Top headlines: FMCG market growth slump, YES Bank capital raising, and more

From FMCG market likely to witness slump, DoT asking telcos to list out spectrum demands to analysts predicting GDP fall to 3-decade low, Business Standard brings you top headlines of the day

Coronavirus lockdown: Govt unveils Rs 1.7-trillion package for the poor

Finance Minister Nirmala Sitharaman on Thursday announced a Rs 1.7-trillion food-security and income-transfer package for the urban and rural poor amid coronavirus lockdown. The package includes free foodgrain for 800 million people for three months, insurance cover for healthcare providers, front loading PM Kisan instalments, and increase in wages under the employment guarantee programme. Read More...

FMCG leaders mark down overall growth to 3% amid coronavirus outbreak

The fast-moving consumer goods (FMCG) market may see its overall growth rate decline to 3 per cent in the January-March period as measures to curb Covid-19 intensify, top firms told Business Standard. The industry projection is in sharp contrast to the forecast by research agency Nielsen, which has maintained its 5-6 per cent quarterly growth outlook. The companies also refuted that the pnic buying will replenish the slump. Read More...

E-grocers resume work as states step in amid coronavirus lockdown

E-commerce companies selling grocery online said they had resumed services as situation on the ground has improved. Most states took several measures including providing passes to delivery executives and eased interstate movement of essential goods being transported by these firms, after the Centre assured smooth delivery of essential commodities. However, some sources also said many of these firms were facing an uphill task of convincing the people on the ground to return to work, as many are apprehensive of their safety. Read More...

Coronavirus impact: GDP likely to fall to a three-decade low, say analysts

Analysts suggest that the impact on various Indian industries could cost the economy around 3 per cent of GDP due to the coronavirus pandemic. There has been around 40 per cent decline in economic activity after the lockdown, as only essential manufacturing and services are functioning. Read More...

DoT asks telcos to list spectrum needs as data demand surges in lockdown

The Department of Telecommunications (DoT) has asked operators to provide the Wireless Planning and Coordination Wing (WPC) with details of the amount of spectrum in each circle they would require temporarily to ensure continuous connectivity. Telcos have seen a 15-20 per cent surge in traffic since Sunday as a result of the lockdown as well as the near-complete shift to “work from home”. Earlier, the capacity had risen by 10 per cent. Read More...

Govt allows doorstep delivery of drugs to help citizens under lockdown

The Health Ministry on Thursday allowed doorstep delivery of drugs amid coronavirus lockdown. In a notification it revoked 26B of the Drugs and Cosmetics Act, 1940 to facilitate the doorstep delivery of drugs to consumers. Read More...

Coronavirus: Centre's EPF scheme to cover only 16% of total subscribers

The Centre will cover the EPF bills of firms hiring 100 workers for the next 3 months allow all the formal sector workers subscribed to the EPFO to withdraw their three months of PF contribution during the coronavirus pandemic. The cover is included in the Rs 1.7-trillion package to help the formal sector workers amid lockdown. Read More...

YES Bank board clears Rs 5,000 cr capital raising plan in multiple tranches

YES Bank board on Thursday approved up to Rs 5,000 crore as equity capital in the second round to meet regulatory requirement and support business. The board approved the fund raising in one or more tranches during the board meet. YES Bank scrip ended over 10% lower at Rs 26.65 per share on BSE. Read More...

Telcos set up war rooms to monitor networks during Covid-19 crisis

Major telecom operators - Vodafone Idea, Airtel and Reliance Jio have set up war rooms to monitor network operations closely and ensure uninterrupted supply amid coronavirus lockdown. The DoT has approved free travel for the network providers to support towers sites in case of power cuts and ensure continued network service, reported the Economic Times.

Three police departments may use phone locations to enforce Covid-19 quarantine

Three police departments in India will be using Innefu Labs' 'Unmaze' app that uses mapping of GPS locations and device IDs to track Covid-19 quaratine patients, to successfully enforce lockdown. The police departments will immediately start using the app, updating list of infected patients from the backend while the consumers will have to download the app which will identify and alert users if they came in contact with a patient within a 5-10 metre radius, Livemint reported.