Covid-19 likely to alter consumer behaviour permanently: Survey

NEW DELHI: A survey has said that the Covid-19 pandemic is likely to alter the consumer behaviour permanently and cause lasting structural changes to the consumer goods and retail industries. The demand for local goods and brands is growing as consumers are hesitant to step out of their safety zones to resume previous consumption patterns, according to Accenture Covid-19 Consumer Pulse Research report. The survey polled 2,500 consumers in India among 45,000 respondents globally, between March and June, it said. “The India leg of the survey found that 90 per…

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‘Indians eligible to return to UAE can do so from July 12 -26’

NEW DELHI: In a major relief for Indians who need to return to their work, homes or families in the UAE, India and UAE have allowed their airlines to carry people authorised to travel between the two countries. Air India on Thursday said: “ICA approved UAE residents (returning to UAE from India)” can travel on Vande Bharat Mission (VBM) flights operated by it and AI Express on India-UAE sector from July 12 to July 26. A senior official of a UAE carrier said airlines of UAE have been allowed to…

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Mercedes Benz India: Covid to set luxury car market back 3-4 years | India Business News

NEW DELHI: The luxury car industry in India will be set back by three-four years as the pandemic will badly hit demand with a credible recovery expected only around next year, Mercedes-Benz, which leads the category, said on Wednesday. The company said volumes this year are expected to go down by “double-digit percentage points” as business loss of nearly one full quarter, and a graded and slow recovery would make market conditions challenging. “We do not see normalcy returning very soon… it will take time for the industry to recover,”…

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RBI governor holds meeting with bank chiefs, discusses credit flow, stability

NEW DELHI: Reserve Bank of India (RBI) governor Shaktikanta Das on Saturday held meetings with the managing directors and chief executives of major public and private sector banks in two separate sessions through video conference. The deputy governors of the central bank and other senior officers were also present in the meet. In his opening remarks, RBI governor Das appreciated the efforts of lenders in ensuring normal to near normal operations during the lockdown period. The current economic situation has been reviewed in the meeting along with discussions on credit…

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PM Modi discusses reforms in agriculture sector

NEW DELHI: Amid coronavirus-induced lockdown, Prime Minister Narendra Modi on Saturday deliberated on ways to reform the agriculture sector with emphasis on agriculture marketing, access of farmers to institutional credit and freeing the sector of various restrictions with appropriate backing of laws. Agriculture accounts for 15 per cent of India’s gross domestic product and is a source of livelihood for more than half of the country’s 1.3 billion population. The government has maintained that the country’s farm sector is functioning smoothly despite the COVID-19 lockdown and there will not be…

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PM Modi meets FM Sitharaman for second economic stimulus package

NEW DELHI: Prime Minister Narendra Modi on Saturday held a series of meetings with key ministers, including home minister Amit Shah and finance minister Nirmala Sitharaman, and officials of economic ministries to firm up the second stimulus package for sectors impacted by lockdown to curb the spread of coronavirus, sources said. The Prime Minister held discussions with Shah and Sitharaman and would have follow up meetings with ministers of key economic ministries such as Micro, Small & Medium Enterprises (MSME), sources said. The finance ministry, which deferred release of monthly…

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Lockdown 3.0: DGCA extends domestic, international passenger flight suspension till May 17

NEW DELHI: In the view of the government order, aviation regulator DGCA on Saturday decided to extend the domestic and international passenger flight suspension till May 17. The ministry of home affairs on Friday extended the nationwide lockdown by two weeks as the deadly coronavirus cases continued to rise. The lockdown — first announced on March 23 — was supposed to end on May 3. “The validity of MoCA (ministry of civil aviation) order prohibiting domestic flight operations has been extended up to 2359 hrs IST (11:59 pm) on May…

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Fake ransom seeking email scam prowling in Indian cyberspace

NEW DELHI: Country’s central cybersecurity agency has alerted internet users against an ongoing “fake” email campaign that claims to have recorded personal video of a user which could be published if a ransom amount in cryptocurrency is not paid. The Computer Emergency Response Team of India (CERT-In), in a latest advisory, has said while there is “nothing to worry” about such emails, users should update or change their passwords, used to login any of their social media or other online platforms, if they find them compromised. “In email extortion campaign,…

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Lockdown brings auto industry’s April sales to zero

NEW DELHI: It was a painful first month of fiscal 2020-21 for the auto industry that registered nil sales in April amid the lockdown and retail as well as mobility restrictions in place across the country due to the coronavirus pandemic. Companies say that there has been loss of production and “sales opportunity worth thousands of crores of rupees” as the lockdown remains in place, though some restrictions will be lifted from May 4. Companies making cars, SUVs, commercial vehicles and two-wheelers such as Maruti Suzuki, Hyundai, Mahindra, Tata Motors,…

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India Inc gears up to restart operations on cautious note

NEW DELHI: Businesses are treading cautiously on resumption of operations at plants, despite the government on Friday signalling a graded opening up and allowing offices in even red zones to work at a third of their capacity. While companies such as Hyundai and TVS Motor are planning to restart operations with a single shift, other auto companies are expected to take more time to finalise plans. With uncertainty looming large over supply of parts and availability of labour, there is not much scope if the entire business ecosystem is not…

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Aarogya Setu app to be mandatory for all employees before resumption of work

NEW DELHI: Amid a debate over the practicality of making it mandatory for public and private sector employees to download the Aarogya Setu App, sources said the law empowers authorities to seek full compliance. The home ministry guidelines issued on Friday said use of Aarogya Setu app will be mandatory for all employees, both private and public. It said it will be the responsibility of the head of the organisation to ensure compliance. The Aarogya Setu App is expected to be downloaded when employees resume work. Sources said the head…

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India set to cap stimulus package at $60 billion to protect credit rating: Report

NEW DELHI: The government is likely to cap its overall spending on coronavirus-related relief at around Rs 4.5 lakh crore ($60 billion), due to concerns that excess spending could trigger a sovereign rating downgrade, two senior government officials said. “We have to be cautious as downgrades have started happening for some countries and rating agencies treat developed nations and emerging markets very differently,” the first official told Reuters. On Tuesday, Fitch warned India’s sovereign rating could come under pressure if its fiscal outlook deteriorates further as the government tries to…

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