Top biz headlines: Airfare capping, Rajan’s ‘catastrophe’ warning and more

A Delhi-Mumbai will not cost more than Rs 10,000 (minus taxes) for the next three months, as the government has decided to fix a tariff cap for the first time since deregulation of fare in 1994. Civil Aviation Minister Hardeep Singh Puri, while announcing the resumption of air transport from May 25, said there would be fare caps and floor prices based on the duration of flights. Here are the top 10 headlines on Friday morning.

Delhi-Mumbai no more than Rs 10,000 as govt sets limits on airfares

The government has decided to put a tariff cap and said Delhi-Mumbai will not cost more than Rs 10,000 (minus taxes) for the next three months. Read more here

India faces economic catastrophe, PMO can’t handle it by itself: Rajan

The Indian economy would be a shadow of its former self if the government didn’t announce further measures, said former RBI Governor Raghuram Rajan. Read more here

Govt mulls faster drug approval process, regulatory system overhaul

The Ministry of Health and Family Welfare has called a meeting of the committee to initiate discussions on reforming the drug regulatory and approval system. Read more here

Labour Ministry to object to states’ Ordinance plan on labour laws

The Union labour and employment ministry is not in favour of the plans by state governments to temporarily abolish labour laws through the Ordinance route. Read more here

IndiGo, SpiceJet open bookings after govt gives nod to resume services

IndiGo and SpiceJet has opened bookings on Thursday for air travel beginning May 25 after the civil aviation ministry gave its approval to resume services. Read more here

Amazon forays into food delivery, sets up direct fight with Swiggy, Zomato

Amazon has launched its food delivery business on Thursday in areas with select pin codes in Bengaluru while the company is learnt to be mulling scaling it up to other cities in the near future. Read more here

Sudden spike in bond yield amid coronavirus outbreak signals trouble

With the lockdown affecting cash flows across sectors, companies are getting downgraded at a rapid pace. Hence, the risk that they may have difficulty in servicing their debt obligations in the future is rising. Read more here

Covid-19 crisis: Slippages may jump to Rs 5.5 trillion, says India Ratings

The corporate side may see slippages of Rs 3.4 trillion, and non-corporate side — retail, farming and MSMEs — may account for Rs 2.1 trillion, according to India Ratings. Read more here

PE firms express concerns over new FDI rules, say investments will get hit

Private equity and venture capital funds operating in India have expressed serious concerns over the modification in FDI norms and said it will seriously impact their inflows in the country. Read more here.

FinMin sanctions Rs 92,077 cr to states as devolution of central taxes

Government has released a total amount of Rs 92,077 crore, as state’s share in the devolution of central taxes and duties for the months of April and May 2020. Read more here

Source link