Ivanka Trump, the senior advisor to President Donald Trump, has praised an initiative by Ritesh Agarwal-founded Indian start-up OYO Hotels to offer free stays to doctors, nurses in the US helping in the fight against the novel coronavirus, describing the gesture as impactful acts of benevolence.
As she retweeted a press release by the OYO, which said that “the start-up is “opening the doors to its hotels” and offering free stays to doctors, nurses and other medical first responders who are helping in the fight against Coronavirus (COVID-19).
Ivanka tweeted that “OYO Hotels are offering free stays to our amazing medical professionals and first responders fighting this virus on the frontlines. These kinds of impactful acts of benevolence are what help keep this Nation and our world #TogetherApart,” 38-year-old.
The OYO press release said that “beginning of March 24, medical first responders will receive free accommodations at any OYO Hotel in the United States so they can sleep, shower or just get off their feet and recharge”.
Ritesh Founder and Group CEO, OYO Hotels & Homes, said in the press release “All of us at OYO are grateful for the bravery and sacrifices all the medical personnel are making to save lives and stop the spread of COVID-19,” .
North Carolina Medical Society CEO Robert Seligson said “OYO’s offer shows what America is all about”.
Seligson said “If we come together and help each other, show kindness and determination, there isn’t a challenge we won’t overcome. This is a great idea that will help physicians and other health care providers on the front lines during this unprecedented crisis, and I hope others will join them .
OYO said it “will do all it can to make the lives of the brave medical personnel a little better. It is our responsibility to give back. To all the medical personnel fighting this disease on the front lines, we welcome you and we can’t be grateful enough.”
Oyo was Founded in 2013, Gurugram-based OYO’s portfolio today includes 43,000 hotels with over one million rooms and 130,000 vacation homes in over 800 cities in 80 countries. OYO entered the US market in February 2019.
KKR will invest Rs 11,367 crores in Jio Platforms
According to Reliance Industries Limited, the biggest investment of Asia will be made in Jio platform by KKR. KKR is a New York-based company.
The investment will translate into 2.32% equity stake in Jio Platforms on a fully diluted basis. The KKR is making the investment from its Asia private equity and growth technology funds and the transaction is subject to regulatory and other customary approvals.
An aggregate amount of Rs. 78,562 crore will be invested in Jio by foreign investors like Facebook, Silver Lake, Vista, General Atlantic and KKR.
KKR has 388 million subscribers and has a history building leading global enterprises and successfully investing in businesses in the technology sector through its private equity and technology growth funds while jio platform is a next-generation technology platform focused on providing high-quality and highly-affordable services to its customer.
KKR has invested over USD 30 billion in different tech companies since its establishment. The firm has over 20 companies across the technology, media and telecom sector in the portfolio all over the world.
Mukesh Ambani, Chairman and Managing Director of Reliance Industries is highly delighted to welcome one of the world’s most respected financial investor, KKR as a valued partner in our onward march to growing and transforming the Indian digital ecosystem for the benefit of Indians. The company shares our ambitious goal of building a premier digital society in India.
He further added that KKR has a proven track of being a valuable partner to industry-leading franchises and has been committed to India for many years. They are looking forward to leveraging KKR’s global platform, industry knowledge and operational expertise to further grow Jio.
KKR Co-founder and Co- CEO, Henry Kravis said that only a few companies in the country have the potential to uplift the country’s digital platform in the way Jio Platform is doing in India. He added that we are investing in Jio by its impressive momentum and world-class innovation along with a strong leadership team. The company views this investment as a landmark of strong indication of KKR’s commitment to supporting leading tech companies in India and the Asian Pacific
Due to Covid-19 pandemic Ola removed 1,400 workers
After Zomato, wework and swiggy now Banglore based Cab company Ola has also listed under job cuts due to Corona crisis. On Wednesday due to Corona Pandemic the Cab aggregator Ola has take off its 1400 staff which was equivalent to 35 percent of workforce. The CEO and co-founder of Ola Bhavish Aggarwal has issused a note in which he says Due to Covid-19 the 95 percent of Ola revenues fall.
Here is what CEO Bhavish has said in a note for employees
Ever since my last email to you 6 weeks ago, I had hoped to write again soon in better times. Unfortunately, the COVID crisis continues to unfold all around us causing unprecedented economic and social destruction. It has also become evident that the coronavirus will not be eliminated any time soon. We will rather have to learn to live with the virus and resultant implications.
We had all hoped in the beginning that this would be a short-lived crisis and that its impact would be temporary. Over the past couple of months, all members of our extended leadership team have taken significant salary cuts to be able to help the organization delay tougher people decisions as we waited for the situation to evolve. But unfortunately, it’s not been a short crisis. And the prognosis ahead for our business is very unclear and uncertain. It is going to take a long time for people to go out and about like before……. Continued.
By the end of Next week some employees of Ola foods and Ola Financial services will be lay off. After this no job cuts will be done. CEO also noted that Ola will try to pay affected employees three month Salary. Dismissed employees medical, life and accident insurance will be continue till December 31.Under Ola Sahyog policy 2 lakh families are financially supported.
This week Uber has also announced to lay off 23 percent of its global workforce to survive in this coronavirus crisis.
Sensex falls by 1,069 Points and Nifty by 313 points
On Monday the Benchmark Sensex fell by 1,069 points. Which tracking huge selloffs in banking and auto stocks as the government’s fiscal stimulus package failed to revivify the confidence in domestic investors.
The 30 percent share BSE index ended by 1,068.75 points or 3.44 percentage fall at 30,028.98, while the National Stock Exchange Nifty sunk 313.60 points or 3.43 percent to 8,823.25.
On the top laggard in Sensex pack was IndusInd Bank, crunching around 10 percent, along with HDFC, Maruti Suzuki, Axis Bank, and UltraTech Cement. While, TCS, Infosys, ITC, and HCL Tech closed with profit.
Narendra Solanki, Head- Equity Research of Anand Rathi said that
Prime Minister Narendra Modi has extended the Lockdown till 31st May to stop Coronavirus transmission that’s why Traders and investors remain on edge.
He further said that the financial relief package announcement by PM Modi has also affected the market expectations on any demand-side reforms and also has massive selloff in the National market.
During the announcement of financial aid fund Finance minister Nirmala Sitaraman emphasize on the credit line to small business and spending very less on the Banking and Financial sector.
Yesterday in the last announcement of rules Finance minister focused on privatizing Public Sector Units in the non-strategic sector and, hang out the loan default-triggered bankruptcy filings for one year, and also gave a Rs 40,000-crore hike in allocation for the rural employment guarantee scheme for the employment of migrant workers.
According to the latest data of health ministry in India, the total number of Corona cases reached to 96,169 while fatalities rate is 3,029.
Globally Covid-19 cases reached at 47.13 lakh whereas the death rate is 3.15 lakh.
Corona virus hits Japanese economy, to fall into recession after 2015
Japan’s economy has declined severely to the extent of falling into recession for the first time in 4-1/2 years in the last quarter, official reports said on Monday.The nation’s downswing is due to the coronavirus, it has damaged the work flow of businesses.
The first-quarter GDP data has underlined the vast impact of the outbreak. It clearly stated there is a decline in exports, it is said to be the lowest since the March 2011 earthquake as global lockdowns and supply chains have disrupted the shipment of Japanese goods.
Consumption has reduced after the government requested citizens to stay home and businesses to close. This has widened the challenge for policymakers who are trying to battle a deadly pandemic.
“It’s near certainty the economy suffered an even deeper decline in the current quarter,” said Yuichi Kodama, chief economist at Meiji Yasuda Research Institute.
“Japan has entered a full-blown recession.”
Japan is the world’s third-largest economy, it contracted an annualized 3.4% in the first quarter, preliminary official gross domestic product (GDP) data showed, less than a median market forecast for a 4.6% drop.
The slump came on top of an even steeper 7.3% fall in the October-December period, with the consecutive quarters of contraction meeting the technical definition of a recession. Japan last suffered recession in the second half of 2015.
The corona virus, that emerged in China in the second half last year, has devastated the global economy as many nations went into strict lock-down to prevent further transmission of the virus. It has so far killed over 310,000 people worldwide.
On trade-reliant nations such as Japan itself, the virus has seemed to have a greater affect as it has massively disrupted the functioning of businesses. The customers have decreased their consumption hence impacting the economy further.
“Exports were also hurt by slumping inbound tourism,” which counts as a drop in non-residents’ purchases of Japanese services, he said
The final phase of 20 lakh crores package unfolded
The last phase of FM announcements and distribution of 20 lakh crores completed in Delhi via a press conference. The conference started at 11 am. The total package now accounts for 20 lakh 97 thousand 53 crores instead of 20 lakh crore. The government included 1 lakh 92 thousand 800 crores of the announcement made by PM Modi.
The loss due to the tax rebate which was given 22 March is also included in this package. The total loss accounts for around 7,800 crores. The different announcements made by RBI for around 8 lakh crores is also now a part of this package.
the first press conference on Wednesday that continued for 1 hour 29 minutes in which 15 announcements were made for 5.94 lakh crores. The second press conference took place on Thursday which continued for 1 hour 35 minutes in which 9 announcements were made for 3.10 lakh crores.
The third conference continued for 1 hour 7 minutes in which 11 announcements were made for 1.50 lakh crores and it took place on Friday. The fourth phase of the conference took place yesterday that continued for 1 hour 8 minutes in which 8 announcements were made for 8100 crores. The final conference took place today which continued for 1 hour 58 minutes in which 8 announcements were made for 40,000 crores.
The whole package was unfolded in 5 days, 7 hour 30 minutes with 51 announcements for 11.02 lakh crores. The rest money holds the announcements from 22 march to 12 May for 1.92 lakh crore. Then comes the RBI announcements for 8 lakh crore.
Coming towards today’s conference. In the last phase, 8 announcements were made and it continued for around 2 hours.
40,000 crores are announced for MNREGA. This is the extra fund. The migrant labours returning to their villages will have ample work to do. In fact, they will get jobs during the monsoon season.
New hospitals will be constructed and labs will be increased on the block level. Public health labs will not only increase on the district level but also on the block level. The hospitals will be constructed in villages, town and city for the treatment of contagious diseases. The network of labs and monitoring will be strengthened. The investment will be increased on the organisation working on the ground level. ICMR will also help. National Digital Health Mission will be launched.
The announcement was made with respect to education. Pradhanmantri e-Vidhya programme will be launched. Through this programme, the digital education will be stronger. A channel will be fixed for the students of class 1 to class 12. 1 class and 1 channel. E-books can be accessed by QR codes. By this, 1 nation, 1 digital platform will be attained. The online courses will be started by the top 100 universities by 30 May. National Foundation Literacy and Numeracy Mission will be launched by December 2020.
The fourth announcement was towards bankruptcy. If a company announces itself as bankrupt due to Corona Virus then the government will not investigate. It will be beneficial to people who have a micro and small business and the companies which had an adverse effect of the corona. The limit of bankruptcy has been increased from 1 lakh to 1 crore.
The company Act will be made easy. If the reporting of CSR, the board is slightly incomplete or annual general meeting is a bit late then they will not be considered as a crime. Companies will get benefits, do not have to do the document formality. The offences on the basis of 40 sections will be removed.
The sixth announcement was made for ease of doing business for corporates. The private companies that kept non-convertible debentures in stock are now not listed as a company any more. The most benefited section of this announcement are start-ups and the companies run by 1 person.
All the sectors are now open for private sectors to invest but Pubic Sector Enterprise will play their role in important sectors. The private companies can also invest in companies where only the government invested.
The last announcement is that the states will get more money from the centre. The gross state domestic product was 3% until now. In 2020-21, this accounts for 6.41 lakh crore rupees. The percentage has been increased by 5% from 3%. The state has 4.28 lakh crore extra as of now and has utilised only 14%. The remaining 86% is also available for use. In one trimester they can keep the overdraft for 50 days instead of 32 days.
The last phase of 20 lakh crores package to be announced on Sunday
The fourth package has been unfolded by Finance Minister Nirmala Sitaraman via a press conference held in Delhi. The final phase will be unfolded on Sunday @ 11 am by a press conference. Today’s press conference was continued for 1 hour and 18 minutes in which 8 announcements were made. The fourth press conference was dedicated to coal, mineral, defence manufacturing, air-space management, power distribution companies, social infrastructure, space and nuclear power. Out of these, 3 sectors are now open for private investments.
It also included the privatisation of airports and power distribution companies but it is going on before the announcements too. Many airport’s operation are vested in private hands. In metropolis, power distribution is also in private hands.
The first announcement was for the coal which stated that 50 coal blocks will be given to private sector bt the revenue has to be shared with the government. Now the government is giving permission of commercial mining which in turns return in the increase of competition. anyone monopolyction for coal block and tehn can sell the coal to open markets.
Monopoly of government will be abolished and in fact the methane gas from mines will also get auctioned. So, 50,000 crores have been secluded for the infrastructural development of the same. The rules made for the entrance of private companies are also simple.
500 mining blocks will be in private hands via auction. The mineral sector is now opened for private investments. the difference between captive and non- captive mines wil be abolished. In non-captive mines, the coal is sold to different companies. The coal and bauxite mines auctioning will be the joint auctioning so that the Aluminium industry can also get profits.
The third announcement was for defence. A list of weapons will be made. The weapons mentioned in the list will not be imported, they will be made and bought in India only. In defence manufaTuring’s automatic route, Foreign Direct Investment (FDI) will be increased to 74% from 49%. It means that till 74% of FDI, permission is not needed. Import will also be banned year wise so as to make “AtmaNirbhar” India.
Air Space will be used judiciously. The FM has made 3 important announcements regarding the same which are as follows; The restrictions from Airspace usage will be removed; The auction of 6 airports will be made on PPP basis, 13,000 crores will come from the investment in 12 airports; the tax system will be made easy for the maintenance and repair of the aircraft.
Changes will also be made in the area of electricity. Smart pre-paid meters will be installed. The electricity will vest in private hands in Union Territories. The consumer will get the electricity properly. If the company is in danger, the consumer will not be in. If the company is ground shedding power, the fines will be imposed.
81,000 crore will be given to the private sector for social infrastructure. The privatisation is a must in this sector as the need for a school, the hospital was felt in the time of this epidemic.
Private companies will also get chance to invest in space sector. The companies which can make or launch satellites will get a chance to incest in this. The private companies will be granted permission to use the facilities of ISRO.
The reactors will also be able to start on the basis of PPP. The research reactor will start on this basis. These will be the isotopes for medical. Technological development and incubation center will be build so that fuits and vegetables can be stored for a long time. The companies belonging to health and medical sector will get benefit of this announcement. The research reactors will also be used to find a cheap treatment of cancer and other diseases.
Package 3 unfolded, FM announces 1 Lakh crore to agricultural Infrastructure
Delhi. Finance Minister Nirmala Sitharaman held a press conference in Delhi to unfold the third phase of the 20 lakh crore package. The package was announced by PM Modi on Tuesday when he came live to address the nation. He told about this package so that India can be an “AtmaNirbhar” nation. He also claimed that this package will be 10% of the nation’s GDP.
Since the announcement, the Finance Minister is unfolding its usages in steps. Press conferences will be held daily by Sithraman till Sunday ,i.e., the package will be unfolded in 5 steps in which three steps are out. Today the third phase was out which continued for 1 hour and 17 minutes. In this time span 11 announcements were made. Out of 11 announcements, in 7 announcements, the implementation was not clear.Today’s announcement was towards the agriculture.
1 lakh crore fund is given to agriculture infrastructure ,i.e., to strengthen the farm gate like cold storage. it will be given in the form of a short-term loan. it will be given to agricultural co-operative society and startups related to agriculture.
10,000 crore has been given to micro food enterprise to strengthen the local product by keeping in mind about #vocalforlocal. It will be given to 2 lakh units. It can be claimed with the help of self-help groups.
20,000 crore is kept for fisheries. Out of 20,00 crore, 11,000 crores is kept fisheries and the rest 9,000 crores will crores basic facilities.
13,343 crores are for the vaccines of animals. 53 crore animals can be vaccinated by these funds.1.5 crore cows and buffalo have been vaccinated yet.
15,000 crores have been segregated for animal husbandry. The milk processing industries will be made out of this money.
4,000 crore shares for medicinal herbs. The profit will be of farmers who produce medicinal plants. 25 lakh acres lands can be used using these funds.
Funds for Beekeeping has been allocated. 500 crores are booked for the same. The supply of honey will be increased. 2 lakh beekeepers will be able to take advantage of it.
TOP: Other fruits and vegetables have come under this. For Tomato, onion, and potato, the operation green revolution is there so that the money is properly circulated to the farmers. For TOP, 500 crores have been separated.
Major changes will be made in 1955’s act so that the competition in farmer increase along with the prices. One central law will be made so that the farmers could sell their produce on the right rate. While sowing the seeds, farmers neither have any idea regarding the rate in which the product will be sold not nor they are confirmed about the number of products that will be sold. The government wants the farmers to know about everything before each season. News laws will be made so that food producers, aggregators, retailers, and exporters along with farmers can settle the rates of their products. The main motive is hardworking farmers should not be humiliated and can do risk-free farming.
Delhi government issued 4.75 lakh e-token to buy alcohol
On Saturday Delhi government had sold 4.75 lakh token for the purchase of alcohol, in order to ensure social distancing and to avoid overcrowding at wine shops due to Covid-19.
According to officials, the individual should register himself for e-token through mobile phone and then they can collect their alcohol from a shop that is allowed to operate in the city. After getting registered for e-token every customer has allowed a specific time to buy liquor from the shop.
The decision of e-token was taken to stop overcrowding at liquor shops. From past days people are breaking the rules and regulations of Social distancing and thousand of people hang around the wine shops.
The Delhi government said on Thursday that The registration for e-token can be applied by anyone through the link https://www.qtoken.in. only the name and phone number of the applicant will be required and the e-coupon will be sent at the registered mobile number. After registration, that person can buy wine from the shop.
After 2 lockdowns held in the country, the central government has given some relaxation in some area in the third lockdown.
According to the norms of the central government, the Delhi government can open around 200 shops across Delhi from Monday onwards. Due to avoid overcrowding and long queues in some areas, only 50 shops could be kept open.
The Coronavirus cases have the highest rise in the past seven days in Delhi along with states of Punjab and Tamil Nadu. These three states registered about 44 per cent of new positive cases.
Punjab fall by Rs 1,200-1,700 Crore of GDP due to Lockdown
Due nationwide lockdown from the long month for Coronavirus the economic activity of Punjab badly affected According to a state task force report said on Tuesday. The state lost about Rs 1,200-1,700 crore of GDP per day during the first day of lockdown.
Reports said The main contributors to the GDP of Punjab are manufacturing, agriculture, investment and trade sector and these sectors get adversely affected not only during the period of lockdown but also in the coming months, the Exit Strategy for Covid-19 Lockdown Restrictions.
The employer of The Micro, Small and Medium Enterprises (MSME) sector is expected to be the worst hit at large in the state.
Punjab Chief Minister Amarinder Singh established the task force to determine measures for the state to get out from the lockdown.
The state Punjab is Known as the ‘depot of India because it is the highest contributor of wheat and rice in India.
The reports warned that the April-May period is very difficult for the harvesting of the rabi crop and sowing of the Kharif crop and this month is also an opportune time. If the lockdown will not end soon then whole food security will get damage. Not only food security but the fiscal condition of states may also suffer due to lockdown because tax and non-tax revenue streams are low.
The State task force has 20-member operated by former IAS officer K.R. Lakhanpal, was tasked with suggesting steps in the short-term and medium-term, to address the public policy challenges for dealing with the COVID-19 epidemic.
On April 25 the state government set up another panel of experts, directed by economist and former Deputy Chairman of the Planning Commission, Montek Singh Ahluwalia to make a new strategy.
Gurgaon MNCs, BPOs, ITeS offices closed till 30 July
Gurgaon Metropolitan Development Authority CEO V S Kundu said MNCs, BPOs and IT services (ITES) in Gurgaon maybe ask their employees to work from home till the end of July.
He clarifies that this states a personal opinion and the Central Government has been not passed such advisory. Kundu is the additional chief secretary of Haryana.
Many real estate projects, especially those DLF projects, have got the green signal to restart its construction but by following norms of Social distancing said by Kundu.
Gurgaon is a part of NCR and also know as the millennium city and it is a hub of many big and small BPOs, MNCs and technology giant including Infosys, Genpact, Google and Microsoft.
The Gurgaon district administration had issued an order during mid-March asking to allow employees of MNCs, BPOs, IT companies, corporates and industries for work from home.
Kundu told to media If the cases of Covid-19 rises the advisory for work from home will continue till the end of July.
Kundu is also handling the charge of coronavirus crisis for Gurgaon district and said it is advisable that companies should ensure that as many employees as possible should do work from home.
Further, he said that in industries and the manufacturing sector it might not be possible but should be followed wherever possible.
Few construction sites such as GMDA and NHAI projects have been allowed to restart its construction work within the norms of social distancing.
According to the Union Health Ministry on Sunday Gurgaon has reported 289 cases including 176 who have been recovered and three patients died.
Gurgaon has been under lockdown since March 22 two days before Prime Minister Narendra Modi’s announcement.
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