Top headlines: Airlines to expand capacity; banks come under virus grip

Domestic flights resumed on May 25, but airlines are allowed to operate 33 per cent of capacity.
Govt asks airlines to expand capacity to 50% from current cap of 33%

In a further sign that the government is in favour of opening up the economy more, the Ministry of Civil Aviation intends to increase the scale of domestic flights to 50 per cent of capacity. Domestic flights resumed on May 25, but airlines are allowed to operate 33 per cent of capacity. The ministry has sought suggestions from airlines on whether this is feasible. However, industry sources said except market leader IndiGo and government-owned Air India, the rest gave weak demand as a deterrent. Read More

After PM Modi intervenes, traders say Delhi markets to remain open

Markets in Delhi will remain open as the traders’ body postponed its decision of a shutdown after Prime Minister Narendra Modi intervened. Confederation of All India Traders (CAIT), a leading body of over 50 million small and medium merchants in the country, on Sunday said that the commercial markets in Delhi shall remain open. Its decision came after the direct intervention of the PM Modi and aggressive steps announced by Home Minister Amit Shah on Sunday. Read More

My stand on Tata legacy hotspots is vindicated: Cyrus Mistry to SC

Cyrus Mistry, former chairman of Tata Group, has said his stand on the group’s sick businesses was vindicated as losses in these “legacy hotspots” continued to mount even after a new management, led by the current chairman N Chandrasekaran, took over. In an affidavit filed in the Supreme Court (SC), Mistry gave details of every business that, he claimed, had failed because of wrong business calls made by his predecessor, Ratan Tata. Read More

As Covid-19 cases surge, telemedicine may address doctor shortage

Even as the country’s health care infrastructure of beds, ventilators, and personal protective gear is ramped up and new therapies prescribed to treat Covid-19 patients, the shortage of critical care specialists has become acute as the number of cases rises. Health care professionals and state governments are addressing the problem in a two-pronged strategy of training doctors to become intensivists and adopt the telemedicine route. Read More

15K repatriated Indian migrant workers sign up for skill mapping in a week

Under pressure from a rising pandemic, job loss, and a hasty return, more than 15,000 repatriated Indian migrant workers and professionals have signed up for a government database that aims to help them find a job. In a week, the Skilled Workers Arrival Database for Employment Support (SWADES), being run by the National Skill Development Corporation (NSDC), have seen 15,634 returnee migrant workers and professionals opting to have their skill set mapped. 59 per cent among them have lost their jobs and are currently unemployed, official data reviewed by Business Standard showed. Read More

In poor health already, banks come under grip of Covid-19 pandemic

Even his worst detractors can’t accuse State Bank of India Chairman Rajnish Kumar of being economical with optimism. So, when the head of the country’s largest bank says, “I have money, but there are no takers of the money,” the signal is loud and clear: India’s bank credit market is in the midst of one of its worst crisis. Due to low credit offtake, banks are straddled with huge liquidity, on which they have to pay interest to the depositors, but can’t earn interest by deploying loans, their core business. Read More

Over 80% of Indians believe lockdown needed to hold the spread of Covid-19

Rapidly rising cases since the lockdown ended last week have made everyone jittery. People, who were inclining towards reopening of the economy, are now again favouring a lockdown - even if partially. The latest survey by LocalCircles conducted over 16,000 people in 221 districts in the country show, 82 per cent of Indians now believe that complete or partial lockdown needed in districts, where cases are growing steadily. While 23 per cent said such areas need to be lockdown completely, 59 per cent favoured for a partial lockdown with all public places shut. Read more

Covid-19 crisis: Formal sector gains at the expense of smaller players

What has been an irreversible trend for a few years — the gradual formalisation of the economy — has received sudden acceleration with Covid-19. From jewellery, paints, biscuits, beverages, and staples to restaurants, the organised sector is racing ahead by gaining market share at the expense of poorer, smaller, unorganised players. The organised sector enjoys scale as well as healthier balance sheets relative to the unorganised sector, which has faced the brunt of the lockdown. Read More

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