Chidambaram urges govt to protect salaries, wages of workers

On Wednesday Senior Congress leader P Chidambaram urges Centre to announce a scheme to protect the salaries and wages of 12 crore people as employers facing financial crunch following long extending COVID-19-induced lockdown.

He further pleaded to announce a financial package for the MSME sector, as proposed by his party and come to financial assistance to the States to fight the novel Coronavirus pandemic.

The former finance minister asks Centre to prepare an exit strategy in view of the lockdown and look into the issue of migrants stranded in different places due to it.

Kerala govt is up for cutting the salary of its staff

Wednesday the Kerala government decided to bring in an ordinance allowing it to cut salaries of its employees to mobilize funds to fight COVID-19 in the State.

The move comes a day after the High Court had stayed an order of the Left government for salary cut of its employees, observing that it lacked legal backing.

Finance Minister TM Thomas Isaac said that as per the ordinance, the State has been empowered to defer 25 percent of the salary of its employees in the event of a disaster.

Rupee rises 34 paise to 75.84 against US dollar in early trade

In the early trade on Wednesday, the rupee appreciated 34 paise to 75.84 against the US that tracks a positive opening of domestic equities and weakness in the American dollar.

Forex traders said a positive start of domestic stocks supported the local unit. Besides, market sentiments improved as more countries are announcing the gradual lifting of lockdowns that have been imposed to contain coronavirus infection.

The rupee opened at 75.94 at the interbank foreign exchange, then gained ground and touched 75.84, registering a rise of 34 paise over its previous close. On Tuesday, the rupee had settled at 76.18 against the US dollar.