From India’s plummeting GDP to Finance Ministry allowing states to borrow money from market- here’s what you might have missed in headlines today

• The Finance Ministry has allowed all states to borrow a cumulative ₹3.20 lakh crore from the market between April-December.
  
• The Ministry of Electronics and IT (Meity)expects social media companies to put more efforts in curbing the spread of misleading content.
  
• Mukesh Ambani-led Reliance Industries Ltd's net debt will fall even if energy and retail demand struggles for six months.
  
• Economic growth is likely to plummet to a multi-decade low of 1.6% in fiscal year 2020-21 due to COVID-19.
  

Following are the top business stories of April 8.

Finance Ministry allows states to borrow ₹3.20 lakh cr from market

The Finance Ministry has allowed all states to borrow a cumulative ₹3.20 lakh crore from the market between April-December.

Centre releases ₹14,103 cr GST compensation to states; more to be released soon

In a bid to provide further relief to states amid the coronavirus outbreak, the finance ministry has released about Rs 34,000 crore in two phases to states as compensation for their revenue loss in the goods and services tax (GST) regime.

IT Ministry looking for more efforts from social media to check misleading content amid COVID-19

The Ministry of Electronics and IT (Meity)expects social media companies to put more efforts in curbing the spread of misleading content that has the potential to cause harm to the society, especially in the present crisis of COVID-19, a senior official said on Wednesday.

Rupee slides 70 paise to record low of 76.34 against dollar

The rupee plunged by 70 paise to its life-time low of 76.34 against the US dollar on Wednesday as a rise in coronavirus cases in the country fanned fears of the government extending the lockdown to contain the pandemic.

India's GDP may plummet to multi-decade low of 1.6 pc in FY21: Goldman Sachs

Economic growth is likely to plummet to a multi-decade low of 1.6 per cent in fiscal year 2020-21 due to COVID-19 pandemic and ensuing measures like lockdowns and social distancing, an American brokerage said on Wednesday in one of the bleakest forecasts on GDP yet.

Equities surrender gains as virus concerns weigh; IT, bank stocks skid

Equity benchmarks failed to hold on to intraday gains on Wednesday as investors turned jittery amid an unabated rise in coronavirus cases.

Economists pitch for Rs 3 lakh cr additional package to tide over COVID crisis

Economists at SBI on Wednesday said a bulk of the Rs 1.75 lakh crore coronavirus aid package announced by the Includes budgeted elements and pitched for a Rs 3 lakh crore top-up to help the economy tide over the COVID-19-related challenges.

Grofers to hire 5,000 people over 2 weeks to ramp up capacity

Online grocery platform Grofers is looking at hiring 5,000 employees to ramp up its capacity to meet the spike in orders amid the nationwide lockdown.

RIL's net debt to fall despite struggling energy, retail demand and delay in asset sales

Billionaire Mukesh Ambani-led Reliance Industries Ltd's net debt will fall even if energy and retail demand struggles for six months and the planned asset sales are delayed, analysts said.

Fuel demand seen falling 40 pc in April: Report

The fuel demand, which witnessed a fall by around 20% in March amid the lockdown, likely to decline further to 40% in April, impacting pricing and increasing borrowing cost for oil marketing companies, according to a report.

Maruti cuts production by 32% in March

The country's largest carmaker Maruti Suzuki India has decreased production by 32.05% in March, according to a regulatory filing by the company.

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