Biz EOD: CSR funds for coronavirus; supply starts for Covid-19 test kits; govt suspends domestic flights
BusinessToday.In March 23, 2020
Finance Minister Nirmala Sitharaman on Monday confirmed that spending of corporate social responsibility (CSR) funds for COVID-19 is eligible CSR activity. Two companies whose diagnostic test kits had been validated by the Indian Council of Medical Research (ICMR)'s National Institute of Virology have begun supplies. No domestic commercial passenger flight will be allowed to operate in the country from March 25 onward, says Union Civil Aviation Ministry. Read for more top stories from the world of business and economy:
Along with the new approval for low cost diagnostic kits, the government has also allowed 12 laboratory chains with 15,000 collection centres all over the country to carry out COVID-19 tests.
India, which has already banned international flights for a week from Sunday, has taken this decision to restrict travel amid the coronavirus pandemic.
Earlier this month, the Centre increased the excise duty on petrol and diesel by Rs 3 per litre each. This excise duty hike had reportedly helped the government collect over Rs 2,000 crore.
The COVID-19 pandemic may bring a major change in the consumers' mindset and the value system that underpin their luxury buying decisions. The brands that would work to understand this and adapt accordingly will surely turn out to be the new champions.