Fiscal deficit at ₹6.48 lakh crore at the end of October
GDP growth slowed in Q2 on weaker industrial activity
Fiscal deficit reaches 103.9% of full year target in Oct

Fiscal deficit at ₹6.48 lakh crore at the end of October GDP growth slowed in Q2 on weaker industrial activity Fiscal deficit reaches 103.9% of full year target in Oct

Gold prices in India on Tuesday surged as much as&nbsp;₹2,000 per 10 gram to a new record high of&nbsp;₹45,724 per 10 gram in futures market. On MCX, June futures were up 3.5% in a catch-up rally with global markets. Silver futures on MCX&nbsp;surged over 5% to&nbsp;₹43,345 per kg.

India's unemployment rate spiked to the highest level recorded in 43 months in March,&nbsp;Centre for Monitoring Indian Economy (CMIE) said on Tuesday. The unemployment rate stood at 8.7% in March, the highest since September 2016, climbing steeply from 7.16% in January. The report comes as India entered the fourteenth day of a 21-day nationwide lockdown to curb the spread of the deadly coronavirus&nbsp;pandemic.&nbsp;The unemployment rate during this last week was 23.8%.&nbsp;

Amid novel coronavirus outbreak, India has lifted restrictions on the export of 24 pharmaceutical ingredients and medicines. The restrictions had been imposed last month after the coronavirus outbreak disrupted global supply chains. The bans had prompted intense pressure from the United States. India&rsquo;s decision followed after a telephone call on Saturday between Indian Prime Minister Narendra Modi and US President Donald Trump in which the US president requested lifting of ban on exports of anti-malarial drug that is used in treatment of Covid-19 patients.

Indian stock markets surged on Tuesday in line with Asian peers, on signs of a slowdown in coronavirus-related deaths globally.
At 2 pm, the Sensex&nbsp;was 2,139 points higher at 29,730 and the Nifty was trading near 8,692, surging 7.53% in the early session.
IndusInd&nbsp;Bank was the biggest index mover, trading almost 20% higher. M&amp;M, Axis Bank, Sun Pharma&nbsp;and&nbsp;HCL&nbsp;Tech were the other top gainers.
The rupee was 23 paise&nbsp;high at 75.96 against the US dollar.

India&rsquo;s petrol sales shrank by 17.6% and diesel demand tanked nearly 26% in March as the economy froze under the nationwide lockdown.&nbsp;Also, aviation turbine fuel&nbsp;sales fell by 31.6% as flights got suspended alongside the shutting of businesses. The only fuel that showed growth was LPG as households rushed to book refills for stocking during the three-week lockdown period.&nbsp;LPG sales rose 1.9% in March.
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While the global recession caused by the coronavirus pandemic will be worse than one can imagine, IMF&nbsp;economists say, early signs of a recovery are appearing in China, including renewed pollution.
In a blog post, IMF&nbsp;chief economist&nbsp;Gita Gopinath&nbsp;wrote, China saw a modest recovery in a key manufacturing index in March, and satellite images show increasing concentrations of nitrogen dioxide last month, indicating a pickup in industrial activity and transportation.
She added, China's recovery is encouraging, suggesting that containment measures can succeed in controlling the pandemic and pave the way for a resumption of economic activity.

Global oil prices fell close to 5% after Saudi Arabia and Russia postponed a meeting scheduled to be held on Monday. The meeting was called to resolve the dispute&nbsp;between the two countries&nbsp;but it has now been pushed to Thursday, the BBC reported. The price war came after a deal between the two countries to cut production, in response to the drop in demand, collapsed last month.

The net worth of India&rsquo;s richest man Mukesh Ambani dropped 28% or $19 billion&nbsp;to ₹48 billion as on March 31 due to the massive correction in stock markets, a report said on Monday. His global ranking declined&nbsp;eight places to 17th, the Hurun Global Rich List said. The Indian market has corrected by 25% in the last two months as the economic costs and impact of the Covid-19 pandemic on companies led to a sell off across the world.

The Life Insurance Council of India has announced that all life insurance companies, both public and private, will process all coronavirus-related death claims, at the earliest.&nbsp;According to a press release from the Life Insurance Council, the clause of &lsquo;Force Majeure&rsquo; will not apply in case of Covid-19 death claims. Apart from this, the IRDAI&nbsp;has also provided additional time for payment of renewal premium in case of health insurance policies and motor third party insurance.

India&rsquo;s dominant services sector contracted in March as new business and export demand fell sharply as the&nbsp;coronavirus&nbsp;pandemic&nbsp;wreaked havoc globally, a private survey showed. The IHS Markit Services Purchasing Managers&rsquo; Index fell sharply to a five-month low of 49.3 in March from February&rsquo;s seven-year high of 57.5.

India&rsquo;s&nbsp;gold&nbsp;imports plunged more than 73% year-on-year in March to their lowest in more than 6 years. Record domestic prices and a lockdown to curb the spread of coronavirus squeezed retail demand, a government source told the Reuters. The world&rsquo;s second biggest consumer of the precious metal imported 25 tonnes of&nbsp;gold&nbsp;in March, down from 93.24 tonnes a year ago.
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Most Asian stock markets surged on Monday as death rate due to coronavirus&nbsp;outbreak slowed down in some of the worst-hit countries.&nbsp;In Japan, the Nikkei 225 index was 2.6% higher by midday. South Korea&rsquo;s Kospi index rose 2.4%. In Hong Kong, the Hang Seng index was up 1.2%. Taiwan&rsquo;s Taiex was up 0.9%.&nbsp;Australia's S&amp;P/ASX 200 surged 4.5%.

EPFO&nbsp;has&nbsp;appealed to the employers not to cut the salaries of the employees or to resort to layoffs amid the lockdown due to Coronavirus crisis, Times Now reported on Monday. This comes as companies have been cutting salaries and some reports suggest that there could be some layoffs as most of the economic activities halted in the country due to 21-day lockdown.

Around 52% of top corporate bosses in India anticipate that job losses will occur after the nation-wide lockdown is lifted, according to a CII CEO Snap Poll.&nbsp;While 47% of the CEOs have said that they estimate less than 15% job cuts, 32% of the respondents have said that there could be job losses in the range of 15-30%.&nbsp;The survey saw a cross-country participation of close to 200 CEOs across sectors.
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In a blog post, former RBI governor and economist Raghuram Rajan has laid out the possible ways to face the huge economic crisis that India may be facing due to the lockdown. He wrote, economically speaking, India is faced with perhaps its greatest emergency since Independence. He added, it will be hard to lock down the country entirely for longer periods, so the govt should also be thinking of how it can restart activities in certain low-infection regions with precautions. Stressing on the need to pay immediate attention to the poor and non-salaried, Rajan said, direct transfers to households may reach most but not all, and India have already seen one such consequence&nbsp;the movement of migrant labour. Rajan said, people will defy the lockdown to get back to work if they cannot survive otherwise.

Even as India grapples with an acute shortage of ventilators and has put out urgent orders to fill the gap, it continues to charge one of the highest duties globally on the critical medical equipment that is needed to support seriously ill Covid-19 patients.&nbsp;A report released by the WTO on Friday says India charges an average applied import tariff of 10% on ventilators and respirators, as against an global average tariff of 3.3%.&nbsp;As many as 67 WTO members including EU, US, Republic of Korea and Switzerland provide duty free access to ventilators.&nbsp;The WTO report also pointed out that India charges 12%, a high rate of duty on personal protective products like face masks, which has seen acute shortage among health workers dealing in the country.

AirAsia India said bookings for its flights are open from April 15, but it it is open to any change in case DGCA issues fresh directives.&nbsp;Domestic and international commercial flights in the country are suspended till April 14 amid the lockdown to curb spreading of coronavirus infections. Most of the airlines have started taking bookings for their flights from April 15 onwards.&nbsp;However, state-owned Air India said it has stopped bookings till April 30 and is awaiting a decision after April 14, when the nationwide lockdown is lifted.
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Foreign portfolio investors or FPIs&nbsp;have withdrawn a record ₹1.1 lakh crore from the Indian markets in March, as the coronavirus pandemic dampened investor sentiment worldwide.
According to latest data, FPIs pulled out a net ₹61,973 crore from equities and ₹56,211 crore from the bond market in March, taking the cumulative net outflow to ₹1,18,184 crore.
This is also the highest withdrawal ever since the FPI data has been made available by the National Securities Depository Ltd.

Tensions&nbsp;rose ahead of emergency meeting of&nbsp;OPEC&nbsp;as Saudi Arabia criticised Russia on Saturday, claiming Moscow had blamed the kingdom for the collapse in global energy prices. Oil prices fell after OPEC countries, including Russia, failed to agree to production cuts, triggering a price war that led to Saudi Arabia threatening to pump at a record-breaking pace to seize back market share even as the coronavirus pandemic saw demand sharply drop. The Brent crude fell to around $24 a barrel in early 2020, compared to prices of over $70 a year ago.&nbsp;

As per some reports, India&rsquo;s tourism sector may see an overall loss of&nbsp;₹5 lakh crore and job cuts for 4-5 crore people.&nbsp;Of the total losses, the organised sector in the industry -- branded hotels, tour operators, travel agencies &ndash; may be hit the hardest with an estimated loss of around&nbsp;₹1.58 lakh crore, according to Confederation of Indian Industry estimates.

#Breaking: Fiscal deficit widens, reaches 103.9% of full year target

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