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World is facing worst recession since the Great Depression, warns IMF
The COVID-19 pandemic will turn global economic growth "sharply negative" in 2020, triggering the worst economic crisis since the 1930s Great Depression, IMF Managing Director Kristalina Georfieva said. She said the crisis would hit emerging markets and developing countries hardest of all. IMF project that over 170 countries will experience negative per capital income growth this year.
India's GDP growth could fall to 1.6% this fiscal, says Goldman Sachs
Goldman Sachs has forecast that India's Gross Domestic Product (GDP) growth could fall to 1.6% in 2020-21 compared to its previous estimate of 3.3%. The COVID-19 pandemic has brought "an unprecedented sudden stop" to activity in India, Goldman said in a report. Consumption, which contrinutes 60% to the GDP, will be hit badly because of the lockdown, it added.
COVID-19 could lead to deepest economic recession of our lifetime: WTO
India's GDP growth could fall to 1.6% this fiscal, says Goldman Sachs
Goldman Sachs has forecast that India's Gross Domestic Product (GDP) growth could fall to 1.6% in 2020-21 compared to its previous estimate of 3.3%. The COVID-19 pandemic has brought "an unprecedented sudden stop" to activity in India, Goldman said in a report. Consumption, which contrinutes 60% to the GDP, will be hit badly because of the lockdown, it added.
COVID-19 could lead to deepest economic recession of our lifetime: WTO
WTO Chief Roberto Azevedo has said that the coronavirus pandemic may lead to the deepest economic recession of our lifetime. WTO said global trade would fall this year by between 13% and 32% adding that the numbers "are ugly". Azevedo said keeping markets open would be significant for stimulating investment, adding that countries would have to work together than alone.
Japan to spend $2.2 billion to help its firms shift production out of china
Japan has set aside $2.2 billion to help its manufacturers shift production out of china as the coronavirus disrupts supply chains between the countries.This icludes $2 billion for companies shifting production back to japan and over $200 million for those seeking to move production to other countries. Japan recently unveild a $990 billion stimulus package to support its economy.
I fear COVID-19 testing will drop: Biocon chief on SC order to make testing free
Reacting to Supreme Court's order to make coronavirus testing free, Biocon MD Kiran Mazumdar - Shaw said private labs could not be expected to operate on credit."Humanitarian in intent but impractial to implement - Ifear testing will piummet," She said . "these are small businesses they're providing testing at cost and not rofiteering. How will they pay their staff?" Mazumdar-Shaw added.
Pending I-T refunds up to ₹5 lakh to be released, to benefit 14 lakh taxpayers
All pending income tax refunds up to ₹5 lack will be released immediately in view of the coronavirus pandemic, the Ministry of Finance has said. This will benefit around 14 lakh taxpayers. All pending GST and Cusom refunds will also be released, benefitting around 1 lakh business entities. the total refund granted will be around ₹18,000 cr, the Ministry added.
This lockdown makes India weak rather than Stronger: Rajiv Bajaj
Bajaj Auto MD Rajiv Bajaj said India's lockdown makes it weak rather that stronger in combating the coronavirus outbreak. Bajaj said the government should've kept only the vulnerable at home, allwing the young and healthy to work with precautions. "Every now and then when a virus returns, are we to fear that the lockdown will also be back?" he questioned.
40 cr Indians risk falling deeper into poverty during coronavirus crisis: ILO
About 40 cr workers in India's informal economy risk falling deeper into poverty during the COVID-19 crisis the International Labour Organization said. "Current lockdown measures in India... have impacted these workers significanlty. forcing many to return to rueal areas,'the UN's labour body said. Full or partial lockdown measures are affecting around 81% of the world's workforce, it added.
'Financial censorship':Newspaper industry after Sonia suggests govt to stop ads
The Indian Newspaper Society urged Congress President Sonia Gandhi to withdraw her suggestion to the government to impose a two-year ban on media advertisements by the government and state-run companies."Such a proposal (is) tantamount to financial censorship. It's a very small amount as far as government spending is concerned, but it 's a very small amount as far as government spending is concerned, but it's a huge amount for newspaper industry,"it said.
IndiGo suspends international flights till April 30
Amid the nationwide lockdown,IndiGo said it is suspending its international fights till April 30. Earlier, Air India had suspended domestic and international flights till April 30. Notably, Civil Aviation Minister Hardeep Singh Puri has said that India will remove restrictions on flight operations once the spread of coronavirus comes under control. Koi padhta bhi hai isse? Neeche comment me bata.
40 cr Indians risk falling deeper into poverty during coronavirus crisis: ILO
About 40 cr workers in India's informal economy risk falling deeper into poverty during the COVID-19 crisis the International Labour Organization said. "Current lockdown measures in India... have impacted these workers significanlty. forcing many to return to rueal areas,'the UN's labour body said. Full or partial lockdown measures are affecting around 81% of the world's workforce, it added.
'Financial censorship':Newspaper industry after Sonia suggests govt to stop ads
The Indian Newspaper Society urged Congress President Sonia Gandhi to withdraw her suggestion to the government to impose a two-year ban on media advertisements by the government and state-run companies."Such a proposal (is) tantamount to financial censorship. It's a very small amount as far as government spending is concerned, but it 's a very small amount as far as government spending is concerned, but it's a huge amount for newspaper industry,"it said.
IndiGo suspends international flights till April 30
Amid the nationwide lockdown,IndiGo said it is suspending its international fights till April 30. Earlier, Air India had suspended domestic and international flights till April 30. Notably, Civil Aviation Minister Hardeep Singh Puri has said that India will remove restrictions on flight operations once the spread of coronavirus comes under control. Koi padhta bhi hai isse? Neeche comment me bata.
HEADLINES
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Gaming startup Zupee raises $8mm led by Matrix Parntners India
by Arshad Ansari
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