Business

The Indian economy's medium-term outlook remains uncertain even though the country has started re-opening after over two months of a nationwide lockdown, as demand and supply shocks due to the coronavirus still loom large, the central bank governor said.

The other contenders include Bharat Heavy Electricals, Hyderabad-based Medha Group, Electrowaves Electronic Pvt Ltd and Mumbai-based Powernetics Equipments Pvt Ltd.

The Railways last week formally kickstarted its plans to allow private entities to operate passenger trains on its network by inviting request for qualifications (RFQ) for participation on 109 pairs of routes through 151 modern trains.

BofA Securities also said the RBI will monetise the fiscal deficit through purchase of government bonds through open market operations, and its revaluation reserves may also be used to recapitalise state-run banks.

After opening on a positive note, the 30-share index sank 594.26 points from the day's high and finally settled 345.51 points, or 0.95 per cent, lower at 36,329.01.

Forex traders said steady crude oil prices and foreign fund inflows supported the rupee, while factors like strong dollar, muted domestic equities and rising COVID-19 cases dragged the local unit down.

Kamath said he was ready to share his 50 years of experience with the government and would continue to put his thoughts on the table.

These items include electronics, coal, iron-steel, non-ferrous metals and vegetable oils, among others. A data-based analysis shows the electronics goods are the largest non-oil import segment.

The West Bengal government is demanding that truck drivers coming from Bangladesh have to undergo a 14-day quarantine, in the wake of the COVID-19 pandemic, before entering the state with goods, consignments.

Sebi released the FAQs on stamp duty collection on Wednesday, with the provisions of the amended Indian Stamp Act coming into effect.

The CII said this is the right time to take some strategic and tactical decisions to ensure that India becomes economically more self-reliant, more competitive and more globally engaged.

The Commerce Department reported Thursday that the decline in the gross domestic product, the total output of goods and services, in the January-March quarter was unchanged from the estimate made a month ago.

The IMF predicts that the global economy will shrink 4.9% this year, significantly worse than the 3% drop it had estimated in its previous report in April. It would be the worst annual contraction since immediately after World War II.

After touching a high of 35,679.74, the 30-share index was trading 220.35 points, or 0.62 per cent, up at 35,650.78. Similarly, NSE Nifty rose 56.45 points, or 0.54 per cent, to 10,527.45.

After touching a high of 35,170.08 in early trade, the 30-share index was trading 421.66 points, or 1.21 per cent, higher at 35,153.39.

The finance minister was addressing members of the PHD Chamber of Commerce through a video conference here.