Business, labour groups urge G20 to expand debt freeze for poorer countries

Business, labour groups urge G20 to expand debt freeze for poorer countries


The International Chamber of Commerce, a global trade union and civil society groups, urged the Group of 20 major economies to extend and expand a freeze in debt service payments to help not just the poorest but also middle-income countries weather the coronavirus pandemic and its economic fallout.


The ICC, International Trade Union Confederation, and Global Citizen, a group pushing to end extreme by 2030, also called on G20 finance ministers, who will meet online on July 18, to take additional steps to boost the participation of private creditors, who have been slow to engage.



In an open letter to be published Monday, the groups said further steps were needed since the global economy was facing an even deeper downturn than projected in April, when the G20 and Paris Club of creditors announced a freeze in debt service payments for

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Assumption of rate cut delivering growth simply not working: Rathin Roy

Assumption of rate cut delivering growth simply not working: Rathin Roy

The assumption that would help deliver growth is “simply not working” as transmission is not happening, said senior economist on Saturday.

Roy, director of National Institute of Public Finance and Policy (NIPFP) said the assumptions on linear relationships between resulting in growth by lowering the cost of capital is not working for some time now. NIPFP is backed by the


“I am not persuaded by the RBI’s monetary policy statements, including that of the governor, regarding the rush down for these I heard him (Governor) just before this session and I continue to not being convinced,” Roy said at the Annual Economics Conference organised by State Bank of India.

RBI Governor Shaktikanta Das, who addressed the gathering before the economists’ panel, reduced rates by a cumulative 1.15 per cent in two moves since the onset

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Derailed economic activities getting back on track: Haryana CM Khattar

Derailed economic activities getting back on track: Haryana CM Khattar


Chief Minister on Friday said that with the unlocking of the economy, several disrupted activities were getting back on track.


Speaking in Rohtak, Khattar said the revenue generation of the state has also increased in the last few weeks.



He said several activities which were disrupted due to the Covid-19 are now slowly coming back on track.


Several steps have been taken by the state government to prevent the pandemic spread, he said.


He said the government got a revenue of Rs 16,009 crore in the last financial year 2019-20, whereas during the corresponding period in the current financial year, only Rs 11,098 crore was received.


Notably, the revenue collected during the first two months of the had almost been negligible as almost all revenue sources, including GST, Excise, Stamp

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Personal car, 2-wheeler preferred mode of transportation post Covid: Survey

Personal car, 2-wheeler preferred mode of transportation post Covid: Survey


A majority of people are likely to use a personal car or two-wheeler as mode of transportation post Covid-19, says a new survey.


The research shows that the pre-owned will see a good traction as 96 per cent of the respondents want to purchase used car. The survey was conducted by Shriram Automall, India’s largest platform for pre-owned vehicles and equipment.



The survey titled ‘On Buyers’ Purchasing Behaviour Trend due to Covid-19′ stated that due to health and safety concerns, the personal convenience will become popular over public transport where demand of pre-owned vehicles would like to rise compared to new vehicles.


is likely to decline significantly in FY 2020-21 across segments. Commercial vehicles sales are expected to drop by 26-28 per cent, while passenger vehicles drop would be in the tune of 24-26

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15th Finance Commission discusses govt’s revenue projections in video meet

15th Finance Commission discusses govt’s revenue projections in video meet


The on Wednesday held a virtual meeting to discuss the Union’s revenue projections in-depth.


The meeting was headed by Chairman NK Singh with Finance and Revenue Secretary Ajay Bhushan Pandey, CBDT Chairman Pramod Chandra Mody and Chairman M Ajit Kumar.



“15th Finance Commission, led by Chairman NK Singh held a virtual conference with Finance and Revenue Secy Ajay Bhushan Pandey, CBDT Chairman Pramod Chandra Mody and Chairman M Ajit Kumar. The meeting was held to discuss the Union’s revenue projections in-depth,” Finance Commission of India tweeted.

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Odisha govt bars foreign tours by its employees, new cars to save costs

Odisha govt bars foreign tours by its employees, new cars to save costs


Odisha on Tuesday issued the expenditure rationalisation measures for all government departments in the wake of the economic downturn due to the pandemic.


“We are going through a crisis of unprecedented nature due to the global pandemic COVID-19. It has posed challenges in every sphere of our life. The State Government has been fighting the pandemic with all its might to minimize the casualty. The strategic imposition of shutdowns/lockdowns at various places could ensure the minimum spread of the virus” said State Finance Secretary Ashok Meena in a letter to all departments.



“However, nation-wide lockdown/ shutdown has interrupted the economic activities which resulted in a shortfall in the realisation of resources. On the other hand, COVID management would require higher expenditure. There would also be higher spending need for generating employment and livelihoods for the most affected sections of the

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