Top 10 biz headlines: Rs 20 trn stimulus package, IIP fall and more

Here are the top 10 headlines of the day

On Tuesday, Prime Minister Narendra Modi announced a Rs 20-trillion package with an objective of putting money into people’s pockets to spur domestic consumption and demand. Meanwhile, a Bloomberg report said the government could be planning a four-year tax holiday for companies investing upwards of $100 million in labour-intensive sectors like food processing, textiles, leather and footwear. Here are the top 10 headlines that made news on Tuesday:

PM Modi announces Rs 20 trillion stimulus package to jump-start economy

Prime Minister Narendra Modi on Tuesday announced a Rs 20-trillion stimulus package to help jump-start the economy  while giving away that the nationwide lockdown would be extended beyond May 17, which will be very different from what we have seen so far. Read more here

Haryana allows select firms to deploy 100% workforce in multiple shifts

The Haryana government has decided to allow a few companies to operate factories in multiple shifts and utilise 100 per cent of their workforce and  is planning to initially increase the number of shifts from one to two. Read more here

Govt mulls tax holiday for companies making new investments in India

The finance ministry is said to be evaluating a tax holiday of 10 years, which might apply to companies making more than $500 million worth of new investments in India. Read more here

Maruti starts to roll out cars from Manesar amid Covid-19 lockdown

Maruti Suzuki's Manesar facility on Tuesday has started to roll out vehicles after 50 days of shutdown due to coronavirus epidemic while following the government guidelines on social distancing. Read more here

Covid-19 impact on sectors: Consumption story hits the slow lane

Read the last of three part series here on the impact of coronavirus highlighting the issues faced by the consumption story and in the media sector.

Record fall in March as IIP crashes to 16.7%, FY20 growth squeezed to 0.7%

India witnessed its biggest drop in industrial production in March with output crashing by Rs 16.7 per cent as factories were closed due to the coronavirus lockdown. Read more here

Vodafone PLC liability for AGR capped at Rs 8,400 cr, blames SC order

Vodafone PLC has decided to value its majority stake in Vodafone Idea shares at zero and blamed the losses related to its Indian arm on the Supreme Court judgment. Read more here

Major relief for senior citizens as SBI offers 80 bps more on FDs

In a major relief for the senior citizens, the State Bank of India has decided to give whopping 80 basis points more for long-term FDs. Read more here

Vedanta to be delisted from Indian bourses, says Anil Agarwal

Mining major Vedanta is set to take the company private, the billionaire Anil Agarwal’s company said, the Economic Times reported.

PSU banks sanction ₹5.95 trillion loans from 1 Mar  to  8  May

The finance ministry said that public sector banks sanctioned Rs 5.95 trillion in loans to small businesses, retail, agriculture and corporate sectors between 1 March and 8 May, the Livemint reported.