-Vikalp.ind.in India implemented a national lockdown to contain the spread of COVID-19 pandemic. The lockdown was announced suddenly, and without a prior warning to give time to people to prepare for it. The suddenness with which lockdowns were implemented does not seem to have been part of any plan but a reflection of the lack of planning. On March 16, the Prime Minister asked people across the country to self-quarantine just...
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Banks red-flag looming retail loan default, push for 6-month moratorium -George Mathew & Anil Sasi
-The Indian Express The extended lockdown across the manufacturing and services sectors, the resultant job losses along with the wave of salary cuts are projected to start impacting the repayment capacity of retail borrowers. Mumbai/ New Delhi: The possibility of loan defaults spilling over from the corporate sector to the retail segment, a key growth area for lenders in recent years, has been flagged as a growing concern by bankers at a...
More »India can’t bear the costs of the lockdown anymore -Shashi Shekhar
-Hindustan Times It is causing grave anxiety, unemployment, and can undermine the nation’s agriculture and industry sectors On Sunday afternoon, an SUV tried to enter the sabzi mandi in Patiala. The Punjab police personnel on the premises tried to stop the vehicle. The driver veered into the barricades and tried to push on ahead. But since the barricade got entangled with the car, it got stuck. Upon this, five Nihangs ( a...
More »Coronavirus: Industrial activity can be restarted in at least 15 sectors, says Industries Department
-The Hindu They are key to improve economic activity and liquidity, says Industries Ministry The Commerce and Industries Ministry has called for far-reaching measures to be taken to mitigate the effects of the COVID-19 lockdown, urging the Home Ministry to allow relaxations of the restrictions on a number of industry sectors. In a letter to Home Secretary Ajay Kumar Bhalla on Saturday, Industries Secretary Guruprasad Mohapatra said “more activities with reasonable safeguards must...
More »World Bank sees FY21 India growth at 1.5-2.8%, slowest since economic reforms 30 years ago
-The Hindu/ PTI The COVID-19 outbreak came at a time when India’s economy was already slowing due to persistent financial sector weaknesses, says World Bank report. Washington: India is likely to record its worst growth performance since the 1991 liberalisation this fiscal year as the coronavirus outbreak severely disrupts the economy, the World Bank said on Sunday. India’s economy is expected to grow 1.5% to 2.8% in the 2020-21 fiscal which started on...
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