Top 10 biz headlines: Rs 20 trn stimulus package, IIP fall and more



On Tuesday, Prime Minister Narendra Modi announced a Rs 20-trillion package with an objective of putting money into people’s pockets to spur domestic consumption and demand. Meanwhile, a Bloomberg report said the government could be planning a four-year tax holiday for companies investing upwards of $100 million in labour-intensive sectors like food processing, textiles, leather and footwear. Here are the top 10 headlines that made on Tuesday:


PM Modi announces Rs 20 trillion to jump-start economy



Prime Minister Narendra Modi on Tuesday announced a Rs 20-trillion to help jump-start the economy while giving away that the nationwide lockdown would be extended beyond May 17, which will be very different from what we have seen so far. Read more here


Haryana allows select firms to deploy 100% workforce in multiple shifts


The Haryana government has decided to allow a few companies to operate factories in multiple shifts and utilise 100 per cent of their workforce and is planning to initially increase the number of shifts from one to two. Read more here


Govt mulls tax holiday for companies making new investments in India


The finance ministry is said to be evaluating a tax holiday of 10 years, which might apply to companies making more than $500 million worth of new investments in India. Read more here


Maruti starts to roll out cars from Manesar amid Covid-19 lockdown


Maruti Suzuki’s Manesar facility on Tuesday has started to roll out vehicles after 50 days of shutdown due to epidemic while following the government guidelines on social distancing. Read more here


Covid-19 impact on sectors: Consumption story hits the slow lane


Read the last of three part series here on the impact of highlighting the issues faced by the consumption story and in the media sector.


Record fall in March as IIP crashes to 16.7%, FY20 growth squeezed to 0.7%


India witnessed its biggest drop in industrial production in March with output crashing by Rs 16.7 per cent as factories were closed due to the lockdown. Read more here


Vodafone PLC liability for AGR capped at Rs 8,400 cr, blames SC order


Vodafone PLC has decided to value its majority stake in Vodafone Idea shares at zero and blamed the losses related to its Indian arm on the Supreme Court judgment. Read more here


Major relief for senior citizens as SBI offers 80 bps more on FDs


In a major relief for the senior citizens, the State Bank of India has decided to give whopping 80 basis points more for long-term FDs. Read more here


Vedanta to be delisted from Indian bourses, says Anil Agarwal


Mining major Vedanta is set to take the company private, the billionaire Anil Agarwal’s company said, the Economic Times reported.


PSU banks sanction ₹5.95 trillion loans from 1 Mar  to  8  May


The finance ministry said that public sector banks sanctioned Rs 5.95 trillion in loans to small businesses, retail, agriculture and corporate sectors between 1 March and 8 May, the Livemint reported.





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