Top biz headlines: Govt’s 2nd stimulus package, economic growth, and more

PM Modi on Tuesday extended the nationwide lockout to 3 May to prevent the spread of coronavirus in the country. The government may soon come up with details of a second stimulus package. Meanwhile, thousands of H-1B visa holders who have lost their jobs will not be sent back to India as the US government has banned visas. Here are the events that remain in the business headlines today:

Kovid-19 crisis: PM, FM to finalize details of second stimulus package soon

Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman hope to meet soon to finalize details of a second stimulus package to reduce the impact of Kovid-19 on the economy, Business Standard has learned. The meeting is likely to be attended by senior officials of the Ministry of Finance and the Prime Minister’s Office. Read more here

India has to grow at a rate of 1.4% in FY111, to recover at a rate of .4% in 2019-22: IMF

The International Monetary Fund (IMF) has slashed India’s economic growth forecast for the current fiscal year by 1.9 per cent, the lowest since the 1991 Balance of Payments (BoP) crisis. It had earlier projected a growth rate of 5.8 percent. Read more here

Kovid-19: No deportation, but not returning for H1B visa holders

With the US announcing the extension of all employment visas, thousands of overseas Indian H-1B visa holders, who had recently lost their jobs, risk being forcibly deported. However, those looking for a way back home are expected to remain stranded until the current restrictions on international flights are lifted. Read more here

Deepak Parekh says realty developers may see a 20% drop in housing prices

HDFC Chairman Deepak Parekh said on Tuesday that property developers should be prepared for a 20 per cent drop in housing prices and create liquidity by selling a list of whatever prices they get. Read more here

Wheat procurement season closed amid Kovid-19 crisis, lockout curbed

Although generally a regular exercise conducted without too much fuss, this crop is different. Wheat procurement and marketing of rabi crops appear problematic due to Kovid-19 restrictions, particularly social distinction norms, and a shortage of workers in the middle of the harvesting season. Read more here

Kovid-19 Impact: Stopping Railway operations to dent IRCTC’s earnings

It has been decided by the Indian Railways to withdraw a large part of the national transporter’s ticket income and revenue of the Indian Railway Catering and Tourism Corporation (IRCTC) through service charges to stop passenger services by 3 May. Read more here

Kovid-19: India Inc seeks relaxation in lockdown norms for production

With a substantial number of manufacturing units located in the red and orange regions, India Inc expects the central government to relax regulations in such areas and help resume production. Read more here

Kovid-19 crisis pushing online offline to large offline retailers

As PM Modi extended the nationwide lockout on Tuesday until 3 May, various large-format offline retailers and wholesalers, including Future Group, Spencer Retail, Metro Cash & Carry and Walmart’s Best Price, began online efforts for service customers From which the Ginnellale model can be constructed. The Economic Times spoke of goods and groceries.

Private hospitals are in loss due to Kovid outbreak

Liveminton’s report said that due to travel restrictions due to coronovirus lockdown has increased past investment with fewer foreign patients, India’s private healthcare system is under pressure to manage revenue losses of up to 90%.

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