Biz EOD: IMF cuts India's GDP forecast; GST laws relaxed; Google, Apple join hands to fight coronavirus

International Monetary Fund expects India's GDP to fall by 1.9 per cent in FY21 instead of growing at 5.8 per cent, as estimated in January, amid the ongoing lockdown due to coronavirus pandemic. The Central Board of Indirect Taxes and Customs (CBIC) has come up with instructions and clarifications in situations arising out of cancellation of business orders. Tech giants Apple and Google have tied up to build a new technology that will alert people if they have recently come in contact with a person infected with the coronavirus. Read for more top stories from the world of business and economy:

1. IMF cuts India's GDP growth to 1.9%; global economy to see worst recession since 1930s

The Indian economy may grow at 4.2 per cent in FY20 as against 5 per cent estimated by the statistics department, the International Monetary Fund (IMF) also said in its bi-annual World Economic Outlook.

2. GST laws relaxed! Tax paid on cancelled order to be adjusted in returns

In a circular issued by the Central Board of Indirect Taxes and Customs (CBIC) has come up with instructions and clarifications in situations arising out of cancellation of business orders.

3. Govt pushes for agri exports as domestic markets shut amid lockdown

Agriculture ministry secretary Sanjay Agarwal held talks with the exporters of agri and allied commodities to enhance exports during COVID-19 crisis.

4. Google, Apple join hands to develop coronavirus contact tracing system

Coronavirus update: Apple and Google will be launching a comprehensive solution that includes APIs and operating system-level technology to assist in enabling contact tracing.

5. How coronavirus is forcing businesses to think out-of-box

While cab aggregators and delivery platforms such as Uber, Swiggy and Zomato have partnered with FMCG companies and retailers to deliver essentials, gifting platforms such as Ferns N Petals have launched 'contactless' ways of sending messages to loved ones on their special days.