India needs Rs 65,000 cr to save the poorest and their livelihoods: Rajan

India would need approximately Rs 65,000 crore to help the poor and save their livelihoods during the coronavirus lockdown, former Reserve Bank of India (RBI) governor Raghuram Rajan said on Thursday.
In a video-conference call with Rahul Gandhi, Rajan said India's gross domestic product (GDP) was Rs 200 trillion, so if the government wanted to save the poor, it could afford to do that. "Most immediately, keep people well and alive. Food is extremely important. (There are) places where the public distribution system doesn’t go. Amartya Sen, Abhijeet Banerjee and I have talked about temporary ration cards... you have to treat this pandemic as a situation that is unprecedented," said Rajan.

The former RBI governor also said that cyclical lockdown would be devastating for economic activity and diminish credibility.
ALSO READ: Coronavirus LIVE: Air India set to resume partial services from mid-May

"Take even a second lockdown. Which means you haven’t been completely successful in reopening. That raises questions that if you re-open, will you go into a third lockdown? So, it does diminish credibility," replied Rajan to a question asked by Gandhi.
Rajan said it was impossible to have zero cases and keep infection in check.
Batting for more tests to be conducted, he said India needed 2 million tests daily to get to the level of confidence the US had. "Clearly, with 25,000-30,000 tests a day, we are nowhere near that," he said.
Rajan also raised his concern over rising unemployment numbers. According to data from the Centre for Monitoring Indian Economy (CMIE), virtually 100 million more people have been put out of work due to the Covid-19 pandemic. He added that the economy needed to reopen in a measured way but as fast as possible so that people again start having jobs.
On governance, Rahul Gandhi said the Indian method was always about trying to control. But coronavirus could not be controlled; it needed to be managed, he asserted. "The level of inequality that you see in India, you simply cannot see in the United States."

MARKET LIVE: Sensex surges 1,000 pts; Nifty tests 9,800; Tata Motors up 19%

Indian equity markets advanced on Thursday tracking favourable global cues as positive results for experimental remdesivir drug towards Covid-19 treatment lifted sentiment. Besides, the government's announcement to give considerable relief to many districts post May 4 boosted sentiment.
The S&P BSE Sensex jumped 904 points, or 2.76 per cent, at 33,620 and the Nifty50 index hovered around 9,850 levels. Auto stocks led the charge. Hero MotoCorp (up 7 per cent), Maruti Suzuki India (up 6%), and Mahindra & Mahindra (up 4%) were among the top Sensex gainers. Reliance Industries was also up 4 per cent ahead of the March quarter results today.
All the Nifty sectoral indices were in the green, led by Nifty Auto index, up 5 per cent.

RESULTS TODAY

The oil and gas business of Reliance Industries is expected to take a steep hit with a sharp drop in gross refining margins although non-energy businesses like retail and telecom are expected to save the day. READ MORE
In IT major Tech Mahindra's Q4 results, investors will watch out for any update on the execution of large deals it won in the past four-five months, and a timeline of progress on its 5G rollout. READ MORE
Analysts say Hindustan Unilever, like most consumer goods companies, would have taken a hit during the quarter under review due to Covid-19 lockdown, which has caused enormous logistical issues. READ MORE
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MARKET ALERT :: ONGC, HCL Technologies locked in 10% upper circuit
>> However, the stocks are trading in future & option (F&O) segment which has no circuit limits.
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Top gainers on BSE today
COMPANY PRICE(RS) CHG(%)
TATA MOTORS 91.45 17.02
UPL 411.70 14.28
MAH. SEAMLESS 221.45 12.64
TATA MOTORS-DVR 39.20 12.32
APL APOLLO 1413.00 11.76
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02:58 PM
Entire sector may turn NPA, will need ventilator support: Retail body CEO
"If the banking sector and the government does not come and help now, the retail sector will become an NPA, then they will have to handle a very different problem, which would be a much larger problem. NPAs could be as much as Rs 75,000 crore from retail," he said. READ MORE

02:50 PM
UPL shares gain 11% on biz update, expectation of net debt reduction
The agrochemicals company said its net debt stood at approx. $2.9 billion as of March 31, 2020 as compared to $4.2 billion as on December 31, 2019. Net debt stood at $3.8 billion as of March 31, 2019, it said.

The same represents a reduction in net debt of approx. $900 million and $1.3 billion as compared to Q4FY19 and Q3FY20, respectively. The company has cash/cash equivalent of approximately $875 million (approx Rs 6,500 crore) as of March 31, 2020. READ MORE

02:34 PM
India's jewellery demand dips 41% to 11-year low in March quarter: WGC
As regards India, although the wedding season lifted demand early in the March 2020 quarter, a sharp rise in local gold prices from mid-February led to a slowdown in demand as consumers held back on purchases. However, the overall demand slumped once the country went into a lockdown mode on the rampant spread of coronavirus. Jewellery demand in March, according to WGC estimates, slumped between 60 - 80 per cent. READ MORE
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02:25 PM
Hindustan Unilever trades lower for third straight day ahead of Q4 results
Shares of Hindustan Unilever (HUL) were trading lower for the third straight day, down 3.2 per cent to Rs 2,160 on the BSE on Thursday ahead of the announcement of its financial results for the quarter and year ended March 2020 (Q4FY20) later in the day. In the past three trading days, the fast moving consumer goods (FMCG) firm's stock has slipped 7 per cent, as compared to 6 per cent rise in the S&P BSE Sensex. READ MORE
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02:15 PM
BROKERAGE VIEW:: Axis Securities on HDFC Bank
As macro concerns loom large on Covid-19 headwind, we expect loan growth at ~14/18% in FY21/FY22E with retail book slowdown, slower fee income growth, higher provisioning but partly offset by cost rationalization (C-I improvement of 160bps). Prov/Avg. Advances will go up to 1.5% in FY21 but normalize to 1.2% in FY22E. We expect HDFCB to report lower ROAA/ROAE at 1.8%/16% in FY21, but normalize to 1.9%/17% by FY22E. Given its superior business model, bank’s resilience across cycles will play out positively. We initiate with BUY with target price of Rs 1,233 derived using the SOTP method (core bank at 3xFY22 ABV + Subsidiaries value Rs 50/-).
02:12 PM
Rupee closing
Rupee ends higher at 75.12/$ vs Wednesday's close of 75.68 against the US dollar
02:08 PM
India's scrap gold supplies at record high on price rally, coronavirus: WGC
Rising scrap supplies, amid a fall in demand could, however, dent the world's second-biggest bullion consumer's imports and cap a rally in global prices, which hit a more than seven-year high earlier this month. Falling bullion imports could help reduce India's trade deficit and support the ailing rupee. READ MORE

01:57 PM
BUZZING STOCK | UPL jumps around 7% post update on debt position
>> The Company expects its Net Debt to be at approx. USD 2.9 Bn as of 31st March 2020 as compared to USD 3.8 Bn as of 31st March 2019 and USD 4.2 Bn as of 31st December 2019. The same represents a reduction in Net Debt of approx. USD 900 Mn and USD 1.3 Bn as compared to 31st March 2019 and 31st December 2019, respectively. (Source: BSE filing)

Coronavirus LIVE: Air India set to resume partial services from mid-May

Coronavirus India update:The number of coronavirus cases in India has risen to 33,062, and 1,079 people have died from the disease so far, according to Worldometer data. Globally, 3,220,346 people have been infected by corona and the total number of deaths from the disease is 228,236. Indian states hit with most cases are Maharashtra (9,915), Gujarat (4,082), Delhi (3,439), Madhya Pradesh (2,561), Rajasthan (2,438), Tamil Nadu (2,162), and UP (2,134). In a significant development, the Centre has now allowed the movement of migrant labourers, students, pilgrims and tourists who do not have symptoms of coronavirus back to their home states. It issued a set of guidelines to this effect on Wednesday.
Coronavirus world update: Nations hit with most cases are US (1,064,194) Spain (236,899), Italy (203,505), France (165,911) and UK (165,145). The International Labour Organization (ILO) has said that nearly 1.6 billion workers in the informal economy, representing half of the world's labour force, are in immediate danger of losing their livelihoods due to the coronavirus pandemic.
Stay tuned for all coronavirus LIVE updates.
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10:31 AM
Coronavirus: India's domestic air passenger traffic fell by 11.8% in March
India's domestic air passenger traffic crashed by 11.8 per cent in March on a year-on-year basis, as per the data furnished by International Air Transport Association (IATA) on Wednesday.

The month saw the commencement of the first phase of lockdown and subsequent ceasing of all domestic passenger flight operations.

However, the fall in India's domestic air passenger volume -- measured in revenue passenger kilometres -- was the lowest amongst major aviation markets such as Australia, Brazil, China, Japan, Russia and the US. Read on...
10:19 AM
Air India set to resume partial services from mid-May
Air India has asked its pilots and cabin crew details to prepare to resume operations post lockdown, pobably by mid-May this year, according to ANI
10:09 AM
Delay in Noida SEZ deepening economic crisis amid coronavirus lockdown: Exporters' body
Operations in the Noida SEZ (NSEZ) have not started yet, as it is awaiting orders from local authority and the the delay is deepening the already ongoing economic crisis amidst the lockdown, according to Vilas Gupta, Chairman of EPCES (Export Promotion Council for EOU and SEZ), Northern India.

"Noida SEZ is administered by its Authority headed by the Development Commissioner who is equivalent to the rank of Additional Secretary. This Authority is competent enough with full strength of security to ensure that factories are run as per the guidelines defined by the Ministry of Home Affairs," Gupta said. Read on...
10:06 AM
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Haryana: A person, intending to go to his home in Bihar - on a bicycle, reaches Delhi-Faridabad border. He says, "my brother has passed away and I want to go home now. It will take 8-10 days to reach my home but I want to go there."
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10:05 AM
India can find opportunity for its industry and supply chain in world: can help make its voice heard in global order: Rajan to Rahul Gandhi
10:04 AM
There will have to be rethinking on everything in global economy once we are out of this pandemic: Rajan to Rahul Gandhi
10:04 AM
India can help mould dialogue post-pandemic to make space for multi-polar global order: ex RBI governor Rajan
10:04 AM
Social harmony is a public good: Raghuram Rajan to Rahul Gandhi
Social harmony is a public good; we cannot afford to have our houses divided in times when challenges are big: Rajan to Rahul Gandhi
10:03 AM
We need to be cleverer in lifting lockdown; need to open up in measured way as India does not have capacity to feed people for long: Rajan
10:02 AM
South Korea reports 4 coronavirus cases, lowest since February
South Korea has reported four more cases of the coronavirus over the past 24 hours, the first time that its daily jump has marked below five in about two months.

The Koreas Centers for Disease Control and Prevention said in a statement Thursday that the additional figures took the country's total to 10,765 with 247 deaths. It says 9,059 of them have recovered and been released from quarantine.

It says the four new cases are all imported ones and that there were no newly reported cases of local infections. 

Signal from PM Modi to CMs: Covid-19 lockdown may continue beyond May 3

The nationwide lockdown is all set to be extended beyond May 3, at least until the middle of the month in the red zones of the country, as many states told Prime Minister Narendra Modi in a video-conference meeting on Monday that it’s not the time yet to lift the curbs.
This means more activities may be allowed to resume in green zones of the country.
Most Bharatiya Janata Party-ruled states support extending the lockdown, but will wait and abide by the Centre’s fresh guidelines. Telangana has already extended the lockdown until May 7, and will take a decision on further extension on May 5.
ALSO READ: CRISIL pegs India's FY21 economic growth rate at 1.8% from 3.5%

Odisha, Meghalaya and some others support extending it by a month. Congress-led governments want the lockdown to be lifted in areas other than hotpots or containment zones.
Delhi will take a call by April 30.
Maharashtra will also decide by the end of the month, but will not lift the lockdown in urban centres like Mumbai and Pune, which are in red zones, while allowing economic activity in green zones. Mindful of the economic challenges, the government is preparing a detailed exit strategy that would give states more space in deciding their respective plans, sources said after the three-hour meeting.

ALSO READ: Govt likely to pledge Rs 3-trn in loans to MSMEs amid Covid-19 outbreak
All CMs, except Kerala’s Pinarayi Vijayan, who sent his chief secretary, participated in the meeting. Nine CMs spoke while the rest sent in their suggestions.
The PM indicated that Covid-19 is here for a long haul and that people need to learn to live with it. He said masks and face covers would become part of our lives in the days ahead and reiterated the mantra of ‘do gaz doori’ or social distancing.
ALSO READ: MGNREGA stares at a tough challenge ahead as labourers return to villages
While hinting that the time hasn’t come to lift the lockdown, which had yielded positive results, Modi asked states to focus on converting the red zones into orange, and thereafter to green zones.
He said, “and now we have to think of the way ahead”.
The CMs spoke of the need to address economic challenges, while demanding a stimulus package and resolution of the stranded migrant issue. The PM said, “we have to give importance to the economy as well as continue the fight against Covid.”
Himachal Pradesh CM Jai Ram Thakur said his state had favourable conditions to allow economic activity as it has not seen any new cases in the past five days. “We need to learn to live with it (coronavirus),” Thakur said.
ALSO READ: Coronavirus LIVE: Public transport, malls likely to be shut beyond May 3
Odisha’s Naveen Patnaik suggested extending the lockdown by another month, a proposal which got support from Goa and Meghalaya. In a letter to Home Minister Amit Shah, Punjab CM Amarinder Singh asked for permission to open small businesses in areas except red zones.
However, Jharkhand CM Hemant Soren said he would not implement central guidelines on reopening shops due to the sudden spurt in cases.
West Bengal CM Mamata Banerjee said the central guidelines were at times contradictory and confusing.
While Uttar Pradesh continued to get its migrants back, including 12,000 from Haryana on Monday, Bihar CM Nitish Kumar said it was not possible to bring back students until the Centre revises lockdown guidelines.
ALSO READ: India may consider new diagnostics after Chinese rapid tests fail
Puducherry’s V Narayansamy said the PM did not respond to the demand for an economic package or on the issue of migrants. He, however, supported the view that lockdown should be extended.
Rajasthan’s Ashok Gehlot said the PM lauded the extension of working hours of labourers, and that lockdown should be lifted from non-hotspot areas. He said people might die of hunger, if not coronavirus, if attention was not paid on economic revival.
Gujarat’s Vijay Rupani apprised the PM of the steps taken in the state, including easing lockdown in a staggered manner, keeping small and medium vendors as well as labourers' well-being in mind.
ALSO READ: Nine CMs air their views on lockdown in video conference with PM Modi
Haryana-Delhi border tightened
Haryana will also further tighten the borders of its satellite cities of Gurugram and Faridabad with Delhi. Just as Uttar Pradesh complained that coronavirus cases had come from Delhi, Haryana has said a number of recent cases were traced to the same city. Haryana had earlier sealed its Sonipat district border with Delhi. BS Reporter
TN builds, breaks makeshift walls
Tamil Nadu authorities on Monday built and then dismantled temporary walls on roads across the border with Andhra Pradesh at two remote checkpoints near Vellore. The structures, made of hollow concrete blocks, were put up at Synagunda and Ponnai on the border with Andhra Pradesh to prevent unauthorised arrival of people into Tamil Nadu.PTI

Govt needs clear 'entry and exit plan' on fiscal expansion: Shaktikanta Das

The coronavirus pandemic will expand the government’s fiscal deficit beyond 3.5 per cent of India’s gross domestic product (GDP), said Reserve Bank of India (RBI) governor Shaktikanta Das as he called for a "well calibrated roadmap” to manage finances.
“The 3.5 per cent fiscal deficit target for this year will be very challenging to meet,” Das told news agency Cogencis in an interview. "It has to be a judicious and balanced call keeping in mind the need to support the economy on one hand and the sustainable level of fiscal deficit that is consistent with macroeconomic and financial stability.”

“There has to be a very well calibrated and well thought out roadmap for entry and exit.” The RBI has not yet taken a view on monetising the government deficit.
“We will deal with it keeping in view the operational realities, the need to preserve the strength of the RBI's balance sheet, and most importantly, the goal of macroeconomic stability, our primary mandate. In the process, we also evaluate various alternative sources of funding too,” he said.
ALSO READ: Coronavirus LIVE: 4 CMs tell Modi they want lockdown extended after May 3

The RBI has not participated in treasury bill auctions and neither has it decided whether there would be a special coronavirus bond, instrument analysts have been suggested that can be used for a private placement of government debt with the central bank.
The central bank had a sense that the new Targeted Long Term Repo Operations or TLTRO 2.0 will might not be as good as the previous such operations, as “banks are not willing to take on credit risk in their balance sheets beyond a point,” he said.
The Reverse Repo Rate is a liquidity management tool, and the cut is temporary. The policy signaling rate continues to be the repo rate. While the RBI does not need to take the approval of the monetary policy committee (MPC) for tweaking its liquidity tools, the central bank discussed the measure with the members.
RBI has not taken a final view on the rate of Standing Deposit Facility (SDF), which can be deployed to let banks park their excess liquidity with the central bank without any collateral, but at a lower rate than the reverse repo. However, SDF “is always available with RBI and it can be activated at any moment,” Das said.
India continues to enjoy the trust of foreign investors, and its banking system remains healthy, Das said.
Banks can extend moratorium to everybody, including non-bank financial companies (NBFC), but the failure of TLTRO 2.0 proved that banks are not ready to take risk. The challenge of ensuring flows to the mid- and small-sized NBFCs and microfinance institutions continues.
"That is an issue that is very much on our table. We will take further measures as necessary to address that challenge."
The RBI, according to Das, “remains in battle-ready mode".
While extending the moratorium on loans, the RBI also told banks to set aside 10 per cent as provision, which can be written back later.
"We are constantly monitoring the sector. Going forward, whatever measures are required, we would mandate that," he said.

Most CMs want lockdown to continue beyond May 3: Pondy CM after meeting PM

A majority of chief ministers who interacted with Prime Minister Narendra Modi on Monday expressed the lockdown to be continued beyond May 3 with little economic activity, PTI reported.
According to Puducherry Chief Minister V Narayanasamy, the chief ministers were unanimous in telling the prime minister that the way the virus was spreading, there needs to be a cautious approach in lifting the lockdown.

Prime Minister Narendra Modi on Monday held a video conference with chief ministers to discuss the situation arising due to coronavirus and a graded exit strategy from the lockdown in the country. The chief ministers also said that the government should evolve a policy for sending home migrant workers stranded in different states.
ALSO READ: Coronavirus LIVE: 4 CMs seek lockdown extension; global cases cross 3 mn
"But, the prime minister did not give any solution to resolve the issue of migrants," he said at a press conference through video conference. The Puducherry CM said he and Bihar chief minister Nitish Kumar raised the issue of migrants.
ModiPM Modi during his interaction with state CMs. (Source: CMO Maharashtra)
Narayanasamy said the CMs demanded that the government should announce a stimulus package on lines of the UPA's 2008 package for revival of the economy. He also said the prime minister lauded Rajasthan chief minister Ashok Gehlot for taking steps to contain the virus in his state. He also mentioned the work done by chief ministers of Odisha and Bihar.
Modi conveyed to chief ministers that the country will have to give importance to the economy as well as to continue the fight against coronavirus.
In a video conference with the chief ministers, fourth such interaction since March 22 when he first spoke to them on the pandemic, Modi also highlighted the importance for states to enforce prescribed guidelines strictly in the coronavirus hotspots zones, the government said in a statement. The prime minister underlined that the lockdown has "yielded positive results as the country has managed to save thousands of lives in the past one and a half months", it said.

Fearing NPAs, banks shoot off notices to malls for loan repayment

Leading public sector banks (PSBs) have shot off letters to shopping mall owners, invoking contractual obligations under the lease rental discounting (LRD) facility for loan repayments.
Fearing that these accounts might become non-performing assets (NPAs), the PSBs have directed them to raise invoices for the month of April and ask their tenants to make rental payments in the escrow account of the respective bank.
LRD is a term loan offered against rental receipts derived from lease contracts with corporate tenants.

ALSO READ: Brent price crash adds to oil chaos even as OPEC+ rushes to cut output
The move, however, has been opposed by the Shopping Centers Association of India (SCAI), which represents more than 650 modern malls and shopping centres. The association estimates that the move will impact about 50 per cent of such centres and may force them to default on payments, leading to NPAs of over Rs 25,000 crore.
The association has also brought to the notice of the Reserve Bank of India (RBI) that the three-month loan moratorium announced by it is not being offered to many mall owners.
One bank in its letter to a shopping mall company has stated that according to the terms of loan sanction, the lease rentals are hypothecated to them and that the tenants of the mall have also submitted their consent letters. Business Standard has reviewed the letter.
ALSO READ: Moratorium-linked uncertainty puts debt mutual funds in jeopardy
Banks have an exposure of about Rs 1 trillion to shopping malls and centres, of which 75 per cent of the repayment is done through LRD or the rental income.
chartThe SCAI says retailers in shopping malls have mostly been unable to pay rentals due to the lockdown and some have even sent “force majeure” notices to landlords.
Amitabh Taneja, chairman of the association, says: “Many mall owners have received letters from their banks invoking LRD obligations. They have not extended the three-month moratorium on loans, as announced by the Reserve Bank of India, which we have bought to the notice of the RBI. The industry will see huge NPAs if we don’t get moratorium on our loans for anything between 9-12 months and loss of jobs in millions.”
Mall owners earn 85 per cent of their revenues from rentals and therefore have very little leeway to pay the differential in the amount of money that banks get from LRD.

'Americans first': Trump suspends issuing of new Green Cards for 60 days

President Donald Trump has said that he will halt issuing of new Green Cards or legal permanent residency for the next 60 days as part of his executive order to temporarily suspend immigration into the US.
However, the move will not have any impact on those entering the country on a temporary basis, Trump said on Tuesday.
Many have interpreted that those on non-immigrant work visas like H-1B issued mainly to foreign technology professionals will not be impacted. Seasonal immigrant workers for agricultural purposes too will not be impacted.
In any case, the executive order to be signed by Trump on Wednesday will impact a large number of tens and thousands of Indian Americans, who are waiting to get a green card. This is expected to further delay the process.
"We must first take care of the American worker... This pause will be in effect for 60 days, after which need for any extension or modification will be evaluated by myself and a group of people based on economic conditions at the time," Trump told reporters at his daily White House news conference on coronavirus.

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"By pausing immigration, we will help put unemployed Americans first in line for jobs as America re-opens."
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This order will only apply to individuals seeking a permanent residency, in other words, those receiving green cards, big factor, will not apply to those entering on a temporary basis, he asserted.
Without elaborating, he said that there will be exemptions.
Some people will be able to get in. We have to do that, obviously, even from a humane standpoint, he said.
We have a solemn duty to ensure these unemployed Americans regain their jobs and their livelihoods. Therefore, in order to protect American workers, I will be issuing a temporary suspension of immigration into the United States."
"You heard about that last night. By pausing immigration, we'll help put unemployed Americans first in line for jobs as America reopens, he said.

ALSO READ: Coronavirus LIVE: India cases rise to 20,080; Maharashtra total at 5,218
It would be wrong and unjust for Americans laid off by the virus to be replaced with new immigrant labour flown in from abroad, he asserted.
Trump said, moving forward, his administration will examine what additional immigration related measures should be put in place to protect US workers.
We want to protect our US workers, and I think as we move forward, we will become more and more protective of them, he said indicating that more such measures are being prepared.
As a result of the coronavirus pandemic, more than 22 million American workers have applied for unemployment benefits, which is a record in itself.
In the coming weeks, several more millions are expected to being laid off as the US economy is in tatters.
Trump said that this pause on new immigration will also help to conserve vital medical resources for American citizens.
A short break from new immigration, depending on the time we're talking about, will protect the solvency of our healthcare system and provide relief to jobless Americans, he said.
ALSO READ: Italy PM signals longer lockdown; France's Covid-19 death toll at 20,796
Responding to questions, Trump explained that he has to take this unprecedented measure because of the massive impact that coronavirus is having on the US economy.
The last thing we want to do is take American workers' jobs. It's one thing when we were at essentially--they used to call it full employment and it's another thing right now, he said.
Right now, we have people that have lost their jobs and we hope they're going to come back and come back fast and then we can have an even deeper discussion. But right now, we have to have jobs for Americans, he asserted.
According to a recent report by Congressional Research Service, currently there are almost 1 million lawfully present foreign workers and their family members waiting to receive a green card.
This employment-based backlog is projected to double by financial year 2030.
Under current law, and owing to a limited number of green card issuances, the current backlog of 568,414 Indian nationals would require an estimated 195 years to disappear, CRS said.
As per the existing law, the US can issue a maximum of 1,40,000 employment-based Green Cards every year with a per country cap of seven per cent.
Accordingly, in fiscal year 2019, Indian nationals received 9,008 category 1 (EB1), 2,908 category 2 (EB2), and 5,083 category 3 (EB3) green cards. EB1-3 are different categories of employment-based Green Cards.

Trump immigration order to last 30-90 days, apply to permanent immigrants

President Donald Trump's new executive order banning immigration to the United States will last 30 to 90 days with the chance of renewal and apply narrowly to those seeking permanent immigration status, a senior administration official said.
Other workers such as those on so-called H1-B visas would be covered in a separate action, the official said.

By stripping that more complicated element out of the order, the official said it could be ready for Trump to sign as early as Tuesday or Wednesday.
Trump announced in a tweet on Monday night that he would be banning immigration because of the coronavirus and to protect American jobs.
Opponents saw the move as an attempt to use the crisis to fulfill a long-term Trump policy of goal of reducing legal and illegal immigration.
The official, speaking on condition of anonymity, said the order will include exemptions for people involved in responding to the coronavirus outbreak, including farm workers and those helping to secure US food supplies.
The official said as the country begins to open up its economy, immigration flows were expected to increase, and the administration wanted to ensure that employers hire back fired workers rather than giving jobs to immigrants at lower wages.
Trump won the presidency in 2016 in part on a promise to build a wall on the US border with Mexico, and immigration issues rile up his political base.
The White House has not released details of the order and Trump did not say when he would sign it. The official said work on the order was in advanced stages, with extensive input from the Departments of Labor, State, and Homeland Security.
"As President Trump has said, Decades of record immigration have produced lower wages and higher unemployment for our citizens, especially for African-American and Latino workers. At a time when Americans are looking to get back to work, action is necessary," White House spokeswoman Kayleigh McEnany said in a statement.
The United States has more coronavirus cases than any other country by far. Immigration advocates scoffed at the contention that cutting off immigration was being done to protect Americans' health.
Immigration is effectively cut off anyway at the moment through border restrictions and flight bans put in place to stop the virus's spread.
"I think this is a malevolent distraction," said Neera Tanden, president of the Center for American Progress, a left-leaning policy institute in Washington.

Chinese investors likely to face Sebi heat after change in FDI rules

The Securities and Exchange Board of India (Sebi) is likely to make investment rules more stringent for China and other neighbouring nations.
This follows the recent modification in the Union government’s foreign direct investment (FDI) norms, with China at the centre of the tweak.
Besides stepping up scrutiny, Sebi could put a cap on the purchase limit, beyond which additional approvals would be required, said a person privy to the initial discussion. Sebi may also ask custodians not settle any trade without proper identification of end-beneficiaries.
Last week, the government removed all neighbouring countries from the automatic FDI route. What was applicable only to Pakistan and Bangladesh — the two countries that were barred from automatic FDI — has now been extended to all neighbouring countries.
ALSO READ: WTI crude oil trades in negative for first time at -$37.63 per barrel
Chinese investment, forming a large chunk in the Indian start-up world, is believed to have triggered the change in the FDI rulebook. The move is seen as a wedge to prevent Chinese investment firms from acquiring domestic companies at bargain valuations caused by the Covid-19 outbreak.
Earlier, Sebi had sought extensive details from custodians with respect to investments from nations with whom India shares its borders. Beneficial ownership, control and board composition of funds and total investment corpus are some of the details asked by Sebi.
ALSO READ: Govt invokes Sec 35 of Disaster Management Act to fight Covid, states fume
The increase in vigilance comes after Chinese firms picked up stake in several domestic companies during the selloff in March.
“The regulator is in touch with custodians that empanel foreign portfolio investors (FPIs). It wants to ensure verification of all accounts, not just those with new purchases but also the existing ones,” said a person cited above.
Sebi wants investments routed through Hong Kong and other financial hubs to be vetted as well. With Chinese companies now required to take government approval for any FDI, no China-domiciled FPI can buy beyond 10 per cent in a listed company without prior permission from the Indian authorities.
chartExperts say there are adequate provisions to monitor portfolio investments. The regulator and the government may soon clarify their stance on the issue as the FDI circular has resulted in some ambiguity.
ALSO READ: Mumbai ramps up testing to three-fold to 4,000 samples a day
“There are checks and balances embedded in the current FPI regulation to avoid risk of a hostile takeover. Single or even a group of foreign investors with related entities can take ownership only up to 10 per cent. Hence, the cause of worry in portfolio investment is comparatively lower than the automatic route of foreign direct investment,” said Bhavin Shah, partner, PwC India.
It would be interesting to see the factors considered by the regulator while processing such applications, said Devraj Singh, Associate Tax Partner, EY India.
ALSO READ: Rate of cases doubling slows to 7.5 days against 3.4 before lockdown: Govt
“The Centre should also ensure proposals are considered in a time-bound manner as firms are in dire need of funds in such challenging times. It should also be ensured that any bona-fide investments that are aligned with our national interest, should not be adversely affected,” Singh said.
India is scrutinising China and other neighbouring nations as high-risk jurisdiction. Higher scrutiny includes bi-annual scrutiny of accounts and ultimate beneficial owner (UBO) reporting once every three months.
While accounts of investors from low-risk countries are scrutinised every three to five years, UBO reporting happens annually. So far, the US, UK, Singapore and Hong Kong are in the low-risk bracket.
China calls India’s move to scrutinise FDI discriminatory
The Chinese government slammed India's latest changes to the foreign direct investment (FDI) policy that mandates government approval for all investments by neighbouring countries, including China.Two days ago, New Delhi effectively closed the ‘automatic route’ of investment for Chinese firms and individuals. An increasing amount of funds had recently started to flow into the start-up, e-commerce and digital sectors in recent years through this route. But on Monday, China retorted that this will make investments difficult. “Chinese investment has driven the development of India’s industries,” said spokesperson of the Chinese Embassy.

MARKET LIVE: Sensex plunges 800 pts; metals, banks dip, pharma stocks gain

Indian equity markets plunged on Tuesday, tracking global peers, after US oil prices slipped below $0 a barrel in overnight trade. Further, US President Donald Trump's announcement that he would sign an executive order to temporarily suspend immigration into US also impacted sentiment. Volatility index, India VIX, spiked 5 per cent.
Among headline indices, the S&P BSE Sensex slipped 878 points, or 2.73 per cent, to 30,780 levels and the Nifty50 index hovered around 9,000 levels. Tata Steel and IndusInd Bank (both down over 7%) were the top laggards in the Sensex pack. Besides, Infosys slipped 2 per cent post March quarter results while oil-related stocks like Reliance Industries (down 4%) were also under pressure.
Majority of the Nifty sectoral indices were in the red, led by Nifty Metal index, down 5.8 per cent. On the other hand, Nifty Pharma index gained, led by Aurobindo Pharma, up 10 per cent.

RESULTS TODAY
Seven companies, including ACC and ICICI Prudential Life Insurance, are scheduled to report their March quarter earnings today.
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10:50 AM
BROKERAGE VIEW:: ICICI Securities on Engineers India
Engineers India (EIL) is relatively better placed to tackle the current Covid-19 related challenges in terms of execution delay, migrant workers, postponement of
orders, etc. Company has an advantage in the consultancy segment due its non-dependency on ground-level execution. Also, the open-book estimate portion of
LSTK does not carry working capital risk. Factoring-in the current lockdown, we cut FY20E, FY21E and FY22E earnings by 4.9%, 23.8% and 27.5% respectively.
Given the strong balance sheet and attractive valuation with net cash at 57% of market cap, we maintain BUY on the stock with a revised target price of Rs 103
(previously: Rs 131).
10:45 AM
BROKERAGE VIEW:: Edelweiss Securities on Telecom sector
A paradigm shift in consumer behaviour is underway in the wake of the lockdown and social distancing, which discourages person-to-person contact. We argue this is leading to higher dependency on digital tools such as video-conferencing, collaborative applications, etc, thereby driving up demand for telecom services. Besides, we see a miniscule financial impact of the lockdown on service delivery as government has exempted movement of critical staff. Consumers, too, attach a higher value to such services amid fettered physical movement. That said, we do expect the lockdown to arrest 4G subscriber addition and churn while accelerating SIM-consolidation. Bharti Airtel’s (Bharti) Africa business is particularly at risk should commodity prices stay persistently low, as seen during H1FY17 when the crude oil plunge triggered a currency crisis in Nigeria. On balance, Bharti remains our top pick as its strong balance sheet can withstand any AGR outcome while contribution of the vulnerable Africa business to its equity value is insignificant. We are upgrading Bharti Infratel (Infratel) to ‘BUY’ (from ‘HOLD’), expecting the high odds of a three-private-player industry structure sustaining.
10:43 AM
BROKERAGE VIEW:: Prabhudas Lilladher on Infosys
Rating: HOLD | CMP: Rs 651 | TP: Rs 668
We have cut our revenue estimates for FY21E/FY22E by 2% & except revenue decline of 5% in FY21E. Our near term revenue forecast stands at QoQ decline of 3% in Q1FY21 and 2% decline in Q2FY21.This led to cut in EPS by ~5%/4% for FY21E/22E. We have assigned 16X multiple (unchanged) on FY22E earnings to arrive at changed target price of Rs. 668 (earlier 694). After a strong bounce back in stock, upside will be modest from hereon, downgrading to HOLD from BUY.
10:38 AM
Aurobindo Pharma gains 15% as USFDA grants VAI to Unit IV facility
Shares of Aurobindo Pharma surged 15 per cent to Rs 621.60 on the BSE in an otherwise weak market on Tuesday after US drug regulator USFDA classified the company's Unit IV of Hyderabad plant as VAI (voluntary action indicated). At 10:00 am, the stock was trading 12 per cent higher at Rs 605, as compared to 2.6 per cent decline in the benchmark S&P BSE Sensex. READ MORE
Aurobindo Pharma
10:35 AM
NEWS ALERT | Pharma stocks gain in an otherwise weak market
-- Nifty Pharma up 3% as compared to 2.6% decline in Nifty 50 index
-- Dr Reddy's hits 52-week high, Sun Pharma nears 52-week high
10:32 AM
EXPERT COMMENT :: Sriram Iyer, senior research analyst at Reliance Securities on Oil price collapse
After ending in negative territory, WTI May contract has started higher this Tuesday morning in Asian trading. However, upside could remain limited as rapidly filling storages and demand destruction from Covid-19 could see a slower expected reopening of the US economy.

Technically NYMEX June, which is active, could find support at $17.30, but a fall below could see more downside pressure towards $15.50 to $13.70 in coming sessions. MCX Crude Oil May will continue to trade on bearish note below 1,900 levels, downside negative momentum can take prices to 1,650-1,500 levels in coming sessions.

So, strategy for Crude Oil May will remain Sell in the range of 1,700-1,710, with the stop loss of 1,800 and a target of 1,500.
10:26 AM
More dips ahead suggest bearish phase, going by major falls since 2008
There were four such instances during the global financial crisis in 2008-09, five during the 2011 Euro crisis, two during China’s 2015 currency devaluation, and three during the taper tantrum, noted the data from foreign brokerage firm Jefferies India.

The 2008-09 period saw dips ranging between 18 per cent and 45 per cent. The Euro crisis had five double-digit declines between 10 per cent and 17 per cent. The 2015 China decline twice fell 11-12 per cent. The taper tantrum was relatively mild, with three dips of 8-9 per cent. READ MORE

10:19 AM
Infosys, TCS, Wipro: IT stocks tumble as Trump plans immigration suspension
Shares of information technology (IT) companies were under pressure, falling by up to 6 per cent on the National Stock Exchange (NSE) in early morning deals on Tuesday, after US President Donald Trump announced a temporary suspension of immigration into the country. Tata Consultancy Services (TCS), Infosys, Tech Mahindra, Wipro, HCL Technologies, Hexaware Technologies, NIIT Technologies and Mindtree were down 1 per cent to 5 per cent on the NSE in intra-day trade. READ MORE
IT firms, IT sector, firms, companies, workers, jobs, employment
10:16 AM
MARKET VOICE | As a fund house, we are buying into this market correction: Mahesh Patil
This is a good time for investors to rebalance their asset allocation. Wherever the equity component has gone down due to the fall in the market, investors should increase their equity exposure. READ MORE

10:06 AM
NEWS ALERT | Ten most productive days were lost; gave a concession period of 30 days: LIC India
-- Invested Rs 1.3 trillion last year: LIC India
(as told to CNBC TV18)

Coronavrius: 34 new cases in Jaipur, Bhilwara 4; Rajasthan total at 1628

Coronavirus India update: India's total number of coronavirus-positive cases reached 18,601 on Tuesday, with 590 dead, according to the Ministry of Health and Family Welfare. Globally, 2,481,287 people have been infected and 170,436 have died so far, according to Worldometer.
While Gujarat, at over 1,800, has the third-highest number of confirmed coronavirus infections in India at present — the first two being Maharashtra and Delhi — Tamil Nadu is seeing some plateauing in the number of new cases.

World update on coronavirus: The United States on Tuesday decided to suspend immigration to protect jobs. In a tweet, President Donald Trump said, "In light of the attack from the Invisible Enemy, as well as the need to protect the jobs of our GREAT American Citizens, I will be signing an Executive Order to temporarily suspend immigration into the United States"
Stay tuned for all coronavirus LIVE updates
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10:44 AM
Explained: What is negative crude future and how does it affect consumers?
The price of a barrel of benchmark US oil plunged below $0 a barrel on Monday for the first time in history, a troubling sign of an unprecedented global energy glut as the coronavirus pandemic halts travel and curbs economic activity.

The contract for West Texas intermediate crude, or WTI, is the benchmark for US crude oil prices.

Such a steep drop in the oil benchmark prompted strong reactions beyond trading floors. Here is an explanation of what negative crude prices mean in the real world. Click here to read
10:29 AM
Coronavirus in Maharashtra: 25 hospital staff, including 19 nurses infected in Pune
Coronavirus LIVE: 25 hospital staff, including 19 nurses test positive in Ruby Hall clinic: Bomi Bhote, Chief Executive Officer, Ruby Hall Clinic in Pune
10:12 AM
Coronavirus in West Bengal: 78 rapid tests carried out on Monday, two from Kolkata found positive
Department of Health & Family Welfare, West Bengal
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@wbdhfw
In our continuous endeavour to ramp up #Covid19 testing, upon receiving the first set of #RapidTestKits from ICMR day before yesterday, 78 #rapidtests were carried out yesterday- 64 in Howrah & 14 in Kolkata. Only 2 cases were found positive, both from Kolkata#BengalFightsCorona
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10:08 AM
Coronavirus in Arunachal Pradesh latest update
Pema Khandu
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@PemaKhanduBJP
#CoronaVirusUpdates
Arunachal Pradesh as on 20th April:-
Total Samples Collected : 439
Negative results : 405
Positive result : 0
Results Awaited : 34#StayHomeStaySafe @MoHFW_INDIA @DDNewslive @ZeeNews @ANI @COVIDNewsByMIB
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10:02 AM
Sensex tanks 813.90 pts to 30,834.80 in opening session; Nifty tumbles 251.10 pts to 9,010.75
10:00 AM
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@ANI
We collaborated with Dominos to do something special for our jawans toiling 24×7 at 50 check Nakas across Raipur. Grateful for their hard work: Raipur DIG Arif Shaikh #Chhattisgarh
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09:59 AM
Coronavirus in Rajasthan: 52 new cases reported in Rajasthan
52 Covid-19 positive cases reported today in Rajasthan so far-4 in Bhilwara, 2 each in Dausa, Jaisalmer & Tonk, 34 in Jaipur, 1 each in Jhunjhunu, Nagour & Sawai Madhopur and 5 in Jodhpur. Total positive cases rises to 1628, including 25 deaths, 205 recovered: State health dept
09:58 AM
Coronavirus in Maharashtra: 7 new Covid-19 cases reported in Nagpur district today
7 new Covid-19 cases reported in Nagpur district today, taking the total number of positive cases here to 88: District Information Office, Nagpur
09:54 AM
MP cabinet expansion likely today amid growing pressure, Covid-19 crisis
The much-awaited expansion of the single-member Madhya Pradesh cabinet under Chief Minister Shivraj Singh Chouhan might take place on Tuesday, sources said on Monday.

"The Cabinet expansion will take place tomorrow (Tuesday) around noon," official sources said, adding that the size of the ministry is likely to be kept small. The exact number of probable inductees is not known yet.
09:53 AM
Oil & Gas stocks tumble as US oil prices collapse; ONGC declines over 6%
Shares of oil and gas companies slipped on Tuesday, a day after the US crude oil futures collapsed below $0 on Monday for the first time in history, amid a coronavirus-induced supply glut, ending the day at a stunning minus $37.63 a barrel as desperate traders paid to get rid of oil.

At 09:22 am, the S&P BSE OIL & GAS index was trading over 3 per cent lower at 10,984 levels whereas the benchmark S&P BSE Sensex was down nearly 3 per cent at 30,732.60 levels.

Oil & gas stocks tumble as US oil price collapses; ONGC declines over 6%

Shares of oil and gas companies slipped on Tuesday, a day after the US crude oil futures collapsed below $0 on Monday for the first time in history, amid a coronavirus-induced supply glut, ending the day at a stunning minus $37.63 a barrel as desperate traders paid to get rid of oil.
At 09:22 am, the S&P BSE OIL & GAS index was trading over 3 per cent lower at 10,984 levels whereas the benchmark S&P BSE Sensex was down nearly 3 per cent at 30,732.60 levels.
Among individual stocks, Oil and Natural Gas Corporation (ONGC) was trading over 6 per cent lower at Rs 69.45 apiece and was the biggest loser on the Oil & Gas index. Next on the list were GAIL (down around 5 per cent), Reliance Industries (down nearly 4 per cent), and Petronet LNG (down 3 per cent). Among oil marketing companies, Indian Oil Corporation (IOC) was down over 3 per cent at Rs 84.85 while BPCL was down over 1 per cent at Rs 363.40. HPCL was down 1.6 per cent at Rs 223.70.
"It's a grim situation, playing out in the oil markets grabbing eyeballs of the entire investor fraternity and defying logic. The absolute collapse of WTI prices is primarily owing to the expiry of May WTI contracts, alongside the significant demand destruction due to lockdowns in several countries and supply glut in oil markets. Put simply in other words, the sellers are paying the buyers. Oil traders are unwilling to take the delivery owing to lack of storage space. In complete contrast, Brent crude prices are trading at about $25/bbl. The reason for this sharp divergence is that WTI needs to be physically delivered at Cushing, Oklahoma whereas for Brent contract, deliveries can be done offshore at multiple locations," said Sugandha Sachdeva VP-Metals, Energy & Currency Research at Religare Broking.
Adding, "Note that the WTI June contract is still trading higher. The storage constraints at Cushing, Okhalama has led to dumping and unwinding in May contract and market participants moving to June contract."
Among aviation stocks, SpiceJet was frozen at 5 per cent lower circuit limit of Rs 45.35 while InterGlobe Aviation was down 2.6 per cent at Rs 978.35 apiece on the BSE. Paint stocks, too, were trading in the red. For instance, Berger Paints was down around a per cent at Rs 510 while Kansai Nerolac Paints was down over 2 per cent at Rs 387. Asian Paints, on the other hand, was trading flat at Rs 1,734.80.
Apollo Tyres traded over 4.5 per cent lower at Rs 93 and JK Tyre was down nearly 5 per cent at Rs 50.
Oil prices have been pressured for weeks with the coronavirus outbreak hammering demand while Saudi Arabia and Russia fought a price war and pumped more. The two sides agreed more than a week ago to cut supply by 9.7 million barrels per day (bpd), but that will not quickly reduce the global glut.
According to a Reuters report, Brent oil prices have collapsed around 60 per cent since the start of the year, while US crude futures have fallen around 130 per cent to levels well below break-even costs necessary for many shale drillers. This has led to drilling halts and drastic spending cuts.

Crude oil edges above $0 per barrel, recovers after record wipeout

Oil prices rebounded on Tuesday, with US crude turning positive after having traded below $0 for the first time ever, but gains were capped amid unresolved concerns about how the market would cope with fuel demand decimated by the coronavirus pandemic.
US West Texas Intermediate (WTI) crude for May delivery rose $38.73 to $1.10 a barrel by 0117 GMT after settling down at a discount of $37.63 a barrel in the previous session.
The May contract expires on Tuesday, while the June contract, which is more actively traded, jumped $1.72 cents, or 8.4 per cent, to $22.15 a barrel. Global benchmark Brent crude for June delivery was up 49 cents, or 1.9 per cent, at $26.06 per barrel.
Earlier, US crude oil futures collapsed below $0 on Monday for the first time in history, amid a coronavirus-induced supply glut, ending the day at a stunning minus $37.63 a barrel as desperate traders paid to get rid of oil. Brent crude, the international benchmark, also slumped, but that contract was nowhere near as weak because more storage is available worldwide.
Traders fled from the expiring May US oil futures contract in a frenzy on Monday with no place to put the crude, but the June WTI contract settled at a much higher level of $20.43 a barrel.
"Demand destruction from Covid-19 will see a slower expected reopening of the U.S. economy," said Edward Moya, senior market analyst at broker OANDA, predicting a weak period for oil prices. "The WTI crude June contract was able to hold the $20 a barrel level and is seeing a modest gain following the painful rollover of the May contract."
Oil prices have skidded as travel restrictions and lockdowns to contain the spread of the coronavirus curbed global fuel use, with demand down 30 per cent worldwide. That has resulted in growing crude stockpiles with storage space becoming harder to find.
The main U.S. storage hub in Cushing, Oklahoma, the delivery point for the U.S. West Texas Intermediate (WTI) contract, is now expected to be full within a matter of weeks.
"Today it's pretty clear that a major issue in the market is a glut in the United States and lack of storage capacity," said Michael McCarthy, chief market strategist, CMC Markets in Sydney.
Faced with the situation, the Organization of the Petroleum Exporting Countries (OPEC) and its allies including Russia, a grouping known as OPEC+, have agreed to cut output by 9.7 million barrels per day (bpd). But that will not take place before May, and the size of the cut is not viewed as big enough to restore market balance.
"Not even the OPEC+ supply agreement is likely to stem the flow in selling in the short term," ANZ Research said in a note.
Meanwhile, U.S. crude inventories were expected to rise by about 16.1 million barrels in the week to April 17 after posting the biggest one-week build in history, according to five analysts polled by Reuters. Analysts expected gasoline stocks to rise by 3.7 million barrels last week.
ALSO READ: Covid-19: Oil crashes into negative territory for the first time in history
The American Petroleum Institute is set to release its data at 4:30 p.m. (2030 GMT) on Tuesday, and the weekly report by the U.S. Energy Information Administration is due at 10:30 a.m. on Wednesday.
Will to add 75 mn barrels to nation's strategic petroleum reserve: Trump
United States President Donald Trump on Monday said that he is planning to add as much as 75 million barrels of oil to the nation's strategic petroleum reserve as the oil prices crashed due to the coronavirus pandemic.
"We are filling up our national petroleum reserves. We are looking to put as much as 75 million barrels into the reserves themselves," Trump said at a daily briefing on Monday.
He said that his administration will look into halting oil imports from Saudi Arabia after oil prices in the United States plummeted into negative.
"We'll look at it," Trump said on Monday when asked if the United States will block Saudi oil shipments into the United States after prices went negative earlier in the day.

Infosys, TCS, Wipro: IT stocks tumble as Trump plans immigration suspension

Shares of information technology (IT) companies were under pressure, falling by up to 6 per cent on the National Stock Exchange (NSE) in early morning deals on Tuesday, after US President Donald Trump announced a temporary suspension of immigration into the country.
Tata Consultancy Services (TCS), Infosys, Tech Mahindra, Wipro, HCL Technologies, Hexaware Technologies, NIIT Technologies and Mindtree were down 1 per cent to 5 per cent on the NSE in intra-day trade.
However, Nifty IT index has outperformed the market, down 2.1 per cent compared to 2.7 per cent decline in the benchmark Nifty 50 index.
“In light of the attack from the Invisible Enemy, as well as the need to protect the jobs of our GREAT American Citizens, I will be signing an Executive Order to temporarily suspend immigration into the United States!,” the US President wrote in a Twitter post. CLICK HERE TO READ FULL REPORT
Among individual stocks, Mindtree slipped 6 per cent to Rs 739, while Hexaware Technologies was down 4 per cent to Rs 265 on the NSE in early morning deals.
Infosys reacts to earnings, Trump order
Infosys, which announced its March 2020 quarter financial performance post market hours on Monday, slipped 4 per cent to Rs 628 in intra-day trade. The stock, however, recovered partially as trade progressed to Rs 642 levels.
"Despite COVID-19 impact on utilisation, in January-March quarter (Q4FY20), Infosys was able to defend its gross margins (QoQ, 33.4 per cent), which is comforting. Large deal signings in March 2020 ($1.7 billion v/s $1.8 billion in Dec’19) were impacted. However, it is important to note that run-rate of new deal wins showed a meaningful increase (50 per cent QoQ)," wrote analysts at Motilal Oswal in a post-result note.
The brokerage firm expects supply-side aspects to ease even as Work from Home (WFH) may outlast lockdowns for a significant share of the workforce."In light of the heightened uncertainty in the near term, we were not taken aback by the cautious outlook of the company. Beyond near-term challenges, Infosys should be a key beneficiary of digital IT spends by enterprises," they said.

China slams India's move to scrutinise FDI, calls it discriminatory

China has protested India's new changes to the Foreign Direct Investment (FDI) policy that mandate government approval for all investments by neighbouring countries, including China.
Two days back, New Delhi effectively closed the 'automatic route' of investing for Chinese firms and individuals. An increasing amount of funds had recently started to flow into the start-up, e-commerce and digital sectors in recent years through the route.
But on Monday, China retorted that this will make investments difficult. "As of December 2019, China’s cumulative investment in India has exceeded eight billion US dollars, far more than the total investments of India’s other border-sharing countries. The impact of the policy on Chinese investors is clear. Chinese investment has driven the development of India’s industries, such as mobile phone, household electrical appliances, infrastructure and automobile, creating a large number of jobs in India, and promoting mutual beneficial and win-win cooperation," said Counsellor Ji Rong, spokesperson of the Chinese Embassy in India in a statement released by the Embassy in the afternoon.
ALSO READ: India blocks automatic FDI route for neighbours to curb hostile takeovers
India's northern neighbour has also pointed out the latest changes stand against global trading norms. "The additional barriers set by Indian side for investors from specific countries violate WTO’s principle of non-discrimination, and go against the general trend of liberalization and facilitation of trade and investment. More importantly, they do not conform to the consensus of G20 leaders and trade ministers to realize a free, fair, non-discriminatory, transparent, predictable and stable trade and investment environment, and to keep our markets open," reads the statement from the Chinese Embassy.
China has also batted for the rights of companies to choose where to invest based on market principles, economic fundamentals and business environment.
While the country has not made clear if it would challenge the new rules at international fora,it hoped India would 'revise relevant discriminatory practices, treat investments from different countries equally, and foster an open, fair and equitable business environment'. It is also yet to make an official representation on the issue either to the Commerce and Industry Ministry or the Ministry of External Affairs, said senior officials at both ministries.

ALSO READ: DPIIT, Finance Ministry locked horns before tweak in FDI guidelines
The sudden move by the government has been attributed to rising possibilities of 'opportunistic takeover' of Indian companies by those in neighbouring nations as the currently ongoing COVID-19 pandemic wreaks havoc on the domestic economy. Till now, Chinese investments were automatically allowed, similar to those from other nations, in all but 16 sectors such as telecom, defence and national security. However, on Monday, China said that Chinese enterprises actively made donations to help India fight the Covid-19 pandemic. However, it did not give any figures in this regard.

Coronavirus LIVE updates: Doubling rate has risen to 7.5 days, says govt

Coronavirus India update: With the addition of 1,553 cases and 36 deaths in 24 hours, India's total number of coronavirus-positive cases reached 17,615 on Monday. Globally, 2,414,098 people have been infected and 165,153 have died so far, according to Worldometer. The central government on Monday said the Covid-19 situation was "especially serious" in Mumbai, Pune, Indore, Jaipur and Kolkata. In what could be abother cause for concern in India's fight against coronavirus, it has come to light that over 80 per cent of the cases in India are asymptomatic, a TV new channel has reported, quoting senior ICMR scientist Dr Raman R Gangakhedkar.
World update on coronavirus: Coronavirus-related deaths in the US has topped 45,000, with New York recording nearly half of all fatalities. A top Wuhan laboratory official has denied any role in spreading the new virus, even as US President Donald Trump has been claiming that China could have deliberately caused the outbreak and threatening that it might have to face the consequences for it.
Stay tuned for all coronavirus LIVE updates
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04:27 PM
Total 17,265 confirmed cases of coronavirus in India so far: Health Ministry
04:26 PM
Where violations of coronavirus lockdown are occurring, suitable measures are taken in discussion with states: MHA
Where violations of lockdown are occurring, suitable measures are taken in discussion with states. MHA wrote a letter to states yesterday stating that guidelines made under Disaster Management Act specify that states are required to strictly follow these guidelines: said Punya Salila Srivastava Joint Secretary in the Union Home Ministry

04:24 PM
1,553 new coronavirus and 36 deaths reported in last 24 hours in India: Health Ministry
04:23 PM
2,546 have been cured so far from coronavirus and 14.75% is the recovery rate: Health Ministry
04:20 PM
NGOs permitted to buy food grains directly from FCI for relief operations: Agriculture Ministry spokesperson
04:18 PM
Coronavirus doubling rate has risen to 7.5 days compared to 3.5 before the national lockdown: Health Ministry
Coronavirus doubling rate has risen to 7.5 days compared to 3.5 before the national lockdown. Kerala and Odisha have a doubling rate of 30 days. Goa doesn’t have new coronavirus cases: Health Ministry
04:18 PM
Union Home Ministry wrote to Kerala govt on modified guidelines on lockdown: MHA spokesperson
Union Home Ministry wrote to Kerala government yesterday, expressing concerns over modified guidelines regarding lockdown issued by the later. Kerala has allowed some activities that violate the ministry's instructions issued under Disaster Management Act, said Punya Salila Srivastava from MHA
04:16 PM
All coronavirus patients have been cured and discharged in Goa: Health Ministry
04:12 PM
Total 17,265 confirmed cases of coronavirus in India so far: Health Ministry
04:11 PM
36 deaths from coronavirus reported in the last 24 hours in India: Health Ministry
04:10 PM
Farming operations have been exempted from lockdown, but social distancing measures have to be maintained: Govt spokesperson

Covid-19: Stranded migrants can work during lockdown, but conditions apply

The Union government on Sunday said that workers stranded in relief camps could go to work within the states they were in but didn’t give permission to let them go back to their home states or allow any interstate movement.
The home ministry issued a “standard operating system for movement of stranded labour” to allow workers to resume work from April 20 when additional economic activities will begin in areas not
designated as “containment zones”.
The government has said that migrant workers residing in relief camps in various states should be registered with the local authorities “and their skill-mapping be carried out to find out their suitability
ALSO READ: Coronavirus LIVE: Maharashtra's biggest jump takes India cases past 17,000
for various kinds of work”. “In the event...migrants wish to return to their place of work, within the state where they are presently located, they would be screened and those asymptomatic would be transported to their respective places of work,” the guidelines said.
chart
However, many states in India have witnessed a surge in coronavirus disease cases that reported asymptomatic symptoms or in other words, without any symptoms associated with the disease. Also, the government did not elaborate on the procedure to screen such workers. For instance, in Maharashtra, 70-75 per cent of over 3,000 Covid-19 positive cases were asymptomatic. In Karnataka, this ratio stood at around 60 per cent. In Delhi, all 186 Covid-19 cases reported on Sunday were asymptomatic.
ALSO READ: Reopening of services to depend on permission from local authorities: NBFCs
“It may be noted that there shall be no movement of labour outside the state from where they are currently located,” the home ministry’s guidelines emphasised.
It mentioned that the migrant workers may be transported in buses in which social distancing norms will have to be followed. “The local authorities shall also provide for food and water for the duration of their journey,” it added. Movement of workers to and from their workplaces was a big concern flagged by the industry to the government. The government’s revised lockdown guidelines, effective from April 15, had said the transportation of workers to factories needs to be arranged by staff and the workers should then stay within the work premises.
ALSO READ: Lockdown easing, interrupted! Delhi, Telangana rule out relaxations
However, some state governments are contemplating disallowing any movement of labour. The Confederation of Indian Industry (CII) said in a statement that the stay of workers on the premises in large factories may not be possible at short notice and they should be allowed to stay in nearby facilities. Also, movement passes for workers to travel to and from the establishments is a big issue for many industries, Rajan Lamba, president, Bawana Industrial Association in Delhi, said in a meeting with the deputy commissioner of police (Outer North Delhi) on April 17.
Procuring thermal guns for screening of workers was another set of problems highlighted in the meeting as they were often unavailable and expensive. The CII suggested that a gap of one hour between shifts, as suggested by the government’s fresh lockdown guidelines, may not be possible in plants with continuous operations.

Coronavirus crisis: FPIs withdraw Rs 12,650 cr from capital market in April

Foreign portfolio investors (FPIs) have withdrawn a net Rs 12,650 crore from the Indian capital markets in April so far amid the coronavirus crisis.
Between April 1 to 17, FPIs pulled out a net sum of Rs 3,808 crore from equities and Rs 8,842 crore from the debt segment, the depositories data showed.

The total net outflow stood at Rs 12,650 crore.
However, April has been a tad better compared to March, when overseas investors had withdrawn a record Rs 1.1 trillion on a net basis from the Indian markets (both equity and debt).
The quantum of net outflows has significantly slowed down, at least from equities, said Himanshu Srivastava, senior analyst manager research, Morningstar India.
"Out of eight trading days so far in the holiday truncated month, FPIs were net buyers in the Indian equity markets in four," he said.
Citing the reason for net inflows on some days in April, Harsh Jain, co-founder and COO at Groww, said "global markets are becoming more stable. The general belief is that the virus has peaked in many parts of Europe which is aiding the sentiments of global investors. The oil deal between OPEC and Russia is also contributing to the relatively more stable markets."
ALSO READ: Sebi to vet pleas for new FPI registrations from neighbouring countries
According to Srivastava, the widespread concern among foreign investors about slowdown in the global economy due to the Covid-19 outbreak has been keeping them on the tenterhooks.
He added that slowdown in the quantum of net outflows in April does not indicate a change in the trend at this juncture as the underlying environment continues to be negative.
However, he said this could be a result of India gaining prominence among foreign investors for doing well with regards to containing the pandemic.
In addition to that, measures announced by the government and the RBI periodically to revitalise the sagging economy would also be resonating well with investors. The sharp fall in the markets has also provided investors an opportunity to invest at relatively attractive levels, he said.
Going forward, Srivastava cautioned that "there lies a bumpy ride ahead."
In such times of uncertainty, FPIs would continue to adopt a measured approach when it comes to investing in emerging markets like India. With low risk appetite, they would continue to drift towards safer investment avenues and safe havens such as USD and gold, he said.

No relaxation of lockdown in Delhi, will review next week: CM Kejriwal

Delhi Chief Minister Arvind Kejriwal on Sunday said that there will be no relaxation on the lockdown in Delhi as coronavirus is spreading rapidly in the national capital.
"We have decided to keep people of Delhi safe, the lockdown will remain and there will be no relaxation. Will review again after a week," Kejriwal said in a press briefing.

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He also said that all the 186 Covid-19 positive cases that were reported yesterday were asymptomatic. "They didn’t know they had Coronavirus. This is more worrying," he said.
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ALSO READ: Coronavirus LIVE: Govt clarifies ecomm cos can't supply non-essential goods
However, he assured people, saying that the situation is still under control and there is no need to panic.
"I had word with one of coronavirus positive person. He told me that he was volunteering at a government food distribution center and was helping in food distribution. I have ordered to hold rapid testing of people who came to that food center," he said.

Cabinet may approve a relief package for power discoms next week: Report

The Union Cabinet is likely to approve next week a package for discoms reeling under revenue loss due to lower power demand amid the coronavirus lockdown, including setting up of an alternative investment fund to pay off their dues towards electricity generation companies.
"The Cabinet in the coming week can approve a package for power distribution utilities (discoms) which are under stress due to lower demand and cash crunch," a source told news agency PTI.
"The package may include creating an alternate investment fund to pay off dues on behalf of the discoms to gencos. The discoms may be charged nominal interest rate and administrative expenses on that," he added.
The package may also include steps like directions to the state and central power regulators to reduce electricity traiff, the source sad.
The payment of dues would help distribution companies (discoms) to increase their electricity load (supplies) and ensure 24X7 uninterrupted power supply.
According to government data, discoms owe Rs 92,602 crore to power generation companies (gencos) as of February this year.
A report by industry body CII had said discoms are likely to suffer a net revenue loss of around Rs 30,000 crore and liquidity crunch of about Rs 50,000 crore due to the coronavirus-induced nationwide lockdown.
In its report released on Friday, CII had suggested host of measures like easy credit facility for discoms (from PFC and REC) to pay off its dues to gencos, lower tariff especially for industrial and commercial consumers and deferral of indirect taxes like electricity duty and coal cess.
ALSO READ: Coronavirus LIVE updates: India cases reach 16,365; death toll at 521
It said the power sector, one of the essential services under the lockdown till May 3, is battling the twin issues of demand and liquidity compression.
Latest data from Power System Operation Corporation Ltd (POSOCO) indicated that total demand per week between March 23 and April 12 was 18 BU (billion units), compared to 23 BU during the week of March 9-15 (before 'Janata Curfew' and lockdown) -- a 25-28 per cent reduction in demand.
Further extension of the lockdown could result in additional demand compression of 15 to 20 BU, implying a net revenue loss of Rs 25,000 to Rs 30,000 crore for the discoms, it had said.
ALSO READ: Take 'measured approach' on Covid-19 stimulus packages: Panagariya to govt
This will further increase the liquidity crunch to Rs 45,000 to 50,000 crore, in addition to the Rs 90,000 crore dues pending by the discoms to generating companies pre-lockdown.
Earlier in the week, Renewable Energy Secretary Anand Kumar had said, "We are planning to create an alternative investment fund that will help to give load and financial support to discoms and clear the due to be paid to developers and generators. Our effort is to release maximum due payments from discoms to the power generators,"
"We want to make sure that our power supply and renewable power are protected and not compromised. We tried to clear all the financial dues of the generators and developers to enhance the capital available with them," Kumar had said during a webinar.

Open flight bookings only after we decide on lockdown: Govt tells airlines

Civil Aviation Minister Hardeep Singh Puri said airlines are "advised" to open bookings only after the government takes a decision on starting domestic and international commercial passenger flight services.
"The Ministry of Civil Aviation clarifies that so far no decision has been taken to open domestic or international operations," he wrote on Twitter on Saturday.
"Airlines are advised to open their bookings only after a decision in this regard has been taken by the government," the minister added.

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The Ministry of Civil Aviation clarifies that so far no decision has been taken to open domestic or international operations.
Airlines are advised to open their bookings only after a decision in this regard has been taken by the Government.@MoCA_GoI @DGCAIndia @AAI_Official
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Earlier on Saturday, Air India said it has opened bookings on select domestic flights from May 4 and on select international flights from June 1.
Four days ago, IndiGo had announced that it would start flight operations in a phased manner from May 4. The private carrier has been taking bookings on select domestic flights since then.
ALSO READ: Domestic airlines gear up for May 4 resumption; to adopt social distancing
The first phase of the lockdown imposed in the country in view of the coronavirus outbreak was from March 25 to April 14 and the second phase that started on April 15 will end on May 3.
All domestic and international commercial passenger flight operations have been suspended during the lockdown period.
However, cargo flights and special flights authorised by aviation regulator DGCA have been permitted to operate during this period.
A notification on Air India's website said: "In the light of the ongoing global health concerns, we have currently stopped accepting bookings on all domestic flights for travel till May 3, 2020, and on all international flights for travel till May 31, 2020."
"Bookings for select domestic flights for travel from May 4, 2020, and for international flights for travel from June 1, 2020, onwards are open," the national carrier added.
ALSO READ: Air India opens bookings on select domestic routes for travel from May 4
On April 3, during the first phase of the lockdown, Air India had announced that it had stopped bookings on both domestic and international flights till April 30.
On Saturday, Air India officials said the suspension of domestic and international flights has been extended till May 3 and May 31 respectively.
IndiGo had, on April 14, said it will resume flight services from May 4 in a phased manner by initially flying planes on vital domestic routes and then ramping up gradually.
The statement of the private airline had come on the same day Prime Minister Narendra Modi announced that the lockdown was extended till May 3.
More than 14,700 people have been infected with the coronavirus and the death toll due to it has climbed to 488 in India, according to the Union health ministry.

Take 'measured approach' on Covid-19 stimulus packages: Panagariya to govt

India should resist calls for mega relief and stimulus packages that pitch for generous availability of credit to even unviable businesses and focus on a more "measured approach" by limiting interventions to provision for working capital and ensuring basic necessities for all to deal with the impact of the Covid-19, eminent economist Arvind Panagariya has said.
The former NITI Aayog Vice Chairman said that India, like nearly all other countries in the world, faced "difficult choices" against the Covid-19 pandemic.
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"So far, India has walked the tight rope as well as it could have, given its resources and management capabilities," Panagariya told PTI.
Elaborating on the path ahead for India as it navigates health and economic concerns in the wake of the Covid-19 pandemic, Panagariya said there have been calls for mega relief and stimulus packages from various quarters.
"The scale of some of these packages is so large as to give some sections living standards that exceed what they enjoyed prior to the advent of the coronavirus on Indian soil.
ALSO READ: Coronavirus LIVE: Cabinet may approve package for power discoms next week
"These packages also pitch for such generous availability of credit that businesses that would be unviable in normal times would get a long lifeline in the post-corona world," said the professor of Economics at Columbia University and Director, Raj Center at Columbia's School of International and Public Affairs.
He emphasised that the Indian government "needs to resist those calls and take a more measured approach" by limiting interventions to the provision of food, shelter and basic necessities of life for all; forbearance on payments of outstanding loans; and extra provision of working capital including what will be necessary to cover outstanding wages from lockdown period to enterprises."
Panagariya noted that future taxpayers will have to pay for the expenditures the government incurs today by either borrowing or printing money.
"Printing vast volumes of money may not lead to high inflation immediately because many items of expenditure are simply not available. But we shall not escape such fate once the situation normalises and trillions of rupees worth of extra money in the hands of public converts into effective demand," he said.
Finance Minister Nirmala Sitharaman on Friday said India will soon announce fresh relief measures and economic stimulus to help the poor and industry fight the impact of the Covid-19 pandemic.
Participating in the 101st meeting of the Development Committee Plenary of the World Bank through video conference, Sitharaman also assured the global community that India would continue to supply critical medicines to needy countries for the treatment of Covid-19 patients.
Sharing details of welfare measures announced by the government last month, the finance minister said support measures worth USD 23 billion (Rs 1.70 lakh crore) were provided, comprising free health insurance to health workers; cash transfers, free food and gas distribution; and social security measures for affected workers.
According to estimates by the Ministry of Health and Family Welfare, there are 12,289 active coronavirus cases in the country as of April 18 and 488 people have died due to the virus.
Panagariya said that it will be a "miracle" if a vaccine can be discovered, licensed, manufactured and made available to 65 per cent or more of India's population in less than one and a half years, underlining the absolute necessity of ensuring that the infection curve remains flat till the time a vaccine is available.
"The economy cannot be kept in lockdown for that long. At the same time, left to itself, with its ability to spread at lightning speed and the high kill rate," he said, adding that the novel coronavirus can quickly overwhelm the health system.
"Therefore, until a vaccine is available, corona curve must be kept sufficiently flat that the health system can handle the additional emergencies without being crippled. That requires restricting economic activity," he said, adding that such a scenario presents the "dilemma and tight walk for the government."
The former NITI AayogVice Chairmansaid in the world's largest and most diverse country "some hiccups" such as coming out of hordes of migrants at a few spots are "inevitable" as India tries to manage the COVID19 crisis.
"Moreover, these are amply balanced by numerous unexpected positive surprises such as ability of local administrations to do contact tracing and enforcing strict lockdown such as those observed in Bhilwara in Rajasthan and Sangli in Maharashtra," he said.
Globally, 160,721 people have died and over 2.3 million people have been infected by the coronavirus, according to data maintained by Johns Hopkins University.

Coronavirus LIVE: No labour movement allowed, MHA issues SoP to states

Coronavirus cases in India: The coronavirus cases reached 15,712 and the death toll jumped to 505 in India on Sunday. According to the Health Ministry, 2,230 cases have recovered from the deadly illness.
Meanwhile, the Delhi government during the day announced that there will be no relaxation in the ongoing lockdown. A decision will be taken on easing the restriction after a review on April 27. The Maharashtra government, however, announced that it will allow limited financial activities to resume from Monday.
World update on coronavirus: The worldwide death toll from the novel coronavirus pandemic rose to 160,784, according to a tally from official sources compiled by Worldometer. More than 2,332,456 declared cases have been registered in 193 countries and territories since the epidemic first emerged in China in December.
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03:30 PM
SpiceJet to send staff with over Rs 50,000 monthly salary on leave without pay
SpiceJet decides to send staff earning more than Rs 50,000 monthly salary on leave without pay on rotational basis. The company is likely to pay April salary to staff based on number of days they were on duty, PTI reported.
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03:25 PM
Four new cases of coronavirus reported in Jharkhand today
Four new cases of #COVID19 in Jharkhand - 3 from Ranchi and 1 from Simdega. Total number of positive cases in the state rises to 38: State Health Secretary Nitin Madan Kulkarni
03:20 PM
Lockdown to be implemented in Maharashtra prisons
Prisons in Maharashtra have more inmates than their actual capacity. So we've decided to implement lockdown at Aurangabad jail -arrangements for food & stay of police personnel will be made inside jail. No one will be allowed to come out or go inside. Similar decision has been taken for 5 more jails in Maharashtra: Maharashtra Home Minister Anil Deshmukh
03:10 PM
CAPF come to migrant labourer's rescue
CISF personnel of RCFL Mumbai distributed 100 Kg rice and 200 masks among migrant labourers and slum dweller in Chembur area.
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#IndiaFightsCorona #StayAtHomeSaveLive#CISF personnel of RCFL Mumbai distributed 100 Kg rice and 200 masks among migrant labourers and slum dweller in Chembur area, Mumbai (MH)
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03:02 PM
There shall be no movement of labour: MHA issues guidelines
Ministry of Home Affairs (MHA) issues Standard Operating System for the movement of stranded labourers within the state/union territory - "There shall be no movement of labour outside the state/UT from where they are currently located."

02:55 PM
80 new cases reported in Rajasthan today
80 positive cases reported in state today so far-17 in Bharatpur, 1 in Bhilwara, 2 in Bikaner, 7 in Jaipur, 1 in Jaisalmer, 1 in Jhunjhunu, 30 in Jodhpur, 12 in Nagour, 2 in Kota, 2 in Jhalawar, 1 in Hanumangarh and 1 in Sawai Madhopur. Total positive cases 1431:Rajasthan Health Dept

02:47 PM
Armed forces prepared for all contingencies: Rajnath Singh
Every rank has been told to maintain contact diary on a daily basis, all collective training has been stopped. Troops who have been medically validated as having no symptoms of coronavirus are being posted on borders. I can assure country we are prepared to defend our sovereignty from adversarial forces in all scenarios. Indian forces are dominating enemy through targeted intelligence-based strikes on their launch pads: Rajnath Singh
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Armed Forces personnel with their masks on near India Gate. (PTI)
02:44 PM
Take care of families of slain troops, retd personnel: CAPF to Units
The Central Armed Police Forces (CAPFs) have directed their field units to ensure that families of personnel killed in action, specially-abled and retired officials should be taken care of during the lockdown to contain the spread of COVID-19, officials said. The Indo-Tibetan Border Police (ITBP) has publicised a mobile helpline no 9560070212 for all such personnel. "I believe that ITBP way of life has helped you become a fighter under any circumstance and a helper of society at large. Your commitment to the nation has been unparalleled. "...during this world-wide pandemic if you and your family need any type of help, you may call the nearest ITBP unit or formation," ITBP Director General (DG) S S Deswal said in an official message sent to veterans of the force.
02:42 PM
Manipur has no COVID-19 positive case as of Sunday, says CM
Manipur Chief Minister N Biren Singh on Sunday said the state no longer has any COVID 19- positive case, as the second patient, who was undergoing treatment at a hospital here, tested negative for the disease. The 65-year-old patient was found to have contracted the disease following his return from the Tablighi Jamaat event in Delhi's Nizamudddin. "Good news: the second #COVID19 patient who is undergoing treatment at RIMS, Imphal has reported negative of Novel Corona Virus disease. Now Manipur has zero positive case of COVID-19 as on date as the two cases of Manipur have been reported negative (sic)," the CM tweeted.
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To strengthen the home delivery service for essential items to the public during the lockdown, a Home Delivery Supplies Management Control Room is inaugurated in Imphal today.
Call toll free No. 1800 313 8171 for getting wholesale stock (only for home delivery agencies)@PMOIndia
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02:36 PM
Fewer sick in Sout Korea, cases drop to single digit
South Korea on Sunday reported eight more cases of the coronavirus, the first time a daily increase has dropped to a single digit in about two months. The Korea Centers for Disease Control and Prevention said the additional figures took the country's total to 10,661 with 234 deaths. It said 8,042 people have recovered and been released from quarantine and 12,243 others were undergoing tests to determine whether they contracted the virus. "We must not loosen our guard until the last confirmed patient is recovered," President Moon Jae-in said. South Korea's caseload has been waning in recent weeks since it recorded hundreds of new cases every day between late February and early March, mostly in the southeastern city of Daegu and nearby areas.

Despite the recent downward trend, South Korean officials have warned about the possibility of a broader quiet spread with people easing up on social distancing. Moon urged South Koreans to support his government in saving jobs and revitalizing the economy.
02:31 PM
246 Covid-19 cases have been reported in Haryana so far
A total of 246 Covid-19 positive cases have been reported in Haryana so far. Out of the total 246 confirmed cases, 24 are foreign nationals and 64 are from other states: Health Department, Government of Haryana

Coronavirus outbreak: A 21-day lockdown may have cost India Rs 8 trillion

The world’s biggest lockdown that shut a majority of the factories and businesses, suspended flights, stopped trains and restricted movement of vehicles and people, may have cost the Indian economy Rs 7-8 trillion during the 21-day period, analysts and industry bodies said.
With the intent to contain the spread of Covid-19, Prime Minister Narendra Modi with effect from March 25 announced a nationwide complete lockdown that brought as much as 70 per cent of economic activity, investment, exports and discretionary consumption to a standstill. Only essential goods and services such as agriculture, mining, utility services, some financial and IT services and public services were allowed to operate.
Stating that the pandemic came at the most inopportune time for India whose economy was showing signs of recovery after bold fiscal/monetary measures, Centrum Institutional Research said the country again stares at the possibility of low single-digit growth for FY21 (April 2020 to March 2021).
ALSO READ: 25 districts in 15 states have not reported new Covid-19 cases: Govt
“Nationwide complete lockdown is likely to shave off at least Rs 7-8 trillion,” it said. Acuite Ratings & Research earlier this month estimated that the lockdown will cost the Indian economy almost $4.64 billion (over Rs 35,000 crore) every day and the entire 21-day lockdown will result in a GDP loss of almost $98 billion (about Rs 7.5 trillion).
The rapid spread of Covid-19 has not only disrupted the global economy but also triggered a partial shutdown in many parts of India from early March and an almost complete shutdown from March 25.
“While the countrywide shutdown is scheduled to be lifted from April 15, 2020, the risks of prolonged disruption in economic activities exist depending on the intensity of the outbreak,” the credit rating agency said.
ALSO READ: Coronavirus lockdown: Congress calls for financial package of 5-6% of GDP
The sectors that are most severely impacted are transport, hotel, restaurant, and real estate activities.
chartPrime Minister Modi is likely to detail the post-lockdown scenario in an address to the nation on Tuesday morning.
All India Motor Transport Congress (AIMTC) Secretary-General Naveen Gupta said the accumulated losses to truckers during the first 15 days of lockdown were about Rs 35,200 crore given an average Rs 2,200 loss to per truck per day.
ALSO READ: PM Modi to make it official today: Lockdown will stay with caveats
“More than 90 per cent of the about one crore trucks in the country are off roads during the lockdown as truckers with only essential commodities are on the move,” he said. “Even if the lockdown is lifted, it will take at least two-three months for truckers to limp to some normal scale as we apprehend consumption of non-essential items to remain hit on the account of lack of purchasing power.” AIMTC represents about 9.3 million transporters and truckers and is their umbrella body.
National Real Estate Development Council — a body of realtors, puts the loss in the sector at Rs 1 trillion.
“I am scared to estimate what the losses would be. I think a potential loss of maybe Rs 1 trillion on a conservative basis on an all-India basis. It is a conservative figure.
I cannot think of the upper end of the figure. Based on thumb rule, at least Rs 1 trillion,” said its president Niranjan Hiranandani.
The Confederation of All India Traders estimates that the losses incurred by the retail trade of the country in the second half of March due to the Covid-19 pandemic were a massive $30 billion.
Vegetables to be sold from 6 am to 11 am in Delhi wholesale mkts
The Delhi government will implement odd-even rules in all wholesale markets in the city, under which traders will sell vegetables on alternate days, Development Minister Gopal Rai said on Monday. Speaking to PTI, the minister said that the government has also decided to stagger the timings for the sale of vegetables and fruits in these mandis.
“Vegetables will be sold from 6 am to 11 am and fruits from 2 pm to 6 pm in all wholesale markets in Delhi,” he said. The decisions were taken at a high-level meeting chaired by the development minister here. There are five major wholesale vegetable and fruit markets in the national Capital, including the Azadpur mandi, the Ghazipur mandi, and the Okhla mandi. Also, there two wholesale anaj mandis (grain markets) — Najafgarh and Narela.