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Why is the Serum Institute of India facing a major shortage of vaccine production?

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Why is the Serum Institute of India facing a major shortage of vaccine production?

With a terrible second wave of the coronavirus pandemic sweeping India, concerns are being raised about how the nation — which is home to the world’s largest vaccine production — arrived at this tragic position.

New infections continue to be reported in large numbers in India. It crossed the sad milestone of reporting over 20 million Covid cases on Tuesday, with at least 226,188 people dying due to the virus; however, the recorded death toll is thought to be lower than the actual death toll.

Meanwhile, despite the fact that India ceased vaccine exports in March to focus on local vaccinations, the country’s immunization program is struggling to affect, and supplies are a concern.

The enabling of a vast religious holiday and electoral rallies and the transmission of a highly contagious strain of the virus have been blamed for the high increase in illnesses recorded in India since February.

Prime Minister Narendra Modi and the Bharatiya Janata Party, which he leads, have been chastised for their lack of caution and preparations and have been accused of prioritizing politics and campaigning over public safety.

The government released a statement on Monday denying media allegations that it had placed no new orders for Covid vaccinations since March, claiming that “these media allegations are absolutely wrong, and are not founded on facts.” It stated that it had provided funds to both the SII and Bharat Biotech to deliver vaccinations in May, June, and July.

The beverage industry’s revenues dropped by 29% in 2020

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The beverage industry’s revenues dropped by 29% in 2020

The pandemic caused havoc on India’s beverages business, with a statewide lockdown lasting more than a month and the following closure of bars, pubs, restaurants, and hotels until early September wreaking havoc on sales of whiskey, beer, rum, and vodka.

 According to the most recent statistics from IWSR Drinks Market Analysis, total sales volume fell by over 29% to 474 million cases (of 9 liters each) in 2020, down from 668 million in 2019. Volumes are down for the second year in a row. Due to a slowing economy, which reduced consumer demand, sales were down 3.4 percent in 2019.

In 2020, sales of spirits, including whiskey, gin, vodka, rum, and brandy, fell 20% to 277 million cases. Gin sales were the worst impacted, falling 57 percent to 0.8 million cases as individuals became less gregarious. Beer sales have dropped by nearly 40%.

Because the lockdown fell during the peak season, beer sales, which account for 41% of total national alcohol sales, fell by 39% to 193 million cases. “Beer and RTDs (ready-to-drink) sales plummeted, robbing them of many of the venues and occasions that had fueled growth. The shutdown could not have come at a worse time, especially for beer.

According to IWSR, the category relies on young urban consumers and after-work situations, and the peak season for consumption was about to begin. People drank more at home as institutions stayed closed. According to the research, while the segment rebounded fast in the second half of 2020, the second wave and subsequent lockdowns have dashed prospects of a swift return.

The World Bank estimates global growth of 5.6 per cent in 2021, the highest since 1973

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The World Bank estimates global growth of 5.6 per cent in 2021, the highest since 1973

WASHINGTON: The World Bank has upgraded its global economic estimate for this year, stating that Covid-19 vaccines and tremendous government support in rich countries will propel the world’s most significant growth in nearly five decades. The 189-country anti-poverty organization’s newest Global Economic Prospects study, released Tuesday, predicts that the global economy will rise 5.6 per cent this year, up from the 4.1 per cent it predicted in January.

As a result of the coronavirus epidemic disrupting trade and forcing firms to close and people to stay at home, the world economy dropped by 3.5 per cent last year. With the expected increase, 2021 will be the quickest year of growth since 1973, when it grew 6.6 per cent.

However, the bank believes that the comeback in 2021 will be unequal, with rich countries such as the United States leading the way, able to spend enormous sums of public money to assist their economies: Only a third of developing countries are likely to return to pre-pandemic levels of income per person next year, compared to 90% of prosperous economies. 

The World Bank is urging for more Covid vaccinations to be distributed to low-income nations, where vaccination rates have been lacking. The bank projects the US economy to grow 6.8% in 2021, up from its January prediction of 3.5 per cent; the world’s largest economy shrunk 3.5 per cent last year as Covid-19 pulled economic activity to a halt in the spring.

The economy got restored by an aggressive vaccine rollout, cheap interest rates, and massive government investment. China, the world’s second-largest economy and the first to recover from the coronavirus outbreak, is expected to grow at an annual rate of 8.5 per cent in 2021, up from 2.3 per cent last year. The 19 European countries that share the euro currency are predicted to grow by 4.2 per cent this year, reversing a 6.6 per cent dip last year.

The Quad is on schedule to provide 1 billion COVID-19 vaccines to Southeast Asia

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The Quad is on schedule to provide 1 billion COVID-19 vaccines to Southeast Asia

Despite a horrific second wave of the coronavirus pandemic in India, the Quad nations’ pledge to supply a billion Covid vaccines to people in Southeast Asia by 2022 is still on schedule, according to a top White House official. During a virtual meeting in March, leaders of the Quad – Australia, India, Japan, and the United States – decided to donate a billion vaccinations to Southeast Asia.

These vaccines were supposed to be made in India, but due to the second wave of the COVID-19 epidemic, some are questioning if the Quad would fulfill its commitment by 2022.

“I think we’re feeling relatively confident as we head into 2022, but we recognise that what we are facing right now across Asia, in fact, across the world are new strains that spread more rapidly. So even countries that did extremely well through social distancing and masking are now facing outbreaks even with tremendous stringency”, said the White House’s Indo-Pacific strategy director, Kurt Campbell.

He added that the intention is to host an in-person Quad meeting in Washington in the fall. It will be ensured that all relevant measures on the vaccination deliverable are taken with all leaders present.

In response to a question on press reports of the Quad’s expansion, he stated that the focus would be on deepening and broadening familiarity and broadening inside governments.

China exempted from Apple’s ‘private relay’ privacy feature in iOS15

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China exempted from Apple’s ‘private relay’ privacy feature in iOS15

At its annual software developer conference, Apple unveiled plenty of new privacy features. 

Users’ web browsing behaviour can be disguised from Apple, internet providers, and advertising via a feature called “private relay.” 

Apple has been pressed to reduce the amount of data it collects from its users. 

However, due to legal considerations, the functionality will not be available to customers in China, one of the company’s most important regions. 

It’s the latest privacy concession made by the Internet giant in China, accounting for 15% of its revenue. 

China’s Internet is tightly regulated, and its citizens are subjected to an enormous surveillance apparatus.

Several countries, including Belarus, Colombia, Egypt, Kazakhstan, Saudi Arabia, South Africa, Turkmenistan, Uganda, the Philippines, and China, will be unable to use the feature.

Later this year, the function will most likely be in the markets. 

Apple also unveiled a slew of new privacy features in iOS 15, the company’s latest iPhone operating system. 

Users will see which apps are gathering information, and some apps, like Mail, will mask IP addresses to prevent monitoring.

The new features are likely to hurt social media businesses like Facebook, Google, and Twitter, whose business models rely on personalised advertising based on user data.

France has fined Google $268 million for unfair internet ad treatment

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France has fined Google $268 million for unfair internet ad treatment

France’s anti-trust watchdog fined Google 220 million euros (USD 268 million) on Monday for abusing its “dominant position” in the Internet advertising market, an unprecedented measure, according to the authority.

The Competition Authority stated that Google’s practises are “especially severe” since they “penalise Google’s competitors” in specific markets and publishers of mobile sites and applications. 

According to the statement, “a corporation in a dominant position is subject to a particular obligation, that of not undermining.”

According to the statement, Google, based in Mountain View, California, did not contest the facts and instead chose to settle by offering modifications. Isabelle de Silva, the authority’s head, called the ruling unprecedented. “It’s the world’s first decision to dig into the intricate mathematical auction mechanisms that underpin internet display advertising,” she said.

SBI report suggests the cost of mobility restrictions and lockdowns estimates to be Rs 1.5 trillion

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SBI report suggests the cost of mobility restrictions and lockdowns estimates to be Rs 1.5 trillion

According to a State Bank of India’s economic wing report, the strict mobility limitations and lockdowns imposed across important Indian cities will stifle economic growth and result in a financial loss of Rs 1.5 trillion (SBI).

A total loss of Rs 1.5 trillion is predicted, with Maharashtra, Madhya Pradesh, and Rajasthan accounting for 80% of the total. Dr Soumya Kanti Ghosh, the group chief economic adviser at SBI, wrote, “Maharashtra alone accounts for 54 percent.”

In light of this, SBI has cut its GDP forecasts for fiscal 2021-22. (FY22). The revised FY22 accurate GDP prediction (down from 11%) and nominal GDP projection (up from 14.3%) are now at 10.4% and 14.3%, respectively (earlier 15 per cent).

“Overall, we foresee a loss of sequential momentum in Q2-2021, but once the second wave passes (we expect July-September), pent-up demand should be released in the following quarters. Moreover, the economy should benefit from faster vaccinations after June, the lagged impact of easy financial conditions, front-loaded fiscal activism, and strong global growth.” Sonal Varma, managing director, and chief India economist at Nomura, wrote a recently co-authored note with Aurodeep Nandi.

Fuel Price Hike: Pradhan blames it on the Global Crude Oil price

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Fuel Price Hike: Pradhan blames it on the Global Crude Oil price

The Union Minister for Petroleum and Natural Gas blamed the recent rise in global crude oil prices to increase India’s petrol prices Monday. Noting that gasoline and diesel have recently grown more expensive, Pradhan stated that it is up to the GST Council to decide whether fuel should be included in the Goods and Services Tax, which many feel would result in significant price reductions.

“The cost of petroleum products has increased. The main reason is that the world price of crude oil has surpassed USD 70 (per barrel). Because India imports 80% of its oil, this has a detrimental impact on Indian consumers “he stated

The minister was replying to a reporter’s question regarding the recent increase in fuel prices. In Gandhinagar, he witnessed the signing of a Memorandum of Understanding (MoU) between the Gujarat government and the Indian Oil Corporation (IOC) on the expansion of the IOC’s refinery in Vadodara.

When asked about his position on including fuel in the GST regime to protect citizens from rising prices, Pradhan replied he supports the notion. “The worldwide market controls the price of this commodity. As a sector in-charge, I believe that fuel should be included in the GST. However, it will only be implemented once members of the GST council have reached an agreement. The GST Council would make a collective decision on the matter “he stated.

Earlier in the day, Congress leader Rahul Gandhi lashed out at the government over rising gasoline prices, claiming that “waves of tax collection epidemic” are on the way. His comments came as petrol prices in some cities surpassed Rs 100, and Delhi was on the verge of doing so.

Congress has criticized the government over rising gasoline and diesel costs. In addition, the opposition party has demanded that petrol and diesel be included under the GST scheme.

This fiscal year, the Center is expected to raise the COVID-19 vaccine budget to $6 billion

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This fiscal year, the Center is expected to raise the COVID-19 vaccine budget to $6 billion

After the prime minister gave free doses to all adults, two government sources told Reuters that India might increase spending on COVID-19 shots by more than a quarter this fiscal year, to up to 450 billion rupees ($6.18 billion).

In a Monday speech to the country, Prime Minister Narendra Modi said that from June 21, the federal government would cover the expense of immunising all adults. His prior policy of requiring individual governments to pay for immunisations for anyone under 45 was widely disliked.

According to the sources, the government will spend up to 450 billion rupees on COVID-19 vaccines this fiscal year.

Three hundred fifty billion rupees was previously budgeted. According to one source, part of the raise could be attributable to higher-than-normal expenses for domestically manufactured shots. 

The country is now employing the AstraZeneca NSE 0.05 per cent vaccine produced by the Serum Institute of India and a Bharat Biotech-developed vaccine. In the middle of this month, Russia’s Sputnik V will be commercially launched. Modi’s policy decision reflected a push to contain a COVID-19 pandemic, killed hundreds of thousands of people in India and resulted in the world’s second-highest infection rate.

It came after weeks of criticism following a failed vaccine rollout that only reached about 5% of India’s estimated adult population of 950 million people.

India Inc to offer a 9.5 per cent salary hike this year

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India Inc to offer a 9.5 per cent salary hike this year

Employees in India are likely to receive a 9.5 per cent wage increase this year, which is lower than the previous year. Still, top performers will receive hefty raises as employers focus on performance.

According to Aon Hewitt’s annual Salary Increase report, wage increases will decrease by 9.5 per cent on average across industries. In 2016, it was 10.2 per cent. The progressive deceleration of pay hikes in recent years (from 15.1 per cent in 2007 to 9.5 per cent in 2017) and a greater emphasis on performance indicated that India’s wage budgets were “greying.”

“While this is a slight reduction from 2016, it indicates India Inc’s maturity in the face of global and Indian economic and political circumstances. This includes, but is not limited to, Brexit, recent US government changes, and the much-discussed demonetisation “According to the poll, which looked at data from over 1000 organisations, performance and critical talent are becoming increasingly important to businesses.

Pay disparities between elite and ordinary performers have also widened, with necessary talent earning 1.8 times as much as an average performance. Furthermore, firms rely on various programmes for crucial personnel management, including career development, learning and development, international and functional mobility, and leadership access, among others.

India continues to lead the Asia-Pacific area despite a year-on-year decrease in pay increases.

“Business performance has been impacted by political changes and economic difficulties. However, this year’s pattern shows a progressive slowing of pay growth and a greater emphasis on productivity and Performance—basically a ‘greying’ of India’s compensation budgets “, Anandorup Ghose, partner at Aon Hewitt India, stated. “In the last five years, India has witnessed good numbers in terms of income rises, more than 11%,” Ghose continued.

However, during the following few years, and possibly in the future, we will not see such high numbers.” In 2017, industries like health sciences, professional services, chemicals, entertainment media, automotive, and consumer items were expected to see double-digit compensation increases.

They have, however, reduced their actual spending from 2016. Meanwhile, overall attrition is ‘under control,’ but essential talent attrition has increased significantly. India has one of the lowest total attrition rates in the emerging market segment, at 16.4%. Since 2015, the figure has been stable. At the same time, critical talent decline jumped from 7.3% in 2015 to 12.3% in 2016.

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