Top headlines: MPs take 30% salary cut, service sector activity contracts

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MPs take 30% salary cut in coronavirus fight

 

MPs will take a 30 per cent salary cut for a year and forego for two years funds they get to spend on their constituencies to help India fight the coronavirus pandemic, the union cabinet decided on Monday after a virtual meeting. Read More...

Rajan calls Covid-19 'economic emergency', advises govt to invite experts

Former Governor Raghuram Rajan called the Covid-19 an economic emergency and suggested the government invite experts across fields and poltics for an united stand against the disease. Rajan warned that operating everything from the PMO's office may prove taxing for the officials and added that this crisis is unlike the 2008 Financial Crisis wherein the country has to be much more prepared. Rajan said that more testing should be done with priority and asked the government to take care of the underpriviledged. Read More...

Coronavirus fear: Govt raises issue of layoffs, salary cuts with companies

The Centre is trying to address the distress calls of the workers who fear retrenchments and salary cuts due to the Covid-19 pandemic. The government has written to various companies, especially the airlines as they are the hardest hit, and have asked them to retain workers especially casual and contractual employees during the lockdown period. Read More...

Covid-19 pulls India's service sector into contraction mode in March: PMI

As Covid-19 triggered slump in demand mainly overseas as well as lockdown measures to ensure public health, India's services sector for March contracted from a 85-month high seen in the previous month. The IHS Markit India Services Business Activity Index was at 49.3 while some experts argued that the entire impact of the pandemic is yet to be realised by the nation. Read More...

Coronavirus impact: States can now borrow up to 50% of limit in April

To fight the Covid-19 pandemic, the Centre has allowed the states to borrow 50% of the FY 2020-2021 limit in April. The move came as the Centre is going through a fund crunch and is not able to pay the states their dues in devolution, GST and others. Read More...

Covid-19 relief: Staggered 180-day bad-loan breather on cards for banks

The RBI and the finance ministry may allow the NPA delinquency relaxation extend to 180 days from current 90 days. The staggered NPA relaxation glide path can be expected to have ‘start-stop dates’, which will finally settle down to the current 90-day timeline by the close of 2020-21. The rescheduling of accounts classified as overdue, stressed or NPAs as of December 2019 without being downgraded, and fresh funding (with a minimum repayment period of 18 to 24 months) is to be considered. Read More...