NEW DELHI: India’s edible oil imports declined 32.44 per cent to 9,41,219 tonne in March due to government restrictions on purchase of refined palm oil from the overseas market, trade body SEA said on Monday. India, the world’s leading vegetable oil buyer, had imported 13,93,255 tonne in March last year. The share of palm oil
Economy
By MAHUA MOITRA The International Monetary Fund has already declared that the world is undergoing a global recession. This recession, unlike the global financial crisis of 2008, is not a financial markets recession but a personal one, not a supply side recession but a demand destruction. People are genuinely afraid of Covid-19, and this has
NEW DELHI: Former RBI governor Raghuram Rajan has suggested to the government to call people with proven expertise and capabilities, including from opposition parties, to deal with perhaps the greatest emergency being faced by the country since Independence following the coronavirus outbreak. He also cautioned that driving everything from the Prime Minister’s Office, with the
The Indian macroeconomic situation is bleak and all set to get worse if local or national lockdowns continue for some more time, renowned economist Jean Dreze said on Sunday. Dreze further said that due to the country-wide lockdown, social unrest in many parts of India has already started. The country is under a 21-day lockdown
NEW DELHI: The government on Saturday restricted the exports of diagnostic kits amid the outbreak of the Covid-19 outbreak. “The export of diagnostic kits (diagnostic or laboratory reagents on a backing, preparation diagnostic or laboratory reagents)… is restricted with immediate effect,” the Directorate General of Foreign Trade (DGFT) said in a notification. Earlier, the exports
The government directed tax officials to dispose off applications filed by taxpayers or buyers or licence holders for lower or nil deduction of tax deducted at source (TDS)/tax collected at source (TCS) for FY20, by April 27, 2020. “Due to outbreak of the Covid-19 pandemic, there is severe disruption in the normal working of almost
By Simon Kennedy The world’s workers are reeling from the initial shock of the coronavirus recession, with job losses and welfare claims around the globe already running into the millions this week. As the International Labour Organization warns of almost 25 million layoffs if the virus isn’t controlled, the cuts from Austria to the U.S.
The trade between China and India fell 12.4 per cent year-on-year to USD 12 billion in the first two months amid the coronavirus outbreak, according to the latest data from Chinese customs. From January to February, China’s exports to India were 67.1 billion yuan (USD 9.5 billion), down 12.6 per cent on a yearly basis
New Delhi: The government has taken steps to continue exports and imports of plant products. It has been releasing phytosanitary certification for export consignments and Import releases of plant and plant products during lockdown. “During the lockdown, we have released around 4000 certificates while for import consignments, over 1000 certificates have been released so far,”
The Coronavirus pandemic is having a strong impact on the global economy. Questions are rife about the possible economic and financial fallout of asking a third of the world’s population to stay home and shutting down factories. Is a systemic financial crisis likely, maybe along the lines of the 2008 crisis 12 years ago? The
New Delhi: Exporters have sought that they be allowed to restart operations with 50% staff, in order to help pay wages, prevent migrant labourers from returning to their hometowns and stop loss of market share to China. The petition to the government by exporters’ associations comes amid a 21-day nationwide lockdown. “Exporting units should be
Ten central trade unions have jointly written to labour minister Santosh Kumar Gangwar seeking his intervention at the ground level to stop retrenchment of workers and rampant salary cuts. “Advisory by the government, both the labour ministry and home ministry, is not at all working at ground level to prevent loss of employment and earnings
Slow rise in output and new business pulled India’s manufacturing activity to a four-month low in March, a private survey showed on Thursday. The manufacturing Purchasing Managers’ Index (PMI) for India declined to 51.8 in March from 54.5 in February. A reading above 50 indicates expansion, while below it signals contraction. The reading signalled the
By Sukanta Chaudhuri The same scene is being played out across India. Hordes of grim-faced, exhausted men, with a sprinkling of women and children, trudge down hot, dusty highways or throng bus stations and roadside shelters. A bus passes, loaded with 150-200 humans. All are out-of-job migrant workers returning to their villages hundreds of kilometres
The Centre of Indian Trade Unions on Monday said it denounces government decision to drastically reduce the interest rates on small savings by around 140 basis points as it will financially impact the masses, demanding restoration of the rates . “This will affect financially the mass of the populace, the superannuated, income-less several crores of
NEW DELHI: The Reserve Bank of India (RBI) on Wednesday announced more measures, including extension of period for realisation and repatriation of export proceeds, to deal with the economic fallout of Covid-19 pandemic. It also increased ways and means advances (WMA) limit by 30 per cent from existing limit for all states and union territories.
New Delhi: Finance ministers and central bank governors of the G20 met virtually on Tuesday to coordinate efforts in response to the Covid-19 pandemic and agree on a roadmap to implement commitments made at the virtual G20 leaders’ summit held on March 26. The ministers decided on delivering a joint G20 Action Plan, which will
The government’s fiscal deficit touched 135.2 per cent of the full-year target at February-end mainly due to slower pace of revenue collections, according to an official data released on Tuesday. In actual terms, the fiscal deficit or the gap between expenditure and revenue was Rs 10,36,485 crore, the data by the Controller General of Accounts
NEW DELHI: Trade and investment ministers of the G-20 group have agreed to ensure fair trade and continued flow of vital medicines as well as other essential goods to tackle Covid-19 pandemic. According to a joint statement issued after a video conference, the ministers agreed to support the availability and accessibility of essential medical supplies
By Arvind Panagariya The Covid-19 epidemic, which originated in China in Dec 2019, has now reached 175 out of a total of 195 countries. No past pandemic has spread this widely and this fast. And we are far from seeing the proverbial light at the end of the tunnel. Until a definite cure and vaccine
New Delhi: The has decided to extend the benefit of 2 per cent interest subvention (IS) to banks and 3 per cent prompt repayment incentive (PRI) to all farmers up to 31st May, 2020 for all crop loans up to Rs 3 lakh given by banks which have become due or are becoming due between
S&P Global Ratings has further slashed India’s growth forecast to 3.5% for the coming fiscal from a previous downgrade to 5.2%, in its report released on Monday. The latest downgrade came as part of the global ratings agency’s report on deteriorating credit conditions in the Asia-Pacific region. It cited declining credit quality due to rising
By Sanjaya Baru Prime Minister Narendra Modi’s address to the nation on March 24 declaring a 21-day lockdown was the most watched event in Indian TV history. As soon as the address concluded, many viewers rushed to crowd markets to stock up essentials. Modi was forced to tweet within minutes asking people not to panic.
New Delhi: The Finance Ministry and RBI will hold a meeting on Tuesday to decide on government’s borrowing plan for the first half of 2020-21 amid the lockdown to contain the spread of coronavirus. According to sources, the government would resort to front-load its borrowing plan to deal with the challenges posed by COVID-19 on
Companies can fulfill their corporate social responsibility (CSR) obligations through donations to the newly formed Prime Minister’s Citizen Assistance and Relief in Emergency Situations (PM CARES) Fund, the corporate affairs ministry clarified on Saturday. The emergency fund was created by Prime Minister Narendra Modi on Saturday after his office received numerous requests from people for
MUMBAI: The schemes for the merger of ten state-run banks into four lenders are coming into force from April 1, according to the Reserve Bank of India. The banking regulator in separate releases announced that the branches of merging banks will operate as of the banks in which these have been amalgamated. The government on
Finance Minister Nirmala Sitharaman assured citizens that banking services will continue unhindered during the lockdown. 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.
BENGALURU- India’s already-slowing economy weakened to at least an eight-year low this quarter and will slow even more sharply in the next six months due to the global coronavirus pandemic, a Reuters poll found. With the virus spreading rapidly, Prime Minister Narendra Modi announced a three-week nationwide lockdown on Tuesday which will have a huge
NEW DELHI: The government is likely to extend the existing Foreign Trade Policy by six months to September 30 in the wake of the Covid-19 outbreak. A decision is expected in a couple of days, officials said. “There is a request to extend the extant policy from many export promotion councils; we are looking at
Mumbai: The moratorium on loan repayment between March 31 and May 31, is applicable on all types of retail credit, including credit card outstanding balances, the Reserve Bank said on Friday. “To mitigate the burden of debt servicing brought about by disruptions due to the Covid pandemic and to ensure the continuity of viable businesses”,
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