Business

30 Apr

India’s Reliance Industries Has Cut The Pay Of Employees By Up To 50 Per Cent.

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Reliance Industries has cut the pay of employees by up to 50 per cent, according to a company letter, as it battles lower profitability in wake of the coronavirus epidemic. The pay cuts were cited in a company note to employees dated April 29.Reliance Industries, headed by India's richest man, Mukesh Ambani, has decided that employees earning more than Rs 15 lakh ($20,000) a year will face a 10 per cent salary cut, while senior executives will take salary cuts ranging from 30 per cent to 50 per cent. Employees earning less than Rs 15 lakh per annum will not…

26 Apr

A Prolonged Lockdown May Possibly Push Million Of Indians Into The “Margins Of Subsistence”, Says Former RBI Governor.

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Former RBI Governor Duvvuri Subbarao said on Sunday that, a prolonged lockdown may possibly push million of Indians into the "margins of subsistence", while expecting a ''V'' curved recovery once the COVID-19 crisis ends and the turnaround in India to be faster than some economies. He was participating in a webinar on "History repeats - but differently- Lessons for the post Corona World," organised by the Manthan Foundation here, in which former Deputy Governor of RBI Usha Thorat took part."Because most analysts believe that this year India will actually have negative growth or growth will contract. We must remember that…

25 Apr

WhatsApp Increases Group Video Calling Limit From 4 To 8.

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WhatsApp Messenger is confirmed to be doubling the number of participants allowed in the group calls. With this, WhatsApp group calls will now support up to 8 people, up from four right now. The change was first spotted in the recent beta version of WhatsApp Messenger on both Android and iPhone, and now Facebook, the parent company of WhatsApp, has officially announced the change and revealed the timeline of when the increased group call participants limit can be expected.In a post on Facebook, the social giant's CEO Mark Zuckerberg announced the upcoming change to WhatsApp group calls.“More than 700 million…

25 Apr

Centre Gives Permit To Shops To Reopen But With Certain Conditions, Malls To Remain Closed.

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A month into the nationwide lockdown to check the spread of the novel coronavirus or COVID-19, all shops in residential areas - except those in the malls - have been allowed to reopen from today with conditions by the government. The relaxations are not applicable to hotspots and containment zones. The Union Home Ministry's late night order - that says masks, gloves and adherence to social distancing norms will be mandatory - comes as a huge relief to the shopkeepers and buyers. However, with public transport still closed, employees of shops that can reopen could still find it tough to…

25 Apr

P Chidambaram’s Opinion On Franklin Templeton Shutting Funds.

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Former finance minister P Chidambaram has asked the centre to "act promptly" to stop any cascading effect of the unprecedented closure of six debt funds by global giant Franklin Templeton.Franklin Templeton Mutual Fund, one of India's most prominent mutual fund houses in fixed income, said on Thursday it would wind up six credit funds in India with large exposures to higher-yielding, lower-rated credit securities due to a lack of liquidity amid the coronavirus pandemic.

25 Apr

Sonia Gandhi Writes Letter To The Prime Minister.

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Congress chief Sonia Gandhi has written a letter to Prime Minister Narendra Modi with five recommendations to help the micro, small and medium scale enterprises (MSME) sector amid the coronavirus pandemic. Mrs Gandhi said MSMEs contribute close to one-third to India's gross domestic product (GDP) and account for almost 50 per cent of the country's exports. The sector also employs over 11 crore people. But the lockdown necessitated by the COVID-19 pandemic has put most economic activities to a halt and over 6.3 crore MSMEs "stand on the verge of economic ruin", Mrs Gandhi said in the letter.

23 Apr

India’s GDP To Shrink.

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As India remains in a 40-day nationwide lockdown to slow down the spread of the Covid-19 pandemic, trapping an already-slowing economy a standstill, economists and industry experts are estimating sub-1 per cent expansion rates. Some are even expecting a contraction for the country's GDP. The latest estimates by some economists and certain industry experts shows how gloomy India's economy on account of the coronavirus-triggered lockdown, which continues to harm many businesses worldwide. Though even before the country began the COVID-19 lockdown, the economy stared at its worst pace of expansion since the 2008-09 global financial crisis.

22 Apr

Coronavirus Is Impacting Job Placements

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Jobs offered to six students of Indian Institute of Technology in Madras have been revoked by companies due to the pandemic, but the institute - ranked number one under the Education Ministry's overall institutions category and engineering institutions category – says there have been no cancellations of overseas job offers.The highly contagious coronavirus pandemic, which has infected over 2.5 million people worldwide, has had a massive impact on the global economy. Growth rates have plunged, millions have lost jobs and offers made in healthier and happier times are now being reconsidered.The contagion has also not spared the graduates of India's…

20 Apr

China Calls India’s new FDI Rules as “Discriminatory”

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India's new rules for Foreign Direct Investment (FDI) violate WTO principles of non-discrimination and are against free and fair trade, China said on Monday, calling for a "revision of discriminatory practices". On Saturday, the government stepped up scrutiny of investments from companies based in neighbouring countries, in what was widely seen as a move to stave off takeovers by Chinese firms during the coronavirus outbreak. The changes were meant to curb "opportunistic takeovers/acquisitions," said the government.

19 Apr

UP Hospital Ad Says No Entry To Muslims Without COVID-19 Test

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A privately-run cancer hospital in western UP's Meerut waded into controversy this week after it said Muslim patients and their attendants would only be admitted if they tested negative for the COVID-19 virus. The outrageous declaration was made in an ad posted in a local newspaper.Curiously, the same ad also hit out at Hindu and Jain patients, accusing the wealthy sections of both communities of being "misers" and demanding they contribute to Prime Minister Narendra Modi's PM Cares Fund; it is not known if the hospital claimed to regard donation to the fund as price of admittance for Hindus and…