Zomato asks about 13% staff to start looking for jobs as firm foresees ‘not enough work’
THE IMPACT of Covid19-led lockdown on the restaurant industry has started taking its toll on other stakeholders in the food chain, with Gurgaon-based online platform Zomato saying it does not “foresee having enough work” for all of its employees. Consequently, the company has decided to ask around 13 per cent of its 4,000-strong workforce to […]
Nirmala Sitharaman to announce details of economic package at 4 pm today
NEW DELHI : A day after Prime Minister Narendra Modi announced a ₹20 lakh crore economic relief package, finance minister Nirmala Sitharaman would announce details of the stimulus at 4 pm today. In his address to the nation yesterday, PM Modi had announced that the government has planned new financial incentives in addition to ones already announced. […]
Govt plans to offer tax holiday to companies investing in India
India’s trade ministry is proposing a tax holiday for companies bringing new investments as the government explores measures to support the economy amid the coronavirus pandemic, according to people familiar with the matter. The proposal to give a 10-year full tax exemption to companies making new investment upwards of $500 million is being evaluated by the finance ministry, said […]
Franklin Templeton begins reaching out to investors for refunds
MUMBAI: Franklin Templeton India has started contacting its 300,000 investors whose money is stuck in the six shuttered debt schemes. This comes after rap from Securities and Exchange Board of India (Sebi) last week, when the markets regulator had asked the company to focus on refunding investors. Sebi was miffed over Franklin Templeton global president […]
Covid-19 crisis: Govt’s stimulus package on anvil
A comprehensive package of policy reforms, financial incentives and monetary measures is in the works to re-energise the economy by giving more fiscal space to the states, accelerating public works, easing the availability of credit and putting more cash in the hands of the people to generate demand, three people aware of the plan said. […]
Economy bears burden as goods trains travel light
Railway freight statistics are a good indicator of the overall state of an economy. In April, the amount of freight moved by Indian Railways was 65.4 million tonnes, down 35.3% from a year ago. Mint explains India’s economic story in a world battered by the covid-19 pandemic. What’s rail freight got to do with economy? Indian Railways […]
IndiGo to cut salaries of senior employees from May
New Delhi: IndiGo will be cutting the salaries of senior employees from May onwards and also implement a “limited, graded leave without pay program” for the months of May, June and July, its CEO Ronojoy Dutta said on Friday. India has been under lockdown since 25 March to curb the coronavirus pandemic. The aviation industry is […]
WhatsApp Pay to finally launch in India by May-end: Report
WhatsApp Pay has been running in India in beta testing for over two years now. The payments method hasn’t been able to launch officially in India due to some roadblocks. It is now reported that WhatsApp Pay will be official in India by May-end. According to a report by Money Control, WhatsApp Pay will be available […]
After Facebook, Silver Lake invests Rs 5,656 crore in Jio Platforms
Within days of Facebook’s Rs 43,574 crore deal, Silver Lake – one of the world’s largest tech investors – on Monday agreed to invest Rs 5,655.75 crore to buy a 1.15 per cent stake in billionaire Mukesh Ambani’s digital unit that houses India’s youngest but biggest telecom firm. The investment in Jio Platforms is at a […]
11 crore jobs, 30% of GDP: Small enterprises pushed to brink amid looming distress, despair
From a Delhi-based machine-part manufacturing enterprise which can’t pay its 24 workers to a paint-maker in Pune fresh out of insolvency but facing a funds crunch, a start-up which got a Rs 90-lakh order to make masks but is waiting for banks to give credit, to a Ludhiana export unit whose bills haven’t been cleared […]
