Business

The Chinese central bank has increased its stake in mortgage lender HDFC Ltd to over 1 per cent at the end of March quarter, as per statutory disclosures. People’s Bank of China’s holding in HDFC stood at 1,74,92,909 equity shares, accounting for 1.01 per cent of the share capital of the […]

The World Bank on Sunday said migrant workers returning home could become vectors carrying the coronavirus to unaffected states and villages and that preliminary findings indicated in India many outmigration areas are likely to have COVID-19 cases. In its biannual regional report, the World Bank said South Asia is one […]

Now withdrawals from the Employee Provident Fund will not attract a service charge. Centre had allowed a special provision under which three months salary could be withdrawn from Employees’ Provident Fund (EPF) account. The announcement made on March 20 saw Rs 2.8 billion disbursed and 1.37 lakh claims being processed. […]

The government has relaxed deadlines for subscribers of small savings instruments such as public provident fund (PPF) and Sukanya Samriddhi Account (SSA) by three months, amid the Covid-19 lockdown, a finance ministry spokesperson said. The subscribers can now deposit their savings for the previous financial year (2019-20) up to June […]

Indian industry expects a prolonged recovery period after the national lockdown is eased and is hoping for government support, especially to small and medium enterprises, to help mitigate the pain, said Vikram Kirloskar, president, Confederation of Indian Industry. Kirloskar is also the chairman and managing director of Kirloskar Systems Ltd […]

The Asian Development Bank (ADB) on Friday assured India of a $2.2-billion aid to fight the covid-19 pandemic, following a telephonic conversation between ADB president Masatsugu Asakawa and finance minister Nirmala Sitharaman on Thursday evening. Last week, the World Bank had approved a $1-billion assistance to help India prevent, detect […]

India’s factory output rose to a seven-month high of 4.5% in February, before the government imposed a nationwide lockdown in March that has crippled normal economic activity. Mining and manufacturing grew at 10% and 3.2%, respectively during the month, while electricity generation rose 8.1%. Data released earlier showed India’s eight […]

Economists and business leaders are pitching for a massive Rs 10 lakh crore stimulus package to support people who have lost their livelihoods and businesses on the verge of collapse because of the coronavirus crisis. Former chief economic adviser in the finance ministry, Arvind Subramanian, has said the government will […]

Equity benchmark Sensex soared over 900 points in opening trade on Thursday led by gains in financial, IT and FMCG stocks following rise global equities on hopes of the Covid-19 pandemic approaching its peak. After hitting a high of 30,847.10, the 30-share BSE barometer was trading 925.67 points or 3.10 […]

The government may set up a fund with a corpus of about ₹50,000 crore to ₹75,000 crore to revive industries, particularly labour-intensive small and medium units, as part of an economic stimulus package currently under consideration to revive growth in the post-covid-19 era, two officials aware of the plan said. […]

Early estimates of jobs data indicate that the coronavirus effect may have left a devastating impact on the economy, sending urban unemployment rate soaring to 30.9% . Overall unemployment rose to 23.4%. The figures, based on the Centre for Monitoring Indian Economy’s weekly tracker survey, have held steady for two […]

The government is working on getting business activity going again, if only in parts, after the lockdown is relaxed, if only in part, even as companies are itching to get going again , and hoping for a stimulus package. Although the government has not yet taken a final decision on […]