Tag: india

‘FDI rule tweak shouldn’t worry any country’

Days after tweaking FDI rules, India on Thursday said no country should be worried about the new regulations. China has strongly objected to the change in rules, which makes it mandatory for countries sharing land boundary with India to invest through the government route.

Sri Lanka to seek $400m financial facility from RBI

Sri Lanka is set to enter into an agreement with the Reserve Bank of India for a currency swap worth $400 million to boost the foreign reserves and ensure the financial stability of the country which is badly hit by the COVID-19 pandemic, a top minister has said. Cabinet approved the proposal, enabling RBI to meet short-term international liquidity requirements.

Remittances to India may decline by 23%: World Bank

As a result of the deadly coronavirus pandemic, which has resulted in a global recession, remittances to India are likely to drop by 23 per cent from $83 billion last year to $64 billion this year, the World Bank has said. Globally remittances are projected to decline sharply by about 20 per cent this year due to the economic crisis induced by the COVID-19 pandemic and shutdown.

Fitch Ratings sees India growth slipping to 0.8% in FY21

Fitch Ratings on Thursday slashed India's economic growth projections to 0.8 per cent in the current 2020-21 fiscal saying an unparalleled global recession was underway due to disruptions caused by the outbreak of coronavirus pandemic and resultant lockdowns.

‘India stares at recession for 1st time in 40 yrs’

A report by Axis Bank has said that India would go into recession in FY21 – the first time in 40 years because of the lockdown to prevent the spread of Covid-19. The report has forecast that the gross domestic product will decline by 1.7% led mainly by a steep contraction in manufacturing, and trade transport and communication.

RBI allows banks to issue e-cards for overdraft a/c

Relaxing norms, the Reserve Bank of India on Thursday permitted banks to issue electronic cards to persons having overdraft accounts that are only in the nature of personal loan without any specific end-use restrictions.

Crude crash to ease some Covid-19 pain for India

Black Gold has fallen from grace. And How! US crude WTI sank into negative territory for the first time in history at -$37/barrel and Brent, the benchmark for two-thirds of the global oil trade, settled at 18-year low of $21.48 on Tuesday, sending traders and the global oil industry scurrying for cover.

Changes in FDI rules don’t violate treaties: India

A day after China’s outburst over the change in foreign direct investment policy, India on Tuesday hit back at its neighbour, saying the amendment did not violate any global commitment as it did not bar investments from across the border but only mandated prior screening of proposals.

S Korean firm makes Covid test kits in India

A South Korean firm has started production of the COVID-19 rapid antibody testing kits in its Indian subsidiary plant to meet the growing demand of the medical equipment in India and other parts of the world, a press release issued by the Indian embassy said on Tuesday.

Paytm cuts losses 20% as e-pays fall

Paytm has started curbing expenditure amid the pandemic to extend its runway. The e-payments major — India’s most valued startup at $16 billion — has been cutting costs at a rate of 15-20% in the last two months, founder and CEO Vijay Shekhar Sharma told TOI in an exclusive interview earlier this month.

Confusion, questions as parts of India return to work

As parts of India stirred to life on Monday amid a conditional easing of the lockdown, confusion prevailed in Delhi and NCR on how to regulate the surge of people and traffic caused by absence of clarity on aspects such as who among the junior central government workforce would constitute one-third of the office turnout allowed on a given day.

Lockdown: How RBI can help revive economy

The Reserve Bank of India has a number of policy options to draw upon to cushion the economic blow from the coronavirus pandemic. With a limited fiscal response so far, the RBI has provided some virus relief to the economy but analysts say these areas need to be addressed further like rate cuts, deficit financing, bond purchases, corporate debt and looser rules.

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‘GDP projections by World Bank, IMF too optimistic’

Former chief economic adviser (CEA) Arvind Subramanian on Wednesday said the GDP (gross domestic product) numbers being projected by the World Bank and IMF (International Monetary Fund) for India are far "too optimistic" and the country would require additional expenditure of Rs 10 lakh crore to bring the coronavirus-hit economy back on track.

Over 20 lakh jobs at risk in Indian aviation: IATA

More than 20 lakh jobs are at risk in India's aviation space and dependent sectors in the wake of the coronavirus pandemic, according to global airlines' grouping IATA. Commercial flight services have been suspended till May 3 as the government has extended the nation lockdown in continuing efforts to curb spreading of coronavirus infection, which has already affected more than 11,000 people in the country.

India to grow 1.9%, global eco to shrink 3%: IMF

The latest IMF forecast puts India as one of the fastest growing major economies even in the midst of the Covid-19 devastation, although it will be the slowest pace of expansion since the 1991 balance of payments crisis. IMF said China is expected to grow by 1.2% in 2020-21 and rebound to 9.2% next year. The Indian economy too is projected to expand at 7.4% next fiscal as the impact of Covid-19 is contained.

This IT services co hikes pay, grants allowances

French IT services firm Capgemini, which has 1.2 lakh of its over 2 lakh employees in India, has rolled out high single-digit hikes for 70% of its India staff, or 84K employees, effective April 1. The rest will get increments effective July. It is providing up to Rs 10K as cash allowance to those employees who are stranded without a paying-guest accommodation.

Lockdown sends grey-market booze prices soaring

Alcohol prices in India’s grey market have more than quadrupled and online searches for how to make homemade alcohol have soared during India’s nationwide coronavirus lockdown, with bars and liquor stores shut for weeks across most parts of the country.

India plans to fill strategic oil storage by May

India is moving the oil to the SPR to help the country's refineries reduce their excess crude as the lockdown to contain the outbreak of COVID-19, the respiratory disease caused by the new coronavirus, has dented transportation and industrial fuel consumption in Asia's third-largest economy.

India to boost drug ingredient output to pare China

The government has aggressively begun implementing a policy to ramp up local output and emerge as an alternate to China, according to people familiar with the plan who asked not to be identified as discussions are not public yet.

IMF projects India’s growth rate at 1.9% in 2020

The International Monetary Fund on Tuesday projected a GDP growth of 1.9% for India in 2020, as the global economy hits the worst recession since the 1930s due to the Covid-19 pandemic that has nearly stalled all economic activities across the world. With this subdued forecast, India is likely to record its worst growth performance since the 1991 liberalisation.

EU airline sells tickets for repatriation flight, India cancels it

India has cancelled a repatriation flight that was supposed to be operated by a leading European airline to fly back foreigners home from here. This airline, chartered by its home country to operate a flight from Delhi to its western Europe hub, was found to be selling tickets for the same on its website and a leading Indian travel portal.

India tightens curb on import of refined palm oil

India on Monday tightened the curbs on import of refined palm oil by putting more conditions for the inbound shipments of the commodity. On Jan 8 the DGTF had imposed restrictions on imports of refined palm oil which made seeking a license for the imports mandatory. Now, the DGFT said "import of refined palm oil will be permitted subject" to certain conditions.

Kirana supplying B2B companies see orders rise 60%

India’s business-to-business commerce startups like Udaan, Jumbotail, WayCool and Ninjacart — which supply groceries and vegetables to tens of thousands of kiranas — are seeing a 40 to 60% spike in demand. The development comes as India’s 12 million neighbourhood kiranas have proved to be a lifeline for general public amidst the lockdown.

UK to receive 1st batch of paracetamol packets from India

The UK will receive a first batch of 3 million paracetamol packets from India by Sunday as it expressed gratitude to the Indian government for approving this "important shipment" after New Delhi lifted its export ban amid the coronavirus pandemic.

15 million jobs likely to be lost in export sector

With cancellation of over 50% of orders and gloomy forecast for the future, India’s export sector may witness 15 million job losses and rise in non-performing assets (NPAs) among exporting units, said Federation of Indian Export Organisations (FIEO).

Industry readies plans for life after lockdown

A leading consumer durables company has begun sanitising its plant in north India for a possible opening-up after three weeks of lockdown due to the coronavirus pandemic. It is already drawing up a schedule to run the factory with fewer shifts so that the number of workers is lower and social distancing can be maintained.

G-20 backs output cut deal as India, Saudi pitch for stable oil market

Energy ministers of G-20 countries on Friday backed the deepest-ever production cut deal to rebalance the global oil market, with India and Saudi Arabia – representing the high table of consuming and producing countries – calling for “stable, affordable, reliable and accessible” supplies to enable basic services in times of COVID-19 and assist in economic recovery.