UP govt has set target to provide 70L jobs in 5 years: Yogi

New Delhi, May 4: The country's manufacturing sector activity witnessed unprecedented contraction in April amid national lockdown restrictions, following which new business orders collapsed at a record pace and firms sharply reduced their staff numbers, a monthly survey said on Monday.

The headline seasonally adjusted IHS Markit India Manufacturing Purchasing Managers' Index (PMI) fell to 27.4 in April, from 51.8 in March, reflecting the sharpest deterioration in business conditions across the sector since data collection began over 15 years ago.
The index slipped into contraction mode, after remaining in the growth territory for 32 consecutive months.

In PMI parlance, a print above 50 means expansion, while a score below that denotes contraction.

Amid widespread business closures, demand conditions were severely hampered in April. New orders fell for the first time in two-and-a-half years and at the sharpest rate in the survey's history, far outpacing that seen during the global financial crisis, the survey said.

"After making it through March relatively unscathed, the Indian manufacturing sector felt the full force of the coronavirus pandemic in April," said Eliot Kerr, Economist at IHS Markit.
Panellists attributed lower production to temporary factory closures that were triggered by restrictive measures to limit the spread of COVID-19.

Export orders also witnessed a sharp decline. Following the first reduction since October 2017 during March, foreign sales fell at a quicker rate in April. "In fact, the rate of decline accelerated to the fastest since the series began over 15 years ago," the survey said.

On the employment front, deteriorating demand conditions saw manufacturers drastically cut back staff numbers in April. The reduction in employment was the quickest in the survey's history.

"In the latest survey period, record contractions in output, new orders and employment pointed to a severe deterioration in demand conditions.
“Meanwhile, there was evidence of unprecedented supply-side disruption, with input delivery times lengthening to the greatest extent since data collection began in March 2005," Kerr said.

On the prices front, both input costs and output prices were lowered markedly as suppliers and manufacturers themselves offered discounts in an attempt to secure orders.

Going ahead, sentiment regarding the 12-month outlook for production ticked up from March's recent low on hopes that demand will rebound once the COVID-19 threat has diminished and lockdown restrictions eased.

"There was a hint of positivity when looking at firms' 12-month outlooks, with sentiment towards future activity rebounding from March's record low. That said, the degree of optimism remained well below the historical average," Kerr said.

In India, the death toll due to COVID-19 rose to 1,373 and the number of cases climbed to 42,533 as on Monday, according to the health ministry.

Meanwhile, the coronavirus-induced lockdown has been extended beyond May 4, for another two weeks in the country.

Jerusalem, Jul 23: Merging Israel's technological expertise with India's mass production capabilities, experts from the two countries have joined hands to develop rapid testing for Covid-19 in under 30 seconds.

Israel will soon send a high-level research delegation to India to conduct a series of "final stages of testing" as part of the joint effort to develop the rapid testing kits for Covid-19 .

A high ranking team from the Directorate of Defence Research and Development (DDR&D), in the Ministry of Defense, which has been working with India's DRDO to develop rapid testing for Covid-19 in under 30 seconds, is to leave from Tel Aviv to New Delhi on a special flight in a few days, Israel's Ministry of Defence said in a statement on Thursday.

Israel's Ministry of Foreign Affairs (MFA) and Ministry of Health are also involved in this unprecedented cooperation between the two countries which aims at "merging Israeli technology with Indian development and production capabilities to allow a swift resumption of normal life alongside the virus".

The DDR&D team will conduct a series of "final stages of testing" to determine the effectiveness of a number of rapid diagnostic solutions with their Indian counterparts.

Since the start of the pandemic, the DDR&D has tested dozens of diagnostic technologies. Some of them have matured and passed initial trials in Israel, however in order to complete testing and prove their effectiveness, these must be tested on a wide range of patients, IMoD said.

The four tech systems that will be tested are - voice test, breathalyzer test based on terra-hertz waves, isothermal test, and polyamino acids test.

"What they all have in common is the ability to detect the presence of the virus in the body quickly- usually within minutes. Developing diagnostic capabilities is a goal for the State of Israel and of many additional countries around the world. It is the most effective way to cut off 'chains of infection', prevent prolonged quarantine and enable the reopening of the global economy," the statement said.

"We hope that the research and development led by the DDR&D together with our excellent industries and academic institutions, will lead to a breakthrough that will change the way we diagnose and fight the virus, while giving the boost necessary to 'restart' our economy," Defense Minister Benny Gantz said.

Foreign Minister Gabi Ashkenazi noted that this cooperation provides a unique opportunity for scientific and technological cooperation that can assist Israel, India and the world in coping both with the pandemic and with the economic crisis that came with it.

The cooperation between Israel and India will enable the delegation and its Indian counterparts, to collect tens of thousands of samples in just ten days, and analyze them using computer systems based on artificial intelligence. This massive sampling will shorten processes and advance the approval of effective technology. All tests will be validated using PCR tests.

"The cooperation between India and Israel on Covid-19 is a good example of harnessing the scientific and technological strengths that the two countries have for larger, common good. It will also further deepen our strategic ties,” India's Ambassador Sanjeev Singla told PTI.

The flight will be carrying some breakthrough emerging Israeli technologies for combatting Covid-19, which have been donated by the Israeli foreign ministry and the private sector, in order to bolster India’s response to the virus outbreak.

The plane will also deliver mechanical ventilators which were given special permission by Israel for export to India.

Prime Minister Narendra Modi and his Israeli counterpart Benjamin Netanyahu have held three telephonic conversations since the outbreak of the pandemic and promised mutual assistance in dealing with the virus, committing to joint technological and scientific research between the countries.

The Israeli media widely reported that Modi lifted a ban on the export of Hydroxychloroquine at Netanyahu's request.

"The past few years have cemented the strategic relations between India and Israel and have included two historical visits of the Prime Ministers in Israel and in India," a press statement from the ministry of defence said.

"India seeks to integrate advanced technologies in its hospitals as they prepare to treat massive waves of Covid-19 patients on an Indian scale. The Israeli companies chosen by the MFA, MOD and Israel Defence Forces to be sent to India are potentially given unique access to one of the largest economies in the world to provide monitoring and treatment technologies while significantly reducing contact between the patients and the medical staff," it said.

"By opening the door to India’s market with its development and production capabilities, these Israeli technologies can be mass produced at a lower cost and could in future be jointly exported to third countries," it said.

"The COVID-19 pandemic is a global challenge, so it is only right that the solution be a global scientific cooperation between countries. India and Israel’s military R&D cooperation is well known for its success. I have no doubt the same will be seen in the private sector joined by brilliant scientific minds from both countries to introduce a breakthrough in swift and simple testing procedures,” said Prof. Nati Keller, an infectious diseases specialist from Sheba Medical Center, who is leading the medical side of the delegation.

Mumbai, Mar 13:  Investor wealth worth nearly Rs 12 lakh crore was wiped out in less than 15 minutes of trading on the stock exchanges on Friday, with the two benchmarks, the BSE Sensex and the NSE Nifty, crashing over 10 per cent.

The 30-share BSE Sensex plummeted 3,380.59 points, or 10.31 per cent, to 29,397.55. It hit an intra-day low of 29,388.97, falling up to 3,389.17 points.

Trading was halted for 45 minutes in the early session after the index hit its lower circuit limit.

The BSE and NSE benchmark indices, however, pared most losses with the Sensex trading 835.40 points, or 2.55 per cent, lower at 31,942.74, and the Nifty was down 253.25 points or 2.64 per cent at 9,336.90 at 10.40 am.

The mayhem on Dalal Street eroded investor wealth worth Rs 12,92,479.88 crore, taking the total m-cap to Rs 1,12,78,172.75 crore on the BSE at 1020 hours.

The m-cap of BSE-listed companies stood at Rs 1,25,70,652.63 crore at the end of trading on Thursday.

Traders said besides global selloff, incessant foreign fund outflows also weighed on investor sentiments.

On a net basis, foreign institutional investors sold equities worth Rs 3,475.29 crore on Thursday, data available with stock exchanges showed.

On the BSE, 1,279 scrips declined, while 193 advanced and 40 remained unchanged.

Volatility heightened in global markets as benchmarks world over went into panic mode, insinuating a freakish selloff.

Bourses in Shanghai dropped over 3.32 per cent, Hong Kong 5.61 per cent, Seoul 7.58 per cent and Tokyo cracked up to 7.97 per cent.

Wall Street lost 10 per cent in overnight trade.

More than 1,30,000 cases of the novel coronavirus have been recorded in 116 countries and territories, killing at least 4,900 people.

The number of coronavirus patients in India has risen to 74, as per the health ministry.