“Our supplies and production were impacted in February because of the outbreak of coronavirus in China. In March, the situation started improving…Now we are more concerned about Italy… (But) We are still optimistic, because of our bookings, we will be able to meet our annual target,” said MG Motor India president Rajeev Chaba.
As India now conducts the world’s biggest lockdown, budget pressures are set to worsen.
The government said it will borrow Rs 4.88 lakh crore in the first half of FY21, sticking to the estimate in the budget presented before the coronavirus outbreak, and promised to do everything needed to meet the demands of the economy.
The empowered group on supplies and logistics, headed by Ministry of Drinking Water and Sanitation secretary Parameswaran Iyer, and the logistics committee set up last week are looking at options centred on the daily-wagers.
The list of relief measures includes a waiver on interest on loans for three months and on rentals during the lockdown period. The retailers also highlighted difficulties in paying salaries and emphasised the need for security in retail shops.
Taking note of non-functioning of banks in various places during the lockdown, Union home secretary Ajay Bhalla directed states and UTs to ensure bank branches remain functional, and cash management and maintenance agencies of ATMs are allowed.
India's fiscal deficit at the end of February was 135.2% of the revised estimate for the fiscal year 2019-20, official data showed on Tuesday.
India aims to borrow Rs 4.88 lakh crore in the period, nearly 63% of its total annual borrowing plan.
Under the circumstances, the slew of welfare measures announced by Finance Minister Nirmala Sitharaman, while very welcome, are simply too little too late. The assumption underpinning her announcement, that it will all be over in three months, is far from realistic.
Here's what swaminomics has to say about the Indian economic stimulus package announced by Finance Minister Nirmala Sitharaman. Is it sufficient to meet the needs of the country? Swaminathan Aiyar says FM Nirmala Sitharaman's financial package insufficient
The RBI on Monday opened certain specified categories of G-Secs for non-resident investors as part of an initiative to deepen the bond market.
“Even if you have contributed the prescribed amount towards CSR, I would like to urge you to contribute over and above the minimum prescribed amount, which can later be offset against the CSR obligation arising in subsequent years, if you so desire,” said corporate affairs secretary Injeti Srinivas in an online appeal to company chiefs.
In a series of one-on-one calls with the heads of all major public sector banks (PSBs) and representatives of private banks, Sithraman said the banks were doing their best to ensure customer service without disruption, through social media on Saturday.
Market borrowing is challenging in the current environment, a senior finance ministry official said.
The second relief package may include tax concessions for industry sectors hit hard by Covid-19.
You would have given your bank account numbers and IFSC codes for various financial transactions. Unless these accounts are seamlessly merged into the financial system of the anchor bank, you would be required to change the details of your bank account.
Mobile phones will be charged 18% GST from April 1, compared to 12% earlier, while all kinds of matchsticks will be charged a 12% GST versus a range of 5% to 18%. Maintenance and repair operations (MRO) services required for aircraft will be charged 5% GST, lower from the earlier rate of 18%, with full input tax credit.
In case of accidental death or death due to complications arising from accidentally contracting Covid-19, the insurance amount will be paid to a beneficiary or nominee under the certification of the central or state government authorised authority.
Finance Minister Nirmala Sitharaman on March 26 announced that the Centre is considering increasing wages under the National Rural Employment Guarantee Act, 2005 (MNREGA) by Rs 2,000 per worker.MNREGA wage increased by Rs 2000 for 5 crore workers: Nirmala Sitharaman
The Finance Minister welcomed RBI Governor Shaktikanta Das' statement that the macro economic fundamentals of the Indian economy are sound, and in fact stronger than what they were in the aftermath of the global financial crisis of 2008-09.
The staffing federation has written to labour ministry last week asking them to re-look into the issue.
Easing things slightly for a billion plus Indian under lockdown, the finance minister, Nirmala Sitharaman announced a few tax compliance related relief measures. In a media presser on March 24, the FM announced the extension of four income-tax related deadlines as well waived two banking-related charges. Shambhavi Mehrotra of ET Online takes us through the major announcements, highlights in the realm of personal finance and how these will impact the common man.Nirmala Sitharaman's COVID-19 relief measures: Personal finance takeaways
Finance minister Nirmala Sitharaman had last week announced several relaxations in compliances including under the income tax.
Banking Secretary Debasish Panda said the merger process is very much on track and expressed hope that the banking sector would be able to meet the challenges thrown by the pandemic. "That is very much on the track. It's parallel activity going on. As far as fund transfers etc are concerned, necessary arrangements will be made," Panda said.
The FM announced a slew of measures to ease the burden on the poor who will be hit hard by the lockdown.
The announcement is expected to take place at 1 pm on Thursday, according to an official. Earlier this week, the Finance Minister had said a package is under works and will be announced soon. Prime Minister Narendra Modi last week had constituted a task force headed by the Finance Minister to work out package for economy hit by coronavirus.
Sitharaman announced that the Economic Task Force will soon release a relief package to deal with the impact of the coronavirus pandemic on the economy. She also brought in a slew of measures in an effort to boost the economy, including extending tax deadlines, easing business rules, and waiving off bank charges.
Nirmala Sitharaman announced a slew of waivers and relaxations in compliance and deadlines.
India is in the middle of a calamity. An extraordinary challenge requires an extraordinary response.
GoI and RBI have responded by notifying certain measures. Finance minister Nirmala Sitharaman announced compliance forbearance under different tax laws, including a few tax payment deadlines.
FM Sitharaman announced distribution of 5 kg of wheat or rice and one kg of preferred pulses free-of-cost every month over the next three months to 80 crore poor across the country to deal with the economic impact of the lockdown amid coronavirus outbreak.
FM is expected to announce measures to deal with the economic impact of Covid in reply to Finance Bill today.
"The medical insurance scheme would include sanitation staff, doctors, Asha workers, paramedics and nurses. These professionals are not considering their own health risks and have been attending to Coronavirus patients," FM announced at a presser.
Previously, a default of Rs 1 lakh alone was enough to initiate Corporate Insolvency Resolution Process (CIRP) against the said defaulters.
I-T dept has asked field formations to contact large taxpayers to follow up on pending collections.
The meeting between the Finance Ministry and Reserve Bank of India (RBI) will be held through video conferencing for the first time as there is lockdown across the country. As per the Budget, the government plans to borrow Rs 5.36 lakh crore from the market in 2020-21, higher than the Rs 4.99 lakh crore estimated for the current financial year.
The emergency fund was created by Prime Minister Narendra Modi on Saturday after his office received numerous requests from people for donations to support the government in its fight against the impact of Covid-19. "People from all walks of life expressed their desire to donate to India's war against COVID-19," Modi said, adding the fund has been constituted respecting that spirit.
Govt has decided to tax only the income generated by NRIs from the biz in India, leaving their global incomes.
The FM announced that the Economic Task Force will soon announce an economic relief package.
An advance under the amended paragraph can be sought through the same process by which all other advances are granted. No separate procedure is prescribed. Members can apply online.
The new coordination team is in addition to the group of ministers chaired by health minister Harsh Vardhan, the economic task force led by finance minister Nirmala Sitharaman and an empowered committee for scientific response co-chaired by Niti-Aayog member Dr Vinod Paul and principal scientific advisor K VijayRaghavan.
Union Finance Minister Nirmala Sitharaman will move the Banking Regulation (Amendment) Bill, 2020 for consideration and passage in Lok Sabha on Thursday.
"Appreciate the service Bank Mitra/Banking Correspondents are undertaking across the country. Will talk to states - request no restrictions in their movements. Will speak to all banks to facilitate cash flow. Let's ensure timely access to all," the Finance Minister said in a series of tweets.
Govt notified the amalgamation of 10 state owned banks into four as part of its plan to create stronger PSBs.
Realty developer DLF has decided to give salaries to all workers and daily-wagers working directly with DLF, or indirectly through its active contractors. This is being done via a Direct Beneficiary Transfer system into the bank accounts of the workers to provide immediate funds to tide over this life-threatening crisis.
On Thursday, Prime Minister Narendra Modi in his address to the nation had said the government is setting up a 'Covid-19 Economic Response Task Force' to decide on relief package for sectors hit by the coronavirus outbreak.
Realty developers and Industry experts lauded key measures announced by the central bank to support the economy. However, they also stated that banks need to transmit the same soon to help boosting liquidity and potential reduction in installments. The move is also expected to help realty developers avoid default in payments and any subsequent downgrades.
The rupee which opened on a positive note at 75.90, gained further momentum and touched a high of 75.10 against the US dollar, registering a rise of 84 paise over its previous closing.
The Centre has decided to give three months pension in advance to all the 2.98-crore beneficiaries by the first week of April, according to the officials.
"Customer service bank branches are operational & will continue to provide services. Sufficient cash across branches & ATMs! Don't trust rumours of branch closures! Customers requested to stagger arrival at Branches etc," Financial Services Secretary Debasish Panda said in a tweet.
CAIT has also sent a similar representation to Commerce Minister Piyush Goyal to take up the matter with Finance Ministry. RSN RVK.
Aiyar says India should drop its fiscal deficit fascination and go all out to help the poor.
This will be applicable for establishments with up to 100 employees, where 90% of employees drawing less than Rs 15,000 salary. Benefiting 4.8 crore employees the govt also amended EPFO regulations to allow workers under EPFO to draw up to 75% of their non-refundable advance or 3 months of wages, whichever is lower.
The 39th GST Council meeting held in Delhi on March 14. Union Finance Minister Nirmala Sitharaman chaired the meeting at Vigyan Bhawan. GST Council discussed operational glitches on the GST Network portal. They also discussed different ways to increase revenue collection and to avoid tax evasion. Delhi: FM Nirmala Sitharaman chairs 39th GST Council meeting
The Union Cabinet on Friday approved reconstruction scheme for Yes Bank under which SBI will acquire 49 per cent stake in the crisis-ridden private sector bank. Finance Minister Nirmala Sitharaman said the Union Cabinet has approved the reconstruction scheme for Yes Bank as suggested by the Reserve Bank. On March 5, the RBI imposed a moratorium on Yes Bank, restricting withdrawals to Rs 50,000 per depositor till April 3. The moratorium on the bank will be lifted within 3 days of notification of the reconstruction scheme, while its board will be in place in 7 days, she said.Cabinet approves Yes Bank reconstruction plan as proposed by RBI: Nirmala Sitharaman
In a recent letter to finance minister Nirmala Sitharaman, the Indian Cellular & Electronics Association (ICEA) said the hike in the GST rate to 18% effective April 1 from 12% would “draw out Rs 15,000 crore from the ecosystem and devastate the retail sector already under attack from Covid-19" and further impact 80 crore consumers at a time when their spending capacity could come under pressure.
Sameer Gehlaut, Chairman of Indiabulls Group bought 23 lakh shares of Indiabulls Housing on Thursday at Rs 96.56 per share.
The Chief Minister also ordered these packets to be made available at the offices of the Deputy Commissioners to support any such persons who do not get covered in the door-to-door distribution and may call the helpline numbers for food.The packets would be distributed in the slums and other pockets where such daily wagers and labourers live.
India has reported 482 cases of the coronavirus but health experts have warned that a big jump could be imminent.
She said the developments on stock markets are monitored thrice a day.
The rupee, which opened on a positive note at 75.90, settled for the day with gains of 78 paise at 75.16 against the American currency.
The industry body represents 1.50 lakh mobile retailers who may be unable to pay their monthly instalments and interest towards credit cards, vehicle loan, home loan and business loans taken by them. A similar letter highlighting the concerns of the mobile retailers was also sent to non-banking finance companies (NBFCs).
Finance Minister Nirmala Sitharaman Thursday announced Rs 1.70 lakh crore relief package for 80 crore underprivileged citizens in India, who have been affected adversely by the 21-day lockdown imposed in the country to control the spread of the coronavirus outbreak.
Finance Minister announced a Rs 1.7 lakh crore stimulus package dubbed PM Garib Kalyan.
Gross Domestic Product growth is likely to be impacted in FY21 due to zero economic activity right at the beginning of the fiscal, Niti Aayog Vice Chairman Rajiv Kumar has said.
Sonowal, on Friday, visited the Jorhat Medical College and took stock of the emergency services, including isolation and quarantine wards in the hospital in case of the virus outbreak in the district and its adjoining areas.
Lok Sabha Speaker Om Birla on Tuesday said he will contribute his one month's salary to the Prime Minister Relief Fund, setup to contain COVID-19, which has infected over 500 people in the country and killed 10.
FM Nirmala Sitharaman had yesterday announced a Rs 1.70 lakh crore mega rescue package for the country's poor. This, along with today's RBI moves that will eventually release Rs 3.74 lakh crore of liquidity into the system, forms the frontline of India's response to the menace. Here is a look at how India is front-loading its countermeasures.
New Delhi, Mar 26 () Terming the relief package as timely intervention, SBI Chairman Rajnish Kumar on Thursday said more calibrated responses in coming weeks expected as the impact of pandemic COVID-19 unfolds.
Earlier today, Finance minister Nirmala Sitharaman announced a number of measures to tackle the economic distress caused due to the Coronavirus outbreak and the subsequent lockdown announced to deal with the situation.
If any of the frontline health workers are diagnosed as coronavirus positive, they would be able to get claims settled for up to Rs 50 lakh under the health insurance cover scheme proposed by the government for three months.
FM Sitharaman has said the government will come out with an economic rescue package soon.
Stock futures rollovers stood at 90 per cent, which were in line with an average rollovers of last three F&O series.
Talking to reporters, Finance and Corporate Affairs Minister Nirmala Sitharaman said the government may also consider suspending some key provisions of the Insolvency and Bankruptcy Code (IBC) in case the current situation following the outbreak of COVID-19 continued beyond April 30, 2020.
The stimulus plan could be as large as Rs 2.3 tn, but final numbers were still in discussion.
Construction work has come to a standstill as the lockdown kicked in, triggering concerns that the companies would see revenues being hurt and may even incur losses on some projects.
The agency welcomed the Rs 1.70-lakh crore package announced by Finance Minister Nirmala Sitharaman earlier in the day but said more measures like loan forbearances for small businesses and households are necessary.
As many as 15 out of the total 18 PSB have announced schemes to mitigate hardship faced by various segments.
Net-net, foreign portfolio investors (FPIs) were sellers of domestic stocks to the tune of Rs 2153.35 crore on Tuesday, data available with NSE suggested.
A survey by HelpAge India estimates that about 6% of senior citizens in India live alone. Loneliness among elders, is a problem that cuts across classes and is a challenge in cities as well. He estimates that 10-20% of senior citizens in India are suffering from loneliness, a condition likely to be exacerbated by the current curbs on movement and contact due to the pandemic.
Many mutual fund players are still waiting for details on how the central government plan to soften the blow of the nationwide blockage following the Covid-19 pandemic.
The Congress accused the government of profiteering from the crash in international crude oil prices. Congress chief spokesperson Randeep Surjewala said such an act by the government was "inhumane and heartless", as people were losing their livelihood and the government was making profit by raising excise duties on petrol and diesel.
Sinha, who has been quite vocal about the Modi government's policies in the last couple of years, noted that the Indian economy has been on a downward trend for 7-8 quarters now, and the decline started long before the coronavirus outbreak.
Union Finance Minister Nirmala Sitharaman and Minister of State for Finance, Anurag Thakur, met the National Company Law Appellate Tribunal (NCLAT) Chairman, Justice Sudhansu Jyoti Mukhopadhaya, in the national capital on March 06. Ministry Of Corporate Affairs Secretary, Injeti Srinivas was also present. Justice Mukhopadhaya is the Chairman of NCLAT since its inception in 2016.FM Nirmala Sitharaman, MoS Anurag Thakur meet NCLAT Chairman
“It may be hard to prevent infections from spreading,”the former Reserve Bank of India Governor said.
Finance Minister Nirmala Sitharaman moved an amendment to the Finance Bill, 2020, to raise the limit up to which the government can raise special excise duty on petrol and diesel to Rs 18 per litre and Rs 12, respectively.
As per the announcement, due to pandemic situation, the government will amend Employees Provident Fund withdrawal rules and also, will pay both employer and employee contrition to the EPF account for the continuity of the account for the next three months.
Finance Minister Nirmala Sitharaman said,"appreciate RBI Governor Shaktikanta Das' reassuring words on financial stability. The 3-month moratorium on payments of term loan installments (EMI) and interest on working capital give much-desired relief. The slashed interest rate needs quick transmission."
Before the House was adjourned sine die, Speaker Om Birla mentioned about the 'janta curfew' on Sunday and that people of the country were together irrespective of whether they were rich or poor.
An intelligence firm that tracks the smartphone market has cut this year’s growth estimate to 5.5% from 8% earlier. Realme has estimated that phone prices could go up by 12-15% for reasons including fluctuation in rupee-dollar exchange rates, impact of Covid-19 on the supply chain for components, an increase in memory prices of smartphones, and higher GST.
These scheme includes cash transfers, Rs 50 lakh insurance cover and steps to ensure food security.
The RBI cut the Cash Reserve Ratio by 100 basis points to 3 per cent to boost liquidity.
A Reuters poll suggested India GDP could slow even more sharply.
Forex traders said the rupee which started the day on a positive note, witnessed heavy volatility.
Finmin highlighted the need for relief measures as individuals & businesses face loss of income.
The lockdown has resulted in closure of businesses and unemployment for thousands of workers.
Nirmala Sitharaman said the priority is to "decriminalise" provisions in the Companies Act. The Cabinet Committee on Economic Affairs (CCEA) on Wednesday approved a total 72 changes in the Companies Act, 2013 to decriminalise offences, Nirmala Sitharaman said. The move was in line with the government's intent of making it easier to do business in the country, at a time when the economy stares at the slowest annual pace of expansion recorded since the 2008-09 global financial crisis.Govt priority is to "decriminalise" provisions in the Companies Act: Nirmala Sitharaman
India Vix jumped to 83.60, hinting that volatility will rule supreme in days to come.
"Our stimulus effort makes us look like pygmies compared with the rest of the world."
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