Coronavirus crisis: Lockdown batters India's already slowing economy
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India’s economic growth, which was already slowing, has been hit hard by the coronavirus lockdown. Some of the leading indicators only tell the magnitude of its impact.
Power demand, for example, has fallen sharply. From an average of 148,282 megawatts (MW) during March 1-22, demand fell to 122,025 MW between March 23 and April 23, a decline of 17.7 per cent.
As growth concerns rose in the backdrop of the Covid outbreak, foreign investors turned net sellers of equities.
They sold stocks worth Rs 65,454 crore between March 2 and April 23, leading to a slump in the markets, and a fall in the rupee against the dollar. The risk-off mood has seen investors turn to gold to protect capital.
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The Adani group plans to invest up to Rs 1.3 trillion in 2024-25 (FY25) to expand its capacity across its portfolio companies and will raise up to $3 billion (Rs 25,000 crore) in equity this financial year to fund the projects.
Among its portfolio companies, Adani Green Energy will invest Rs 34,000 crore to expand its facilities in Gujarat’s Khavda, said Adani Group Chief Financial Officer Jugeshinder ‘Robbie’ Singh here on Tuesday.
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Market regulator Securities and Exchange Board of India’s (Sebi’s) experiment with the same-day settlement cycle has found few takers during its soft launch phase, rolled out for just 25 stocks.
Since its introduction in March, the T+0 mechanism — an optional settlement cycle, parallel to the mainstream T+1 cycle where trades are settled on a next-day basis — has logged a turnover of just Rs 5.7 lakh on the NSE, with six of the 25 scrips not recording even a single trade. Of the total, over 80 per cent, or Rs 4.63 lakh, was registered on March 28, the launch day.
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Haryana Chief Minister Nayab Singh Saini on Tuesday announced a new pension amount for the freedom fighters and their dependents and informed that from July 1, the freedom fighters will receive an increased pension of Rs 40,000.
Taking to his official X handle, the Haryana Chief Minister posted a video in which he said, "The freedom fighters, who sacrificed their life for the country and suffered so much, the pension of freedom fighters and their dependents will be increased from Rs 25,000 to Rs 40,000 with effect from July 1."
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As the death toll in the hooch tragedy in Tamil Nadu's Kallakurichi district rose to 58 on Monday, 111 persons are undergoing treatment at Kallakurichi Government Medical College hospital, hospital authorities stated.
At Puducherry 11 persons, in Salem district 30 persons, and in Villupuram district 4 persons are undergoing treatment at various government hospitals.
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Biju Janata Dal (BJD) president Naveen Patnaik on Monday asked his party’s nine Rajya Sabha (RS) members to emerge as a “vibrant and strong” opposition in the Upper House. The BJD, which supported the government during the 17th Lok Sabha on crucial issues, couldn't win any Lok Sabha seat in the 2024 general elections. At the meeting, Patnaik asked the lawmakers to raise issues concerning the state's interests.
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