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Foreign investors have withdrawn nearly Rs 20,000 crore from Indian stock markets in just five trading days (November 4–8), continuing a trend of large-scale selling that began last month. Experts say investors are now moving their money to China, largely due to the high valuations presently prevailing in Indian markets. In early November, FPIs have offloaded as much as Rs 19,994 crore in Indian markets. The month prior, i.e., October, was one of the worst months in terms of foreign outflows, with FPIs making a net withdrawal of Rs 94,017 crore. Before this, Indian markets faced such a situation during the pandemic, when FPIs withdrew Rs 61,973 crore from equities in March 2020. <h2>Why Are Investors Leaving? </h2>According to Himanshu Srivastava of Morningstar Investment Research India, two main factors are driving this exodus. First is China's renewed appeal due to lower stock valuations and new economic stimulus measures. In a bid to nudge the domestic economy and bail state governments, China recently approved a 10-trillion yuan (US $1.4 trillion) package. Per reports, approximately 60% of this stimulus focuses on allowing local governments to refinance the mountain of debt on them. Srivastava explains foreign investors are also flocking to US dollar and Treasury yields, which have appreciated significantly in the recent past, leading FPIs to anticipate a stronger US economy going ahead. Moreover, high valuations in Indian markets are discouraging foreign investors from putting more money in the economy. As a result, over the past week, the selling pressure eroded Rs 74,563 crore in market value for Reliance Industries, while Bharti Airtel and ICICI Bank lost Rs 26,274 crore and Rs 22,254 crore, respectively. The combined market valuation of six of the top 10 most-valued firms dipped by Rs 1,55,721.12 crore last week. <h2> Silver linings</h2>Despite the ongoing outflux of funds since last month, November also saw unprecedented applications of about 40–50 new FPI registrations, which are eyeing to enter the Indian market. This was due to markets SEBIs recent relaxation to NRIs, permitting them to participate up to 100% and announcing measures for ease of entry and operations in India. On the other hand, FPIs invested Rs 599 crore in the debt general limit and Rs 2,896 crore in the debt voluntary retention route (VRR) during the period under review. So far this year, FPIs have invested Rs 1.06 lakh crore in the debt market. <li class="whitespace-normal break-words"></li>Going ahead, investors will be looking for certain macroeconomic cues, which include corporate earnings reports, India's inflation (CPI) and industrial production (IIP) data on November 12, the US inflation report on November 13, and wholesale price index (WPI) data on November 14.

FPIs withdraw nearly Rs 20,000 crore from equities in the last 5 trading sessions, make a beeline for China and US

State-owned <keyword id="20039950" type="General" weightage="20" keywordseo="Bharat-Petroleum-Corporation" source="keywords" meta.keywordsubtype="org" meta.entityname="Bharat Petroleum Corporation" meta.hostid="153" meta.entityid="Bharat Petroleum Corporation">Bharat Petroleum Corporation</keyword> plans to invest Rs 1.7 lakh crore over the next five years to grow its core oil refining and fuel marketing business as well as in 'future big bets' of <keyword id="20115883" type="General" weightage="20" keywordseo="petrochemicals" source="keywords">petrochemicals</keyword> and <keyword id="19895435" type="General" weightage="20" keywordseo="green-energy" source="keywords">green energy</keyword>, its chairman G Krishnakumar has said. At present, Bharat Petroleum Corporation Ltd (<keyword id="19908646" type="General" weightage="100" keywordseo="BPCL" source="keywords" meta.keywordsubtype="org" meta.entityname="BPCL" meta.hostid="153" meta.entityid="BPCL">BPCL</keyword>) owns about 14 per cent of India's oil <keyword id="20064251" type="General" weightage="20" keywordseo="refining-capacity" source="keywords">refining capacity</keyword> and about a quarter of the fuel retailing network. It plans to grow these businesses while foraying into newer areas. The firm is now implementing the first phase of a multi-decade aspirational journey in the form of '<keyword id="22826627" type="General" weightage="20" keywordseo="project-Aspire" source="keywords">Project Aspire</keyword>' - its five-year strategic framework that is based on two fundamental pillars - 'Nurturing the Core' and 'Investing in Future Big Bets', he said in the company's latest annual report. "Our mid-term strategy is on a continuum. While we remain committed to growing our core businesses, which include refining and marketing <keyword id="20037698" type="General" weightage="20" keywordseo="petroleum-products" source="keywords">petroleum products</keyword> and upstream, we are equally focused on our big bets comprising petrochemicals, gas, green energy, non-fuel retail, and digital. "Project Aspire, with a planned capex outlay of around Rs 1.70 lakh crore over five years, will enable us to create long-term value for our stakeholders while preserving our planet for future generations," he said. "A cornerstone of our long-term strategy, Project Aspire, with a Rs 1.70 trillion investment, marks the initial phase of our multi-decade odyssey to shape the energy of tomorrow. This, coupled with our robust balance sheet, fuels our ambition to lead the <keyword id="19951336" type="General" weightage="20" keywordseo="energy-transition" source="keywords">energy transition</keyword>." The company is targeting net zero carbon emissions from its operations by 2040. "BPCL has drawn a net-zero roadmap, which encompasses renewable power, green hydrogen, compressed biogas, carbon capture, utilisation, and storage (CCUS), efficiency improvement and the offsets procurements. This would require a phased capital outlay of approximately Rs 1 lakh crore till 2040, and the company is geared for the same," he said. The firm's bet on continuing investing in core businesses is based on the premise that India's booming economy will drive a 4-5 per cent annual increase in energy demand and petroleum product consumption. Also, the demand for major petrochemical products is expected to rise by 7-8 per cent annually. "This presents a strategic opportunity to expand refining capacity alongside the development of integrated petrochemical complexes," he said. BPCL is implementing new petrochemical projects at two of its three oil refineries. A Rs 49,000 crore ethylene cracker project is being implemented at the Bina refinery in Madhya Pradesh, alongside raising oil refining capacity from the current 7.8 million tonnes to 11 million tonnes annually by 2029. A polypropylene project is being set up at Kochi refinery in Kerala by 2027. "To meet the anticipated demand beyond our planned expansions in Bina and Kochi, we are actively evaluating options for setting up additional integrated refining and petrochemical capacities within the next 5-7 years," Krishnakumar said without disclosing either the investments or the location of such a project. Andhra Pradesh is being speculated as the likely site after Prime Minister Narendra Modi's BJP and regional party TDP stormed to power in the state in recently concluded assembly elections. TDP has been demanding the implementation of a refinery-cum-petrochemical complex that was promised as part of the package when the state was split more than a decade back. "Our investment in the petrochemical project is consistent with our aspiration of becoming a dominant player in India's petrochemical growth story," Krishnakumar said. On energy transition, he said BPCL is targeting to build 2 gigawatts (GW) of <keyword id="19895602" type="General" weightage="20" keywordseo="renewable-energy" source="keywords">renewable energy</keyword> capacity by 2025 and 10 GW by 2035. "We are investing nearly Rs 1,000 crore to establish two 50 MW captive wind power plants in Maharashtra and Madhya Pradesh, which will support our refineries in Mumbai and Bina." The firm is also investing around Rs 300 crore in 72 MWp of solar project in Prayagraj, Uttar Pradesh. "Concomitantly, we are executing green hydrogen projects aligned with the National Green Hydrogen Mission. These projects include a 5 MW electrolyser plant at Bina refinery and a green hydrogen refuelling station with an indigenously developed electrolyser at Kochi," he noted. BPCL, he said, is committed to supporting the transition to electric mobility through a robust and accessible charging infrastructure. The company has installed over 3,000 charging stations, including fast chargers for cars and two-wheelers. 900 fast chargers are installed across 120 highway corridors, which helps address the range, discovery and time anxiety of electric vehicle (EV) owners. "Over the next five years, we aim to install 4-wheeler fast chargers at approximately 6,000 retail outlets across 400 highway corridors, prioritising high-traffic corridors like the Golden Quadrilateral and N-S/E-W highways," he said. On biofuels, he said BPCL sells petrol with 20 per cent ethanol blend at 4,279 out of its over 22,000 petrol pumps. It is also building compressed biogas plants using municipal solid waste to make gas that can be used as CNG in automobiles. The firm is also exploring partnerships in the arena. "These combined efforts, along with the upcoming commissioning of a bio-ethanol refinery, positions BPCL as a key player in India's transition to a greener fuel mix, creating a robust ecosystem for the adoption of cleaner fuels across the country," he added. BPCL is establishing a corporate venture capital fund to invest directly in promising startups. "In order to thrive in this complex and challenging business landscape, we will leverage our agility and focus on operational excellence to ensure continued success. Safety and reliability will remain our top priorities, guiding all our actions. We are committed to upholding the highest standards of corporate governance," he added. He said the energy sector of India stands at an inflection point. "The nation has an ambitious vision of becoming a USD 30 trillion developed economy by 2047. 'Viksit Bharat @2047' will necessitate an almost fourfold increase in primary energy demand." India's exponential growth trajectory will propel it to a pivotal role in the global energy market, accounting for roughly 12 per cent of world energy consumption by 2047. "The key strategic objectives for India in the energy sector will entail significant expansion in refining capacities, raising the share of gas in the energy basket from about 6 per cent to 15 per cent, establishing leadership in petrochemical exports, and sharply reducing energy imports from current levels of 47 per cent to below 25 per cent by 2030 and to zero by 2047," he said. India is targeting 500 GW of non-fossil fuel energy capacity, sourcing half of its energy needs from renewables, reducing carbon emissions by 1 billion tonnes and lowering carbon intensity by 45 per cent by 2030 with the ultimate goal of net-zero emissions by 2070. "Building on its strong Indian energy presence, BPCL aspires to meet 7-10 per cent of the nation's primary energy demand by 2047," he said.

BPCL planning Rs 1.7 lakh crore spend to expand core business, new energy foray over next five years

<ul><li>Finance Minister <keyword id="129243" type="PERSON" weightage="20" keywordseo="Nirmala-Sitharaman">Nirmala Sitharaman</keyword> on May 18 announced the last tranche of the ₹20 lakh crore stimulus package. </li><li>The economic stimulus package included measures like free food grains, hike in foreign direct investment for defence, liquidity measures for MSMEs, amended in Essential Commodities Act, increase in public expenditure in health, among others. </li><li>While the Narendra Modi government promised to allocate 10% of the GDP, the Reserve Bank of India’s measures accounts for nearly half the economic package. </li></ul>Finance Minister Nirmala Sitharaman on May 18 announced the last tranche of the ₹20 lakh crore Atma Nirbhar Bharat Abhiyan economic package to fight the coronavirus pandemic led economic slowdown in the country. However, while the Narendra Modi government promised to allocate 10% of the GDP, nearly half of the stimulus package is spent by the Reserve Bank of India. Global investment bank <keyword id="6361649" type="UNKNOWN" weightage="20" keywordseo="Goldman-Sachs">Goldman Sachs</keyword> said that most of the reforms announced by the Indian government will have an impact in the medium term while the short term may see a "deeper recession", and added that the country's real GDP growth may fall 5% in the current financial year ending March 2020. The economic stimulus package included measures like free food grains, hike in foreign direct investment for defence, liquidity measures for MSMEs, amendments in Essential Commodities Act, increase in public expenditure in health, among others. Whereas, the RBI package included measures like moratorium on loan repayments for all borrowers,and interest rate cut etc. “RBI has announced ₹9 lakh crore plus, but the actual money utilised (so far) is ₹8 lakh crore,” FM Nirmala Sitharaman said while explaining the break-up of the stimulus package. PM Narendra Modi said the package was <a href="https://www.businessinsider.in/india/news/pm-modi-promises-to-please-everyone-with-his-stimulus-package/articleshow/75701113.cms">designed keeping in mind</a> factors like land, labour, liquidity and laws. Here’s a breakdown of India’s ₹20 lakh crore stimulus package: <div type="image" title="overall" msid="75798397" hostid="261"></div> The first tranche worth ₹5.94 lakh crore provided a credit line to small businesses and support to shadow banks and electricity distribution companies <div type="image" title="tranche 1" msid="75798413" hostid="261"></div> There <a href="https://www.businessinsider.in/policy/economy/news/breaking-down-modi-20-lakh-crore-stimulus-rbi-and-finance-ministry-steps-land-and-labour-laws/articleshow/75709001.cms">were 15 measures,</a> of which 6 were for MSMEs. The definition of SMEs was changed and the investment limit to qualify as MSMEs was raised. During the first tranche, Sitharaman announced ₹3 lakh crore collateral-free automatic loans for businesses. Apart from this, the government also increased the deadline for<a href="https://www.businessinsider.in/business/news/benefits-for-real-estate-sector-in-finance-minister-20-lakh-crore-stimulus-package/articleshow/75719588.cms"> real estate projects. </a> The second tranche included free foodgrains to stranded migrant workers for two months and credit to farmers, totalling ₹3.10 lakh crore <div type="image" title="tranche 2" msid="75798427" hostid="261"></div> There were <a href="https://www.businessinsider.in/policy/economy/news/finance-minister-nirmala-sitharaman-top-news-and-highlights-may-14/articleshow/75736580.cms">nine announcements in all in the second tranch</a>e of the stimulus package which focussed on migrant workers, small traders, small farmers etc. The government announced free food grain supply to migrant workers for 2 months. A National portability of ration cards — One Nation, One Ration card — was announced which allowed people to take ration from any public distribution unit in the country. The third tranche was worth ₹1,50,000 crore and focused on farming and related activities <div type="image" title="tranche 3" msid="75798441" hostid="261"></div> Sitharaman promised to allocate money and quickly ramp up policies in these spaces. The government allocated ₹1 lakh crore to strengthen farm-gate infrastructure. The government said the Essential Commodities Act <a href="https://www.businessinsider.in/policy/economy/news/finance-minister-nirmala-sitharaman-live-updates-from-third-tranche-modi-20-lakh-crore-stimulus/articleshow/75756781.cms">will be amended</a> to deregulate prices of cereals, edible oils, oilseeds, pulses, onions, potatoes etc. <a href="https://www.businessinsider.in/policy/economy/ashok-gulati-interview-on-essential-commodities-act-and-apmc-changes/articleshow/75760364.cms">According to Ashok Gulati</a>, former chairman of Commission of Agricultural Costs and Prices (CACP), this will allow market prices to prevail over essential commodities. The government also removed stock limit imposed on processors or value chain participants or any exporter subject to export demand, The fourth and fifth tranches that dealt mostly with structural reforms were worth ₹48,100 crore <div type="image" title="tranche 4 and 5" msid="75798458" hostid="261"></div> The <a href="https://www.businessinsider.in/policy/economy/news/finance-minister-nirmala-sitharaman-live-updates-from-third-tranche-modi-20-lakh-crore-stimulus/articleshow/75756781.cms">reform</a>s focused on coal, minerals, defence production, civil aviation, power distribution in Union Territories, space and atomic energy. India opened up more of its airspace for airlines, and also decided to put 6 airports up for auction. The government said<a href="https://www.businessinsider.in/stock-market/news/indigo-spicejet-adani-gmr-gvk-share-price-may-gain-after-civil-aviation-reforms/articleshow/75775888.cms"> airlines will fly on shorter routes</a> which would save ₹1,000 crore a year. Separately, the government allowed startups in the space sector to use resources of Indian Space Research Organisation. In the fifth <a href="https://www.businessinsider.in/policy/economy/news/finance-minister-nirmala-sitharaman-final-stimulus-plan-to-boost-gdp-of-india/articleshow/75784571.cms">tranche the government added ₹40,000 crore budget allocation</a> in the Mahatma Gandhi Rural Employment Guarantee Act (MNREGA). However, according to a financial services company Nomura, the minimum wage job may be a temporary relief and once the lockdown is over, urban businesses will struggle with the shortage of labour. Several experts have criticised the government’s latest economic package and said it is inadequate to provide immediate relief to the distressed part of the society. “The package may fall short of mitigating the near-term existential crisis for businesses and workers, but is better designed to improve India’s medium-term growth potential and attract long-term risk capital. As a consequence, we maintain our GDP growth projection for 2020 at -5% y-o-y,” Noaura, a global market research firm said. SEE ALSO: <a href="https://www.businessinsider.in/india/news/india-among-58-nations-questioning-who-on-covid-19-response/articleshow/75797251.cms">India among 58 nations questioning WHO on COVID-19 response</a> <a href="https://www.businessinsider.in/india/news/lockdown-4-0-india-issues-new-guidelines-allowing-states-to-decide-the-red-green-and-orange-zones/articleshow/75790707.cms">Lockdown 4.0 ⁠— India issues new guidelines allowing states to decide the red, green, and orange zones</a>

Here's a breakup of Narendra Modi's ₹20 lakh crore stimulus⁠— RBI measures make up for nearly half of it

Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="keywords">Nirmala Sitharaman</keyword> on Tuesday announced <keyword id="20404375" type="General" weightage="20" keywordseo="income-tax-relief" source="keywords">income tax relief</keyword> for the <keyword id="20071167" type="General" weightage="100" keywordseo="middle-class" source="keywords">middle class</keyword>, a Rs 2 lakh crore outlay for <keyword id="22517841" type="General" weightage="20" keywordseo="job-creation-schemes" source="keywords">job creation schemes</keyword> over the next five years and a spending splurge for states run by her party's new coalition partners as she unveiled <keyword id="20509939" type="General" weightage="20" keywordseo="Modi-3-0" source="keywords">Modi 3.0</keyword> government's first budget after the general elections. With rural distress and unemployment being blamed for BJP losing its majority, Sitharaman in her seventh straight budget provided Rs 2.66 lakh crore for <keyword id="20027688" type="General" weightage="20" keywordseo="rural-development" source="keywords">rural development</keyword> and maintained spending on long-term infrastructure projects at Rs 11.11 lakh crore to boost <keyword id="19900794" type="General" weightage="20" keywordseo="economic-growth" source="keywords">economic growth</keyword>. She abolished 'angel tax' for all classes of investors in startups, cut customs duty on mobile phones and gold and simplified capital gains tax. She, however, raised the securities transaction tax (STT) on futures and options of securities, which led to tanking of stock markets. "India's economic growth continues to be the shining exception (in a world that is gripped by policy uncertainties) and will remain so in the years ahead," she said. "In this budget, we particularly focus on <keyword id="19898684" type="General" weightage="20" keywordseo="employment" source="keywords">employment</keyword>, <keyword id="20374219" type="General" weightage="20" keywordseo="skilling" source="keywords">skilling</keyword>, MSMEs, and the middle class." Besides Rs 2 lakh crore provided over a five year period for schemes and initiatives to facilitate employment, skilling and other opportunities for 4.1 crore youth, "I have made a provision of Rs 1.48 lakh crore for education, employment and skilling," she said. For Bihar, where assembly elections are due next year, the finance minister announced spending of Rs 60,000 crore on infrastructure projects like expressways, power plant, heritage corridors and new airports. The support to Bihar, whose ruling party and BJP's partner JD-U has been demanding an economic package and special category status for the state, is in the form of capital projects but not subsidy or cash dole. Similarly, for Andhra Pradesh, whose ruling TDP recently joined BJP-led NDA, she allocated Rs 15,000 crore in financial aid through multilateral agencies. A similar request for support to Bihar will be expedited, she said. For the middle class, she raised standard deduction -- a flat deduction from total salary earned by an employee in a year before calculating applicable income tax rate -- by 50 per cent to Rs 75,000 and tweaked tax slabs for taxpayers opting for the new income tax regime. This will lead to taxpayers under the new tax regime -- which offers lower rates of taxes but permits limited deductions and exemptions -- saving up to Rs 17,500 in tax annually, she said. To spur employment, the Budget provided for incentives for companies, including paying for one-month salary for first-time employees, incentive at specified sale to both employee and empower with respect to their retirement fund contribution in the first four years of employment and reimbursing employers up to Rs 3,000 per month for 2 years towards EPFO contribution of each additional employee. Also, a programme to improve skills as well internship for students and subsidised loans for higher education will be provided, she said. India's official unemployment rate in urban areas is pegged at 6.7 per cent but private agencies put it at much higher levels. Buoyed by robust tax collections and a higher-than-expected dividend receipt from the Reserve Bank, Sitharaman said the government's fiscal deficit -- the difference between the total revenue earned and total expenditure -- will be trimmed to 4.9 per cent of the GDP in 2024-25, below the 5.1 per cent figure estimated in the interim budget she presented in February. She reduced gross market borrowing marginally to Rs 14.01 lakh crore. The Budget for 2024-25 fiscal (April 2024 to March 2025) allocated Rs 1.52 lakh crore for agriculture and allied sectors, aid for building 3 crore affordable housing units in urban and rural areas, provided credit support to small and medium businesses, raised small loans to Rs 20 lakh for small business, proposed setting up 12 industrial parks, and provided for setting up a Rs 1,000 crore venture capital fund for space sector.

Modi 3.0 1st Budget: Tax relief for middle class, Rs 2 lakh cr job scheme

<keyword id="125045" type="COMPANY" weightage="20" keywordseo="Fitch-Ratings">Fitch Ratings</keyword> on Thursday said the safe reopening of economy will be key to recovery of non-bank financial institutions (NBFIs).In a statement on the stimulus measures announced by Finance Minister <keyword id="129243" type="PERSON" weightage="20" keywordseo="Nirmala-Sitharaman">Nirmala Sitharaman</keyword>, Fitch said the 100 per cent guarantee for MSME loans and farm support schemes were the two main highlights from the announcements. "Both are fairly significant in size and will help to support the more vulnerable borrower segments for the NBFIs. The NBFC/MFI debt guarantee schemes target the right issues but are not large enough to address the sector's funding strains," it added. The government on Wednesday announced about Rs 6 lakh crore package comprising Rs 3 lakh crore of collateral-free loans for small businesses and a Rs 30,000 crore lifeline to non-bank and housing finance companies. On Thursday, it announced a Rs 3.16 lakh crore package comprising free foodgrains for migrant workers, Rs 2 lakh crore concessional credit to farmers and working capital for street vendors in a bid to help those hit hard by the nationwide <keyword id="91743" type="PERSON" weightage="20" keywordseo="lockdown">lockdown</keyword>. "Ultimately, however these measures can only serve to prop up the segments that are under distress. The safe reopening of the economy more than anything else will be the key to recovery for the NBFIs," Fitch said. A nationwide lockdown to contain the spread of COVID-19 disease is in place since March 25. The lockdown date has been extended twice and will now scheduled to end on May 17. See Also: <a href="https://www.businessinsider.in/finance/news/bajaj-finance-shares-surge-as-sanjiv-bajaj-cheers-msme-nbfc-stimulus/articleshow/75729879.cms">Bajaj Finance shares surge as Nirmala Sitharaman’s cash injection for both NBFCs and small businesses will benefit Sanjiv Bajaj’s company</a> <a href="https://www.businessinsider.in/policy/economy/news/moodys-warns-that-india-government-debt-may-rise-sharply/articleshow/75616605.cms">India’s government debt could mount to 81% of GDP by 2024 even at the pre-COVID rate of growth, warns Moody’s</a>

Fitch makes a case for ending lockdown ⁠— says stimulus isn't enough to save the financial sector

<ul><li>As businesses begin to get back to work, the FM announced reduction in Employees' <keyword id="45028" type="ORGANIZATION" weightage="20" keywordseo="Provident-Fund">Provident Fund</keyword>. </li><li>This means that the <keyword id="1481502" type="PERSON" weightage="20" keywordseo="take-home-salary">take home salary</keyword> of employees will go up. </li><li>The statutory PF contribution is being reduced to 10% from 12%</li></ul>The coronavirus pandemic has hit businesses across sectors in India and today, <keyword id="6355261" type="UNKNOWN" weightage="20" keywordseo="finance-minister">Finance Minister</keyword> (FM) <keyword id="129243" type="PERSON" weightage="20" keywordseo="Nirmala-Sitharaman">Nirmala Sitharaman</keyword> announced a set of relief measures for the industries. As businesses begin to get back to work, the FM announced reduction in Employees' Provident Fund (<keyword id="45027" type="ORGANIZATION" weightage="20" keywordseo="EPF">EPF</keyword>). This means that the take home salary of employees will go up. “The statutory PF contribution is being reduced to 10% from 12% so that employers will have some more money in their hands. However, for PSUs we will continue to pay the 12%,” she said. <div type="Article" hostid="261" msid="75717906" title="Deadlines for tax returns deferred⁠— and other tax reliefs announced by Nirmala Sithraman" mstype="2" mssubtype="0"></div> Sitharaman said that the EPF contribution will be paid by the government of India and 72.22 lakh employees will benefit from it. The EPF contribution is being reduced for Businesses &amp; Workers for 3 months, amounting to a liquidity support of ₹6,750 crores. The measures have been taken under Prime Minister Narendra <keyword id="6354642" type="PERSON" weightage="20" keywordseo="Modi">Modi</keyword>’s ₹20 lakh crore stimulus package. “Liquidity relief has been given for all EPF establishments. We extend the support that the government of India gave for another three months. Nearly 3.6 lakh establishments benefitted from this,” said Sitharaman. Earlier in March, under Pradhan Mantri Garib Kalyan Yojana (PMGKY) the central government had launched this EPF contribution scheme to help the economically weaker sections. Having already covered the salaries of March, April and May, now the salaries of June, July and August 2020 will come under this scheme. “Govt of India will pay the Employees' Provident Fund (EPF) contribution, both of employer and employee, put together it will be 24%, this will be for next 3 months.This is for those establishments which have upto 100 employees and 90% of them earn less than ₹15,000,” the finance minister said. See Also: <a href="https://www.businessinsider.in/policy/economy/news/top-highlights-of-finance-minister-nirmala-sitharaman-speech-on-modi-20-lakh-crore-covid-19-stimulus/articleshow/75714287.cms">Finance Minister Nirmala Sitharaman reveals the details of Modi's ₹20 lakh crore stimulus package</a> <a href="https://www.businessinsider.in/india/news/fm-nirmala-sitaraman-announces-six-steps-for-msme-sector/articleshow/75717258.cms">Finance Minister Nirmala Sitharaman announces six measures for the MSME sector</a>

Take home salaries for employees will increase as Finance Minister Nirmala Sitharaman reduces provident fund deduction

In an uncharacteristic response from an industry body which tend to be mellow in their take on government policies, the Federation of Associations in the Indian Tourism &amp; Hospitality (<keyword id="6389686" type="UNKNOWN" weightage="20" keywordseo="faith">FAITH</keyword>), said on Sunday that the Indian tourism industry has "gone into a state of disbelief and shock". This is the policy federation of all the national associations representing the complete tourism, travel and hospitality industry of India. <div type="Article" hostid="261" msid="75790707" title="Lockdown 4.0 ⁠— India issues new guidelines allowing states to decide the red, green, and orange zones" mstype="2" mssubtype="0"></div> "The industry has gone numb from a lack of any umbrella direction from the government or without any fiscal &amp; monetary support," it said. The industry body said, "Indian Tourism industry goes into a state of shock and disbelief as there were no announcements to support tourism, 10 weeks of constant discussions come to a naught and industry has gone directionless". With no visibility of cash inflows the Indian tourism industry is now looking at large scale bankruptcies, business closures which will lead to job losses across cities, towns and hinterlands of India. This has the potential to set back the Indian tourism, travel and hospitality industry by many years, it said. The body said that the Indian tourism industry was looking forward to deep set of survival measures for tourism from the Rs 20 lakhs crore package announced over 5 days, which however were not addressed. The Indian tourism, travel and hospitality sector impacts almost 10 per cent of GDP through its direct and indirect impact. It has already seen over one quarter of accumulated losses which began from February onwards. There is no cash inflow expected for many quarters over FY20-21 as the key segments of the Indian tourism economy will be down. The international inbound tourists, inbound and VFR - (visiting friends and relatives) and the outbound travel will remain mostly non-performing due to international flight restrictions and tragic impact in most key markets tourism markets of India, the association said. "Domestic travel and corporate travel within the country may slightly ease up post lockdown but will be highly restricted due to fear of travel among elders and children, the new social distancing norms, corporate travel freeze and the closure of the holiday season which will impacting all leisure, adventure, heritage, spiritual, cruise and niche tourism segments," it said. The meetings incentives exhibitions &amp; events segment will be severely impacted due to the meeting size restrictions. Consequently all tourism service providers, the hotels, travel agents, tour operators tourist transporters, restaurants, guides will be compromised and the tourism industry of India will be operating with extreme under capacities making most tourism businesses unviable on a cash operating basis. To prevent this and to ensure survival, FAITH had proposed a dedicated interest and collateral free long term fund for paying salaries and operating costs and for a minimum of 12 months of complete waiver of fixed central &amp; state statutory and banking liabilities without any penal or compounding interest which have not been addressed. The proposed MSME fund with its many underlying restrictions may have a very limited usage. FAITH &amp; its ten member associations (ADTOI, ATOAI, FHRAI, HAI, IATO, ICPB, IHHA, ITTA, TAAI, TAFI) had been constantly dialoguing with all factions of the government over the past 10 weeks the PMO, ministries of Finance, Commerce , Aviation, and Tourism, with RBI, with all 28 Chief Ministers, Niti Aayog and with the Empowered Group 6. Indian tourism travel and hospitality impacts 10-12 per cent of India's employment which covers almost 5 crore plus direct and indirect jobs. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/indian-firms-can-now-directly-list-in-foreign-markets-there-are-a-few-more-big-changes-to-companies-act/articleshow/75785648.cms">Indian firms can now directly list in foreign markets – there are a few more big changes to Companies Act</a> <a href="https://www.businessinsider.in/politics/policy/news/india-will-merge-some-government-companies-and-privatise-some-cpse/articleshow/75785709.cms">India will reduce the number of central government companies⁠— some of them will get bigger and some will be sold to private players</a> <a href="https://www.businessinsider.in/finance/news/india-puts-a-pause-on-new-bankruptcy-cases-for-a-year-and-other-changes-that-will-cap-the-rise-in-bad-loans/articleshow/75785508.cms">India puts a pause on new bankruptcy cases for a year ⁠— and other changes that will cap the rise in bad loans</a>

'Indian tourism industry is in a state of shock and disbelief'

Equity benchmark <keyword id="6484188" type="DEFINITION" weightage="20" keywordseo="sensex">Sensex</keyword> rallied over 1,400 points in opening session on Wednesday as <keyword id="6354814" type="UNKNOWN" weightage="20" keywordseo="prime-minister-narendra-modi">Prime Minister Narendra Modi</keyword>'s Rs 20 lakh crore stimulus package to revive the coronavirus-hit economy boosted domestic investor sentiment. After touching a high of 32,845.48, the 30-share index pared some early gains to trade 818.68 points or 2.61 per cent higher at 32,189.80. Similarly, NSE Nifty soared 213.50 points, or 2.32 per cent, to 9,410.05. ICICI Bank was the top gainer in the Sensex pack, surging around 7 per cent, followed by L&amp;T, Axis Bank, Bajaj Finance, Hero MotoCorp, M&amp;M, UltraTech Cement and Maruti. On the other hand, <keyword id="6356830" type="ORGANIZATION" weightage="20" keywordseo="nestle-india">Nestle India</keyword>, <keyword id="6354287" type="UNKNOWN" weightage="20" keywordseo="bharti-airtel">Bharti Airtel</keyword>, <keyword id="44642" type="CITY" weightage="20" keywordseo="Sun-Pharma">Sun Pharma</keyword> and <keyword id="6355199" type="ORGANIZATION" weightage="20" keywordseo="reliance-industries">Reliance Industries</keyword> were trading in the red. In the previous session, the BSE barometer settled 190.10 points or 0.60 per cent lower at 31,371.12, and broader Nifty declined 42.65 points, or 0.46 per cent, to 9,196.55. Foreign portfolio investors offloaded equities worth Rs 1,662.03 crore in the capital market on Tuesday, provisional exchange data showed. According to analysts, domestic investors cheered the government's massive stimulus package to revive the pandemic-stricken economy. The Prime Minister on Tuesday announced massive new financial incentives on top of the previously announced packages for a combined stimulus of Rs 20 lakh crore. He said the package will be around 10 per cent of the GDP and "will play an important role in the 'Atmanirbhar Bharat Abhiyan' (self-reliant India campaign). The special economic package will have emphasis on land, labour, liquidity and laws, and will be for "our labourers, farmers, honest tax payers, MSMEs and cottage industry", Modi said. Meanwhile, bourses in Shanghai, Hong Kong, Tokyo and Seoul were trading with losses as fears of a second wave of coronavirus infections gripped global markets. On Wall Street, stock exchanges settled on a negative note. International oil benchmark Brent crude futures were trading 1.53 per cent lower at USD 29.52 per barrel. In India, the death toll due to COVID-19 rose to 2,415 and the number of cases climbed to 74,281, according to the health ministry. Globally, the number of cases linked to the disease has crossed 42.61 lakh and the death toll has topped 2.91 lakh. SEE ALSO: <a href="https://www.businessinsider.in/india/news/how-corporate-india-reacted-to-modis-stimulus-package/articleshow/75692607.cms">This is how corporate India reacted to Modi’s stimulus package</a> <a href="https://www.businessinsider.in/business/corporates/maruti-suzuki-share-price-investors-expect-sales-and-margin-to-shrink/articleshow/75708285.cms">Maruti Suzuki saw a sales decline of 16% in Jan-March⁠— investors wait to see the margin squeeze</a> <a href="https://www.businessinsider.in/finance/news/kotak-mahindra-bank-earnings-and-share-price-expectation/articleshow/75707938.cms">Kotak Mahindra Bank's earnings may reflect the pain in India’s auto sector as well as the rising job losses and pay cuts</a>

You Searched For "breakup of 20 lakh crore package" and got 9 results

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