Year: 2020

The Reserve Bank of India provided a Rs 50,000-crore shot in the arm to stressed mutual funds by unveiling a special liquidity facility for the sector, days after Franklin Templeton Mutual Fund decided to close six debt schemes.   In a statement, the central bank said heightened volatility in capital markets in reaction to Covid-19 has imposed liquidity strains on mutual funds (MFs), which have intensified in the wake of redemption pressures related to closure of some debt MFs and potential contagious effects therefrom.   The stress, however, is confined…

The government warned that use of plasma therapy against life threatening pandemic as a treatment can prove fatal, since no proof of it working is out yet. And, without following due procedure, it could lead to life-threatening complications.   Meanwhile, the Indian Council of Medical Research (ICMR) will begin a study on the efficacy of plasma therapy this week involving 450 people, said a government source familiar with the developments. A few state governments have sought permission to conduct trials and experiments using the convalescent plasma therapy.    “The ICMR…

Digital freight forwarder Freightwalla, in association with Federation of Indian Chambers of Commerce (FICCI), conducted their second online interactive session on Wednesday to discuss how businesses and logistics service providers can resume critical operations amidst partial relaxations by the government.   The interactive online session offered seminal value specially because of its esteemed guests that included keynote speaker N. Sivasailam, Special Secretary- Logistics, Ministry of Commerce and Industry, who addressed some significant concerns of importer, exporters, and logistics service providers. Panelists included key influencers and experts from a host of sectors…

Hindustan Aeronautics Ltd. (HAL) has secured permission from the Ministry of Home Affairs to resume manufacturing operations as an essential defence service from Tuesday (April 28), but with curtailed staff and under strict safety guidelines. It has been cleared ‘on a par with defence’ to resume work as it provides essential services to keep the IAF operationally ready.   HAL halted work around a month back under a nationwide lockdown imposed to check the COVID-19 pandemic.   Among the first few to be picking up work again, the state-owned defence…

Health experts and the Government have been announcing since the day one to follow social distancing to curb coronavirus spread. But there are a few cases where this is not followed. Many times social distancing appears a failure. In a unique concept, the Thanneermukkom Gram Panchayat in Kerala has put umbrellas to use to further aid social distance.   Thanneermukkom Gram Panchayat made it mandatory for anyone stepping out in the public area to carry an umbrella for maintaining the social distance. Kerala Minister Thomas Isaac said that two opened…

After disastrously failed COVID-19 rapid test kits from Chinese companies- Guangzhou Wondfo Biotech and Zhuhai Livzon Diagnostics, Indian government has asked the respective states to stop using the faulty kits and return them.   “It needs to be stressed that ICMR hasn’t made any payment whatsoever in respect to these supplies. Because of the due process followed, (not going for procurement with 100% advance amount), the government doesn’t stand to lose a single rupee,” the government said.   Last week, the ICMR had asked the state governments to halt using…

The evaluation of rapid antibody testing kits supplied by two Chinese companies- Guangzhou Wondfo Biotech and Zhuhai Livzon Diagnostics in field conditions have shown wild variations in sensitivity and Indian Council Medical Research (ICMR) has asked states to stop using those kits.   In a new advisory issued to the states by ICMR, it stated that, “The results have shown wide variation in sensitivity, despite early promise of good performance for surveillance purposes,” ICMR said. The decision ends the era of short lived saga of rapid tests that were intended…

An uncut prolonged lockdown might probably throw millions of Indians into the “margins of subsistence”, claims former RBI Governor Duvvuri Subbarao while expecting a ”V” curved recovery once the COVID-19 crisis ends and the turnaround in India to be faster than some economies.   Subbarao was a part of a webinar on “History repeats – but differently- Lessons for the post Corona World,” organised by the Manthan Foundation here, in which former Deputy Governor of RBI Usha Thorat took part.   “Because most analysts believe that this year India will…