THE COVID-19 outbreak is likely to have an adverse impact on sugar consumption, leading to a decline in prices by 3-4 per cent in the near term, according to a report. This is notwithstanding the decline in domestic sugar production along with the exports, which is likely to result in closing stocks correction to 10-10.5 million tonnes for sugar season SY 2020, from 14.5 million tonnes in SY 2019, ratings agency Icra said in its report...

State-owned MOIL on Friday said it has extended financial assistance of Rs 45 crore towards PM-CARES Fund to fight the spread of coronavirus. Besides, its employees have also come forward to offer their one-day''s salary for the cause, MOIL said in a statement. ..

The All India Trade Union Congress (AITUC) on Friday urged the Government to take immediate steps to control hoarding of food and other essential items during the lockdown. The country is under a three-week lockdown till April 14 to contain the spread of Covid-19. “AITUC demands of immediate steps to control hoarding, ensure foods to destitutes, vulnerable and poor sections of the society,” AITUC General Secretary Amarjeet Kaur said in a statement...

Banks will commence remitting Rs 500 per month to women PMJDY (Pradhan Mantri Jan Dhan Yojana) account holders from April 3. Under Pradhan Mantri Garib Kalyan Yojana Package, a sum of Rs 500 per month is being deposited into the accounts of Women Jan Dhan Yojana beneficiaries by all banks. This is the first of the 3 monthly installments...

INDIA’S residential real estate has been severely hit by nationwide lockdown and sales could fall by up to 35 per cent across seven major cities during the 2020 calendar year following the outbreak of COVID-19 in the country, according to property brokerage firm Anarock. The pandemic would also adversely impact commercial (office and retail) real estate segment, which had been performing well during the last few years despite slowdown in the overall property market. While net office space leasing ..

THE short-term impact of the coronavirus pandemic on retailers in the country will be severe, but retail sales recovery period for India is expected to kick-start from the first week of May subject to the lockdown not being extended further, a report by Capillary Technologies said received here. The report said, until March 16, the consumer retail sales and walk-ins did not see much dip compared to last year and this could be due to festive shopping (Ugadi, Gudi Padwa, Navratri etc)...

MAHATMA Fule Market (Cotton Market) which reopened on Wednesday after the closure for two days for sanitisation was forced to close within one hour as people congregated in huge numbers violating the rules of social distancing. Over 100 years old centrally located wholesale Mahatma Fule Market which is convenient for farmers, retailers as well as buyers was directed to down shutters on March 30 and March 31. The decision was taken by Tukaram Munde, Municipal Commissioner of NMC on March 29. The market ..

ONLY 5 per cent of around 90 lakh trucks across India are plying on the roads at the moment due to shortage of drivers and labourers at loading and unloading points following the nationwide lockdown, thereby severely hampering transportation of goods, according to truckers body AIMTC. The All India Motor Transport Congress (AIMTC) said..

With people taking refuge at their respective homes due to lockdown clamped by the Government, the demand for the snacks and instant food has suddenly multiplied. The supply of biscuits, noodles, packed namkins and other food items is trimmed from the wholesalers to retailers. Prabhakar Deshmukh, President of Nagpur Chillar Kirana Vyapari Sangh said, “Supply to the retailers from distributors and dealers of intants food items is coming closer as we are unable to meet the unprecendent demand from customers...

IN THE wake of coronavirus outbreak, insurance sector regulator IRDAI has allowed insurers to submit their reinsurance plans for 2020-21 with a lag as the pandemic has disrupted operations across sectors...

The Reserve Bank of India (RBI) recently allowed banks in the country to provide a three-month moratorium on fixed-term loan and EMI payments to help millions of people with bank dues during the novel coronavirus pandemic. It has also reconsidered working capital requirement with reduced margin but Confederation of All India Traders (CAIT) on Tuesday said that it sees very gloomy picture ahead. “What will happen after three months? How will the small traders of the country will survive?,” CAIT wondered. ..

Expressing satisfaction over the new power tariff for next five years starting from April 1, VIA on Monday said that the Maharashtra Electricity Regulatory Commission (MERC) has issued a very good and balanced tariff order in which all the suggestions of the association were incorporated. “As against additional requirement of Rs 60,313 crore projected in petition of MSEDCL which was almost 13% increase in total ARR (Annual Revenue Requirement), the commission has determined negative i.e. minus Rs ..

Industry bodies have appealed to the Government seeking extension of the current financial year, ending March 31, by at least three months till June-end, citing the present economic situation amid the coronavirus pandemic. Representatives from industry chambers including CII, FICCI and Assocham met officials of the Ministry of Corporate Affairs here last week and apprised the government of the issues being faced by them, and gave various suggestions...

FLOWER vendors whose business is at its peak during this season is facing heavy losses as Government has clamped lockdown owing to the outbreak of coronavirus. Netaji Flower Market which supplies and caters to the demand of Vidarbha, Chhattisgarh and Madhya Pradesh is closed since March 18 due to coronavirus pandemic. Vijay Wanjari, President of Utpadak, Thok Va Chillar Pushpa Vikreta Sangh while talking to The Hitavada said, “On normal days, daily, there is influx of 50 to 100 tonnes of flowers from ..

COSIA appreciated the working of State Government particularly its Chief Minister Uddhav Thackeray, who has been successfully able to run the administration taking its allies who have different ideologies together since four months and also keeping a cohesive relation with the Union Government. In this hour of emergency, when the whole world is fighting against pandemic disease COVID-19 the State of Maharasta is the worst affected in the country. But it’s people and Government have shown courage to ..

India’s commercial real estate, which has been performing well for last few years despite slowdown in the property market, is likely to be impacted due to nationwide lockdown as market experts see short-term affect on demand-supply of office and retail spaces, besides pressure on rentals values. Corporates and retailers, both global and domestic, are expected to delay their decisions on fresh leasing of commercial spaces by a quarter...

AS THE country is witnessing lockdown, the traders should take extra care to provide essential commodities to the needy citizens. If there are any delays in getting supplies of essential items, traders can approach the local officials to sort things out. The Government will ensure uninterrupted supply of essential items. This was disclosed by Nitin Raut, Guardian Minister of Nagpur, while speaking to traders and local Government ..

INDIA’S retail malls would see a temporary 10-12 per cent erosion of their rental income due to the lockdown imposed to contain the spread of coronavirus, a report said...

  MARKET benchmark BSE Sensex closed lower by 131 points or 0.44 per cent in volatile trade on Friday, cutting short its three-day winning run due to deepening growth concerns and a less-than-expected moratorium on loans announced by the RBI in its monetary policy.Stock markets had rallied around 4 per cent in opening trade in line with firm global markets and ahead of the RBI governor's address. However, stocks lost steam after the policy announcement with the benchmark indices paring sharp ..

  SMALL Industries Development Bank of India (Sidbi) on Friday said it will provide loans up to Rs 50 lakh to micro and small enterprises (MSEs) that are manufacturing medical supplies for fighting the novel coronavirus (COVID-19).The Sidbi Assistance to Facilitate Emergency (SAFE) response against coronavirus scheme will offer loans to MSEs at a fixed interest rate of 5 per cent and with a maximum loan repayment tenure of five years.MSEs engaged in manufacturing of hand sanitizers, masks, ..

EXPORTERS have demanded a host of steps such as allowing them to operate their factories with minimum workforce, subsidy on interest rates, and extension of incentive schemes in order to deal with coronavirus crisis.These demands were raised during a video conference meeting called by Commerce and Industry Minister Piyush Goyal on Friday with representatives from various Export Promotion Councils (EPCs) from across the country, to assess the impact of coronavirus and lockdown in the country. The councils ..

Even as the Government announced safe passage for movement of trucks, thousands of the vehicles can be seen stranded at various spots all over the places. Trucks carrying goods are standing in serpentine queues at various check posts, districts and state borders and other similar spots. Pardi Naka, Amravati Road, Butibori and Kanhan are some of the places where serpentine queues of vehicles can be spotted. According to Kuku Marwah,..

The Confederation of Indian Industry (CII) has announced setting up of a CII Covid Rehabilitation and Relief Fund (CRR) to assist small enterprises or MSME in rehabilitation. This decision was taken by CII Forum on Covid-19 which is leading industry response measures to the coronavirus pandemic. Following widespread discussions with MSME members across the country, specific measures have been suggested by CII to curtail the impact of coronavirus on the MSME sector...

THE supply of eggs has come down by half of what it was earlier due to the lockdown clamped by the Government to constrain the coronavirus pandemic. This has lifted the prices in the wholesale market. The prices of eggs have climbed up and are being quoted in the range of Rs 350 per hundred to Rs 380 per hundred, compared to a low of Rs 200 per hundred in the wholesale market about 8 to 10 days ago. This was disclosed by Moiz Burhani of Vidarbha Eggs and President of Mahatma Phule General Merchants ..

“PEOPLE from all sections of the society are supporting the 21 days lockdown declared by Prime Minister Narendra Modi commencing from March 25. Its tough time for all. Grocery, foodgrains, vegetables medicine shops are opened. However, there are chances that situation may go out of control,” said Dyaneshwar Rakshak, General Secretary of Nagpur Chillar Kirana Vyapari Sangh. Rakshak highlighted several reasons to prove his point. He said, the Wholesale Kirana Market is closed. Retailers will provide ..

DOMESTIC retailers are expected to see muted sales in the wake of the lockdown and the recovery is likely to be gradual as it will depend on consumers’ income, according to a report. The retailers would have to cut back their discretionary spends and expansion plans, which include store additions in the near term, as focus shifts to business continuity, said a report by IIFL Securities. “We expect the recovery to be gradual, as the income impact on consumers weighs on the pace of recovery,” the report ..

Nitin Raut, Guardian Minister for Nagpur District conducted a meeting with traders and discussed various issues pertaining to lockdown. The meeting was attended by representatives of various trade associations. The meeting discussed about the supply of daily needs items which should be regular by taking various measures to keep infection of coronavirus at arms length. Pratap Motwani, Secretary of The Nagpur Wholesale Grain and Seeds Merchant Association demanded the Guardian Minister to make adequate ..

The trading community of the country comprising of 7 crore traders and 40 crore of their employees stands in solidarity with the Prime Minister Narendra Modi and Union & State Govts for observing a national lockdown for next 21 days...

In view of the deadly affecting COVID 19, the announcement by FM regarding various relief in Income Tax, GST, Company Law, Insolvency & Bankruptcy Code gave some breather to the concerned stakeholders. In Income-Tax the due date for filing returns for FY 18-19 extended to June 30, 2020 with reduced interest rate of 9%,which will give to comfort to the non filers of the returns...

AS the weekly markets have been closed due to the panic of coronavirus, retailers are making hay of it and selling the agriculture produce at higher rates. However, sources said that the supply of vegetables in the wholesale market like Mahatma Phuley Vegetable Market is consistent but due to paucity of workers who are also fear-stricken, the supply to retail market has taken a beating. Ram Mahajan, Secretary of the Mahatma Phuley Vegetable and Fruits Adatiya Welfare Association while talking to The ..

AS THE Indian stock market witnessed its biggest fall in history, city-based experts in the financial market advised the investors not to panic. They said that the crash is a temporary phase which will soon disappear. They also sense a good buying opportunity in the current situation...

Tent house owners, caterers, marriage halls and lawn owners are feeling the heat of coronavirus as all the bookings upto March 31 has been cancelled due to directives of Government. Umakant Jattewar, President of Nagpur Lawn and Mangal Karyalay Owners Association having 100 members while talking to The Hitavada said, “We have received large number of bookings in the month of March and April. However, all the programmes have been rescinded due to panic of coronavirus...

RAMESH Ade, Deputy Collector of Nagpur had called open traders who are dealing in daily needs items at Civil Lines office. Also present was Anil Sawai, Nagpur FDO and other officers. Members of the various traders associations were also present. Pratap Motwani, Secretary of The Wholesale Grain and Seeds Merchants Association who was also present in the meeting informed that the Deputy Collector had directed that all markets of essential items to remain open...

As we head towards the end of the business calendar year, we are unfortunately being confronted by a global public health emergency whose nature, impact and cure are not even remotely known, as yet. Till now, India has not experienced a major outbreak of corona cases but complacency and callousness would put us in danger. The biggest problem many countries are currently facing with respect to the coronavirus is its exponential growth...

As per the direction of the district administration, all the industrial units in Vidarbha region will remain closed till March 31. The administration directed the industrialists on Saturday to shut down the units with immediate effect in an attempt to control the spread of coronavirus outbreak here. The direction is also applicable to all the industries including continuous process industries. There are mega units in the region wherein production is going on round the clock and it requires very complex ..