ECONOMY
EXCLUSIVE | Diverging views emerge within government on whether to provide financial help to vaccine makers
The difference of opinion has especially widened on whether the dire situation at hand requires the government to provide direct funding to the largest vaccine maker in the world.
TRENDS
EXPLAINED | What is the exact mechanism for foreign vaccines to get approval in India?
The Centre has now announced it will fast-track approval to foreign drug companies whose Covid-19 vaccines have already been approved by the drug certification agencies of the United States, United Kingdom, Japan, European Union and the World Health Organization. But that does not mean the number of steps to vet the vaccine or the requirements for it to be commercially sold has been reduced. We detail the exact process that will determine how long it will take for foreign vaccines to be jabbed in the arms of Indians.
ECONOMY
Low base pushes up March exports by 60%, imports soar 53.7%
Taking into account March figures, India's cumulative exports in 2020-21 are now expected to be $290.63 billion, down from $314 billion in the previous financial year.
ECONOMY
March wholesale inflation reaches 7.3% as high fuel costs hurt
Fuel inflation jumped by 10.2 percent jump in March, after rising just 0.6 percent in February. Further pushed up by a 7.3 percent rise in manufacturing prices and a continuing uptick in food prices, wholesale inflation reached near-record levels in March.
WORLD
EXCLUSIVE | India confident of securing US support for key global proposal at WTO soon, officials say
India and South Africa had requested members of the World Trade Organization back in October, 2020 to suspend certain parts of a global pact on IPR, so that vaccine and testing technology for Covid-19 can be easily shared. Developed nations led by the United States had consistently blocked the proposal. But changing public opinion, global pressure and a key ally may now help India in securing US support.
HEALTH-AND-FITNESS
Ficci demands PLI-like scheme for vaccine makers, clinical trial waiver for foreign jabs
Flagging vaccine shortage across states, Ficci said to meet the government's target of vaccinating 30 crore people by August at the current pace of 30 lakh daily vaccinations, as much as 38 crore doses would be required. But reports show that the Centre has just 2.04 crore doses in the pipeline, it added.
TRENDS
IIP shrinks 3.6% in February owing to steep decline in manufacturing
India's industrial output has shrunk 11.3 percent in the April-February period of FY21, as compared to the same period of the previous year. It has shrunk 8 out of the first-11 months of the 2020-21 financial year.
WORLD
EXCLUSIVE | ‘Government won’t ban commercial export of Covid-19 vaccine’, sources say
Many have argued for a ban on the commercial export of Covid-19 vaccines from India, as the second wave of the pandemic continues to infect a record number of people every day and vaccine shortages have been reported from multiple States. But the government is not keen on the proposal since both the manufacturers in India are legally obligated to fulfil contracts to supply doses to foreign buyers, and a large chunk of the global poor are dependent on India’s vaccines.
WORLD
Iran requests India to quickly send rest of Covaxin shipment it has already paid for
As vaccine shortage in India spurs more demand for an outright ban on commercial export, an anxious Iranian government has clarified that it has purchased 5 lakh doses of Covaxin from Bharat Biotech. But 3.75 lakh doses, which were supposed to be sent by mid-March, are still pending.
BUSINESS
EXCLUSIVE | India's global donations of jabs through 'Vaccine Maitri' on hold for a month, MEA sources say
India has won enormous diplomatic goodwill with free supply of vaccines to poor countries but as daily new cases continue to soar to new record, the government is facing pressure to increase domestic supply and expand the inoculation programme that is so far restricted to people who are at least 45 years old.
ECONOMY
RBI repo announcement: Exporters say banks not passing on benefits of low interest rate to businesses
The RBI has now kept the repo rate unchanged for the fifth consecutive meeting of its monetary policy committee. But exporters complain that they still cannot access loans at cheap rates. Moreover, industry insiders say the second wave of the Covid-19 pandemic has in effect dried up all chances of getting financial help from banks at a time when their working capital is dangerously low
ECONOMY
PMI at 54.6: Lower footfall, COVID-19 restrictions, rising expenses dampen services activity in March
While domestic business continued to rise for service providers, export orders remained contractionary for the 13th straight month in March. Job losses also continued in the sector.
ECONOMY
Data shows economy well-poised to deal with second COVID wave; but concerns remain
While data points like GST, housing and vehicle sales indicate that the economy is still on a strong path to recovery, industrial production and manufacturing sentiment numbers show that there is still a cause of concern. As COVID numbers spike again, Moneycontrol takes a look at some key high-frequency data.
WORLD
Australia launches program to help Aussie businesses trade and invest in India
The official program run by the Australian government aims to facilitate the entry of Australian companies into the Indian market. It is set to focus on the e-commerce channel to better market Aussie food, beverage and consumer products to Indian consumers.
WORLD
Russian Foreign Minister Sergei Lavrov reaches Delhi to lay groundwork for crucial Modi-Putin meet
News reports had suggested last year that the summit was cancelled after Russia had protested India's growing ties with the Quad-a group of 4-nations
ECONOMY
FDI equity inflow rose 28% to $54.1 Bn in Apr-Dec of FY21
Computer software & hardware sectors remained the top sector drawing in the most FDI. More than 45 percent of total FDI flowed into the sector in the first 10-months of FY21, followed by construction and services.
BUSINESS
US outlines long list of import restrictions against American goods in India
India figures prominently in the 2021 National Trade Estimate Report by the United States Trade Representatives, an annual compendium of Washington DC's complaints against the trade mechanism of various economies. The fact that this comes only months after the Joe Biden administration took charge has made policymakers apprehensive.
BUSINESS
Need to quickly ramp up testing, open vaccination to 18-45 years age group, FICCI tells government
In a letter written to Health Minister Harsh Vardhan, FICCI President Uday Shankar said India is currently testing about 11 lakh samples a day, sharply down from 15 lakh samples tested per day in January. On the day the letter was written, the daily rise in new cases rose to a 6-month high.
BUSINESS
March exports likely rose 58% due to low base effect, imports soared 52%: Preliminary trade data
According to preliminary data received by the government, March saw exports worth $34 billion. As a result, India's cumulative exports in 2020-21 are set to be $290 billion, down from $314 billion in 2019-20.
BUSINESS
Current Foreign Trade Policy gets second extension, to run till September 30
The yet-unfinished work of finalising tax refund rates for exports under the new Remission of Duties and Taxes on Exported Products scheme has derailed the government's plan to unveil a new FTP. The lack of a clear consensus on whether to continue with export incentives for services exporters have also contributed to the latest decision.
ECONOMY
Eight core industries' output falls at fastest pace in 6-months, down 4.6% in February
After posting contraction in 8 of the first 11-months of the year, the cumulative core sector output in the April-February period of FY21 fell to -8.3 percent.
BUSINESS
Centre extends PLI scheme to food processing sector, announces Rs 10,900 crore worth of benefits
Union Minister Piyush Goyal said that the allocation was made for the next six years and is expected to see employment generation of more than 2.5 lakh across the country and facilitate expansion of processing capacity to generate processed food output of Rs 33,494 crore.
INDIA
Exclusive | Lack of funds may end government incentives for services exports
Facing a funds crunch, and under international pressure by the WTO to realign the benefits it gives traders, the government had suspended the Merchandise Exports from India scheme (MEIS). Now, a similar scheme focusing on services exports may face the axe.
BUSINESS
Traders relieved as ship blocking Suez refloated, say next week crucial in establishing normal traffic
Indian exporters and importers have heaved a sigh of relief over news reports that the MV Ever Given, which has been blocking the Suez Canal for nearly a week now, is refloated.
