India’s surprise move to restrict imports of TVs, announced on Thursday, will boost local manufacturing, strengthening Prime Minister Narendra Modi’s flagship ‘Make in India’ drive, an industry body said. The Indian trade ministry issued a notice late on Thursday saying it would restrict inbound shipments of TVs by requiring importers to get a special license.
India’s fiscal deficit touched a record $88.5 billion in the April-June quarter, 83.2% of the target for the whole of the current fiscal year, reflecting the impact of the coronavirus pandemic on tax collections and as the government front-loaded its spending. The deficit is predicted by private economists to cross 7.5% of GDP in the 2020/21 fiscal year beginning April, from
The Indian government is working with the central bank on a possible one-time restructuring of loans due to the impact of the COVID-19 pandemic on businesses, finance minister Nirmala Sitharaman said on Friday. “The focus is on restructuring. The finance ministry is actively engaged with the RBI (Reserve Bank of India) on this. In principle, the idea
The U.S. economy shrank at a dizzying 32.9% annual rate in the April-June quarter – by far the worst quarterly plunge ever – when the viral outbreak shut down businesses, throwing tens of millions out of work and sending unemployment surging to 14.7%, the government said Thursday. The Commerce Department’s estimate of the second-quarter decline in the gross
The world economy will go into recession this year with a predicted loss of trillions of dollars of global income due to the coronavirus pandemic, spelling serious trouble for developing countries with the likely exception of India and China, according to the latest UN trade report. With two-thirds of the world’s population living in developing
Apple rode the company’s strong earnings report to become the world’s most valuable publicly traded company, surpassing the state oil giant Saudi Aramco at Friday’s market close. Apple shares closed up 10.47% Friday, giving it a market valuation of $1.84 trillion. Saudi Aramco, which had been the most valuable publicly listed company since its market debut last year, now trails at $1.76 trillion
China will push forward comprehensive deep reforms with greater strength, state media quoted President Xi Jinping as saying on Thursday. He also said China will proactively resolve risks, challenges, and huge pressure from any area, according to Xinhua. Xi was speaking on the economic agenda for the second half of the year at a meeting with
India imposed a strict lockdown from 25th March 2020. April 2020 was the month of an economic standstill with restrictions on various activities eased in May 2020. As restrictions were further eased, the country entered the unlock phase in June 2020. THE SUPPLY & DEMAND SIDE SHOCK The loss of economic output from more than
WHAT IS A BOND? A bond is a fixed income instrument that represents a loan made by an investor to a borrower. The government is launching the Floating Rate Savings Bonds 2020 (Taxable) scheme from July 01, 2020. The Floating Rate Savings Bonds 2020 (FRSB Bonds) will have a tenure of 7 years and the interest
China is at the center of the discovery of what may be one of the biggest gold counterfeiting scandals in recent history. According to a report in Zero Hedge, not only does it involve China, but it emerges from a city that has become synonymous with all that is scandalous about China: Wuhan. The 83 tons of
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