Top biz headlines: Franklin Templeton fiasco, lockdown impact and more

Here are the top 10 headlines on Monday

The finance ministry and the Sebi had discussions with the mutual fund industry on Sunday to assess the fallout of the Franklin Templeton fiasco. Meanwhile, a report by a group of 50 young officers of the Indian Revenue Service (IRS) on enabling smooth recovery of the Indian economy has courted controversy with the finance ministry. Here are the top 10 busines stories that made news on Sunday:

Finance Ministry, Sebi question mutual funds on Franklin Templeton fiasco

The Sebi and finance ministry are worried about the impact of Franklin Templeton MF’s move to wind up six of its debt schemes, and its repercussions on the corporate debt market. Read more here

5 reasons why Sunday's reshuffle was a show stopper before Modi meets CMs

The bureaucratic reshuffle on Sunday, involving 22 top civil servants, was different from any other under the Narendra Modi government so far. Also, the latest exercise would have a significant bearing on many aspects of governance as the country tries to contain the spread of coronavirus while working out steps for lifting the nationwide lockdown. There are at least five reasons why. Read it here

More work from home, hot-desking: How India Inc will reboot after lockdown

More people working from home may perhaps be the single-biggest and lasting change to emerge from the global lockdown. If you think this is hyperbole, Tata Consultancy Services is looking at having 75 per cent of its employees working from home by 2025. It is this target that will inform the information technology (IT) giant’s plans for building future capacity and infrastructure. Read more here

This pharma hub gets back on its feet after relief in locked-down India

Baddi, an industrial town in Himachal Pradesh, accounting for 35-40 per cent of India’s domestic pharmaceutical output, is slowly coming back to life as its manufacturing plants emerge from the containment zones and production resumes.

Moreover, in a major move, one-time interstate movement too has been allowed to enable workers stuck in Chandigarh to reach Baddi, besides permitting interdistrict movement within Himachal, to get the manufacturing hub back on its feet. Read more here

Defensive stocks soar as investors choose safety over uncertainty

The sell-off in the equity markets since the coronavirus disease (Covid-19) pandemic started and the subsequent rally have changed the relative weightings of key sectors in the benchmark indices on Dalal Street. Read more here

IRS officers for super-rich tax hike amid coronavirus outbreak; govt riled

A report by a group of 50 young officers of the Indian Revenue Service (IRS) on enabling smooth recovery of the Indian economy from the coronavirus (Covid-19) disease shock has courted controversy with the finance ministry distancing itself from these recommendations and initiating inquiry into the matter. The report suggested a hike in the tax slab for the super rich, a Covid cess, an amnesty scheme for undisputed tax demands, and reintroduction of the inheritance tax. Read more here

Finance Ministry likely to present new GDP, budgetary targets by July

The government will give out new official economic growth and budgetary projections in July or later, only after the worst of the Covid-19 pandemic is behind the country, and there is a greater clarity on its economic impact. This has come after the Finance Ministry admitted that the projections in the 2020-21 Union Budget and 2019-20 Economic Survey are rendered meaningless due to the Covid-induced slowdown. Read more here

Lockdown 2.0: Stranded coronavirus-positive Indians won't be evacuated

As India readies to soon evacuate thousands of distressed citizens stranded in the Gulf region, irrespective of the current lockdown being extended, the government has decided to not bring back those who have been already been diagnosed as coronavirus positive, due to health concerns and preexisting diplomatic arrangements.

Reports suggest more than 6300 Indians have been struck by the deadly virus abroad and the rate of spread among Indian communities have picked up quickly in the Gulf region where economically weak migrants often share cramped quarters. Read more here

GMR Hyderabad Airport connects to African markets with cargo services

Hyderabad International Airport on Sunday announced that it got connected to the African markets with the touchdown of the maiden cargo flight of Ethiopian Airlines from the Ethiopian capital city Addis Ababa to Hyderabad, the Economic Times reported.

Lockdown impact: Over 650,000 workers dig into EPF as incomes dry up

Over 650,000 people have dug into their employee provident fund savings to offset the income loss caused by the lockdown imposed to check the spread of the coronavirus, the Livemint report said.