Business World Updates

  1. 75% of Arvid Fashion stores operational While sharing an update of the impact that the pandemic has had on their business, Arvind Fashion Ltd. said that after the easing of the lockdown restrictions, 75% of their stores are operational, though the footfall and the revenue of their stores are below the pre-Covid levels. The company further added that there would be disruptions in the short run, the launch of relevant products and investments in omnichannel and digital will help them overcome any kind of challenges while reacting to the evolving situations when coupled with the strength of its brand. 

  2. India’s GDP to contract by 3% in FY’21 Because of the coronavirus pandemic, the Indian economy is set to crash by 3% in FY’21. The figure has been given assuming that the entire economy is fully opened up from the next month. BofA securities added that RBI will monetize the fiscal deficit of up to $95 billion through the purchase of government bonds via open market operations. To recapitalise the state-run banks, the RBI may use revaluation reserves of $127 billion. The contraction could further go by to 5% if the economy is opened up from mid-August

  3. Modi woos global companies
    Speaking at the India Global Week 2020, PM of India, Narendra Modi wooed global companies by saying that the 3rd largest economy in Asia is one of the most open economies in the world which offers immense opportunities, competitive business environment, and investment-friendly environment. He said that India is on its way to revival and the signs are visible that the economy is coming out of the coronavirus lockdown. He mentioned the reforms in agriculture, space, and defence sector to seek global investment. The reforms in the agricultural sector offer an attractive opportunity for investment in logistics and storage. The reforms have also been brought in the MSME- Micro, small, and medium enterprises sectors. 

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