Direct benefit transfer (DBT) during lockdown: More than Rs 36,659 crore was transferred to the bank accounts of 16.01 crore beneficiaries between March 17 and April 17 of the lockdown period by using Direct Benefit Transfer (DBT) through Public Financial Management System (PFMS) in the bank accounts of 16.01 crore beneficiaries during COVID-19 lockdown. Payments were also made under the Pradhan Mantri Garib Kalyan Yojana and Rs 500 was credited in women account holders’ Jan Dhan accounts. Till April 13, the total number of women beneficiaries was 19.86 crore, which resulted in the disbursement of Rs 9,930 crore. PFMS usage for DBT payments increased over the last three fiscal years. The total DBT amount disbursed has increased from 22% in FY 2018-19 to 45% in FY 2019-20.Indian Finance ministry
Fuel demand dips: Indian state retailers sold 50% less refined fuel in the first two weeks of April than the same time a year ago as a nationwide lockdown to stem the spread of the new coronavirus hit transportation and industrial activity. State companies – Indian Oil Corp, Hindustan Petroleum Corp and Bharat Petroleum – own about 90% of India’s retail fuel outlets. India’s petrol sales by state retailers in the first 15 days of April dropped by 61% from a year earlier while petrol and jet fuel sales declined by 64% and 94%, provisional industry data provided by two sources, who asked not to be named, show.
Steel demand: Steel demand in India is set to contract 7.7 % in 2020 with “significant downside risks”, the Indian Steel Association (ISA), which represents some of the top steel producers, said in a note. “ISA had estimated in February that the steel demand in calendar year 2020 would grow by 5.1 % to touch 106.7 million tones. The coronavirus outbreak has left the Indian automotive industry in distress, with automakers seeking temporary tax cuts on cars, trucks and motorbikes as well as incentives to scrap old vehicles. The lockdown’s impact on economic activity will dent steel demand by nearly 13 million tones.
Mahindra & Mahindra has been at the forefront of the battle against the novel Coronavirus pandemic, which has brought the entire world to a standstill position. Mahindra started its fight against the pandemic by making a ventilator prototype, which is undergoing endurance testing at the company’s facility. Apart from the AIR100 AMBU bag respirator, the company also started making face shields, masks and hand sanitiser for combating the deadly virus. The automaker has completed the production and delivered over 1 lakh face shields along with more than 1.2 lakh masks.
The Kerala state government is all set to implement an odd-even scheme for vehicles from monday. This step will be taken in accordance with the guidelines issued by the Pinarayi Vijayan government to reopen the state from Monday. The state will be divided into four zones – Red, Orange A, Orange B and Green. The private vehicles will be allowed in the odd-even scheme within the district, which will be based on the zone classification. With the implementation of the odd-even scheme, the Kerala government is eyeing to reduce 40 per cent of the vehicles from the roads.