ICRA revises India's GDP contraction to 11% from 9.5% for FY21

Three Apple suppliers plan to commit $900 million to India's production-linked incentive plan

Three of Apple Inc's top contract manufacturers plan to invest a total of almost $900 million in India in the next five years to tap into a new production-linked incentive plan, according to two sources familiar with the matter. Foxconn, Wistron and Pegatron all plan to make investments under the scheme, said the sources. India's new $6.65 billion production-linked incentive (PLI) scheme offers companies cash incentives on any increase in sales of locally-made smartphones over the next five years, compared with 2019-20 levels.

Allow cash flow-based lending for MSMEs: industry body to RBI

Reeling under severe cash crunch and tepid demand, micro, small and medium enterprises (MSMEs) led by SME Chamber of India have urged the Reserve Bank of India (RBI) to allow banks to undertake cash flow-based lending for the struggling sector. Under cash flow-based lending, banks extend credit to companies considering their future sales projection.

ICRA revises India's GDP contraction to 11% from 9.5% for FY21 as COVID-19 runs wild

Ratings agency ICRA has revised its forecast for contraction in India's gross domestic product (GDP) for financial year 2020-21 downwards to 11 per cent. The revision comes on the back of "unabated rise in COVID-19 infections in India". The ratings agency had earlier projected GDP contraction of 9.5 per cent for the current financial year.

Flight operations to resume at Delhi airport's Terminal 2

Flight operations are set to resume at Delhi airport's Terminal 2 after a gap of over six months. The airport terminal, which had shut down on March 24 as part of measures to curb Covid-19 spread, will start operations from October 1. Initially, the terminal will cater to 96 flights, 48 arrivals and 48 departures. The number will progressively increase up to 180 by October end, Delhi International Airport Limited (DIAL) said

Bank credit degrows to 5.3%, but deposits see 12% jump

Overall bank credit growth continued to moderate for the fortnight ended September 11, 2020 at 5.3 per cent. The growth has been slowing for the past four fortnights from 5.8 per cent to 5.5 per cent as of August 28. This is approximately half the last year's progress -- 10.4 per cent as of September 13, 2019 and 10.2 per cent as of August 30, 2019 -- reflecting weak demand and risk aversion in the banking system due to the pandemic.

Senior IAS PD Vaghela appointed new TRAI chairman

The Appointments Committee of the Cabinet has approved the appointment of PD Vaghela as the new Chairman of Telecom Regulatory Authority of India (TRAI). He will succeed RS Sharma, who will complete his tenure as the head of the telecom watchdog on Wednesday. Vaghela has been appointed for a term of three or till he turns 65 years old, an order from the Ministry of Personnel on Monday said.

Paytm's IPL cashback scheme back days after Google's temporary banDays after a temporary ban by Google, payments firm Paytm has brought back its IPL-led cashback scheme. The digital payments platform had earlier claimed that Google has taken down the app from Play Store due to its cashback scheme. On September 18, Google removed Paytm app from Play Store over allegations of running online casinos and allowing unregulated gambling.