Economy News

Kerala government announces stimulus package to tackle novel coronavirus

Kerala government announces stimulus package to tackle novel coronavirus

Thiruvananthapuram: Kerala Chief Minister Pinarayi Vijayan on Thursday said that a fresh coronavirus case has been reported from Kasargode, taking the state's total to 25.He also announced that Rs 20,000 crore will be pumped into the state economy, which has been badly hit and the government has dec...

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S&P lowers India's growth prospects to 5.2% in 2020

S&P lowers India's growth prospects to 5.2% in 2020

Chennai: Global credit rating agency Standard and Poor's (S&P) on Wednesday lowered the forecasts for India to 5.2 per cent from the earlier 5.7 per cent.In a statement S&P Global Ratings said: "We lower our forecasts for China, India, and Japan for 2020 to 2.9 per cent, 5.2 per cent and -1....

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Coronavirus leaves pump outlets dry despite crude turning cheaper

Coronavirus leaves pump outlets dry despite crude turning cheaper

New Delhi: Blindsided by Covid-19, domestic demand for petrol, diesel, jet fuel and shipping fuel has fallen by over 10 per cent in the first two weeks of March even though the global oil market remained favorable for Indian consumers with sharp fall in both crude and petroleum product prices.Source...

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RBI announces Rs 10K cr OMO purchase of govt securities

RBI announces Rs 10K cr OMO purchase of govt securities

Mumbai: The Reserve Bank of India (RBI) on Wednesday announced it would purchase government securities worth Rs 10,000 crore through open market operations in a bid to increase liquidity and enhance confidence in the market amid the coronavirus crisis.In a statement, the RBI said that with the heigh...

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Apparel exporters seek Centre's support amid corona crisis

Apparel exporters seek Centre's support amid corona crisis

New Delhi: The Apparel Export Promotion Council (AEPC) on Tuesday wrote to Finance Minister Nirmala Sitharaman requesting her immediate intervention to maintain the viability of the country's apparel exporters due to the uncertainty in the global markets.In the letter, AEPC Chairman A. Sakthivel sai...

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Doublewhammy of coronavirus and BSIV batter auto sector

Doublewhammy of coronavirus and BSIV batter auto sector

New Delhi: The Already battered automobile dealerships in the country faces the double-whammy of low sales accentuated by COVID-19 and the policy on selling old inventories.Accordingly, there plans to sell-off BS IV inventories are now all but lost as the pandemic has eroded footfalls and enquiry le...

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Oil market tumble has India grinning but stock markets in a tizzy

Oil market tumble has India grinning but stock markets in a tizzy

New Delhi: The Monday couldn't have been more happier for those petrol-heads waiting in queues to fill fuel for their vehicles. The great news is Saudi Arabia, the world's major oil producing nation dropping prices by a good 30 percent.  Analysts say that the oil markets were already over-suppl...

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RBI's nudge likely to come sooner than before: Experts

RBI's nudge likely to come sooner than before: Experts

Mumbai: With the rising coronavirus (COVID-19) cases in India and abroad, a policy rate cut expectation is fast gaining currency, especially after the US Federal Reserve slashed its benchmark policy rates by 50 basis points in an emergency move on Tuesday.The Reserve Bank of India (RBI) has already ...

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India has 3 pct of GDP escaping tax net: GFI report

India has 3 pct of GDP escaping tax net: GFI report

Washington DC [USA]: India has the third highest trade-related illicit financial flow among 135 countries with 83.5 billion dollars (about Rs 6.08 lakh crore) -- or 3.05 per cent of gross domestic product (GDP) -- escaping the government's tax net, according to US-based think tank Global Financial I...

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Ajay Bhushan Pandey to be new Finance Secretary

Ajay Bhushan Pandey to be new Finance Secretary

New Delhi: The Appointments Committee of the Cabinet (ACC) on Tuesday approved the designation of Ajay Bhushan Pandey as the new Finance Secretary.Pandey, currently the Revenue Secretary in the Union Finance Ministry, will replace incumbent Rajiv Kumar.A 1984 batch IAS officer of the Maharashtra cad...

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