Top headlines: World Bank's $1 bn aid for India as ADB cuts growth estimate

Business Standard brings to you the top headlines of the day

1. Coronavirus outbreak: World Bank approves $1-bn emergency fund for India

The World Bank on Thursday approved $1-billion emergency financing for India to tackle the coronavirus outbreak, which has claimed 76 lives and infected 2,500 others in the country.

The World Bank's first set of aid projects, amounting to $1.9 billion, will assist 25 countries, and new operations are moving forward in over 40 nations using the fast-track process, the bank said. Read more...

2. ADB cuts India growth estimate to 4% for FY21 amid global Covid-19 pandemic

India's economic growth is likely to slow down to 4 per cent this fiscal on the back of the current global health emergency, Asian Development Bank said in its outlook for financial year 2020-21 on Friday. Read on...

RBI shortens business hours of money markets

 

India’s central bank on Friday shortened the business hours of financial markets, saying the national lockdown to stem the spread of the coronavirus has had an "adverse impact" on work. Eight financial markets will function 10am to 2pm instead of 9am to 5pm from April 7to April 17 said a press release by the RBI. Read on...

3. NCR, Mumbai stare at up to $1.7bn per week loss due to shutdown: Barclays

The National Capital Region (NCR) and Mumbai – the two ‘megacities’ – according to a recent Barclay’s research, will be the two most impacted in India due to the 21-day lockdown, followed by Bengaluru, Hyderabad and Pune.

The report co-authored by Rahul Bajoria, chief economist at Barclays has studied the Asia – Pacific (Asia-Pac) regions currently under lockdown and pegs the economic loss impact in these regions between $1 billion to $1.7 billion per week. Read on...

4. Indian smartphone industry stares at $2 bn loss due to coronavirus lockdown

Smartphone industry in India could take a $2 billion hit on account of the coronavirus pandemic as shipments declined significantly in the months of March and April compared to the previous year, according to Counterpoint Research.

Noting that the effect of the pandemic on India was relatively mild until mid-March, Counterpoint Research said the outbreak is spreading pan-India and the country has been put under a lockdown. Read more...

5. Be prepared for the worst of Covid-19: Venture Capitalists tell start-ups

Venture capital firms including Accel, Kalaari, SAIF Partners and Sequoia have advised start-ups to be "prepared for the worst", and urged them to adopt options like pay deferral and reduced salaries for workforce instead of slashing jobs in these difficult times.

In an open letter to start-ups, these VCs pointed out that start-up founders will "inevitably be faced with difficult decisions" on execution for the next 21-30 days, and on how to plan for the next 12-18 months. Read on...

6. Covid-19: Let's unite in lighting lamps at 9 pm on Apr 5, PM urges nation

Addressing the nation in a video message on the ninth day of the lockdown today, Prime Minister Narendra Modi said that the discipline and restraint shown by the people was unprecedented. The government, administration and the public have done their best to deal with this problem, he added. Read more...