Unlocking the Future – Newsletter by Flamingo Consultancy Group
We begin with some very important news related to Indian financial and banking system; Petrol & Diesel Corporate; Some more positive news of course India centric & Some Global News.
- We all have heard recently the lending mess and frauds in PMC bank Maharashtra and Yes Bank, the 1st step announced by the central bank putting brakes on withdrawals from their respective accounts including that of deposit holders and they suffer a lot due to mischief and misadventures of authorities at the Banks dealings level.
Image Source: Pragativadi.com
- The Banking Regulation (Amendment) Ordinance, promulgated by the President on Friday, empowers the Reserve Bank of India to undertake revival plans for banks without imposing a moratorium to avoid disruption of the financial system.
- With the above, all of us will have to remain rest assured that banking operations will not be taken for a ride in any circumstances for innocent account holders having balances with banks in whatsoever form.
- In a move that can help the businesses that have been suffering most from the pandemic, RBI has started the ground work for a onetime restructuring scheme to help companies which are affected by COVID-19 pandemic. We will have to wait for some time to get the exact details of announcement in this regard.
- Now, let’s turn our eyes on how we are asked to pay for petrol and diesel selling corporate:
- Petrol and Diesel prices have been increased during last 21 days on a continuous basis and at the same time no reversal from a special excise duty levied by GOI during lock down period when crude prices crashed to a single digit per barrel, so as to say that we are helping petro products corporate like IOC, BPCL etc to repair their balance sheet for the losses suffered during lockdown time due to all time low demand and at the same time GOI for making up funding available to meet for various schemes announced specially to help the poor segment of the society and farmers of the country under the guise of COVID-19 packages.
- Middle class of the society have learnt a lot during this crisis in a way how we have to sacrifice during the crisis for the lower segment of the society though we all are sufferers on our own and no one including governments come to our rescue for support in our need of hour.
Some more positive news of course India centric:
Image Source: mansfieldnewsjournal.com
- The Indian economy appears headed for its 1st recession in decades, have bounced back to pre lockdown level as the country opens up, shows Centre for Monitoring Indian economy (CMIE) data, for an abysmal 27% in the 1st week of May, the unemployment rate has dropped to 8.5% in the week ended June 21st. Rural India, in particular, has seen a remarkable improvement from about 20% drop during the lockdown to 7.2% now, as estimated by CMIE.
- Now let’s move onto Global News:
Image Source: indianexpress.com
- After 104 days of the longest ever closure since World War II, the Paris landmark is open once again. Although, the elevators cannot be used, visitors can still access two of the three decks.
FaceBook and Twitter setback:
- Consumer products manufacturer giant, Unilever decided to suspend all ADS on social media platforms of FB and Twitter handle during the rest of the year 2020 because of concern over hate speech and polarized American politics. Both the stocks tumbled most in the recently concluded week on U S bourses.
Virus infection 2nd round:
Image Source: timesofindia.indiatimes.com
- US and India have entered into a 2nd dangerous level of surging of COVID-19 patients during the last week, some of the states in US have reported highest ever infection surge since early May, a major cause of concern, still the authorities there are firm on NO 2nd Lockdown of the economy.
- Similarly Indian too have faced the most surge of the Covid cases during the week gone by but the other side of the coin is more relevant with the fact that the fatality is on the falling curve indicating that rate of recoveries have substantially increased during the last month.
- Globe is eager to hear Vaccine research and launching news at the earliest but sorry will have to wait for some more time…till then have a good Business Week ahead.