's rate cuts, forbearance on loans and liquidity easing measures, saying the economy requires stimuli in the present circumstances.

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PM Modi, Sitharaman, industry welcome RBI ‘bazooka’ of interest rate cut, liquidity measures

From Prime Minister Narendra Modi to rating agencies and economists, all welcomed the Reserve Bank of India's steps to reduce the cost of borrowing and infusing liquidity in the market in its war agai

reserve bank of india governor shaktikanta das says coronavirus will have limited impact on india will have greater effect on world growth News

RBI’s decisions to provide much needed relief to people, businesses, says Piyush Goyal

Commerce and Industry Minister Piyush Goyal on Friday said decisions of the RBI will provide much needed relief to people and businesses.

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