A record 309 mn Indians tuned in to watch India's semi-final clash with Australia

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The government of India (GoI) has announced the sale (re-issue) of three dated securities for Rs 19000 crore. These include 6.18% GS 2024 9,000, 7.57% GS 2033 4,000 and 7.16% GS 2050 6,000. GoI will have the option to retain additional subscription up to Rs 2,000 crore each against any one or more of the above security. The sale will be subject to the terms and conditions spelt out in this notification (called 'Specific Notification'). The auction will be price based (for all securities), using multiple price method. Up to 5% of the notified amount of the sale of the stocks will be allotted to eligible individuals and Institutions as per the Scheme for Non-Competitive Bidding Facility in the Auction of Government Securities.

Heightened volatility in capital markets in reaction to COVID-19 has imposed liquidity strains on mutual funds (MFs), which have intensified in the wake of redemption pressures related to closure of some debt MFs and potential contagious effects therefrom. The stress is, however, confined to the high-risk debt MF segment at this stage; the larger industry remains liquid. The RBI has stated that it remains vigilant and will take whatever steps are necessary to mitigate the economic impact of COVID-19 and preserve financial stability. With a view to easing liquidity pressures on MFs, it has been decided to open a special liquidity facility for mutual funds of Rs 50,000 crore.

Reserve Bank will review the timeline and amount, depending upon market conditions

The CII survey indicates that permits for enterprises, passes for workers and supply chain movement are the key hurdles for industry in exit from lockdown. For facilitating restart of economic activities, CII has suggested that in non-containment zones, businesses should be allowed to function without requirement of permits and only through intimation to local authorities. While state governments have mostly clearly communicated restart guidelines to businesses, firms are facing hurdles in movement of workers and raw materials in commencing operations. These are the findings of a nation-wide survey conducted by the Confederation of Indian Industry (CII).

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The employees of the Reserve Bank have decided to contribute one or more day's salary to the PM CARES Fund, in response to the call to support during the emergency situation. The total contribution from the employees amounting to ₹7.30 crore is being remitted to the PM CARES Fund. The COVID-19 pandemic and the related dislocation in normal economic activity has severely affected the economically weaker sections of the society and their means of livelihood. To help the people affected by any kind of emergency or distress situation, like the one posed by the COVID-19 pandemic, Government of India has set up a public charitable trust named Prime Minister's Citizen Assistance and Relief in Emergency Situations Fund (PM CARES Fund) to receive contributions from various sources.

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The Government of India and the Asian Development Bank (ADB) signed a $1.5 billion loan that will support the government's response to the novel coronavirus disease (COVID-19) pandemic, focusing on immediate priorities such as disease containment and prevention, as well as social protection for the poor and economically vulnerable sections of the society, especially women and disadvantaged groups. Earlier, the ADB's Board of Directors approved the loan to provide budget support to the government to counter and mitigate the adverse health and socio-economic impact of the pandemic.

The index of mineral production of mining and quarrying sector for the month of February, 2020 (Base: 2011-12=100) at 123.7, was 10.0% higher as compared to the level in the month of February, 2019. The cumulative growth for the period April- February, 2019-20 over the corresponding period of previous year has been (+) 1.9 percent. Mining & Mineral Statistics Division of Indian Bureau of Mines functions as the nodal agency for statistics on mineral sector and releases this information.

While reopening economic activities, we need to keep in mind that the industry cannot be opened in isolation, the whole ecosystem along with the related supply chains needs to be revived and restarted, said Suresh Prabhu, Hon'ble Member of Parliament. We should follow the Chinese model of revival through specific geographical openings for economic activities in areas which are marked green and keeping the hotspot districts completely locked, till there is full containment in those areas, said Hon'ble Member of Parliament. This is the time India needs to take advantage of the crises and convert it into an opportunity, we set our National goal of getting Foreign Direct Investments to India and each citizen and all arms of the government must work towards this common goal with complete alignment of reforms, said Prabhu. Businesses are the most important part of the economy, as they are significant contributors to economic growth and progress, he said.

Minister of Commerce and Industry & Railways Shri Piyush Goyal held discussions with the Export Promotion Councils(EPCs) of the country. He called upon the Exporters to identify their strengths, potentials and competitive advantages in specific sectors, and focus on harnessing them in the world markets. Goyal said that in the post-Covid era, there is going to be perceptible change in the global supply-chains, and Indian industrialists and exporters should be looking to capture significant share in the world trade. He assured them that the Government will be a pro-active supporter and facilitator in their efforts, and the Indian Missions abroad can play an important role in that. The Minister said that Incentives can be given, but they have to be justified, reasonable, and WTO-compliant.

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Eight core infrastructure sector output rises marginally by 0.6% in FY2020

In his opening remarks, the Governor appreciated the efforts of banks in ensuring normal to near normal operations during the lockdown period.

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The employees of Employees Provident Fund Organization (EPFO) have come forward to support the Government's initiative in combating national crisis of COVID-19 pandemic and voluntarily contributed one day's salary- amounting to around Rs. 2.5 crore to the PM CARES Fund. EPFO, as one of World's largest Social Security Organizations, stands committed in the service of the nation in every possible way. The COVID-19, declared as a pandemic by the World Health Organization, has posed serious challenges for the health and economic security of millions of Indians. Government of India has set up a public charitable trust under the name of 'Prime Minister's Citizen Assistance and Relief in Emergency Situations Fund' (PM CARES Fund) with the primary objective of dealing with any kind of emergency or distress situation. Officers and staff of EPFO are also contributing by putting in extra efforts for providing relief by expeditiously processing EPF withdrawal claims including COVID claims under

Mr Nitin Gadkari, Minister of Road Transport and Highways and MSME, Govt of India said that government is likely to announce a relief package for the MSME sector soon. He further said that all stakeholders must adopt an integrated approach to come over the crisis while ensuring the lives and livelihood of the people. Mr Gadkari also urged the industry to have a positive attitude during this time to tide over this crisis. "We will win the fight against corona along with the economic crisis and make India the superpower nation. Hum honge kamyab," said Mr Gadkari.

The country-wide lockdown imposed on 23rd March, while necessary, has had deep ramifications on economic activity. According to the CII CEOs Snap Poll on Impact of COVID-19 on Economy and Industry, while a majority of the firms continue to anticipate a significant decline in their topline, they now foresee a delay in economic revival and demand recovery. The survey saw the participation of more than 300 CEOs, of which nearly two-thirds belonged to MSMEs. The lockdown brought economic activity to a grinding halt and the survey findings indicate that a significant majority of the firms (65%) expect revenues to fall more than 40% in the current quarter (Apr-Jun 2020). For financial year 2020-21, the expectations of a fall in revenue are staggered, with 33% of the firms anticipating a revenue fall of more than 40%, closely followed by 32% of firms expecting a revenue contraction ranging between 20% to 40%.

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The government of India (GoI) has announced the sale (issue /re-issue) of three dated securities for Rs 19000 crore. These include 5.09% GS 2022 3,000 May 08, 2020, New GS 2030 (maturing on May 11, 2030) 10,000 and 7.19% GS 2060 6,000. GoI will have the option to retain additional subscription up to Rs 2,000 crore each against any one or more of the above security. The sale will be subject to the terms and conditions spelt out in this notification (called 'Specific Notification'). The auction will be Yield based for New GS 2030 and price based for remaining securities using multiple price method. Up to 5% of the notified amount of the sale of the stocks will be allotted to eligible individuals and Institutions as per the Scheme for Non-Competitive Bidding Facility in the Auction of Government Securities.

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Union Minister for MSME and Road Transport and Highways, Nitin Gadkari informed that a policy on imports substitution is being thought of in the wake of the new economic situation created by COVID-19 pandemic. He called upon various stake-holders to convert knowledge into wealth by improving quality through innovations and cutting down cost. He sited the example of a Nagpur based MSME Orange cluster taking up PPE making from scratch. These PPEs cost between Rs 550 to Rs 650 against the market price of about Rs 1200 for which country was heavily import dependent. The cluster is in a position to supply large quantity of PPEs.

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The Solvent Extractors' Association (SEA), noted in a latest update that based on the available data, it has compiled provisional data for Import of Edible Oils for April 2020. The imports in April 2020 are reported at 790,377 tons compared to 941,219 in March 20 and 1,198,763 tons in April 2019, down by 34%, on YoY basis. The drop in April is mainly due to logistics issues at destinations as well as at discharge ports. The overall Import of Edible Oils during Nov-2019 to April-2020 is reported at 6,182,184 tons, compared to 7,203,830 tons during the same period of previous year, i.e. down by 14 %.

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FAO expects subdued usage to push up cereal stocks in 2019/20

The procurement of wheat and rice (second crop) during the ongoing Rabi season has picked up pace despite severe logistical constraints posed due to the countrywide lockdown. Against the target of 400 Lakh Metric Tonnes (LMT) of wheat, procurement for central pool has touched 216 LMT upto 06.05.20. It is particularly heartening since procurement in major wheat procuring states like Punjab, Haryana and Madhya Pradesh had started only after 15th April. Similarly paddy procurement is also going on smoothly with 44.9 LMT paddy procured so far by the government agencies.

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Overall compensation to factory workers doesn't come close to the impressive productivity gains that American factories have enjoyed over the past year. WSJ's David Wessel reports. (Photo: AP)

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Sales rise 69.34% to Rs 35.41 crore

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Sales decline 7.68% to Rs 1073.60 crore