Today's Sector News - 19.03.2020: 09.00 Am
* AVIATION: Full-service carrier Vistara and low-cost carrier GoAir have temporarily suspended all
international flights following travel restrictions imposed by many countries including India to contain coronavirus pandemic.
* ECONOMY: Asian Development Bank has announced an initial package of $6.5 bln to address the
"immediate needs" of its developing member countries arising from the coronavirus pandemic.
-Lok Sabha passed the second batch of supplementary demands for grants which seeks a net
additional spend of 540 bln rupees in the current financial year ending Mar 31, including 200 bln rupees for paying goods and services tax compensation to states and Union territories.
-The government is "working on the contours" of a relief package for the service sector and daily
wage workers.
-Economists have cut India's GDP growth forecast for the current financial year and the next
financial year, primarily on account of disruptions caused by the novel coronavirus.
* COMMODITY: The sugar industry has asked the government to allow mills to sell their March sales quota till Apr 15 as demand has been hit due to the spread of novel coronavirus.
-Dairy major Gujarat Cooperative Milk Marketing Federation does not see any disruption in supplies
of milk due to spread of coronavirus, Managing Director R. S. Sodhi said. The company's products are popular under Amul brand.
-The government waived import duty on heavy, light, and full range naphtha.
* RETAIL: Future Group has tweaked its growth strategy to focus on affordable pricing from an expansionled one, sensing the nervous consumer mood amid worries over the COVID-19 outbreak and because of the challenging economic environment.
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