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  India likely to slip into recession in third quarter this fiscal

  May 24, 2020 12:50 IST

  The Indian economy is likely to slip into recession in the third quarter of this fiscal as loss in income and jobs and cautiousness among consumers will delay recovery in consumer demand even after the pandemic, says a report. According to Dun & Bradstreet's latest Economic Observer, the country's economic recovery will depend on the efficacy and duration of implementation of the government's stimulus package.

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  COVID-19 hits global OLED TV market, QLED segment to grow: Report

  May 24, 2020 12:02 IST

  Led by South Korea's LG Electronics, the global OLED TV market is expected to post relatively small growth this year, compared with the QLED TV sector, following a disruption in panel supply caused by the novel coronavirus pandemic.

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  Tomatoes selling below Re 1 per kg in Delhi wholesale markets

  May 24, 2020 9:38 IST

  In the wholesale markets of national capital, the prices of all vegetables, including tomatoes, onions have come down drastically this month.

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  Mizoram to hike petrol, diesel prices from June 1

  May 24, 2020 12:58 IST

  The Mizoram government will hike diesel and petrol prices by 2.5 per cent and 5 per cent, respectively, from June 1 to fight the economic slowdowncaused by the outbreak of novel coronavirus, Taxation Minister Lalchamliana said on Saturday.

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  UP aims to reduce limit of wastage in re-distillation of liquor

  May 24, 2020 6:52 IST

  The Uttar Pradesh government has to reduce the limit of wastage in the process of re-distillation of plain and spiced country liquor, a senior UP government official said here on Saturday

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  Finance Ministry not considering calamity cess on GST

  May 23, 2020 21:47 IST

  Reports had earlier said that the central government is considering a calamity cess on the Goods and Services Tax, similar to flood cess imposed by Kerala in June last year.

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  Bank of Baroda to offer up to Rs 12 thousand crore loans to MSMEs under credit guarantee scheme

  May 23, 2020 17:43 IST

  State-run Bank of Baroda on Saturday said it can offer up to Rs 12,000 crore in loans to MSMEs under the Rs 3 lakh crore Emergency Credit Line Guarantee Scheme (ECLGS) announced by the government.

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  Group of Ministers meet on current economic situation today

  May 23, 2020 16:17 IST

  A meeting of a Group of Ministers will take place at the residence of Defence Minister Rajnath Singh at 5 p.m. on Saturday. This is the second such meeting of the ministers in six days. The last one was held on May 18.

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  Canara Bank releases emergency credit facilities for MSMEs

  May 23, 2020 13:37 IST

  In order to meet the temporary liquidity mismatch arising out of COVID-19 outbreak, Canara Bank has announced 'CANARA CREDIT SUPPORT' for all of their borrowers who have been affected by COVID-19.

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  GoAir to resume domestic operations from June 1

  May 22, 2020 22:28 IST

  Budget carrier GoAir is likely to resume domestic flight services from June 1, owing to certain "operational and regulatory" issues, sources said on Friday. Minister of State for Civil Aviation Hardeep Singh Puri had on Wednesday announced, through Twitter, that commercial passenger services on domestic routes will be allowed to operate from May 25 under a comprehensive Standard Operating Procedure (SOP), covering all stakeholders.  

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  RBI fortifies war-room with more manpower as COVID-19 rages on

  May 22, 2020 21:46 IST

  The Reserve Bank, which has been operating from a war-room at a secret facility here since March 19 with skeletal staff, has increased the deployed manpower to 150 now, as the monetary authority continues to insulate the nation's financial system from the disruptions due to the coronavirus pandemic.

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  FM meets PSU bank chiefs, prods them to implement 'Aatmanirbhar' relief package

  May 22, 2020 21:17 IST

  Finance Minister Nirmala Sitharaman on Friday held a review meeting with CEOs of public sector banks (PSBs) and asked them to implement the mega 'Aatmanirbhar' relief package to revive the COVID-hit economy.  

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  Birla Corporation Q4 profit up 52 per cent to Rs 195 crore

  May 22, 2020 21:03 IST

  M P Birla Group firm Birla Corporation on Friday reported 52 per cent rise in March quarter consolidated net profit at Rs 194.73 crore, helped by lower fuel costs and improvement in efficiency and cost rationalisation.

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  RBI move to cut repo rates progressive: SICCI

  May 22, 2020 20:09 IST

  Reserve Bank of India's announcement to cut repo rates and extend moratorium is 'progressive' and focuses more on developmental and regulatory policy measures, the Southern India Chamber of Commerce and Industry said on Friday.

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  RBI's extension of moratorium on repayment of loans will help aviation companies: Puri

  May 22, 2020 20:03 IST

  Hours after the Reserve Bank of India (RBI) extended the moratorium on repayment of loans for three months on Friday, Union minister Hardeep Singh Puri said this step will offer relief to aviation sector companies like airports, airlines and ground handlers and help them improve their cash flow position. 

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  Sensex drops 260 points as RBI measures fail to cheer investors

  May 22, 2020 16:29 IST

  Equity benchmark BSE Sensex tumbled 260 points on Friday, dragged by losses in banking and financial stocks as RBI's rate cut and other measures to prop up the economy failed to meet market expectations. 

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  Tomato prices fall 3-year low at Rs 3-10/kg in Delhi, Bengaluru, Hyderabad wholesale markets

  May 22, 2020 16:02 IST

  Tomato prices in consuming centres of Delhi, Bengaluru and Hyderabad fell below three-year lows, in the range of Rs 4-10 per kg on Friday in the wholesale markets on higher arrival, according to official data. 

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  RBI extends Rs 15,000 crore credit line to EXIM Bank

  May 22, 2020 14:56 IST

  The Reserve Bank of India (RBI) will extend a credit line of Rs 15,000 crore to the Export-Import (EXIM) Bank of India. The announcement is part of the RBI's latest measures to help businesses and the economy tide over the coronavirus crisis.

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  CBDT issues tax refunds worth Rs 26,242 crore since 1st April

  May 22, 2020 14:28 IST

  Central Board of Direct Taxes on Friday has issued tax refunds worth Rs. 26,242 crore to 16,84,298 tax assesses since April 1 to May 21, 2020 and corporate tax refund to 1.02 lakh assesses amounting to Rs 11,610 cr given during this period.

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  Air India begins bookings for domestic flights resuming Monday

  May 22, 2020 14:36 IST

  Air India has started taking bookings for domestic flights starting Monday, May 25. Union Civil Aviation Minister Hardeep Singh Puri on Thursday announced that the air fares for flights will have a capped upper and lower limit in price.

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  Economic damage for India from lockdown to be significant: Moody's

  May 22, 2020 13:56 IST

  Moody's Investors Service said on Friday that economic damage as a result of India's coronavirus lockdown will likely be extensive and reflect the country's inherent economic vulnerability and fiscal constraints.

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  Household grocery bills rise with the increase in home consumption but overall sales decline

  May 22, 2020 13:12 IST

  According to a study, 98 per cent of the grocery retail market in India is now controlled by Kirana stores and during the lockdown, many of the local stores have benefitted due to increase in customer footfall. Often people ended up paying more than the MRP during mid-March and April.

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  Work from home not ultimate solution for corporates, Real Estate sector scenario may change

  May 22, 2020 13:05 IST

  Post the announcement of lockdown 4.0, many things have changed. Especially the restrictions under 5 different zones (Containment, Buffer, Red, Orange and Green Zone) changed the demand for work from home so far.

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  GDP growth expected to remain in negative territory in FY21

  May 22, 2020 10:50 IST

  Reserve Bank of India (RBI) Governor Shaktikanta Das on Friday said that the Monetary Policy Committee, in an unscheduled meeting, cut policy repo rate by 40 basis points to 4.0%, adding GDP is estimated to contract in current fiscal.

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  Sensex, Nifty turn choppy; RIL jumps on KKR deal

  May 22, 2020 10:36 IST

  Buying in Reliance Industries offset the negative sentiment in the market as the scrip jumped over 1 per cent after the company announced the sale of a 2.32 per cent stake in its digital unit to US private equity giant KKR for Rs 11,367 crore.

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  RBI extends loan moratorium by 3 months

  May 22, 2020 10:47 IST

  The Reserve Bank of India has extended the loan moratorium by another three months in light of the extended state of lockdown in the country.

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  Expect normalcy to return in second half of the year: RBI Guv Shaktikanta Das

  May 22, 2020 17:13 IST

  RBI Governor Shaktikanta Das in a presser amid lockdown situation in the country due to the outbreak of coronavirus which has impacted businesses at large said that they are expecting normalcy to return in the second half of the year.

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  Loan EMIs set to get cheaper as RBI cuts repo rate by 40 bps to 4 per cent

  May 22, 2020 10:48 IST

  Loan EMIs are set to get cheaper as RBI cuts repo rate by 40 bps to 4 per cent. "The repo rate cut by 40 basis points from 4.4 % to 4%. Reverse repo rate stands reduced to 3.35%," RBI Governor Shaktikanta Das said in a press conference on Friday.