Economy News

Economy

Date Heading Details
14-May-2021   13:38 Hrs IST FADA seeks govt, RBI support to tide over second wave of COVID-19 <P align=justify>In order to survive the second wave of COVID-19, the automotive dealers' body Federation of Automobile Dealers Associations (FADA) has sought fiscal support, including an extension of GST payment for the next three months.<BR><P align=justify>The industry body has urged the RBI to provide guidelines to banks and NBFCs to give a moratorium equivalent to the number of days of lockdown each state has declared for the payment of instalments of term loans, short term loans, corporate loans, inventory funding, scrutinised loans, and cash credit lines, among others.<BR><P align=justify>In its recommendations list, FADA also sought a moratorium extension on EMI payments for people who have bought vehicles. The body has also suggested the RBI to reduce interest rates on all loans by 400 basis points for 90 days.<BR>
14-May-2021   12:36 Hrs IST Workers, businesses in retail industry are in need of urgent support amid COVID second wave: RAI <p align="justify">With the days of the lockdown continuing to extend in various parts of the country to combat the second wave of the COVID-19, Retailers Association of India (RAI) has said that workers and businesses in the retail industry are in need of urgent support.<br></p><p align="justify">RAI further said that it is getting increasingly difficult for retailers to retain employees and to keep their businesses afloat, and there is a need to inject capital into the industry. It noted that retailers need to pay salaries, minimum electricity, rentals, property taxes, etc. even if the businesses are shut due to lockdown. The cash inflow of the industry has come to a standstill, while the fixed operating costs remain intact.<br></p><p align="justify">Retailers Association of India is expecting that the immense financial stress faced by the retail sector will adversely impact both livelihood and the exposures of financial institutions to the sector as retailers start to become insolvent. Therefore, RAI underlined the two most important and immediate steps that can prevent this industry from collapsing are to prioritise vaccination of the last mile workers and to urgently provide financial support measures.<br></p>
14-May-2021   10:02 Hrs IST Commerce ministry recommends anti-dumping duty on certain type of rubber imported from 4 countries
14-May-2021   09:27 Hrs IST RBI to conduct Rs 35,000 crore G-sec Acquisition Programme
14-May-2021   09:10 Hrs IST Renewing stalled real estate projects to significantly improve economic sentiment in country: Sitharaman
13-May-2021   11:22 Hrs IST CPI slips to three-month low of 4.29% in April
13-May-2021   11:22 Hrs IST CPI slips to three-month low of 4.29% in April
13-May-2021   11:14 Hrs IST India's factory output grows 22.4% in March due to low-base effect
13-May-2021   11:14 Hrs IST India's factory output grows 22.4% in March due to low-base effect
12-May-2021   13:39 Hrs IST Passenger vehicle wholesales in India decline by 10% in April: SIAM