Top Headlines: Fitch cuts India growth forecast to 5.1%; Kamal Nath resigns

From Ministry of Coroporate affairs easing attendance rules to US advisory against foreign travel, Here are the top headlines during the day

Kamal Nath quits: People's victory, says Scindia

Madhya Pradesh chief minister Kamal Nath has quit a day after Supreme Court called for a floor test.  BJP leader Jyotiraditya Scindia termed it as people's victory. The former Congress MP's exit from that party led to the fall of the Kamal Nath government.  Catch all the live updates here

Coronavirus impact: 

Maharashtra in partial lock down; shops & offices in Mumbai, Pune shut

All shops, establishments and offices excluding those engaged in essential services will have to remain shut till March 31 in Mumbai metropolitan region, Pune and Nagpur, chief minister Uddhav Thackeray announced on Friday.

Groceries, milk centres, pharmacies and banks are exempt from the restrictions which come into effect from today midnight. Read more

Fitch cuts India growth forecast to 5.1% for FY21

Fitch Ratings on Friday cut India's growth forecast to 5.1 per cent for FY 2020-21, saying the coronavirus outbreak is likely to hit business investment and exports. Fitch had in December 2019 projected India's growth at 5.6 per cent for 2020-21 and 6.5 per cent in the following year. Read more

MCA eases attendance rules for board meetings till June 30

Taking precautionary steps in the light of the Corona pandemic, the government has relaxed the requirement of holding board meetings with physical presence of directors for activities including approval of financial statements and the board’s report. Read more

Global economy is already in a recession: Poll

The global economy is already in a recession as the hit to economic activity from the coronavirus pandemic has become more widespread, according to economists polled by Reuters amid a raft of central bank stimulus actions this week. Read more

US warns citizens against travel abroad

The United States warned Americans on Thursday to return home or stay abroad indefinitely, while Senate Republicans unveiled a $1 trillion economic stimulus plan to provide funds directly to businesses and the American public, as the number of coronavirus cases in the country surged past 13,000. Read more

Catch all the coronavirus LIVE updates

Here's why your fuel bill hasn't fallen much

You must be wondering why the current freefall in the global oil market is not resulting in commensurate or sharp fall in retail price of petrol and diesel. The answer lies in a plethora of taxes that both Central and state governments levy on the two auto fuels that rob the customers of the real gains that accrue from a subdued oil market. Read more