The number of India’s coronavirus infections crossed China’s official toll of infections, where the virus originated last year. Meanwhile, the finance minister announced reforms for the agriculture sector under the Atmanirbhar Bharat campaign.
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Finance minister Nirmala Sitharaman revealed the government’s second plan with the Atmanirbhar Bharat Abhiyan stimulus package. While the first trance focused on MSMEs, the second focused on migrant workers, farmers and the poor.
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A day after PM Narendra Modi’s announced a ₹20 lakh crore stimulus package to boost the coronavirus-hit economy, finance minister Nirmala Sitharaman unveiled the first plan of ₹5.5 lakh crore focusing on putting life into the country’s MSMEs.
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To cut costs and save money due to the coronavirus impact on the economy, the government suspended the 4% hike in dearness allowance for central government employees until July 2021.
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The government said the coronavirus infection rate in the country has almost halved since the Centre announced a nationwide lockdown from March 25. Meanwhile, the RBI has extended a ₹1 lakh crore lifeline to NBFCs, FIs to stay afloat during the Covid-19 crisis.
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The government has announced reforms in foreign direct investment in India, including 100% FDI under automatic route in coal mining and contract manufacturing. The centre has also approved 26% overseas investment in digital media and relaxed FDI norms for single brand retailers.
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In the wake of slowing economic growth and growing global uncertainty, the central board of the Reserve Bank of India approved transfer of ₹1.76 lakh crore surplus reserve to the central government.
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Almost 50 lakh people in India lost their jobs between 2016 and 2018 – the post-demonetization years, according to a new report published by Azim Premji University’s Centre for Sustainable Employment.
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An Indian Express report says RBI figures, which was sought by the paper, reveal that over the last decade, banks have written off a total of ₹7 lakh crore, 80% of which have been written off over the past five years.
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The government, while pointing out the success of demonetization in increasing tax compliance, said it added 1.06 crore new taxpayers in 2016-17, which is almost 25% more than that of the previous year. However, it also also a huge spike in the number of “stop filers” in 2016-17.
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