Top headlines: Cabinet revises MSME definition; monsoon hits Kerala coast

Manufacturing PMI stood at just 30.8 in May, marginally up from April's 27.4.
Atmanirbhar Bharat: Union Cabinet approves changes in definition of MSMEs

The Narendra Modi government on Monday announced policy changes for the MSME sector as part of the Atmanirbhar Bharat package. In the first Cabinet meeting in the second year of the Narendra Modi government, it approved changes to the definition of MSMEs. According to the new definitions, MSMEs with an investment of Rs 1 cr and turnover of Rs 5 cr will be classified as micro-units. Read More

Factory slump deepens in May, job cut gathers pace: PMI data

India’s manufacturing activity contracted in May due to weak demand and logistic challenges, said the monthly IHS Markit India Manufacturing Purchasing Managers’s Index (PMI) survey on Monday. The fall was slightly slower than April's historic contraction. Manufacturing PMI stood at just 30.8 in May, marginally up from April's 27.4. In PMI parlance, a print above 50 means expansion, while a score below that denotes contraction. "The latest reading pointed to another substantial decline in the health of the Indian manufacturing sector, albeit one that was slightly softer than recorded in April," said Markit Economics. Read More

Southwest Monsoon hits Kerala; Met dept's region-wise forecast today

The southwest monsoon has arrived over Kerala, marking the start of a four-month long season of rainfall, said the India Meteorological Department (IMD) said on Monday. The four-month monsoon season from June to September accounts for 75 per cent of rainfall in the country. Read More

Unlock 1.0: LPG gas price hiked by Rs 11.50 in Delhi; check details

As lockdown restrictions to curb the novel coronavirus pandemic ease and businesses gear up to resume operations, the proce of domestic cooking gas for June has been raised by Rs 11.50 in Delhi from Monday, June1. The price of non-subsidised liquefied petroleum gas (LPG) cylinder in Delhi has been increased by Rs 11.50 for an Indane gas cylinder. This is effective from June 1. Read More

Aug 31 the new deadline for IndiGo, GoAir to replace unmodified PW engines

India's aviation regulator on Monday extended the deadline for IndiGo and GoAir to replace sixty Pratt and Whitney (PW) engines on their A320neo planes from May 31 to August 31, as supply chain has been impacted due to the novel coronavirus-induced lockdown. The PW engine-powered A320 neo planes in IndiGo and GoAir fleets have been facing glitches both mid-air and on-ground since their induction way back in 2016. Read More

Internet speed to power: Weekly indicators show economy is picking up

India’s economy was picking up when the government announced on Saturday a plan to ease a nationwide lockdown to contain the coronavirus outbreak, Business Standard's analysis shows. Weekly economic indicators showed a rise in economic activity even in days leading up to the announcement, continuing a trend seen over the last few weeks as restrictions have slowly eased. Read More

Protesters start fires near White House in US divide over Floyd murder

Protesters started fires near the White House as tensions with police mounted during the third straight night of demonstrations held in response to the death of George Floyd at police hands in Minnesota. An hour before the 11pm curfew, police fired a major barrage of tear gas stun grenades into the crowd of more than 1,000 people, largely clearing Lafayette Park across the street from the White House and scattering protesters into the street. Read More

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