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India’s research and manufacturing will be critical to fighting COVID-19 especially for making vaccines on a large scale, billionaire philanthropist Bill Gates said on Monday. Addressing the Grand Challenges Annual Meeting 2020, Mr Gates delved upon the difficulties in vaccine development and diagnostics of COVID-19. The American business magnate said India is “very inspiring” as it has made huge strides in improving the health of its people in the last two decades. “And now, India’s research and manufacturing will be critical to fighting COVID-19 especially when it comes to making vaccines at large scale,” he said. Mr Gates said scientists all over the world are involved in a particular ”grand challenge” — ending the current pandemic. He said researchers are breaking down silos and rather than waiting to go through the publication process, they are sharing data on a daily basis. “Since the pandemic began, scientists have shared 1,37,000 viral COVID-19 genomic sequences,” the Microsoft

The Reserve Bank of India’s Monetary Policy Committee decided to hold key rates at existing levels on Friday citing elevated inflation, as widely expected. In a virtual address to the media after the scheduled review by the MPC, RBI Governor Shaktikanta Das said the central bank will continue to remain accommodative for as long as necessary to revive growth and mitigate the impact of COVID-19. It will also ensure inflation remains within the target going forward, the RBI chief said, stating that the current stance of policy will continue for at least the current financial year and into the next year. The status quo on policy comes at a time when the country’s GDP contracted a record 23.9 per cent in the April-June period.

The Finance Ministry said on Saturday that credible signs of economic growth emerged in September as the government took various measures, amid the raging coronavirus and resultant lockdowns in the past six months, to bring the economy back on track. The government’s initiatives on both, demand and supply side led to the emergence of green shoots in the economy, the finance ministry said, and asserted that the government is open towards taking measures to further minimise the impact of Covid-19 on the economy. There has been a rise in business activities in the month of September as the lockdown has been relaxed in a phased manner. The GST collection rose 4 per cent in the month (year-on-year) to ₹ 95,480 crore. Rail freight revenue earnings rose 13.5 per cent and power consumption increased by 4.2 per cent during the month. Other growth indicators such as PMI manufacturing, the index of eight core industries, E-way bills, cargo traffic and passenger vehicle sales also showed upward mo

Government should stick with its flexible inflation targeting framework, which has worked well, to reap the benefits over the long term, former Reserve Bank of India (RBI) deputy governor Viral Acharya said. The central bank and the government agreed in 2015 on a policy framework that stipulated a primary objective of ensuring price stability while keeping in mind the objective of growth. That framework is due for a review in early 2021. “Evidence seems to suggest this is a good disciplining framework with good democratic accountability. We should persevere with it,” said Mr Acharya. He said the benefits, such as lower borrowing costs, will only be seen over time. “I would not enter into policy adventurism by changing this right now. It’s too risky,” Mr Acharya told Reuters in an interview late on Wednesday. The RBI has by and large been successful in keeping inflation within the mandated 2 per cent-6 per cent range. But the flexible inflation targeting policy has faced criticism recen

The government is opening up the economy for greater participation of the private sector and has been working in different ways to remove entry barriers for new investments, Commerce and Industry Minister Piyush Goyal said on Wednesday. He said the government has opened up defence manufacturing for the domestic industry in a much bigger way and coal mining for commercial engagement. It has also made a number of changes in single brand retailing to promote new businesses, the minister said adding the other sectors where steps have been taken include civil aviation, agriculture and financial services. “The government is opening up the economy for greater private sector engagement. Railways is also opening up for greater private sector partnerships…Government also has been working in different ways to deregulate, remove entry barriers for new investments,” he said while addressing the Federation of Telangana Chambers of Commerce and Industry. Goyal also said reforms in the agriculture sec

Finance ministry sources have countered CAG audit finding of central government wrongly retaining Rs 47,272 crore of GST compensation cess meant for states, saying temporary retention cannot be termed as diversion. Days after the Comptroller and Auditor General (CAG) flagged that the Centre in the first two years of the GST implementation wrongly retained GST compensation cess that was meant to be used specifically to compensate states for loss of revenue, ministry sources said compensation due for the year 2017-18 and 2018-19 was fully paid to states. Time taken in reconciliation of compensation receipts can’t be termed as diversion of GST cess fund when the dues to states were fully released by the central government, they said. Sources said that in 2017-18, Rs 62,611 crore was collected, out of which the government released full compensation dues of Rs 41,146 crore to the states and union territories (UTs). In 2018-19, an amount of Rs 95,081 crore was collected, out of which Rs 69,2

Stock markets are expected to consolidate in near-term due to economic uncertainty and a host of factors such as RBI monetary policy, car sales and macroeconomic data and global cues would dictate the direction in this holiday-shortened week, analysts said. They said that despite a relief rally on Friday markets are likely to remain volatile amid resurging coronavirus cases in Europe. The RBI’s monetary policy review on October 1 and auto sales numbers would be among the key events for investors. The RBI’s monetary policy committee will be meeting for three days from September 29. Indian equity benchmark index Sensex declined by 3.83 per cent or 1,457.16 points and the broad-based Nifty tumbled 4.04 per cent last week. The stock indices declined for six straight sessions to Thursday, plunging by more than 7 per cent due to growth concerns after resurgence in coronavirus cases globally. The markets, however, cut short their losses and rallied over 2 per cent on Friday after reports that

Mumbai Indians captain Rohit Sharma admitted that sapping condition in the UAE makes it difficult to bat for long duration and that’s the reason he felt a bit tired by the end of his match-winning knock against Kolkata Knight Riders. Skipper Rohit starred with a 54-ball 80 to help defending champions Mumbai Indians to a 49-run win over KKR in their second IPL game. “It is not easy to play long innings here. It takes a lot out of you to play in these conditions. Maybe I was a bit tired in the end and it was a lesson for us that one set batsmen needs to bat deep till the end,” Rohit said at the post-match presentation ceremony. “We’ve seen it in the past and that’s what I tried to do.” While the heat and humidity made it difficult but it was imperative to bat as long as possible after a six-month break, Rohit said. “I haven’t played a lot of cricket in the last six months time and was looking to spend some time in the middle; it didn’t come out well in the first innings but glad to have

Prime Minister Narendra Modi on Wednesday paid tributes to legendary Hindi poet Ramdhari Singh Dinkar on his birth anniversary, saying his timeless poems will continue to inspire all citizens. “Humble tributes to ‘rashtra kavi’ Ramdhari Singh Dinkar ji on his birth anniversary. His timeless poems will continue to inspire not only literature-lovers but all countrymen,” Modi tweeted in Hindi. Born at Simariya in Bihar in 1908, Dinkar’s nationalistic poetry was considered inspirational during the freedom struggle, and his work remained a source of motivation for politicians and others, including during the movement against Emergency. Modi has often cited Dinkar’s poetry. The three-time Rajya Sabha member died in 1974.

Sebi chief Ajay Tyagi on Tuesday said the markets regulator is not forcing anyone to invest in small-caps and investment should always be in the interest of investors amid new portfolio allocation rules for multi-cap mutual fund schemes. He further said multi-cap mutual fund schemes should be “true to label”. The regulator, earlier this month, directed multi-cap funds to invest at least 25 per cent of their corpuses each in large-cap stocks, mid-caps and small-cap stocks. This raised concerns among the mutual fund industry and fund managers estimated that the move would result into Rs 30,000-40,000 crore moving out of large-cap to mid-cap and small-cap companies. Earlier, there was no restriction on the exposure such funds needed to make in large, mid and small-cap stocks and therefore majority of the multi-cap funds have run with a large-cap bias. “Multi-cap form should be as per their name. We are not forcing anyone to invest in these caps (small-cap, mid-cap) and investment should b

Parliament on Tuesday passed a legislation to declare the five new IIITs in Surat, Bhopal, Bhagalpur, Agartala and Raichur as institutes of national importance, enabling them to award degrees. The Indian Institutes of Information Technology Laws (Amendment) Bill, 2020, was introduced in Rajya Sabha by Education Minister Ramesh Pokhriyal Nishank on Monday. The bill was passed by Lok Sabha in March. Nishank said there are 25 IIITs in the country, of which five are run by the Union government and 15 operate under the public-private-partnership model. “We have brought the proposal before this House to bring five new operational institutes, which are located and have started operations in Surat (Gujarat), Bhopal (Madhya Pradesh), Bhagalpur (Bihar), Agartala (Tripura) and Raichur (Karnataka), under this legislation,” Nishank said. Bringing the five new IIITs under this law will make them institutes of national importance and they will have the legal right to grant diplomas, degrees, and PhDs

MSMEs must focus on Efficient & Innovative Technologies for Energy Conservation & Saving to Enhance the competitiveness – Deepak Saxena MD MP Urja Vikas Nigam in a webinar on Energy efficiency. Industries can reduce the cost of production by using innovative techniques and tools in energy savings said Mr Deepak Saxena while speaking in a webinar on Energy Efficiency in MSMEs organized by MP Urja Vikas Nigam Ltd and PHD Chamber of Commerce and Industry on 21 Sep 2020. Mr Deepak Saxena being a special guest of the program, apprised that MP Urja Vikas Nigam under the aegis of Bureau of Energy Efficiency India has taken various initiatives like; Ujala Scheme under which MPUVN has distributed 1,75,60,233 Energy Efficient LED bulbs (9 W) priced quite lucratively at INR 70/- per piece with 1 year of replacement warranty. We have also distributed LED tube lights (20 W) and 71 lacs energy efficient fans (50 W) at a price of INR 270/-per piece and INR 950/- per piece with a warranty of 1

Director of All India Institute of Medical Sciences (AIIMS), Randeep Guleria, has said that coronavirus pandemic, lockdown, and communicating through technology rather than physically is straining mental health of people.The remarks hold importance on the day the world is observing the 'Suicide Prevention Day'. According to the data of the National Crime Records Bureau, a total of 1,39,123 suicides were reported in India in 2019, an increase of 3.4 per cent in comparison to 2018. According to the WHO, we lose about 8,00,000 people to suicide every year. “Important aspect which has emerged both because of the pandemic, lockdown, and the whole issue of physical distancing and communicating through technology rather than physically, is strain on mental health,” said Guleria while addressing AIIMS's National Grand Rounds.He added, “The mental health issues have also become something which have affected not only those who have had Covid-19, but even sometimes the normal individu

More and more Indian workers are returning home as Singapore businesses cut down on workforce following the severe impact of the novel coronavirus pandemic, an official said. “On an average, about 100 Indian nationals in Singapore continue to register daily with the High Commission here for flights back home, with over 11,000 having registered so far,” Indian High Commissioner P Kumaran said on Wednesday. Special flights have been arranged as part of the ongoing Vande Bharat Mission and, wherever necessary, more flights are added to help meet the high demand for some destinations to help Indian nationals return home as they have lost their jobs, or going back for medical treatment or family-distress situation, he said. Kumaran said the high commission would continue to work to ensure enough repatriation flights, even though formal flights between Singapore and India have not resumed. The high commission has repatriated over 17,000 Indian nationals by arranging 120 special flights s

Needless to say, the post- Covid-19 outbreak era seems to be a new reality. And, it is no more about staying within the four walls or washing hands frequently or carrying sanitisers each time you step out or working from home for a specific period that we call a lockdown. Time has come to embrace the new normal and learn to coexist with the virus that has taught us the necessity of discipline, preventive measures and a lot more. At the present time when a large number of countries are not able to control the increasing contraction of the virus despite imposing lockdowns, it is time we look up to Japan that could literally pause the spread of the virus without having to call for a lockdown or ban anybody’s movement. Like India, Japan too is known for its high population density and bulk of elderly population. Still, it was no rocket science for them to curb the spread, thanks to their inherent sense of discipline and self-monitored lifestyle along with the brilliant strategy of the Jap

By Akhil Gore Businessfortnight had an interview with a financial advisor, Raviraj Gharat. He is an expert in financial planning, having experience of 15 years in equity investment, and also runs his Indore based firm ‘Riva Financial’. Excerpts from interview: Q: What is Financial Planning? A: Financial planning is a large domain that covers different types of insurance, funds, and investment. I will tell you about the fundamental steps of Financial Planning that one should follow. 1. Health Insurance. 2. Personal accident cover and critical illness cover. 3. Calculated Term Insurance. 4. Emergency fund. 5. Investment. These are the steps that one should keep in mind while starting financial planning. Many people ignore the importance of 'Emergency funds' but the foremost important in today's time. Every person should have six months of his salary as an emergency fund. Q. What is a mutual fund? Is it beneficial for the growth of our money? A mutual fund is essentially a co

August 2020, Kolkata: India, with over 1.3 million deaf and mute citizens, should make the Indian Sign Language (ISL) the 23rd official language under the Indian Constitution said Vaibhav Kothari, a deaf and mute entrepreneur, engineer and motivational speaker at a webinar – Winning Challenges – hosted by Kolkata-based social and cultural activist Sundeep Bhutoria. Vaibhav, who was the guest speaker, used sign language and an interpreter to communicate with those who joined in from different parts of the world. Vaibhav’s fervent appeal to the Indian Government came in response to a question posed by conversationalist Sundeep Bhutoria – “How important do you think it is to promote the Indian Sign Language (ISL) by incorporating it in the list of existing 22 Scheduled Languages under the Constitution of India? Vaibhav called upon the Government to listen to its millions of deaf and mute citizens and empower them by promoting the Indian Sign Language (ISL) to gain higher education and

The COVID-19 is the most disruptive event in the modern history and a 'cooperative and collaborative' effort is needed at the global level in the fight against the pandemic, Reliance Industries chairman Mukesh Ambani said during the launch of a book on coronavirus on Saturday. Ambani and his wife Nita e-launched the book via JioMeet – The Corona Virus: What You Need to Know About the Global Pandemic – by three medical experts. The book written by internal medicine specialist Dr Swapneil Parikh, clinical psychologist Maherra Desai, and neuropsychiatrist Dr Rajesh M Parikh, is published by Ebury Press, an imprint of Penguin Random House. It addresses the history, evolution, facts and myths around the pandemic. COVID-19 pandemic undoubtedly is the most disruptive event in the modern history. It is both a public health crisis and also an unprecedented economic crisis. Preciously because its sweep is global and the fight against it also calls for a strong global cooperation. “A

The pandemic has brought about tumultuous time with there being no defined rules that one could follow as it is challenging to gauge the magnitude of the impact. The crisis has brought the business and functioning of various industries to a standstill, real estate being one of them which has been hit in a major way. With businesses trying to gain momentum with unlocking 3.0 there are a ceaseless number of questions running across on how to accelerate growth within a short period and understand the customer pulse aptly. As there is a famous saying ‘Right Place Right Time’, keeping this into consideration, the need of the hour for the communicators is to adopt a strategy and formulate ideas for this current hyperactive competitive market. The Indian real estate sector has been one of the strongest sectors and has fueled the growth of India’s economy over several years. However, the next one or two years look to be challenging times for the real estate segment. Nevertheless, understanding

Q: This was a commitment made by the finance minister in the budget which is now been taken forward by the Prime Minister with the unveiling of the transparent tax portal today. While I understand that the emphasis is on reducing litigation, on improving compliance, on bringing down complexity further and of course moving to a system of faceless assessment and appeals, what is it going to result in? Where will this take our tax to GDP ratio for instance, what is the expectation on what this could do for tax collections? A: The first thing to understand about this is that we are changing the underlying architecture and philosophy of the tax system. So it is not just about taking a short term sort of a measure, this is really reconfiguring the philosophy of the taxation. So as the Prime Minister himself said, many of our policies, particularly tax policies, are derived from a colonial era where there is an inbuilt distrust of the citizen and then of course overlaid by a socialist era