Shamika Ravi to be appointed as member of PM economic panel

Jan 7: India’s monetary authority allowed banks to offer foreign-currency transactions outside of local market hours, a move aimed at boosting trading volumes at home.

Interbank deals, as well as those with customers in and outside India, can be undertaken by banks or their overseas branches and units at all times, the Reserve Bank of India said in a statement late Monday. It stopped short of saying whether the timing of the onshore over-the-counter market has been extended from the current 9 a.m. to 5 p.m.

The move is in line with recent recommendations to reverse the trend of the partially convertible rupee being traded more abroad than in India. London has overtaken Mumbai to become the top center for trading the rupee, adding to a sense of urgency among local authorities to deepen the onshore market.

Average daily volumes for rupee in the U.K. soared to $46.8 billion in April, a more than fivefold jump from $8.8 billion in 2016, according to a survey from the Bank for International Settlements published in September. That exceeded the $34.5 billion recorded in India.

Analysts say more trading abroad could amplify volatility in the domestic market and reduce the effectiveness of policy actions.

India’s decision comes as the London Stock Exchange Group Plc has started asking market participants if they want the bourse to function fewer hours, signaling it’s open to an argument driven by changing trading patterns and calls for a better work-life balance.

New Delhi, Jun 25: After the Drug Controller General of India (DCGI) given its approval to manufacture and market the generic version of COVID-19 drug Remdesivir, COVIFOR, Hyderabad-based drugmaker Hetero Limited has delivered the first set of 20,000 vials in two equal lots of 10,000 each across 5 states.

The first batch, which is being marketed under the brand name of COVIFOR, was delivered to Maharashtra, Delhi, Gujarat Tamil Nadu and Hyderabad. Hetero has set a target to produce one lakh vials of the drug in two-three weeks.

The other lot would be supplied to Kolkata, Indore, Bhopal, Lucknow, Patna, Bhubaneshwar, Ranchi, Vijayawada, Cochin, Trivandrum and Goa within a week to meet the emergency requirements.

Managing director of Hetero Healthcare M Srinivasa Reddy said “the launch of Covifor in the country is a milestone in addressing public health emergencies. Through Covifor, we hope to reduce the treatment time of a patient in a hospital thereby reducing the increasing pressure on the medical infrastructure overburdened ue to accelerating COVID-19 infection rates," he said as reported by news agency.

"We are closely working with the government and the medical community to make Covifor quickly accessible to both public and private healthcare settings across the country”, Reddy said.

Covifor is a generic brand of Remdesivir which is used for the treatment of COVID-19 in adults and children hospitalised with strong symptoms of the disease. The Health Ministry had, on June 13, recommended the use of anti-viral drug Remdesivir in moderate stage of COVID-19.

Dr Reddys Laboratories and Hetero are among others which have separately entered into non-exclusive licensing agreements with the original drug-maker Gilead Sciences Inc to register, make and sell the investigational drug Remdesivir in India and other countries.

Remdesivir would be made in the company's formulation facility in Hyderabad, which has been approved by global regulatory authorities such as US Food and Drug Administration (USFDA) and EU, among others, Hetero had earlier said.

The treatment first showed improvement in trials on coronavirus patients and was approved for emergency use in severely ill patients in the United States and South Korea.

New Delhi, Apr 23: The nationwide lockdown in India which started about a month ago has impacted nearly 40 million internal migrants, the World Bank has said.

The lockdown in India has impacted the livelihoods of a large proportion of the country's nearly 40 million internal migrants. Around 50,000 60,000 moved from urban centers to rural areas of origin in the span of a few days, the bank said in a report released on Wednesday.

According to the report -- 'COVID-19 Crisis Through a Migration Lens' -- the magnitude of internal migration is about two-and-a-half times that of international migration.

Lockdowns, loss of employment, and social distancing prompted a chaotic and painful process of mass return for internal migrants in India and many countries in Latin America, it said.

Thus, the COVID-19 containment measures might have contributed to spreading the epidemic, the report said.

Governments need to address the challenges facing internal migrants by including them in health services and cash transfer and other social programmes, and protecting them from discrimination, it said.

World Bank said that coronavirus crisis has affected both international and internal migration in the South Asia region.

As the early phases of the crisis unfolded, many international migrants, especially from the Gulf countries, returned to countries such as India, Pakistan, and Bangladesh until travel restrictions halted these flows.

Some migrants had to be evacuated by governments, such as those of China and Iran, it said.

Before the coronavirus crisis, migrant outflows from the region were robust, the report said.

The number of recorded, primarily low-skilled emigrants from India and Pakistan rose in 2019 relative to the prior year but is expected to decline in 2020 due to the pandemic and oil price declines impacting the Gulf countries.

In India, the number of low-skilled emigrants seeking mandatory clearance for emigration rose slightly by eight percent to 368,048 in 2019.

In Pakistan, the number of emigrants jumped 63 per cent to 6,25,203 in 2019, largely due to a doubling of emigration to Saudi Arabia, it said.

According to the bank, migration flows are likely to fall, but the stock of international migrants may not decrease immediately, since migrants cannot return to their countries due to travel bans and disruption to transportation services.

In 2019, there were around 272 million international migrants.

The rate of voluntary return migration is likely to fall, except in the case of a few cross-border migration corridors in the South (such as Venezuela-Colombia, Nepal-India, Zimbabwe South Africa, Myanmar-Thailand), it said.

Migrant workers tend to be vulnerable to the loss of employment and wages during an economic crisis in their host country, more so than native-born workers.

Lockdowns in labour camps and dormitories can also increase the risk of contagion among migrant workers.

Many migrants have been stranded due to the suspension of transport services. Some host countries have granted visa extensions and temporary amnesty to migrant workers, and some have suspended the involuntary return of migrants, it said.

Observing that government policy responses to the COVID-19 crisis have largely excluded migrants and their families back home, the World Bank said there is a strong case for including migrants in the near-term health strategies of all countries, given the externalities associated with the health status of an entire population in the face of a highly contagious pandemic.

The Bank said governments would do well to consider short, medium and long-term interventions to support stranded migrants, remittance infrastructure, loss of subsistence income for families back home, and access to health, housing, education, and jobs for migrant workers in host/transit countries and their families back home.

The pandemic has also highlighted the global shortage of health professionals and an urgent need for global cooperation and long-term investments in medical training, it said.