Flat or negative growth for IT sector in 2020 due to Covid-19: Infosys CFO

wayne


India’s information technology sector is expected to post either flat or negative growth in 2020 due to the impact of the pandemic globally, an IT industry veteran said onSaturday.


“Look at the economic activity (globally). Worse than what you have seen in 2008 (global financial crisis).


So, clients (of Indian IT companies) are not going to increase spending (on IT) or even maintain the current spending,” the former Chief Financial Officer of IT major, Infosys Ltd, V Balakrishnan told PTI.


There will be cut in spending, and could be pressure on pricing because all the major industries including retail and financial services have been adversely impacted, he said, also noting surging unemployment rate in the US.


ALSO READ: Experts cite dwindling steel demand for NMDC’s sharp cut in iron ore prices



“Economies are doing badly. Spending is not going to happen. I think this year is going to be tough for the IT industry,” Balakrishnan said.


The pandemic is like a force majeure, and no amount of business continuity planning will help in this situation, he claimed.


“They (Indian ITcompanies) have to

5 books everyone should read before they start trading

wayne

It is of the utmost importance that you educate yourself before you start trading, regardless if your goal is to become a professional day trader or a long-term stock investor.

Having a great understanding of the market your trading on is essential and the more you know the better you will get. In the end, your knowledge or lack thereof is what will set you apart from everyone else.

Naturally, there are many ways that you can educate yourself about trading such as forums, websites, magazines like ours, and more. Although, the most effective and tested way to learn how to trade is through trading books.

Because of this, we asked the experts over at BullMarketz.com to help us put together a list of the five most important trading books that they think everyone should read before they start trading. If you haven’t read these titles yet, we advise you to do so as soon as you can.

Market Wizard / The New Market Wizard

Market Wizard and the New Market Wizard are two different versions of the same book, written by Jack Schwager. The first version is Market Wizard which was later updated under the name the New Market

Auto landlord backs rental move

wayne

Michelle Prater (nee Wheatley) brings a unique perspective to the natural tension between landlords and tenants in the current market – she is a director of the country’s largest car dealer and one of their largest landlords.…

FinMin releases Rs 17,287 cr to states to fight coronavirus pandemic

wayne


The on Friday released Rs 17,287 crore to states to enhance their financial resources during the COVID-19 crisis.


Of this amount, Rs 11,092 crore is towards State Disaster Response Mitigation Fund (SDRMF) to all states.


An amount of Rs 6,195 crore has been released as ‘Post Devolution Revenue Deficit Grant’ to 14 states namely Andhra Pradesh, Assam, Himachal Pradesh, Kerala, Manipur, Meghalaya, Mizoram, Nagaland, Punjab, Sikkim, Tamil Nadu, Tripura, Uttarakhand and West Bengal.


ALSO READ: Coronavirus LIVE: 2,547 confirmed cases in India as death toll mounts to 62



“The @FinMinIndia today released a total of Rs 17,287.08 crore to different States to enhance their financial resources during the #COVID19 crisis, ” the Office of Finance Minister said in a tweet.





This includes Rs 6,195.08 crore on account of ‘revenue

As riders go home amid lockdown, queue for e-grocery orders get longer

wayne


When the lockdown was announced, Feroze, who worked as a food delivery agent with in Bengaluru, panicked and rushed home to Davangere, five hours away. Now he wants to return. “I have no income; I am exhausting my savings. If I get a pass somehow, I will go back to work,” says Feroze, who earned Rs 28,000-30,000 a month at the start-up.


Though food delivery orders have reduced on the platform, grocery orders have picked up, says another rider who had just completed his 18th delivery of the day.



Online grocery, which is barely about four per cent of India’s $600-700 billion grocery market, has seen an overnight surge. Zomato, too, has begun these services under Zomato Market.


At store BigBasket, slots get filled within the first 15 minutes of opening, post-midnight. “We are serving 75,000 orders but the number of people seeking to order would be 300,000 to 400,000 a day,” says Hari Menon, co-founder and CEO of the Bengaluru-based company. “All our warehouses are open and we have enough stock. We are short of people, that’s all. And we can’t run a business

My bank turned down my small business loan

wayne

If your big bank has turned down your application for a small business loans, they are legally obligated to refer you to an alternative provider under the Small Business, Enterprise and Employment Act 2015 as part of the bank referral scheme.

The scheme exists to ensure that owners of businesses have somewhere to go for financial help.

The issue is, the referral is not always great. It is sometimes to another large bank who, once again, will reject your application for finance.

This is unfair. If you have an established business, a workable business model and finances that show you can repay, you should be approved for a loan. You should also be recommended lenders who are more likely to accept your application.

  1. Why did your bank reject you?

The next step to take is to find out why your bank turned down your application for a small business loan in the first place. The reason may be something as innocent as spelling the name of a director wrongly. Or it might be something as alarming as the bank being unhappy with your balance sheets. Either way, you need to know why you were rejected so you can submit

Subscribe Now