The US is in talks with its 'friends', including India, for restructuring the global supply chains, Secretary of State Mike Pompeo has said. He also praised New Delhi for lifting the export ban on critical medical supplies to combat the global coronavirus pandemic.&nbsp;Addressing a news conference, Pompeo said, "We're working with our friends in Australia, India and Japan, New Zealand, the Republic of Korea, and Vietnam to share information and best practices as we begin to move the global economy forward."

The US is in talks with its 'friends', including India, for restructuring the global supply chains, Secretary of State Mike Pompeo has said. He also praised New Delhi for lifting the export ban on critical medical supplies to combat the global coronavirus pandemic. Addressing a news conference, Pompeo said, "We're working with our friends in Australia, India and Japan, New Zealand, the Republic of Korea, and Vietnam to share information and best practices as we begin to move the global economy forward."

Output fell in July as regional lockdown extensions across the country severely held back demand, said the monthly IHS Markit India&nbsp;survey on Monday.
Manufacturing PMI stood at 46 in July, down from 47.2 in June. In PMI parlance, a score above 50 means expansion and below that denotes contraction.
PMI fell to a historic low of 27.4 in April, but had been steadily climbing up since.

The Reserve Bank of India&nbsp;has suggested bringing down the government&rsquo;s stake in six leading public sector banks to 51% over the next 12 to 18 months. This, the regulator feels, will give a much-needed push to the government&rsquo;s disinvestment efforts.
State Bank of India, Punjab National Bank, Bank of Baroda, Canara Bank, Union Bank of India, and Bank of India have been shortlisted for this.
The government has taken the suggestion positively, a Business Standard report said.

The Reserve Bank's Monetary Policy Committee will meet next week to decide on the policy stance amid the urgency to revive the coronavirus-hit economy and increased demand for one-time loan restructuring by industry chambers.
Experts are, however, arguing that one-time loan restructuring is more essential at this juncture to tide over the Covid-19 situation.&nbsp;
The MPC, headed by RBI Governor, is scheduled to meet for three days beginning August 4 and announce its decision on August 6.

GST collections in July stood at ₹87,422 crore as against&nbsp;₹90,917 crore in June, according to a Finance Ministry statement. However, July collections are higher than ₹62,009 crore in May and ₹32,294 crore in April.
The revenues for the month are 86% of the GST revenues in the same month last year.
It should be noted that the taxpayers with turnover less than ₹5 crore continue to enjoy relaxation in filing of returns till September 2020.

Maruti Suzuki&nbsp;on Saturday informed it had sold a total of 1,08,064 units in July, including one lakh units in the domestic market itself.&nbsp;
The carmaker&nbsp;said July's sales figure is just a 1.1% fall when compared to figures from July 2019. More importantly, it is a massive 88.2% jump over sales figures from June.
Sales have been picking up gradually after an unprecedented April when Maruti and almost every other automobile manufacturer reported either zero or negligible sales owing to the national lockdown.

India's fiscal deficit in the first quarter of FY21&nbsp;stood at record ₹6.62 lakh&nbsp;crore which is&nbsp;83.2% of the budgeted target, government data showed.
Net tax receipts were ₹1.35 lakh&nbsp;crore while total expenditure was ₹8.16 lakh&nbsp;crore, indicating the government was front-loading its spending to combat the impact of the coronavirus.
&nbsp;

The eight core industries&rsquo; output contracted 15% in June against a growth of 1.2% in the same month last year.&nbsp;
However, lifting of the lockdown since June has led to better output as it contracted by&nbsp;37% and 22% in April and May, respectively, when the country faced one of the strictest lockdowns to arrest the spread of Covid-19.
&nbsp;

PTI, New Delhi: Jet fuel or ATF price on Saturday was hiked by 3 per cent, the fifth straight increase in two months, while there was no change in rates of cooking gas LPG, petrol and diesel.
Aviation turbine fuel (ATF) rates went up by Rs 1,304.25 per kilolitre or 3 per cent in the national capital to Rs 43,932.53 per kl, according to a price notification of state-owned oil companies.
ATF price was last hiked by 1.5 per cent or Rs 635.47 per kl, on July 16. This was the fifth straight increase since June. In four hikes, rates went up by Rs 22,483.91 per kl.
Rates were hiked by a record 56.6 per cent (Rs 12,126.75 per kl) on June 1, followed by Rs 5,494.5 per kl (16.3 per cent) increase on June 16. Price was hiked by Rs 2,922.94 per kl or 7.48 per cent on July 1.
ATF prices are revised on 1st and 16th of every month based on average of benchmark international price and foreign exchange rate in the preceding fortnight.
Petrol and diesel prices, which are revised on a daily basis, were kept unchanged on Saturday.
The price of petrol has not changed for over a month now. It sells for Rs 80.43 a litre in the national capital since June 29.
Diesel, on the other hand, has seen sporadic rates revisions. It currently sells for Rs 73.56 per litre in the national capital.
Petrol price rose by Rs 9.17 per litre between June 7 and June 29 while diesel rates increased by Rs 12.55 per litre since June 7.&nbsp; Cooking gas rates too were unchanged on Saturday.
Non-subsidised cooking gas LPG rates were last revised on July 1 when prices went up by Re 1 to Rs 594 per 14.2-kg cylinder in the national capital.
This increase reversed a four-month declining trend in rates. Prices had come down from Rs 858.50 in February to Rs 593 in June - Rs 265.5 in all.
Non-subsidised LPG is cooking gas that a consumer buys after exhausting his or her quota of 12 cylinders of 14.2-kg at subsidised rates.&nbsp;
&nbsp;

In a bid to help industry tide over the impact of the&nbsp;Covid-19 pandemic, Finance Minister Nirmala Sitharaman on Friday said the government is working with the RBI on the need for restructuring of loans.&nbsp;
The Finance minister also said that the decision on reducing GST rates on&nbsp;healthcare and other products will be taken by the GST Council.
Sitharaman said the Finance Ministry is working with RBI on the demand of the hospitality sector for extension of the moratorium, or restructuring.

Prime Minister Narendra Modi will meet&nbsp;heads of large banks and NBFCs on Wednesday to take stock of the economy that has been hit hard by the outbreak of coronavirus pandemic. According to&nbsp;an official statement, the prime minister will discuss the&nbsp;roadmap for the future. The topics on agenda include credit products and efficient models for delivery, financial empowerment through technology, prudential practices for stability and sustainability of the financial sector.

As much as ₹30,000 crore has been withdrawn in under four months starting April by 8 million subscribers of the Employee Provident Fund Organisation, The Economic Times reported.
The coronavirus pandemic has forced many people to dig into their savings as most have lost jobs, faced salary cuts or seen a rise in other expenses.
EPFO manages a corpus of ₹10 lakh crore built on mandatory contributions from nearly 60 million salaried people and their employers. The huge outgo is likely to impact the fund&rsquo;s earnings in FY21, officials said.

HDFC&nbsp;Chairman&nbsp;Deepak Parekh&nbsp;on Monday requested the central bank Governor Shaktikanta Das to not extend the moratorium on loan repayments any further.
In an online discussion, organised by the Confederation of Indian Industries, Parekh said extending the moratorium will hurt NBFCs as many customers who have the ability to repay are deferring payments.
As per some reports, the RBI&nbsp;is mulling to extend the&nbsp;moratorium period beyond&nbsp;August.

RBI Governor Shaktikanta Das on Monday made a strong case for stepping up investments in the infrastructure sector to restart the economy which is currently reeling under the impact of the Covid-19 pandemic. In his address at a CII event, Das said both private and public sectors have to play an important role in developing infrastructure that requires huge investments.
India needs to focus on concluding free trade agreements with US and other countries, Das&nbsp;added.
Stating that recent agriculture reforms have opened new opportunities, the RBI Governor said the farm sector is emerging as a bright spot.
With regard to forex rate, Das said the RBI has no fixed target for the rupee but will monitor undue volatility.

The&nbsp;Reserve Bank of India&nbsp;may allow lenders to offer companies in stressed sectors, such as aviation, automobiles and hospitality, the option to pause loan repayments even after the six-month&nbsp;moratorium&nbsp;ending on August 31, Mint reported. The banking regulator has been conducting an impact assessment of sectors and borrower segments by collating data on repayments and cash flows.

Economic activity continues to remain weak and will lead to a 6.1% contraction in India's GDP in the current fiscal, Nomura said on Tuesday. The Reserve Bank is likely to pause at the upcoming policy review in August and cut rates by 25 basis points each in the October and December reviews, the Japanese brokerage firm said in a report. All the analysts expect a contraction in the GDP due to the Covid-19 pandemic, which has impacted both supply and demand forces in the economy since March. Official data also suggests a surge in inflation, which will further drag down the GDP in real terms, the report mentioned.

Net new enrolments with retirement fund body EPFO rose to 3.18 lakh in May from 1 lakh during April 2020, according to its latest payroll data.&nbsp;The net new enrolments with the Employees' Provident Fund Organisation had dropped to 5.72 lakh in March 2020 from 10.21 lakh in February, as per the payroll data released in May. The net new enrolments with the EPFO hover around 7 lakh every month on an average.
&nbsp;

India is looking to privatise more than half of its state-owned banks to reduce the number of government-owned lenders to just five, Reuters reported citing government and banking sources. The government is working on a privatisation plan to raise money by selling assets in non-core companies and sectors when the country is strapped for funds due to a lack of economic growth caused by the coronavirus pandemic. Several government committees and the Reserve Bank of India have recommended that India should have not more than five state-owned banks.

European Union on Tuesday finalised an unprecedented 1.82 trillion euro or $2.1 trillion budget&nbsp;and coronavirus recovery fund, somehow finding unity after four days and as many nights of fighting and wrangling over money and power in one of their longest summits ever. To confront the biggest recession in its history, the EU is offering 750 billion euros in grants and loans to the countries hit hardest by the virus. The coronavirus has sent the EU into a tailspin, killing around 1,35,000 of its citizens and plunging its economy into an estimated contraction of 8.3% this year.

India's debt to GDP&nbsp;ratio could climb to 87.6% this fiscal, up from 72.2% last year, because of a collapsing GDP and consequently higher borrowings, said a research note by SBI.&nbsp;In absolute terms, the SBI&nbsp;research&nbsp;sees India's gross debt rising to around ₹170 lakh crore this fiscal. The current level of foreign exchange reserves is sufficient to meet any external debt. On the internal debt, since most of the debt is domestically owned, the debt servicing of the same is not an issue, the note said.
&nbsp;

The proportion of manufacturing units reporting an increase in output dropped to 10% during April-June 2020 from 15% in the previous quarter, according to a quarterly poll by industry body FICCI. The survey&nbsp;revealed that the automotive sector is the worst hit in terms of ongoing operations in the factories as per the demand and current orders post easing out of lockdown restrictions. Other sectors where operations remain abysmally low are leather and footwear, electronics and electricals &amp; textile machinery.

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Apr 30, 2020 14:02 IST

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