Flipkart's Big Billion Days sees 55% rise in digital payments, over 150% increase in EMI options
The annual festive season sale by Flipkart, The Big Billion Days (TBBD), which concluded on October 21 saw 1.5 times growth in the number of transacting sellers, amongst whom more than 35 per cent saw over thrice the sales compared to last year, said the company in a statement. Even as it added nearly 35 per cent new sellers on its platform, nearly 60 per cent of them were from Tier II and Tier III towns. The sale days according to company witnessed over 666 million visits out of which over a half were from Tier III cities and beyond indicating greater participation of Bharat this year compared to the last.
World trade to shrink by one-fifth, FDI flows 40%, remittances by $100 bn: UN
In wake of a deep global recession amid a still unchecked pandemic, the global economy is estimated to contract by 4.3 per cent this year, leaving global output short by over $6 trillion by the year end, says UNCTAD`s Trade and Development Report 2020. This will be equivalent to a complete wipeout of Brazil, India and Mexico's economies. The report warned that world trade will shrink by around one fifth this year, foreign direct investment flows by up to 40 per cent and remittances will drop by over $100 billion.
Govt needs to spell out post-COVID fiscal roadmap: RBI Governor
Reserve Bank of India Governor Shaktikanta Das on Wednesday said that the country is at the doorstep of the revival process, but the government will have to spell out a roadmap that it should adopt to get back to fiscal prudence post COVID. The RBI Governor said that economic revival on the back of accommodative monetary and fiscal policies is being pursued by the central bank and the government.
COVID-19 impact: IMF cuts Asia's growth forecast; warns of sluggish recovery
The International Monetary Fund slashed this year's economic forecast for Asia, reflecting a sharper-than-expected contraction in countries like India, a sign the coronavirus pandemic continues to take a heavy toll on the region. While the IMF upgraded next year's growth forecast, it warned the recovery will be sluggish and patchy with countries dependent on tourism seen taking a particularly hard hit.
'Diwali bonus' for 30 lakh central govt employees; money to be transferred directly to bank accounts
In good news for lakhs of central govt employees, the Union Cabinet on Wednesday approved productivity and non-productivity linked bonuses for the financial year 2019-2020. The financial assistance will help employees utilise this bonus money ahead of Diwali. As per the government, the money will directly be credited in their bank accounts.
Kia Motors receives over 50,000 bookings for SUV Sonet in two months
Kia Motors India on Wednesday said it has received over 50,000 bookings for its compact SUV Sonet within two months of commencing the process. This record booking number affirms Sonet's status as a game-changer by customers in the highly competitive compact SUV category, the company said in a statement.
AstraZeneca COVID-19 vaccine trial volunteer dies in Brazil
A volunteer from Brazil participating in clinical trials of the COVID-19 vaccine developed by AstraZeneca and Oxford University had died, Brazilian health authority Anvisa revealed on Wednesday. However, the trials will continue, the authority further added. CNN Brasil reported that the volunteer, a 28-year-old man fromRio de Janeiro died from COVID-related complications. The Federal University of Sao Paulo, which is helping coordinate Phase 3 clinical trials in Brazil, said that it is up to an independent review board to decide whether to stop the trials or continue with them. No official statement from AstraZeneca has come till now.
New RT-PCR-accuracy COVID-19 test by IIT-Kharagpur gets nod
The low-cost COVID-19 testing method 'COVIRAP' developed by Indian Institute of Technology (IIT), Kharagpur has passed the crucial Indian Council of Medical Research (ICMR) scrutiny. The results of the rigorous testing as per the protocols set by ICMR revealed that it is comparable to the results of the gold standard in COVID-19 tests, the RT-PCR tests, with a remarkably high level of specificity and sensitivity.
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