Top biz headlines: Govt's 2nd stimulus package, economic growth, and more

PM Narendra Modi | File photo
PM Modi on Tuesday extended the nationwide lockdown to May 3 to contain the spread of coronavirus in the country. The govt may soon come up with details of a second stimulus package. Meanwhile, thousands of H-1B visa holders who lost their jobs will not be sent back to India as US govt extended the visa stay. Here are the events which made it to the business headlines today:

Covid-19 crisis: PM, FM to finalise details of second stimulus package soon

Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman are expected to meet soon to finalise the details of a second stimulus package to mitigate the impact of Covid-19 on the economy, Business Standard has learnt. The meeting is also likely to be attended by senior officials from the finance ministry and the Prime Minister’s Office. Read more here

India to grow at 1.9% in FY21, recover to 7.4% path in 2021-22: IMF

The International Monetary Fund (IMF) has cut its projection of India’s economic growth to 1.9 per cent for the current financial year, the lowest since the 1991 balance of payments (BoP) crisis. It had earlier forecast a growth rate of 5.8 per cent. Read more here

Covid-19: No deportation, but no coming back either for H1B visa holders

With the US announcing an extension of all employment visas, thousands of expatriate Indian H-1B visa holders, who had recently lost their jobs, have averted the risk of being forcefully deported. However, those looking for a way back home are expected to remain stranded until the current ban on international flights is lifted. Read more here

Realty developers may see a 20% fall in housing prices, says Deepak Parekh

Property developers should be prepared for up to a 20 per cent fall in housing prices and have to create liquidity by selling their inventory at whatever prices they get, HDFC Chairman Deepak Parekh said on Tuesday. Read more here

Wheat procurement season kicks off amid Covid-19 crisis, lockdown curbs

Although typically a routine exercise conducted without much fuss, this harvest is different. Wheat procurement and the marketing of rabi crops look problematic due to the Covid-19 restrictions, especially social distancing norms, and shortage of workers in the middle of the peak harvesting season. Read more here

Covid-19 impact: Railway move to halt operations set to dent IRCTC earnings

The decision by the Indian Railways to stop passenger services further till May 3 is set to wipe out the national transporter’s ticket earnings and a huge share of the Indian Railway Catering and Tourism Corporation’s (IRCTC’s) revenue through service charge. Read more here

Covid-19: India Inc seeks easing of lockdown norms for production

With a substantial number of manufacturing units located in red and orange zones, India Inc expects that the central government will relax the rules in such zones and help them restart production. Read more here

Covid-19 crisis is pushing big offline retailers online

As PM Modi on Tuesday extended the nationwide lockdown to May 3, various large format offline retailers and wholesalers, including Future Group, Spencer’s Retail, Metro Cash and Carry and Walmart’s Best Price, have stepped up efforts to service customers online, building omnichannel models to deliver goods and groceries, the Economic Times reported.

Private hospitals stare at losses amid covid outbreak

Increasing previous investments along with fewer foreign patients on account of travel bans due to coronavirus lockdown, India's private healthcare system is reeling under pressure to manage the revenue losses of up to 90% since March, the Livemint report said.

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