The industry, which has complained of widespread job losses along with a sharp decline of about 30 per cent in its expected export target for the current fiscal, wants a quick action from the government. Industry sources say that even if the government releases the funds, the banks would take another month to disburse them.
The stimulus package is expected anytime this week and will be aimed at the urban and rural poor; disadvantaged sections of society; MSMEs and some of the worst-affected sectors.
In a statement, Gandhi urged Prime Minister Narendra Modi and the government to increase the number of testing facilities across the country and make public the details of hospitals and medical facilities through a dedicated portal.
'Spending by the middle class is limited with a focus on savings. However, there is buoyancy at the top-end.'
Pratham Barot, CEO and co-founder, Zell Education, explains how specialised courses in finance can help you earn a cushy six-figure salary.
The BJP hailed teh package, saying it reflected the government's commitment towards creating jobs and stimulating the economy.
The Rs 20 lakh crore package includes Rs 1.7 lakh crore package of free foodgrains to the poor and cash to poor women and elderly, announced in March, as well as the Reserve Bank's liquidity measures and interest rate cuts.
day after Finance Minister Nirmala Sitharaman announced a Rs 1 lakh crore spending package, a top government source said the Centre has not closed its options for another stimulus package.
Investors need to carefully assess country-specific risks. 'This is especially true of a market that is less transparent than the US.'
EY said out of the nearly Rs 21 lakh crore package, Rs 8.01 lakh crore is on account of liquidity enhancing measures taken by the RBI since February.
To help revive the economy battered by COVID-19, Finance Minister Nirmala Sitharaman on Monday announced a slew of measures, including Rs 1.1 lakh crore credit guarantee scheme for improving health infrastructure, and enhancing the limit under the ECLGS by 50 per cent to Rs 4.5 lakh crore for the MSME sector facing liquidity crunch. Sharing the details of stimulus package, the finance minister said this comprises eight relief measures and other eight measures to support the economic growth. She announced Rs 1.1 lakh crore loan guarantee scheme for COVID-affected sectors, including health sector, which includes guarantee cover for expansion or for new projects. Besides, she said, additional Rs 1.5 lakh crore limit enhancement done for Emergency Credit Line Guarantee Scheme (ECLGS) scheme.
India's services sector output growth touched a three-month high in November as business inflows rose markedly amid accommodative demand conditions, a monthly survey said on Monday. The seasonally adjusted S&P Global India Services PMI Business Activity Index rose from 55.1 in October to 56.4 in November, indicating a sharp increase in output that was the quickest in three months even amid higher operating expenses. Survey participants linked the latest expansion to demand strength, successful marketing and a sustained upturn in sales.
A number of private companies have contributed to the development of ISRO's Chandrayaan-3 spacecraft which successfully landed near the south pole of the Moon on Wednesday evening.
Seeking to provide a quicker and value-maximising outcome for stressed MSMEs, the government has introduced a pre-packaged resolution process for such enterprises by amending the insolvency law. Now, Micro, Small and Medium Enterprises (MSMEs) can seek resolution for their stress through the pre-packaged process under the Insolvency and Bankruptcy Code (IBC). An ordinance was promulgated to amend the IBC on April 4. Many MSMEs have been impacted by the coronavirus pandemic and experts opined that the latest amendment, which comes less than two weeks after the suspension of certain IBC provisions ended, is a welcome move.
Industry experts believe that health insurance companies are unlikely to experience business cannibalisation due to the central government's decision to extend health coverage to people aged 70 and above, regardless of their income level, under the Ayushman Bharat scheme. On Wednesday, the Union Cabinet expanded the Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (AB-PMJAY) to include all senior citizens aged 70 and older. This move is expected to benefit nearly 45 million families, comprising 60 million senior citizens, by providing Rs 5 lakh in free health insurance coverage per family.
Last month, Prime Minister Narendra Modi had said that the economy is showing "green shoots" as the country emerges from the coronavirus lockdown and underscored the importance of being focussed on both life and livelihood.
Unlike the previous visit, where TDP MPs accompanied Naidu to meetings, sources termed the current visit as "low profile", with one-on-one meetings with key Union ministers.
Out of 24,230 IIT and NIT grads, about 8,000 students didn't find any takers during campus placement drives this year.
The funding environment in India for startups is improving this year if one were to go by Bain & Company estimates. Five private equity (PE) investors that come on top on the criterion of deal size collectively put in $9 billion in the first half of 2024, surpassing their outlay for last calendar year, when it was $8 billion. At the top of the list is Swedish firm EQT, which acquired US-based and listed Perficient at an enterprise value of $3 billion, the deal being done by the Indian wing of the company. It has also added to its list by putting in $500 million in WSO2, a "software as a service" company, increasing its tally to $3.5 billion.
According to highly placed sources, the finance ministry is likely to extend ECLGS and other loan guarantee schemes for micro, small and medium enterprises (MSMEs), hospitality and tourism sector, and the health infrastructure beyond March 31, Business Standard has learnt. This is likely to be announced by Finance Minister Nirmala Sitharaman as part of her Budget speech on February 1.
Some sectors like aviation, hospitality, travel and tourism, and automobile have witnessed zero cash flow since the lockdown began.
'Jairam Mahto's new party dented the NDA because he pulled a lot of the OBC vote.'
There could be multiple measures announced in quick succession, not only by the finance minister but also other ministers regarding their respective sectors, and by the Reserve Bank of India. The total size of these announcements could rival that of other G-20 nations as a percentage of GDP.
'During the scorching summer months of election season, largescale outdoor gatherings create a prime opportunity for increased consumption in the packaged drinking water category.'
Projecting India as the land of biggest opportunities globally, Prime Minister Narendra Modi on Saturday promised the business sector facilitation, reforms, a stable policy regime and high growth. Addressing the ET World Leaders Forum, Modi, in turn, asked investors to commit to innovation, performance, positive disruption and high-quality products, as he stressed that the country respects wealth creators.
Workplaces of 2025 will be defined by a deep focus on people-first values, inclusivity, and sustainable growth, foresees Sonica Aron, founder of Marching Sheep.
'With Prime, TCS is making sure that we are able to secure the right high talent...' 'Colleges will make sure that students who are offered jobs in this category do not go for another company's hiring process.'
Bharti Airtel chairman Sunil Mittal on Wednesday said the regulatory regime needs to be simple to avoid fresh litigations in the telecom sector, asserting that collaboration among competing players, lower duties and reduction in spectrum pricing will help unleash the full potential of the industry. The telecom czar noted that the "temperature" of the industry needs to be lowered when it comes to litigations and appealed to the government to look into the matter. The timely reforms that were announced brought in cheer and heightened comfort for all the active players in the sector, Mittal said and urged the industry counterparts to focus on building the next wave of connectivity in the run-up to 5G and beyond.
'Clearly, the next few months will be very challenging for industry.' 'We are clearly in a phase where recovery is a dream.'
Companies like Flipkart, Amazon and Meesho as well as quick commerce ones like Blinkit, Zepto and Swiggy Instamart may create hundreds of thousands of seasonal jobs for the coming festival season.
The finance ministry is working on a second relief package for the Indian economy hit hard by the coronavirus outbreak and the 21-day nationwide lockdown imposed to curb the contagion, sources said. Last month, the government announced a Rs 1.70 lakh crore relief package in the form of foodgrains and cash transfers for the poor and vulnerable section of the society to help them deal with the hardships caused by the lockdown. Now, the government is working on a stimulus to be given to hard-hit sectors of the economy after the lockdown is lifted, sources said, adding that an announcement is expected in the next few days depending on the severity of the pandemic.
During the meeting with Finance Minister Nirmala Sitharaman, the auto industry broadly presented factors such as issues regarding availability and affordability of financing, increasing cost of acquisition of vehicles and change in axle load capacity for commercial vehicles that have hurt demand.
The opposition on Sunday asked the Centre to allow discussions in the Parliament on the United States prosecutors' bribery charges against the Adani Group even as Union minister Kiren Rijiju made it clear that the matters to be taken up in the two Houses will be decided by their authorised committees with the consent of the respective Chair.
What is digital house arrest? It is a tactic cybercriminals use to confine victims to their homes and scam them, explains Tamal Bandyopadhyay.
On reforms in pipeline, she said the government is for universal right to minimum wages and wants to remove regional disparity through a national floor wage.
IIT Roorkee has so far seen the highest domestic salary rise Rs 80 lakh, up by a third from Rs 60 lakh last year.
Finance Minister Nirmala Sitharaman on Saturday announced giving the private sector a role in India's space programme, including in satellites, launches and space-based services.
What stood out in his 15-year journey as a member of the political executive at the Centre was his glowing record as India's most successful and effective finance minister. Both as prime minister and finance minister, he understood the importance of gradualism, except when the economy or the polity was in a crisis.
The task force, to be headed by Finance Minister Nirmala Sitharaman, will look at measures to limit economic hardship caused by the Covid-19 pandemic, he said in his address to the nation.
Finance secretary Ajay Bhushan Pandey on Sunday hinted that the government was working on another stimulus package but he refrained from giving a timeframe.
