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.
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.
During the lockdown, people were forced to make do with less. Now, some are carrying on with this life lesson, cutting down on city life, eating out, new clothes.
The COVID-19 pandemic had a massive impact on the Indian aviation sector in 2020 and major airlines facing losses and challenging times laid off employees, sent them on leave without pay, or cut their salaries. The government also had to extend the deadline for submitting bids for Air India five times during the year.
The seasonally adjusted IHS Markit Saudi Arabia Purchasing Managers' Index (PMI) rose to 54.7 in November from 51.0 in October. The 50.0 mark separates growth from contraction.
Who gained, who lost? ETtech takes stock of the changing startup fortunes in a pandemic-marred year.
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.
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.
The Eurostat figures for December gave the 19-nation zone an inflation reading of minus 0.3 percent, the same level as in November. It has been negative since August.
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.
Key factors that will determine the pace of recovery in the domestic market are development and availability of vaccines, people’s willingness to undertake leisure travel and recovery in macroeconomic growth.
The UAE economy is expected to shrink by 6.6% this year, the International Monetary Fund (IMF) has estimated, as vital sectors such as transportation and tourism have been badly hit by the coronavirus.
India has been fighting war against the virus and also preparing itself to brace the economic slowdown due to the pandemic. “Corona can slow down our $5 trillion vision but will achieve the target successfully,” Shah said at an event to mark signing of pilot commercial coal mining agreements and launch of single window clearance system.
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.
The sector is learning, innovating and rising from disruptions to put the worst behind and looking forward to the new year with optimism and new-found confidence.
Mandating vaccines would be especially important to help protect workers in minority.
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.
“Spiking coronavirus cases in various regions and inconsistent travel restrictions will keep airline traffic low at least through the first part of 2021, with limited improvement expected relative to levels in 3Q20 and 4Q20,” the report said.
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.
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.
Based on assessments made by different analysts and industry body Ficci, here is an impact analysis in healthcare sector.
The U.K.’s National Vaccine Taskforce spread its bets early on, putting in orders for 340 million vaccine doses among six different vaccine candidates. Pfizer’s vaccine is one of them and Britain should be an early beneficiary, receiving a total of 40 million doses of the vaccine and possibly a portion of that before Christmas.
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.
The Indian pharma industry has been a world leader in generics both globally and in domestic markets.
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.
According to a report by Reuters, airlines and airports will ask a UN-led task force meeting on Tuesday to recommend countries accept a negative COVID-19 test within 48 hours of travel as an alternative to quarantines that have decimated demand for travel.
COVID-19 led to supply chain disruptions and production halt in the latter half of March 2020.
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.
The contraction in the euro zone's second-largest economy was steeper than the 10.1% reported by Germany, where authorities kept a surge in COVID-19 related deaths in check and did not have to enforce a lockdown as strict as France's.
Emkay Global says the fall in crude prices and moderating agri-input prices should drive margin gains for most staples.
"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.
Having endured and managed to recover from the disruptions induced by a once-in-a-century event, the Indian auto sector is cautiously looking forward to 2021 with hopes of putting up a better show in the post-COVID-19 world, although a lot will hinge on how the economy grows.
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.
In the first half of the fiscal, ACMA said the turnover of the automotive components industry stood at Rs 1.19 lakh crore (USD 15.9 billion), registering a de-growth of 34 per cent as compared to Rs 1.82 lakh crore (USD 26.2 billion) in the first half of the previous fiscal.
At a time when the private sector is witnessing mergers and acquisitions, the central government scrapped its earlier plan to merge National Insurance Company Ltd, Oriental Insurance Company Ltd and United India Insurance Company Ltd into one.
“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.
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.
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.
As coronavirus-led uncertainty still looms large, the best course of action for you would be to evaluate long-term goals, current income levels, likelihood of income loss and provisions for any emergent financial impact like health risks.
Dubai Statistic Centre said the economy declined by 10.8% in the first six months of 2020, which the centre's executive director, Arif Al Muhairi, said was within the expected range of economic contraction, given the massive global economic impact of the COVID-19 pandemic.
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
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:-
"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.
TCS, Infosys and HCL will be hit by the reduced technology spending by clients in the US and Europe.
The seasonally adjusted IHS Markit Saudi Arabia Purchasing Managers' Index (PMI) rose to 51.0 in October from 50.7 in September. The 50.0 mark separates growth from contraction.
It believes companies with a focus on digital businesses, such as automation software and cloud-based service delivery, may fare better than those with a focus on business process management and legacy application and infrastructure services.
TCS is expected to see revenue drop by 6%, Infosys by 5% and Tech Mahindra by 9%.
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.
Commerzbank, the biggest lender to Mittelstand firms, also told Reuters that the number of companies going into "intensive care" was lower than it had feared and there was no rush by its clients to get new credit lines.
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.
There were concerns that the pandemic might have an impact similar to the one seen during the 2008 financial crisis.
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.
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.
AirAsia India's CCO Ankur Garg, Chief of Sales Ajay Kumar Wadhawan and other team members during a virtual meeting with TAAI assured them about the "stability of the airline" as well as provided insight on its expansion and upcoming schedules, as per the communication from TAAI.
Digital payment volumes across channels such as the Unified Payments Interface (UPI), wallets and cards are set to shoot up by an additional 6 percentage points over the next two years against a base scenario without the virus outbreak, it said.
As COVID-19 has impacted the global economy, India has pledged to make itself more self-reliant, and technology will be a key enabler in that journey in coming days, he said addressing Digital India Awards virtual ceremony.
The seasonally adjusted IHS Markit Saudi Arabia Purchasing Managers' Index (PMI) rose to 57.0 in December from 54.7 in November.
The world's largest oil exporter is facing its worst ever economic decline after the COVID-19 pandemic curbed global crude demand and measures to contain the coronavirus hurt domestic demand.
A number of themes will shape the course of the Indian economy through 2021 and beyond. These themes — investing, the future of work, the acceleration of digitisation, and the impact of the pandemic on contact-intensive.
Airlines the world over have drastically cut back on flights due to border restrictions and a lack of appetite for travel, particularly internationally, because people are worried about contracting the virus and spending lengthy periods in quarantine.
With domestic traffic expected to drop by 50% and international traffic by up to 60% this fiscal, demand for tractors is expected to remain in the aviation industry. The Indian construction too is expected to contract by 7.5% in 2020, which would result in a decline in tractor demand in the construction sector.
"In tandem with the evolving regulations, the supervisory approach of the Reserve Bank will have to be two-pronged - first, strengthening the internal defences of regulated entities; and second, greater focus on identifying the early warning signals and initiating corrective action," RBI said.
Dividends are a major source of income for both public and private pension funds, but companies trying to cope with the coronavirus cut them by $55 billion, or 11.4%, in the third quarter after a $108 billion 22% plunge between April and June when uncertainty over the course of the pandemic peaked.
"Despite the severe impact on revenue and cash, very surprisingly, the display of compassion and community outreach have produced a spontaneous level of commitment and loyalty from employees and job cuts and salary adjustments have not been as widespread an occurrence as originally apprehended," said the report.
The shock result of Britain's referendum on leaving the EU in 2016 sent the pound down 8% against the dollar, its biggest one-day fall since the era of free-floating exchange rates began in the 1970s
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.
Covid impact: Automobile companies set to face further impairment on development cost, manufacturing facilities
Industry insiders say that many automobile companies also have large intangibles on their asset sides in their balance sheets. In most cases, these include designs and patents related to new or upcoming product lines. These, too, say experts are being questioned.
The Impact Covid-19 dented demand, especially in overseas markets, as discretionary spending was knocked by health measures
Once called ‘hype’, intelligent machines are increasingly playing a prominent role in a Covid ravaged world. As humans are confined to homes, can tech provide succor?
The IHS Markit India Services Business Activity Index dropped to 52.3 in December from 53.7 in November.
The pandemic has taken an especially heavy toll on retail, tourism and hospitality jobs traditionally held by women, but experts say those able to retrain could tap into growth areas like digital marketing, e-commerce and online customer support.
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.
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.
Coronavirus impact: Why the idea of diversification is looking like the old bridge on river Choluteca
Don’t say or think that the markets are fine. That’s an illusion. As corporate results are coming in, one can see companies whose sales have halved or more. For some, sales have basically disappeared. The second and third order effects of the virus are yet to come out.
Most supply-chain firms have been able to cater to this capacity starting in August. In addition to capacity building, each of them is focused on building a USP that can differentiate them from the rest.
Recovering economy, sprouting demand and improving prices raise hopes for the country's battered steel sector as it steps into the new year after pandemic-induced disruptions turned 2020 into a "disaster" for the industry.
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.
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.
There are three possible outcomes for this election and Indian stock market will rejoice in all three scenarios -- a Biden and Democrat win, a divided Congress and a status quo Trump victory.
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.
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.
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.
The report said data for the 14-day period from September 17 to 30 suggests that India may have crossed the peak of COVID-19 caseload.
While the parameters of the disease continue to be studied as the pandemic progresses, current global trends suggest its impact has been less severe for younger people, many of whom show few or no symptoms.
"With the government increasing opportunities for local MSMEs and reducing dependence on imports, MSMEs will be able to scale up operations and gain higher market share across the various sector,” said the Minister of State for Micro, Small and Medium Enterprises
The organised sector alone is likely to lose $25 billion.The figures are quite alarming and the industry needs immediate measures for survival, according to the CII-Hotelivate report.
174 million travel and tourism jobs could be lost in 2020 due to Covid-19 and travel restrictions: WTTC
If the current restrictions to international travel continue through to the end of 2020, resulting in a limited recovery , the impact will be devastating, with as many as 174 million million jobs lost globally.
A report by the UN Conference on Trade and Development has forecast that the global economy may see an impact of $1-2 trillion in 2020. How far will the virus impact the Indian economy. Here's a brief overview.
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.
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.
Listing the recommendations by the National Expert Group on Vaccine Administration for COVID-19 (NEGVAC), he said the committee has stressed that every single Indian who needs to be vaccinated will get the shots.
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.
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.
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.
In November, consumer durables and electronics category continued to recover with sales at 12% year-on-year. Food and grocery category indicate sales growth at 5% year-on-year and apparel and clothing segment is still under pressure with about -12% year-on-year behind pre-pandemic sales, the survey added.
Crude oil's wildly fluctuating futures prices reflected the impact of the coronavirus pandemic, with record falls in greenhouse gas emissions and fossil fuel demand making 2020 an unexpectedly good year for the climate.
Countries such as Japan are looking to diversify their supply chains to newer destinations.
Aviation is among the worst-affected sectors amidst the Covid-19 crisis.
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.
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.