Slashing wages or effecting retrenchments weren’t the go-to method for cost-cutting for most sectors, with overall staff costs rising a modest 4 per cent year-on-year.
In the first quarter of the current fiscal, the ECB offtake was a mere $ 3.5 billion, compared to $ 11.9 billion in the same period last year.
The inclusion of white goods and IT products is also aimed at reducing import dependence and providing a level playing field to the domestic sector.
Assocham Secretary General Deepak Sood said, "under the Biden-Harris leadership, the Indo-US economic ties would go from strength to strength."
Many have temporarily lost access to those services during the pandemic.
Splitting data in the ECB category, RBI said that a total of USD 1.57 billion was raised by various companies through the automatic route, while USD 35.93 million came in through approval route.
It added that credit quality will also weaken across rated Indian non-financial corporates due to the outbreak even as a slowing economy dampens consumer confidence and business activity.
Industry bodies, meanwhile, anticipate the economy to stage a recovery third quarter onwards supported by measures taken by the government and the Reserve Bank.
According to brokerages, this is the largest such contraction in recent memory.
The RBI has also extended the moratorium on repayment of loans for three months.
The industry claimed that even in the zones that are now allowed to have normal functioning of factories and offices, lack of labour is a major issue.
With its high cost of production, high taxation rates and red tape, India is in danger of losing out during this tectonic shift, feel top economists, policymakers and business leaders
Experts felt that the relief measures unveiled by the RBI should help NBFCs, housing finance companies, small businesses and above all considerably avert the risk of further NPAs.
In a discussion with senior industry members of FICCI via video conferencing, the MSME minister exhorted the industry to clear pending dues owed by them to the units.
FICCI chief Sangita Reddy observed that the government's 's directions on graded opening will help start some production activity.