14
Friday
August 2020
10:44 AM IST
News Headlines
Sports Minister Rijiju to launch Fit India Freedom Run on Friday        Hoping to get the speed gun up, Starc works on muscular body during COVID lockdown        SpiceJet offers automated customer service and check-in facility on WhatsApp        Sebi issues procedure for exchanges to handle investor complaints against listed cos        Experts warn Spain is losing the 2nd round in virus fight        Bhutan imposes 1st nationwide virus lockdown        Pilot meets Gehlot, handshake signals his return        Over 3 Cr N95 masks, 1.28 Cr PPEs, 10 Cr HCQ tablets given to states, UTs by Centre for free        Bengal govt encourages organ donation: Mamata        PM unveils new tax reforms - faceless tax assessment, taxpayers' charter        Virus outbreak threatens New Zealand's fan-filled stadiums        Lahiri back in action after 5 months, joins Atwal at Wyndham        HAL s Light Combat Helicopters deployed for operations at Leh        Sensex falls over 200 pts in early trade; Nifty below 11,300        Black women, Democrats celebrate Indian-origin Senator Harris' nomination as VP        Joe Biden names Indian-American Senator Kamala Harris as running mate        Biden 'nailed this decision' in picking Harris to be his running mate: Obama        Terrorist gunned down, soldier killed in encounter in J-K's Pulwama        Mulayam Singh Yadav's condition under control: Hospital        COVID-19: 60,963 fresh cases take India's tally to 23,29,638        
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Business News
COVID-19 caused huge demand destruction overseas: Bankers
 
Kolkata: The COVID-19 pandemic has caused "demand destruction" in the overseas markets and it is likely to continue for the next few quarters, eminent bankers said on Saturday.

The disruption will last for six to eight months befor business starts to bounce back, they said.

"There is a huge demand destruction in the overseas markets," MD of Exim Bank David Rasquinha said at a webinar.

He said in the years 2017, 2018 and 2019, Indian merchandise exports were robust, while exports of services were even stronger.

"This was at a time when the Indian rupee had depreciated severely. In March 2020, export growth had fallen due to last-minute invoicing by the exporters, which was soon followed by the lockdown," Rasquinha said.

India is a consumption-driven economy where 55 per cent of the spending is on essentials and the balance being discretionary, he said.

On shifting base of industries from China, the senior official said, "Not everyone is leaving China. We have to offer good manufacturing facilities here to investors."

CMD of ECGC M Senthilnathan said in the first three months of the fiscal, the corporation had absorbed substantial losses and 40-50 per cent of the shipments were not dispatched.

"These disruptions will last for six to eight months amid a decrease in overseas demand. Exporters have to be given credit for longer period," he said.

Senthilnathan said ECGC is assuming more risk than before to restore the trade cycle, which has been impacted due to the coronavirus crisis.

Major central banks across the world were taking unprecedented steps to bring back their economies in good shape, Deputy MD of SBI (IBG) C Venkat Nageswar added.


SpiceJet offers automated customer service and check-in facility on WhatsApp
Sebi issues procedure for exchanges to handle investor complaints against listed cos
HAL s Light Combat Helicopters deployed for operations at Leh
Sensex falls over 200 pts in early trade; Nifty below 11,300
Gold declines Rs 1,317; silver also plunges Rs 2,943
Rupee opens flat against US dollar
Patanjali considering bidding for IPL title sponsorship
Rupee edges 4 paise lower to 74.98 against US dollar in early deals
Vodafone Idea shares plunge nearly 8 pc on Q1 loss
Insider trading: Sebi asks Top Class to disgorge Rs 3.77 cr made in Aurobindo Pharma''s scrip
Sugar production to increase to 305 lakh tonnes in marketing year 2020-21: Ind-Ra
SBI SBI Q1 profit surges 81 pc to Rs 4,189 cr
19 income tax return filing deadline extended till Sept 30
Troubles abound, Boeing losses bloom to USD 2.4 billion in 2Q
Ashok Leyland’s latest range, ‘AVTR’, delivered to customers in Goa
Irani asks textiles sector to 'commercialise opportunities'
ICICI Bank Q1 net profit rises 36% to Rs 2,599 crore
Govt's endeavour has been to further simplify Direct Tax laws: Sitharaman
Vistara receives its first Airbus A321neo aircraft
Wipro to launch 5G edge services solutions suite
KERALA NEWS
Toll in Idukki landslide rises to 52 as three more bodies recovered
 Idukki (Ker): The toll in the landslip in Pettimudi in the high range Idukki district rose to 52 wit  
1,417 Covid cases in Kerala; 36 health workers also infected
SIT formed by Kerala police to probe air crash
Kerala logs 1,211 fresh coronavirus cases; aggregate reaches 34,331
INTERNATIONAL NEWS
Experts warn Spain is losing the 2nd round in virus fight
 Barcelona: Not two months after battling back the coronavirus, Spain's hospitals are beginning to se
Bhutan imposes 1st nationwide virus lockdown
Black women, Democrats celebrate Indian-origin Senator Harris' nomination as VP
Joe Biden names Indian-American Senator Kamala Harris as running mate
NATIONAL NEWS
Pilot meets Gehlot, handshake signals his return
 Jaipur: Sachin Pilot met Rajasthan Chief Minister Ashok Gehlot Thursday, the first time after he ope
Over 3 Cr N95 masks, 1.28 Cr PPEs, 10 Cr HCQ tablets given to states, UTs by Centre for free
Bengal govt encourages organ donation: Mamata
Terrorist gunned down, soldier killed in encounter in J-K's Pulwama
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