Top headlines: World Bank’s $1 bn aid for India as ADB cuts growth estimate





1. outbreak: World Bank approves $1-bn emergency fund for India



The World Bank on Thursday accepted $1-billion emergency financing for India to sort out the outbreak, which has claimed 76 lives and contaminated 2,500 others within the nation.



The World Bank’s first set of aid tasks, amounting to $1.9 billion, will help 25 international locations, and new operations are shifting ahead in over 40 nations utilizing the fast-track course of, the financial institution stated. Read more…


2. ADB cuts India growth estimate to 4% for FY21 amid international Covid-19 pandemic


India’s financial growth is prone to decelerate to Four per cent this fiscal on the again of the present international well being emergency, Asian Development Bank stated in its outlook for monetary yr 2020-21 on Friday. Read on…


RBI shortens enterprise hours of cash markets



India’s central financial institution on Friday shortened the enterprise hours of monetary markets, saying the lockdown to stem the unfold of the has had an “adverse impact” on work. Eight monetary markets will operate 10am to 2pm as an alternative of 9am to 5pm from April 7to April 17 stated a press launch by the RBI. Read on…


3. NCR, Mumbai stare at as much as $1.7bn per week loss attributable to shutdown: Barclays


The Capital Region (NCR) and Mumbai – the 2 ‘megacities’ – in keeping with a current Barclay’s analysis, would be the two most impacted in India because of the 21-day lockdown, adopted by Bengaluru, Hyderabad and Pune.


The report co-authored by Rahul Bajoria, chief economist at Barclays has studied the Asia – Pacific (Asia-Pac) areas at the moment underneath lockdown and pegs the financial loss influence in these areas between $1 billion to $1.7 billion per week. Read on…


4. Indian smartphone trade stares at $2 bn loss attributable to coronavirus lockdown


Smartphone trade in India may take a $2 billion hit on account of the coronavirus pandemic as shipments declined considerably within the months of March and April in comparison with the earlier yr, in keeping with Counterpoint Research.


Noting that the impact of the pandemic on India was comparatively delicate till mid-March, Counterpoint Research stated the outbreak is spreading pan-India and the nation has been put underneath a lockdown. Read more…


5. Be ready for the worst of Covid-19: inform start-ups


Venture capital corporations together with Accel, Kalaari, SAIF Partners and Sequoia have suggested start-ups to be “prepared for the worst”, and urged them to undertake choices like pay deferral and diminished salaries for workforce as an alternative of slashing jobs in these troublesome occasions.


In an open letter to start-ups, these VCs identified that start-up founders will “inevitably be faced with difficult decisions” on execution for the subsequent 21-30 days, and on learn how to plan for the subsequent 12-18 months. Read on…


6. Covid-19: Let’s unite in lighting lamps at 9 pm on Apr 5, PM urges nation


Addressing the nation in a video message on the ninth day of the lockdown at the moment, Prime Minister Narendra Modi stated that the self-discipline and restraint proven by the folks was unprecedented. The authorities, administration and the general public have performed their finest to take care of this drawback, he added. Read more…



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