Biz EOD: CII's plan for economic recovery; Fitch cuts India's GDP forecast; kiranas to become 'Suraksha' stores

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:

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.

2. Fitch cuts India's growth forecast to 0.8% for FY21

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.

3. FMCG firms to convert 10 lakh kiranas into coronavirus-free 'Suraksha' stores

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.

4. E-Conclave Corona series: Provide guarantees to companies, protect salaries, says Martin Wolf

Wolf suggested Indian government should make 'very large guarantees' to firms as they can't continue operations during the lockdown.

5. Bharti Infratel FY20 net profit surges 32% to Rs 3299 crore, extends merger deadline with Indus Towers

For Q4FY20, Bharti Infratel posted a consolidated net profit of Rs 650 crore compared to Rs 608 crore in the same quarter last year.