Coronavirus: China's factories reopen, only to fire employees : Bulletin: Business Today
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Coronavirus: China's factories reopen, only to fire employees

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BusinessToday.In | March 27, 2020

Coronavirus relief: Finance Ministry urges RBI to pause EMI, loan repayments

Finance Ministry has asked the Reserve Bank of India to consider emergency measures to help borrowers cope with economic pressure triggered by the COVID 19 outbreak. Coronavirus outbreak has led to reduced business activity and has already resulted in layoffs and salary cuts. Meanwhile, Finance Minister Nirmala Sitharaman has announced a comprehensive package of Rs 1.7 lakh crore for the economically weaker sections of the society hit by coronavirus

Lockdown not enough to contain coronavirus in India: Raghuram Rajan

Former Reserve Bank of India Governor Raghuram Rajan has said that the lockdown is not enough to contain coronavirus in the country.He added that the lockdown will be substantially harder for the poorer sections of society. The lockdown order has brought almost all commercial activities in India to a halt.He asked rich countries to help under-developed countries and mobilise resources to them to contain the virus.

Read: Banks free to defer payment of EMIs by 3 months! RBI gives huge loan relief

India Inc faces biggest contraction in over 20 years, says CMIE

India Inc is currently facing a deep contraction and it is broad-based across sectors and industries, according to a latest report by think-tank Centre for Monitoring Indian Economy (CMIE). The agency warned that the coronavirus outbreak could make it even bigger, longer and broad-based. According to CMIE, the contraction in the financial year 2019-20 (FY20) is 12.9 per cent, which is worse than the six per cent contraction recorded during 2008-09 following the global liquidity crisis.

Coronavirus: China's factories reopen, only to fire employees

Early in the outbreak, China imposed tough travel restrictions and factory suspensions to curb the spread of the virus, squeezing labor supplies and sending exporters scrambling to fulfill orders. Now, the reverse is happening - overseas orders are being scrapped as the pandemic ravages the economies of China's trading partners.Economists had initially anticipated a V-shaped recovery for China's economy, similar to that seen after SARS epidemic in 2003. But analysts have since slashed their forecasts. Factory workers in China are being asked to look for other jobs or are suffering pay cuts as overseas orders decline.

Lockdown update: Flipkart resumes grocery, essential services, Amazon in talks with govt

Walmart Inc's Flipkart is all set to resume its grocery and essential services after the local law enforcement authorities assured the e-commerce giant of safe passage of supply chain and delivery executives. While Flipkart decided to resume delivery of essential services and groceries, Amazon said that it was in talks with government authorities to enable it to deliver essentials to its customers.

Coronavirus: 'Several Indian banks to close branches amid lockdown,' says report

India's central bank and major lenders are working on a plan to close most branches during the country's lockdown, aiming to prevent tens of thousands of employees from becoming infected with the coronavirus. The world's second most populous nation with 1.3 billion people is still very much a cash society and banks have been exempted from a 21-day lockdown.

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