Economic & Market News Updates - GetSkillFeed




Saturday, May 30, 2020

Economic & Market News Updates

Q4FY20 GDP shows Slowdown Deepening, Demand weakening due To Cronavirus. 

While Q4FY20 GDP data has surpassed most estimates , the growth to 3.1℅ reflects an intensification of economic slowdown on the back of the coronavirus pandemic. Which has afflicted countries around the world. The government had imposed coronavirus lockdown in the last week of March to curb the spread of virus and the GDP data for Q4 also takes in to account data from the lockdown week. The growth rate of eight core industries for April 2020 has also fallen by 38.1℅ ,compared to fall of 9℅ in March 2020. However the growth numbers announced on last Friday of may 2020 still have room for revision as the government said that these can go some alteration in coming time due to insufficient data at present. The government has also revised GDP growth numbers for the quarters Q1,Q2 and Q 3. 

PM Modi hails Rs 20 Lakh Crore Package a ' Major Step ' in Making India Atmanirbhar. 

In his address to the nation on may 12, the prime minister had announced packages for a combined stimulus of rs 20 lakh crore or 10 percent of GDP saying the coronavirus crisis has provided india with an opportunity to become self reliant and emerge as the best in the world. 
Terming the rs 20 lakh crore package a major step in making the country 'Atamnirbhar' , prime minister narendra modi said india will set an example of economic revival to the world which is currently fighting the menace of coronavirus. 

Yes Bank To Reclassify Shareholding as Madhu Kapur Camp Agrees To Be Non Promoter Group. 

Yes bank said there will be reclassification of shareholding as the madhu kapur group has consented to be categorised as public stake holders this is to inform that the bank has received a letter dated may 28, 2020 from madhu ashok kapur shagun kapur Gogia. Gaurav ashok kapur and mags finvest, private limited consenting to reclassify their shareholding in the bank as non promoter shareholders yes bank said in a regulatory filing. 
The bank would take further necessary action to give effect to this it added yes bank was confounded by rana kapoor along  with madhu kapur late husband ashok kapur as a new age private sector bank in 2004. 

FSSAI Launches New Online Platform To Issue License Registration To Food Bussiness. 

Food regulator FSSAI said it has launched a new online platform for granting licenses and registration to food business operator (FBOs) as well as regulatory compliances since 2011, the FSSAI online licensing platform FLRS (Food Licensing and Registration system) has issued 70 lakh licenses/registration till date over 35 lakhs licensees /registrants are actively transacting on it. 
FSSAI is launching it's cloud based upgraded news food safety compliance online platform called food safety compliance system (FoSCos) the regulator said in a statement the new URL will replace the existing it added
The regulator said the new platform FoSCoS is conceptualised to provide one point stop for all engagement of an FBO with the department for any regulatory compliance transaction. 

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