India is set to announce a new stimulus package worth 20 billion dollars in the coming week to help economy cope, the plan is said to be finalized by Thursday, the package is created in an aim to generate employment.
Central Government announces incentives worth RS 2 lac Cr for 10 manufacturing sectors-Advance Chemistry Cell Battery, Electronic and Technology Products, Automobiles & Auto Components, Pharmaceuticals, Telecom & Networking Products, Textile Products; Food Products, High-Efficiency Solar PV Modules, ACs & LEDs, Special Steel. The scheme is aimed to attract huge investments and let Country’s Manufacturing sector create a competition on a globally.
8.5 lac employees, majority working in Public Sector banks are likely to get a 15% hike in their salaries, Almost 5 lac bank employee and 3.79 lac officers will benefit. The new wage system will see an arrival of Rs 7898 Cr in the banks.
The migrate labourer crisis which occurred due to the nation wide lockdown has created a burden on rural structure, since there are supposedly more people who have returned home the rural sector has this seen a huge in increase in the amounts like food, health care, jobs etc due to this researchers has predicted that more 104 million are likely to fall under poverty line set by world bank. The total released count increases to 916 million.
India is to enter into recession after witnessing two consecutive negative growth quarters because of Covid-19. The GDP is rumoured to contract by 8.6% for July- September.
Paytm has partnered with Uber India, this aims in expanding the focus more on post-paid services than cash. Registered customers can now pay Uber bill by using post-paid account on completion on trip and the outstanding amount can be paid back to Paytm through postpaid Bill generated in the month.
Pfizer’s and Bio- Tech developed vaccine for Covid showed huge signs of efficacy. India is still yet to sign any agreement with companies and the experts have raised a question linked to logistics and storage as the vaccine requires a record temperature of -70 Degree C for it’s storage. The country lacks that kind of infrastructure which makes the dosage very expensive. If the trials are successful there are supposedly 50 million doses by end of year and 1.3 billion doses in year 2021.