Economy

Relief to farmers: Telangana to purchase entire paddy, maize output, to spend Rs 30,000 cr

Announcing this to the media, chief minister K Chandrashekhar Rao said that the state government will spend nearly Rs 30,000 crore to procure about 1.05 crore tonne of paddy and another 14.5 lakh tonne of maize from farmers.
Telangana, Telangana government, minimum support price, procurement centres, K Chandrashekhar Rao, coronavirus, Rythu Bandhu Samithi, bihari migrants 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

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

Saving farmers from Covid-19: States need to relent on their opposition to e-NAM

Anecdotal evidence from some parts of central and western India suggests that informal market rates for credit for agri procurement this year have already jumped by 30-50%.

Economy News

Crisil cuts FY21 India growth forecast by 170 bps to 3.5%

In recent months, around half a dozen established agencies trimmed their GDP growth forecasts for India to the 5.1-5.4% range.

Economy News

Default fears: Bulk downgrades since January add to firms’ coronavirus pain

While more than 1,450 firms have been downgraded between January and March, only 385 have been upgraded. Among others, the worst hit sectors are textiles, real estate, hotels, automobile and auto part

Economy News

Non-food credit growth lowest since May 2017

The deposit growth in the banking system continues to be steady at 9.09% y-o-y, down 22 bps from the previous fortnight.

Economy News

Coronavirus relief measures: Govt front-loads PM Kisan disbursal for 9 crore farmers

While the budget estimate for the scheme for FY20 was Rs 75,000 crore, the revised estimate is Rs 54,370 crore. The outlay for FY21 is again Rs 75,000 crore.

Economy News

Cabinet decisions: Nod to supply of 2 kg extra subsidised foodgrain

The Cabinet okayed the extension of the scheme for the Rebate of State and Central Taxes and Levies for garment and made-up exports beyond March 31 until a proposed WTO-compatible scheme — Remission

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Cabinet decisions: Regional rural banks to get Rs 1,340-cr capital in FY21

CCEA has cleared a proposal that involves a total of Rs 1,340-crore capital infusion into regional rural banks (RRBs) in FY21 to bolster their ability to lend.

Banking & Finance News

Industry associations urge govt to classify ICT infra support, IT-ITeS as essential services

The employees working in such services and their support staff should also be allowed to work with self-certifications and company identity cards, ITI, COAI and MAIT urged the government.

The government has also exempted delivery of essential items, including food, medical equipment sold through e-commerce sites from the 21-day lockdown. News

Interview: Don’t worry about deficit now, time for govt to spend to combat the virus, says C Rangarajan, former governor, RBI

On the monetary policy side, the RBI should be willing to allow a certain amount of regulatory forbearance. There are certain rules for non-performing assets (NPAs) and these may need some relaxation.

Former Reserve Bank of India governor C Rangarajan (File image) News

Interview | New API/bulk drugs schemes to reduce imports reliance in a big way, says Chemical & fertilisers and shipping minister Mansukh L Mandaviya

For fermentation-based raw material production, we will give incentive at 20% for the first four years, 15% for the fifth year and 5% for the sixth year on incremental manufacturing of raw materials.

The task force has held wider and detailed consultations with various industrial associations. News

Recession worse than global financial crisis imminent: IMF

Georgieva strongly supported the extraordinary fiscal actions many countries have already taken to boost health systems and protect affected workers and firms as well as the moves of major central ban

Investors have already removed $83 billion from emerging markets since the beginning of the crisis, the largest capital outflow ever recorded. News

Muted demand brings spot power rates to low levels

As FE reported earlier, in the first 15 days of March, the country consumed 51 billion units (BU) of electricity, 3.6% lower than the demand in the same period last year.

Electricity requirement on March 24 was 3,133 million units (MU), sharply down from the 3,507 MU supplied on March 16. News

Covid-19: Copper imports to shoot up on falling global prices

As of latest estimates, import share grew 29% to 280,000 tonne in the April-January period compared to 217,000 tonne in the same period last fiscal.

The market share of imports increased to 51% in Q3FY20 vs 40% in Q3FY19, the study said. News

Tamil Nadu announces Rs 3,280-crore Covid relief package

Under the assistance plan, people with 'rice' ration cards will get Rs 1,000 cash assistance and all card holders will get essential commodities – rice, dal, cooking oil and sugar – free of cost i

Destitute people and elderly will get cooked food at their place of residence, he said. (Twitter image) News

Finance Bill passed: Scope for fuel tax widened, ‘NRI tax’ limited

The taxes include basic excise duty, special additional excise duty and Rs 10 per litre road and infrastructure cess. As pointed out by Care Ratings, after the latest levy, the government collects aro

Economy News

Government expenditure system declared as essential service

In the office memorandum, the Department of Expenditure said that absence of staff should not be a reason for any delay or non-functioning of the payment and accounting systems. 

Economy News

COVID-19 outbreak: From today, bank branches only for essential services

The Indian Banks' Association (IBA) has announced that effective Monday banks will undertake only essential services like cash deposit and withdrawal, cheque clearances, remittances and government tra

SBI opens emergency credit line for borrowers affected by coronavirus News

Consumer Staples: COVID-19 lessons from abroad are important

Potential ramifications of Covid-19 are tough to predict with any degree of accuracy. Even as it is tough to say how the outbreak curve shapes up in India.

Economy News

RBI splits workforce three ways to keep systems running

The Reserve Bank of India (RBI) has come up with a business continuity plan to keep the machinery of the entire financial system running smoothly.

Banking & Finance News

Covid-19 pandemic: 90% of India’s estimated 47-crore workforce not entitled for any lay-off benefits

Of India’s 47.12 crore workers in 2017-18, 24.21 crore are self employed, including own account workers, employers and unpaid family labourers.

But beyond 45 days, their employers are not bound to pay them even half of the salary. News

Vivad Se Vishwas now active; taxpayers find forms elaborate

The scheme is significantly more beneficial if a taxpayer opts for it and pays due taxes before March 31. Though the scheme remains open thereafter, its terms would become a lot less attractive post t

new tax regime, pension, PPF, exemption limit, income tax rates, Budget 2020 News
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