Moody’s downgrades India’s rating
- Rating agency Moody’s downgraded India’s foreign currency and local currency long term issuer ratings to Baa3 from Baa2, while maintaining a negative outlook, citing prolonged period of low growth and further deterioration in the government’s fiscal position.
- Moody’s said the negative outlook reflects dominant, mutually reinforcing, downside risks from deeper stresses in the economy and financial system that could lead to a more severe and prolonged erosion in fiscal strength.
Travel restrictions lifted, salons open again as govt. unlocks Capital
- Restrictions on the number of passengers in four wheelers, two wheelers, autorickshaws, erickshaws and other vehicles in the city have been lifted.
- “Barbershops/salons will now remain open except spas. The Delhi government is also removing the restriction of only one passenger being allowed to travel in an auto-rickshaw, e-rickshaw, and phat-phat sewas. The Central government has imposed a curfew from 9 p.m. to 5 a.m., except on those who are in essential services and the Delhi government will also implement the same,” said the Chief Minister. Measures like 20 passengers in a bus will remain in place to maintain social distancing, he added.
- All shops in markets will be permitted to function on all days of the week. Restrictions on functioning of industries have also been lifted.
- Educational and academic institutions, hotels, cinema halls, theatres, bars and gymnasiums will continue to remain shut. All gatherings related to social, religious, political, cultural, sports and entertainment purposes will remain restricted. Places of worship will also remain closed in addition to malls, according to the guidelines.
Delhi seals borders for a week
- The Capital’s borders have been sealed for a week in the wake of rising COVID-19 cases in the city, Chief Minister Arvind Kejriwal said on Monday, adding that feedback from citizens will be considered on reopening the borders.
Cabinet committee okays ₹50,000 cr. infusion for MSMEs
- The Cabinet Committee on Economic Affairs on Monday approved ₹50,000 crore equity infusion for micro, small, and medium enterprises (MSMEs) with an aim to help them enhance capacity, while also encouraging them to get listed.
- The CCEA, headed by Prime Minister Narendra Modi, also approved the new definition of MSMEs increasing the investment limit to ₹50 crore and turnover to ₹250 crore for medium enterprises. Likewise, for micro enterprises, the investment limit will be ₹1 crore and turnover ₹5 crore, while for small enterprises, the investment limit will be ₹10 crore and the turnover ₹50 crore.
- “It has also been decided that the turnover with respect to exports will not be counted in the limits of turnover for any category of MSME units, be it micro, small or medium,” an official release said. “This is yet another step towards ease of doing business. This will help in attracting investments and creating more jobs in the MSME sector,” it added.