Top headlines: Fiscal deficit at 58.6% of annual target in 2 months & more

Business Standard brings you the top headlines of the day

PM Modi extends PM Gareeb Kalyan Anna Yojana till end of November

Prime Minister Narendra Modi announced the extension of the PM Gareeb Kalyan Anna Yojana until the end of November. Under this scheme, every member of a household will get 5 kg of rice or flour every month, in addition to 1 kg chana. Explaining the steps taken by his government in dealing with the impact of Covid-19 in India, the PM said that we are at a stage, especially after lockdown, where we needed to take more precautions to stay safe from the coronavirus. Read more.

India's fiscal deficit at Rs 4.66 trn, 58.6% of annual target in 2 months

India's fiscal deficit in the first two months through May stood at Rs 4.66 trillion ($61.67 billion), or 58.6% of the budgeted target for the current fiscal year, government data showed on Tuesday. Net tax receipts during April-May period were Rs 338.5 billion ($4.48 billion), while total expenditure was Rs 5.12 trillion, indicating the government was front-loading its budgeted spending to combat the impact of pandemic. Read more. 

China voices strong concern over India's ban on 59 apps with Chinese links

A day after India banned 59 apps with Chinese links for engaging in activities which are "prejudicial to sovereignty and integrity" of the country, China on Tuesday voiced strong concern over the move, and said the Indian government has the responsibility to uphold the "legitimate and legal rights" of international investors. Chinese Foreign Ministry briefing here, spokesman Zhao Lijian said, "I want to stress that the Chinese government always asks the Chinese businesses to abide by international rules, local laws and regulations in their business cooperation with foreign countries." Read more.

Have not shared any info of Indian users with Chinese govt: TikTok

TikTok on Tuesday said that it has not shared information on Indian users with China or other foreign governments. This came after New Delhi banned it along with 58 other apps with Chinese links. “We have been invited to meet with concerned government stakeholders for an opportunity to respond and submit clarifications,” said Tik Tok India head Nikhil Gandhi in a statement. “TikTok has democratized the internet by making it available in 14 Indian languages, with hundreds of millions of users, artists, story tellers, educators and performers depending on it for their livelihood," the statement read. Read more here. 

Corps Commander-level meeting between India, China underway in Chushul

To resolve the ongoing dispute over Chinese aggression along the Line of Actual Control in Eastern Ladakh area, Corps Commander-level meeting between armies of India and China has started in Chushul on Tuesday. According to sources, the modalities for disengagement from all friction areas in Eastern Ladakh were discussed and these will be taken forward by both sides. Read more.

Indian bond yields fall to over one-week low after special OMO announcement

India's benchmark 10-year bond yield dropped to its lowest level in over a week on Tuesday after the Reserve Bank of India announced a special open market operation to simultaneously buy and sell debt on July 2. The yield dropped to a low of 5.86%, its lowest level since June 22 and down 4 basis points versus its close on Monday. Traders expect the benchmark bond yield to remain in a tight 5.83% to 5.93% range in the near term in the absence of any fresh cues. Read more.

Global annual spend on PPE can hit $50-80bn; China key player: Jefferies

With most experts now fearing a second wave of the Covid-19 to hit the world, the global demand for PPEs such as masks, gowns and gloves could see a sharp spike. The annual spend on PPE may hit $50 – 80 billion, which is a five to eightfold increase from pre-pandemic levels, suggests a Jefferies report.  While many other countries are ramping up production, Jefferies believes China will remain the key exporter for most PPE. Read more.

Elon Musk tells Tesla employees breaking even in Q2 will be tight

With one day left before the second quarter closes, Tesla CEO Elon Musk is telling employees that prospects for the company breaking even for the three-month period are tight, and he's asking them to go all-out to make it happen. Tesla is expected to announce its quarterly deliveries on Thursday, but has not set a date to release its second-quarter financial numbers. Read more.