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Business Economy


EEPC India Chairman Ravi Sehgal on interest rate cut, other RBI measures

Kolkata, May 22 (UNI) Extension of time limit for pre and post-shipment export credit sanctioned by banks by RBI along with reduction of 40 basis points in the Repo policy rate would ease exporters' distress, but the problem is far greater, posing existential crisis for the export sector, according to EEPC
chairman Ravi Sehgal.
As RBI Governor Shaktikanta Das has clearly stated in his policy statement that the global economy is ''inexorably headed into recession'', much more needs to be done for the highly employment-oriented export
sector, observed the EEPC chief.
He said, "While the moratorium and working capital relaxations are welcome, exporters would need direct fiscal support for staying alive in business.
These measures can be in the form of waiver of electricity user charges, reduction of levies at the ports,freight support and wage support for workers."
The RBI has decided to increase the maximum permissible period of pre-shipment and post-shipment export credit sanctioned by banks from the existing one year to 15 months, for disbursements made up to July 31, 2020.
This should ease pressure, but the liquidity transmission along with reduction in interest rates should be effected in a swift manner by banks, without being obsessed too much with ' case to case approach,' Mr Sehgal added.
UNI PC SB 2241
More News

YES Bank’s Leadership opts for voluntary restructuring of compensation

31 May 2020 | 8:50 PM

Kolkata, May 31 (UNI) YES Bank announced that the Bank’s Leadership team has taken
a conscious and voluntary decision for restructuring of their compensation package for
FY 2020-21, in a manner wherein up to 30% of their total cost to Company (TCC) will be
allocated as variable pay.

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Toyota Kirloskar Motor clocks 1639 units in May 2020, Resumes production in its plant in Bidadi

31 May 2020 | 8:08 PM

Kolkata, May 31 (UNI) Toyota Kirloskar Motor (TKM) on Sunday announced that the
company sold a total of 1639 units in the month of May 2020.

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Kaveri Seeds sales up by 14 86 pc in FY-20

31 May 2020 | 3:02 PM

Hyderabad, May 31 (UNI) The Board of Directors of Kaveri Seeds Company Limited approved the financial results for the quarter ended May 31, 2020 at its meeting held in Secunderabad on Saturday.

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IndiGrid to acquire Jhajjar KT Transco Private Limited from Kalpataru Power Transmission Limited and Techno Electric & Engineering Company Limited

30 May 2020 | 7:15 PM

Kolkata, May 30 (UNI) India Grid Trust (“IndiGrid”), India’s leading infrastructure investment trust, has announced the execution of SPA for acquisition of 100% stake in Jhajjar KT Transco Private Limited (“JKTPL”) from Kalpataru Power Transmission Limited (“KPTL”) and Techno Electric & Engineering Company Ltd (“TEECL”).

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PFC to provide PPE kits, ambulances to Uttarakhand govt in its fight against Covid-19

PFC to provide PPE kits, ambulances to Uttarakhand govt in its fight against Covid-19

30 May 2020 | 4:43 PM

New Delhi, May 30 (UNI) Power Finance Corporation Ltd (PFC) , the central PSU under Ministry of Power and India's leading NBFC, has come forward to provide financial assistance of Rs 1.23 crore to the Uttarakhand Government to fight the COVID-19 pandemic.

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