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Biz EOD: Stimulus package to fall short; steel demand to tank; compulsory wage payment during lockdown quashed

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

twitter-logoBusinessToday.In New Delhi Last Updated: May 19, 2020 | 23:37 IST
Biz EOD: Stimulus package to fall short; steel demand to tank; compulsory wage payment during lockdown quashed
Top stories from the world of business and economy

Measures announced by Centre as part of Rs 20 lakh crore 'Atma Nirbhar' economic package will not fully offset the negative impact from COVID-19 pandemic. Demand for steel in India is likely to fall by over 20 per cent, its sharpest decline ever in a year in fiscal 2021. The order on compulsory wage payment to workers during lockdown now ceases to exist, the government said. Read for more top stories from the world of business and economy:

1. Andhra Pradesh, West Bengal, Tamil Nadu most vulnerable to job losses

These states that, including Telengana, account for 65.5 per cent of India's manufacturing output, 60 per cent of construction output and 53 per cent of services.

2. Steel demand to see sharpest decline ever of over 20% in FY21: ICRA

As per analysis by the agency, the slowdown in the sector is exacerbated by traditional demand hotspots falling in the COVID-19 hotspots that are in the red zone where no business activity is allowed.

3. Economic stimulus to partially offset negative impact of coronavirus: Moody's

While these measures will help reduce asset risks for the financial sector, they will not fully offset the negative impact from the coronavirus outbreak, says Moody's.

4. Not compulsory for businesses to pay wages during coronavirus lockdown

On March 29, the MHA had issued an order under Section 10(2)(I) of the DM Act asking all employers to pay wages to employees on due date without any deduction even if the establishment was closed.

5. Franklin India to take more than 5 years to repay money to investors in some funds

The six schemes included Franklin India Low Duration Fund, Franklin India Dynamic Accrual Fund, Franklin India Credit Risk Fund, Franklin India Short Term Income Plan, Franklin India Ultra Short Bond Fund and Franklin India Income Opportunities Fund.

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