Yahoo presents finance highlights of the day: Markets, economy news

Anticipation of mega announcements from Finance Minister on the Rs 20 lakh crore economic stimulus package led to an upbeat mood in the markets with Sensex zooming over 1,400 points, and Nifty above 9,400-mark in opening session. Here’s all that went down in the world of finance today and all you need to know about how Nirmala Sitharaman’s announcements and how it will impact various sectors and you.

Market watch

Sensex rallies 637 pts on govt stimulus boost; banking stocks soar

Equity benchmark BSE Sensex zoomed 637 points on Wednesday, driven by gains in banking stocks ahead of Finance Minister Nirmala Sitharaman's press conference to unveil provisions of the Rs 20 lakh crore stimulus package announced by the government. Prime Minister Narendra Modi's announcement of the massive economic stimulus to revive the coronavirus-hit economy boosted domestic investor sentiment, traders said. After rallying 1,474.36 points during the day, the 30-share index surrendered some early gains to settle 637.49 points or 2.03 per cent higher at 32,008.61. Read more

Rupee rises 21 paise to 75.30 against US Dollar in early trade after PM Modi's stimulus announcement

The rupee appreciated 21 paise to 75.30 against the US dollar in early trade on Wednesday as Prime Minister Narendra Modi's Rs 20 lakh crore economic stimulus package enthused investors. Forex traders said PM's economic booster aided sentiments. Besides, a positive opening in domestic equities also supported the local unit. Read more

Indian bonds gain after early fall

Indian bonds recovered from early falls on Wednesday as investors chose to wait for details of the government's 20 trillion rupee ($266 billion) fiscal package aimed at supporting an economy ravaged by a weeks-long coronavirus lockdown. Read more


Highlights of the mega stimulus package: higher take-home pay, TDS cut by 25%, easier loans for MSMEs

Union Finance Minister Nirmala Sitharaman on Wednesday presented the details of the Rs 20 lakh-crore economic stimulus package, announced by Prime Minister Narendra Modi on Tuesday, to help businesses recover from the debilitating impact of the coronavirus pandemic, to boost growth and to help build a self-reliant (aatma-nirbhar) India. Sitharaman announced tax reforms as part of the first phase of the stimulus package to revive the economy. The government has cut TDS (tax deduction at source) rates by 25 per cent for non-salaried section. Highlights

Nirmala Sitharaman announced nothing for poor, migrant workers, says P Chidambaram on economic package

Senior Congress leader P Chidambaram said the financial package, details of which were announced by Union Finance Minister Nirmala Sitharaman today, has nothing for poor and migrant workers. Describing the financial package, as "cruel blow" to poor and migrants, P Chidambaram said no measures were announced to give cash in hands of poor. Read more

Modi's Rs 20 lakh crore stimulus blends shrewd geo-economics with Swadeshi-coated booster 'Looking at London, talking to Tokyo,' is an expression used sometimes to describe a squint in the eye or a cross-eyed view. But this could almost literally be an appropriate metaphor for Prime Minister Narendra Modi's Rs 20-lakh-crore stimulus announced to revive India's economy hit by the COVID-19 pandemic. Behind Modi's obvious push for India's self-reliance through an "Atma Nirbhar Bharat' call, there is not the conventional inward-looking approach that was the hallmark of Mahatma Gandhi's Swadeshi approach that advocated a "Be Indian, Buy Indian" philosophy; nor is there a Nehruvian wish to come out of colonial-era clutches by building a domestic industrial base. Read more

Relaxation of labour laws across states

To contain the spread of COVID-19 in India, the central government imposed a nation-wide lockdown on March 24, 2020. Under the lockdown most economic activities, other than those classified as essential activities, were suspended. States have noted that this loss of economic activity has resulted in a loss of income for many individuals and businesses. To allow some economic activities to start, some states have provided relaxations to establishments from their existing labour laws. This blog explains the manner in which labour is regulated in India, and the various relaxations in labour laws that are being announced by various states. Read more

Covid-19 Crisis: Major states staring at staggering Rs 97,100 crore revenue loss in April

Major states are collectively looking at a revenue loss of around Rs 97,100 crore in April alone due to the COVID-driven lockdown, which has hit the revenues of businesses and the government alike, according to a report. According to an estimate by India Ratings on Wednesday, both the Centre and states are struggling due to the dried-up cash inflow but the problems of states are more precarious because the actual battle against the pandemic and the associated expenditure are met by them. Read more

RBI Governor Shaktikanta Das says govt must continue reforms; green shoots of recovery need to sustain

Reserve Bank Governor Shaktikanta Das on Monday said the government will have to use structural reforms to revive demand and support the sagging economy, and green shoots of the recovery visible now need to be sustained to pull India out of its worst slowdown in 11 years. In an interview with PTI, he said the fallout of the outbreak of coronavirus in China needs to be closely monitored by "every policymaker" to tailor a swift response. Read more


Opinion: Seven steps states can take to strengthen fiscal position amid COVID-19

The state governments are staring at an acute financial crisis. Two months of lockdown have put a strain on their revenues with industrial activity at a standstill.  In their video meetings with Prime Minister Narendra Modi to discuss the coronavirus pandemic, chief ministers cutting across party lines have demanded more financial assistance from the Centre to tide over the crisis. A political slugfest over this has already started with Congress chief ministers blaming the Centre for not providing any financial aid. Read more

Opinion: PM Modi thinks India needs dreams & fables — political & economic

PM Modi grabbed the headlines with his non-specific announcement of a Rs 20 lakh crore Atma-Nirbhar Bharat Abhiyan or Self-Reliant India Campaign. The details, he said, would be announced over the next few days by the finance minister and these shall be keenly awaited. Love for alliterations never deserts the prime minister. He tailored one for how India can propel itself towards self-reliance—“Land, Labor, Liquidity and Laws all have been emphasized in this package.” While the devil is always in the fine print, Modi ensured that over the next few days—till specifics of the package are being announced—the principal focus of the news narrative shall be on these announcements. Read more

Tech corner

Twitter to let some employees to work from home permanently

Twitter Inc on Tuesday became the first major tech company to allow employees who can work remotely to do so indefinitely, as the coronavirus outbreak forces unprecedented changes in work culture across the world. Read more

How to recover Deleted Messages on WhatsApp

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APSRTC Designs 26-Seater Bus Prototype Complying With Physical Distancing: Awaits Approval

APSRTC (Andhra Pradesh State Road Transport Corporation) is said to have designed a prototype bus with seats arranged in a way that it complies with the physical distancing of passengers. Read more

Honda Reopens 155 Dealerships Across India After Lockdown Relaxation

Honda Cars India Ltd. (HCIL), has announced that 155 dealership facilities have re-opened so far across the country after getting necessary approvals from local authorities to restart operations. This includes 118 showrooms and 155 service outlets cumulatively. The dealerships had started opening sequentially after a significant easing of restrictions on economic activities by the government last week.  Read more

New (2020) Toyota Camry BS6 Launched In India: Prices Start At Rs 37.88 Lakh

Toyota India has just announced that its BS6-compliant Toyota Camry has been launched at a starting price of Rs 37.88 lakh ex-showroom making it Rs 93,000 more expensive than its outgoing BS4 model that was priced at Rs 36.95 lakh. All prices mentioned are ex-showroom India. Read more

Personal finance

TDS and TCS For Non-Salaried Payments Cut by 25%. Here’s What It Means For You

Finance Minister Nirmala Sitharaman on Wednesday announced reduction of the tax deducted at source for non-salaried income by 25 per cent of the existing rates along with tax collected at source. The reduced rates will be applicable starting Thursday and be valid till March 31, 2021. "This would place more funds at the disposal of the taxpayers. We think this measure will release liquidity of Rs 50,000 crore for people who otherwise would have paid the tax," said Sitharaman. Read more

Your Take Home Salary to Go up as Centre Reduces EPF Contribution to 10% for the Next 3 Months

In a bid to increase demand in the country which will help revive the economy, finance minister Nirmala Sitharaman on Wednesday decided that Employee Provident Fund (EPF) contribution for business entities and workers for the next three months will be reduced to 10 per cent from the current 12 per cent. This move will help increase the take-home pay of employees. However, this will not be applicable for state-run public sector enterprises. Read more

Missed A Car Loan EMI Due To Covid-19 Crisis? Here’s What You Need To Do

The Covid-19 pandemic is probably the most challenging and unprecedented crisis the world has dealt with. Ever since its outbreak, the pandemic has not only affected our normal lives but has also pushed the economy into a downturn. The crisis has resulted in widespread layoffs, pay-cuts, furloughs, and loss of business income, adding to the financial woes of the common man and woman. The government along with the Reserve Bank of India has undertaken various measures to help people deal with the economic fallout of the crisis. If you are in a financially tough situation due to the crisis and have missed or on the verge of missing a loan equated monthly instalment (EMI), this article is for you. Read more

Contactless Grocery Shopping: Your Guide to Buying Essential Items Without Touching

The COVID-19 pandemic is not going to dissolve into oblivion any time soon. Many of us have already spoken about the "new normal" — a world with as little physical interactions as possible. In such a world, it would seem that minimising points of physical contact would be the way forward, just like how we have managed so far. On this note, myriad companies and startups such as Swiggy, Zomato, BigBasket, Amazon, 1mg and more have rolled out steps such as contactless deliveries, where packages are left at your doorstep, with details about sanitation and health of the delivery person. Here's looking at how we can make a habit out of minimum-contact grocery shopping, and how our new world can thrive with as much of contactless exchanges as possible. Read more

International news