The American dream is about to turn sour for many Indian techies

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THE ECONOMIC TIMESDaily Newsletter Fri, Jun 12, 2020 | 06:01 PM IST

#Coronavirus#EconomyTracker#Whatsbuzzing

Top stories of the day Trump wants to freeze H-1B to save US jobs Such a decision is likely to have an adverse impact on thousands of Indian IT professionals. . ... The rainmaker behind Mukesh Ambani's $13 billion deal spree RBI proposes upper age limit of 70 years for bank CEOs S&P sees serious local epidemic, corporate distress in India A Rs 55,000 crore fund manager says hype did lot of harm to Modi stimulus Voda Idea, Airtel may offer assets as securities for AGR payments SBI moves NCLT to recover Rs 1.2k-cr from Anil Ambani GST Council gives relief to small taxpayers

Debate This Will economic patriotism lead to India's undoing? The government seems to have decided that the best way to salvage the sinking ship is to look inwards. There are calls within the government for the boycott of global products, especially Chinese. But is it possible to shut the world out without first strengthening our own supply chains? India doesn't yet have the concrete channels needed to substitute imported products with home-grown ones. So, there are chances that taking 'vocal for local' too seriously might just backfire on the country of 1.3 billion.

SENSEX 33780.89 242.52 NIFTY 50 9972.90 70.90 USD/INR 75.84 0.05

Top Gainers NSE 8 companies (largecap) appreciated more than 5% Sundaram Fin 11.75% Aditya Birla Fashion 7.32% More from Gainers Top Losers NSE 3 companies (largecap) price decreased more than -3% Zee Ent. -4.21% ONGC -3.45% More from Losers

More From our Partners Meet woman bosses who are revolutionising start-up ecosystem Reforming the pet-care industry in India and making citizens' voices heard on laws and regulations, Devanshi Shah and Antaraa Vasudev are revolutionising the start-up ecosystem.

With a law, India plans lasting ban on cryptos New law will deal a blow to investors, exchanges and other entities dealing in virtual currencies.... Billionaire Uday Kotak hardest hit by India's plan to cap CEO tenures Vijay Mallya has one last trick up his sleeve M&M Q4 results: Firm posts net loss of Rs 3,255 crore India bets on frozen food buyers moving away from China Govt rebuts survey which claimed 80% Indians had a pay cut RIL rights shares to list on bourses on Monday Scooter, Mobike output nears 70% of pre-lockdown levels Maruti drives in Celerio S-CNG version at Rs 5.36 lakh Petrol hiked by 57 paise per litre, diesel by 59 paise in sixth increase in a row UK economy shrinks by record 20.4% in April As energy prices tumble, developing countries trim subsidies

More From our Partners This is how advertisers are engaging new-age users online

Top Slideshow The stranger things that attract GST Top Video AGR: PSUs rejoice; 20-yr plan questioned

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Lockdown, Day 80: Climb up the reform ladder

CORONAVIRUS UPDATES 12 Jun, 2020 | 05:36 PM IST SENSEX 33,781 +242.52 NIFTY 50 9,973 +70.90 Gold 47,302 -112.00 USD/INR 75.84 +0.05

Lockdown, Day 80: Climb up the reform ladder On a day when India saw the sharpest spike of almost 11,000 new coronavirus cases, IMF hinted at extreme global poverty as a result of the crisis. It suggested that more funds will be needed in addition to the already spent $10 trillion by governments across the world. On a brighter side, S&P Global predicts India's economic growth potential in medium and long-term is 6.5-7 per cent but reforms are critical for the country to get back to recovery after deep shock this year. Track this space for latest updates... COUNT SO FAR Goa reports 30 new cases, 417 till now Nagaland reports 9 new cases , tally at 156 Odisha count reaches 3,498 with 112 new cases Jharkhand's total cases reach 1,607 Puducherry case count stands at 163 Rajasthan logs 11,930 cases 207 new cases in AP; aggregate rises to 5,636 Tripura count stands at 916 Imphal's total cases reach 385 Uttarakhand reports 37 new cases, tally 1,692 WORLD INDIA Tally Toll Tally Toll 7,502,278 421,032 297,535 8,498 LIFE UNDER LOCKDOWN HC, lower courts heard over 18 K cases via video conference BCCI cancels India's tours to Sri Lanka, Zimbabwe SBI relaunches online savings account opening facility Google to show testing centres on Search, Assistant and Maps Lockdown relaxations in Maharashtra not being revoked BUSINESS AND ECONOMY GST Council Meet: FM gives relief to small taxpayers Sensex stages 1400 points rebound, ends 243 points higher Rupee settles 5 paise lower at 75.84 against US dollar Shoppers Stop lays off more than 1,100 employees S&P predicts serious local epidemic, enduring financial and corporate distress in India M&M Q4 results: Firm posts net loss of Rs 3,255 cr Average housing prices up 38% in last decade Maruti drives in Celerio S-CNG version at Rs 5.36 lakh Govt to give 50% subsidy for fruit, vegetable transport AROUND THE WORLD Germany's confirmed cases rise by 258 to 185,674 More than 900 die in US in 24 hours China reports 7 new cases, total at 83,064 Russia reports 8,779 new infection cases Indonesia reports 1,111 new cases, 48 deaths Philippines records 615 more cases, 16 deaths UK economy shrinks by record 20.4% in April Singapore reports 463 COVID-19 cases DEBATE THIS Will economic patriotism lead to India's undoing? Tell us here

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