COVID 19 RECOVERY RATE
India's job crisis: Labour Ministry hits back at Citigroup; says report fails to consider data from official sources
India's labour ministry has refuted Citigroup's report that New Delhi will struggle to create sufficient employment opportunities despite a 7% growth rate. The ministry cited that the report does not analyze all official data sources available in the public domain, and that India has generated over 8 crore employment opportunities from 2017-18 to 2021-22, despite the COVID-19 pandemic.
UPI usage surges in India on the back of small businesses
India's adoption of digital technology, particularly UPI, has seen a significant increase in business activities, particularly in the informal sector. A recent survey by the Statistics Office revealed that internet usage for business purposes increased from 7.7% in rural areas to 30.2% in urban areas during 2022-23. This represents a 7.2 percentage point increase, highlighting the rapid adoption of digital payment methods in the informal sector.
Does COVID-19 cause long-term health issues like mini-strokes, pulmonary scarring, and irritable bowel syndrome? Details here
Scientists found that mild COVID-19 infections can cause long-term health issues years later, such as gastrointestinal and neurological problems. This highlights the broader impact of past infections, with inflammation likely playing a significant role in these delayed health effects.
Why have 39 US states witnessed COVID-19 surge? Know about reasons, new variants, common symptoms and more
There is a summertime spike in COVID-19 cases in 39 states in the United States. Reduced immunity, low vaccination rates, new COVID-19 variations, and an increase in indoor meetings are the main causes of this surge.
Bengal government withdraws 2% stamp duty, 10% circle rate relief for real estate sector
The West Bengal government has decided to end temporary relief measures for the real estate sector, including a 2 per cent stamp duty reduction and 10 per cent circle rate slash, effective July 1. Initially introduced in October 2021 to combat COVID-19 economic impacts, the benefits were extended multiple times. Sushil Mohta, of CREDAI West Bengal, expressed gratitude for the measures but urged a reconsideration, emphasizing the sector's significant contributions to the state's economy.
Xi says China planning 'major' reforms ahead of key political meeting
Chinese President Xi Jinping said Friday the ruling Communist Party was planning and implementing "major" reforms, ahead of a closely watched political conclave that is expected to put economic recovery high on the agenda. Xi said in a speech on Friday policymakers "are planning and implementing major measures to further deepen reform in a comprehensive manner".
Is the US facing a surge in COVID-19 cases? Symptoms, variants, vaccines and other details
The US is facing a summer surge in COVID-19 cases. The new variants are spreading and this has yet again raised the importance of taking precautions.
Sri Lanka reaches deal on debt restructuring with bilateral creditors including India, China and France
Sri Lankan President Ranil Wickremesinghe announced a debt restructuring deal with India, France, Japan, and China, a critical step in economic recovery after the 2022 debt default. Under an IMF bailout program, the agreement is expected to revive stalled foreign projects. Sri Lanka declared bankruptcy in 2022 due to economic mismanagement, COVID-19 impacts, and tax cuts. The deal defers loan payments until 2028 and extends repayment until 2043. Supporters celebrated the announcement in Colombo as it promises to restart crucial infrastructure projects.
China central bank boss says no major stimulus to boost economy
The country's recovery from the impact of Covid has slowed in the months since it abruptly lifted tough restrictions in late 2022, with a property crisis and tepid consumer demand weighing on growth.
Informal sector shows resilience, witnesses recovery post-pandemic: Survey
The informal sector faced a severe blow during the second wave of the pandemic, leading to a reduction in the number of units and workers. However, a gradual recovery was observed after the July quarter of 2021, according to the findings of an official survey reported by TOI. The annual survey of unincorporated sector enterprises (ASUSE) revealed the resilience of the informal sector, with the total number of establishments increasing from 5.8 crore in 2021-22 to 6.5 crore in 2022-23, marking a growth of nearly 5.9%.
Higher property prices, changes in law to boost debt recovery from stressed realty projects: Report
The recovery of debt from stressed residential realty projects is expected to increase in the current financial year due to rising property prices and regulatory changes. Crisil forecasts a bad loan recovery rate of 16-18% by FY25, driven by improved project viability, strong demand, and investor interest. Recent amendments to IBBI regulations are also seen boosting real estate asset resolution. With residential realty demand projected to grow by 10-12% and low unsold inventories, ARCs are expected to expedite the turnaround of stressed projects.
ARCs to see 5-7% higher recoveries from residential realty in FY25: CRISIL Ratings
Additionally, recent amendments to the Insolvency and Bankruptcy Board of India (IBBI) regulations are expected to expedite the resolution of stressed real estate assets in the medium term, enhancing the overall recovery process for ARCs.
'Kaun hain Narendra Modi?' Congress criticizes PM before his oath-taking ceremony
Congress listed 15 reasons questioning 'Kaun hain Narendra Modi?' including allegations of misleading public with trivial issues during elections. The opposition has launched a direct attack on Modi following a surprising performance in the Lok Sabha elections on June 4th. In a strong showing, the INDIA bloc won 232 seats, with Congress winning 99 seats. The INDIA bloc also won a majority of seats in India’s most populous state, the BJP-ruled Uttar Pradesh.
Trade strains boost cargo rates at pace recalling Covid ‘chaos’
Global goods trade is rebounding, boosting shipping rates and triggering memories of past disruptions for supply-chain managers.
FLiRT variants of COVID-19 'dominate' globally, sparking worries over immune evasion
WHAT IS FLIRT COVID? The FLiRT variants, marked by mutations in the virus' spike protein, including KP.2 now prevalent in the US, have raised questions about immune response and vaccine efficacy. Despite a decline in hospitalizations, experts await updated vaccines targeting these variants amid ongoing surveillance and discussions among regulators.
Left govt in Kerala enters fourth year, CM says extreme poverty will be eradicated by 2025
Kerala CM Pinarayi Vijayan said that while the Union government fails to fill the numerous vacancies in various Central government establishments, including the Indian Railways and other Central public sector undertakings, the Kerala Public Service Commission stands as a model for the entire country. He promised that the Left government will eradicate extreme poverty in the state in the coming year.
Creditors' haircuts in bankruptcy cases jump to 73 pc in FY24, resolutions taking longer: Report
Creditors' haircuts in bankruptcy resolutions rose to 73% in FY24 from 64% in FY23. 269 resolution plans were approved by NCLTs, with a decline in new admissions due to Covid-19. The average resolution time also increased, impacting CIRPs and entities. NCLT passed liquidation orders for 446 corporate debtors in FY24.
Global life expectancy projected to improve by 5 years in men, over 4 in women by 2050: Study
A global study published in The Lancet predicts nearly five years' improvement in men's and over four years' in women's life expectancy from 2022 to 2050. Enhanced survival rates from diseases like cardiovascular ailments and COVID-19 contribute to narrowing global life expectancy gaps, especially benefiting Sub-Saharan Africa.
Wallet recovery firms buzz as locked-out crypto investors panic in bitcoin boom
Losing access to a crypto wallet is a well-known problem. Investors forgetting their intricate passwords is a primary reason, but loss of access to two-factor authentication devices, unexpected shutdowns of cryptocurrency exchanges and cyberattacks are also common
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