Budget 2018-19

  Includes credit guarantee schemes, steps to revive tourism, strengthen health infra Union Finance Minister Nirmala Sitharaman on Monday announced the much-awaited fiscal package to revive the economy ravaged by the second pandemic wave, keeping the fiscal outgo limited for the current year. The Rs 6.28-trillion package included a new credit guarantee scheme for health, tourism and micro borrowers, besides expanding the Emergency Credit Line Guarantee Scheme (ECLGS) by half to Rs 4.5 trillion and extending the  Aatmanirbhar Bharat Rozgar Yojana . “Measures announced by the FM will enhance public health facilities, especially in under-served areas, boost private investment in medical infrastructure and augment critical human resources. Special focus is on strengthening healthcare facilities for our children,” Prime Minister  Narendra Modi  tweeted. The new announcements include extending credit guarantees of Rs 2.6 trillion and schemes worth Rs 2.4 trillion, spread o...

  Occupancy in airlines is down to 60 per cent as number of cases rises and states impose travel curbs Last Sunday as Prime Minister Narendra Modi was meeting top bureaucrats over rising Covid cases, chief executive of a private airline asked his head of operations to prepare for a sudden grounding of operations. Just a month ago, the CEO had met investors and the talk revolved around a total recovery and bright future of Indian aviation. He’s back to plugging daily cash burn. Within two weeks of many airlines deciding to roll back salary cuts encouraged by a steady increase in traffic flow, a second wave of coronavirus along with rules of compulsory RT-PCR test has hit forward bookings. The fears of last summer, when the pandemic had overturned all the wisdom of airline boardrooms, have returned to haunt the aviation industry. According to an official in the Ministry of Civil Aviation, flight occupancy is down to 60 per cent from 70 per cent in the first week of March. Airline lob...

  The path of the economy continues to depend significantly on the course of the virus International News:  The US Federal Reserve has kept its benchmark interest rate unchanged at the record-low level of near zero, as the country grapples with slowing economic recovery amid surging Covid-19 cases. “The path of the economy continues to depend significantly on the course of the virus,” Fed Chairman Jerome Powell said at a virtual press conference on Wednesday. “A resurgence in recent months of Covid-19 cases, hospitalizations and deaths is causing great hardship for millions of Americans and weighing on economic activity and job creation.” The Fed chief noted that following a sharp rebound in economic activity last summer, the pace of the recovery has “moderated” in recent months, with the weakness concentrated in the sectors most adversely affected by the resurgence of the virus and greater social distancing, reports Xinhua news agency. “The economy is a long way from our empl...

  PM Modi spoke on a range of issues and called the latest labour reforms as very pro-worker Prime Minister Narendra Modi on Monday assured that everyone will be vaccinated and no one will be left behind. The statements came in an interview with The Economic Times, days after the BJP promised free vaccination in its poll manifesto in Bihar. “First and foremost, I would like to assure the nation that, as and when a vaccine becomes available, everyone will be vaccinated. None will be left behind, Modi said. Talking about the economy he said that India is on its way to economic recovery as farmers have broken all records of production along with record-high FDI inflows followed by auto and tractor sales that are either reaching or surpassing previous year levels. “We will take all measures needed to constantly stimulate the economy in a timely manner while ensuring overall macro-economic stability,” Modi said adding “we are still not over with the pandemic. Yet, our economy has shown ...