Top headlines: Fitch revises India's rating, employment for migrant workers

From AGR dues to employment for migrant workers, Business Standard brings to you the top headlines of the day

Fitch revises India's sovereign rating outlook to negative from stable 

Fitch Ratings has revised the outlook on India's sovereign ratings to negative from stable but retained the ratings at the lowest investment grade. Earlier, Standard & Poor's retained the ratings and outlook on India while Moody's Investors Service downgraded the ratings but maintained the outlook. Fitch expects economic activity to contract by five per cent in the current financial year. Read on...

AGR dues: Telcos to file financial statements before SC; hearing in July

The Supreme Court has asked telecom companies to file their financial statements before it and fixed adjusted gross revenue (AGR) related dues case against them for hearing in July. The Department of Telecommunications sought time from the apex court to respond to telcos replies on payment of AGR related dues by them. Read on...

Will withdraw 96% of Rs 4 trn AGR related dues raised against PSUs, Centre tells SC

The Centre informed the Supreme Court on Thursday that the Department of Telecommunications (DoT) has decided to withdraw 96 per cent of the Rs 4 trillion demand for AGR related dues raised against non-telecom PSUs like GAIL. A bench of Justices Arun Mishra, S Abdul Nazeer and M R Shah was informed by Solicitor General Tushar Mehta that DoT has filed an affidavit explaining the reason for raising the demand of AGR related dues against the PSUs. Read on...

Saudi Arabia's PIF picks up 2.3% stake in Reliance Jio for Rs 11,367 cr

Reliance Jio announced a 2.3 per cent equity stake sale to Saudi Arabia's sovereign wealth fund Public Investment Fund for Rs 11,367 crore. The company said that this investment will further help Jio in building a technology growth platform for consumers. With this investment by PIF, Reliance Jio has raised Rs 1.15 trillion (Rs 115,693.95 crore) through partnerships with global investors in nine weeks. Read on...

25 govt schemes to be pooled together to give jobs to migrant workers: FM

Finance Minister Nirmala Sitharaman on Thursday briefed the media ahead of the launch of the Garib Kalyan Rozgar Abhiyan by the Prime Minister. The FM said that state and central governments have worked together to identify districts which saw highest reverse migration of workers during the Covid-19 lockdown. Read on...
 

Developing Asia to 'barely grow' in 2020; India's GDP to shrink by 4%: ADB

The Asian Development Bank on Thursday said countries in Developing Asia will "barely grow" in 2020, while India's economy is forecast to contract by 4 per cent this fiscal due to the adverse effect of the coronavirus pandemic. Read on... 

India will reduce imports, turn Covid-19 crisis into opportunity: PM Modi

Prime Minister Narendra Modi on Thursday said India will turn the Covid-19 crisis into an opportunity, become self-reliant and reduce its dependence on imports. "India will turn this Covid-19 crisis into an opportunity. It has taught India to be self-reliant. India will reduce its dependence on imports. To make India self-reliant in the energy sector, a major step is being taken today," Prime Minister Modi said. Read more...