LIVE: Traders declare Bharat Bandh as success, claim loss of Rs 1 trillion

The call for the bandh was given by the Confederation of All India Traders (CAIT). Stay tuned for Latest LIVE news

Union Minister for Finance and Corporate Affairs Nirmala Sitharaman in a virtual meeting today with CEO, NITI Aayog and Secretaries of 22 Infrastructure Ministries/Departments discussed post-budget action points for infrastructure roadmap ahead including NIP implementation. 

Meanwhile, the day-long 'Bharat Vyapar Bandh' called by the Confederation of All India Traders (CAIT) evoked a lukewarm response with most shops and commercial establishments open through the day. The traders' body, however, claimed that shopkeepers supported its nationwide business shutdown call to protest against issues related to the Goods and Services Tax (GST) and "unethical business practices of foreign e-commerce companies".

CAIT claimed that 'Bharay Vyapar Bandh' has caused a loss of about Rs 1 trillion.
 

After contracting for two quarters in a row, the Indian economy grew by 0.4 per cent in the October-December quarter amid coronavirus pandemic, official data showed on Friday. The gross domestic product (GDP) had expanded by 3.3 per cent in the corresponding period of 2019-20, according to the data released by the National Statistical Office (NSO). 

Stay tuned for the latest news of the day.

10:20 PM

Six dead in fire accident in Sivakasi, TN CM announces Rs 3 lakh for kin of each deceased

Six people have died in a fire accident at a firecracker factory near Sivakasi, confirms Joint Director of Health Services, Virudhunagar, Tamil Nadu. Tamil Nadu Chief Minister has announced Rs 3 lakhs each for the families of the six persons who died in a fire at a firecracker factory near Sivakasi on February 25. Rs 1 lakh to be provided to the injured person. (ANI)

8:33 PM

Markets remain open as 'Bharat Vyapar Bandh' fails to impact Delhi

All markets remained open in east Delhi's Madhu Vihar and other areas despite the Confederation of All India Traders' (CAIT) call for a 'Bharat Vyapar Bandh' on Friday.

 

Speaking to IANS, Rajesh Mishra, owner of RR Paints (located in east Delhi) and the Secretary of Madhu Vihar Traders Association, said, "If the businesses are closed then it affects both the government as well as the shopowners."

 

The Madhu Vihar Traders Association had decided that the markets won't be closed and talks with the Central government would open, he added. Speaking to IANS, Gautam Sabhrawal who owns a grocery shop 'Sai Home Needs' in south Delhi's Sharma Colony area said, "We have opened our shop and customers are coming as usual", adding that we only got to know about the 'Bharat Vyapar Bandh' on Friday morning.

8:20 PM

S Jaishankar, UAE foreign minister hold talks, review bilateral ties

External Affairs Minister S Jaishankar and his UAE counterpart Sheikh Abdullah Bin Zayed Al Nahyan held talks on Friday and reviewed the growing bilateral cooperation.

 

"Reaffirming an extraordinary friendship. Always nice to welcome FM HH @ABZayed to India. Reviewed our growing cooperation. Discussions underscored our shared purpose and common interest," Jaishankar tweeted after the talks.

 

The UAE foreign minister's visit comes just over two months after Jaishankar visited the United Arab Emirates in November last year. Jaishankar had paid a two-day visit to the UAE on November 25-26.

8:04 PM

'Bharat Vyapar Bandh' evokes lukewarm response

The day-long 'Bharat Vyapar Bandh' called by the Confederation of All India Traders (CAIT) evoked a lukewarm response with most shops and commercial establishments open through the day. The traders' body, however, claimed that shopkeepers supported its nationwide business shutdown call to protest against issues related to the Goods and Services Tax (GST) and "unethical business practices of foreign e-commerce companies".

 

Various markets in the national capital were open on Friday during the Bandh with many saying that despite supporting the cause, they did not want to suffer another day of losses.

 

However, CAIT in a statement said the shutdown was a "grand success" as more than 8 crore small businesses belonging to about 40,000 trade associations across the country kept their shutters down and no trading activity took place in any commercial market.

7:42 PM

GDP numbers: Positive surprise for third quarter but negative for FY21?

The CSO keeps the suspense alive on growth forecasts by coming with a second advance estimate in February after the first was released in January. The January forecast is based on extrapolations of data known till November or December for most variables while the second estimate is based on more of the realized data.

Given that corporate performance has been good for the third quarter and that these numbers enter the calculations for several sectors, these estimates capture the picture in a better manner. Simultaneously there are the Q3 numbers which are provided which are more significant this time as several indicators showed that the economy had turned the corner. READ ON...

7:22 PM

Businesses unaffected in Punjab, Haryana in 'Bharat Vyapar Bandh'

Businesses remained unaffected in Punjab and Haryana on Friday during the "Bharat Vyapar Bandh" called by trader unions, with many saying though they supported the cause, they could not afford to down shutters, according to a PTI report.

 

The Confederation of All India Traders (CAIT) on Thursday had said all commercial markets across the country will remain closed on February 26 in view of its 'Bharat Bandh' call demanding a review of the provisions of the goods and services tax (GST) regime.

 

The CAIT had said dharnas (protests) would be held nationwide at 1,500 places to urge the Centre, state governments and the GST Council to keep in abeyance the "draconian" provisions of GST.

7:05 PM

Rupee logs worst day in nearly 19 moths, dives 104 paise against dollar

The Indian rupee on Friday posted its biggest single-day fall in nearly 19 months, tumbling 104 paise to close at 73.47 against the US dollar as a rout in global bond markets weighed on investor sentiments.

 

Besides, rising geopolitical tensions between the US and Syria also led to weaker appetite among investors in domestic forex markets, analysts said.

 

At the interbank forex market, the local unit opened at 72.43 against the greenback, then lost further ground to touch an intra-day low of 73.51. READ ON...

6:38 PM

Disengagement at all friction points necessary to consider de-escalation of troops: S Jaishankar

India has told China that disengagement at all friction points is necessary to contemplate de-escalation of troops in eastern Ladakh even as the foreign ministers of the two countries agreed to establish a hotline for "timely" communication and exchange of views.

 

In the first high level contact after the two countries agreed early this month to disengage from the Pangong Tso area in eastern Ladakh, External Affairs Minister S Jaishankar told his Chinese counterpart Wang Yi during a telephonic conversation on Thursday that peace and tranquillity on the border is essential for development of bilateral relations. The armies of the two sides last week concluded withdrawal of troops and weapons from the North and South banks of the Pangong lake.

6:15 PM

SC agrees to hear plea for caste-wise 2021 census for backward classes

The Supreme Court Friday agreed to hear a plea seeking direction to the Centre for conducting a caste-wise 2021 census for backward classes for efficient allocation of budgetary resources and excluding the 'creamy layer' and 'non backward class' citizens from a particular caste.

 

A bench of Chief Justice Bobe and Justices AS Bopanna and V Ramasubramanian issued notice to the Centre and National Commission for Backward Classes (NCBC) and tagged the matter along with other pending matters.

6:07 PM

Indian economy to contract by 8% in 2020-21: Govt estimates

Indian economy to contract by 8 per cent in 2020-21: Govt estimates

5:45 PM

India's Q3 GDP grows at 0.4%

India's gross domestic product expanded 0.4% in the three months ended December, after contracting for two consecutive quarters, according to government data released on Friday. This will help Asia’s third-largest economy exit an unprecedented recession. The country's economic growth shrank 7.5% a quarter ago and grew 4.1% in the year-ago period.

 

India is now one of the few major economies to post growth in the last quarter of calendar year 2020, with any improvement in the economy’s performance inversely tied to a drop in Covid-19 infections. But the country has seen an uptick in cases over the last few weeks raising the risk of a new round of localised lockdowns. READ ON...

5:02 PM

Indian cricketer Yusuf Pathan announces retirement from all forms of the game

5:00 PM

Boeing 777 makes emergency landing in Moscow: Reports

Russian media report that a Boeing 777 plane made an emergency landing in Moscow in the early hours of Friday after the pilot reported a problem with the engine.

 

The Interfax news agency cited an anonymous source saying that the pilot on the flight from Hong Kong to Madrid reported a failure of one of the left engine control channels and requested an emergency landing at the Moscow Sheremetyevo airport.

 

The plane carrying both cargo and passengers landed safely and no one was injured, the report said. Earlier this month, a Boeing 777 operated by United Airlines had to make an emergency landing in Denver after one of its engines blew apart, spewing huge chunks of wreckage that landed in neighborhoods and sports fields. READ ON...

4:36 PM

Puducherry Lt Governor announces 2% reduction in VAT on petrol and diesel

Puducherry Lieutenant Governor announces a 2 per cent reduction in VAT (Value Added Tax) on petrol and diesel in the union territory.

4:30 PM

Rupee tanks 104 paise to close at 73.47 (provisional) against US dollar