India Top News

Updates from the world of economy, markets, and finance

Today's top business news: India to see zero growth in 2020 due to extended lockdown, economists expect food prices to spike, IMF to provide debt relief to 25 countries, and more

India is moving the oil to the SPR to help the country's refineries reduce their excess crude as the lockdown to contain the outbreak of COVID-19 has dented transportation and industrial fuel consumption in Asia's third-largest economy. PTI reports: "IT industry body Nasscom on Tuesday said it is hopeful that the government will announce economic stimulus packages soon to help rebuild the economy even as the nationwide lockdown was extended till May 3 to contain the spread of coronavirus infection. Reuters reports: "Apple Inc shipped roughly 2.5 million iPhones in China in March, a slight rebound after one of its worst months in the country ever, according to government data published on Friday. Chinese retailers largely resumed operations by early March, with brick-and-mortar outlets re-opening and e-commerce logistics getting back in gear after the virus and tough containment measures brought much of the economy to a standstill in the first two months." Reuters reports: "Oil prices edged lower on Tuesday, with investors apparently unconvinced that record supply cuts could soon balance markets pummeled by the coronavirus pandemic, though a predicted plunge in U.S. shale output provided some support. Flush with funds, Zomato currently partnered Grofers for the delivery of essential items — along with other FMCG and grocery stores —— to meet the surge in demand amid social distancing and nationwide lockdown that has now been increased till May 3. PTI reports: "Extension of the nationwide lockdown till May 3 will inflict an economic loss of USD 234.4 billion, and result in stagnant GDP for calendar year 2020, a British brokerage said on Tuesday. Reuters reports: "SoftBank Group Corp shares fell 3.5% on Tuesday morning after estimating the Vision Fund will record a 1.8 trillion yen ($16.73 billion) loss in the year ended March due to the tumbling value of bets on unproven startups. “This provides grants to our poorest and most vulnerable members to cover their IMF debt obligations for an initial phase over the next six months and will help them channel more of their scarce financial resources towards vital emergency medical and other relief efforts,” Georgieva said in a statement." PTI reports: "Economists on Monday termed the ease in March CPI inflation to a four-month low of 5.1 per cent as a misplaced sense of improvement because the impact of lockdown on food prices will be felt in April.

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