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Allow online sale of alcohol: Liquor body to government
Liquor body Confederation of Indian Alcoholic Beverage Companies (CIABC) has asked the central and state governments to permit the online sale of alcohol amid lockdown. CIABC said taxes on alcoholic beverage is an "important source of revenue for state governments" and is "required in fighting COVID-19 spread". It has also sought phase-wise opening of pubs, restaurants in non-COVID-19 hotspots.
Several employees of Taj Hotels test positive for coronavirus in Mumbai
The Indian Hotels Company Ltd, which runs the Taj chain of properties, on Saturday said an unspecified number of its employees in Mumbai have tested positive for coronavirus, adding that 500 have been tested so far. Those who tested positive have been hospitalised, the company further said. Several Taj Hotels in Mumbai are currently hosting doctors and other health workers.
Indian, other South Asia nations may see worst economic performance in the last 40 yrs :World Bank
The South Asian region, comprising eight nation including India, is likely to record its worst economic performance in the last 40 yrs due to coronavirus outbreak, a World Bank report stated. It forecasted the region may show economic growth of 1.8% to 2.8% in 2020, down from 6.3% projected earlier. It expects India's economy to grow at 1.5-2.8% during 2020-21.
Indian export body warns sector may face 1.5cr job losses
The Federation of Indian Export Organisations has warned that the sector may withness 1.5cr job losses with half the orders being cancelled amid the COVID-19 pandemic. Seeking a relief package from the govenment, FIFO suggested that factories be allowed to operate with a minimum workforce. Sectors like jewellery, apparel and handicarfts are severely hit amid the lockdown, it added.
India plan to completely fill strategic oil storage by third week of may
India is planning to completely fill its strategic petroleum reserve (SPR) by the third week of May by then, Indian Strategic Petroleum Reserves (ISPRL) managing Director HPS Ahuja said. He added that ISPRL is buying crude from state-run refiners. Inida has built three strategic petroleum reserves at Padur, Mangaluru and Visakhapatnam.
World's biggest oil producers approve biggest-ever cut in oil production
OPEC and its oil-producing allies led by Russia have finalised a historic agreement to cut production by 9.7 million barrels per day due to a slump in demand caused by coronavirus lockdowns. The cut is the single largest output cut in history. The agreement also ends a price war that broke out between Saudi Arabia and Russia in March.
People's Bank of China raises stake in HDFC to over 1%
China's central bank People's Bank of China has raised its stake in Housing Developing Finance Corp (HDFC) to just over 1%. It held about 17.5 million shares in HDFC at the end of March 2020. The People's Bank of China held about 0.8% stake at the end of March 2019 and has since raised its stake to over 1%.
After being blocked by Europe, China is buying Stakes in Indian companies.HDFC seems to be the first victim
Since the first week of February, the shares of HDFC shares have fallen by 41per cent shortly after hitting a record high of ₹2,499.65 on January 14, 2020. But during the Coronavirus slowdown followed by the lockdown, the HDFC shares have contracted by 25% at the Sensex and those at the Nifty 50 have shrunk by 26%. On April 10. the HDFC shares closed at ₹ 1,701.95. China Capitalisod on this situation.
Retail inflation Drops to 5.91% in March, lowest in four months
India's retails inflation in the month of March grew at a 4-month low pace of 5.91% government data revealed on Monday. In February, the retail inflation grew at 6.58% according to the Ministry of Statistics and Programme Implemantation (MOSPI). The food inflation growth also fell in February.
Answer is straightforward yes: Rajan on whether he would return if asked to help
On being asked whether he would return to India if asked to help tackle the economic fallout of the coronavirus crisis, former RBI Governor Raghuram Rajan said his answer would be a "straightforward yes"."Any Indian citizen, when called upon, will do what is necessary in a time of need,"Rajan said. He is currently a professor in the US.
IMF looking to grant Pakistan $1.4bn to fight economic impact of COVID-19
The loan is over-and-above the $6 bn bailout package singed between IMF and Pakistan. IMF has been in talks with the finance ministry to ensure Pakistan has "enough resources to navigate through this difficult time".
Govt disburses ₹15,841 cr to 7.92cr farmers under PM-KISAN amid lockdown
Since March 24 amid the coronavirus lockdown, the agricultural ministry said. Under the scheme, the farmers get ₹6,000 each per yrs in three equal instalments. Earlier, the government said it would transfer ₹2,000 each to 8.69 cr beneficiaries in first week of April.
HEADLINES
Thousands of livelihoods at risk, need urgent steps: FADA in letter to PM Modi.
Automobile sales in Inida suffer worst slump in 2 decades amid COVID-19.
Bank credit growth slows to 50-yrs low of 6.14% in 2019-20.
Centre owes states over ₹30,000 cr in GST compensation:Report.
Wasn't told for $1.5bn share buyback by SoftBank, it was mu idea: OYO CEO.
WeWork crisis changed atmosphere, it seemed easy to blame us: OYO CEO.
Sachin Bansal appionted Navi's MD; raises ₹204cr from Gaja Capital.
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