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Economy News Highlights – 30/4/2020

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Coronavirus lockdown: Urgent need for measures to prevent economy from falling into slumber, says industrialist Sajjan Jindal

“We need to rise now to ensure that the economy does not fall into a slumber that will take huge efforts to awaken. A depression in the economy is also a threat to this nation,” he said in a statement. Read more »

Singapore to enter into recession this year due to coronavirus pandemic

The Monetary Authority of Singapore (MAS) in its latest half-yearly macroeconomic review warned of job losses and lower wages, with ”significant uncertainty” over how long and intense the downturn will be. Read more »

Blockchain can tackle supply chain failures exposed by COVID-19, boost economic recovery: WEF

Resilience in supply chains depends on trust, transparency and integrity, which can be improved through responsible deployment of blockchain technologies that offer a “shared truth”, the WEF said. Read more »

India to suffer significant contraction, requires Rs 10 trillion stimulus: Former CEA Arvind Subramanian

Speaking at the Indian Express e-Adda from the US, Subramanian said that distribution of food and cash are the two key tools India should be using to help people tide over the crisis. Read more »

RBI Employees contribute ₹7.30 crore to PM CARES Fund

The employees of the Reserve Bank have decided to contribute one or more day’s salary to the PM CARES Fund, in response to the call to support during the emergency situation. The total contribution from the employees amounting to ₹7.30 crore is being remitted to the PM CARES Fund. Read more »

Yogi Adityanath’s promise to FedEx, Cisco, Adobe: Tailor-made facilities if you move from China to UP

UP government held a video conference with nearly 100 investors and companies from the US. Read more »

Experts warn about food inflation as farmers begin reducing area under vegetables

“We have to be ready for tremendous inflation for perishable food products in future as farmers would be investing low in such products,” said S Sodhi, managing director, Gujarat Co-operative Milk Marketing Federation (Amul). Many farmers from Narayangaon tomato belt of Maharashtra have already reduced planting of tomatoes. Read more »

India signs $1.5 billion loan with ADB to support India’s COVID-19 immediate response

The Government of India and the Asian Development Bank (ADB) signed a $1.5 billion loan that will support the government’s response to the novel coronavirus disease (COVID-19) pandemic, focusing on immediate priorities such as disease containment and prevention, as well as social protection for the poor and economically vulnerable sections of the society, especially women and disadvantaged groups. Read more »

Time for action to make India a global manufacturing hub: Experts

Areas like drones and robotics would see major investment and research going forward in India, which would move faster into the digital age, industry experts said, discussing opportunities for the country once the coronavirus-inflicted situation returns to normalcy. Read more »

It Is Time We Think Of An Efficient Exit Option From The Lock Down To Resume And Revive Economic Activities: Suresh Prabhu

While reopening economic activities, we need to keep in mind that the industry cannot be opened in isolation, the whole ecosystem along with the related supply chains needs to be revived and restarted, said Suresh Prabhu, Hon’ble Member of Parliament. We should follow the Chinese model of revival through specific geographical openings for economic activities in areas which are marked green and keeping the hotspot districts completely locked, till there is full containment in those areas, said Hon’ble Member of Parliament.

Former finance secretary Rajiv Kumar appointed PESB chief

The Appointments Committee of the Cabinet headed by Prime Minister Narendra Modi has approved his appointment as the PESB chairperson for a period of three years, according to a Personnel Ministry order. Read more »

Amid Covid-19 pandemic, customs duties eliminated on over 84 pct of medical products

In the midst of global Covid-19 pandemic, member countries of the Geneva-based World Trade Organization (WTO) have eliminated customs duties on over 84 per cent of medical products for 2020 under their various regional trade agreements (RTAs).

RIL raises stake in transportation tech company SkyTran to 26.3%

Reliance Industries Ltd (RIL) on Wednesday announced that it had hiked its stake in the US-based technology company SkyTran Inc taking its total shareholding in the company to 26.3 per cent. Read more »

Government looking into possibility of building smart cities along Delhi-Mumbai Expressway: Nitin Gadkari

“The government is looking if NHAI can plan a township along the highway (Delhi-Mumbai Expressway) … a Cabinet note has been floated for this,” Road Transport, Highways and MSME Minister Gadkari said during an interaction with real estate body NAREDCO via a video conference. Read more »

Incentives can be given to exporters, but they have to be justified, WTO compliant: Goyal

Commerce and Industry Minister Piyush Goyal called upon exporters to identify their strengths, potentials and competitive advantages in specific sectors, and focus on harnessing them in the world markets. In the post-COVID era, he said, there is going to be perceptible change in the global supply-chains, and Indian exporters should be cautious. Read more »

Strategy consultants help government chart Covid-19 plans

Apart from these top notch firms, hundreds of consultants from the Big Four divisions are embedded with central ministries and state governments helping local administrations in areas of data analytics, resource allocation, essential supply management and deploying technology solutions. Read more »

Panel projects Rs 111 Lakh Cr infra investments for year 2020-25

The task force in its final report has suggested setting up for three committees for monitoring, implementation and funding of infrastructure projects. To boost fund flow, the NIP task force, chaired by economic affairs secretary Atanu Chakraborty, also suggested deepening the corporate bond market including municipal bonds. Read more »

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