Confederation of Indian Industries (CII) has recommended several measures, including privatisation of discoms, availability of long-term credits, ease of doing business, simplification of taxation and labour market reforms in order to revive Indian economy. Fitch Ratings lowered India's economic growth forecast for FY21 to 0.8 per cent from 1.8 per cent. Starting April 28, India will see the roll-out of as many as 10 lakh Suraksha Stores over 45 days, which will be designed as per the COVID-19 safety regulations laid by the Ministry of Consumer Affairs. Read for more top stories from the world of business and economy:1. Coronavirus: CII calls for smoother tax regime, ease of doing biz, labour market reforms to revive economy
Structural reforms are urgently required for reducing the cost of doing business as well as to renew confidence in the economy and support the recovery in the medium-term, says CII.
The decline in GDP growth was attributed to a projected fall in consumer spending to just 0.3 per cent in FY21 from 5.5 per cent a year back and a 3.5 per cent contraction in fixed investment.
The consumers will also be encouraged to make online payments and asked to pick up their merchandise from an unmanned counter to facilitate contactless transactions.
Wolf suggested Indian government should make 'very large guarantees' to firms as they can't continue operations during the lockdown.
For Q4FY20, Bharti Infratel posted a consolidated net profit of Rs 650 crore compared to Rs 608 crore in the same quarter last year.