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The finance ministry needs to take strong measures to support demand and an economic revival, say analysts. (Mint)
The finance ministry needs to take strong measures to support demand and an economic revival, say analysts. (Mint)

India Inc seeks rate cut, fresh fiscal stimulus

  • Analysts at both Nomura and Bank of America said the finance ministry needs to take strong supportive measures to support demand
  • According to economists, the current scenario will need an aggressive fiscal response

 An employee wearing a protective face mask and face guard works on the automobile assembly line as the maker ramps up car production. (REUTERS)
An employee wearing a protective face mask and face guard works on the automobile assembly line as the maker ramps up car production. (REUTERS)

India to offer production linked incentives to boost manufacturing

  • Asia's third-largest economy is expected to contract by as much as 10% in the current fiscal year beginning April, some private economists' estimate
  • Industry and government sources said sectors such as textile and food processing manufacturers could be offered production linked incentives

FILE PHOTO: A cashier displays the new 2000 Indian rupee banknotes inside a bank in Jammu, November 15, 2016. REUTERS/Mukesh Gupta/File photo (REUTERS)
FILE PHOTO: A cashier displays the new 2000 Indian rupee banknotes inside a bank in Jammu, November 15, 2016. REUTERS/Mukesh Gupta/File photo (REUTERS)

Risky bond sales jump to 15-month high in India on stimulus

  • Issuance of local-currency corporate notes graded A+ and lower rose to a 15-month high of 51.7 billion rupees ($690.5 million) in June
  • To ease strains on corporate finances, the Reserve Bank of India since late March has funded banks’ purchase of 1.13 trillion rupees of company bonds

The Centre has set March 2021 as deadline for the one nation one ration card’ scheme.
(Photo: Reuters)
Naushad Forbes, co-chairman, Forbes Marshall,
To be sure, these loan deeds are mandatory for other types of loans as well. (Sai Sen/Mint)
To be sure, these loan deeds are mandatory for other types of loans as well. (Sai Sen/Mint)

MSME bailout hits stamp duty hurdle

  • Under the emergency credit line backed by a government guarantee, banks have sanctioned loans worth over 79,000 crore as of 20 June
  • In a meeting with finance minister last week, lenders pointed out that many of these small firms were not using the facility as they could not afford to pay stamp duty

A student takes classes online with his companions using Zoom at home during the coronavirus outbreak. (Reuters)
A student takes classes online with his companions using Zoom at home during the coronavirus outbreak. (Reuters)

Pandemic helps Zoom boom, video chat firm doubles 2020 guidance

  • The number of daily meeting participants on Zoom peaked at 300 million in April 2020, 30 times of those in December
  • The company said it will offer better encryption for paid customers though it did not commit to making it free

Finance minister Nirmala Sitharaman. (Pradeep Gaur/Mint)
Finance Minister Nirmala Sitharaman (Photo: ANI)
The cabinet committee on economic affairs also cleared the rules for auctioning coal and lignite mines for sale of these commodities on a revenue sharing basis, a note said.
A file photo of a man using his Rupay debit card to pay for purchases at a store at Ibrahimpur. Photo: Yunus Y. Lasania/Mint
MWM
Finance Minister Nirmala Sitharaman. (ANI)
Finance Minister Nirmala Sitharaman. (ANI)

'Govt to help migrants in coming back when industrial activities resume'

  • Nirmala Sitharaman said, Prime Minister Narendra Modi's vision of Atma Nirbhar Bharat is aimed at making Indian globally competitive
  • Sitharaman said a lot of companies have had queries from the workers to check if the lockdown is going to be lifted soon and when the production is likely to commence

Farmers have been finding it difficult to sell the harvest amid the curbs in the past few weeks. (Bloomberg)
Union finance minister says a lot more local job opportunities need to be created. (Photo: HT)
Union finance minister says a lot more local job opportunities need to be created. (Photo: HT)

I've done the best for India Inc: Sitharaman on stimulus package

  • Union finance minister defends lockdown and stimulus package, says government will not hesitate to take more steps to support Indian businesses
  • ‘The schemes are getting implemented, and people will have some money in their hands and start business again’

Leverage is measured as total assets to shareholders' equity. (Bloomberg)
Leverage is measured as total assets to shareholders' equity. (Bloomberg)

Stimulus package to provide relief for financial system: Moody's

  • Among the measures, the most significant is the government guaranteed, automatic and uncollateralised loans to micro, small and medium-sized enterprises (MSMEs)
  • Liquidity support to power distribution companies (Discoms) will improve near-term cash flows of power generating companies

Only a small pool of MSMEs will effectively be eligible for this working-capital facility: those that have existing loans. (Indranil Bhoumik/Mint)
(Photo: PTI)
(Photo: PTI)

Opinion | Solutions for the jigsaw puzzle that is Indian agriculture

There are many stylized facts that illustrate the shackles around Indian agriculture. Local solutions need to emerge, and the Centre should undo the shackles

nion Finance Minister Nirmala Sitharaman addresses a press conference, in New Delhi.. Union Minister of State for Finance Anurag Thakur is also seen (Photo: PTI)
nion Finance Minister Nirmala Sitharaman addresses a press conference, in New Delhi.. Union Minister of State for Finance Anurag Thakur is also seen (Photo: PTI)

Opinion | Has the government been much too cautious in providing relief?

It has tried to pull off a high-wire balancing act by initiating reforms while keeping expenses in check

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