1. On today’s episode of India Revival Mission Council, we will discuss the state of the economy. 23.9% decline in India’s GDP during April to June quarter was the worst in India’s history but the question arises that is this unprecedented economy slump just an outcome of an act of god which is Coronavirus pandemic or there is some other reason.
Abheek Barua of HDFC Bank, Gurcharan Das, former CEO of P&G India, Sonal Varma of Nomura, R Jagannathan of Swarajya join in for the conversation on the state of the economy.
What will it take to revive the Indian Economy?
2. WeWorks which had led to all the problems in the startups, back in the news as WeWork Global has brought a 20 percent stake in the Indian unit which is WeWork India which is a fully owned subsidiary of the Embassy Group. It is headquartered in Bengaluru and it is a real estate company. There is a scale up in the Indian operations that is likely to be seen over the next $36 million. The 20 percent stake in WeWork global costed $100 million. The Embassy group had 100 percent rights over WeWork India and an independent entity with the right to execute WeWork’s businesses in the country. WeWork entered into the partnership with Embassy group back in 2017.
3. India’s largest bank State Bank of India has moved to the Supreme Court to cover dues from Anil Ambani by invoking his personal guarantee. Anil Ambani got a stake from the Delhi High Court against the move. The appeal by State Bank of India seeks vacation of the stay that had been filed through advocate Sanjay Kapur. Anil Ambani is being represented by EC Agarwal. A division bench of the High Court led by Vipin Sanghi on August 27 had stayed a Mumbai bankruptcy tribunal order. The State Bank of India has moved to the Supreme Court to recover the bankruptcy dues from the Chairman of Reliance Anil Ambani.
4. The Coronavirus cases in India are on an all time high with 87,000 new cases being recorded today. The tally of India’s COVID cases has now gone up to 4 Million. The cases recorded in the last 24 hours have been the fastest in the world along with the last 1 million cases as well.
However, a sigh of relief for people as India’s recovery rate is also high and the country’s recovered cases stands more than the active cases as of now. India is now the third country after U.S and Brazil to cross the 4Mn mark.
The higher rate of recovery is however the only positive aspect of this current pandemic.