After bazooka, RBI pulls out a Swiss knife

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THE ECONOMIC TIMESDaily Newsletter Fri, Apr 17, 2020 | 05:50 PM IST

#Coronavirus#EconomyTracker#Whatsbuzzing

Top stories of the day After bazooka, RBI pulls out a Swiss knife The Governor announced a second tranche of liquidity for NBFCs, refinancing institutions. ... China won't be able to bail rest of Asia out this time Govt wants data on all sackings, pay cuts Discoms to suffer Rs 30K cr revenue loss due to lockdown: CII 40% decline in growth of COVID-19 cases: Health Ministry Fuel sales slump 50% in April; petrol down 64%, diesel 61%, ATF 94% FMCG sales witness sharp decline in March last week: Survey Govt announces fresh lockdown exemptions

Debate This Has India shortchanged the informal sector in its Covid response? Govt wants data on sackings and pay cuts happening in India. Modi has himself made multiple appeals to companies to be considerate to staff. But all this is exclusively for the organised sector. The informal sector that forms the economy's backbone has got a few doles, but nothing beyond that. What'll be the cost of the skew?

SENSEX 31588.72 986.11 NIFTY 50 9266.75 273.95 USD/INR 76.36 -0.51

Top Gainers NSE 25 companies (largecap) appreciated more than 5% Bharat Forge 19.02% Shriram Tran Fin 17.73% More from Gainers Top Losers NSE 5 companies (largecap) price decreased more than -3% Torrent Pharma -3.77% Havells India -3.63% More from Losers

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Slowly, India Inc begins to fire up its engines At least eight publicly listed companies have taken steps to restart operations.... RBI Governor expects a V-shaped recovery for India in 2021-22 Banks that skirted India's bad loans can't escape lockdown Ban on dividend payout will help conserve capital, no adverse effect seen Wider, aggressive testing at core of Lockdown 2.0 plan Direct Tax department sets target of Rs 13.19 lakh crore for FY21 Passenger vehicle dispatches likely to decline by 10-12 per cent in FY21 : Icra Demand for contract workers may increase Auto companies chop salaries to stay afloat L&T bags significant orders worth up to Rs 2,500 cr from domestic clients Donald Trump unveils guidelines to reopen America China denies cover-up in coronavirus outbreak COVID-19 could cause hundreds of thousands of additional child death: UN

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Lockdown, Day 24: RBI pulls out Swiss knife

CORONAVIRUS UPDATES 17 Apr, 2020 | 05:40 PM IST SENSEX 31,589 +986.11 NIFTY 50 9,267 +273.95 Gold 45,660 -1598.00 USD/INR 76.36 -0.51

Lockdown, Day 24: RBI pulls out Swiss knife In a renewed effort to pave the way for a recovery, the Reserve Bank of India today announced various measures to deal with the collateral damage from the coronavirus pandemic. Amid a general ramp-up in screening and testing for the disease, Gujarat became the third state to register 1,000 Covid positive cases. Below are the other major developments during the day. COUNT SO FAR: Eight deaths in Indore, and 245 new cases. Two deaths in Gujarat, brings death tally to 38; cases up to 92. 62 new cases in Delhi, total up to 1,640. 38 new cases in Rajasthan, 1,169 in total. 38 new cases in Andhra Pradesh, tally rises to 570. 38 new cases in Karnataka, tally up to 353. 34 new cases in Maharashtra, total now 3,236. Three new cases Bihar, tally up to 83. Three new cases in Chhattisgarh, case total now 36. World India Tally Toll Tally Toll 21,65,500 1,45,705 13,387 437 BUSINESS: Boeing to restart commercial production next week. SIAM urges government to temporarily cut GST taxes by 10%. Discoms to suffer Rs 30,000 crore revenue loss due to lockdown. RBI MEASURES: Reverse repo rate has been cut by 25 bps to 3.75%. States Ways and Means Allowance limit increased by 60%. A second tranche of TLTRO worth Rs 50,000 crore. Liquidity Coverage Ratio has been brought down to 80% from 100%. Rs 1.2 lakh crore fresh currency pumped into the system. AROUND THE WORLD: US cases up to 6,50,00; deaths over 33,000. Germany's cases rise by 3,380. Belgium deaths cross 5,000. CHINA: 26 new cases reported in the Mainland China posts 6.8% decline in GDP; first decline in decades. China revises Wuhan death toll to 3,869; 50% increase.

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