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Germany threw Lufthansa a 9 billion euro ($9.8 billion) lifeline on Monday, agreeing a bailout which gives Berlin a veto in the event of a hostile bid for the airline.

Germany threw Lufthansa a 9 billion euro ($9.8 billion) lifeline on Monday, agreeing a bailout which gives Berlin a veto in the event of a hostile bid for the airline. The largest German corporate rescue since the coronavirus crisis struck will see the government get a 20% stake, which could rise to 25% plus one share in the event of a takeover attempt, as it seeks to protect thousands of jobs. Lufthansa has been locked in talks with Berlin for weeks over aid it needs to survive an expected protracted travel slump, with the airline wrangling over how much control to yield in return for financial support. Germany's central government has spent decades offloading stakes in companies, but remains a large shareholder in former state monopolies such as Deutsche Post and Deutsche Telekom. Berlin also still has a 15% holding in Commerzbank, which it took on during the global financial crisis. Other airlines including Franco-Dutch Air France-KLM and U.S. carriers American Airlines, United Airlines and Delta Air Lines have also sought state aid after the coronavirus hit global travel. Germany's Finance and Economy Ministries said on Monday that Lufthansa, whose shares closed up 7.5% at 8.64 euros, had been operationally healthy and profitable with good prospects, but had run into trouble because of the pandemic. "The support that we're preparing here is for a limited period," Finance Minister Olaf Scholz said of the deal, under which Germany is buying new shares at the nominal value of 2.56 euros apiece for a total of about 300 million euros. Berlin, which has set up a 100 billion euro fund to take stakes in companies struck by the coronavirus crisis, said it plans to sell the Lufthansa stake by the end of 2023. "When the company is fit again, the state will sell its stake and hopefully ... with a small profit that puts us into a position to finance the many, many requirements which we have to meet now, not only at this company," Scholz added. Conditions of the deal include the waiver of future dividend payments and limits on management pay, Lufthansa said, adding that the government will also fill two seats on its supervisory board, with one becoming a member of the audit committee. SILENT PARTICIPATION Under the bailout package, details of which were earlier reported by Reuters, the government will also inject 5.7 billion euros in non-voting capital, known as a silent participation. Part of this could be converted into an additional 5% equity stake, either to protect Lufthansa against a hostile takeover or in case coupon payments of 4% in 2020 and 2021, increasing to 9.5% by 2027, are missed by the airline. "(The bailout deal) will prevent Lufthansa from being sold out," Economy Minister Peter Altmaier said, adding that it would help to save thousands of jobs but did not include any extra environmental conditions on top of planned measures. Lufthansa will separately receive a 3 billion euro three-year loan from state-backed KfW and private banks. The state's WSF rescue fund plans to refrain from exercising voting rights at regular shareholder meetings under the bailout deal, which still requires approval by shareholders as well as the European Commission, Lufthansa said. It is still discussing with Europe's competition watchdog which airport slots it will have to give to ensure the bailout does not hamper competition, a person close to the matter said. "Scrutiny is extremely thorough as it is the first large equity-based bailout in the pandemic," the source said. German newspaper Handelsblatt reported that Chancellor Angela Merkel had said that Berlin would fight to ensure that remedies were not too stringent.

Germany stamps authority on Lufthansa with $9.8 billion lifeline

Ride-hailing firm Uber has laid off 600 employees in India, about 25% of its total workforce in the country. The development comes after Uber's competitor in India, Ola had also announced that it was laying off over 1,400 employees, around 35% of its total workforce in the country.

Ride-hailing firm Uber has laid off 600 employees in India, about 25% of its total workforce in the country. The development comes after Uber's competitor in India, Ola had also announced that it was laying off over 1,400 employees, around 35% of its total workforce in the country. Uber cut job across the segments, including customer and driver support, business development, legal, finance, policy and marketing verticals, according to a report. Uber said that the affected employees will be provided with 10-week payout and medical insurance coverage for the next six months. These reductions are part of previously announced global job cuts this month, a report quoting Pradeep Parameswaran, President, Uber India and South Asia stated. Parameswaran said that they made the decision to look to the future with confidence. He also apologized to departing colleagues and extended his heartfelt thanks to them for their contributions to Uber and the riders and driver-partners. Uber has fired a total of 6,700 total employees worldwide. With this, 25 per cent of its global workforce is now out of job.

After Ola, ride-hailing firm Uber lays off 600 employees in India

Reliance Industries Ltd has launched an online grocery service, JioMart, the head of its grocery retail business said, in a move aimed at rivalling Amazon.com's local unit and Walmart Inc's Flipkart in the huge Indian market. JioMart will deliver groceries in more than 200 towns across the country, Damodar Mall, chief executive of grocery retail at the Indian conglomerate, said on Twitter late on Saturday.&nbsp;

Mumbai-headquartered Reliance has not announced JioMart's launch at a time it is selling $7 billion in new shares.

Reliance launched a small pilot of JioMart deliveries in select areas of the Indian financial capital Mumbai late last month, days after announcing that Facebook Inc would spend $5.7 billion for 9.99 percent stake in the company's digital unit, Jio Platforms.

That partnership will help Reliance roll out service for India's grocers and small businesses by capitalising on India's 40 crore-strong user base for Facebook's WhatsApp messaging service.

JioMart, the e-commerce venture of Reliance's retail arm, offers free express grocery delivery from neighbourhood mom-and-pop stores. It will pose a formidable challenge to local rivals, which are also betting big on groceries for their growth.

The launch comes as India is witnessing a surge in coronavirus cases. A person familiar with the matter told Reuters the product catalogue on JioMart's website will be expanded after lockdown restrictions aimed to curb the spread of the new coronavirus are eased.

"Never waste a crisis, they say!" Mall said in his tweet. "A wise colleague mentioned today, 'Alibaba also flourished starting from the SARS crisis.'"

The oil-to-telecoms giant, controlled by India's richest man, Mukesh Ambani, did not immediately respond to an email seeking comment on the launch.

Reliance is on a fundraising spree with Jio Platforms, which houses telecoms ventures Jio Infocomm, winning a massive $10 billion from investors including Facebook, KKR &amp; Co Inc and General Atlantic in a month. 
&nbsp;

Reliance Industries Ltd has launched an online grocery service, JioMart, the head of its grocery retail business said, in a move aimed at rivalling Amazon.com's local unit and Walmart Inc's Flipkart in the huge Indian market.

Reliance Industries Ltd has launched an online grocery service, JioMart, the head of its grocery retail business said, in a move aimed at rivalling Amazon.com's local unit and Walmart Inc's Flipkart in the huge Indian market. JioMart will deliver groceries in more than 200 towns across the country, Damodar Mall, chief executive of grocery retail at the Indian conglomerate, said on Twitter late on Saturday. Mumbai-headquartered Reliance has not announced JioMart's launch at a time it is selling $7 billion in new shares. Reliance launched a small pilot of JioMart deliveries in select areas of the Indian financial capital Mumbai late last month, days after announcing that Facebook Inc would spend $5.7 billion for 9.99 percent stake in the company's digital unit, Jio Platforms. That partnership will help Reliance roll out service for India's grocers and small businesses by capitalising on India's 40 crore-strong user base for Facebook's WhatsApp messaging service. JioMart, the e-commerce venture of Reliance's retail arm, offers free express grocery delivery from neighbourhood mom-and-pop stores. It will pose a formidable challenge to local rivals, which are also betting big on groceries for their growth. The launch comes as India is witnessing a surge in coronavirus cases. A person familiar with the matter told Reuters the product catalogue on JioMart's website will be expanded after lockdown restrictions aimed to curb the spread of the new coronavirus are eased. "Never waste a crisis, they say!" Mall said in his tweet. "A wise colleague mentioned today, 'Alibaba also flourished starting from the SARS crisis.'" The oil-to-telecoms giant, controlled by India's richest man, Mukesh Ambani, did not immediately respond to an email seeking comment on the launch. Reliance is on a fundraising spree with Jio Platforms, which houses telecoms ventures Jio Infocomm, winning a massive $10 billion from investors including Facebook, KKR & Co Inc and General Atlantic in a month.

Reliance launches JioMart online grocery service; challenges Amazon, Flipkart

The Bank of China(BOC)&nbsp;is one of the big four banks in the country. It is state-owned and flush with funds.

The Bank of China owns a Singapore based company - BOC Aviation, it lends aircraft to airlines the world over. The same company now owns a chunk of Norwegian Air but this story is much bigger and spreads way beyond Norway.

The global airline industry is in turmoil. The coronavirus pandemic has led to a hard landing for some of the biggest airlines and several face the risk of going bankrupt since their planes remain grounded. The income of major airlines the world over has stopped but their expenses continue.&nbsp;

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/gravitas-india-steps-up-scrutiny-of-chinese-cash-300488/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

As of December 31st last year, the company had a net book value of 16.9 billion dollars. The book value represents the worth of a company if all its assets are sold, and liabilities, paid back. The company has a fleet of 567 planes plus, a $2 billion funding line from the Bank of China.&nbsp;

Now, the company is using the pile of cash to get more planes in its fleet, and winning more clients in the process. BOC has picked up more than 12 percent of Norwegian Air. The Norwegian carrier had leased planes from the Chinese company.

Those lease obligations were converted into equity shares. The Bank of China controls it through a complex web of companies.

Ultimately, its the Chinese government that stands to gain. It is making most of the chaos, picking up more deals and acquisitions in some of the most disturbed sectors. So, India is stepping up the scrutiny on Chinese cash. After the new FDI rules, India will now check foreign portfolio investors(FPIs).

It is basically overseas investors. People or institutions who invest in securities and financial assets. India wants to keep a check on FPIs from China and Hong Kong. Reports say&nbsp;the government could set up a body to scrutinise new FPI registrations.

The development comes after India introduced a new layer of rules for Chinese investments. They will have to be first approved by the government. The threat of hostile takeovers from China is real and India is now plugging the loopholes in its laws to protect Indian businesses.

Germany is another country that is making new laws against hostile takeovers. Earlier this week, the German government gave itself new powers which would allow them to veto hostile foreign takeover bids in healthcare. The measure was adopted during a cabinet meeting.

Germany says these measures will help in ensuring continuous supply of viral medical products during the pandemic. Under the new rules, the German government can block investors from outside the European Union. Companies that are trying to buy German firms that make vaccines, protective equipment, ventilators, medicines or other supplies.

Germany has been proactive in tackling the threat of foreign takeovers other countries may want to take note and shore up their defences.

The Bank of China(BOC) is one of the big four banks in the country. It is state-owned and flush with funds. The Bank of China owns a Singapore based company - BOC Aviation, it lends aircraft to airlines the world over.

The Bank of China(BOC) is one of the big four banks in the country. It is state-owned and flush with funds. The Bank of China owns a Singapore based company - BOC Aviation, it lends aircraft to airlines the world over. The same company now owns a chunk of Norwegian Air but this story is much bigger and spreads way beyond Norway. The global airline industry is in turmoil. The coronavirus pandemic has led to a hard landing for some of the biggest airlines and several face the risk of going bankrupt since their planes remain grounded. The income of major airlines the world over has stopped but their expenses continue. As of December 31st last year, the company had a net book value of 16.9 billion dollars. The book value represents the worth of a company if all its assets are sold, and liabilities, paid back. The company has a fleet of 567 planes plus, a $2 billion funding line from the Bank of China. Now, the company is using the pile of cash to get more planes in its fleet, and winning more clients in the process. BOC has picked up more than 12 percent of Norwegian Air. The Norwegian carrier had leased planes from the Chinese company. Those lease obligations were converted into equity shares. The Bank of China controls it through a complex web of companies. Ultimately, its the Chinese government that stands to gain. It is making most of the chaos, picking up more deals and acquisitions in some of the most disturbed sectors. So, India is stepping up the scrutiny on Chinese cash. After the new FDI rules, India will now check foreign portfolio investors(FPIs). It is basically overseas investors. People or institutions who invest in securities and financial assets. India wants to keep a check on FPIs from China and Hong Kong. Reports say the government could set up a body to scrutinise new FPI registrations. The development comes after India introduced a new layer of rules for Chinese investments. They will have to be first approved by the government. The threat of hostile takeovers from China is real and India is now plugging the loopholes in its laws to protect Indian businesses. Germany is another country that is making new laws against hostile takeovers. Earlier this week, the German government gave itself new powers which would allow them to veto hostile foreign takeover bids in healthcare. The measure was adopted during a cabinet meeting. Germany says these measures will help in ensuring continuous supply of viral medical products during the pandemic. Under the new rules, the German government can block investors from outside the European Union. Companies that are trying to buy German firms that make vaccines, protective equipment, ventilators, medicines or other supplies. Germany has been proactive in tackling the threat of foreign takeovers other countries may want to take note and shore up their defences.

Amid takeovers, India keeps an eye on FPIs from China and Hong Kong

Hertz Global Holdings Inc has filed for bankruptcy protection on Friday after its business was decimated during the coronavirus pandemic and talks with creditors failed to result in much needed relief.

Hertz earlier laid off about 10,000 employees and said there was substantial doubt about its ability to continue as a going concern.

The more than a century old car rental firm is reeling under government orders restricting travel and requiring citizens to remain home. A large portion of Hertz's revenue comes from car rentals at airports, which have all but evaporated as potential customers eschew plane travel.

With nearly $19 billion of debt and roughly 38,000 employees worldwide as of the end of 2019, Hertz is among the largest companies to be undone by the pandemic.

Hertz's board, earlier in the day, approved the company seeking Chapter 11 protection in a US bankruptcy court in Delaware, according to court records. Its international operating regions including Europe, Australia and New Zealand were not included in the US proceedings.

Even before the pandemic, Hertz and its peers were under financial pressure as travelers shifted to ride-hailing services such as Uber.

To combat Uber, Hertz had adopted a turnaround plan, aiming to modernise its smartphone apps and improve management of its fleet of rental cars.

(with inputs from Reuters)

Hertz Global Holdings Inc has filed for bankruptcy protection on Friday after its business was decimated during the coronavirus pandemic and talks with creditors failed to result in much needed relief.

Hertz Global Holdings Inc has filed for bankruptcy protection on Friday after its business was decimated during the coronavirus pandemic and talks with creditors failed to result in much needed relief. Hertz earlier laid off about 10,000 employees and said there was substantial doubt about its ability to continue as a going concern. The more than a century old car rental firm is reeling under government orders restricting travel and requiring citizens to remain home. A large portion of Hertz's revenue comes from car rentals at airports, which have all but evaporated as potential customers eschew plane travel. With nearly $19 billion of debt and roughly 38,000 employees worldwide as of the end of 2019, Hertz is among the largest companies to be undone by the pandemic. Hertz's board, earlier in the day, approved the company seeking Chapter 11 protection in a US bankruptcy court in Delaware, according to court records. Its international operating regions including Europe, Australia and New Zealand were not included in the US proceedings. Even before the pandemic, Hertz and its peers were under financial pressure as travelers shifted to ride-hailing services such as Uber. To combat Uber, Hertz had adopted a turnaround plan, aiming to modernise its smartphone apps and improve management of its fleet of rental cars. (with inputs from Reuters)

Car rental group Hertz files for bankruptcy

The Reserve Bank of India (RBI) on Friday decided to cut the policy rate by 40 basis points from 4.4 per cent to 4 per cent. The reverse repo rate has been reduced to 3.35 per cent. It has also extended the moratorium on loan repayments by three more months.

Governor Shaktikanta Das said in a press briefing that the Monetary Policy Committee (MPC) unanimously voted to cut the repo rate keeping in mind the nation-wide lockdown.

"RBI's Monetary Policy Committee met again from May 20-22. MPC voted to 5:1 majority to reduce the policy repo rate by 40 basis points from 4.4 to 4 per cent," RBI Governor Shaktikanta Das said on Friday, adding that the GDP growth in India in 2020-21 is estimated to remain in the negative territory.

"India is seeing a collapse of demand. Private consumption has seen the biggest blow due to the Covid-19 outbreak, investment demand has halted. The government revenues have been impacted severely due to slowdown in economic activity," said the governor.

In a big relief to the corporate sector, the Reserve Bank of India allowed a three-month extension of the moratorium on payment of instalment concerning all term loans outstanding on March 1, 2020.

The moratorium, as announced by RBI on March 27, was ending on May 31. This has been extended till August 31 now.

Here are the top 5 announcements by RBI Governor Shaktikanta Das

<ul>
	<li>Repo rate cut by 40 basis points&nbsp;</li>
	<li>Loan moratorium extended for 3 months.&nbsp;</li>
	<li>Headline inflation could stay firm in the first half of 2020 but soften thereafter. If inflation trajectory evolves as expected, space will open up for more rate cuts.&nbsp;</li>
	<li>India GDP growth in 2020-21 is estimated to remain in negative territory.&nbsp;</li>
	<li>Regulatory measures to support exports, imports, states. 
	 
	(With inputs from agencies)</li>
</ul>

The Reserve Bank of India (RBI) on Friday decided to cut the policy rate by 40 basis points from 4.4 per cent to 4 per cent. The reverse repo rate has been reduced to 3.

The Reserve Bank of India (RBI) on Friday decided to cut the policy rate by 40 basis points from 4.4 per cent to 4 per cent. The reverse repo rate has been reduced to 3.35 per cent. It has also extended the moratorium on loan repayments by three more months. Governor Shaktikanta Das said in a press briefing that the Monetary Policy Committee (MPC) unanimously voted to cut the repo rate keeping in mind the nation-wide lockdown. "RBI's Monetary Policy Committee met again from May 20-22. MPC voted to 5:1 majority to reduce the policy repo rate by 40 basis points from 4.4 to 4 per cent," RBI Governor Shaktikanta Das said on Friday, adding that the GDP growth in India in 2020-21 is estimated to remain in the negative territory. "India is seeing a collapse of demand. Private consumption has seen the biggest blow due to the Covid-19 outbreak, investment demand has halted. The government revenues have been impacted severely due to slowdown in economic activity," said the governor. In a big relief to the corporate sector, the Reserve Bank of India allowed a three-month extension of the moratorium on payment of instalment concerning all term loans outstanding on March 1, 2020. The moratorium, as announced by RBI on March 27, was ending on May 31. This has been extended till August 31 now. Here are the top 5 announcements by RBI Governor Shaktikanta Das Repo rate cut by 40 basis points Loan moratorium extended for 3 months. Headline inflation could stay firm in the first half of 2020 but soften thereafter. If inflation trajectory evolves as expected, space will open up for more rate cuts. India GDP growth in 2020-21 is estimated to remain in negative territory. Regulatory measures to support exports, imports, states. (With inputs from agencies)

RBI announces emergency 40 basis point rate cut, 3-month loan moratorium extension

The&nbsp;World&nbsp;Bank&nbsp;on Wednesday named former Bear Stearns executive Carmen Reinhart as its chief economist, tapping a financial crisis expert who also currently serves on advisory boards of the IMF and the New York Federal Reserve.

World&nbsp;Bank&nbsp;President David Malpass said in a statement Reinhart's experience and insights would prove invaluable as the coronavirus pandemic heaps economic pain on developing countries. She starts at the&nbsp;bank&nbsp;on June 15.

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Reinhart, a professor at Harvard University, published a book entitled "This Time is Different: Eight Centuries of Financial Folly," together with economist Kenneth Rogoff of Harvard University in 2009.

The book called for stricter regulations and an early-warning system to sound the alarm about financial bubbles, arguing that central&nbsp;bankers, policy makers and investors tended to ignore the telltale signs of a bubble.

In an article she wrote on the pandemic in March, Reinhart said: "Clearly, this is a 'whatever-it-takes' moment for large-scale, outside-the-box fiscal and monetary policies."

Reinhart has a Ph.D. from Columbia University and teaches international economics at the Harvard Kennedy School. She has also worked at the Peterson Institute for International Economics, the International Monetary Fund and the University of Maryland and the former Bear Stearns investment&nbsp;bank.

IMF Managing Director Kristalina Georgieva tweeted her congratulations, calling Reinhart "a great choice, especially at this time of crisis."

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I warmly congratulate Carmen Reinhart on her appointment as the <a href="https://twitter.com/WorldBank?ref_src=twsrc%5Etfw">@WorldBank</a>'s new Chief Economist. Great choice, especially at this time of crisis - something Carmen knows a lot about. <a href="https://t.co/6xudIdPv5x">pic.twitter.com/6xudIdPv5x</a>
— Kristalina Georgieva (@KGeorgieva) <a href="https://twitter.com/KGeorgieva/status/1263168010283552774?ref_src=twsrc%5Etfw">May 20, 2020</a></blockquote>
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IMF chief economist Gita Gopinath, in a separate tweet, added: "@carmenmreinhart is an extraordinary economist with deep expertise in crises, debt, capital flows, from a current and historical perspective."

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Absolutely wonderful news! <a href="https://twitter.com/carmenmreinhart?ref_src=twsrc%5Etfw">@carmenmreinhart</a> is an extraordinary economist with deep expertise in crises, debt, capital flows, from a current and historical perspective. Congratulations <a href="https://twitter.com/carmenmreinhart?ref_src=twsrc%5Etfw">@carmenmreinhart</a> and look forward to working closely! <a href="https://t.co/udLdEMTvoa">https://t.co/udLdEMTvoa</a>
— Gita Gopinath (@GitaGopinath) <a href="https://twitter.com/GitaGopinath/status/1263153327979859969?ref_src=twsrc%5Etfw">May 20, 2020</a></blockquote>
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"She’s obviously well suited to the moment," said Scott Morris, a former US&nbsp;Treasury official who is now a senior fellow with the Centre for Global Development. "The&nbsp;Bank&nbsp;could be entering uncharted territory in the months ahead, so it’s good to have her intellectual firepower onboard."

Reinhart’s expertise include international capital flows, and sovereign debt crises, the&nbsp;Bank&nbsp;said.

She replaces Pinelopi Goldberg, who left on March 1 after only 15 months on the job.

The World Bank on Wednesday named former Bear Stearns executive Carmen Reinhart as its chief economist, tapping a financial crisis expert who also currently serves on advisory boards of the IMF and the New York Federal Reserve.

The World Bank on Wednesday named former Bear Stearns executive Carmen Reinhart as its chief economist, tapping a financial crisis expert who also currently serves on advisory boards of the IMF and the New York Federal Reserve. World Bank President David Malpass said in a statement Reinhart's experience and insights would prove invaluable as the coronavirus pandemic heaps economic pain on developing countries. She starts at the bank on June 15. Also read: Coronavirus pandemic smashes auto sector worldwide Reinhart, a professor at Harvard University, published a book entitled "This Time is Different: Eight Centuries of Financial Folly," together with economist Kenneth Rogoff of Harvard University in 2009. The book called for stricter regulations and an early-warning system to sound the alarm about financial bubbles, arguing that central bankers, policy makers and investors tended to ignore the telltale signs of a bubble. In an article she wrote on the pandemic in March, Reinhart said: "Clearly, this is a 'whatever-it-takes' moment for large-scale, outside-the-box fiscal and monetary policies." Reinhart has a Ph.D. from Columbia University and teaches international economics at the Harvard Kennedy School. She has also worked at the Peterson Institute for International Economics, the International Monetary Fund and the University of Maryland and the former Bear Stearns investment bank. IMF Managing Director Kristalina Georgieva tweeted her congratulations, calling Reinhart "a great choice, especially at this time of crisis." I warmly congratulate Carmen Reinhart on her appointment as the @WorldBank's new Chief Economist. Great choice, especially at this time of crisis - something Carmen knows a lot about. pic.twitter.com/6xudIdPv5x — Kristalina Georgieva (@KGeorgieva) May 20, 2020 × IMF chief economist Gita Gopinath, in a separate tweet, added: "@carmenmreinhart is an extraordinary economist with deep expertise in crises, debt, capital flows, from a current and historical perspective." Absolutely wonderful news! @carmenmreinhart is an extraordinary economist with deep expertise in crises, debt, capital flows, from a current and historical perspective. Congratulations @carmenmreinhart and look forward to working closely! https://t.co/udLdEMTvoa — Gita Gopinath (@GitaGopinath) May 20, 2020 × "She’s obviously well suited to the moment," said Scott Morris, a former US Treasury official who is now a senior fellow with the Centre for Global Development. "The Bank could be entering uncharted territory in the months ahead, so it’s good to have her intellectual firepower onboard." Reinhart’s expertise include international capital flows, and sovereign debt crises, the Bank said. She replaces Pinelopi Goldberg, who left on March 1 after only 15 months on the job.

World Bank names financial crisis expert Reinhart as chief economist

The coronavirus pandemic has slammed the brakes on the auto sector. Lockdowns had brought it to a screeching halt, both in terms of manufacturing and consumer demand. Carmakers across the world are now slowly restarting their factories.

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But while the production gets back on track, sales have nosedived. In April, it was down anywhere between 50 per cent to 100 per cent and the road ahead is set to be a rocky.

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The Wuhan virus has devasted&nbsp;the auto industry. Car factories were among the first to be shut and&nbsp;manufacturing came to a halt.

Sales plummeted after showrooms were shut. Auto companies across the world are now surveying the damage.

And it doesn't look good. European auto market was down by over 76 per cent in&nbsp;April.&nbsp;New car registrations fell by over 55 per cent in March. Every EU nation has suffered double-digit losses.

Europe's automobile powerhouse -&nbsp;Germany witnessed a 61 per cent fall in car sales which is the worst since 1990. France saw new car sales fall&nbsp;nearly 89 per cent in April.

Italy and Spain, the worst hit by the Wuhan virus, saw virtually no sales. Their auto sector was down by almost 97 per cent in the last month.

Denmark and Sweden were the least hit. Their market fell by more than a third. Car majors like Fiat-Chrysler, Jeep and Alfa Romeo have suffered the most, however, BMW, Mitsubishi and Volvo fared the best.

In Britain, sales of new cars plunged 97 per cent in April. The worst in nearly 75 years.&nbsp;In Russia, car sales plummeted by 72 per cent in April 2020. Less than 40,000 units were sold. It's the biggest monthly drop since Russia's car sales figures began to be tracked in 2008.

The situation is so bad that American automakers are refusing to report monthly sales data.&nbsp;In Asia, the situation is grim with a15 per cent drop in March.&nbsp;

Car sales in Indonesia spiralled&nbsp;over 91 per cent in April. Less than 8,000 cars were sold in the country during the month. In the same period last year, more than 84,000 cars&nbsp;were sold.

American auto sales have plunged so badly that companies are refusing to report monthly sales data. The likes of General Motors and Ford are now releasing only quarterly numbers.

However, carmakers in India are still putting out monthly sales numbers and they have been some of the worst in decades.

Passenger vehicle sales fell 50 per cent on average across companies. It is estimated that India's auto sector suffered a daily revenue loss of over $300 million due to plant closures.

All across the world car factories are slowly cranking back to work but things aren't about to get better anytime soon for automakers.

Rating agency Moody's expects global auto sales to plummet 20 per cent in 2020. That's because consumer sentiment has been the biggest casualty of all. Jobs and livelihoods are facing the wrath of the pandemic. People's confidence to spend big money buying cars is at the lowest.

Even as cars start lining up to be rolled out of assembly lines. The question is will people queue up to buy them?

The coronavirus pandemic has slammed the brakes on the auto sector. Lockdowns had brought it to a screeching halt, both in terms of manufacturing and consumer demand.

The coronavirus pandemic has slammed the brakes on the auto sector. Lockdowns had brought it to a screeching halt, both in terms of manufacturing and consumer demand. Carmakers across the world are now slowly restarting their factories. Also read: WHO will continue to lead global fight against pandemic: Tedros But while the production gets back on track, sales have nosedived. In April, it was down anywhere between 50 per cent to 100 per cent and the road ahead is set to be a rocky. Also read: Coronavirus infection may lead to mental health issues, says study The Wuhan virus has devasted the auto industry. Car factories were among the first to be shut and manufacturing came to a halt. Sales plummeted after showrooms were shut. Auto companies across the world are now surveying the damage. And it doesn't look good. European auto market was down by over 76 per cent in April. New car registrations fell by over 55 per cent in March. Every EU nation has suffered double-digit losses. Europe's automobile powerhouse - Germany witnessed a 61 per cent fall in car sales which is the worst since 1990. France saw new car sales fall nearly 89 per cent in April. Italy and Spain, the worst hit by the Wuhan virus, saw virtually no sales. Their auto sector was down by almost 97 per cent in the last month. Denmark and Sweden were the least hit. Their market fell by more than a third. Car majors like Fiat-Chrysler, Jeep and Alfa Romeo have suffered the most, however, BMW, Mitsubishi and Volvo fared the best. In Britain, sales of new cars plunged 97 per cent in April. The worst in nearly 75 years. In Russia, car sales plummeted by 72 per cent in April 2020. Less than 40,000 units were sold. It's the biggest monthly drop since Russia's car sales figures began to be tracked in 2008. The situation is so bad that American automakers are refusing to report monthly sales data. In Asia, the situation is grim with a15 per cent drop in March. Car sales in Indonesia spiralled over 91 per cent in April. Less than 8,000 cars were sold in the country during the month. In the same period last year, more than 84,000 cars were sold. American auto sales have plunged so badly that companies are refusing to report monthly sales data. The likes of General Motors and Ford are now releasing only quarterly numbers. However, carmakers in India are still putting out monthly sales numbers and they have been some of the worst in decades. Passenger vehicle sales fell 50 per cent on average across companies. It is estimated that India's auto sector suffered a daily revenue loss of over $300 million due to plant closures. All across the world car factories are slowly cranking back to work but things aren't about to get better anytime soon for automakers. Rating agency Moody's expects global auto sales to plummet 20 per cent in 2020. That's because consumer sentiment has been the biggest casualty of all. Jobs and livelihoods are facing the wrath of the pandemic. People's confidence to spend big money buying cars is at the lowest. Even as cars start lining up to be rolled out of assembly lines. The question is will people queue up to buy them?

Coronavirus pandemic smashes auto sector worldwide

The domestic stock market indices on Tuesday opened higher on May 20 with Nifty above 8,900 level.

At 09:40 IST, the Sensex was up 234.43 points or 0.79% at 30,434.34, and the Nifty was up 75.10 points or 0.85% at 8,954.20.&nbsp;

About 392 shares have advanced, 220 shares declined, and 29 shares are unchanged.

IRCTC surged 5 per cent after the Indian Railways decided to double the number of Shramik special trains to 400 a day by this week.

The domestic stock market indices on Tuesday opened higher on May 20 with Nifty above 8,900 level. At 09:40 IST, the Sensex was up 234.43 points or 0.79% at 30,434.

The domestic stock market indices on Tuesday opened higher on May 20 with Nifty above 8,900 level. At 09:40 IST, the Sensex was up 234.43 points or 0.79% at 30,434.34, and the Nifty was up 75.10 points or 0.85% at 8,954.20. About 392 shares have advanced, 220 shares declined, and 29 shares are unchanged. IRCTC surged 5 per cent after the Indian Railways decided to double the number of Shramik special trains to 400 a day by this week.

Sensex gains 230 points, Nifty above 8,950

Spurred by gains in Bharti Airtel and positive data from an early trial of a potential COVID-19 vaccine, the blue-chip Nifty 50 was up 2.09% at 9,007.20 by 11 am, while the S&P BSE Sensex was 2.

Spurred by gains in Bharti Airtel and positive data from an early trial of a potential COVID-19 vaccine, the blue-chip Nifty 50 was up 2.09% at 9,007.20 by 11 am, while the S&P BSE Sensex was 2.12% higher at 30,665.07. The NSE Nifty 50 index has slid 9% in May so far, with sharp falls in the last three sessions, as India's economic relief measures disappointed markets and domestic COVID-19 infections rose steadily. Shares in Bharti Airtel Ltd jumped 9 per cent and hit a record high as the telecoms firm reported a 15% rise in revenue. The stock was the biggest boost to the Nifty 50. Banking stocks were the next biggest boost to the Nifty 50, following a bruising Monday that saw the sector record its worst day in two weeks. HDFC Bank and mortgage lender HDFC <HDFC.NS> gained over 2% each. The banking index is down 44% this year and is among the worst performers in 2020, with the industry staring at more defaults by businesses hit by the COVID-19 pandemic, raising concerns of a fresh bout of bad loans. The number of COVID-19 cases in India surged past 100,000 on Tuesday, and the death toll stood at 3,163. India is currently under a two-month lockdown that has hit the incomes of millions of workers and left businesses without revenues. Although some lockdown curbs have been eased, air travel and most public gatherings remain restricted.

Indian shares jump on potential COVID-19 vaccine; Bharti Airtel surges

BSE Sensex plunged over 700 points while the Nifty50 on the National Stock Exchange (NSE) also fell over 200 points, below the psychological 9,000 mark. India on Sunday extended a nationwide lockdown to May 31, while easing some restrictions, but a ban on air travel and several public gatherings still remained.

BSE Sensex plunged over 700 points while the Nifty50 on the National Stock Exchange (NSE) also fell over 200 points, below the psychological 9,000 mark. India on Sunday extended a nationwide lockdown to May 31, while easing some restrictions, but a ban on air travel and several public gatherings still remained. As of Monday, India's tally of coronavirus infections surged past 96,000, while deaths surpassed 3,000. The fall can be attributed to the extension of the nationwide lockdown and the disappointment in several quarters over the economic package, according to Reuters. Around 10 a.m., the Sensex was trading at 30,359.56. lower by 738.17 points or 2.37 per cent from the previous close of 31,097.73. It had opened at 31,248.26 and has so far touched an intra-day high of 31,248.26 and a low of 30,265.67. The Nifty50 was trading at 8,916.70, lower by 220.15 points or 2.41 per cent from the previous close. Shares in drugmaker Cipla Ltd jumped 2% after March-quarter results on Friday and its filing of a new drug application for a generic version of GSK's blockbuster lung drug Advair. Indian oil-to-telecoms conglomerate Reliance Industries Ltd gained 1% after unveiling yet another sizeable investment in its digital arm.

Sensex plunges over 700 points, Nifty below 9,000 in early trade

Finance Minister Nirmala Sitharaman on Sunday said a new "coherent" public sector enterprises policy will be formulated that will define strategic sectors which will have not more than four PSUs.

Finance Minister Nirmala Sitharaman on Sunday said a new "coherent" public sector enterprises policy will be formulated that will define strategic sectors which will have not more than four PSUs. List of strategic sectors requiring presence of public sector undertakings (PSUs) in public interest will be notified, she said while announcing her fifth and final economic stimulus package. In strategic sectors, at least one enterprise will remain in the public sector but private sector will also be allowed. In other sectors, PSUs will be privatised. "To minise wasteful administrative costs, number of enterprises in strategic sectors will ordinarily be only one to four; others will be privatised/merged/brought under holding companies," she said. (With inputs from PTI)

Government to privatise non-strategic PSUs: Finance minister

Indian markets declined over 1 per cent on Friday, pulled down by auto and bank stocks, amid mixed global cues.

The 30-share Sensex slipped below 31,000-mark, to trade at 30,947, down 175 points or 0.53 per cent. While broader Nifty 50 index breached the crucial 91,00-mark and was ruling at 9,088 with a loss of 54 points or 0.59 per cent.&nbsp;

Out of 30 Sensex stocks that constitute BSE Sensex, 20 scrips were trading in negative territory. M&amp;M was the top Sensex loser down 3.27 per cent, followed by Maruti, Hero MotoCorp and Bajaj Finance.

Indian markets declined over 1 per cent on Friday, pulled down by auto and bank stocks, amid mixed global cues. The 30-share Sensex slipped below 31,000-mark, to trade at 30,947, down 175 points or 0.

Indian markets declined over 1 per cent on Friday, pulled down by auto and bank stocks, amid mixed global cues. The 30-share Sensex slipped below 31,000-mark, to trade at 30,947, down 175 points or 0.53 per cent. While broader Nifty 50 index breached the crucial 91,00-mark and was ruling at 9,088 with a loss of 54 points or 0.59 per cent. Out of 30 Sensex stocks that constitute BSE Sensex, 20 scrips were trading in negative territory. M&M was the top Sensex loser down 3.27 per cent, followed by Maruti, Hero MotoCorp and Bajaj Finance.

Sensex slips below 31,000, down over 300 points, Nifty trades below 9,100

With the governments imposing large-scale restrictions on economic activities to halt the spread of coronavirus, the global economy has come to a virtual standstill.&nbsp;

A report by the United Nations Department of Economic and Social Affairs has projected that the world economy is set to lose nearly $8.5 trillion over the next 2 years.

UN has predicted that the world economy will contract by 3.2 per cent in 2020 amid the coronavirus crisis, the sharpest contraction since the Great Depression in the 1930s.

But in the worst-case scenario, it said the global economy could contract by a further 0.5 per cent in 2021 if a new wave of infections and lockdowns continues in the third quarter, which ends September 30.

The UN report projects that the economic output of developed countries will plunge to minus 5 per cent and below, meanwhile, the GDP of the developing countries will contract by 0.7 per cent in 2020.

The report also forecast a 15 per cent contraction in world trade in 2020 as a result of sharply reduced global demand and disruptions in global supply chains.&nbsp;

COVID-19 is likely to push more than 34 million people into extreme poverty, the report added.&nbsp;

India’s GDP growth rate dips to 1.2% for FY 2020-21

The UN has slashed India's projected growth rate to 1.2 per cent in 2020, a further deterioration from the already slowed growth of 4.1 per cent in 2019.

However, India, which grew at 6.8 per cent in the fiscal year 2018, is forecast to recover slightly and clock a 5.5 per cent growth rate in 2021.

“The national lockdown in India, for example, is expected to depress economic growth to just 1.2 per cent, much lower than the already disappointing growth in 2019,” the report said.

The abrupt halt of commercial activity threatens to impose economic pain so profound and enduring in every region of the world at once that recovery could take years.

(With inputs from agencies)

With the governments imposing large-scale restrictions on economic activities to halt the spread of coronavirus, the global economy has come to a virtual standstill.

With the governments imposing large-scale restrictions on economic activities to halt the spread of coronavirus, the global economy has come to a virtual standstill. A report by the United Nations Department of Economic and Social Affairs has projected that the world economy is set to lose nearly $8.5 trillion over the next 2 years. UN has predicted that the world economy will contract by 3.2 per cent in 2020 amid the coronavirus crisis, the sharpest contraction since the Great Depression in the 1930s. But in the worst-case scenario, it said the global economy could contract by a further 0.5 per cent in 2021 if a new wave of infections and lockdowns continues in the third quarter, which ends September 30. The UN report projects that the economic output of developed countries will plunge to minus 5 per cent and below, meanwhile, the GDP of the developing countries will contract by 0.7 per cent in 2020. The report also forecast a 15 per cent contraction in world trade in 2020 as a result of sharply reduced global demand and disruptions in global supply chains. COVID-19 is likely to push more than 34 million people into extreme poverty, the report added. India’s GDP growth rate dips to 1.2% for FY 2020-21 The UN has slashed India's projected growth rate to 1.2 per cent in 2020, a further deterioration from the already slowed growth of 4.1 per cent in 2019. However, India, which grew at 6.8 per cent in the fiscal year 2018, is forecast to recover slightly and clock a 5.5 per cent growth rate in 2021. “The national lockdown in India, for example, is expected to depress economic growth to just 1.2 per cent, much lower than the already disappointing growth in 2019,” the report said. The abrupt halt of commercial activity threatens to impose economic pain so profound and enduring in every region of the world at once that recovery could take years. (With inputs from agencies)

UN forecasts coronavirus to shrink world economy by 3.2%; India's growth rate projected to slow to 1.2% in 2020

With the governments imposing large-scale restrictions on economic activities to halt the spread of coronavirus, the global economy has come to a virtual standstill. A report by the United Nations Department of Economic and Social Affairs has projected that the world economy is set to lose nearly $8.5 trillion over the next 2 years.

Global economic output to reduce by $8.5 trillion in 2 years

India's finance minister Nirmala Sitharaman&nbsp;unveiled the next part of the economic <a href="https://www.wionews.com/business-economy/government-changes-definition-of-msmes-pm-modi-says-will-empower-entrepreneurs-298496">stimulus</a> package after announcing it on Tuesday.

<a href="https://www.wionews.com/india-news/governments-financial-package-big-relief-for-msmes-indian-taxpayers-298416">Also Read: Government's financial package: Big relief for MSMEs, Indian taxpayers</a>

Sitharaman said the second tranche of the economic stimulus package will benefit migrant workers, street vendors and small farmers.

Three crore marginal farmers have already availed Rs 4 lakh crore loans on concessional rates, India's finance minister said.

On employment of migrant workers, Sitharaman said that 14.62 crore man-days generated up to May 13 under MNREGA with Rs 10,000 crore has been spent.

Government backs universal right to minimum wages and regional disparity in minimum wages need to be bridged by national floor wage, the finance minister asserted.

Major announcements:

Government to spend Rs 3,500 crore on giving free food grain to 8 crore migrant workers who do not have either central or state PDS cards.

PDS ration cards to be made portable to allow migrant workers to use ration cards across states.

Rs 1,500 crore interest subvention for MUDRA-Shishu loans of up to Rs 50,000.

Government to launch affordable rental housing scheme for migrant workers.

50 lakh street vendors to be given Rs 5,000 crore.

Affordable housing scheme for middle income families with Rs 6 lakh to Rs 18 lakh annual income to be extended till March 2021.

Rs 30,000 crore additional emergency working capital fund to be provided through NABARD to small, marginal farmers. 
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&nbsp;

India's finance minister Nirmala Sitharaman unveiled the next part of the economic stimulus package after announcing it on Tuesday. Also Read: Government's financial package: Big relief for MSMEs, Indian taxpayers Sitharaman said the second tranche of the economic stimulus package will benefit migrant workers, street vendors and small farmers.

India's finance minister Nirmala Sitharaman unveiled the next part of the economic stimulus package after announcing it on Tuesday. Also Read: Government's financial package: Big relief for MSMEs, Indian taxpayers Sitharaman said the second tranche of the economic stimulus package will benefit migrant workers, street vendors and small farmers. Three crore marginal farmers have already availed Rs 4 lakh crore loans on concessional rates, India's finance minister said. On employment of migrant workers, Sitharaman said that 14.62 crore man-days generated up to May 13 under MNREGA with Rs 10,000 crore has been spent. Government backs universal right to minimum wages and regional disparity in minimum wages need to be bridged by national floor wage, the finance minister asserted. Major announcements: Government to spend Rs 3,500 crore on giving free food grain to 8 crore migrant workers who do not have either central or state PDS cards. PDS ration cards to be made portable to allow migrant workers to use ration cards across states. Rs 1,500 crore interest subvention for MUDRA-Shishu loans of up to Rs 50,000. Government to launch affordable rental housing scheme for migrant workers. 50 lakh street vendors to be given Rs 5,000 crore. Affordable housing scheme for middle income families with Rs 6 lakh to Rs 18 lakh annual income to be extended till March 2021. Rs 30,000 crore additional emergency working capital fund to be provided through NABARD to small, marginal farmers.

Second tranche of economic stimulus will benefit migrant workers & small farmers: Nirmala Sitharaman

Domestic equity market benchmarks BSE Sensex and Nifty 50 settled over 2.5 per cent lower on Thursday mainly dragged by financials and IT stocks.

At the close, the S&amp;P BSE Sensex stood at 31,123, down 886 points or 2.8 per cent while Nifty ended at 9,143, down 241 points or 2.57 per cent.&nbsp;

Global markets

World stock markets fell for a third day running on Thursday after a sobering warning from the World Health Organization that the coronavirus may never go away.

The head of the Federal Reserve quashed talk of U.S. interest rates going negative to kickstart investment and new outbreaks of the virus in South Korea and China and some dour assessments of the global economy aroused concern too.

Asian markets had followed Wall Street lower overnight with MSCI's broadest index of Asia-Pacific shares finishing down 1.3% and Japan's heavyweight Nikkei closing 1.75% lower.

(With Reuters inputs)

Domestic equity market benchmarks BSE Sensex and Nifty 50 settled over 2.5 per cent lower on Thursday mainly dragged by financials and IT stocks. At the close, the S&P BSE Sensex stood at 31,123, down 886 points or 2.

Domestic equity market benchmarks BSE Sensex and Nifty 50 settled over 2.5 per cent lower on Thursday mainly dragged by financials and IT stocks. At the close, the S&P BSE Sensex stood at 31,123, down 886 points or 2.8 per cent while Nifty ended at 9,143, down 241 points or 2.57 per cent. Global markets World stock markets fell for a third day running on Thursday after a sobering warning from the World Health Organization that the coronavirus may never go away. The head of the Federal Reserve quashed talk of U.S. interest rates going negative to kickstart investment and new outbreaks of the virus in South Korea and China and some dour assessments of the global economy aroused concern too. Asian markets had followed Wall Street lower overnight with MSCI's broadest index of Asia-Pacific shares finishing down 1.3% and Japan's heavyweight Nikkei closing 1.75% lower. (With Reuters inputs)

Sensex ends 886 points lower, Nifty settles below 9,150

India's finance minister Nirmala Sitharaman said today that the financial package announced by PM Modi during his televised address to the nation on Tuesday is meant to spur "growth and build a self-reliant India" as part of "Atmanirbhar Bharat". Five pillars of "Atmanirbhar Bharat" include - economy, infrastructure, system, demography and demand, India's finance minister said. "Self reliant India does not mean cutting off from rest of the world," Sitharaman said while giving details of Rs 20 lakh crore stimulus package. "We shall not forget that we do have a responsibility towards the poor, needy, the migrant workers, and the aged," the finance minister added.

Indian government outlines economy rivival plan, big relief for MSMEs

Indian shares soared on Wednesday after Prime Minister Narendra Modi outlined Rs 20 lakh crore stimulus package aimed at supporting an economy battered by a weeks-long lockdown to combat the novel coronavirus.

Indian shares soared on Wednesday after Prime Minister Narendra Modi outlined Rs 20 lakh crore stimulus package aimed at supporting an economy battered by a weeks-long lockdown to combat the novel coronavirus. The NSE Nifty 50 index rose 2.68% to 9,441.55 by 0350 GMT, while the S&P BSE Sensex was 2.80% higher at 32,254.16. The stimulus package would be equivalent to 10% of India's gross domestic product and includes both fiscal and monetary measures, some of which have already been announced, economists said. India's coronavirus infections have been rising steadily, and on Wednesday they surged past 74,000, with more than 2,400 deaths. Maruti Suzuki Ltd, India's largest automaker, and lender Kotak Mahindra Bank are expected to report March-quarter earnings later on Wednesday. (With inputs from Reuters)

Sensex, Nifty surge after PM Modi's Rs 20 lakh crore stimulus boost

Finance minister Nirmala Sitharaman announced today that MSME definition has been changed to allow units with investment up to Rs 1 crore to be called micro-units in place of Rs 25 lakh now.

<a href="https://www.wionews.com/business-economy/government-extends-deadline-to-file-income-tax-returns-till-november-30-298473">Also Read:&nbsp;Government extends deadline to file income tax returns till November 30</a>

Also, units with turnover of up to Rs 5 crore would be called "micro-units", she said, adding a turnover based criteria is being introduced to define small businesses.

The investment and turnover limits for small businesses has&nbsp;been raised to Rs 10 crore and Rs 50 crore respectively.

<a href="https://www.wionews.com/india-news/governments-financial-package-big-relief-for-msmes-indian-taxpayers-298416">Also Read:&nbsp;Government's financial package: Big relief for MSMEs, Indian taxpayers</a>

The finance minister said units with an investment of up to Rs 20 crore and turnover of up to Rs 100 crore will qualify as medium-size enterprise.

"The steps announced will boost liquidity, empower the entrepreneurs and strengthen their competitive spirit," India's Prime Minister Modi said.

Sitharaman announced Rs 3 lakh crore collateral-free automatic loan for businesses, including MSMEs.

"It will benefit 45 lakh small businesses," the finance minister said.

"Today's announcements by FM Sitharaman will go a long way in addressing issues faced by businesses, especially MSMEs," PM Modi added.

<div class="ui-state-default" contenteditable="false">
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<blockquote class="twitter-tweet">
Today’s announcements by FM <a href="https://twitter.com/nsitharaman?ref_src=twsrc%5Etfw">@nsitharaman</a> will go a long way in addressing issues faced by businesses, especially MSMEs. The steps announced will boost liquidity, empower the entrepreneurs and strengthen their competitive spirit. <a href="https://twitter.com/hashtag/AatmaNirbharBharatAbhiyan?src=hash&amp;ref_src=twsrc%5Etfw">#AatmaNirbharBharatAbhiyan</a>
— Narendra Modi (@narendramodi) <a href="https://twitter.com/narendramodi/status/1260559627982442497?ref_src=twsrc%5Etfw">May 13, 2020</a></blockquote>
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Union Home Minister Amit Shah said the Narendra Modi government is committed to reviving the economy, help small businesses and boost employment.

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<blockquote class="twitter-tweet">
I thank PM <a href="https://twitter.com/narendramodi?ref_src=twsrc%5Etfw">@narendramodi</a>’s government for infusing liquidity of Rs 90,000 crore in DISCOMs, providing Rs 45,000 crore Partial Credit Guarantee Scheme 2.0 for NBFCs and Rs 50,000 crore liquidity through TDS/TCS rate reduction. <a href="https://twitter.com/hashtag/AatmaNirbharBharatAbhiyan?src=hash&amp;ref_src=twsrc%5Etfw">#AatmaNirbharBharatAbhiyan</a>
— Amit Shah (@AmitShah) <a href="https://twitter.com/AmitShah/status/1260557561859674112?ref_src=twsrc%5Etfw">May 13, 2020</a></blockquote>
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"I thank PM @narendramodi and FM @nsitharaman for these unprecedented steps, targeted at assisting MSMEs, cope with challenges of COVID-19," India's home minister said, adding, "it reflects PM Modi's commitment to revive our economy, help small businesses and boost employment," he tweeted.

(With PTI inputs)

Finance minister Nirmala Sitharaman announced today that MSME definition has been changed to allow units with investment up to Rs 1 crore to be called micro-units in place of Rs 25 lakh now.

Finance minister Nirmala Sitharaman announced today that MSME definition has been changed to allow units with investment up to Rs 1 crore to be called micro-units in place of Rs 25 lakh now. Also Read: Government extends deadline to file income tax returns till November 30 Also, units with turnover of up to Rs 5 crore would be called "micro-units", she said, adding a turnover based criteria is being introduced to define small businesses. The investment and turnover limits for small businesses has been raised to Rs 10 crore and Rs 50 crore respectively. Also Read: Government's financial package: Big relief for MSMEs, Indian taxpayers The finance minister said units with an investment of up to Rs 20 crore and turnover of up to Rs 100 crore will qualify as medium-size enterprise. "The steps announced will boost liquidity, empower the entrepreneurs and strengthen their competitive spirit," India's Prime Minister Modi said. Sitharaman announced Rs 3 lakh crore collateral-free automatic loan for businesses, including MSMEs. "It will benefit 45 lakh small businesses," the finance minister said. "Today's announcements by FM Sitharaman will go a long way in addressing issues faced by businesses, especially MSMEs," PM Modi added. Today’s announcements by FM @nsitharaman will go a long way in addressing issues faced by businesses, especially MSMEs. The steps announced will boost liquidity, empower the entrepreneurs and strengthen their competitive spirit. #AatmaNirbharBharatAbhiyan — Narendra Modi (@narendramodi) May 13, 2020 × Union Home Minister Amit Shah said the Narendra Modi government is committed to reviving the economy, help small businesses and boost employment. I thank PM @narendramodi’s government for infusing liquidity of Rs 90,000 crore in DISCOMs, providing Rs 45,000 crore Partial Credit Guarantee Scheme 2.0 for NBFCs and Rs 50,000 crore liquidity through TDS/TCS rate reduction. #AatmaNirbharBharatAbhiyan — Amit Shah (@AmitShah) May 13, 2020 × "I thank PM @narendramodi and FM @nsitharaman for these unprecedented steps, targeted at assisting MSMEs, cope with challenges of COVID-19," India's home minister said, adding, "it reflects PM Modi's commitment to revive our economy, help small businesses and boost employment," he tweeted. (With PTI inputs)

Government changes definition of MSMEs; PM Modi says will 'empower entrepreneurs'

India's Jubilant Life Sciences Ltd said on Tuesday it had signed a non-exclusive licensing agreement for selling Gilead Sciences Inc's experimental COVID-19 treatment remdesivir in 127 countries, including India.

The drug earlier this month received the US Food and Drug Administration's emergency use authorization to treat COVID-19 patients.

Jubilant also gets the rights to manufacture the drug and scale up production in nearly all low-income and middle-income countries, as well as some high-income nations.

Gilead has said it was negotiating long-term licenses with several generic drugmakers in India and Pakistan to produce remdesivir for developing countries and that it would provide technology to aid the production.

With no approved treatment for COVID-19, the respiratory illness caused by the novel coronavirus, interest in remdesivir has been growing, and the company is being closely watched on the pricing and distribution of the limited supply of the drug.

Not-for-profit Medecins Sans Frontières (MSF), also known as Doctors Without Borders, criticized Gilead for a lack of transparency on the terms of the agreement.

"We believe that instead of business as usual, such agreements should be made public and licenses have to be global including all countries - low, middle and high income," said Leena Menghaney, the South Asia head for MSF's Access Campaign.

Gilead did not immediately respond to a request for comment on the agreement with Jubilant.

The pandemic has killed nearly 286,000 people globally, according to a Reuters tally, and several drugmakers are racing to develop a viable treatment or vaccine to combat the outbreak.

India's Jubilant Life Sciences Ltd said on Tuesday it had signed a non-exclusive licensing agreement for selling Gilead Sciences Inc's experimental COVID-19 treatment remdesivir in 127 countries, including India.

India's Jubilant Life Sciences Ltd said on Tuesday it had signed a non-exclusive licensing agreement for selling Gilead Sciences Inc's experimental COVID-19 treatment remdesivir in 127 countries, including India. The drug earlier this month received the US Food and Drug Administration's emergency use authorization to treat COVID-19 patients. Jubilant also gets the rights to manufacture the drug and scale up production in nearly all low-income and middle-income countries, as well as some high-income nations. Gilead has said it was negotiating long-term licenses with several generic drugmakers in India and Pakistan to produce remdesivir for developing countries and that it would provide technology to aid the production. With no approved treatment for COVID-19, the respiratory illness caused by the novel coronavirus, interest in remdesivir has been growing, and the company is being closely watched on the pricing and distribution of the limited supply of the drug. Not-for-profit Medecins Sans Frontières (MSF), also known as Doctors Without Borders, criticized Gilead for a lack of transparency on the terms of the agreement. "We believe that instead of business as usual, such agreements should be made public and licenses have to be global including all countries - low, middle and high income," said Leena Menghaney, the South Asia head for MSF's Access Campaign. Gilead did not immediately respond to a request for comment on the agreement with Jubilant. The pandemic has killed nearly 286,000 people globally, according to a Reuters tally, and several drugmakers are racing to develop a viable treatment or vaccine to combat the outbreak.

India's Jubilant signs licensing deal for US pharma firm Gilead's covid-19 drug

India's finance minister Nirmala Sitharaman said today that the financial package announced by PM Modi during his televised address to the nation on Tuesday is meant to spur "growth and build a self-reliant India" as part of "Atmanirbhar Bharat". Five pillars of "Atmanirbhar Bharat" include - economy, infrastructure, system, demography and demand, India's finance minister said. "Self reliant India does not mean cutting off from rest of the world," Sitharaman said while giving details of Rs 20 lakh crore stimulus package. "We shall not forget that we do have a responsibility towards the poor, needy, the migrant workers, and the aged," the finance minister added. #WION #NirmalaSitharaman #EconomicPackageIndia About Channel: WION -The World is One News, examines global issues with in-depth analysis. We provide much more than the news of the day. Our aim to empower people to explore their world. With our Global headquarters in New Delhi, we bring you news on the hour, by the hour. We deliver information that is not biased. We are journalists who are neutral to the core and non-partisan when it comes to the politics of the world. People are tired of biased reportage and we stand for a globalised united world. So for us the World is truly One. Please keep discussions on this channel clean and respectful and refrain from using racist or sexist slurs as well as personal insults. Subscribe to our channel at https://goo.gl/JfY3NI Check out our website: http://www.wionews.com Connect with us on our social media handles: Facebook: https://www.facebook.com/WIONews Twitter: https://twitter.com/WIONews Follow us on Google News for latest updates WION: shorturl.at/fwKO0 Zee News English: shorturl.at/aJVY3 Zee News Hindi: shorturl.at/eorM1 Zee Business: shorturl.at/hpqX6 DNA News: shorturl.at/rBOY6 BGR: shorturl.at/eioqL

Watch: India's six steps to boost MSMEs | Nirmala Sitharaman Press Conference

India's finance minister Nirmala Sitharaman while unveiling the financial package under&nbsp;"Atmanirbhar Bharat" announced that the government had decided to extend&nbsp;the deadline for filing of income tax returns for 2019-20 fiscal till November 30, 2020.

<a href="https://www.wionews.com/india-news/financial-package-meant-to-build-a-self-reliant-india-build-local-brands-nirmala-sitharaman-298416">Also Read:&nbsp;Financial package meant to build a self reliant India, build local brands, says Sitharaman</a>

India's finance minister also announced a number of measures in an effort to boost the economy and protect the MSMEs and taxpayers.

"From tomorrow till March 31, 2021, the TDS/TCS rates have been reduced by 25 per cent of the existing rate... this shall also apply to all payments for contracts, interest, rent, dividend, commission or brokerage.. all of these will be eligible for 25 per cent rate reduction."

"This reduction would release nearly Rs 50,000 crore in the hands of the people who would have otherwise paid it as TDS," Sitharaman said.

While announcing the stimulus package, Sitharaman said that measures were meant to spur "growth and build a self reliant India", however, "self reliant India does not mean cutting off from rest of the world," the finance minister added.

India's finance minister also announced statutory PF contribution by the employer to be reduced to 10 per cent from 12 per cent earlier to provide Rs 6,750 crore liquidity relief.

Sitharaman also announced Rs 50,000 crore equity infusion through MSME "Fund of Funds" to provide support to growth potential MSMEs along with Rs 30,000 crore liquidity facility for NBFCs, housing finance companies and MFIs.

India's finance minister Nirmala Sitharaman while unveiling the financial package under "Atmanirbhar Bharat" announced that the government had decided to extend the deadline for filing of income tax returns for 2019-20 fiscal till November 30, 2020.

India's finance minister Nirmala Sitharaman while unveiling the financial package under "Atmanirbhar Bharat" announced that the government had decided to extend the deadline for filing of income tax returns for 2019-20 fiscal till November 30, 2020. Also Read: Financial package meant to build a self reliant India, build local brands, says Sitharaman India's finance minister also announced a number of measures in an effort to boost the economy and protect the MSMEs and taxpayers. "From tomorrow till March 31, 2021, the TDS/TCS rates have been reduced by 25 per cent of the existing rate... this shall also apply to all payments for contracts, interest, rent, dividend, commission or brokerage.. all of these will be eligible for 25 per cent rate reduction." "This reduction would release nearly Rs 50,000 crore in the hands of the people who would have otherwise paid it as TDS," Sitharaman said. While announcing the stimulus package, Sitharaman said that measures were meant to spur "growth and build a self reliant India", however, "self reliant India does not mean cutting off from rest of the world," the finance minister added. India's finance minister also announced statutory PF contribution by the employer to be reduced to 10 per cent from 12 per cent earlier to provide Rs 6,750 crore liquidity relief. Sitharaman also announced Rs 50,000 crore equity infusion through MSME "Fund of Funds" to provide support to growth potential MSMEs along with Rs 30,000 crore liquidity facility for NBFCs, housing finance companies and MFIs.

Government extends deadline to file income tax returns till November 30

Indian stock market benchmarks BSE Sensex and Nifty 50 index ended with over 2 per cent gains on Wednesday.

The S&amp;P BSE Sensex rallied 637 points or 2 per cent to settle at 32,009. of 30 constituents of the index, 26 ended in the green and rest four in the red. Axis Bank (up 7 per cent) ended as the biggest gainer on the index while Nestle India (down over 5 per cent) emerged as the top loser.

NSE's Nifty advanced 187 points or 2 per cent to 9,383.55 levels.

Sectorally, banking stocks rallied the most. The Nifty PSU Bank index jumped over 6 per cent to 1,238.05 while Nifty Bank climbed over 4 per cent to 19,635.&nbsp;

Pharma stocks, on the other hand, ended in the red. Nifty Pharma slipped over 1 per cent to 9,148.&nbsp;

Indian stock market benchmarks BSE Sensex and Nifty 50 index ended with over 2 per cent gains on Wednesday. The S&P BSE Sensex rallied 637 points or 2 per cent to settle at 32,009.

Indian stock market benchmarks BSE Sensex and Nifty 50 index ended with over 2 per cent gains on Wednesday. The S&P BSE Sensex rallied 637 points or 2 per cent to settle at 32,009. of 30 constituents of the index, 26 ended in the green and rest four in the red. Axis Bank (up 7 per cent) ended as the biggest gainer on the index while Nestle India (down over 5 per cent) emerged as the top loser. NSE's Nifty advanced 187 points or 2 per cent to 9,383.55 levels. Sectorally, banking stocks rallied the most. The Nifty PSU Bank index jumped over 6 per cent to 1,238.05 while Nifty Bank climbed over 4 per cent to 19,635. Pharma stocks, on the other hand, ended in the red. Nifty Pharma slipped over 1 per cent to 9,148.

Sensex ends above 32,000, Nifty settles near 9,400

India's manufacturing output contracted 20.6 per cent in March from a year earlier, indicating the impact of the nationwide lockdown imposed to contain the coronavirus outbreak -- and also&nbsp;fanning hopes that the central bank will ease rates further to kick-start the economy amid the crisis.

The data was presented by the government on Tuesday.

The 20.6% fall in manufacturing was driven by the closure of thousands of factories after the government imposed a national lockdown in the last week of March.

Industrial output, which includes manufacturing and mining, contracted 16.7 per cent for the corresponding period, compared to analysts' forecast of 8.7 per cent fall in a Reuters poll.

The industrial output for the fiscal year 2019/20 ending March contracted 0.7 per cent over the corresponding period of the previous year.

Private economists and rating agencies say India's economy could contract by up to 0.5% in the current financial year beginning April, compared with earlier government estimates of around 6% growth. This is likely to encourage the Reserve Bank of India (RBI) to ease rates and pump in more liquidity.

In April, the unemployment rate rose to 23.5% from 8.7% the previous month, data released by the Centre for Monitoring Indian Economy, a Mumbai-based think tank, showed.

Meanwhile, the ministry of statistics said the Indian government did not release headline retail inflation figures for the month of April due to inadequate data collection.

The data are usually collected from 1,114 urban markets and 1,181 villages through personal visits, which have been suspended since March 19 due to the lockdown announced by the government to contain the spread of the coronavirus.

Modi’s government is starting to pull back from one of the world’s tightest lockdowns of 1.3 billion people that has left millions out of work and stranded in cities far from home while infections keep rising.

India’s coronavirus infections have crossed 70,000, including 2,293 deaths.

(with inputs from Reuters)

India's manufacturing output contracted 20.6 per cent in March from a year earlier, indicating the impact of the nationwide lockdown imposed to contain the coronavirus outbreak -- and also fanning hopes that the central bank will ease rates further to kick-start the economy amid the crisis.

India's manufacturing output contracted 20.6 per cent in March from a year earlier, indicating the impact of the nationwide lockdown imposed to contain the coronavirus outbreak -- and also fanning hopes that the central bank will ease rates further to kick-start the economy amid the crisis. The data was presented by the government on Tuesday. The 20.6% fall in manufacturing was driven by the closure of thousands of factories after the government imposed a national lockdown in the last week of March. Industrial output, which includes manufacturing and mining, contracted 16.7 per cent for the corresponding period, compared to analysts' forecast of 8.7 per cent fall in a Reuters poll. The industrial output for the fiscal year 2019/20 ending March contracted 0.7 per cent over the corresponding period of the previous year. Private economists and rating agencies say India's economy could contract by up to 0.5% in the current financial year beginning April, compared with earlier government estimates of around 6% growth. This is likely to encourage the Reserve Bank of India (RBI) to ease rates and pump in more liquidity. In April, the unemployment rate rose to 23.5% from 8.7% the previous month, data released by the Centre for Monitoring Indian Economy, a Mumbai-based think tank, showed. Meanwhile, the ministry of statistics said the Indian government did not release headline retail inflation figures for the month of April due to inadequate data collection. The data are usually collected from 1,114 urban markets and 1,181 villages through personal visits, which have been suspended since March 19 due to the lockdown announced by the government to contain the spread of the coronavirus. Modi’s government is starting to pull back from one of the world’s tightest lockdowns of 1.3 billion people that has left millions out of work and stranded in cities far from home while infections keep rising. India’s coronavirus infections have crossed 70,000, including 2,293 deaths. (with inputs from Reuters)

India's manufacturing output contracts 20.6% in March

Indian stock market benchmarks BSE Sensex and Nifty50 were trading over 1 per cent down on Tuesday following weak global cues.&nbsp;

At 2:30 pm, the 30-share Sensex was down 199 points or 0.63% per cent at 31,363, while the broader Nifty 50 index was trading at 9,197.95, down 41.25 points or 0.45%.

Today Rupee ended stronger at 75.50 per US dollar vs Monday's close of 75.74/$.

A total of 11 companies, including Nestle, Havells, and Bandhan Bank are scheduled to announce their March quarter results.

Indian stock market benchmarks BSE Sensex and Nifty50 were trading over 1 per cent down on Tuesday following weak global cues. At 2:30 pm, the 30-share Sensex was down 199 points or 0.

Indian stock market benchmarks BSE Sensex and Nifty50 were trading over 1 per cent down on Tuesday following weak global cues. At 2:30 pm, the 30-share Sensex was down 199 points or 0.63% per cent at 31,363, while the broader Nifty 50 index was trading at 9,197.95, down 41.25 points or 0.45%. Today Rupee ended stronger at 75.50 per US dollar vs Monday's close of 75.74/$. A total of 11 companies, including Nestle, Havells, and Bandhan Bank are scheduled to announce their March quarter results.

Sensex off lows, still down 100 points, Nifty trades above 9,100