With some sectors recovering much faster than others, experts said top executives of some companies may get decent salary increases while some others may have to take a pay cut.
If everything goes according to plan, India will be able to reap the fruits of its favourable demography over 2030s and 2040s, before she loses that edge in the 2050s, according to economists.
This yen loan is the latest addition to Japan’s supports to India in its fight against COVID-19. After the outbreak of the pandemic, of Japan provided swift assistance to India.
An NRI stranded in India due to coronavirus travel restrictions would require to check the conditions to decide whether there could be additional tax implications on him due to remotely working from India for his/her foreign employer.
Who gained, who lost? ETtech takes stock of the changing startup fortunes in a pandemic-marred year.
India took 'very decisive' steps to deal with coronavirus pandemic and its economic consequences: IMF chief
The IMF Managing Director during a global media roundtable on Thursday predicted a less bad outlook for India in the upcoming World Economic Update due to the steps taken by it.
The winter session of parliament usually starts from the last week of November or the first week of December, while the budget session starts from the last week of January and the Union Budget is tabled on February 1.
The Reserve Bank of India (RBI)’s Monetary Policy Committee on Friday left interest rates unchanged for the third straight time as inflation remained sticky. The central bank said the economy was recuperating fast and may return to positive growth as early as the ongoing quarter. The six-member MPC retained its accommodative stance, signaling intentions to cut interest rates whenever the situation permits. What does the decision mean for the bond market, and what can we expect from the central bank going ahead as the economy is gradually healing from the impact of the Covid-19 pandemic? We caught up with Lakshmi Iyer, CIO-Fixed Income & Head-Products of Kotak Mahindra Asset Management Co, to understand her thoughts.How will RBI MPC decision impact the bond market?
V.K. Paul, a top COVID-19 adviser to Prime Minister Narendra Modi, said the new virus strain would have no impact on vaccines being developed in India.
On Saturday, the coronavirus cases in the country surpassed the 10 million mark with 25,152 new infections. However, the virus in the country, which peaked in September, seems to be abating. The imminent arrival of the Covid-19 vaccine has also infused fresh hopes that the pandemic which has claimed 145k lives across the world is on its way out.
Government experts maintain that the Indian economy will come back to pre-Covid levels by the next financial year (2021-22) as it is recovering faster than expected. The committee, headed by former minister and BJP MP Jayant Sinha, has decided to prioritise the long-term impact of Covid-19 on the global economy.
ILO has estimated that the impact of huge job losses worldwide is creating a fiscal gap that threatens to increase inequality between richer and poorer countries. It estimated that global labour income declined by 10.7 per cent, or $3.5 trillion, in the first three quarters of 2020, compared with the same period in 2019, excluding government income support.
The National Council for Applied Economic Research (NCAER) on Tuesday hosted a virtual discussion titled ‘The Challenge of Vaccinating a Billion Indians: How to meet it?’ to deliberate some of these issues.
Foreign Secretary Harsh Vardhan Shringla, addressing a lecture hosted by the Asian Institute of Diplomacy and International Affairs (AIDIA), a Kathmandu-based non-partisan foreign policy think-tank, said that India is "on the cusp of the availability of a vaccine for the novel coronavirus".
Efforts being made to study impact of vaccines, diagnostics on UK variant of virus: DBT secy Renu Swarup
She said the Indian SARS-CoV-2 Genomic Consortia (INSACOG), formed to ascertain the status of new variants of the virus through genome sequencing, will also focus on samples from clusters where the infection level of coronavirus is high. "We are also making an effort now to study what is the impact of these vaccines and the diagnostics on this UK variant," Swarup told a press briefing.
Market consolidation continued in the favour of grade I players. While sales have declined overall during the first half of 2020-21, grade-I residential developers witnessed a lower on-year decline in sales of 13%. Pre-sales for the top 10 listed players during the period stood at 12.3 million sq ft.
The new variant of coronavirus circulating in the UK is unlikely to impact India’s vaccine strategy as the shots being developed are expected to be effective against the new strain and re-infections, in case they happen, would be milder, experts said.
The UNAIDS is calling on countries to make far greater investments in global pandemic responses and adopt a new set of bold, ambitious but achievable HIV targets. If those targets are met, the world will be back on track to ending AIDS as a public health threat by 2030.
If the initiative, aided by Gates’ fortune and focus, manages to help protect the world’s poor from a virus that has already killed more than 1.3 million people, it will affirm the strategies he has promoted in his philanthropic work, including incentives for drug companies.
The preliminary study on the impact of the new mutation of the SARS-Cov-2 in severity of the disease said majority of the cases found of this variant came from residents in private dwellings, and the variant cases were most likely to be part of residential cluster.
The government has said it will deploy its vast election machinery to deliver 60 crore doses of Covid vaccines to 30 crore Indians, including healthcare & frontline workers, priority groups above the age of 50 and those under 50 with comorbidities.
More than any event in memory, the pandemic has been a global event. On every continent, households have felt its devastation, joblessness and lockdowns, infirmity and death.
7.ai, a customer engagement solutions provider, has added 2,500 people to its workforce, primarily in Bengaluru and Hyderabad. About 80% of 7.ai’s employee strength is currently working from home.
Addressing the UN General Assembly special session on COVID-19, Secretary (West) in India's Ministry of External Affairs Vikas Swarup said on Monday the ongoing coronavirus crisis had "laid bare" the gaps that exist in global cooperation and governance structures of multilateral organisations.
The industry has asked that no new taxes be levied as the economy is under stress in its budget recommendations. Experts also opposed the idea, saying the timing wasn’t right.
In an advisory to states on setting up coordination committees for distribution of the Covid-19 vaccine, the health ministry has said introduction of the shots will span over a year with multiple groups being included sequentially, starting from health care workers, while also asking governments to be vigilant about disinformation on social media.
The technology sector dominated with 41% of total leasings across the second half of 2020 with Bengaluru, known as India’s Silicon Valley, seeing transactions rise 8% during the period from the previous year.
Automakers Ford and Mahindra & Mahindra have called off their deal to form a joint venture company to acquire the former’s India business, citing higher than expected capital requirement and changed business economics due to the impact of the coronavirus pandemic.
PM Modi holds virtual summit with Italian counterpart; discusses ways to deal with adverse impact of COVID-19
In his opening remarks at the virtual bilateral summit with the Italian leader, Modi said it is clear that the COVID-19 epidemic will remain a watershed in history just like the Second World War.
Describing the new strain, which is said to be 70% more infectious than the earlier ones, as a ‘super spreader’ and an ‘adverse development’ in the fight against Covid-19, Paul said India needs to be watchful.
Initial data about the Dhanteras festival in November suggest that while jewellery demand was still below average, it had substantially recovered from the lows seen in the second quarter (April-June 2020) of last year, according to the report.
The timing, duration and efficacy of the nation-wide lockdown imposed earlier in the year may continue to be questioned in the years to come. However, by clamping down hard, wide and early, India has firmly shifted the Covid debate to economic recovery – at a time when the Western world is struggling anew with the imminent prospect of greater restrictions and lockdown.
It also imposed unusual delays in both dry-docking/running repairs in yards, impeded conducting surveys and resulted in the postponement of securing new work orders, the annual report for 2019-20 said.
According to a report by Reuters, India's economy is likely to have shown signs of a pick-up in the quarter to September after a record contraction the previous quarter, and is expected to recover early next year on hopes of better consumer demand fed by progress on coronavirus vaccines.
The Future Group, Shapoorji Pallonji Group and SpiceJet are among those who will apply for loan restructuring. Besides these, there are a couple of thermal power generating companies, a couple of toll road projects, and companies in the textile sector.
While, transporting pharmaceutical products, biological products or vaccines in particular, the need to maintain precise temperature ranges is very important and the efficacy of vaccine can be impacted if the temperature goes above or below the specified range.
Putin also proposed that the creation of a vaccine research centre for BRICS countries - Brazil, Russia, India, China and South Africa - be sped up, TASS reported.
A fact that’s unique to India is the inclusion of people above the age of 50 in this list. Apparently, the reason is that a quick assessment of Covid-19 deaths in India showed a large number who fell in the 50-65 age group and had co-morbidities.
Categories which are gaining scale are grocery, home personal care and household goods. The widening of category choices from consumers also reflects the willingness of consumers to experiment, reflecting their trust on online platforms. Consumer durables have seen 165 per cent growth in volumes this festive season with almost all products (TV, AC, washing machine), witnessing a spike in growth.
The future of Ford’s business in India is unclear as it has struggled for more than two decades to grow in the world’s fourth-largest auto market. “The company is actively evaluating its businesses around the world, including in India,” Ford said a statement.
"When you are looking at the manufacturing sector and the industrial sector, the growth essentially comes from an uptick in the spending, which is not happening," LIC Managing Director Vipin Anand says.
Expect the unexpected, and expect the unexpected to be worse than the expected. Think of the concept of a financial stress test and check if your investments as well as your financial life (as well as life in general) can manage a bout of severe problems.
Mumbai Indians claimed a record fifth IPL title in Tuesday's final, but it was a victory for Brand IPL too.
India-Australia ties become comprehensive strategic partnership in pandemic-riddled 2020 as China looks on
India and Australia, against the backdrop of their frosty relations with China, unveiled a ''shared vision for maritime cooperation in the Indo-Pacific'', a region which has been witnessing growing Chinese military assertiveness triggering concerns among major players.
India's COVID-19 death toll breached the 50,000 mark on Monday. The country is now seeing 50,000+ cases almost every day. On Sunday too, it saw spike of 57,981 infections.
For a society that loves to wear its privilege on its sleeve, the question now is whether getting the Covid vaccine long before your neighbour will become the new status symbol. Will those who paste stickers such as “chairman”, “vice-chairman”, “MLA” and “ex-MLA” on their personal vehicles wait for their turn to come?
Adar Poonawalla, Founder and CEO, SII said on Saturday that SII is in the process of submitting the data for the clinical trials to the DCGI and will seek emergency use authorisation.
Nearly 47 per cent of Indian women are experiencing more stress or anxiety due to the COVID-19 pandemic, according to the 10th edition of the LinkedIn Workforce Confidence Index released on Thursday. For men, this number stood at 38 per cent, pointing towards a disproportionate impact on women in these testing times.
Now with hopes hanging on Covid-19 vaccines, the WHO and experts are warning those same phenomena may jeopardise roll-out of immunisation programmes meant to bring an end to the suffering.
The coronavirus pandemic is likely to be a challenge for years to come even with a vaccine, according to pharmaceutical and public-health experts. While a vaccine will provide some measure of protection to societies around the globe, the virus is likely to flare up from time to time and be constantly battled, much like the flu and other pathogens.
The first case of coronavirus infection in the country was recorded on January 30 in Kerala and the first death on March 10 in Karnataka. By September, India became the second worst-hit nation, after the US, in terms of COVID-19 cases.
Although the black swan event shook the very foundation of this vibrant and bustling sector, the players are putting up a brave front, optimistic to regain the "lost vibrancy in the latter half of 2021" and are banking on 'revenge travel' once the health crisis is controlled to help the sector recover.
A number of European countries have banned flights from the UK as the British government warned that the potent new strain of the virus was "out of control" and imposed a stringent new stay-at-home lockdown from Sunday.
The State not just makes policy — industrial policy, urban planning guidelines — but plans for the economy and regulates huge swathes of it. When governments set targets for net zero emissions, they embrace planning. From telecom to financial markets and potential abuse of market dominance, everything is regulated.
"This vaccine's efficacy and safety confirm that it will be highly effective against Covid-19 and will have an immediate impact on this public health emergency," AstraZeneca chief executive Pascal Soriot said in a statement.
The Pope will get immunised next week.
That mistrust, and the reliance of dozens of poorer nations on China to inoculate their populations could set the stage for a major global political headache if citizens offered the Chinese vaccine feel they are being given an inferior product.
Centre to bear expenses for first round of vaccination, jabs for 30 crore in first few months: PM Modi
"India has completed vaccination dry runs in almost every district, which is a massive achievement", said Modi during his interaction with state chief ministers.
However, both housing sales and gross office leasing during October-December 2020 were higher than the corresponding period of the previous year. The sales of residential properties in the fourth quarter of the 2020 calendar year rose to 61,592 units from 58,402 units in the year-ago period on pent-up and festive demand, while office absorption increased to 17.5 million sq ft from 16.4 million sq ft.
UN Secretary General Antonio Guterres said the pandemic was the "fifth horsemen" that added to the fury of the other four horsemen - highest global geo-strategic tensions in years, existential climate crisis, deep and growing global mistrust and the dark side of the digital world.
The process, which used to take 10 years to produce vaccines, is now done in almost 10 months, Vardhan said while addressing the Boston Center of Excellence (BoCE) for Health and Human Development through video conference.
Governments have banned crackers as bursting these will lead to a spike in air pollution and that, with the winter air, could affect Covid patients. Besides, discouraging people from getting together to burst crackers would also help in controlling the spread of the infection.
According to Khetrapal, the use of vaccine in "priortised population" as well as implementation of other public health measures will be important in reducing the impact of the pandemic.
Speaking at the 93rd annual convention of industry Chamber FICCI, he also said that if the idea "that the 2020s belong to India" has to be realised, industry should be bold and start visioning all projects at scale, while there is also a need a new focus on talent, enable data and bandwidth.
The European Medicines Agency (EMA) on Wednesday approved the US-made Moderna vaccine, having already given a green light December 27 to one made by Pfizer/BioNTech for use in the European Union.
Cost of key inputs in consumer products, autos and real estate are moving north. Margin pressure is being felt across companies but, sensitive to budget-watching consumers as well as competitive pressures, many are opting for partial cost transfers and cost control in other functions.
For the flagship mission — Support Covid-19 Hit Families — GiveIndia partnered with 250+ nonprofits across the country to help daily wagers and migrant workers who had lost their means of earning. Underpinned by a due diligence framework to verify and identify beneficiaries, a Steering Committee was established for approving the allocation of funds on a weekly basis.
"The crisis has shaken up the way we view the world and exposed the fault lines in our society. It has also emphasised the necessity for quick and relevant solutions for the new world that is rising from the ashes of the old," said Mahindra.
The Indian pharma industry has been a world leader in generics both globally and in domestic markets.
The complex was forced to shut in March when a nationwide coronavirus lockdown was ordered.
Covid created various operational and financial challenges for Indian businesses. During the lockdown, approximately 71.31% of the businesses dealt with reduced cash flows with the manufacturing sector being the worst hit. Additionally, delay and cancellation of projects have also been a major cause of concern, especially in the tertiary sectors.
Michelin-star chef Vikas Khanna turns saviour, will help India's street vendors impacted by Covid-19
The chef and author has coordinated a massive food distribution drive from his home.
Due to the need to garner more revenue, the government could look at imposing a Covid cess probably graded by income groups as people are already impacted by inflation, says EY India's Sonu Iyer. "I don't foresee any change in the personal tax rates per se because the government has already introduced an alternative tax slab structure last year offering lower tax rates sans exemptions," she said.
In the letters addressed to the PM and Union Health Minister Harsh Vardhan, these NGOs have also sought punishment for the "responsible parties who were negligent in ensuring the safety, well being and the rights of the trial participants".
According to report, almost half (46%) of Indian businesses covered under a survey felt 'very strongly' impacted by the pandemic, yet more than half (54%) felt they were as well prepared as they possibly could be. This is a level that is the second highest amongst all countries surveyed and higher than the average across all markets (45%), said the report.
The UN report 'Geospatial Practices for Sustainable Development in Asia and the Pacific 2020' cites the role being played by 'BHUVAN', the national geo-portal developed and hosted by ISRO comprising of geo spatial data, services and tools for analysis, in combating COVID-19.
Acharya said the results were the same across the US and the UK but what was different in case of India was that incumbency was favoured more strongly.
“The mutations have not led to any change in symptoms and treatment strategy. According to current data, the vaccines in the trial phase (which are up for emergency authorisation) should also be effective against the new (UK) strain,” he told.
"The Serum Institute and Oxford University partnership demonstrates the UK-India relationship at its best: a vaccine developed in the UK and made in India; drawing our brightest minds together to save lives as a global force for good," declared UK Foreign Secretary Dominic Raab, during his official visit to India in December - a rarity in a year of largely virtual visits.
"Engineering exporters are deeply concerned over rising steel prices. The prices have increased from Rs 35,000 per tonne to Rs 42,000 per tonne in the past six months for a product like hot rolled coil, an essential raw material for engineering industry," EEPC India chairman Mahesh Desai said in a statement.
India has seen its economy contract since the Covid pandemic began in April. The country has seen two back to back fall in its quarterly gross domestic product this year in the June quarter and then in the September quarter.
"There has been extreme aversion on the part of customers against shared mobility and public transport and they are obviously looking at personal transport. If we look at the figures in our portfolio, fleet sales which include shared mobility, in the second quarter there was a drop of 69 per cent," Maruti Suzuki India Executive Director (Sales and Marketing) Shashank Srivastava said.
Most major economies opted for a strict shutdown earlier this year, in an attempt to limit the spread of the new coronavirus pandemic. These decisions had serious economic implications, and hurt businesses across the spectrum.
The IRDAI has received representations from the insurers for an exemption to all health insurance policies issued by insurers from the requirement to issue physical policy document and hard copy of proposal form
It is a Covid-time innovation but the hybrid mode of education, a mix of online and offline, could be here to stay. The course and effects of blended learning remain a concern though.
"Be it India's Purchasing Managers' Index (PMI - Manufacturing) or PMI for Services, robust recovery is visible. The PMI for Manufacturing expanded to 56.8 in September 2020, the highest since January 2012. The PMI for Services expanded for the fifth straight month in September to 49.8 from 41.8 in August," AASE noted.
Kerala has historically benefited from a large population of expatriates sending money back home, helping drive economic and social gains such as India’s highest literacy rate and the country’s highest sex ratio. The state accounted for about a fifth of some $80 billion sent home last year by Indians living abroad.
The RBI’s monetary policy committee recently stayed pat on the key policy repo rate at 4% while maintaining its accommodative stance. The MPC kept rates on hold in light of headline inflation still coming in above its 6% target upper bound as of the latest print in October.
The researchers believe that the resurgence of the virus where community transmission was not eliminated in the second quarter, alongside uncertainty about vaccines and treatments, means that some elements of such an adverse scenario will inevitably be realised.
COVID-19 led to supply chain disruptions and production halt in the latter half of March 2020.
Goldilocks economy is often the one where the growth is high but the inflation is under control. That is the economy is in equilibrium or the best state possible: with good employment figures, economic stability and higher than world average growth.
With the supplier base of a majority of components in the Indian auto industry not diversified, the report -- Non-linear automotive supply chain - COVID-19 and Beyond -- said the impact of the global health crisis on the industry has been deep-rooted.
A few macroeconomic and industry variables have begun to show noticeable growth, suggesting a rebound in the Indian economy. Power consumption has risen steadily and saw an increase of 13.5% YoY on Oct 6. Similarly, there is an increase in petrol, diesel consumption; UPI, IMPS transactions were at a record high in Sept; E-way bill volume rose 9.6% YoY to 57.4 m in Sept; Electronic toll volume at 110.08 m in Sept. Average daily property registration in Maharashtra also jumped to 3,936 in Sept, the highest since May 2019.
The health minister elaborated on India’s response to the pandemic. He said a detailed community surveillance programme was initiated for travel-related cases and subsequently for cases being reported from community by Integrated Disease Surveillance Programme (IDSP).
World GDP recovery to strengthen from mid-2021 on vaccine rollout, India's GDP to shrink -9.4% in FY21: Fitch
Fitch now expects world GDP to fall by 3.7% in 2020 compared to 4.4% in its September estimate. This is despite the expectation of renewed falls in GDP in the fourth quarter in the eurozone and the UK, following the recent tightening of restrictions.
Emkay Global says the fall in crude prices and moderating agri-input prices should drive margin gains for most staples.
Policymakers in India have acted swiftly and decisively on both fiscal and monetary fronts to cushion the impact. The slew of measures introduced over the last nine months have allowed banks to help the stressed and most impacted sectors of the economy to weather the shock effectively.
Leading developers like DLF, Emami Realty, ATS, Omaxe and Alpha Corp have shifted focus towards smaller cities to monetise the land banks they had held for long.
In mid-March, British economist Jim O’Neill had said he was thankful that the coronavirus pandemic did not start in India.
Signalling that during the pandemic, the creative industries continue to face a very uncertain future, the report shows that the creative economy is contracting, organisations are closing permanently to avoid bankruptcy, and creative businesses are contending with increasingly difficult choices to cut staff and overheads to ensure they remain resilient.