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<ul><li>The survey conducted among MSMEs during and post the lockdown period delves into major problems faced by entrepreneurs .</li><li>This study shows that of those surveyed only 31 per cent were aware of schemes launched under the 'Atmanirbhar Bharat' initiative.</li><li>The study was conducted over 2020 and 2021 in two rounds, each across 1955 micro businesses.</li></ul> A study on the impact of Covid-19 on microbusinesses in <keyword id="3658" type="General" weightage="20" keywordseo="india" source="Orion">India</keyword> has found that nearly 40 per cent of them were denied loans (both formal/informal) as they did not have sufficient collateral or lacked positive credit history. According to non-profit organisation '<keyword id="6815383" type="General" weightage="50" keywordseo="global-alliance-for-mass-entrepreneurship" source="Orion">Global Alliance for Mass Entrepreneurship</keyword>' (GAME), which conducted the study, 21 per cent of the microbusinesses lacked requisite documentation for the application. The report, titled '<keyword id="15622525" type="General" weightage="20" keywordseo="road-to-recovery-examining-the" source="Orion">Road to Recovery: Examining the</keyword> impact of Covid-19 on microbusinesses in India', released recently, is a nationwide study on how the Indian MSME (micro, small and medium enterprises) sector managed the pandemic period lockdowns, GAME said. The survey conducted among MSMEs during and post the lockdown period delves into major problems faced by entrepreneurs regarding financial impact, business confidence, and stress management, it said. The study conducted over 2020 and 2021 in two rounds, each across 1955 micro businesses, pointed out that over 50 per cent of enterprises reported having no coping strategies or mechanisms to cushion the pandemic's impact, GAME said in a statement. GAME Founder, Ravi <keyword id="205709" type="General" weightage="80" keywordseo="venkatesan" source="Orion">Venkatesan</keyword> said there is a dire need for building adequate knowledge of bank managers, field officers, and banking correspondents on bank and government schemes. This study shows that of those surveyed only 31 per cent were aware of schemes launched under the 'Atmanirbhar Bharat' initiative, he said. "As part of the package, financial institutions introduced a credit product for MSMEs whose loan accounts were categorised as special mention accounts by lending institutions. While this was created to support MSMEs unable to repay loans, similarly, financial solutions can be created to encourage business modifications as a response to external challenges", Venkatesan said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/elon-musk-may-produce-alternative-smartphones-to-compete-with-apple-android/articleshow/95780494.cms">Elon Musk may produce 'alternative' smartphones to compete with Apple, Android</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/india-sees-a-single-day-rise-of-new-389-coronavirus-infections-tally-rises-to-530608/articleshow/95779680.cms">India sees a single-day rise of new 389 coronavirus infections, tally rises to 5,30,608</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/centre-releases-17000-cr-as-gst-compensation-to-states/uts/articleshow/95768144.cms">Centre releases ₹17,000 cr as GST compensation to States/UTs</a>

Over 50% of microbusinesses had no mechanisms to cushion Covid impact, Road to Recovery report says

<ul><li><keyword id="6357120" type="General" weightage="100" keywordseo="paytm" source="Orion">Paytm</keyword> said <keyword id="1426939" type="General" weightage="80" keywordseo="ppsl" source="Orion">PPSL</keyword> has now received a letter from <keyword id="30067" type="General" weightage="80" keywordseo="rbi" source="Orion">RBI</keyword> in response to an application for the authorisation to provide PA services for online merchants.</li><li>Paytm, in the regulatory filing, said it can resubmit the PA application within 120 calendar days.</li><li>The company will not onboard new online merchants till the time approvals remain pending.</li></ul> Banking regulator RBI has put a pause on onboarding of online merchants by <keyword id="12003494" type="General" weightage="50" keywordseo="paytm-payments-services" source="Orion">Paytm Payments Services</keyword>, even as the company said it will have no material impact on its business, according to a regulatory filing. One97 Communications (OCL), which owns the Paytm brand, had proposed to transfer the payment aggregator services business undertaken by it to Paytm Payments Services (PPSL) in December 2020 to comply with payment aggregator (PA) guidelines of the <keyword id="6354335" type="General" weightage="50" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword> (RBI) but the banking regulator had rejected its application. The company had re-submitted the required documents in September 2021. Paytm said PPSL has now received a letter from RBI in response to an application for the authorisation to provide PA services for online merchants. As per the letter, PPSL is required to "Seek necessary approval for past downward investment from the company into PPSL, to comply with FDI Guidelines" and "not onboard new online merchants". Paytm, in the regulatory filing, said it can resubmit the PA application within 120 calendar days. The company will not onboard new online merchants till the time approvals remain pending. PAs are entities that facilitate e-commerce sites and merchants to accept various payment instruments from customers for completion of their payment obligations without the need for merchants to create a separate payment integration system of their own. According to RBI's PAs guidelines, a single entity cannot continue to provide an e-commerce marketplace along with payment aggregator services and such payment aggregator services must be separated from the e-commerce marketplace business. Paytm further said there were no material observations from RBI and the move has no material impact on its business and revenues since the communication from the central bank is applicable only to onboarding of new online merchants. "We can continue to onboard new offline merchants and offer them payment services including All-in-One QR, <keyword id="10896801" type="General" weightage="50" keywordseo="soundbox" source="Orion">Soundbox</keyword>, <keyword id="3885098" type="General" weightage="50" keywordseo="card-machines" source="Orion">Card Machines</keyword>, etc. Similarly, PPSL can continue to do business with existing online merchants, for whom the services will remain unaffected. We are hopeful of receiving the necessary approvals in a timely manner and resubmitting the application," Paytm said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/over-50-of-microbusinesses-had-no-mechanisms-to-cushion-covid-impact-road-to-recovery-report-says/articleshow/95780667.cms">Over 50% of microbusinesses had no mechanisms to cushion Covid impact, Road to Recovery report says</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/elon-musk-may-produce-alternative-smartphones-to-compete-with-apple-android/articleshow/95780494.cms">Elon Musk may produce 'alternative' smartphones to compete with Apple, Android</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/india-sees-a-single-day-rise-of-new-389-coronavirus-infections-tally-rises-to-530608/articleshow/95779680.cms">India sees a single-day rise of new 389 coronavirus infections, tally rises to 5,30,608</a>

RBI pauses onboarding of online merchants by Paytm Payments Services; firm says no material impact on biz

<keyword id="7268643" type="UNKNOWN" weightage="20" keywordseo="rbi-governor-shaktikanta-das">RBI Governor Shaktikanta Das</keyword> has emhasised that although there is headroom for further monetary policy action, the "arsenal" has to be kept dry and used judiciously for promoting growth which has been hit hard by the COVID-19 pandemic, according to the MPC minutes released on Thursday. <div type="Article" hostid="261" msid="77388568" title="RBI brings in KV Kamath to set the boundaries for a one-time restructuring of loans" mstype="2" mssubtype="0"></div> After a three-day brainstorming earlier this month, all the six members of the Das-headed Monetary Policy Committee (MPC) had opted for a status quo and left interest rates unchanged. However, the MPC maintained an accommodative stance, implying more rate cuts in future if the need arises to support the coronavirus-hit economy. <div type="Article" hostid="261" msid="77387591" title="‘Watchful’ RBI leaves repo rate unchanged to keep inflation in check" mstype="2" mssubtype="0"></div> As per the minutes, Das also said it would be prudent at this stage to wait for a firmer assessment of the outlook for growth and inflation. "It would be prudent at this stage to wait for a firmer assessment of the outlook for growth and inflation as the staggered opening of the economy progresses, supply bottlenecks ease and the price reporting pattern stabilizes," Das said. The Governor noted that low capacity utilisation amid subdued domestic and external demand is likely to delay early revival of investment demand. Real GDP is likely to shrink in the first half of the year, and growth for the full year 2020-21 is estimated to be negative, he said. Generalised inflationary pressures across food and Consumer Price Index (CPI) excluding food and fuel, in a situation where growth is expected to contract sharply, is a matter of serious concern, Das added. "As I have been reiterating since October 2019, monetary policy is geared towards supporting the economic recovery process. Although there is headroom for further monetary policy action, at this juncture it is important to keep our arsenal dry and use it judiciously," he said. He also felt that "we should wait for some more time" for the cumulative 250 basis points reduction in policy rate since February 2019 to seep into the financial system and further reduce interest rates and spreads. Cautioning that outlook for the economy was grim, RBI Deputy Governor and MPC member Michael Debabrata Patra opined that even when it improves, the expectation is one of slow, hesitant recovery, with the situation likely to worsen before it gets better. The upticks that easing of lockdowns yield are likely to be ephemeral and vulnerable to flattening out due to lack of underlying vigour, he said. A durable revival of the economy depends on sustained policy support to resuscitate activity in various sectors, restore employment, ease financial stresses facing households, businesses and financial intermediaries, instil confidence and anchor financial stability before it slips away, he said. RBI Executive Director Mridul K Saggar said the recovery path is inextricably linked to the course the pandemic might take and complete normalisation will be difficult till it is overcome. External member on the rating setting panel, Ravindra H Dholakia said there are high uncertainties regarding the macroeconomic environment, adding that he was sceptical about the deep stagflationary conditions prevailing in the country. "Although the present circumstances are truly exceptional, the primary mandate given to MPC for inflation targeting at 4 percent with the upper tolerance limit of 6 percent has to be respected," said Dholakia. MPC member Pami Dua was of the view that at this juncture, it is best to adopt a wait and watch strategy and look at incoming data to assess the evolving macroeconomic situation. "I therefore vote to keep the policy rate unchanged and to continue with an accommodative stance as long as necessary to revive growth and mitigate the impact of COVID-19 on the economy, while ensuring that inflation remains within the target, going forward," Dua said. External member Chetan Ghate said he has been advocating a more cautious path for policy rate reductions since February 2019. "However, I have been in a minority in the MPC. Inflation has now been above the upper band of 6 per cent for a number of months. Notwithstanding large rate cuts to spur growth over the last year and a half, growth has steadily declined despite 250 bps in cuts since February 2019," Ghate said. Future MPC meetings should not go soft on inflation, he added. The next MPC meeting is scheduled to held during September 29 to October 1, 2020. SEE ALSO: <a href="https://www.businessinsider.in/finance/news/rbi-governor-shaktikanta-das-leaves-repo-rate-unchanged-to-check-inflation/articleshow/77387591.cms">‘Watchful’ RBI leaves repo rate unchanged to keep inflation in check</a> <a href="https://www.businessinsider.in/finance/banks/news/one-time-loan-restructuring-dilemma-rbi-wont-commit-and-india-inc-wont-stop-asking-for-it/articleshow/77328145.cms">One-time loan restructuring dilemma - RBI won’t commit, and India Inc won’t stop asking for it</a> <a href="https://www.businessinsider.in/finance/news/rbi-brings-in-kv-kamath-to-set-the-boundaries-for-a-one-time-restructuring-of-these-loans/articleshow/77388568.cms">RBI brings in KV Kamath to set the boundaries for a one-time restructuring of loans</a>

RBI Governor wants keep India's monetary war chest dry for future use

<ul><li>The coronavirus pandemic graph continues to rise upwards in India with over 14 lakh cases. </li><li>And with this optimism of businesses hoping to regain their lost momentum seems to be wearing off. </li><li>Several businesses continue to stare at an uncertain future, which has brought around the second wave of <keyword id="30690" type="PERSON" weightage="20" keywordseo="Job-cuts">job cuts</keyword>. </li></ul>From hospitality, fitness to the aviation industry, the jobs scenario looks bleak and the situation seems unlikely to improve anytime soon. The COVID-19 pandemic has spread far and wide and the numbers are multiplying with over 14 lakh cases in India currently. Given the weak economic scenario and uncertainty all around, several businesses are treading the path of caution and we are witnessing a second wave of job cuts. Food delivery unicorn <keyword id="6358977" type="UNKNOWN" weightage="20" keywordseo="swiggy">Swiggy</keyword> has laid off over 350 employees after its initial exercise of laying off over 1100 people in May. Swiggy’s official statement said that ‘the past few months have reshaped our lives in an unprecedented manner’. However, the company called the latest layoff as a final realignment exercise. “In May, we began the exercise of realigning resources to create capacity in higher potential areas with the optimism of the business attaining pre-covid levels in the near-term. With the industry still only having recovered to about 50% of its peak, we have unfortunately had to go ahead with this final realignment exercise with the net loss of 350 jobs. We are concluding the exercise we began late May and there are no plans for any further restructuring,”said a Swiggy spokesperson. Food delivery and restaurants have been one of the worst hits ever since the coronavirus lockdown began in March. Social distancing is taking a toll on businesses. People remain wary and unwilling to venture out of their homes still for leisure and entertainment. Hence, many restaurants have continued to <a href="https://www.cnbctv18.com/hospitality/less-than-40-of-hotels-restaurants-are-open-in-india-says-nrais-anurag-katriar-6284251.htm">stay shut</a>, while many others are in the fear of shutting shop. Meanwhile, health and fitness startup Curefit too has reportedly recently gone for a <a href="https://tech.economictimes.indiatimes.com/news/internet/curefit-cuts-jobs-furloughs-600-staff-in-second-round-of-layoffs-as-business-suffers-amid-lockdown/77013891#:~:text=Curefit%20cuts%20more%20jobs%2C%20furloughs%20staff%20as%20business%20suffers%20amid%20lockdown,-The%20downsizing%20comes&amp;text=Health%20and%20fitness%20startup%20Curefit,directly%20aware%20of%20the%20matter.">second round</a> of layoffs and furloughs. This after initially laying off over 800 people in the beginning of May. Curefit was founded in 2016 by Myntra co-founder Mukesh Bansal and former Flipkart Chief Business Officer Ankit Nagori. The company also has celebrity brand ambassadors like Hrithik Roshan and Tiger Shroff and has over 270 centres across India and Dubai. Unlock 2.0 in India has seen opening up of certain sectors, however gyms and fitness centers continue to remain shut and the subsequent bouts of strict lockdowns in several parts of the country is not helping their cause. Another sector to be severely impacted due to the coronavirus pandemic is the aviation industry. As the situation worsens and with international flights reopening only in a phased manner, the likes of IndiGo, Air India have been on a wait and watch mode. <a href="https://www.businessinsider.in/india/news/indigo-announces-second-round-of-deeper-pay-cuts-starting-september-1/articleshow/77195457.cms">IndiGo</a> yesterday announced a second round of deeper <keyword id="1118212" type="PERSON" weightage="20" keywordseo="pay-cuts">pay cuts</keyword>, even after it laid off over 2300 people, whereas its government-run competitor <a href="https://www.businessinsider.in/india/news/air-india-slashes-employee-allowances-up-to-50-despite-protests/articleshow/77108080.cms">Air India</a> has been extending leave without pay and slashing salaries for several of its employees. SEE ALSO: <a href="https://www.businessinsider.in/india/news/escorts-earnings-only-show-that-calling-a-rural-recovery-right-now-would-be-pompous-all-eyes-will-now-be-on-mm/articleshow/77200867.cms">Escorts earnings only show that calling a rural recovery right now would be pompous⁠— all eyes will now be on M&amp;M</a> <a href="https://www.businessinsider.in/careers/news/latest-vacancies-at-india-at-tcs-wipro-intel-google-and-hike-companies/slidelist/77198197.cms">Here's a list of latest vacancies in India at TCS, Wipro, Intel, Google, and Hike</a>

India sees second wave of layoffs and pay cuts as companies grapple with COVID-19 pandemic

<ul><li>Some industries like experiential marketing are taking the hardest hit simply because it operates on the frontlines of human engagement and connection.</li><li>The short term, therefore, is certainly going to be painful and there is no magic pill, but the future isn’t all doom and gloom, writes <keyword id="7975998" type="UNKNOWN" weightage="20" keywordseo="Ranjit-Raina">Ranjit Raina</keyword>, CEO, <keyword id="6833681" type="UNKNOWN" weightage="20" keywordseo="Geometry-Encompass">Geometry Encompass</keyword>. </li><li>He further shares how <keyword id="1754604" type="PERSON" weightage="20" keywordseo="coronavirus">Coronavirus</keyword> could be an opportunity for the industry to rethink and calibrate the experiential industry</li></ul> It’s week two of 'Remote Working', a more elegant way of saying work from home. Even a week later the swiftness of events as they have unfolded is hard to keep pace with. Long before the lockdowns we saw the almost instantaneous shutdown across different industries. Almost as if someone turned off the faucet. News of events getting cancelled across the globe started making news, and in a few days it wasn’t even news anymore, it became a forgone conclusion that live events would be cancelled. In the past week the impact on business has been a topic of most conversations. A google search for '<keyword id="8801174" type="UNKNOWN" weightage="20" keywordseo="impact-of-coronavirus">impact of coronavirus</keyword> on economy' shows About 1,50,00,00,000 results in 55 seconds. With the announcement of the 21 day national lockdown the impact of this crisis becomes absolute, however some industries like experiential marketing are taking the hardest hit simply because we operate on the frontlines of human engagement and connection. In the India, <keyword id="8763838" type="UNKNOWN" weightage="20" keywordseo="covid-19">Covid-19</keyword> has precipitated a dual crisis in the Experiential industry, the more immediate crisis is one of liquidity. The working capital fundamentals of the experiential industry haven’t always been the soundest. The complete cessation of work has set in motion a liquidity crisis unlike anything the industry has seen. While the industry has made representations to the government and there has been some relief in terms of deferred dates for tax liabilities, the liquidity issues will be a common challenge and most immediate challenge for the industry. The short term is certainly going to be painful and there is no magic pill, but the future isn’t all doom and gloom. Periods of crisis and chaos have also seem the emergence of great opportunity. This is where we find the second crisis confronting the experiential industry, a crisis of an existential nature. For an industry that is more than 3 decades old (give or take) we have not been the most innovative. While there have always been agencies and individuals who have embraced innovation more than others , as an industry we really haven’t. Let me digress to clarify, the mere adoption of new technology is not innovation. For too long we have all been guilty of maintaining the status quo and now we are faced with an unprecedented global event that will force us to reimagine the business. In a post Covid-19 world, innovation is not going to be a choice. The disruption that we are seeing will force the experiential industry to innovate if it is to adapt to the new normal that will emerge in the coming months. We may not agree on how things will change in the coming months, but we cannot deny that things will most certainly change. Another undeniable fact will be the scale of this change. Innovation will not be limited to just experiential products or service offerings , it will impact everything that we do as an industry. The way we work , the way we engage with our talent and stakeholders and the way we create engagement with clients and consumers . The current crisis is like a boot-camp for managers of experiential businesses. We are being confronted with the most basic questions about business and how to manage them. Liquidity, overheads, talent and product, the current situation has challenged literally every facet of our business. Always quick with the catchphrase, the industry is already abuzz with “digital events”, the new product on the block. Well, not entirely new, because interactive brand experiences being simulcast have been around for a while. The current situation has just highlighted their relevance. Another trend the current situation is bringing to the fore is the importance of content aggregation. The absence of professionally generated content is not an absence of content. The independent creators are taking center-stage and they will not be leaving for a while. With the proliferation of independent content we are witnessing the curator taking a lead in identifying content that is relevant to brands. In the times to come not just creators, but even curators will lead the experiential conversation. This disruption will create a new normal for the industry and will have a direct impact on the biggest stakeholders of the industry, our talent. I am surprised by the ease we moved into remote working mode. While it may not be a natural form of working for most of us in the experiential space we have adapted to it fairly painlessly. With every passing day we get better at it and the system becomes more efficient. It’s not unthinkable to imagine that Work From Home becomes a new norm and not just an emergency business continuity protocol. Agencies and individuals who can see beyond the short term hardship will also use this period to begin the process of upskilling ourselves and our talent. As storytellers for a new world we need to understand and embrace the tools that are already available. There are “plenty” of solutions available for experiential marketers; it’s all about being creative. Coronavirus is an opportunity for us to rethink and recalibrate the experiential industry. Our reality has changed, it’s time we did the same. - By Ranjit Raina, CEO, Geometry Encompass

The disrupting effect of Coronavirus on the experiential marketing industry in India

Official Hyderabad, Mar 12 () India is witnessing a 25 per centto 30 per cent drop in inbound international visitors to thecountry in recent months in the backdrop of novel coronavirusfears, Civil Aviation Joint Secretary Usha Padhee said onThursday. There has been a drastic reduction in numbers (visitorsto India) of international travellers, I was told that it hascome down by 25 to 30 per cent. Because of the quarantine byevery country, both (inbound and outbound) have got severeimpact, she told reporters here.She was speaking on the sidelines of civil aviation show'Wings India 2020' which began here on Thursday.The official said there has been a reduction in thenumber of domestic travellers also as people with businesspurpose or emergency requirements were only travelling.India has on Wednesday announced suspension of alltourist visas till April 15 in a bid to contain the spread ofthe virus.All incoming travellers, including Indians, arriving fromor having visited China, Italy, Iran, Republic of Korea,France, Spain and Germany after February 15 will bequarantined for a minimum period of 14 days, the Centre hassaid. Replying to a query, Padhee said the situation was purelytemporary in nature and there had been a turn around in China,the genesis of the viral fever that killed over 3,000, "whichis a good sign".On the impact on the 'Wings India 2020', the officialsaid the event was expected to be attended by only one thirdof the anticipated 1,500 delegates.According to her, Civil Aviation Minister Hardeep SinghPuriwill participate with the industry leaders in sessionwherein the current situation of the sector will be discussed.The flagship biennial event is being jointly organisedby the civil aviation ministry and industry and Federation ofIndian Chambers of Commerce and Industry (FICCI) at BegumpetAirport here from March 12 to 15. GDKVS VS

Coronavirus impact: Tourist inflow into India drop by 30%:

<ul><li>Paucity of solar imports could affect Indian solar industry to the tune of ₹16,000 crore, accounting for 3GW of solar installations.</li><li>Cash flow crunch and reduced power consumption could impact small-size solar firms despite the government’s and RBI’s support measures.</li><li>The Coronavirus crisis could also have an impact on India’s ambitious target of 100GW solar energy by 2022.</li></ul>The Coronavirus crisis has had a major impact on India’s solar industry and its ambitious target to install 100 giga watt (GW) solar energy by 2022. As of January 2020, India installed 35GW and without fast paced installation, it is very likely to miss its 2022 target. According to a CRISIL <a href="https://www.crisil.com/en/home/newsroom/press-releases/2020/02/coronavirus-shadow-over-3-gw-solar-projects.html">report</a>, the Coronavirus crisis will likely affect India’s solar industry to the tune of ₹16,000 crore, or 3GW. India imports 80% of its solar modules from China India’s excessive reliance on China for its solar energy ambitions could prove to be costly, or at the very least, impact its target capacity installation. According to the Union Minister for New and Renewable Energy (MNRE) RK Singh, India <a href="https://energy.economictimes.indiatimes.com/news/renewable/india-imported-solar-power-equipment-worth-1180-mn-from-china-in-apr-dec-fy20/74493914">imported</a> $1.18 billion (around ₹8,850 crore) worth solar modules from China during April-December 2019. “The solar panels or modules imported from China are generally cheaper than those produced by domestic manufacturers,” Singh said. Solar power returns might be affected. “In a bid to meet the commissioning timelines, the developers may choose to implement projects with more expensive modules sourced from locations other than China. But this could erode returns as the modules may be 15-20% costlier, shaving as much as 3 percentage points off their returns,” the CRISIL report added. Government steps in to offer relief Taking note of the impact of Coronavirus on the solar industry in India, the government has stepped in to offer relief. It has <a href="https://www.saurenergy.com/solar-energy-news/ministry-of-finance-confirms-force-majeure-status-for-coronavirus">declared</a> this crisis as a force majeure situation, allowing solar developers to justify delays if their supplies have been affected by Coronavirus. <div type="image" title="Solar Panels" msid="75320791" hostid="261"></div> “The pandemic is expected to affect solar project installations in the first half of the current financial year and it is only likely to start recovering in the second half,” said a report in ORF. “The industry usually completes most of the projects before the monsoon season; however, most of these projects will now be initiated only after about six months,” the report further added. RBI’s 3-month moratorium will help small firms in managing cash flows RBI’s <a href="https://www.businessinsider.in/finance/news/home-loans-education-loans-and-business-loan-interest-payments-deferred-for-three-months-by-rbi/articleshow/74841767.cms">3-month moratorium</a> on term loans should also help firms whose cash flows have been impacted. The ongoing Coronavirus crisis has led to a steep decline in power consumption. In the first ten days of the lockdown, power consumption declined by 26%, according to an ET Energyworld <a href="https://energy.economictimes.indiatimes.com/news/power/coronavirus-impact-within-ten-days-26-per-cent-fall-in-indias-energy-consumption/74854825">report</a>. Lower demand will affect the viability of small-size solar firms – although RBI’s 3-moratorium gives them temporary relief. Not only will their finance costs will increase as lenders will continue to charge interest, cash-crunched discoms will buy less of the ‘costlier’ solar power. The government ‘promises’ purchase of solar power, and as per its regulations around 15% of the basket of power purchased by discoms should include renewable power. But few states bother to heed to the mandate. States like Punjab and Uttar Pradesh <a href="https://mercomindia.com/implications-covid-lockdown-indian-solar-industry/">stated their inability</a> to do so. Madhya Pradesh and Andhra Pradesh have cited lack of funds. MNRE taking steps to reduce India’s over-reliance on solar imports But as of now, the biggest hurdle to capacity addition is still over-reliance on solar imports. The ministry <a href="https://energy.economictimes.indiatimes.com/news/renewable/covid-19-mnre-to-promote-local-manufacturing-export-hubs-for-renewable-energy/75141750">urged</a> states and ports to identify land to set-up manufacturing facilities for solar equipment. “Apart from the domestic needs, there are good opportunities for Indian solar equipment manufacturers to export their products to South Asia and Africa which are upcoming RE markets,” the ORF report added. See also: <a href="https://www.businessinsider.in/science/news/the-leading-clean-energy-research-firm-just-slashed-its-outlook-in-response-to-the-coronavirus-pandemic-revealing-that-solar-energy-installations-could-decline-for-the-first-time-in-decades/articleshow/74602084.cms">The leading clean-energy research firm just slashed its outlook in response to the coronavirus pandemic, revealing that solar energy installations could decline for the first time in decades</a> <a href="https://www.businessinsider.in/science/news/the-novel-coronavirus-cratered-solar-panel-manufacturing-now-china-is-ramping-back-up-but-top-analysts-say-there-could-still-be-month-long-delays-and-price-hikes-/articleshow/74597526.cms">The novel coronavirus cratered solar panel manufacturing. Now, China is ramping back up, but top analysts say there could still be month-long delays and price hikes.</a> <a href="https://www.businessinsider.in/india/news/how-to-know-if-you-are-close-to-a-coronavirus-patient/articleshow/75312232.cms">How to know if you are close to a Coronavirus patient</a>

Coronavirus crisis will affect India’s solar industry to the tune of ₹16,000 crore

<keyword id="5287148" type="ORGANIZATION" weightage="20" keywordseo="MG-Motor">MG Motor</keyword> India on Wednesday said it has joined hands with Vadodara-based MAX Ventilator, a part of AB Industries, to increase ventilator production. This collaboration with Max Ventilator, which is among the top 25 ventilator brands in the world and caters primarily to private hospitals, is focussed on assisting the overall production of ventilators by addressing specific areas of the supply chain, IT system and manufacturing processes, MG Motor India said in a statement. The production capacity would be increased five times to 300 ventilators per month in Phase I, which should be completed within next eight weeks, it said. "In Phase II, the production capacity can be enhanced up to 1,000 ventilators per month, depending upon the demand, especially from the government hospitals to help meet the shortage of the life-saving medical devices in the country," the company added. Commenting on the partnership, MG Motor India President &amp; Managing Director Rajeev Chaba said, "we understand that ventilators are the most critical requirement at this time, and we would do our best to enhance ventilator production. "The collaboration comes as a result of aligned core values of both organisations and is designed to work towards the common goal of serving the communities around where our operations are based." AB Industries – MAX Ventilator Managing Director Ashok Patel said in such times of need, it is an admirable thing for all those capable to come forward and help in some way. "As a manufacturing company of respiratory ventilators, this collaboration with MG Motor will help us to scale-up the production with our teams working together hand in hand. Collaborations like these will guarantee that we meet the requirements to treat the rising COVID-19 cases in India," he added. MG Motor India had earlier stated that it was in talks with three medical device makers to produce ventilators at its Halol facility to help meet demand during the coronavirus pandemic. Apart from developing ventilators in-house, the company had also announced a Rs 10 lakh support through grant to youngsters and young engineers who could design a low-cost ventilator. Moreover, the company had pledged donation of Rs 2 crore to government hospitals and health institutions in Gurugram and Halol (Gujarat), where the carmaker's facilities are located, to fight coronavirus pandemic. RKL DRR See also: <a href="https://www.businessinsider.in/india/news/how-iit-madras-are-developing-innovative-solutions-to-tackle-coronavirus/articleshow/75401210.cms">IIT Madras startups are developing smart bins, touchless dispensers and portable ventilators to tackle Coronavirus</a>

MG Motor India partners with Max Ventilator to increase ventilator production by five times

Industry body <keyword id="6355001" type="ORGANIZATION" weightage="20" keywordseo="ficci">Ficci</keyword> on Sunday said its Economic Outlook Survey has projected the country's annual median GDP growth for 2020-21 at (-) 4.5 per cent. With the rapid spread of COVID-19 pandemic manifesting into an economic and healthcare crisis globally, the latest forecast marks a sharp downward revision from the growth estimate of 5.5 per cent reported in the January 2020 survey, it said. The pandemic outbreak has severely impacted the economic activities as the country had to go through a lockdown to check spread of the virus. However, the restrictions are being gradually eased. While addressing SBI Banking and Economics Conclave on Saturday, RBI Governor Shaktikanta Das said the Indian economy has started showing signs of getting back to normalcy in response to the staggered easing of restrictions. "It is, however, still uncertain when supply chains will be restored fully; how long will it take for demand conditions to normalise; and what kind of durable effects the pandemic will leave behind on our potential growth," he said. In May, the Reserve Bank had said the GDP growth during 2020-21 is likely to remain in the negative territory. Releasing details of the survey, Ficci said the present round of 'Economic Outlook Survey' was conducted in June 2020 and drew responses from leading economists representing industry, banking and financial services sector. "The latest round of Ficci's Economic Outlook Survey puts forth an annual median GDP growth forecast for 2020-21 at (-) 4.5 per cent - with a minimum and maximum growth estimate of (-) 6.4 per cent and 1.5 per cent respectively for 2020-21," it said. As per the survey, the quarterly median forecasts indicate GDP growth to contract by (-) 14.2 per cent in the first quarter of 2020-21, with a minimum estimate of (-) 25 per cent and a maximum estimate of (-) 7.4 per cent. Economic activity-wise annual forecast indicated a median growth of 2.7 per cent for agriculture and allied activities for 2020-21. "Agriculture seems to be the only sector with a silver lining right now. There is an apparent upside as far as the performance of monsoon is concerned this year and the water reservoir levels in the country stand at good levels," the industry chamber said. According to the survey, the rural sector supported by a steady agriculture performance and hopefully a contained number of COVID-19 cases will be a key demand generator for India this year. The survey further said that industry and services sector, on the other hand, are expected to contract by 11.4 per cent and 2.8 per cent, respectively in 2020-21. Weak demand and subdued capacity utilisation rates were already manifesting into a drag on investments and the COVID-19 pandemic has further extended the timeline for recovery, it said. Even though activity in sectors like consumer durables, FMCG is gaining traction, majority of the companies are still operating at low capacity utilisation rates. Labour availability and feeble demand remain as major issues for the companies, it added. "Therefore, fresh investments will be difficult to come by in the near to medium term. Also, a significant change in consumption patterns is expected on back of uncertainty with regard to jobs and income losses," Ficci said. It noted that absence of demand stimulus, a second wave of the pandemic and continuation of social distancing and quarantine measures will weigh heavy on growth prospects. "With demand and investment outlook muted, robust government expenditure has been the only saviour. Nonetheless, growth is likely to bottom out post the second quarter of current fiscal year," it said. According to the survery, some of the stimulus measures are reaching to the ground – especially through the credit guarantee scheme for MSMEs and support through MGNREGA – which is positive. During the survey, economists were asked to share their views on the fiscal stimulus package 2.0 and any additional measures that can be undertaken. Participants were of the view that government measures in stimulus focussed broadly on saving lives and undertaking deep structural reforms. "They, therefore, felt that while the quasi fiscal measures and structural reforms announced were undoubtedly steps in the right direction, on ground implementation and results will take a long time to work through in the present environment," it added. A majority of economists believed that the government could have undertaken "a more aggressive" fiscal stance than what has been announced in the two packages combined. Participating economists also highlighted that the measures announced by both the Reserve Bank of India and government focussed largely on addressing supply side constraints with limited support for creation of demand. Ficci said the surely participants unanimously believed that the RBI would undertake further cuts in the repo rate going forward to minimise the economic shock and stabilise financial markets. Nonetheless, a majority of the participants also opined that cutting interest rates would not pump economic growth given that the demand conditions have remained subdued from even before the COVID pandemic struck the economy. The fast-changing macroeconomic environment and deteriorating outlook for growth necessitated off-cycle meetings of the Monetary Policy Committee (MPC) of the RBI – first in March and then again in May 2020. The MPC decided to cumulatively cut the policy repo rate by 115 basis points over these two meetings, resulting in a total policy rate reduction of 250 basis points since February 2019. Ficci said economists were asked to suggest ways with which India could best utilise the present opportunity to expand its presence in the global value chains. Efforts towards liberalisation of FDI policy must be complemented with improving infrastructure and ease of doing business in the country, it added. RSN NKD BAL

GDP growth in 2020-21 likely to be negative, says FICCI survey

<ul><li>Even as <keyword id="45856" type="PERSON" weightage="20" keywordseo="Malls">malls</keyword> are open now, <keyword id="144998" type="CITY" weightage="20" keywordseo="Phoenix-Mills">Phoenix Mills</keyword> is ready for a long haul of recovery. </li><li>The retail consumption at Phoenix stood at ₹13, 874 million for Q4 FY20 which was down 15% year-on-year.</li><li>While Phoenix Mills is confident that slowly people will return to malls as they will be considered as safe spaces, it is also building a war chest – it’s raising ₹1200 crore through funds.</li></ul>Phoenix Mills, one of the largest mall operators in India, has opened its doors in several cities, but is still reeling under the impact of coronavirus. During its earnings, the retail consumption at Phoenix stood at ₹13, 874 million for Q4 FY20 which was down 15% year-on-year. The malls were shut in early March, even before the lockdown. But even while malls are open now, Phoenix Mills is ready for a long haul to recovery. “At least the current outlook is that FY22 should see normalcy, so we should be similar to the levels of FY19 if not FY20,” said Shishir Shrivastava, managing director of Phoenix Mills during an earnings call last week. <div type="image" title="mall" msid="76825856" hostid="261" caption="&amp;lt;p&amp;gt;An empty mall as lockdown began&amp;lt;/p&amp;gt;"></div> A ₹1200 crore war chest for uncertain times and possible acquisitions While Phoenix Mills is confident that slowly people will return to malls as they will be considered as safe spaces, it is also building a war chest – it’s raising ₹1200 crore through funds.The company is raising the money even though it has a current liquidity of ₹770 crore and has also availed the six-month moratorium offered by the Reserve Bank of India, as shared during the call. But the company is keeping the door open for acquisitions. “We are seeing unprecedented times and there is no visibility to the end of the crisis, so it will help to have some kind of a war-chest to meet uncertain times to pay down debt to probably even if there is some spectacular distress opportunity that comes our way because we believe in the long-term potential of our business to be able to participate in such an acquisition opportunity,” said Shrivastava. <div type="image" title="phoenix share price." msid="76825834" hostid="261"></div> Capping the capex The company has also resumed construction of new spaces but with limited labour force. But Phoenix Mills, which has taken a hit in the first quarter of the current financial year with the malls reopening in limited capacity only in the last month, is also capping its capital expenditures. “It is roughly around ₹340 crore odd between now and by the end of 2.5-3 years but within this year again we don’t expect to spend more. Between now and end of the year FY21 this number would be closer to ₹50 crores,” said Shrivastava. Limited income from rentals Phoenix Mills had earlier said that it will defer the rentals for retailers who have shops in its malls. The deferment works in a way that retailers can pay the rent for April in July, May in August, June in September and so on. However, the strategy is still evolving, while for some it is considering a relief on rentals, it is also preparing for an increase in revenue share. “It may be for one to maximum of two quarters, it varies from contract to contract and while we may offer relief of some 20%-30% on the minimum guarantee rent, we are on the other side also negotiating with retailers for an increase in the revenue share percentage for this period,” he said. SEE ALSO: <a href="https://www.businessinsider.in/india/news/air-india-pilots-are-angry-over-pay-cuts-want-salaries-to-be-reduced-in-a-graded-manner/articleshow/76813410.cms">Air India pilots are angry over pay cuts⁠— want salaries to be reduced in a graded manner</a> <a href="https://www.businessinsider.in/careers/news/ibm-accenture-morgan-stanley-and-others-hiring-software-developers-and-big-data-engineers/articleshow/76809207.cms">IBM, Accenture, Morgan Stanley and others hiring software developers and big data engineers</a>

One of India's largest mall operators is prepping for a two-year coma

New Delhi, Mar 26 () Coronavirus will impact India's economic growth "severely", as the COVID-19 lockdown is causing significant disruption across multiple sectors, including manufacturing, oil, financial, among others, says a report. According to Dun &amp; Bradstreet's latest Economy Forecast, the probability of countries entering into recession and companies going bankrupt has increased and India is not likely to "remain decoupled" from the global meltdown. "As lockdowns are imposed in other global manufacturing hubs, besides China, the extent of impairment to global supply chain and global growth is likely to increase," said Arun Singh, Chief Economist Dun &amp; Bradstreet India. On India's economic growth, Singh said, "given the 21-day lockdown in India, India's GDP growth is expected to moderate further from our earlier estimate of 5 per cent for FY20. And growth for FY21 remained highly uncertain." As per the report, lockdowns and restrictions on commercial activities and people gatherings are likely to strongly impact global and domestic growth from March 2020 onwards. Dun &amp; Bradstreet expects the Index of Industrial Production (IIP) to remain subdued by 4-4.5 per cent during February 2020. Singh further said accurate quantitative estimation of economic growth will vary and has a high probability of being revised as the severity and prevalence of the outbreak remains uncertain. On the price scenario, slowdown in demand and production activities, a sharp fall in the global price of crude oil, and price decreases in other major commodities such as energy, base metals and fertilizers among others are expected to exert downward pressure on inflation. D&amp;B expects the CPI inflation to remain in the range of 6.5-6.7 per cent and WPI inflation in the range of 2.35-2.5 per cent during March 2020. In order to deal with the unprecedented situation, many countries have rushed to announce fiscal and monetary stimulus measures to recover some ground and "India is likely to follow soon", Singh said. Experts believe, the Reserve Bank of India may go for a rate cut before the next scheduled policy review on April 3. DRR ANUANU

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