Economy news - NewsLocker

Q4 GDP LIVE: Govt to release FY 2019-20 economic growth data today; eyes glued on one-week lockdown effect

29-05-2020 11:55 via financialexpress.com

Q4 FY 2019-20 GDP growth estimates LIVE updates: Overall predictions suggest that the GDP growth rate might have fallen under 3% in the Q4.

Economy needs support from PSBs: Union Bank chief

29-05-2020 11:47 via financialexpress.com

Speaking at a webinar session organised by the BCCI, Rai said that there will be a shift of credit growth in favour of the PSBs, adding that depositors will expect an interest rate of 5.5 per cent.

When will shops in malls open? Commerce Ministry clarifies after Piyush Goyal meets traders

29-05-2020 11:31 via financialexpress.com

Issues of retail traders were discussed in a meeting between Commerce and Industry Minister Piyush Goyal on Thursday with representatives of traders associations through video conferencing.

UP’s economic activity returning to normalcy; here’s what industrial power demand data shows

29-05-2020 11:03 via financialexpress.com

After two successive months of depressed economic activity, industrial power consumption in UP, this week, crossed 90 per cent of the average consumption recorded in February.

Vodafone Idea zooms 30% amid reports of Google investment interest

29-05-2020 10:38 via zeenews.india.com

The move assumes significance as Vodafone Idea -- where Vodafone holds just over 45 per cent stake -- is staring at nearly Rs 58,000 crore in unpaid statutory dues.

Modi’s hydroxychloroquine support to US brings first installment of mega US-India trade deal closer

29-05-2020 09:48 via financialexpress.com

India and the US could strike a smaller trade deal in the coming weeks as hydroxychloroquine supply to the US has given the two countries enough confidence.

Life Insurance Corporation of India launches modified PMVVY for senior citizens: Check benefits, other details of this LIC policy

29-05-2020 09:48 via zeenews.india.com

The scheme promises an assured rate of return of 7.40% p.a. payable monthly.

SpiceXpress receives DGCA approval for drone trials

29-05-2020 08:59 via zeenews.india.com

Post trials and approvals, the airline plans to use drones in delivery of essential supplies to remote areas, the company said in a release.

Yogi Adityanath announces jobs for 11 lakh migrant workers, labourers; UP govt inks pact with industry

29-05-2020 08:46 via financialexpress.com

Yogi Adityanath said that he has received a list of 11 lakh migrant workers and labourers from bodies such as India Industries Association and FICCI and they have assured to absorb a huge labour force into the industry.

Indian Railways increases advance reservation period of special trains from 30 days to 120 days

29-05-2020 08:35 via zeenews.india.com

The changes shall be implemented from 8 am of train booking from May 31.

FDI inflows surge 18% in 2019-20 to record $74 billion

29-05-2020 08:06 via timesofindia.indiatimes.com

India’s FDI inflows, including reinvested earnings, rose 18% to a record $73.5 billion during 2019-20, buoyed by a spurt in inflows into computer hardware & software, telecom, and hotel & tourism, while services, the traditional mainstay, witnessed a decline.

Modi’s Rs 21 lakh cr package not enough; industry says govt needs to do this for companies to survive

29-05-2020 07:59 via financialexpress.com

Given the major disruptions caused by the coronavirus pandemic, the industry has asked for increased government spending, direct cash transfers to consumers, and deferment of taxes.

India’s key growth engine grinds to halt in sign of slump

29-05-2020 07:50 via timesofindia.indiatimes.com

From call centers to hotels to airlines, India’s key services industries have come to a standstill during the coronavirus outbreak, dragging the economy into possibly its worst recession on record.

White House punts economic update as US election draws near

29-05-2020 07:25 via financialexpress.com

While the economic forecast is being delayed, updated information about the nation's budgetary situation will still be released as expected this summer.

Wipro appoints Thierry Delaporte as CEO, Managing Director

29-05-2020 07:01 via zeenews.india.com

In January this year, the company had said its CEO and Managing Director Abidali Z Neemuchwala had decided to step down from the company. Abidali Neemuchwala will relinquish his position as CEO and MD on June 1.

Suzuki Motorcycle launches BS6 compliant GIXXER SF 250 and GIXXER 250 in India

29-05-2020 06:36 via zeenews.india.com

The GIXXER 250 is priced at Rs 1.63 lakh while the GIXXER SF 250 has been priced at Rs 1.74 lakh.

Have mobile linked to Aadhaar? Get PAN instantly

29-05-2020 06:28 via timesofindia.indiatimes.com

Now you can get a PAN allotted to you by the income tax (I-T) department instantly if you have an Aadhaar-linked mobile number. The new facility was launched by finance minister Nirmala Sitaraman on Thursday.

The IMF on what pushes portfolio flows to emerging markets

29-05-2020 06:27 via moneycontrol.com

Covid 19 will mean lower inflows into emerging markets bonds and equities

Wipro names Capgemini's Thierry Delaporte as new CEO

29-05-2020 06:09 via timesofindia.indiatimes.com

IT major Wipro Ltd on Friday named Thierry Delaporte as the new chief executive officer and managing director of the IT company, replacing Abidali Neemuchwala.

Sensex falls 296 points, Nifty slips below 9,400

29-05-2020 05:55 via zeenews.india.com

Major losers were Infosys, Bajaj Finance, Axis Bank, IndusInd Bank, Tata Steel, SBI, NTPC, TCS, Maruti, Heromotocorp, ONGC and HDFC Bank, falling by upto 2.59 percent.

Stocks in Focus on May 29, 2020

29-05-2020 05:43 via zeenews.india.com

Here are the Stocks in Focus on May 29, 2020

In Amartya Sen vs Jagdish Bhagwati debate, was Sen right after all?

29-05-2020 05:37 via moneycontrol.com

The COVID-19 pandemic brings a new perspective to the Sen vs Bhagwati 2014 debate.

March quarter GDP growth to show drastic fall; brace for worse in Q1FY21 print

29-05-2020 04:39 via moneycontrol.com

A note by ICICI Bank stated the country#39;s March quarter GDP growth may come to 1.5 percent year-on-year (YoY).

Q4 GDP estimates: Four things to watch out for

29-05-2020 03:48 via moneycontrol.com

The Central Statistics Office will release GDP growth estimates for fourth quarter (January-March) and for FY 20 on May 29 at 5.30 pm.

FSDC meet: Govt, regulators to step in with more liquidity measures

29-05-2020 00:45 via financialexpress.com

Both the Centre and the regulators have stepped up focus on “avoiding a prolonged period of dislocation in financial markets”, the council added.

Cash crunch: Telangana extends deferment of 50% salary to May

29-05-2020 00:15 via financialexpress.com

Odisha says March order not reversed yet; despite liquidity support by the Centre, many states continue salary deferments

Covid-19 crisis: UP to ink MoUs with industry bodies to provide 7.5 lakh jobs to migrants per year

28-05-2020 21:47 via financialexpress.com

The Yogi Adityanath government is all set to sign agreements with Indian Industries Association (IIA) and National Real Estate Development Council (NREDCO), the apex body of MSMEs, and real estate developers, to provide employment to 7.5 lakh people annually.

Govt lifts curbs on exports of paracetamol APIs

28-05-2020 20:28 via timesofindia.indiatimes.com

The government on Thursday removed restrictions on the export of paracetamol APIs (active pharmaceutical ingredients). Export curbs were imposed on paracetamol and formulations made from the compound on March 3 by the government to shore up domestic supplies amid the threat of the coronavirus pandemic.

CBDT notifies revised Form 26AS, to now include more details

28-05-2020 20:28 via timesofindia.indiatimes.com

With this, Form 26AS has now been revamped to an 'Annual Information Statement' which apart from the TDS/ TCS details, shall now contain comprehensive information relating specified financial transactions, payment of taxes, demand/ refund and pending/completed proceedings undertaken by a taxpayer in a particular financial year that has to be mentioned in the income tax returns.

CBDT notifies revised Form 26AS, to now include real estate, share transaction details

28-05-2020 19:26 via timesofindia.indiatimes.com

With this, Form 26AS has now been revamped to an 'Annual Information Statement' which apart from the TDS/ TCS details, shall now contain comprehensive information relating specified financial transactions, payment of taxes, demand/ refund and pending/completed proceedings undertaken by a taxpayer in a particular financial year that has to be mentioned in the income tax returns.

Government lifts curbs on exports of paracetamol APIs

28-05-2020 18:56 via timesofindia.indiatimes.com

The government on Thursday removed restrictions on the export of paracetamol APIs (active pharmaceutical ingredients). Export curbs were imposed on paracetamol and formulations made from the compound on March 3 by the government to shore up domestic supplies amid the threat of the coronavirus pandemic.

Need new economic regulatory framework with citizen welfare as core objective: Experts

28-05-2020 18:34 via financialexpress.com

The crisis has shown that the existing economic regulatory framework has outlived its purpose and has failed to create right incentives for businesses to practice inclusive and sustainable business models, it said.

FM chairs FSDC meeting, takes stock of economy

28-05-2020 18:08 via timesofindia.indiatimes.com

Finance minister Nirmala Sitharaman on Thursday reviewed the state of the economy at the meeting of the Financial Stability and Development Council (FSDC), in view of disruptions caused by the COVID-19 pandemic. This was the first meeting of the FSDC, the apex body of sectoral regulators headed by the finance minister, since the coronavirus outbreak.

GDP growth likely be at 3.6 per cent in Jan-Mar quarter: Care Ratings

28-05-2020 17:47 via financialexpress.com

"We expect GDP growth in Q4 to be 3.6 per cent with the headline number coming down to 4.7 per cent for the entire year," rating agency Care Ratings said in a report.

Now get instant PAN card through Aadhaar based e-KYC – Here’s how to apply online

28-05-2020 17:24 via zeenews.india.com

This facility is now available for those PAN applicants who possess a valid Aadhaar number and have a mobile number registered with Aadhaar.

Google eyeing Vodafone Idea stake: Report

28-05-2020 17:05 via timesofindia.indiatimes.com

Tech titan Google is said to be exploring taking a minority stake in British telecom group Vodafone's struggling India business. The investment in Vodafone Idea will pit the search giant against Facebook which has picked up a stake in Reliance Jio. Alphabet Inc's Google is looking to buy about 5 per cent stake in Vodafone Idea Ltd, a news agency reported on Thursday.

Dorsey hits back at Trump in Twitter fact-check war

28-05-2020 16:24 via timesofindia.indiatimes.com

Twitter CEO Jack Dorsey hit back at US Prez Trump asserting that Twitter would continue to point out "incorrect or disputed info about elections globally." Trump had claimed that "mail-in-ballots used during the presidential elections will be fraudulent". Twitter had subsequently applied a "fact-checking" label on this tweet and linked it to a page which disputed the claim.

FDI in India jumps 13% to record $50bn in 2019-20

28-05-2020 15:46 via timesofindia.indiatimes.com

Foreign direct investment (FDI) in India grew by 13 per cent to a record of $49.97 billion in the 2019-20 financial year, according to official data.The country had received FDI of $44.36 billion during April-March 2018-19.

Business Insight | Q4FY20 GDP data to be released on May 29: Here#39;s what to expect

28-05-2020 15:17 via moneycontrol.com

In this edition of Business Insight, Moneycontrol#39;s Gaurav Choudhury shares insights into how bad the impact of COVID-19 could be on the Indian economy.

Government launches facility for instant PAN allotment via Aadhaar: Here#39;s all you need to know

28-05-2020 14:45 via moneycontrol.com

All those who possess a valid Aadhaar card linked to a registered mobile number can avail of this facility.

FDI in India jumps 13% to record $49.98 billion in 2019-20

28-05-2020 14:43 via financialexpress.com

Singapore emerged as the largest source of FDI in India during the last fiscal with USD 14.67 billion investments.

FM launches instant allotment of PAN via Aadhaar

28-05-2020 14:37 via timesofindia.indiatimes.com

Finance minister Nirmala Sitharaman on Thursday launched a facility for instant allotment of online PAN (permanent account number) card on furnishing of Aadhaar details.The Budget 2020-21 had proposed to launch a system under which PAN shall be instantly allotted online on the basis of Aadhaar without filling up the detailed application form as it sought to further ease the process of PAN allotment.

FM launches facility for instant allotment of PAN via Aadhaar

28-05-2020 14:15 via timesofindia.indiatimes.com

In line with the announcement made in the Union Budget, finance minister Nirmala Sitharaman on Thursday formally launched the facility for instant allotment of PAN (permanent account number) cards on a near-to-real-time basis. The facility is now available for those PAN applicants who possess a valid Aadhaar number and have a mobile number registered with Aadhaar.

Q4 GDP growth estimate: No consensus among economists, forecasters; govt to release data tomorrow

28-05-2020 14:11 via financialexpress.com

While ICRA estimates the Q4 GDP growth at 1.9 per cent, CRISIL estimates it at 0.5 per cent.

‘Corona has shown how employees can work from home’

28-05-2020 14:00 via timesofindia.indiatimes.com

Accordingly, HR will have to reinvent itself by enhancing focus on empathy-based interventions and leaving HR functions to technology, Ranjan Kumar Mohapatra, director (HR) at India’s largest oil refiner and fuel retailer IndianOil.

‘Corona has shown how workforce can operate from home’

28-05-2020 13:44 via timesofindia.indiatimes.com

Accordingly, HR will have to reinvent itself by enhancing focus on empathy-based interventions and leaving HR functions to technology, Ranjan Kumar Mohapatra, director (HR) at India’s largest oil refiner and fuel retailer IndianOil.

NPS System account opening gets easier – Here’s how to apply for Aadhaar-based paperless KYC verification

28-05-2020 13:05 via zeenews.india.com

The PFRDA has permitted e- NPS/Points of Presence facilities to use offline Aadhaar of prospective subscribers with their consent for opening NPS accounts.

Need to look at building economy with local skills: Suresh Prabhu

28-05-2020 12:54 via financialexpress.com

The five pillars of Atma Nirbhar Bharat (Self-reliant India) are economy, infrastructure, system, vibrant demography and demand.

Sensex rises 595 points to close at 32,201

28-05-2020 12:32 via timesofindia.indiatimes.com

Equity indices on Thursday settled higher for the second consecutive session, with the benchmark BSE sensex rising nearly 600 points led by gains in IT, banking and auto stocks. The 30-share BSE index finished 595 points or 1.88 per cent higher at 32,201; while the broader NSE Nifty closed 175 points or 1.88 per cent up at 9,490.

India's lockdown to push 12m into extreme poverty

28-05-2020 12:31 via timesofindia.indiatimes.com

At least 49 million people across the world are expected to plunge into “extreme poverty” -- those living on less than $1.90 per day -- as a direct result of the pandemic’s economic destruction and India leads that projection, with the World Bank estimating some 12 million of its citizens will be pushed to the very margins this year.