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Biz EOD: PM hints at lockdown 3.0; fading discounts on online groceries; profiteering on COVID-19 test kits exposed

Catch top stories from the world of business and economy with BusinessToday.In's Biz EOD report

twitter-logoBusinessToday.In | April 27, 2020 | Updated 23:20 IST
Biz EOD: PM hints at lockdown 3.0; fading discounts on online groceries; profiteering on COVID-19 test kits exposed
Top stories from the world of business and economy

Prime Minister Narendra Modi said the nationwide coronavirus lockdown has yielded positive results and the suggested the mantra of 'do gaz doori' as the most effective way of fighting COVID-19. Pre-coronavirus, online grocery retailers were operating at 12-15 per cent average discount levels and experts suggest discounting of essentials to return to its usual level over the next six months. A legal dispute in Delhi High Court has unearthed massive profiteering and over-pricing in kits sold to Indian Council of Medical Research (ICMR). Read for more top stories from the world of business and economy:

1) Airlines, travel agents fight over lockdown ticket refunds intensifies

It's estimated about Rs 180 crore of airline bookings took place (with just domestic carriers like IndiGo, Air India, Vistara, SpiceJet, AirAsia India, GoAir) after the lockdown started on March 25.

2) PM Modi hints at lockdown extension, says follow 'Do Gaz Doori'

Highlighting the importance to enforce guidelines strictly in the hotspots, PM Modi said that the efforts of the states should be directed towards converting the red zones into orange and thereafter to green zones.

3) 3.5% fiscal deficit for FY21 challenging target, says Shaktikanta Das

The RBI has not yet taken a view on monetising the budget deficit target, but it needs to be "well-calibrated and thought out roadmap" to manage finances, says Shaktikanta Das.

4) Coronavirus lockdown: Sharp fall in discounts on online grocery platforms

Retail expert Govind Shrikhande says that a lot of platforms such as Swiggy and Zomato which have recently forayed into grocery delivery are bundling products to increase the ticket size.

5) Massive 145% profiteering exposed in COVID-19 rapid test kits sold to ICMR

Dispute between importer and distributor unravels super profits; Delhi HC strikes down sale price by 33 per cent.

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