Top 10 biz headlines: Auto firms to start operations, labour issue and more

Here are the top ten business headlines on Thursday

Automobile factories and their suppliers will soon start operations as government has given a green signal to the automakers. The trade unions on Wednesday told govt officials that workers who want to return home should be facilitated and should be incentivised by giving them cash or by giving them good facilities to live. Here are the top ten business headlines of the day:

Govt leans on unions to make workers stay as economy sinks

The government on Wednesday held a meeting, chaired by labour and employment minister have asked the central trade unions to persuade the migrant workers to participate in economic activities, instead of leaving for their homes. Read more here

Maruti, Hyundai bet on first-time car buyers with easy financing schemes
 

As automakers resume production, the companies are hoping on first-time car buyers for a revival and are firming up plans to offer tailor-made finance schemes with a much lower down-payment option for entry-level models. Read more here

MP to ease labour laws, factory safety norms as it woos industry

The Madhya Pradesh government is planning to bring in new measures to labour laws, including allowing more factories to operate without following safety and health norms and give a free hand to new companies to “keep labourers in service as per their convenience”. Read more here

Lockdown 3.0: Maruti to restart production at Manesar plant on May 12

On Wednesday, a number of automakers including Maruti Suzuki, Hero MotoCorp, Mercedes Benz India, Eicher Motors, TVS Motor, and Isuzu Motors India announced they had got the clearance from the state governments to resume operations. Read more here

SBI to grant moratorium to NBFCs on case-by-case basis amid Covid-19 crisis

State Bank of India is working on 25 proposals, totalling at least Rs 5,000 crore, for credit to NBFCs while taking up requests for a loan moratorium on a case-by-case basis. Read more here

YES Bank case: ED slaps Rs 5,500-crore kickback charge on Rana Kapoor

The Enforcement Directorate on Wednesday submitted its charge sheet,against YES Bank co-founder Rana Kapoor at the Special Court of Prevention of Money Laundering Act in Mumbai. Read more here

Covid-19 crisis: Private hospitals get a lifeline from Ayushman Bharat

Small private hospitals, struggling to survive because of a sharp drop in revenue are seeing a lifeline in the Ayushman Bharat-Pradhan Mantri Jan Arogya Yojana. Read more here

With steep hike in excise duty on fuel, govt to rake in Rs 1-1.6 trn

The record increase in excise duty on petrol and diesel is likely to hike the government’s revenue by anywhere between Rs 1 trillion and Rs 1.6 trillion, depending on the severity of consumption decline. Read more here

Hotels plan own platform to rival food aggregators

According to a Livemint report, the National Restaurant Association of India is working on a technology platform that will offer services such as online ordering to contactless dining options as it seeks to minimise the dependence on online food aggregators.

Vedanta’s sale of $1 billion oil unit stake stalls

Vedanta’s plans to sell a minority stake in its Indian oil unit have stalled after a collapse in crude prices, according to people familiar with the matter, the Economic Times reported