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This is the third presser by the RBI Governor after the COVID-19 lockdown came into place.
A high cash flow in the economy is key in restoring consumer confidence. Putting more disposable income in the hands of the consumer at the right time is crucial.
In her first briefing on Wednesday, the Finance Minister slashed the TDS/TCS rate for non-salary payments to residents by 25 per cent for the remaining months of the fiscal.
Union Finance Minister Nirmala Sitharaman on Wednesday addressed the media to shed more light on economic package announced by Prime Minister Narendra Modi.
The industry body said all their customers are facing disruptions in cash flow cycles, which is likely to be there for the major part of this fiscal.
The Nobel laureate, while talking to Congress leader Rahul Gandhi through video-conferencing, suggested giving money into the hands of the bottom 60 per cent population to help revive demand.
The Congress leader said that the MSMEs contribute close to one-third of the nation's GDP and account for almost 50 pc of our exports while employing over 11 crore people.
The deducted amount is unlikely to be moved into the Chief Minister's Disaster Relief Fund. Instead, these will be reduced from the government’s expenses.
The rupee fell 0.55 per cent to a new record low of 76.86 against the US dollar on Thursday, while the equity indices have been on a see-saw in the wake of the coronaviirus outbreak losing over 30 per cent since January.
Indian Union Muslim League leader K M Shaji has asked Chief Minister Pinarayi Vijayan to reveal the source of money spent on hiring prominent advocates to appear for murder-accused CPM workers.