Lockdown, Day 50: Sitharaman sets the stage

The government pledged Rs 20,000 lakh crores to take the fight to the coronavirus pandemic which has butchered the Indian economy, even as major Indian states stand to lose 97,100 crore in April alone

ANI
After repeated calls by experts and economists for more fiscal stimulus to kickstart India's stalled economy, PM Modi finally unveiled a Rs 20 lakh crore mega package, yesterday. Today, Finance Minister Nirmala Sitharaman laid out the initial parts of the government's Atmanirbhar Bharat Abhiyan.

With this, the government has pledged around 10% of the nation's GDP towards its virus fight, in line with global powerhouses like Germany and France.

Here are the latest updates from today:


COUNT SO FAR:
  • Shramik special train passenger tests positive.
  • Maharashtra now has 24,427 cases and 921 deaths.
  • 152 new cases & 3 deaths reported in Rajasthan today.
  • Odisha now has 538 cases; 3 casualties.
  • 359 new cases reported in Delhi in 24 hours.
  • 48 new cases takes Andhra tally to 2,137.
  • 26 more cases reported in Karnataka; state tally now 951.
  • 2 new cases reported in Chandigarh; UT now has 189 cases.
  • Bihar registers seventh death.
  • 3 new cases in Haryana, total rises to 783.
  • 11 inmates of Agra Central Jail are now infected.
  • New case takes Uttarakhand tally to 70.
  • One more tests positive in Puducherry; tally now four.
  • BSF has reported 13 new cases in the last 24 hours.

World India
Tally Toll Tally Toll
42,78,180 2,92,376 74,281 2,415

FINE PRINT OF THE ECONOMIC PACKAGE:
  • At 10% of GDP, PM Modi's Atmanirbhar Bharat Abhiyan ranks among the biggest in world.
  • The due date of all IT Return filings extended from July 31 to November 30.
  • At $266 billion, the stimulus value in dollar terms is almost equal to Pakistan's annual GDP of $284 billion.
  • Govt announces Rs 3 lakh crores collateral-free automatic loans for businesses, including SMEs. Borrowers with up Rs 25 Cr outstanding and Rs 100 Cr turnover are eligible.
  • Govt to provide stressed MSMEs with equity support; will facilitate the provision of Rs 20,000 crore as subordinate debt.
  • Rs 50,000 crore equity infusion for MSMEs through fund of funds.
  • Govt to take up PF for firms with 100 staff, earning less than Rs 15,000.
  • Statutory PF contribution by employer reduced to 10% from 12% earlier; to provide Rs 6,750 crore liquidity relief.
  • Rs 90,000 crore liquidity injection for Power Distribution Companies.
  • Govt announces Rs 45,000 crore liquidity infusion through a Partial Credit Guarantee Scheme 2.0 for NBFCs.

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LIFE IN A LOCKDOWN:
  • Karnataka CET will be conducted on 30th and 31st July.
  • Phase-2 of Vande Bharat from 16-22 May.
  • Air India partly seals its Centaur hotel.
  • CAPF canteens to only sell local goods.

BUSINESS AND ECONOMY:
  • Sensex rallies 637 points on govt stimulus boost.
  • Gold ETFs attract Rs 731 crore in April.
  • Maruti fourth-quarter profit slumps 28% on weak demand.
  • India up at 74th place on WEF's global energy transition index.
  • BRICS' New Development Bank provides $1 billion loan to India.
  • Jet insolvency resolution professional seeks fresh EoI.
  • Volkswagen India initiates safety programme across facilities.
  • Kotak Mahindra Bank profit falls 10% YoY to Rs 1,267 crore; bank makes Rs 650 crore Covid provisions.

AROUND THE WORLD:
  • Nissan plans $2.8 billion in cuts as part of restructuring plan.
  • Sony reports 57% drop in Q4 profit, declines to give outlook.
  • UK economy shrinks 5.8% in March, most on record.
  • Airlines will not need to spare middle seat to restart travel : EU
  • Over 140 small Japan companies bankrupted.
  • Seven new cases in mainland China.
  • Worldwide cases pass 4.28 million; death toll crosses 290,000.
  • Brazil registers one-day record for deaths - 881.
  • Germany's confirmed cases rise by 798 to 171,306.
  • France now has world's 4th highest toll - 26,991.

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