TRENDS
Jobs data shows COVID hit services, construction sectors; agriculture shines
A report by CEDA shows that employment in non-financial services increased 16 percent between 2016-17 and 2019-20, before falling 8 percent because of COVID-19. Real estate of construction jobs contracted 11.8 percent the four years preceding 2020-21, and showed a similar drop in the pandemic-hit fiscal year.
TRENDS
Inter-Ministerial Group to frame India's response to Cairn's suit against Air India
The high-level team will chalk out the country's course of action once notice is received, a senior official told Moneycontrol. The Inter-Ministerial Group comprises officials from departments of Revenue, Economic Affairs, Law and External Affairs.
ECONOMY
Explained | Why has Cairn Energy sued Air India?
A senior government official has told Moneycontrol that Air India will release a statement soon ‘with all the facts’. The person added that the Centre was going ahead with the national carrier’s privatisation plans.
ECONOMY
GST Council meeting on May 28: Finance Minister Nirmala Sitharaman to chair video conference as states seek rate cuts on COVID-19 supplies
The agenda of the GST Council meeting on May 28 will be the GST rates on various medical devices, essential drugs, and other COVID-19-related issues.
ECONOMY
IIP: High industrial output figures may not reflect real growth due to low-base effect from 2020 lockdown
While March IIP figures, and those over the coming months, could be encouraging only due to low-base effect, CPI inflation is not expected to stay in sub-5 per cent territory either, analysts say
ECONOMY
As vaccines become scarce, states adopt different strategies to secure supplies
While some municipalities are, or will issue tenders to procure vaccines, others are directly talking to manufacturers. The smaller provinces seem to be depending on distribution by the central government.
ECONOMY
April retail inflation eases to 4.29% on sharp fall in food prices
The fall in inflation rate was primarily on the back of a sharp decline in food inflation. Data by the National Statistical Office shows that Consumer Food Price Index (CFPI) inflation dropped to 2.02 percent in April from 4.87 percent in March.
ECONOMY
Key economic data for April, May not to be affected as compared to last year: Pronab Sen
The Ministry of Statistics and Programme Implementation will release CPI inflation for April and Index of Industrial Production for March on May 12. The Commerce Ministry’s Office of the Economic Advisor will release Wholesale Price Index-based inflation for April on May 14.
ECONOMY
GST exemptions on COVID-19 supplies: FM Nirmala Sitharaman’s response draws fault lines ahead of GST Council Meeting
West Bengal is the fourth state, after Punjab, Chhattisgarh and Delhi, to ask for GST relief on COVID-19 supplies. FM Sitharaman's response, that domestically made and commercially imported items may not be exempted, could become a potential flashpoint, which will require deft handling at the next Council meeting.
ECONOMY
Second Covid wave poses downside risks to economic activity, says finance ministry
The ministry says it expects a 'muted' economic impact when compared to the wave. Learning to 'operate with COVID-19' provides a silver lining of economic resilience, it said in its April report.
COMPANIES
CCEA clears 'strategic divestment' of IDBI Bank
The centre and LIC together own more than 94 percent of equity of IDBI Bank, with the centre owning 45.48 percent and LIC owning 49.24 percent. LIC is currently the promoter of IDBI Bank with management control and GoI is the co-promoter.
HEALTH-AND-FITNESS
Hospitals, vaccine makers welcome RBI move on easier liquidity to health sector
RBI Governor Shaktikanta Das announced on May 5 an on-tap liquidity window of Rs 50,000 crore to boost provision of immediate liquidity for ramping up COVID-related healthcare infrastructure and services in the country.
ECONOMY
Centre may call GST meeting this month as states seek rate cuts on essential medical items
Many states, including Delhi, Punjab and Chhattisgarh, want GST to be exempted temporarily on devices such as ventilators, concentrators, and life-saving drugs like Remdesivir.
ECONOMY
COVID-19: As govt cuts GST, a look at duties on certain imported items, more clarity awaited on others
While drugs like Remdesivir, Tocilizumab, Favipiravir and others are exempt from customs duties as well as IGST, there is still no clarity on the GST they would attract when manufactured in India.
POLITICS
West Bengal Election 2021: Here's how key candidates from both the TMC and BJP fared
Central Minister Babul Supriyo has lost from the Tollygunge assembly constituency, being defeated by veteran TMC leader and current West Bengal Public Works and Youth Affairs Minister Aroop Biswas. Two other incumbent BJP MPs, Locket Chatterjee and Swapan Dasgupta has lost from the Chunchura and Tarakeshwar constituency.
TRENDS
Prashant Kishor wins toughest electoral battle yet, but leaves everyone guessing about future
The day two of his clients tasted victory, Kishore said he would quit election strategising and did not rule out a future in direct electoral politics.
ECONOMY
Centre gives Rs 15,000 crore in long-term loans to states for capex spending
The loans include Rs 5,000 crore to incentivise states to monetise their assets and divest their PSUs.
ECONOMY
New Finance Secretary TV Somanathan: An articulate economic voice trusted by the top leadership
Somanathan, Economic Affairs Secretary Ajay Seth, DFS Secretary Debashish Panda and DIPAM Secretary Tuhin Kanta Pandey are all from the 1987 batch of the Indian Administrative Service. But Somanathan had a higher rank in his batch, when he stood second in the All India exams. This is a deciding factor between officers of the same batch.
INDIA
COVID-19 and Delhi's healthcare system: How the cookie crumbled
The National Capital's healthcare system has been one of its biggest selling points. But the 'fourth wave' of COVID-19 has left the city's system on the verge of collapse, while the Centre-State blame game rages
ECONOMY
Centre should share some financial burden of states' vaccine procurement, experts say
Former CEA Arvind Subramanian said that centre should bear entire cost of vaccine procurement by state. Other economists partly agree and say that part of the Rs 35,000 crore vaccination budget should be shared with states
TRENDS
Explained | How the new vaccination drive is expected to roll out
On April 19, the central government announced a major shift in its Covid-19 vaccination strategy. Moneycontrol takes a look at what these changes mean.
TRENDS
Govt gives ‘advance’ of around Rs 4,500 crore to Serum Institute of India, Bharat Biotech
“The Finance Ministry today has relaxed the general financial rules and permitted the Ministry of Health to pay, if they so wish, to make advance payment to vaccine suppliers, without a bank guarantee. I believe the Health Ministry is already doing so,” a top official told Moneycontrol
HEALTH-AND-FITNESS
Percentage of patients requiring supplemental oxygen has risen in second wave: ICMR
The ICMR compared data on hospitalised patients from September-November 2020 for the first wave, and March-April (so far) for the second wave. The presentation showed that the mean age of hospitalised patients has reduced only slightly in the second wave, to 48.9 years from 50.4 years.
TRENDS
2021 South West Monsoon to be normal at 98% of LPA: Met Dept
This will be the first normal monsoon in three years after two above-average monsoon rainfall in the last two years, which is welcome news for an economy dented by a second 'wave' of COVID-19 cases and reduced activity due to localised curfews and lockdowns.
