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Biz EOD: Unemployment hits 43-month high; FIIs pull out Rs 90,000 cr; Maruti to supply ventilators

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

twitter-logoBusinessToday.In | April 3, 2020 | Updated 23:59 IST
Biz EOD: Unemployment hits 43-month high; FIIs pull out Rs 90,000 cr; Maruti to supply ventilators
Top stories from the world of business and economy

Even as India fights the spread of COVID-19 pandemic, the nation's unemployment rate surged to 9 per cent, according to Centre for Monitoring Indian Economy (CMIE). With rising number of coronavirus cases across the globe and global markets melting, investors withdrew funds from risk assets and parked them in safe-haven assets such as gold. AgVa Healthcare, in a joint venture with Maruti Suzuki India, will deliver 10,000 ventilators to the central government in a month. Read for more top stories from the world of business and economy:

1. India's unemployment rate in March rises to 9%, highest in 43 months

Unemployment rate largely remained under 8 per cent from April 2019 till February 2020, except in July and October when it surpassed the 8 per cent mark.

2. Bharat Biotech joins race to develop coronavirus vaccine

Bharat Biotech and the US-based FluGen along with virologists at the University of Wisconsin-Madison have begun the development and testing of a unique vaccine against COVID-19 called CoroFlu.

3. FIIs pulled out record Rs 90k cr in FY20, DIIs came to rescue

In India too, jitters of upcoming recession were felt with FIIs withdrawing Rs 12,684 crore from equity market in February this year.

4. Coronavirus crisis: Maruti, Noida firm get nod to supply 10,000 ventilators

AgVa Healthcare will use its technology and expertise while Maruti Suzuki would provide manpower and additional space to manufacture ventilator.

5. Maharashtra, Kerala, Tamil Nadu, UP stare at big fiscal hole

In a slowing economy, higher spend on medical and public health would either result in shifting of resources from their heads or dipping into borrowings from market or centre government.

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