By C Shyam Sundar Chennai, May 20 () The 'big three' of the tennis world won't lose much due to the suspension of professional tours since they have already created their own legacies but the real struggle is for lower-ranked players, including the Indians, says legendary Vijay Amritraj. The men's ATP Tour won't start before August and the WTA Tour is expected to resume not before July 20. Amritraj said the trio of Roger Federer, Novak Djokovic and Rafel Nadal, who have a tight grip over Grand Slam tournaments, won't feel any financial stress or the pressure of progress. "They won't be affected at all by loss of money or points. They are all chasing each other on number of Grand Slams as they have legacies already in place. They have all made history in their own way," Amritraj told in an e-mail interaction. The Indian tennis legend said the situation is tough for a large pool of players across the globe, specially the ones outside the top-100 bracket. "Everyone in the tennis world will be affected. Players in various ranking categories will be affected in their own way. The lesser players will really struggle to make a strong comeback when this virus is contained. And older players will have lost crucial time," he said. "The Indian players will also be affected exactly like the lower ranked players making it hard to get back in position of fitness, ranking points and cash on hand to get started quickly when it opens up." Amritraj, who is also President of Tamil Nadu Tennis Association (TNTA), said whenever tennis action resumes, the most likely scenario would be that fans won't be able to watch live action. "Tennis this year seems a bit distant though the US Open and the delayed French Open seem to still have a date in place. Will have to wait and see if it still happens. "Tennis could potentially return with no fans rest of this year. That's also tentative depending on each country's situation. Social distancing and the fact that players come from different countries makes our sport tougher to run," he said. On Wimbledon being cancelled this year owing to the COVID-19 pandemic, Amritraj, twice a quarterfinalist at the prestigious grass court tournament, said "it is a great disappointment". "It's such a major event on the sporting calendar worldwide. Eagerly look forward to 2021," Amritraj, a noted commentator and who has been associated with Wimbledon for five decades, said. To a question if the so-called pack of challengers which includes the likes of Australian Open finalist Dominic Thiem, Stefanos Tsitsipas and others were any closer to beating the 'Big Three', Amritraj said they were still some way behind. "All the challengers are still catching up. They are the best behind the top three and there are several others as well. But until they start winning the Grand Slam events and that too on a regular basis, which they will, we have to wait and see how the top three maintain their winning record especially as age is not on their side," he said. SS AT

'Big 3' won't be affected much due to COVID-19 pandemic: Vijay Amritraj

Mumbai, Jul 5 () Federal Bank is focusing on safer gold loans amid the COVID-19 pandemic and hopes to grow faster than last year in the segment as demand for other credit slows down, a top official has said. The nod by the bank's board to raise up to Rs 12,000 crore capital is only an enabling resolution which will be taken to shareholders, and the bank will take a call on fund infusion only in early 2021, its managing director and chief executive Shyam Srinivasan told recently. The bank is targeting gold loan growth to touch 35 per cent during FY21 as against 29 per cent in FY20, Srinivasan said. At Rs 9,600 crore, the bank's gold loan book is about 8 per cent of the overall loan book, and there is ample room to grow it as the same was 15 per cent of the book at the peak, he said. When asked about the risks, he said the only challenge is around operational matters like checking gold for its quality and its security, and added that from a lending perspective, the bank does not go beyond 70 per cent on loan to value front. Gold loan growth in June quarter will alone come at 5 per cent despite the difficulties like lockdowns, and the ongoing 12-day shutdown in the key market of Tamil Nadu, he said. It can be noted that a lot of lenders are focusing on gold loans amid the present circumstances, wherein the rally in gold prices due to volatility in financial markets comforts the lenders, but Srinivasan said competition is not a big worry for the bank as it has a unique set of customers carved out. As for the overall loan demand and growth, he said it is taking time for picture to get clear as virus infections continue to grow, and hoped for some clarity to emerge only towards the end of the calendar year. The first half of the fiscal will be a difficult one, he said, referring to lockdowns and the subsequent impact on demand as the hindering factors, and added that the bank would grow its overall loan book by about 8 per cent in FY21 as against 11 per cent in FY20. He said the bank is focusing on government schemes-linked lending like the one to small businesses, which comes with a state guarantee. Srinivasan, however, declined to comment when asked if he fears deterioration in asset quality going forward, saying the picture will get clear only when the moratoriums get over. "September is the new March," he said, referring to the financial year-end month, which gives a clear picture of banks' books. "Borrowers were both willing to pay back and capable earlier. While the willingness to pay has only gone up because of the humility that the crisis has brought, are they capable?," Srinivasan asked, pointing to sagging business activity levels over the last few months. The bank is focusing on conserving its capital and innovating to save costs, he said. The bank's overall capital adequacy is healthy at over 14 per cent and will not require any infusion before early 2021, he said, adding that it has only taken an enabling resolution for fundraise and the same will be decided upon only in early 2021. AA RVK

Federal Bank bets on gold loans to drive credit demand in sluggish economy

(Eds: combining related stories) New Delhi, Jul 1 () India on Wednesday recorded the highest single-day jump of 507 COVID-19 deaths and also a majority of cases--close to four lakh--in June to make it the worst month for the country prompting some states to go for varying degrees of lockdown. Maharashtra, Delhi and Tamil Nadu have accounted for over 70 per cent of 17,400 coronavirus deaths, according to the Union Health Ministry data. The data updated at 8 am on Wednesday also showed that 18,653 new infections were reported in 24 hours taking the tally to 5,85,493. At the same time, the recovery rate was also steadily improving to touch nearly 60 per cent. It is for the fifth consecutive day that coronavirus cases have increased by more than 18,000. The country has seen a surge of 3,94,958 infections or nearly 68 per cent of the total in June, according to an analysis of the ministry data. The number of active cases stands at 2,20,114, while 3,47,978 people have recovered, and one patient has migrated, the data showed, indicating that around 59.43 per cent of patients have recovered so far. India reported its first case of coronavirus on January 30 from Kerala when a student who had returned from Wuhan, China tested positive. It is now the fourth worst-affected country in terms of cases after the US, Brazil and Russia. Health officials in Karnataka reported the country's first COVID-19 death on March 12 after samples of a 76-year-old man, who was a suspected coronavirus patient and passed away two days earlier, tested positive for the disease. In a bid to halt the rapid surge in new infections, Maharashtra, Tamil Nadu, West Bengal, Manipur and Nagaland are among the states which have extended the lockdown beyond June 30 for varying periods up to July 31 without any more relaxations. With his state accounting for the highest number of COVID-19 cases and fatalities, Maharashtra Chief Minister Uddhav Thackeray said he prayed for a miracle to overcome the coronavirus crisis. "I prayed to Mauli. We want to see a miracle. Show us a miracle. Human beings have given up. We don't have medicine. There is nothing. How to go on with life by covering the mouth with a strip," Thackeray tweeted after he performed the 'mahapooja' of Lord Vitthal at Pandharpur in Solapur district on 'Ashadhi Ekadashi' at 2 am along with wife Rashmi. Ashadhi Ekadashi, an important day in the Hindu calendar, is the 11th lunar day of 'Ashadha' month. Mumbai police issued prohibitory orders under Section 144 of CrPC in the city, restricting movement of people in public places, and said the measure was taken to check the rising COVID-19 cases. With 903 new patients reported on Tuesday, the coronavirus case tally in Mumbai increased to 77,197 while the death toll rose to 4,554 with 93 more fatalities. The order said curbs on movement for non-essential work came into force from Wednesday and shall remain so till July 15, unless withdrawn earlier. It prohibited "presence or movement of one or more persons in public places or gathering of any sort", a senior police official said. The order also said that social distancing norms of maintaining a minimum six feet distance shall be followed at all time. The second phase of 'Unlock ' also came into force from Wednesday after the month-long 'Unlock 1', a graded exit from the national lockdown imposed on March 25, ended on Tuesday. Though there will be "phased re-opening" of activities that had been barred to contain the spread of coronavirus, educational institutions, Metro rail services, cinema halls and gyms will continue to remain shut Political, academic, cultural, religious, sporting events and other large congregations will also continue to be prohibited in 'Unlock 2' phase. Domestic and international (under the Vande Bharat mission) flights and passenger trains, already operational in a limited manner, will be further expanded in a calibrated manner, according to the Ministry of Home Affairs(MHA) guidelines. Delhi Chief Minister Arvind Kejriwal said the COVID-19 situation in the national capital has been brought under control for now with the "combined efforts" of the AAP government, Centre and other organisations, but cautioned people against any lapse in social and personal behaviour that may again lead to a rise in cases. Addressing an online media briefing, the chief minister said the situation is not "terrible" as predicted one month ago, asserting that at present, the number of active coronavirus cases has been decreasing instead of increasing. He also said that one month back, the recovery rate was around 38 per cent, but it is now 67 per cent, adding that out of a total of 87,000 cases, 58,000 people have so far recovered. "There should not be any lapse. After much effort, we have come out of the situation that was a month ago. We will continue our team work. There is proverb - 'Hope for the best, but prepare for the worst'. We will continue our preparations to deal with any situation," he said, and requested people to wear masks, wash hands and maintain social-distancing norms instead. Madhya Pradesh Chief Minister Shivraj Singh Chouhan, meanwhile, launched his government's fortnight-long "Kill Corona" campaign, which aims to screen every household in the state for the infection. In Maharashtra, Home Minister Anil Deshmukh said as many as 4,938 police personnel have tested positive for coronavirus so far and 60 of them have succumbed to the viral infection, He said 38 of the 60 deceased were from the Mumbai Police force. As many as 3,813 of the 4,938 infected police personnel have recovered from COVID-19 while over 1,000 others are currently under treatment, the home minister said in a statement. Of the total 17,400 deaths reported so far, Maharashtra accounted for the highest 7,855 fatalities followed by with number of deaths in brackets Delhi(2,742), Gujarat (1,846), Tamil Nadu (1,201), Uttar Pradesh (697), West Bengal (668), Madhya Pradesh (572), Rajasthan (413) and Telangana (260). The other states reporting more than 100 deaths are Karnataka(246), Haryana(236), Andhra Pradesh(187), Punjab(144) and Jammu and Kashmir(101). Maharashtra has also reported the highest number of cases at 1,74,761 followed by Tamil Nadu at 90,167, Delhi at 87,360, Gujarat at 32,557, Uttar Pradesh at 23,492, West Bengal at 18,559 and Rajasthan at 18,014, according to the Health Ministry data. The number of COVID-19 cases has gone up to 16,339 in Telangana, 15,242 in Karnataka, 14,595 in Andhra Pradesh, 14,548 in Haryana, and 13,593 in Madhya Pradesh. Bihar with 10,043 cases is the other state which has crossed the 10,000 mark. PLB BUN ADU MAS SPK MR GK DC VT GSN GSN GSN

COVID-19: India records single-day highest jump of 507 deaths, June worst month with close to 4 lakh cases

<ul><li>This year, <keyword id="6378646" type="LOCATION" weightage="20" keywordseo="baisakhi">Baisakhi</keyword> falls on April 13, which is a Monday. </li><li>The harvest festival of Baisakhi marks the beginning of the solar year. </li><li>One of the most important festivals in Punjab, Baisakhi holds a special significance for the Sikh community.</li></ul>On April 13, 2020, the whole of Punjab and many parts of Northern India will gear up to celebrate the harvest festival of Baisakhi. On this joyful day, the farmers offer their prayers in thanks for a bountiful harvest of the Rabi crop. Baisakhi is also significant as it marks the founding of the Khalsa Panth community three hundred years ago by the tenth Sikh Guru, Guru Gobind Singh. Across the country, people celebrate the Baisakhi festival with a lot of fun, merriment and enthusiasm. Baisakhi in Punjab Punjab observes a state-wide holiday on the day of Baisakhi. Schools, colleges and offices remain closed to allow people to celebrate the event. Friends, relatives and neighbours exchange gifts among themselves. Businesses and offices also give away gifts to their employees. With all the gift-giving, there’s usually a surge in shopping ahead of the festival. The shops announce their annual sale offers and heavy discounts are offered on a wide range of items. Even the hotels announce huge discounts to lure in visitors from other states and countries who have come to either participate or observe the celebration of Baisakhi. Baisakhi and Sikhs The Sikh community celebrates Baisakhi by paying homage at Gurdwaras. They distribute offerings like Kada Prasad — a type of semolina halva made with equal portions of whole-wheat flour, clarified butter, and sugar — among the family members and friends. The tradition of Baisakhi was started in 1699 when the Panj Piaras or the ‘beloved five’ were the first five men to be baptised as Sikh and Guru Gobind Singh laid down the Panth Khalsa — the Order of the Pure Ones — according to scripture. Five individuals are chosen to represent the Panj Piaras and lead religious processions organized in the cities and provinces. Kar Sewa — volunteering to help at Gurdwaras — is an important highlight of the day. This act is considered as the expression of the modesty. In Gurdwaras, we can find the recitation of some passages from Guru Granth Sahib, kirtans and traditional songs. Baisakhi and farmers Punjab is rich in agriculture. Since Baisakhi commemorates the harvest season of the Rabi crops, it is a significant event for the farmers in the region. This festival is observed as a day of thanksgiving to the gods and natural elements that facilitated a bountiful harvest. Farmers visit the temples and Gurdwaras on this day wearing new clothes. Baisakhi fairs, bhangra and gidda are performances are common during this time in the state of Punjab. Baisakhi for Hindus and Buddhists Baisakhi marks the beginning of the solar calendar. On this day, the Sun enters the Mesh Rashi, the first one among the twelve zodiac signs. Therefore, this festival is also called as Mesh Sankranti. The other versions of Baisakhi are 'Naba Barsha' of Bengal, 'Rongali Bihu' of Assam, ‘Puthandu’ of Tamil Nadu, ‘Vaishakha’ of Bihar, and 'Pooram Vishu' of Kerala. These are all the variations of the Solar New Year celebrations across different parts of the country. The festival is highly significant for Hindus as well as Swami Dayanand Saraswati founded the Arya Samaj on this day in 1875. Baisakhi is a holy day for the Buddhists as they believe that Gautama Buddha, the founder of Buddhism attained enlightenment or Nirvana on this day.

Know the significance of Baisakhi, the harvest festival of Punjab

BCCL<ul><li>Digital release of the films might be another component of the ‘new normal’ that experts anticipate post-COVID-19. </li><li>While big production houses may be able to afford to wait it out until the lockdown ends, medium and small budget film producers may not have an option but to release their films on OTT platforms. </li><li>Business Insider spoke to media and entertainment experts about how sustainable is the option of releasing films directly onto the streaming services. </li><li>Indian film producers are likely to make only half the profit through digital release.</li></ul>With cinema halls closed, streaming platforms are chasing film producers premiere films on their platforms during the nationwide lockdown. These OTT platforms have been under pressure to provide new content frequently to sustain user growth. It’s not just OTT platforms but film producers too, who are trying to not lose money by opting for a web premier. Some upcoming films like <keyword id="3371986" type="PERSON" weightage="20" keywordseo="Lakshmi-Bomb">Lakshmi Bomb</keyword> featuring Akshay Kumar are in talks with Disney+Hotstar for a release. Even <keyword id="6245082" type="UNKNOWN" weightage="20" keywordseo="ZEE5">Zee5</keyword> is considering premiering movies directly on its platform in the near future. On the other hand, some are holding out — like Kabir Khan’s <keyword id="6411340" type="UNKNOWN" weightage="20" keywordseo="83">83</keyword>, despite <a href="https://www.newindianexpress.com/entertainment/hindi/2020/apr/28/ranveer-singhs-83--not-headed-to-digital-platforms-makers-clarify-2136111.html">receiving a ₹143 crore offer. </a> Digital release of the films might be another component of the ‘new normal’ that experts anticipate post-COVID-19. Business Insider spoke to media and entertainment experts about how sustainable is the option of releasing films directly onto the streaming services. Will web premiers be the new normal? While big production houses may be able to afford to wait it out until the lockdown ends, medium and small budget film producers may not have an option but to release their films on OTT platforms. “With Box Office collections continuing to account for a lion’s share of a film’s overall revenues, some producers may choose to bide their time and wait for the situation to normalize, rather than settle for potentially lower revenues by releasing on an OTT platform” Girish Menon, Partner and Head, Media and Entertainment, KPMG in India told Business Insider. Film critic and senior entertainment journalist Latha Srinivasan believes producers who are looking to make a profit on their films are aware that streaming services might not be able to match the returns of a theatrical release. Producers in India first release the films in the theatres and bag an offer for streaming it online two to three months after the premier. However, once the film is released on OTT platforms audiences will no longer flock to the theatre to watch the same film, Srinivasan pointed out. No gain no loss <div type="image" title="19685ADE-A79D-4CAF-AA60-62A0B55DB7B1" msid="75563988" hostid="261"></div> (BCCL). Even those producers who are considering a digital release aren’t going to make any profit out of it. Just like film producer Akshay Bardapurkar — whose film AB Aani CD featuring Amitabh Bachchan recently released on Amazon Prime — who opted for a digital release to recover losses. “The calendar is likely to get bunched and smaller films will have a tough time finding a screen. Screens will be a big problem. Therefore, some of the smaller movies may decide that it is better to release films on OTT platform,” Jehil Thakkar from Deloitte India told Business Insider. Once theatres open, footfall will continue to be tempered even if people decide to head out and go for a movie. The audience will also be very selective about which movie to watch. Thakkar believes, the trend will ultimately depend on how much OTT platforms are willing to shell out in order to purchase a film. A producer would expect at least 60% return to be on even keel with expected returns from the box office. At the current rate, Indian producers would earn at least 25% to 50% less on OTT platforms in comparison to releasing their movie across theatres in India as well as overseas. “For example, a film of Stree, Badhai Ho and Raazi’s calibre would easily lose between ₹35 to 55 crores per film by avoiding the theatrical release. But there is no option for a few producers, as once the theatres, open windows for releasing films even of A-list actors would be very limited,” Murlidhar Chhatwani, Managing Partner, Panorama Studios Distribution The existential crisis of cinema halls in India <div type="image" title="250E5197-081D-4523-B580-FFD3FEEB39D6" msid="75563911" hostid="261"></div>Tickets counter of Fun cinema in Hinoo area wears a deserted look after state government announced a closure of all major public places including cinema halls amid corona scare in Ranchi (BCCL) Apart from big producers, theatres also don’t want films to be released on OTT platforms as it would eat their business. On April 5, Multiplexes Association of India urged all producers and directors to refrain from the digital release of the film and wait until the theatres are open again. Cinema halls in India are <a href="https://www.businessinsider.in/entertainment/news/cinema-halls-await-for-behind-the-screens-as-they-lose-150-crore-a-week/articleshow/74689696.cms">losing ₹150 crore a week</a> ever since India shut down 9500 screens over coronavirus outbreak. In South, Tamil Nadu Theatre Owners Association (TNTOA) have threatened 2D Animation — a production house of actor Surya — after it reportedly made a ₹9 crore deal to release film on Amazon Prime. Theatres are banking on post covid-19 release of films in large numbers for the revival of their business. See also:<a href="https://www.businessinsider.in/entertainment/news/cinema-halls-may-not-open-in-india-until-june-end/articleshow/75407053.cms">Cinema halls may not open in India until June end</a> <a href="https://www.businessinsider.in/entertainment/news/disney-hotstar-amazon-prime-videos-zee-5-gained-a-lot-this-lockdown-and-it-might-not-be-temporary-either/articleshow/75443378.cms">Streaming platforms who are on a new high — are hosting web premiers and might even expand to gaming</a>

A film producer, a critic, and analysts explain an existential threat to Indian movie makers

<ul><li>There has been a growing clamour for respite both financial as well as regulatory (like taxation and other compliances).</li><li>Over 500 people have been infected by the virus while nine of them have died as of March 23.</li><li>Follow the comprehensive coverage of the coronavirus pandemic and its impact, and other useful resources that can help you in the fight on <a href="https://www.businessinsider.in/searchresult.cms?query=coronavirus&amp;sortorder=effectivedate">Business Insider India</a>.</li></ul>Indian Finance Minister Sitharaman had announced a series of measures to deal with the economic crash as India, along with the rest of the world, battles the Coronavirus pandemic. Over 500 people have been infected by the virus while nine of them have died as of March 23. As many as 22 Indian states and 80 districts are under lockdown and that has brought an already weak economy to its knees. There has been a growing clamour for respite both financial as well as regulatory (like taxation and other compliances).These are some of the big announcements made by Sitharaman on March 24: <ol><li>Tax returns for financial year 2018-19 can be filed by June 30.</li><li>No extension of penalty on delayed deposit of TDS (tax deducted at source). However, the penalty has been halved to 9% from 18% currently.</li><li>The deadline for linking Aadhaar with PAN (Permanent Account Number) has been extended to 30 June 2020.</li><li>All investments for rollover benefit of capital gains under Income Tax act, Wealth Tax act, Prohibition of Benami Property Transfer Act, Black Money Act, Securities Transaction Tax law, equalisation levy law, 'vivaad se vishwaas' law — the amnesty scheme for tax disputes where the time limit was expiring on March 20 — now increased to 30 June.</li><li>The last date of filing returns for the months of March, April, and May 2020, including composition scheme, extended to June 30.</li><li>For companies with turnover less than Rs 5 crore, no late fees, penalties, and interest on deferred payment. </li><li>For companies with turnover over Rs 5 crore, there will be no late fees, penalties but there will be an interest of 9%, down from 18% currently.</li><li>Customs clearance will operate 24x7. It will be doing its duty as an essential service.</li><li>MCA-21 Registry: Moratorium issued from April 1 to September 30. No additional fees for late filing. The mandatory requirements for holding meetings of Board of Directors relaxed by 60 days. </li><li>Applicability of auditors' report order was supposed to be in force from financial year ending March 2020, that has now been delayed by a year.</li><li>For the year financial year 2020, independent directors will not be held for violation if they haven't held even one meeting.</li><li>For newly incorporated companies, there is a requirement to file declarations for commencement of business within 6 months. Now, we’re giving them an additional time of 6 more months.</li><li>There is a need to create a reserve for 20% of all the deposits maturing next financial year by April, that has been deferred to June.</li><li>Similarly, there was a need to invest 15% of the amount from maturing debentures during the next financial year (April to March 2021) by April. That has been deferred to June.</li><li>Threshold for default under the Insolvency and Bankruptcy Code has been raised by 100 times to ₹1 crore. This is effective immediately to stop the triggering of insolvency proceedings against micro, small, and medium enterprises. If the situation doesn't improve by April 30, the government may consider suspending Section 7, 9, and 10 of the bankruptcy law for a period of six months. </li><li>All sanitary import permits (shrimp, broodstock, and any aquaculture) set to expire by April 1 and April 15 2020, are being extended by three months. Even if your import is coming a month later, that will not be seen as a delay.</li><li>Re-booking for quarantine cubicles, for those cancelled consignments in aquatic quarantine facilities, will not entail additional booking charge.</li><li>The grant of no objection certificate and verification of documents for quarantine will be relaxed from 7 days to 3 days. </li><li>Debit card holders can withdraw cash from any bank ATMs for the next three months.</li><li>No fee will be charged for not having minimum balance in the savings account.</li><li>Bank charges will be reduced for digital transactions for trade and finance consumers.</li><li>The principle to be followed by Commerce Department: For procedural and eligibility point of view, extension of timeline will be given but there won't be an extension of scheme guidelines for modification. </li><li>We, both government and the regulator SEBI, are monitoring the stock market thrice a day. Various sub-groups of the task force on economy, as well outsiders, have made suggestions and we will soon come with an announcement.</li><li>Under Section 149(3) of the new Companies Act, every company is required to have at least one director who has stayed in India for a total period of not less than 182 days in the previous calendar year. A violation will be condoned in the wake of the current coronavirus crisis.</li><li>Department of Financial Services will decide if there are to be any changes on equal monthly installments for borrowers. </li></ol>The clamour for radical measures ahead of these announcements from the Finance Minister Earlier, the CEO of government think tank NITI Aayog Amitabh Kant also batted for direct benefit transfer to those who lost their livelihoods due to the lockdown aimed at containing the virus. The state’s first responsibility should be towards people who are at the margin and are going to lose their jobs, and should be able to provide them with a source of livelihood. And that should be in the form of a direct benefit transfer,” he said in a <a href="https://www.youtube.com/watch?v=dGWsdvJBcgo&amp;feature=youtu.be">virtual interview</a> with the Observer Research Foundation. Here's a thread of some important demands for financial relief before the lockdown came into full force. 
	
	
	
	
	
	
	
	
	
	<div type="twitter" handle="iyer_sriram" handlename="Sriram Iyer" image="http://pbs.twimg.com/profile_images/1205780479690997763/9fDDa6o6_normal.jpg" favoritecount="6" retweetcount="2" status="It is great to see @FollowCII echoing the same sentiment as @BiIndia a few days ago We discussed this at length in… https://t.co/lUDXiQR1e3" createdat="1584771674000" id="1241248483350175745"></div>




















 The former governor of RBI Raghuram Rajan said that it is hard to assess the economic impact of the pandemic. However, he said that the government needs to put medical supplies etc on priority as it heads to contain the virus. "We need to spend money on medical supplies, ventilators, masks — on getting protective equipment for medical workers. That means getting every resource in. pvt, public, defence, retired — every resource. And quickly. All this will require fiscal resources and this is the higher priority," Rajan said in a TV interview. While <a href="https://www.businessinsider.in/india/news/while-pm-modi-called-for-a-janata-curfew-the-kerala-government-implemented-some-serious-steps/articleshow/74717250.cms">Kerala</a> and <a href="https://www.businessinsider.in/india/news/coranavirus-cases-in-tamil-nadu-news-and-updates/articleshow/74785909.cms">Tamil Nadu</a> announced measures like free ration and a handout, no national level programme to support daily labourers and other small businesses has been announced. <ul></ul>SEE ALSO: <a href="https://www.businessinsider.in/india/news/coranavirus-cases-in-delhi-news-and-updates/articleshow/74773842.cms">The third stage of coronavirus spread in India can be delayed but not stopped, says ICMR</a> <a href="https://www.businessinsider.in/finance/news/live-sensex-and-nifty-news-updates/articleshow/74786064.cms">Sensex sinks to 26,193 after opening in the green, Nifty follows down to 7,000 mark</a> <a href="https://www.businessinsider.in/searchresult.cms?query=coronavirus&amp;sortorder=effectivedate">Follow the comprehensive coverage of the coronavirus pandemic and its impact, and other useful resources that can help you in the fight on Business Insider India.</a> <a href="https://www.businessinsider.in/finance/news/aadhar-pan-linking-itr-filing-deadline-extended-to-30th-june/articleshow/74790726.cms">Aadhar-PAN linking, ITR filing deadline extended to 30th June</a> <ul></ul>

The big announcements from India's Finance Minister Nirmala Sitharaman

<img class="gwt-Image" src="/photo/50499733.cms" style="width: 800px; height: 600px;" /> After the Datsun Go and Datsun Go+, Japanese carmaker <keyword id="46283" type="CITY" weightage="80" keywordseo="Nissan">Nissan</keyword> will launch a third car in the Datsun range, the concept Ready Go, in the third quarter of the current calendar year, top executives said at an event at the Chennai factory of the <keyword id="43777" type="CITY" weightage="80" keywordseo="Renault">Renault</keyword> Nissan alliance to mark the roll out of the millionth car from the plant. 
 Nissan will also announce the India launch of another car for the <keyword id="47445" type="UNKNOWN" weightage="80" keywordseo="Indian-market">Indian market</keyword> at the Delhi Auto Show 2016, Guillaume Sicard, President of Nissan India Operation s said, refusing to comment further about the car reserved for the auto show. 
 
The Datsun Ready Go will be made on the Common Module Family- A platform, which is an arrangement between alliance partners Nissan and Renault to build a wider range of cars from a smaller pool of parts, resulting in cost savings. The latest launch of Renault, a compact hatchback called Kwid, is built on this platform. For a compact car priced attractively under Rs 4 lakh, it comes with fittings like a navi gation system. Launched in September last year, the Kwid has 85,000 bookings so far, according to Colin Macdonald, managing director at the Renault Nissan Alliance. 
 
The strategy for Nissan this year would to attempt to increase market share from the current rate at aober 1.5% to 5% in the Indian passenger car segment, which saw the sale of over 26 lakh cars in the fiscal year 14-15, when the segment registered a year-on-year growth of 3.9%. 
 
"Besides product launches, we will al so increase our dealer network to 300 by 2016 to reach out to more customers and strengthen our after-service sales network," said Sicard. 
 
Renault and Nissan, which runs its Chennai plant of capacity 4.8 lakh cars on a system to drive engine synergy, produces about 2.7 lakh cars a year, with Nissan taking up about 1.6 lakh cars of total production. 
 
The alliance had signed a memorandum of understanding with the state government of Tamil Nadu to investment Rs 4,500 crore as the initial investment target for the factory. Now, their investment stands at Rs 6,100 crore. 
 
Nissan executives said discussions are on with the state government officials to sign the understanding. 
 
Image credit: Indiatimes

Nissan to introduce its third Datsun car in the market

<img class="gwt-Image" src="/photo/52659280.cms" style="width: 800px; height: 600px;" /> 
 <keyword id="300479" type="COMPANY" weightage="100" keywordseo="Sudharma">Sudharma</keyword>, a<a href="http://www.businessinsider.in/searchresult.cms?query=sanskrit&amp;sortorder=effectivedate">Sanskrit</a><a href="http://www.businessinsider.in/searchresult.cms?query=sanskrit&amp;sortorder=effectivedate"> </a>daily that was launched way back in 1970 in Mysore by the <keyword id="3398397" type="UNKNOWN" weightage="100" keywordseo="Sanskit">Sanskit</keyword> scholar Kalale Nadadur Pandit Varadaraja Iyenger with the aim of ensuring that Sanskrit, considered to be the primary sacred language of the Hindu, reaches the masses. 
 For 40 years, its editor K.V <keyword id="327848" type="PERSON" weightage="100" keywordseo="Sampath-Kumar">Sampath Kumar</keyword>, the son of Varadaraja Iyenger kept the paper running because of his two passions- journalism and love for the sacred language. Incidentally, Sudharma is also the world’s only Sanskit newspaper. 
 
The Karnataka based paper which boasts of 3000 subscribers is a favourite with Sanskrit vidyapeeths, academic institutions and also public state libraries in cities such as Kerala, Assam, Karnataka, Jammu and Kashmir, Tamil Nadu etc. A few readers from countries such as U.S and Japan also subscribe to this newspaper. 
 
Dispatched mainly through post, the daily sells around 2,000 copies. To keep up with the times, an e-paper was also launched a few years back, which ensured that the daily’s readership shot upto 1.5 lakh. 
 
To help people reconnect with the language, the newspaper also comes out with yearly calendars and a magazine which comprises informative articles and analysis by Sanskrit scholars. 
 
They have also published more than 100 books in Sanskrit that include stories for children, detective stories and basic Sanskrit learning. All these books are priced well under Rs 100. 
 
As a result, Sudharma can also be credited with helping a lot of people hone their language skills. 
 
At a time of increasing costs, a yearly subscription of this newspaper costs barely Rs 400. The modest price was so that each and everyone had the opportunity to learn basic Sanskrit if they wished to. 
 
The profit gained by the newspaper is negligible but that is hardly enough for Kumar to discontinue the newspaper. He atkes up odd printing jobs to make the money required to sustain the newspaper. 
 
But, it’s naturally hard to compete with other newspapers with a far more reach and readership and in the era of fancy magazine and the internet, it’s quite easy to leave behind a small Sanskrit daily. 
 
<img class="gwt-Image" src="/photo/52659212.cms" style="width: 800px; height: 600px;" /> 
 
The editor of the newspaper, Sampath Kumar however is not ready to give up. He is still of the belief that the younger generation should try to learn the language of their forefathers. And, he has come upon the realisation that to increase the circulation of Sudharma, a makeover of the daily is of utmost importance. 
 
Apart from wanting to give a face-lift to the newspaper, he has also come up with the idea of a half-yearly Sudharma Magazine. 
 
As is the case always, dreams do come at a cost. 
 
To achieve the above, the newspaper needs to equip itself with modern day printing gadgets and accessories. The idea is to buy an imported single color offset machine. The cost for the same is over Rs 20 lakhs. 
 
And, this is where the newspaper needs your help. 
 
In a moving plea, Kumar has asked for donations to keep the newspaper afloat and to re-think the approach of the newspaper’s circulation through third party vendors (who also charge exorbitant rates) 
 
Kumar ends his plea with this, “Sudharma has never been about revenue generation, it has always been about passion for language. We request you to kindly help us with donations. Please help us spread the language to a wider audience.” 
 
This could be your last chance of keeping not only Sanskit alive but also a few people’s passion and hard work.

India’s only Sanskrit daily Sudharma appeals for donations to keep running

<img class="gwt-Image" src="/photo/49829898.cms" />Continuing with his strategy of visiting foreign countries as a means of promoting India as a investment- friendly destination and promoting the ‘Make in India’ campaign, Prime Minister Narendra Modi—the first Indian premier to visit the <a href="http://www.businessinsider.in/searchresult.cms?query=uk">UK</a> in a decade—managed to clinch deals worth $14 billion during his just-concluded visit to Britain. 
 
The deals span across sectors such as technology, defence, insurance services, finance, healthcare and energy, and include a $4.4-billion investment by Britain's OPG Power Ventures to add 4,200 MW capacity of new electricity generation in Tamil Nadu; $1.4 billion by Vodafone to support the Indian government’s Digital India and Make in India initiatives; $3 billion by the largest Solar power generator in Europe, Lightsource, to design, install and manage around 3 GW of solar power infrastructure in India over five years; $1.8 billion by British technology company Intelligent Energy 's to provide clean energy; and $365 million by Standard Life, Bupa and Aviva in their Indian joint ventures. 
 
The two nations also signed a <a href="http://www.businessinsider.in/searchresult.cms?query=civil+nuclear+deal">civil nuclear deal</a>, pledging to collaborate in defence and cyber security. India is also looking at attracting more British investments into India in defence manufacturing. These may include a pact for Britain’s BAE Systems to sell 20 more Hawk trainer jets to India. The UK will also provide technical assistance to develop Indore, Pune and Amaravati to help meet India's ambitious urban development goals. 
 
Riding on the surge in confidence among FIIs, India has received $30 billion in foreign direct investment in the first six months of this calendar year, thanks to a slew of measures taken by the <a href="http://www.businessinsider.in/searchresult.cms?query=modi+government">Modi government</a> to revamp the adversarial and oppressive direct tax regime in India, overhaul indirect tax system via GST and attract investment in infrastructure. 
 The Modi government is also promoting the <keyword id="6354423" type="UNKNOWN" weightage="20" keywordseo="Ease-of-Doing-Business">ease of doing business</keyword> in the country and is banking on China’s slowdown and promoting India’s investment-friendly destination. 
 
Against this backdrop, it perceives Britain as a key market for the country as an increasing number of Indian corporates are spreading their wings in the UK via alliances and acquisitions. Language for business is also same, laws are similar and Britain is strategically located for reaching European markets. 
 
During his visit to the UK—the first Western country to end a visa ban on Modi, imposed after the 2002 riots in Gujarat, when he was chief minister of the state—Modi rightfully said the UK is India’s gateway to Europe. 
 
The UK ranks 18th in the list of India’s top 25 trading partners (it used to occupy the number one position for long even after India’s Independence) and two-way trade in 2014-15 stood at $14.34 billion. The UK is the third-largest inward investor in India, after Mauritius and Singapore, with a cumulative investment of $22.26 billion between 2000 and 2015. 
 
On the other hand, India is the third-largest foreign investor in the UK. The two countries have signed many bilateral trade agreements. These include the Joint Economic and Trade Committee which was inaugurated in New Delhi in 2005 to boost two-way bilateral investments. 
 
In what is perceived as ‘reverse colonialism’ where non-Western countries impact the West, Indian companies have increasingly expanding their presence in the UK. The growth of India's multinational companies contributed greatly to UK's business and economy. As of 2014, Indian companies in the UK generated over £19 billion. They have also employed more than 100,000 people in the UK. 
 
Of late, the UK government has lost no chance to label India as one of the fastest growing economies in the world and one among its most influential trade partners. 
 
Besides, as negotiations for a free trade agreement (FTA) with the EU are heading nowhere, a growing chorus of experts has been calling for a separate FTA between India and Britain. 
 
Given a complex nature of the EU structure and its vast internal issues, the likelihood of reaching an FTA deal with the 27-nation bloc in the near future seems remote. Enhanced trade relation including an FTA with the UK will help India bypass this impasse and make inroads not only on the UK market but the broader European market. 
 A growing number of experts opine that it would be much easier for India to negotiate a deal with Britain, which also needs a vast Indian market for reviving its economy. Given the vibrancy of the British economy and a growth potential of <keyword id="6356076" type="UNKNOWN" weightage="20" keywordseo="indian-economy">Indian economy</keyword>, there is a lot of scope for the two countries to enhance collaboration in technology, Information Technology, financial services, education, health, textiles, transportation, urban infrastructure and defence. Pursuing dual FTAs (with EU and the UK) should not be a problem as India has been doing the same elsewhere—it maintains an FTA with the ASEAN while continuing to have separate deals with member countries like Singapore. 
 
The merchandise trade between Indian and the UK, in fact, took a dip from $15.82 billion in 2013-14 to $14.33 billion in 2014-15. One hopes that leaders of both the countries would resort to measures that will help revive the momentum and take bilateral trade to newer heights. 
 
(Image: PIB)

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