Business & Startup News
Govt can spend $18 billion to fight coronavirus impact
US-based Jefferies Financial Group said India has the capability to spend $18 billion towards fighting coronavirus if it expands it fiscal deficit target by 1%. "Budget shortfall is targetted at 3.8% of GDP in the current year and 3.5% in the year starting April,"Jefferies said. Meanwhile, Bloomberg's Economists said India needs roughly $30 billion to respond to coronavirus Pandemic.
Sensex fall 10% to hit circuit breaker, trading halted for 45 minutes
Stock exchanges BSE and NSE on Monday tempotarily halted trading for 45 minutes. less than an hour after the markets opened It was halted after Sensex hit 10% lower circuit, falling to 26,924, while Nifty fell over 10% below the 8,000 mark. This is the second time in two weeks that trading in indian markets had to be balted.
Govt asks employers to not cut salaries or sack employees
The government has issued an advisory asking private and public employers to not cut salaries or sack employees amid the coronavirus crisis. The termination of employee or reduction in wages in this scenario would further deepen the crisis. the advisory read. If any worker takes leaves, he should be deemed to be on duty, it further read.
Delhi allocates 7,704cr for health sector, 50cr for coronavirus
Delhi Finance Minister Manish Sisodia on Monday presented the national capital's Budget for 2020-21, Sisodia said that Delhi government will provide 7,704 cr for health sector in the next financial year. Further, 50cr was allocated to fight coronavirus spread. Sisodia said, "This is government's initial allocation, Delhi government assures that it will increase this budget if required".
Infosys employee in Pune tests positive for coronavirus
Infosys has confirmed that an employee in Pune has tested positive for COVID-19. "The employee is under mediacl and we have asked colleagues who were in contact with the employess to self-quaratine them seleves and closely monitor their health,"Infosys said on Monday. The companny said it had to vacate two buildings where the employee worked.
Samsung, Oppo, Vivo halt production in India amid Lockdown
Korean smartphone maker Samsung and Chinese brands Oppo and Vivo have halted production at their Noida and Greater Nodia factoies amid a lockdown during the coronavirus outbreak, reported ET Telecom. A Samsung spokesperson said all non-production staff would work from home, vivo reportedly also asked non-factory workers to work remotely. The plants will reportedly remain shut till March 25.
Musk delivers 1,000 ventilators for US hospitals, bought from china
Days after promising their supply, Tesla and SpaceX CEO Elon Musk has delivered 1,000 ventilators to help hospitals treat COVID-19 patients, California Governor Gavin Newsom said. Hours later, Musk tweeted,"China had an oversupply, so we bought 1,255 FDA-approved.......Ventilators on friday night and air-shipped them to LA."He added,"If you want a free ventillator installer please let us know!" Elon Musk "say's".
Largest drop in history of Smartphone market in Feb
Global smartphone shipments tumbled 38% year-on-year in Feb in 2020 in the biggest fall ever in the history of smartphone market, according to research from Strategy Analytics.in numbers,smartphone shipments reduced from 99.2 million units in Feb 2019 to 61.8 million in Feb 2020. Demand "collapsed" in Asia as people were unwilling or unable to visit stores,it added.
Government well aware of impact if telcos are left without relief: COAl
The Cellular Operators Association of India has said that the government knows about how telcos will be impacted if they are not given relief packages. "The industry is in urgent need of relief measures," COAl Director General Rajan Mathews said. "We urge the government to come up with appropite solutions and resolve the matter,"he added.
40,995Cr incentive scheme to boost electronics exports: Cabinet
The Union Cabinet has approved a 40,995cr scheme to boot electronics manufacturing and attract large Investments to India, which is the world's second-Largest smartphone maker. The government will give companies a production-linked incentive of 4-6% on incremetal sales (over the base year 2019-20) of goods made within India for five years. The move con boost electronics exports from India.
Uber, Ola Suspend ride service in Delhi amid lockdown
IMF: Coronavirus recesson could be worse than the Financial Crisis
No move to declare financial emegency: Nirmala Sitharaman
Economic package to help from lockdown to be announced soon: FM
Reliance Industries sets up dedicated COVID-19 hospital with 100 beds
Last date for filing March-May 2020 GST returns extended to june 30
Govt gets nod to hike excise duty on petrol, diesel by ₹8 per litre
Disburse pensions of 65 lakh people on time despite COVID-19:EPFO
Jeff Bezos asks fired worker from bars, restaurants to work for Amazon
Online grocer BigBasket's app, website crash amid surge in demand
Gujarat startup become 1st Indian licensee to make COVID-19 test Kits
Instagram Co-founder creates gift card to help restaurants
Musk delivers 1,000 ventilators for US hospitals, bought from china
Days after promising their supply, Tesla and SpaceX CEO Elon Musk has delivered 1,000 ventilators to help hospitals treat COVID-19 patients, California Governor Gavin Newsom said. Hours later, Musk tweeted,"China had an oversupply, so we bought 1,255 FDA-approved.......Ventilators on friday night and air-shipped them to LA."He added,"If you want a free ventillator installer please let us know!" Elon Musk "say's".
Largest drop in history of Smartphone market in Feb
Global smartphone shipments tumbled 38% year-on-year in Feb in 2020 in the biggest fall ever in the history of smartphone market, according to research from Strategy Analytics.in numbers,smartphone shipments reduced from 99.2 million units in Feb 2019 to 61.8 million in Feb 2020. Demand "collapsed" in Asia as people were unwilling or unable to visit stores,it added.
Government well aware of impact if telcos are left without relief: COAl
The Cellular Operators Association of India has said that the government knows about how telcos will be impacted if they are not given relief packages. "The industry is in urgent need of relief measures," COAl Director General Rajan Mathews said. "We urge the government to come up with appropite solutions and resolve the matter,"he added.
40,995Cr incentive scheme to boost electronics exports: Cabinet
The Union Cabinet has approved a 40,995cr scheme to boot electronics manufacturing and attract large Investments to India, which is the world's second-Largest smartphone maker. The government will give companies a production-linked incentive of 4-6% on incremetal sales (over the base year 2019-20) of goods made within India for five years. The move con boost electronics exports from India.
Uber, Ola Suspend ride service in Delhi amid lockdown
IMF: Coronavirus recesson could be worse than the Financial Crisis
No move to declare financial emegency: Nirmala Sitharaman
Economic package to help from lockdown to be announced soon: FM
Reliance Industries sets up dedicated COVID-19 hospital with 100 beds
Last date for filing March-May 2020 GST returns extended to june 30
Govt gets nod to hike excise duty on petrol, diesel by ₹8 per litre
Disburse pensions of 65 lakh people on time despite COVID-19:EPFO
Jeff Bezos asks fired worker from bars, restaurants to work for Amazon
Online grocer BigBasket's app, website crash amid surge in demand
Gujarat startup become 1st Indian licensee to make COVID-19 test Kits
Instagram Co-founder creates gift card to help restaurants
by Arshad Ansari
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