The Good News Updates About The Best in India; Stay Tuned
COVID-19 lockdown has created havoc. The worldwide economy is suffering adding to the scores of hurdles people are already facing due to Coronavirus Pandemic. But this period is also proving to be time for some soul searching, and digging deep into our consciousness about the people and things that truly matters to us. These trying times are also bringing opportunities in India. Here are the best of what is happening in India. Stay safe and stay tuned!
PM announces Rs 20 lakh crores package
May 13, 2020
Prime Minister Narendra Modi announced of Rs 20,000,00 crore package which is nearly 10 per cent of India’s gross domestic product (GDP) to help several sectors like the cottage industry, micro, small and medium enterprises (MSMEs).
Gujarat govt to open business in Rajkot
May 13, 2020
The Gujarat government on Tuesday allowed industries and businesses in Rajkot to reopen from May 14 onwards except the containment zone of the city. The chief minister of Gujarat Vijay Rupani on Tuesday talked to senior officials of the state via video conference to discuss the strategy regarding the resumption of social and economic activities in the state. The state CM on Monday launched a seam sealing machine that would manufacture PPE kits.
Govt lures investors
May 13, 2020
The Indian economy is hit hard by the COVID-19 outbreak, the government is mulling to offer tax exemptions to companies and lure them to invest. The trade minister is ready to provide a 10-year full tax exemption to those companies who are willing to invest upwards of $500 million.
Business with US companies
May 13, 2020
India is a hub of pharmaceutical companies. Many countries including the US had dialled India for essential medicines. Currently, India has been luring several US businesses including Abbott Laboratories (medical devices major) to shift its base from China to India. The relationship between Washington and Beijing has turned nasty since the spread of COVID-19 in the US. Trump administration blames China for this pandemic.
Both Medtronic and Abbott are already functioning in India; it would be easier for such companies to relocate their supply chains from China to India. Last month, the government came in touch with more than 1,000 US companies and offered them incentives to move out their base from China to India. The relocation of companies from China to India would be a big gain for India.
Revenue from Railways
May 13, 2020
India Railways is a big source for the generation of revenue. Despite the lockdown the government has started special passenger trains from New Delhi to 15 destinations. As per the India Railways report on Tuesday, just before the departure of the first train over 80,000 tickets worth over 16 crores were booked.
Haryana set to bring its economy on track
May 13, 2020
The Haryana government is ready to bring its economy on track and has allowed several companies to operate shift wise and utilise 100 per cent of their workforce. The state government has permitted auto component major Sona Comstar to start works in its plants. The state government has also given its nod to Maruti Suzuki’s Manesar plant to resume its 75 per cent of its workforce.
Yogi’s UP govt set to attract investors
May 12, 2020
The Uttar Pradesh government has been trying to attract businesses amid the worldwide economic crisis. The state cabinet has approved an ordinance exempting existing businesses from the purview of all the labour laws for the next 1,000 days. These exemptions are likely to entice more and more investors to the state and would also help the existing industries to work smoothly during the COVID-19 pandemic.
UP plans to retain its workforce
May 12, 2020
The migrant workers are worst-hit during the lockdown period. The UP government has been planning to create employment opportunities across sectors for such labourers who travel to other states for jobs. Hence, they don’t need to go outside the state for work. But new exemptions may raise concerns about the well-being of the workers in the state.
UP govt in touch with US investors
May 12, 2020
The UP state government is in constant touch with 100 US-based companies and is inviting them to invest in the state. US companies have made considerable investments in China. The relationship between the two nations has turned nasty after the worldwide spread of the COVID-19 outbreak. Therefore, the UP government wants to utilize this opportunity to attract US companies to invest in India, especially in Uttar Pradesh.
Ola to offer free medical transportation
May 12, 2020
Ola cabs have decided to team up with Delhi government’s health department and are ready to provide free medical transportation. This service would be for free. The service will be allowed for only non-COVID cases. Citizens need to dial 102 to get support for non-COVID medical care. Then the health ministry would arrange a cab for the patients to be transported to a hospital. Ola cabs would be equipped with all the essential gadgets such as masks and hand sanitizers along with proper sanitary measures which are the guidelines of the health ministry.
The unstoppable Jio inks third deal
May 12, 2020
It seems Reliance Jio has limited impact amid nationwide lockdown. In the latest development, Mukesh Ambani-led Reliance Industries Limited (RIL) has inked a deal with US private-equity firm Vista Equity. The US-based company is set to invest Rs 11,367 crore in Jio Platforms for a 2.32% stake. This is the third deal of Reliance Jio after the rounds of funding by the social networking giant Facebook and Silver Lake’s share acquisition plan in three weeks’ time. This would also be the biggest investment of Vista Equity outside the US. This deal would make Vista the biggest shareholder of Jio after Facebook (9.99%) and parent RIL (86.54%).
Apple ready to shift India
May 12, 2020
Apple, a well-known name in the field of electronics and technology, has been planning to move from China to India. The electronics giant is set to move a fifth of its production capacity to India. As per the report, the company wants to get more benefits after the announcement of the Indian government’s new production-linked incentives (PLI) scheme to boost local production in India. Currently, Apple’s share in the Indian smartphone market is meagre. Therefore, the company wants to shift its significant chunk to India to boost its export
Startup Boom in India
May 12, 2020
The graph of the growth of the edtech sector has been increasing. This has raised the interest of the investors in this sector. In the first quarter of 2020, Byju’s and Unacademy raised $400 and $100 million respectively. Overall, nine startups have raised seed funding in the last couple of months. It means that investors are looking to bet on early-stage startups which can be helpful during the COVID-19 pandemic.
