The extended lockdown in India has resulted in zero shipments for the smartphone players in India in the month of April as factories are shut and it will take two-four weeks time for the manufacturing units to resume normal operations once lockdown is relaxed. The month of March saw a steep annual decline in smartphone … Read more
NEW DELHI: The government is likely to cap its overall spending on coronavirus-related relief at around Rs 4.5 lakh crore ($60 billion), due to concerns that excess spending could trigger a sovereign rating downgrade, two senior government officials said. “We have to be cautious as downgrades have started happening for some countries and rating agencies … Read more
Commuting hurdles faced by employees and problems in transporting goods are hampering the restart of businesses despite measures to ease the nationwide lockdown, a survey by Confederation of Indian Industry (CII) found. In the survey, 36% of the respondents said that the industry is facing issues with daily movement of employees, while another 31% mentioned … Read more
B2B e-commerce platform Udaan has fired several of its ground staff who were working on a contractual basis for the Bengaluru-based company. Confirming the layoffs to Business Standard, the company said each associate who has been impacted has been provided with additional compensation of one month and will be part of priority hiring list where … Read more
Despite the strain on government finances due to the COVID-19 pandemic, there is no credible proposal to amend the legislation meant to control the fiscal deficit, Chairman of the 15th Finance Commission N.K. Singh said. Speaking to presspersons after a two-day meeting of the Commission’s Economic Advisory Council, Mr. Singh said the government was currently … Read more
Large companies such as JSW Steel Ltd, Tata Power Ltd and Piramal Enterprises Ltd are among at least 328 firms that have applied for a loan moratorium, data compiled by rating agency Icra Ltd showed. Most of the applicants have a relatively safe credit rating of AA, or lower. While some companies could be facing … Read more
The process of “unwinding” the lockdown imposed to contain COVID-19 has already begun, and most sectors of the economy will be open by May 3, Principal Economic Adviser Sanjeev Sanyal told members of the PHD Chamber of Commerce and Industry via a video-conference call. “Well before the rest of the world is out and about, … Read more
Mumbai/New Delhi: An interim order by the Delhi high court restraining coercive action against Indiabulls Housing Finance Ltd for its inability to repay bondholders has raised fears among mutual funds that more debtors could take the same course. The Indiabulls counsel cited the Reserve Bank of India’s (RBI) 27 March circular on loan moratorium and … Read more
Economic engine is halted, panic is unprecedented. Road to recovery is going to be anything but easy.