As Yog Guru Baba Ramdev launched “first evidence-based medicine for COVID-19 by Patanjali”, Health Minister of India Dr Harsh Vardhan, who was present at the event, applauded traditional medicinal system, saying growth rate of Ayurveda’s economy post-COVID rose to 50-90%. “Ayurveda has Rs 30,000 crore economy in India.Post Covid-19, Ayurveda economy risen 50-90%: Harsh Vardhan
Trade levels were 0.6% higher than a month earlier in December, mainly helped by exports from advanced economies such as the United States, and by imports from emerging economies.
The sessions start with the latest sobering statistics meant to focus the work and offer a reminder of what's at stake: new coronavirus cases, people in hospitals, deaths.
Here is an overview of some of the transformations.
The median forecast from a survey of 58 economists, conducted between Feb. 18-24, put year-on-year growth at 0.5% in the December quarter, as the economy stabilised after contracting 23.9% and 7.5% in April-June and July-Sept quarters respectively.
Inflation has long been a key driver in setting the level of interest rates. Yet price increases, once considered a curse, have been contained in recent decades.
If everything goes according to plan, India will be able to reap the fruits of its favourable demography over 2030s and 2040s, before she loses that edge in the 2050s, according to economists.
The biggest bull of Dalal Street, Rakesh Jhunjhunwala, believes the early indicators are positive for India. In an interview with ET NOW, he said the promise of reforms and firmness of the government will lead to this decade belonging to India.Early indicators positive, next few decades could be India's: Rakesh Jhunjhunwala
Measured by output, the world economy is well on the way to recovery from a slump the likes of which barely any of its 7.7 billion people have seen in their lifetimes. Vaccines should accelerate the rebound in 2021. But other legacies of Covid-19 will shape global growth for years to come.
Reuters polls of around 500 economists across Asia, Europe and the Americas revealed modest downgrades or no change to growth outlooks compared with previous surveys, as well as tamer inflation views across most countries.
The United States remains under siege from the health crisis, but with new vaccines being distributed and inoculations running at more than 1.5 million each day, the economy is expected to run hotter this year.
ET India Inc Boardroom: A platform to learn, share and gain deeper insights on what worked in 2020, what did not, and how the future can be shaped from here on
The ET India Inc Boardroom brings tales of how businesses braved the odds in a tough environment, the resilience they showed and the optimism they share for future growth.
"These findings show encouraging signs infections are now heading in the right direction across the country, but we must not drop our guard," said UK Health Secretary Matt Hancock.
An editorial in the Shiv Sena mouthpiece 'Saamana' on Tuesday said after Thackeray's comments, BJP leader Pravin Darekar remarked that the government should not create an atmosphere of terror and not act like a tyrant regime.
Is it enough to earn the 68-year-old former investment banker four more years as the head of the U.S. central bank? That question will get increased attention during this, the final year of Powell's term, and the conversation may start as early as this week when the Fed chief delivers his semi-annual update on the economy in two hearings before Congress.
“We are also watching India's vaccination campaign very closely to see how well India can mitigate the lurking risks associated with the pandemic as well as new, more transmissible and potentially resistant strains of the SARS-CoV-2 virus,” said Andrew Wood, its director of sovereign and international public finance ratings.
"The manufacturing sector is spearheading the growth recovery as many contact intensive services sub-sectors are severely affected by the crisis. The initiatives by the Government under the Aatma Nirbhar Bharat Abhiyaan and Union Budget 2021-22 towards developing a vibrant manufacturing sector and infrastructure acknowledges the strong linkages they have with the rest of the sectors. The Production Linked Incentive (PLI) Scheme aims to make India an integral part of the global value chain. This, along with reforms in labour market, can go a long way in propelling growth to an elevated trajectory for the manufacturing sector and reap its employment potential", says RBI Governor Shaktikanta Das. Manufacturing sector is spearheading growth recovery: RBI Governor Shaktikanta Das
Several companies that were hit by lockdowns are reporting faster than expected recoveries. For example, infrastructure players are benefitting due to increased government spending. Here are the six stocks that are worth betting on.
That was China's weakest growth in decades but ahead of the United States and other major economies. They have yet to report 2020 growth but all are on track to show full-year activity contracting before vaccines are rolled out and commerce returns to normal.
India took 'very decisive' steps to deal with coronavirus pandemic and its economic consequences: IMF chief
The IMF Managing Director during a global media roundtable on Thursday predicted a less bad outlook for India in the upcoming World Economic Update due to the steps taken by it.
Bitcoin hovered just short of $50,000 as profit taking paused the cryptocurrency's steep rally that has carried it more than 60% higher in 2021 so far.
This week, new daily infections were the lowest in eight months, while deaths fell below 100 -- the smallest single-day total since May.
The spotlight remained on bitcoin as it reached a record above $47,000, building on a nearly 20% surge overnight that was the biggest since 2017, after Tesla Inc announced a $1.5 billion investment in the digital asset.
The economy contracted 3.4% year-on-year in the October-December period, falling for a third straight quarter and faster than the 3.1% decline forecast in a Reuters poll.
The proposed aid package includes $415 billion to bolster the U.S. response to the virus and the rollout of COVID-19 vaccines, some $1 trillion in direct relief to households.
The International Monetary Fund has forecast an 8.8% GDP growth for India in 2021-22. Economists and statisticians say if the economy starts recovering — GDP has contracted by minus 7.5% in the September quarter, from minus 23.9% in the June quarter — the graph next year is bound to be a mirror image of what would be achieved this year.
More than 8,700 people in 24 nations were surveyed at the start and end of 2020 by the Glocalities market research agency, with the findings showing an increase in the share of respondents who thought income differences should be reduced.
Dubai Statistic Centre said the economy declined by 10.8% in the first six months of 2020, which the centre's executive director, Arif Al Muhairi, said was within the expected range of economic contraction, given the massive global economic impact of the COVID-19 pandemic.
In its Global Financial Stability update released on Wednesday, the International Monetary Fund underlined that until the coronavirus vaccines are widely available, the market rally and the economic recovery remain predicated on continued monetary and fiscal policy support.
Signalling that during the pandemic, the creative industries continue to face a very uncertain future, the report shows that the creative economy is contracting, organisations are closing permanently to avoid bankruptcy, and creative businesses are contending with increasingly difficult choices to cut staff and overheads to ensure they remain resilient.
For the country to be a manufacturing hub, there needs to be mass customisation, focus on technologies such as IoT and 3D, and companies need to adhere to compliance standards, concluded panelists at ET India Inc Boardroom.
World Bank Chief Economist Carmen Reinhart said increasing debt distress in many of those countries meant that China, now the world's largest official creditor, would need to start restructuring the debt it is owed.
On Friday, President Joe Biden signed a pair of executive orders that were meant to offer a quick dose of economic relief to an economy still being hammered by the coronavirus. Both measures were largely stopgaps as Congress considers a $1.9 trillion stimulus plan from Biden. "The bottom line is this: we're in a national emergency, we have to act like we're in a national emergency," Biden said before signing the executive orders.US Economy is in 'a national emergency': President Biden
As part of the ET India Inc Boardroom series, panelists from the MSME sector were of the opinion that there is rapid growth of the online ecosystem and India has made significant infrastructure investments which will yield results in the time to come.
While speaking to ANI, NITI Aayog Vice Chairman Rajiv Kumar on December 31 said India economy will grow at 10% in 2021-22 in real terms. India’s economy to reach pre-Covid level by 2021 end: NITI Aayog VC
The reflation trade-led pickup in developed market yields in recent weeks has created fear in the markets that a further uptick in yields could pose problems for the broader equities market, given elevated valuation multiples, writes Madhavi Arora.
Maruti Suzuki sets target for 2021; asks vendors to be prepared for 2 million production in 2021. Now that India is back on track to revive its economy that has been massively hit by the COVID pandemic. Economic revival amidst Covid hit economy; optimism fills auto sector
The state statistics office Destatis said Thursday that only the construction sector showed an upturn as industry and services saw deep declines. Agriculture, financial services, real estate and information and communication suffered smaller declines.
More than any event in memory, the pandemic has been a global event. On every continent, households have felt its devastation, joblessness and lockdowns, infirmity and death.
After withstanding President Donald Trump’s trade war, China is deepening economic ties within Asia and Europe and looking to domestic consumption to power its next phase of growth.
Among the big-ticket items in the bill are $1,400 direct payments to individuals, a $400-per-week federal unemployment benefit through Aug. 29, and help for those having difficulties paying their rent and home mortgages during the pandemic.
As per the COVID-19 Dashboard by the Center for Systems Science and Engineering at JHU, the global tally stood at 67,535,605 as of 6.56 am (IST) Tuesday.
PR Professionals has consistently gone out of its way to help out others.
Potential issues could arise around the younger generation who would be last in line to be vaccinated.
The world’s biggest and second-biggest economies are on course to trade places in dollar terms in 2028, five years earlier than expected a year ago, it said on Saturday.
The research in Israel - two months into one of the world's fastest rollouts, providing a rich source of data - showed two doses of the Pfizer shot cut symptomatic COVID-19 cases by 94% across all age groups, and severe illnesses by nearly as much.
Covid-19 resulted in jobs moving away from high labour productive sectors to agri, construction: CMIE
Data from the Consumer Pyramids Household Survey of CMIE shows employment in agriculture shot up and touched its peak in July and August at 160 million resulting in total employment in the sector in the quarter ended on September 30 at 158 million, which is 5.5% higher than the corresponding quarter a year ago.
Prime Minister Muhyiddin Yassin was the first to be given the vaccine, developed by US drugmaker Pfizer and German partner BioNTech, as part of government efforts to reassure people of the vaccine’s safety. After Muhyiddin was given his shot, officials clapped in the health department office in the administrative capital of Putrajaya.
The pandemic, on the heels of a sustained slowdown, maybe bringing some good sense back to the business of selling houses. Developers may have abandoned the dream of ever-increasing prices and may have started realising that a market has two sides.
The pandemic expected to widen inequality between countries and within them, and may push as many as 150 million people into extreme poverty, according to the World Bank.
Their claims were explosive, but the evidence was weak.
What began as a year clouded by the milder threats of a fractious U.S. presidential election, ongoing trade tensions with China, and a hard deadline for U.K. relations with the European Union soon became an existential ordeal to salvage any economic growth at all amid unprecedented lockdowns.
Tedros Adhanom Ghebreyesus also condemned the "dangerously short-sighted" cycle of throwing cash at outbreaks but doing nothing to prepare for the next one, in a video message marking Sunday's first International Day of Epidemic Preparedness.
USA-FED-Fed says bond-buying changes hinge on 'qualitative' call on economy
Norov was speaking at the inaugural plenary of four-day 23rd Sustainable Development Conference (SDC) titled: Sustainable Development in the Times of COVID-19, inaugurated by the Sustainable Development Policy Institute (SDPI) in Islamabad on Monday.
In its annual report for the fiscal 2019-20 released on Wednesday, the State Bank of Pakistan (SBP) said the nation's economy seems poised to pick up from where it was before the COVID-19 shock, The Express Tribune reported on Wednesday.
The global economy will grow 4.2% next year and ease to 3.7% in 2022, after shrinking 4.2% this year, the Organisation for Economic Cooperation and Development said in its latest Economic Outlook.
All eight high-frequency indicators tracked by Bloomberg News were steady last month, keeping the needle on a dial measuring the so-called ‘Animal Spirits’ unchanged at 5. The level was arrived at by using the three-month weighted average to smooth out volatility in the single-month readings.
The announcement of Sharma's appointment as Policy Advisor for Testing was made by Biden on Friday along with additional members of the White House COVID-19 Response Team.
Saudi Arabia is facing its worst economic decline in decades after the COVID-19 pandemic curbed global crude demand and measures to contain it also hurt other sectors. The world's largest oil exporter said on Tuesday it expects the economy to shrink by 3.7% this year but to swing back to growth of 3.2% next year.
During the closely-monitored visit -- which included a visit to a propaganda exhibition celebrating China's recovery -- reporters were largely kept at arms' length from the experts.
In the midst of cutbacks in workforce and emergency services and growing poverty, U.S. cities, especially the smaller ones, are hoping the next round of stimulus includes them and that President-elect Joe Biden advocates for them when he takes office on Jan. 20.
In light of the fourth quarter performance, the Bank of France said it was sticking with a previous estimate that the euro zone's second-biggest economy shrank 9% over the course of last year.
As India rolls out one of the world’s biggest inoculation programs, some health-care and other frontline workers are hesitating because of safety concerns over a vaccine that has yet to complete phase III trials.
Scientists including BioNTech CEO Ugur Sahin and John Bell, Regius Professor of Medicine at the University of Oxford, have said they are testing the vaccines on the new variants and say they could make any required tweaks in around six weeks.
India's economy recovered faster than expected in the September quarter as a pick-up in manufacturing helped GDP clock a lower contraction of 7.5 per cent and held out hopes for further improvement on better consumer demand. "India has indeed been severely affected by the pandemic but is gradually recovering," IMF chief spokesperson Gerry Rice said.
The decline in FDI inflows was concentrated in developed countries, where fund flows fell by 69 per cent to an estimated $229 billion.
China's exporters benefited from the relatively early reopening of its economy and demand for masks and other Chinese-made medical supplies. Exporters have taken market share from foreign competitors that still face curbs imposed to fight the pandemic.
The method is easily adaptable to analyse potential mutations of the virus.
The blue-chip CSI300 index fell 1.5% to 5,437.52, while the Shanghai Composite Index slipped 0.8% to 3,566.38.
Germany plans to offer all citizens rapid coronavirus tests free of charge from March 1, its health minister said on Tuesday.
Daily new infections in the United States surpassed 163,000 on Thursday, crossing the 100,000 mark for a ninth consecutive day, and the death toll rose by 1,173 to a total of 242,982. Hospitals in some states are reaching capacity.
The overall campaign thus far has been extremely uneven: 80% of the 210 million doses administered worldwide thus far were given in just 10 countries, WHO Director-General Tedros Adhanom Ghebreyesus said this week.
As per the report, titled Asia–Pacific Employment and Social Outlook 2020: Navigating the crisis towards a human-centred future of work, overall labour income is estimated to have fallen by as much as 10% in the Asia–Pacific region in the first three quarters of 2020, equivalent to a 3% loss in gross domestic product.
The number of cases, compiled from data provided by national health agencies, represents just a fraction of the real infections as the coronavirus has spread around the globe.
The announcement extends a set of measures brought in 10 days ago and includes cinema and indoor sports centre closures. The restrictions, which come into effect from 10pm local time on Sunday evening, could be extended again, the ministry statement said.
Spanish gross domestic product expanded at a record pace of 16.7% in the third quarter from the previous one, after the lifting of a nationwide lockdown in June allowed the economy to begin recovering from its deepest ever recession. The GDP is still 8.7% smaller than a year ago.
The coronavirus pandemic is showing no signs of slowing down, with infections surging past 94 million and more than two million deaths, and Europe among the hardest-hit parts of the world.
With schools open and restrictions mainly affecting the catering and hospitality sectors, Germany has taken a softer approach than some of its neighbours but was still bound to suffer from weaker demand from abroad.
Oil prices soared to a 13-month high as a deep freeze due to a severe snow storm in the United States not only boosted power demand but also threatened oil production in Texas.
Government experts maintain that the Indian economy will come back to pre-Covid levels by the next financial year (2021-22) as it is recovering faster than expected. The committee, headed by former minister and BJP MP Jayant Sinha, has decided to prioritise the long-term impact of Covid-19 on the global economy.
The coronavirus vaccine — one of the world’s most in-demand commodities — has become a new currency for international diplomacy. Countries with the means or the know-how are using the shots to curry favor or thaw frosty relations. India sent them to Nepal, a country that has fallen increasingly under China’s influence. Sri Lanka, in the midst of a diplomatic tug of war between New Delhi and Beijing, is getting doses from both.
While the report makes clear that the economy has found a solid footing for now, analysts caution that growth will be much more modest and choppy in months to come.
The economy shrank 9.9 per cent last year, more than twice the figure for 2009 at the height of the global financial crisis, the Office for National Statistics said Friday. The drop is the largest since 1709, when a cold spell known as the Great Frost devastated what was then a largely agricultural economy.
Japan's Nikkei rose 0.3 per cent in early trade and Australian S&P/ASX 200 index added 0.8 per cent. Hong Kong's Hang Seng futures lost 0.20 per cent.
Authorities in South Africa have recorded almost half of the COVID-19 deaths in all of Africa and over a third of confirmed infections on the continent, but has lagged wealthier Western nations in launching mass immunisation programmes.
The dramatic collapse of the 15-month-old Congress government helmed by party veteran Kamal Nath was the biggest political event of 2020 in Madhya Pradesh.
The impending vaccination against the coronavirus would spur momentum in economic activity globally, the finance ministry said.
The UN Secretary-General also expressed hope that India will have all instruments necessary to play a major role in ensuring a global vaccination campaign becomes possible as the world fights the pandemic.
FM Sitharaman asserted that India has to invest a lot more in health infrastructure and get more private partners into the sector.
The government now expects a contraction in output of around 10.5%, according to the latest 2020 projections in the 2021 government budget now pending approval in the country's parliament.
Africa's biggest economy was last in recession in 2016, its first in a generation, and emerged the following year.
Japan also saw factory activity slip back into contraction as a new state of emergency, rolled out in January, hit operating conditions, PMI data showed on Monday.
The spillover effects of higher public investment would see a boost in demand, generate employment and develop the economy’s external competitiveness.
Fears that the pandemic is spiralling out of control in Germany, Europe's biggest economy, prompted Chancellor Angela Merkel and the 16 state governors to announce on Sunday a tough lockdown until Jan. 10 at the earliest.
Goyal in an interview to PTI said the management of the COVID-19 pandemic and gradual unlocks announced by the government have helped in avoiding multiple COVID-19 peaks. The growth estimates by different agencies are being continuously revised, she said.
Citing grim International Monetary Fund (IMF) projections, she alleged India will become the "fastest falling economy" from being the fastest growing economy. She also cited the IMF projections of 10.3 per cent contraction in India's GDP, which is the highest in the world after the UK's 9.8 per cent.
"As ADB's developing members prepare to vaccinate their people as soon as possible, they need financing to procure vaccines as well as appropriate plans and knowledge to be able to safely, equitably, and efficiently manage the vaccination process," ADB President Masatsugu Asakawa said.
Breaking with years of tradition, Part 1 is devoted to key conceptual and policy issues – how India fought covid, the debt/GDP debate, the “unfairness” of Western credit rating agencies, inequality, loan forbearance, innovation, Ayushman Bharat and constructing a Bare Necessities Index.
Dussehra, Diwali and Durga Puja celebrations that extend through the Christmas and New Year holidays are an occasion to splurge on big ticket items like gold, homes and cars as well as clothing, smartphones and electronics.