Lockdown, Day 50: Sitharaman sets the stage

After repeated calls by experts and economists for more fiscal stimulus to kickstart India's stalled economy, PM Modi finally unveiled a Rs 20 lakh crore mega package, yesterday. Today, Finance Minister Nirmala Sitharaman laid out the initial parts of the government's Atmanirbhar Bharat Abhiyan.
With this, the government has pledged around 10% of the nation's GDP towards its virus fight, in line with global powerhouses like Germany and France.

Here are the latest updates from today:

COUNT SO FAR:

• Shramik special train passenger tests positive.
• Maharashtra now has 24,427 cases and 921 deaths.
• 152 new cases & 3 deaths reported in Rajasthan today.
• Odisha now has 538 cases; 3 casualties.
• 359 new cases reported in Delhi in 24 hours.
• 48 new cases takes Andhra tally to 2,137.
• 26 more cases reported in Karnataka; state tally now 951.
• 2 new cases reported in Chandigarh; UT now has 189 cases.
• Bihar registers seventh death.
• 3 new cases in Haryana, total rises to 783.
• 11 inmates of Agra Central Jail are now infected.
• New case takes Uttarakhand tally to 70.
• One more tests positive in Puducherry; tally now four.
• BSF has reported 13 new cases in the last 24 hours.

FINE PRINT OF THE ECONOMIC PACKAGE:

• At 10% of GDP, PM Modi's Atmanirbhar Bharat Abhiyan ranks among the biggest in world.
• The due date of all IT Return filings extended from July 31 to November 30.
• At $266 billion, the stimulus value in dollar terms is almost equal to Pakistan's annual GDP of $284 billion.
• Govt announces Rs 3 lakh crores collateral-free automatic loans for businesses, including SMEs. Borrowers with up Rs 25 Cr outstanding and Rs 100 Cr turnover are eligible.
• Govt to provide stressed MSMEs with equity support; will facilitate the provision of Rs 20,000 crore as subordinate debt.
• Rs 50,000 crore equity infusion for MSMEs through fund of funds.
• Govt to take up PF for firms with 100 staff, earning less than Rs 15,000.
• Statutory PF contribution by employer reduced to 10% from 12% earlier; to provide Rs 6,750 crore liquidity relief.
• Rs 90,000 crore liquidity injection for Power Distribution Companies.
• Govt announces Rs 45,000 crore liquidity infusion through a Partial Credit Guarantee Scheme 2.0 for NBFCs.

LIFE IN A LOCKDOWN:

• Karnataka CET will be conducted on 30th and 31st July.
• Phase-2 of Vande Bharat from 16-22 May.
• Air India partly seals its Centaur hotel.
• CAPF canteens to only sell local goods.

BUSINESS AND ECONOMY:

• Sensex rallies 637 points on govt stimulus boost.
• Gold ETFs attract Rs 731 crore in April.
• Maruti fourth-quarter profit slumps 28% on weak demand.
• India up at 74th place on WEF's global energy transition index.
• BRICS' New Development Bank provides $1 billion loan to India.
• Jet insolvency resolution professional seeks fresh EoI.
• Volkswagen India initiates safety programme across facilities.
• Kotak Mahindra Bank profit falls 10% YoY to Rs 1,267 crore; bank makes Rs 650 crore Covid provisions.

AROUND THE WORLD:

• Nissan plans $2.8 billion in cuts as part of restructuring plan.
• Sony reports 57% drop in Q4 profit, declines to give outlook.
• UK economy shrinks 5.8% in March, most on record.
• Airlines will not need to spare middle seat to restart travel : EU
• Over 140 small Japan companies bankrupted.
• Seven new cases in mainland China.
• Worldwide cases pass 4.28 million; death toll crosses 290,000.
• Brazil registers one-day record for deaths - 881.
• Germany's confirmed cases rise by 798 to 171,306.
• France now has world's 4th highest toll - 26,991.

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