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.
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
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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