COVID-19 impact: RBI may cut lending rates by another 25 bps in August to revive economy
The Reserve Bank is likely to go for a minimum 25 basis points cut in key lending rate in the forthcoming monetary policy review in view of the pressing need to revive the coronavirus-hit economy, feel experts. The Monetary Policy Committee (MPC), headed by RBI Governor, is scheduled to meet for three days beginning August 4 and will announce its decision on August 6.
Unlock 3.0: Schools, metros to remain shut; Cinemas, gyms likely to open, say sources
With the Covid-19 restrictions of 'Unlock 2.0' ending on Friday (July 31), the government is now formulating guidelines for Unlock 3.0 which will come into force from August, sources said on Sunday. A few more relaxations are being worked upon by the government.These might include relaxations in reopening of cinema halls from August 1 . However, some restrictions are likely to continue in Unlock 3. Schools and metro train services are likely to remain shut across the country, sources said.
Grofers advances IPO plan to 2021-end as lockdown bolsters profits
Softbank-backed Grofers has advanced its plan to launch an initial public offer by the end of next year after its profit zoomed during the lockdown period, a top official of the company said. Grofers co-founder and CEO Albinder Dhindsa told PTI that the company started making operational profit in January and expects to become cash positive by the end of this year.
Coronavirus impact: India's passenger vehicle exports nosedive 75% as demand slumps
Passenger vehicle exports from India fell 75 per cent in the first quarter of the current fiscal as demand plunged due to coronavirus pandemic related disruptions across the globe. Total passenger vehicle (PV) exports declined to 43,748 units in April-June quarter as compared with 1,73,054 units in the year ago period, according to Society of Indian Automobile Manufacturers' (SIAM) data.
EV market in India expected to be Rs 50,000 crore opportunity by 2025
The electric vehicle (EV) market is likely to be a Rs 50,000-crore opportunity in India by 2025, with two- and three-wheelers expected to drive higher electrification of the vehicles in the medium term in the wake of COVID-19, according to a report. The report by Avendus Capital, which is an investment banking arm of financial services provider Avendus Group, also said the total cost of ownership (TCO) in case of low- and medium-speed electric two-wheelers is already lower than internal combustion engine vehicles.
Delhi govt to launch special programme to generate more employment opportunities
Delhi minister Gopal Rai on Sunday said the AAP government will launch a special programme to generate more employment opportunities in the city, a move aimed at reviving the capital's economy, which was affected due to the lockdown. The labour and employment minister told that as part of the special programme, Chief Minister Arvind Kejriwal will launch a job portal in the next few days, where the companies looking to hire and job seekers can register themselves.
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