Odisha News, Odisha Latest news, Odisha Daily - OrissaPOST
  • Home
  • Trending
  • State
  • Metro
  • National
  • International
  • Business
  • Feature
  • Entertainment
  • Sports
  • More..
    • Odisha Special
    • Editorial
    • Opinion
    • Careers
    • Sci-Tech
    • Timeout
    • Horoscope
    • Today’s Pic
  • Video
  • Epaper
  • News in Odia
  • Home
  • Trending
  • State
  • Metro
  • National
  • International
  • Business
  • Feature
  • Entertainment
  • Sports
  • More..
    • Odisha Special
    • Editorial
    • Opinion
    • Careers
    • Sci-Tech
    • Timeout
    • Horoscope
    • Today’s Pic
  • Video
  • Epaper
  • News in Odia
No Result
View All Result
OrissaPOST - Odisha Latest news, English Daily -
No Result
View All Result

No government bailout package for industry to pay workers’ salaries

Agencies
Updated: April 9th, 2020, 16:51 IST
in Business, Coronavirus
0
Share on FacebookShare on TwitterShare on WhatsAppShare on Linkedin

New Delhi: The lack of fiscal space will pose a big hurdle for the central government to announce grants for industries to pay wages of employees unable to work due to coronavirus, sources have recently said. They said that industry representatives have conducted meetings with top officials in the finance ministry urging the government to announce an economic package.

“The government lacks the fiscal space. It will not be feasible to give grants to the industry to take care of its wage bills,” said a source Thursday.

Also Read

Photo Credit: Britannica

Pentagon: India, US to sign 10-year defense framework

23 hours ago
Microsoft AI

Microsoft plans 9,000 more job cuts; fourth layoff this year

2 days ago

“The fiscal situation is not good, with revenues drying up. The state governments have also run up high fiscal deficits. India cannot afford to have a downgrade from rating agencies. Hence grants to support the wage bill look unlikely,” another source in the know of things stated.

The Centre has set up an empowered group of officials, led by Economic Affairs Secretary Atanu Chakraborty, to finalise recommendations on economic and welfare measures. The committee is continuously taking inputs from the industry, said sources.

The fiscal deficit of the Centre for 2019-20 (FY20) has already surpassed the Revised Estimates (RE) by 35 per cent till February 2019. The RE was higher at 3.8 per cent of gross domestic product (GDP), against the budget estimate of 3.3 per cent. For the current fiscal year, the government has pegged the deficit at 3.5 per cent of the GDP.

It should be stated here that some countries including the United Kingdom (UK) have announced financing the wage bill of industries to avert job losses. For instance, UK has announced a bailout package for businesses worth €350 billion, under which the country would be financing 80 per cent of salary of workers earning wages of up to €2,500 a month.

Indian industry bodies have sought help from the Centre through banks to support the workforce. For instance, the Confederation of Indian Industry (CII) has asked banks to allow providing additional working capital limits, equivalent to April-June wage bill of borrowers, backed by a government guarantee, with a refinance guarantee from the Reserve Bank of India (RBI).

Agencies

 

Tags: Bailout packageGDPGovernmentindustryRBISalariesUnited Kingdom
ShareTweetSendShare
Suggest A Correction

Enter your email to get our daily news in your inbox.

 

OrissaPOST epaper Sunday POST OrissaPOST epaper

Click Here: Plastic Free Odisha

#MyPaperBagChallenge

Pratik Kumar Ghibela

December 12, 2019
#MyPaperBagChallenge

Diptiranjan Biswal

December 12, 2019
?????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????
#MyPaperBagChallenge

Dibya Ranjan Das

December 12, 2019
#MyPaperBagChallenge

Priyasha Pradhan

December 12, 2019
#MyPaperBagChallenge

Adrita Bhattacharya

December 12, 2019
#MyPaperBagChallenge

Subhajyoti Mohanty

December 12, 2019
#MyPaperBagChallenge

Sarfraz Ahmad

December 12, 2019
#MyPaperBagChallenge

Chinmay Kumar Routray

December 12, 2019
#MyPaperBagChallenge

Faiza Firdous

December 12, 2019
#MyPaperBagChallenge

Anshuman Sahoo

December 12, 2019
#MyPaperBagChallenge

Ramakanta Sahoo

December 12, 2019
#MyPaperBagChallenge

Anup Mahapatra

December 12, 2019
#MyPaperBagChallenge

Ankita Balabantray

December 12, 2019
#MyPaperBagChallenge

Parbati Mohanty

December 12, 2019
#MyPaperBagChallenge

Sibarama Khotei

December 12, 2019
#MyPaperBagChallenge

Pratik Kumar

December 12, 2019
#MyPaperBagChallenge

Anasuya Sahoo

December 12, 2019
#MyPaperBagChallenge

Vandana Singh

December 12, 2019
#MyPaperBagChallenge

Amritansh Mishra

December 12, 2019
#MyPaperBagChallenge

Priyabrata Mohanty

December 12, 2019
#MyPaperBagChallenge

Mandakini Dakua

December 12, 2019
#MyPaperBagChallenge

Mrutyunjaya Behera

December 12, 2019
#MyPaperBagChallenge

Shreyanshu Bal

December 12, 2019
#MyPaperBagChallenge

Rajashree Pravati Mohanty

December 12, 2019
#MyPaperBagChallenge

Ipsita

December 12, 2019
#MyPaperBagChallenge

Sipra Mishra

December 12, 2019
#MyPaperBagChallenge

Pitabas Tripathy

December 12, 2019
#MyPaperBagChallenge

Pratyasharani Ghibela

December 12, 2019
#MyPaperBagChallenge

Archit Mohapatra

December 12, 2019
#MyPaperBagChallenge

Manas Samanta

December 12, 2019

Archives

Editorial

Hungary Lessons

Hungary
July 2, 2025

Revolting against oppression and seeking freedom is ingrained in human nature, something that a repressive regime finds out sooner or...

Read more

New Democratic Face

Zohran Mamdani
July 1, 2025

US President Donald Trump, who had comfortably defeated his Democratic rival Kamala Harris in the recent presidential election and exuded...

Read more

Proof To Vote

Vote
June 30, 2025

Months ahead of the Assembly polls in Bihar, the Election Commission of India (ECI) on 28 June launched a ‘special...

Read more

Genesis of Jana Sangh

AAKAR PATEL
June 29, 2025

We marked the 50th anniversary of the Emergency a few days ago. Another anniversary, this time the 75th, went relatively...

Read more
  • Home
  • State
  • Metro
  • National
  • International
  • Business
  • Editorial
  • Opinion
  • Sports
  • About Us
  • Advertise
  • Contact Us
  • Jobs
Developed By Ratna Technology

© 2024 All rights Reserved by OrissaPOST

  • News in Odia
  • Orissa POST Epaper
  • Video
  • Home
  • Trending
  • Metro
  • State
  • Odisha Special
  • National
  • International
  • Sports
  • Business
  • Editorial
  • Entertainment
  • Horoscope
  • Careers
  • Feature
  • Today’s Pic
  • Opinion
  • Sci-Tech
  • About Us
  • Contact Us
  • Jobs

© 2024 All rights Reserved by OrissaPOST

    • News in Odia
    • Orissa POST Epaper
    • Video
    • Home
    • Trending
    • Metro
    • State
    • Odisha Special
    • National
    • International
    • Sports
    • Business
    • Editorial
    • Entertainment
    • Horoscope
    • Careers
    • Feature
    • Today’s Pic
    • Opinion
    • Sci-Tech
    • About Us
    • Contact Us
    • Jobs

    © 2024 All rights Reserved by OrissaPOST