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Finance Minister Nirmala Sitharaman has concluded a comprehensive review of Aatma Nirbhar Bharat Package (ANBP) with the Secretaries of various Ministries/Departments, the Ministry of Finance said on Sunday. In an official release, the Ministry of Finance said the Ministries and Departments concerned have started implementing the announcements under the three Aatma Nirbhar Bharat Packages. The progress of implementation is being reviewed and monitored regularly. As per the release, the Finance Minister Sitharaman on Friday concluded a comprehensive review of ANBP with the Secretaries of various Ministries/Departments concerned over three days. “Under an Emergency Credit Line Guarantee Scheme (ECLGS), as on 04.12.2020, as reported by public sector banks, top 23 private sector banks and 31 NBFCs, additional credit amounting to ₹ 2,05,563 crore has been sanctioned to 80,93,491 borrowers, while an amount of ₹ 1,58,626 crore has been disbursed to 40,49,489 borrowers,” the release said. “As

Even more than three decades after he founded one of India’s largest and diversified infrastructure organisation, the Adani Group Chairman, Gautam Adani’s vision and belief in nation-building and unprecedented business opportunities in India has grown exponentially. Speaking to a distinguished audience at the TiE Global Summit, the ‘optimistic entrepreneur’ said that India is still incredible given the plethora of opportunities, it offers the world. “In my view, India is today at a dramatic inflexion point. I believe that over the next few decades India will have firmly positioned itself as the greatest opportunity of the 21st century and become even stronger year 2050 onwards,” he said adding that despite the diverse challenges expected in a large democracy of its size and periodical economic downturns, the unique opportunities presented by his home country made it a key differentiator among its global peers. The address was broadly split into three parts – the macroeconomic factors f

Retail inflation in the country probably fell in November from October but remained above the Reserve Bank of India’s target, amid high food and petrol prices, a poll of economists by news agency Reuters showed. Retail inflation has stayed above the central bank’s comfort zone of 2-6 per cent for seven consecutive months, a streak not seen since August 2014. The December 4-9 poll of 48 economists forecast a drop in inflation in November to 7.10 per cent from 7.61 per cent in October, which was the highest since May 2014. If realised, November’s rate would be above 7.0 per cent for the third consecutive month. “Inflation for November is likely to be lower than October as there was some moderation in prices of vegetables in particular as well as pulses,” said Madan Sabnavis, chief economist at CARE Ratings. “On the upside, petrol prices had increased which worked in the other direction.” At its December 2-4 meeting, the RBI kept its key repo rate at 4.0 per cent and the Monetary Policy C

The Reserve Bank of India’s Monetary Policy Committee today left the key lending rate unchanged at 4 per cent as expected, but said it will ensure ample liquidity for stressed sectors to keep a nascent economic recovery on track. The decision comes at a time when the country has entered technical recession amid high levels of inflation as it struggles against the coronavirus pandemic. This marks a third straight policy review with no change in key lending rates, after the RBI brought down the repo rate to 4 per cent — the lowest since 2000 — following an out-of-cycle review in May. The central bank maintained an “accommodative” policy stance, implying possible rate cuts in future to support the economy, which has been impacted by the coronavirus pandemic. The MPC voted unanimously to keep the interest rates unchanged and continue with its accommodative stance. Since May, the repo rate — the key interest rate at which the RBI lends money to commercial banks — has been kept steady at a 1

Prime Minister Narendra Modi will be in Gujarat on December 15 to lay the foundation stones of two projects in Kutch district – a mega renewable energy park and a desalination plant, state Chief Minister Vijay Rupani said on Thursday. Talking to reporters here during a function, Mr Rupani said that the hybrid renewable energy park, having both solar panels as well as windmills, will be the “world’s biggest” with power generation capacity of 30,000 megawatts. “This project is coming up in the desert of Kutch. Prime Minister Narendra Modi will be in Kutch on December 15 to perform the ground-breaking ceremony of this park,” he said. “On the same day, the PM will also perform the ground-breaking ceremony of a desalination plant at Mandvi, Kutch. This plant will provide fresh water for farming, for industries and for drinking purpose,” Mr Rupani added.

Mumbai, November 2020:  The Advertising Standards Council of India (ASCI) has introduced guidelines to make real-money gaming advertising safer and more responsible. The guidelines have been developed to ensure that such advertising makes users aware about financial and other risks that are associated with playing online games with real money winnings. As per a recent KPMG study, online gaming grew 45% in FY20 with the user base surpassing 365 million by March 2020 on real-money games (RMGs). The card-based and fantasy segments both achieved strong traction. As India is a mobile-first country, more than 90% of online gamers play games on their phones. The online gaming market, worth more than $500 million now, could be worth $1.1 billion by 2021. In 2019, around 5.6 billion mobile gaming apps were downloaded in India – the highest in the world and representing nearly 13% of gaming apps globally. Internet penetration in India is 31% and KMPG expects it to reach 53% by 2021 – which would

Prime Minister Narendra Modi warned on Tuesday that any COVID-19 vaccine could lead to side-effects in some people, as even popular medicines do, and that the government would only go by science in finalising one for the country. The comments came ahead of the possible launch of the Oxford-AstraZeneca vaccine by early next year in India, the country with the world’s second-highest number of coronavirus infections after the United States. The question of who pays any claims for damages for unexpected side-effects has been a tricky point in supply negotiations between countries and drug makers over potential vaccines. Some richer countries have agreed full or partial exemptions from liability for firms to secure shots. The officials have not commented on who would be held responsible if any vaccine led to serious unwanted consequences. Brazil has said it will not exempt vaccine makers from liability, but Mexico could share some of the burden with laboratories. PM Modi said both speed and

New Delhi: SoftBank India Head Manoj Kohli looks very optimistic towards India’s digital market. Manoj Kohli says, “India is already one of the top 3 digital nations in the world with 750 million mobile internet users. In the next decade, digital businesses will grow rapidly and will fulfill the gap of physical infrastructure in India.”  Kohli says, “Digital businesses are doing so well in India as they offer affordability to the customers which is appreciated and hence transition from offline to online businesses is happening rapidly.” Coming to Indian Government policies for digital businesses he added, “The government policies for digital businesses are evolving well. Clearly digital businesses are an important part of Atmanirbhar Bharat mission.”  Taking referencing from “Leadership in Unprecedented Times” book written by Ritesh Wig and launched by himself Manoj Kohli, he said, “Ritesh states in this book that that digital businesses will do well in India especially as consumer beh

India needs disruptive solutions in renewable, low carbon and carbon recycle technologies, as well as breakthroughs in renewable energy and innovations in energy storage and utilisation to achieve the twin goals of becoming an economic and a clean-and-green energy superpower, Reliance Industries Chairman Mukesh Ambani said on Saturday. Ambani, who is also the President of the Board of Governors of Gandhinagar-based Pandit Deendayal Upadhyay University (PDPU), said in his convocation address that he foresees an “explosive and exponential growth” in the Indian economy in the post-COVID era. The country will find a place in the top three economies of the world within a couple of decades, he said. “By the middle of the century, the world will use twice as much energy as we use today. In the next two decades, India’s own per capita energy needs will be more than twice as much as today,” Ambani said. Therefore, he said that India is required to simultaneously pursue two goals: to become an e

Finance Minister Nirmala Sitharman on Thursday announced a Rs 900 crore grant to the Department of Biotechnology for COVID-19 vaccine research She said the grant does not cover the actual cost of vaccine and distribution expenses, which will be made separately as and when the vaccine is available She also said that Rs 10,200 crore additional budget outlay will be provided towards capital and industrial expenditure for domestic defence equipment, industrial incentives and infrastructure and green energy.

Prime Minister Narendra Modi and World Health Organisation Director General Tedros Adhanom Ghebreyesus on Wednesday discussed the ongoing global collaboration for combating COVID-19 pandemic, and also agreed on the need for integrating traditional medicine solutions into modern medical practice through holistic protocols. The Prime Minister had a telephone conversation with the World Health Organisation (WHO) DG and he expressed his appreciation for the WHO’s important role in facilitating a coordinated global response to the pandemic, a Prime Minister’s Office (PMO) statement said. During the call, PM Modi noted the need to not lose sight of the battle against other diseases, and appreciated the importance of WHO’s support to the health systems of developing countries. The WHO director general stressed the close and regular collaboration between the WHO and the Indian health authorities, and specially appreciated the country’s domestic initiatives like the Ayushman Bharat scheme and t

Minister for Finance and Corporate Affairs Nirmala Sitharaman participated in the first BRICS Finance Ministers and Central Bank Governors (FMCBG) meeting under the BRICS Russian Chairmanship on Monday. As per an official release, the agenda of the meeting included discussions on the outcomes of the G20 Saudi Presidency in 2020, a digital platform to encourage infrastructure investments and expansion of the membership of the New Development Bank. “The Finance Minister observed that the G20, of which all BRICS countries are members, has delivered some very significant initiatives this year including the G20 Action Plan in response to Covid-19, which has provided broad guidance to navigate a collective global response to the crisis. Additionally, the G20 Debt Service Suspension Initiative ensured immediate support to address the liquidity needs of low-income countries,” it said. The release said that the Finance Minister further noted that BRICS members have played an important role in e

The country’s economy, which has shown resilience to come out from a downturn caused by the COVID-19 pandemic, is expected to bounce back from the next fiscal, State Bank of India chairman Dinesh Kumar Khara said on Saturday. There will be a “paradigm shift” which will lead to a more matured economy” with economic players learning to contain costs, he said. Addressing the virtual annual general meeting of Bengal Chamber of Commerce and Industry, Mr Khara said, “The economy is expected to bounce back from the next fiscal starting from April 2021. The next normal will see a paradigm shift and some of them will be permanent.” Mr Khara said the economy had shown “resilience to come out from the downturn” and some positive traction was witnessed towards the end of the first quarter of the current fiscal. According to him, investment demand from corporate will take some time to pick up. “Average capacity utilisation among the corporations is around 69 per cent. Investment demand from corpora

Prime Minister Narendra Modi on Friday said that the COVID-19 pandemic will remain a watershed moment in history, just like World War II (WWII). The Prime Minister was speaking at the India-Italy Virtual Summit with his Italian counterpart Giuseppe Conte. “COVID-19 pandemic will remain a watershed moment in history, just like WWII. We will have to adapt ourselves to the post-Corona world. We will have to be ready for the opportunities and challenges arising out of it,” PM Modi said. The Prime Minister paid condolences on behalf of the people of India for the losses due to COVID-19 in Italy. “I express my condolences on behalf of all the people in India, for the losses due to COVID-19 in Italy. When other countries of the world were still getting to know of Coronavirus and trying to understand it, you were suffering from it,” PM Modi said. He said, “You swiftly and successfully brought a very difficult situation under control. You also consolidated the entire country.” “I hope that afte

A World Health Organization-led scheme to supply COVID-19 drugs to poor countries is betting on experimental monoclonal antibody treatments and steroids but is shunning Gilead’s remdesivir blockbuster therapy, an internal document shows. The WHO draft document, seen by Reuters and dated Oct. 30, says the priorities are to secure monoclonal antibodies in a tight market and to boost purchases and distribution of cheap steroid dexamethasone, of which it has already booked nearly 3 million courses of treatment for poorer countries. Monoclonal antibodies are manufactured copies of antibodies created by the body to fight an infection. The paper, which for the first time outlines how the scheme would spend donors’ money, does not cite remdesivir among priority drugs – a significant omission as the antiviral is the only other medication alongside dexamethasone approved across the world for treating COVID-19. Gilead Science, the U.S. company that developed remdesivir, said the WHO scheme had no

Democrat Joe Biden edged closer to victory in the U.S. presidential race on Thursday as election officials tallied votes in the handful of states that will determine the outcome and protesters took to the streets. President Donald Trump alleged fraud without providing evidence, filed lawsuits and called for recounts in a race yet to be decided two days after polls closed. He tweeted this evening, “STOP THE COUNT!”. The race was coming down to close contests in five states. Biden held narrow leads in Nevada and Arizona while Trump was watching his slim advantage fade in must-win states Pennsylvania and Georgia as mail-in and absentee votes were being counted. The Republican president clung to a narrow lead in North Carolina as well, another must-win for him. Trump had to win the states where he was still ahead plus either Arizona or Nevada to triumph and avoid becoming the first incumbent U.S. president to lose a re-election bid since fellow Republican George H.W. Bush in 1992. Edison R

Prime Minister Narendra Modi on Saturday paid tribute to former prime minister Indira Gandhi on her 36th death anniversary. The then prime minister was assassinated by her bodyguards here in 1984. “Tributes to our former PM Smt. Indira Gandhi Ji on her death anniversary,” Modi tweeted. The prime minister had paid tribute to Gandhi in his monthly Mann ki Baat radio broadcast last Sunday as well. “On the 31st of October we lost former Prime Minister of India, Smt. Indira Gandhi. I most respectfully pay my tributes to her,” he said.

Defence Minister Rajnath Singh on Sunday said India wants an end to the border tension with China in eastern Ladakh, but at the same time asserted that Indian soldiers will never allow even an inch of the country to be taken away by anyone. The defence minister made the remarks after performing “Shastra Puja” — the customary worship of weapons — at the Sukna-based headquarters of the Indian Army’s 33 Corps in Darjeeling district of West Bengal on the occasion of Dussehra. The defence minister was scheduled to perform the puja at Sherathang, a high-altitude border area near the Line of Actual Control (LAC) with China in Sikkim, but could not go there due to inclement weather, officials said. “India wants an end to the ongoing border tension with China and restoration of peace. This is our objective. But at times, some nefarious incidents keep happening. I am very confident that our soldiers will never allow even an inch of our land to be taken away by anyone,” Singh said after performin

Union Finance Minister Nirmala Sitharaman Thursday released the BJPs manifesto for the Bihar assembly polls which seeks to reach out to the youth with the promise of 19 lakh jobs in the next five years and farmers with the assurance of bringing lentils under the MSP regime. Carrying the tagline BJP hai to bharosa hai, the party drew heavily upon the trust enjoyed by Prime Minister Narendra Modi among the masses by virtue of pro-people measures like the Jan Dhan scheme and the Ujjwala Yojana. Bihar is a politically sensitive state. Here people cannot be fobbed off with empty promises. Claims made by parties are likely to be weighed against their past track record. This is where the BJP scores, Sitharaman told a press conference where she released the manifesto. We have the confidence that we can deliver on our promises. In the last six years, all the programmes announced by the prime minister have been implemented, be it electrification of villages, gas cylinders for poor women or finan

India’s contribution will be critical to fighting COVID-19, especially when it comes to making vaccines for the whole world, Health Minister Harsh Vardhan said on Wednesday, assuring that the government has accorded top-most priority to research and manufacturing to ensure that the vaccine reaches the last person. He made the remarks while virtually addressing the World Bank-IMF annual meeting on “Unleashing the South Asian Century through Human Capital for All” and “Investing in COVID-19 Vaccines and Primary Healthcare Delivery System”. He said that the National Expert Group on Vaccine Administration is working on all aspects, besides designing innovative approaches to distribute vaccines in rural and remote regions, the Health Ministry said in its statement. The health minister said the present research agenda for COVID-19 has been to provide an affordable vaccine as well as to ensure its equitable distribution. Currently, three Indian pharma companies in partnership with foreign or