Welcome back to the Weekly News Round up! Let’s see what’s in the bulletin for this week.
The government announced a bailout fund for stalled real estate or housing projects across the country. The government will pump in Rs 10,000 crore into an Alternative Investment Fund (AIF). Meanwhile, the State Bank of India (SBI) and Life Insurance Corporation (LIC) will contribute Rs 15,000 crore to the fund.
India’s Gross Domestic Product (GDP) growth is likely to decrease to 4.7 percent, from 5.2 percent as predicted, for the Financial year 2020, on account of low automobile sales, deceleration in air traffic movement, flattening of core sector growth and declining investment in construction and infrastructure.
Textile giant Raymond to demerge its core lifestyle business and subsequently the listing of a new entity. The step would create two new companies – the existing one focusing on real estate, land bank, engineering of auto parts and FMCG business, and the new company dealing in core branded textile, apparels and overall garment businesses.
Financial services-focused Edelweiss group has launched the first fund with a target corpus of $425 million, in partnership with South Korea’s financial services conglomerate Meritz Financial Group. The platform will house multiple funds to buyout existing housing loans and provide financing for the completion of residential projects.
Indian real estate faces its most challenging situation as a result of policy reforms and geopolitical situation, which impacted the macroeconomic scenario to the point where the Indian economy is in the throes of an economic slowdown with subdued investment and muted consumption.
That was all for this week, we’ll be back next week until then calm down the winds of your mind, and enjoy inner peace.