Top 10 biz headlines: Domestic flights to resume, Ola cuts jobs and more

Airlines, many on the brink of bankruptcy, welcomed the government decision to open up air traffic
Civil Aviation Minister Hardeep Singh Puri’s tweet on Wednesday caught airlines and airports off guard as they were preparing to resume operations from June 1, and not on May 25. But, later in the evening civil aviation secretary held a meeting with airlines CEOs to discuss service resumption plans. Meanwhile, Ola’s revenue has come down 95 per cent over the past two months due to lockdown and is planning to slash more jobs. Here are the top 10 headlines on Thursday morning:

Centre reverses stance, allows domestic flights to resume on May 25

Domestic civil aviation operations will recommence in a calibrated manner from May 25 and all airports and air carriers are being informed to be ready for operations , said Civil Aviation Minister Hardeep Singh Puri  on Wednesday. Read more here

Resume operations, says FM Sitharaman; India Inc cites hurdles in way

Industry needs to resume its operations and increase investments to curb the Covid-19-induced economic slowdown, Finance Minister Nirmala Sitharaman said. Read more here

Actual GDP growth in FY21 depends on intensity of Covid-19: FinMin Report

Observing that these are still early days and Covid-19 is yet to abate, the Finance Ministry report on Wednesdat stated that the country's actual GDP growth in FY 2020-21 will be contingent upon the intensity, spread and duration of the Covid-19 pandemic within national territory. Read more here

Govt to use RBI money to support struggling NBFCs for just three months

The Union Cabinet on Wednesdat said the government will use RBI money to support struggling non-banking financial companies only for three months. Read more here

Covid-19 crisis: World Bank to rescue with $160-billion aid to 100 nations

The coronavirus pandemic is expected to put over 60 million people into extreme poverty globally, the World Bank has said as it announced emergency operations worth $160 billion in 100 developing countries. Read more here

Ola follows Uber, lays off 1,400 staff as Covid-19 hits ride-hailing biz

Ola has laid off 1,400 employees, or over 33 per cent of its workforce, as the company said Covid-19 situation was not expected to improve anytime soon. Read more here

Covid-19 crisis: ACME cancels pact to supply power at record low tariff

ACME Solar, one of the largest solar power developers in India, has decided to cancel a contract with government agencies to supply power at the country’s lowest tariff. Read more here

Exports help offset domestic woes as Bajaj Auto pre-tax profit falls 8%

Bajaj Auto posted better-than-expected earnings for the March quarter, as strong export volumes of motorcycles and a favourable exchange rate helped offset the decline in the domestic market. Read more here

Chhattisgarh to transfer Rs 5,700 crore directly to farmers 

The Chhattisgarh government is planning to give Rs 5700 crore to the farmers as direct benefit transfer under its Nyay Yojana scheme, the Economic Times reported.

Jaypee Infratech resolution behind bulk of banks' Jan-Mar recoveries under IBC

According to Livemint report, the last quarter (January-March) of FY 2019-20 was profitable for banks in terms of stressed asset resolution and recovery under the IBC, realising 64 per cent of their dues. 

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel