Based on assessments made by different analysts and industry body Ficci, here is an impact analysis in healthcare sector.
India is already the pharmacy of the world, Kiran Mazumdar-Shaw said, and hoped for more engagement of the government’s imagination with the sector. “Sixty per cent of the vaccines that are produced for the world come from India, why are we not really thinking about vaccine diplomacy for the world?” she asked.
TCS is expected to see revenue drop by 6%, Infosys by 5% and Tech Mahindra by 9%.
The Indian pharma industry has been a world leader in generics both globally and in domestic markets.
The hike of up to 8 per cent is for the fiscal year 2020-21 and applicable from July onwards, the sources said. An e-mail sent to the bank did not elicit any response. The sources said these employees are from M1 and grades below, who are frontline staff mostly in customer-facing roles. They ensure the functioning of branches and other operations of the bank.
Covid-19 hits the economy. Growth to slow. Check the sector-wise impact and the ratings by various agencies.Sector-wise impact of Covid-19 given by various ratings agencies
With the pandemic and the ensuing lockdown, demand for horticultural produce is likely to be impacted more than that of food grains. Food grains have the government's minimum support price (MSP) and procurement support, the report explained.
The virus can cause neurological complications like headache, dizziness and confusion.
COVID-19 led to supply chain disruptions and production halt in the latter half of March 2020.
Emkay Global says the fall in crude prices and moderating agri-input prices should drive margin gains for most staples.
While the government is set to allow more flights, airlines have not been able to utilise the existing approvals. Data available with ET shows that airlines together operated 749 flights on Tuesday, much lower than the approved figure of 1,200 flights.
Women bear the brunt of Covid outbreak at the workplace, more likely to be furloughed and lose jobs as compared to men
School closures during lockdown have exacerbated the situation because more women than men tend to care for children.
PM-KISAN ensures 100% funding from Government of India.Under the Scheme an income support of Rs.6000 per year is provided to all farmer families across the country in three equal installments of Rs 2000 each every four months.
The current crisis should be leveraged to undertake reforms for strengthening the banking sector. This can be achieved by bringing in more competition and redesigning the incentive structure to improve risk assessment and credit management capacities in SCBs. Developing bond markets should be prioritised to enable long-term financing.
"The airline has taken a decision to withdraw job offers for about 180 trainees who were to join as cabin crew after completing their training as the aviation sector has been hit hard due to the coronavirus pandemic," said an airline official.
"70 per cent of start-ups stated that their businesses have been impacted by COVID-19. 12 per cent of the start-ups have shut operations and 60 per cent are operating with disruptions", Ficci said.
The findings are based on responses from 14,444 MSMEs. The survey, conducted in the second half of May 2020, focussed on the financial impact of the pandemic on MSMEs and their outlook towards the earnings.
TCS, Infosys and HCL will be hit by the reduced technology spending by clients in the US and Europe.
Nestle India continues to witness demand for most of its products and its focus in the immediate period is to make sure that its products are available to consumers. It has also resumed operations at all its eight plants and distribution centres/warehouses.
The anticipated applications and integration of robotic technology will require leaders of the future to carefully consider the balance between the roles of service robots and human employees in the guest experience, according to the paper published in the International Journal of Contemporary Hospitality Management.
India has 315.8 recovered cases per million, while the active cases per million in the country is at a "low level" of 186.3."This shows that while the total number of positive cases might be high, the recoveries are fast catching up, thereby keeping the active cases low. This has also ensured that COVID healthcare facilities are not under pressure and are not stretched," the ministry said
Many employees are reluctant to travel by public transport due to the fear of community spread of Covid-19 and hence are in search of a suitable accommodation.
'The Elder Story: Ground Reality during Covid 19' was released on the occasion of the World Elder Abuse Awareness Day on Monday. It was conducted by HelpAge India, which surveyed 5,099 elders across 17 states and four Union territories.
Most companies are clueless about how the endemic disrupted their markets and businesses.
New Delhi, Mar 24 (ANI): Prime Minister Narendra Modi on March 24 addressed the nation over the dreadful COVID-19 virus spread. While addressing the countrymen he sanctioned 15,000 crore to strengthen healthcare and to give boost the war against COVID-19.COVID-19: PM Modi announces 15,000 Cr package to strengthen healthcare
The next few months for the insurance industry will be difficult in returning to the high speed market growth highways they are used to for long, and they have to find innovative solutions to stay profitable and resilient.
While the number of COVID-19 cases races towards the 8,00,000 mark with 7,93,802 cases on Friday and 21,604 fatalities, the incidence of dengue is also high. According to the National Vector Borne Disease Control Programme (NVBDCP), 1,36,422 dengue cases were diagnosed in 2019 and an estimated 132 people died.
Industry body Bus & Car Operators Confederation of India (BOCI), which claims to represent 20,000 operators with 15 lakh buses and maxi-cabs and 11 lakh tourist taxis providing direct employment to 1 crore people, said these private operators need government support in the form of waiver of taxes and interest on loans as many of them are facing closure.
As per HVS, demand has not yet revived because corporate travel is on a standstill. Leisure travel has also not seen any uptick in states which have eased restrictions because of increasing COVID cases in the country. Occupancy rates in May 2020 were in the range of 13-15% compared to 60-62% in May 2019.
The number of coronavirus cases in India rose to 29, including 16 Italians touring through Rajasthan, the government said on Wednesday. The trade impact of the coronavirus epidemic for India is estimated to be about $348 million. The country now figures among top 15 economies most affected by the manufacturing slowdown in China, says a UN report. This is how Confederation of Indian Industry put forth the impact analysis for various sectors:-
Automobile dealers' body FADA fears that the coronavirus pandemic could result in job losses in dealerships which could be worse than what was experienced last year when over two lakh jobs were lost due to a prolonged slowdown in the automobile industry, according to a top federation official.
When will travellers return? Decimated by Covid-19, travel and hospitality recovery will be a long stretch
The travel industry is bracing itself for the new changes that will have to be factored in post lockdown.
Bank credit is an important factor illustrative of the general economic climate because it denotes aspects like the investments which are happening in a country or consumption of high-value items. Crisil expects a 5 per cent contraction in India's GDP for 2020-21.
Inequality is not a tool that creates differential impact during pandemic. It is also the reason behind the outbreak itself.
India’s automotive market is resilient and likely to recover faster than others, Hyundai Motor India managing director SS Kim told Sharmistha Mukherjee. There will be a revival near the festive season, although demand will be return to pre-Covid-19 levels only early next year.
These products, unveiled by Telangana’s industries secretary Jayesh Ranjan in the presence of Celkon chairman and managing director Y Guru and executive director Murali Retineni include automatic wall-mountable sanitizer, automatic portable spray sanitizer, infrared thermometer, face recognition thermometer, among others.
Mobile handset maker Celkon announced that it will enter the healthcare products sector with a range of products under ‘Celkon Health’ brand to tackle the Covid-19 pandemic.
‘Bulk of the fiscal stimulus the government is providing is going into the rural economy’
Opportunity for India to be the laboratory where technology transformation is going to materialise: Kris Gopalakrishnan
Further, he said there was a need to reimagine the regulatory framework. He said this was crucial as if one has to have a social impact, he said the government has to be brought into the loop.
Kerala govt report estimates a loss of about Rs 80,000 crore in GVA to the Kerala economy in Q1 (Apr-Jun) of 2020. For March, the shortfall in GVA could have been roughly Rs 29,000 crore. The direct and indirect losses in gross state value addition (GSVA), based on an input-output model, is estimated to be 10% in 2019-20 and 20% in 2020-21.
Thousands of organisations across a range of sectors including the performing arts and theatres, heritage, historic palaces, museums, galleries, live music and independent cinema will be able to access the funding boost put in place on Sunday night.
Home care is convenient and an alternative mode to hospital care. This service is based on the individual's needs as prescribed by his or her treating doctor. The service includes remote monitoring by a medical practitioner, doctor visits, etc.
Russia and India should deepen collaboration in IT sector in post-pandemic world: Dmitry Lukovkin, AI International Sales Director, Zyfra
Russian companies know little about Indian companies and perceive them as competitors without carefully considering reasons to work together. Therefore, it is currently quite difficult to talk about any kind of joint projects, says Dmitry Lukovkin.
India has become the key foreign market for Zyfra with more than 500 CNC machines connected to its MDCplus real-time machine monitoring and manufacturing data collection system in 2019.
Being one of the most unequal countries in the world, India remains in a particularly precarious position.
Medical Technology Association of India (MTaI) has urged the government to ensure maintaining of liquidity in the healthcare sector in light of COVID-19 outbreak in the country.
The phases of lockdown announced by the government witnessed a revenue shortfall of more than 60 per cent for the sector, creating an unprecedented crisis to the industry.
The Impact Covid-19 dented demand, especially in overseas markets, as discretionary spending was knocked by health measures
Yet some fund managers believe lasting profits may be elusive for vaccine-makers.
Covid presents opportunity to acquire new talent: Anuraag Bhatnagar, COO, Leela Palaces Hotels & Resorts
"Two of our hotels will open around the end of first quarter next year and the third hotel may open early on in quarter two. There has been rightsizing at a few levels but we also need more people and we are one of the few companies which is still recruiting," said Anuraag Bhatnagar.
"The disruption in demand, production and supply chain caused by the extended nationwide lockdown to contain the COVID-19 pandemic will knock back revenue growth by 2-4 per cent for the consumer essentials sector, and 16-30 per cent across discretionary manufacturing and consumer services this fiscal," the report said.
The monthly revenue run rate is expected to reach the pre-Covid-19 levels in the second half of FY21.
The ban on public transportation is making it difficult for labourers to reach manufacturing plants. All the ancillary goods required for medicine production are getting detained or are shut. Printers that manufacture packaging for medicines are shut, vehicles of suppliers of packaging materials for medicines are getting detained.
The International Air Transport Association (IATA) said its latest estimates indicate a worsening of the country impact from the COVID-19 crisis in the Asia-Pacific region. About India, IATA said the pandemic is expected to potentially impact 29,32,900 jobs in the country's aviation and its dependent industries.
Placement firm TeamLease Services has received 22,367 resumes in May from hospitality sectors alone, up a staggering 444 per cent from 4,109 in the previous month. Professionals who are proactively looking out have either been handed out pink slips or are facing job threats as their companies take the restructuring route, said executives aware of the matter.
Plea for nationalisation of healthcare sector during COVID-19 pandemic "misconceived", says Supreme Court
Regarding the second prayer made in the plea seeking direction to provide free of cost tests and treatment for coronavirus, the bench said it has already entertained another petition in which "some common issues are involved".
In an address during the virtual meeting of the American Association of Physicians of Indian Origin (AAPI) on Saturday, Modi said COVID-19 had been used as an opportunity to work towards making the country self-reliant.
An increasing number of Indian firms are staring at write-downs in their business this fiscal.
Given the chaos that surrounded the exodus of workers from industrial clusters like the NCR when the lockdown started on March 25, the concern is whether transportation facilities are adequate to allow all workers to travel back to the cities after the restrictions are eased. Many of the migrant workers can’t be replaced by locals because of the skills they have.
Elective surgeries account for about 50 per cent of revenues for hospitals in normal business conditions. Reduced revenues have curtailed hospitals' ability to pay for supplies of pharmaceuticals, diagnostics and medical devices, thereby severely disrupting entire healthcare value chain, it added.
The Bengaluru-based infrastructure major has presence in roads and highways, energy and airport sectors.
The move, which comes against the backdrop of the Centre allowing malls to reopen, is expected to help retailers — from Future Group and Arvind Brands to Lenskart and Bata — tide over nine to 12 months of less-thanusual footfalls.
Workforce shortage is biting. Wages will have to be increased to keep migrants from leaving for villages.
She was speaking at a webinar on 'Pharma and Healthcare' Engaging With Customers in Uncertain Times; Business Model Post-COVID-19', organised by CorpGini.
Downgrades are bad news for the financial services sector. When other sectors weaken, banks and NBFCs could witness increased defaults. As the economy slows to a grind, investors should avoid debt laden companies. Here are other expert takes.
On March 11, the Ministry of Finance increased allocation - 0.008 per cent of the country's GDP - to the health services division to support an expansion of healthcare spending, Fitch Solutions Country Risk and Industry Research (a unit of Fitch Group) said.
Even as we await FM Sitharaman to unveil GoI’s Covid-19 mitigation economic package, the stimulus could be oriented towards the poor, unemployed and vulnerable sections such as contractual daily wage labourers as well as MSMEs. An income support of about Rs 7,500/month could be credited to the accounts of low-income and informal workers for 3 months.
If you’re in an industry directly hit by the virus, think about how your experience would be applicable to fields that have solid long-term prospects, like cybersecurity, robotics and artificial intelligence. These sectors aren’t just for coders and engineers; they need accountants, compliance officers, HR managers and communications teams.
Aviation minister says sector will recover quickly as the country has a huge captive market.
Going ahead, occupancy in India is going to be very low. So hotels will have to either shutdown or run in a very limited manner, a hotel owner said. The government has also requested industries to not lay off staff and cut salary, where in liquidity is a problem. Under this situation, the industry is going to go sick very fast unless you have the external source of capital, like holding company.
The genesis of the problem can be traced back to the 90s. CVC was then flooded with cases relating to the Harshad Mehta scam. While this saga was taking place, all banks bent backwards to finance a small coterie of brokers who carried out speculation in shares, in violation of banking norms.
When the COVID-19 pandemic came ashore and moves like lockdowns were being deliberated upon, the USD 180-billion IT sector faced a huge challenge for business continuity.
Prodded the lockdown, India’s large IT firms have ensured as many as 85% of their employees are working from home, even while continuing to support global clients.
“Yields were in excess of 5% for guaranteed products with maturity of 10-15 years. These products will now have to be redrawn and repriced,” said Sandeep Ghosh, financial sector advisory leader, EY.
Domestic steel demand in FY21 is likely to drop by around 12-15 per cent year-on-year with end-use industries being closed down and limited demand growth expected over the near term.
The USFDA had issued an Emergency Use Authorization (EUA) to Gilead Sciences Inc for emergency use of remdesivir for the treatment of coronavirus patients.
Countries such as Japan are looking to diversify their supply chains to newer destinations.
Post lockdown, the govt must focus on healthcare, municipal services including drinking water & sanitation.
The insurance provides a comprehensive personal accident cover of Rs 50 lakh to a total of around 22.12 lakh public healthcare providers, including community health workers, who may have to be in direct contact and care of patients suffering from coronavirus infection and who may be at risk of being impacted by this.
The legislation would send green cards to 25,000 nurses and 15,000 doctors during the COVID-19 pandemic and ensure that states like Iowa have the professionals they need to serve patients for years to come, a media release said.
The firm has also revised their base capacity addition estimates accordingly, from 43 GW to 35 GW for solar and from 15 GW to 12 GW for wind.
The ministry advised the elderly people to wash their hands and face at regular intervals with soap, stay at home, avoid meeting visitors at home and if such a meeting is essential, maintain a distance of at least one metre.
Aviation is among the worst-affected sectors amidst the Covid-19 crisis.
Fresh gross slippages are estimated to be at 5-5.5 per cent of standard advances during 2020-21, which will increase the banks' credit provision and impact their earnings, rating agency ICRA said in a report.
The Federation of Associations in Indian Tourism & Hospitality (FAITH) also said there should be a support fund for twelve months to support basic salaries with "direct transfer" to the affected tourism employees. "As a result of this pandemic, Indian tourism industry is looking at pan India bankruptcies, closure of businesses and mass unemployment," FAITH said in a letter to PM Modi.
India’s healthcare challenge finds it battling lifestyle and infectious diseases at the same time. The only viable solution lies in being proactive, well-equipped, and vigilant — through concerted efforts from all stakeholders. The Corona pandemic has taught us that healthcare reforms have to be given utmost priority in the new world.
COVID-19: Prez Ram Nath Kovind gives nod for promulgating ordinance to punish those attacking healthcare workers
President Ram Nath Kovind on Wednesday gave his assent for promulgating an ordinance making acts of violence against healthcare personnel fighting COVID-19 pandemic as cognizable and non-bailable offences.
We have strengthened our processes, protocols, conducting stringent screening of employees and sanitization methods to deal with this highly infectious environment. Being quaternary care hospitals catering to immune compromised patients for oncology and solid organ transplants, our facilities and protocols ensure safety of our patients, he said.
The Executive Chairperson of bio-pharmaceuticals company, Biocon Ltd, also hit out at people not wearing face-masks in public places and said they don't understand the gravity of the disease.
In fast-moving mass production industries like automobiles, production schedules are rigid and optimised for efficiency. Similarly, supply chains work on schedules decided months in advance on the basis of demand projections. However, carmakers are now looking to redesign these systems to cater to an unpredictable demand environment.
USD 1 billion aid is World Bank's partnership with India to support healthcare sector: Junaid Ahmed, WB India
The World Bank's first set of aid projects, amounting to USD 1.9 billion, will assist 25 countries, and new operations are moving forward in over 40 nations using the fast-track process, the bank said.The largest chunk of the emergency financial assistance has gone to India $1 billion."In India, USD 1 billion emergency financing will support better screening, contact tracing, and laboratory diagnostics; procure personal protective equipment; and set up new isolation wards," the World Bank said after its Board of Executive Directors approved the first set of emergency support operations for developing countries around the world, using a dedicated, fast-track facility for COVID-19 response.USD 1 billion aid is World Bank's partnership with India to support healthcare sector: Junaid Ahmed, WB India
Justice S Ravindra Bhat of the Supreme Court tells ET that if the legal world does not move ahead with the rest of the world, the judiciary could fall behind the times.
Lockdown aims at mitigating the risk of contracting the infection through community spread. Although blanket shutdown has its own downsides, but it has effectively worked as a containment measure such as in China. Others have asked for a more targeted approach and not a blanket lockdown.
The Russell rebalance becomes final on the fourth Friday every June, after markets close.
Car showrooms in England reopened this week as the UK government eased COVID-19 lockdown measures that have slammed the brakes on the industry. However, UK car dealership Lookers on Thursday said it would axe about 1,500 jobs and shut 12 showrooms.
Except keeping schools, colleges, movie halls, the panels want lifting all other lockdown curbs.
Almost every sector of the economy is impacted due to the coronavirus and the nationwide lockdown. A survey finds that 52% buyers want to postpone buying plans and that people want to spend less on buying property. Here are more findings from the survey.
During an interaction with the government, industry members were told that workers who have returned home shouldn’t be called back, to reduce the probability of disease transmission, but that consumers shouldn’t suffer because of backend labour shortage.
A vaccine won’t be ready until well into 2021, we’ll all be co-existing with Covid for the next year or longer.
The banking sector has loans of Rs 100 lakh crore and a capital of Rs 11 lakh crore to 12 lakh crore while the banking losses are about Rs 3 lakh crore to 4 lakh crore, said CII President-Designate Uday Kotak.