OPINION, P6 SS BHALLA & K BHASIN ECONOMY, P2 PM showed admirable restraint in resisting lockdown calls INTERNATIONAL, P8 SUNIL JAIN SECOND WAVE iUPDATES NCLATverdict on spectrum a big win for govt but hits govt-owned banks, yet another example of poor policy FM asks India Inc to wait & watch, assures full govt support Apple packs iPad Pros with faster chips, slims iMacs NEW DELHI, THURSDAY, APRIL 22, 2021 FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOL. XLVII NO. 44, 16 PAGES, `6.00 (PATNA `6.00, RAIPUR `7.00) P U B L I S H E D F R O M : A H M E D A B A D , B E N G A L U R U , C H A N D I G A R H , C H E N N A I , H Y D E R A B A D , K O C H I , K O L K ATA , L U C K N O W, M U M B A I , N E W D E L H I , P U N E SENSEX*: 47,705.80 ▼ 243.62 NIFTY*: 14,296.40 ▼ 63.05 NIKKEI 225: 28,508.55 ▼ 591.83 HANG SENG: 28,621.92 ▼ 513.81 `/$*: 74.88 ▼ 0.01 `/€*: 90.31 ▼ 0.17 BRENT: $65.25 ▼ $1.32 GOLD*: `47,314 ▼ `161 *As on April 20 IN THE NEWS ‘Severity of victims in Covid second wave same as first’ ● FIRST MEETING Xi to attend Biden’s climate summit THE HEALTH ministry on Wednesday released a slew of comparative data, showing that the severity, virulence and demography of the victims in the ongoing second wave of Covid-19 are about the same as the first wave, reports PTI. REUTERS Beijing, April 21 Militants kidnap 3 ONGC employees in Assam FIVE ARMED militants on Wednesday early morning abducted three employees of state-owned Oil and Natural Gas Corporation (ONGC) from a rig site in Assam after locking security guards and driving away in the company's emergencycum-medical vehicle, reports PTI. ‘Confidence of urban consumers weakens in Apr’ CONSUMER CONFIDENCE among urban Indians weakened by 1.1 percentage points in April 2021 amid a surge in Covid cases in the country, as per a monthly Refinitiv-Ipsos Primary Consumer Sentiment Index (PCSI) survey, reports PTI. Special Feature Asus’ ROG is the Tesla for gaming phones In many areas, Asus ROG Phone 5 is better than the best iPhones and Android devices from Samsung and multiple Chinese brands. It is made for gaming, but is also a good daily-use device ■ Gadgets, P9 TRAGEDY IN NASHIK At least 22 Covid-19 patients on ventilator support suffocated to death at a civic-run hospital in Nashik, Maharashtra, on Wednesday, after a leak in a storage tank disrupted the oxygen supply PHASE-3 TRIALS Covaxin shows 78% efficacy FE BUREAU Pune, April 21 THE INTERIM RESULTS of the Phase-3 trials for Covaxin have shownaclinicalefficacyof78% against mild, moderate and severe Covid-19 disease, makers Bharat Biotech and Indian Council of Medical Research (ICMR) said onWednesday. Balram Bhargava, secretary in department of health researchanddirector-generalof ICMR,saidCovaxinworkedwell against most variants of SARSCoV-2.Covaxin’sefficacyagainst severe Covid-19 disease was 100%withanimpactonreduction in hospitalisations while the efficacy against asymptomatic Covid-19 infection was 70%,the companysaid. Covaxin was developed with seed strains from the National Institute of Virology Vax watch Covishield to be priced `400/dose for states, `600 for private hospitals ■ The efficacy against asymptomatic infectionwas ■ Covaxin's efficacy against severe Covid-19 diseasewas 70% 100% PRESS TRUST OF INDIA New Delhi, April 21 SERUM INSTITUTE OF India (SII),theworld’slargestvaccine maker, on Wednesday announced a price of `400 per dose for its Covid-19 vaccine Covishield for state governments and `600 per dose for private hospitals. The company also said for the next two months, it will address the issue of limited capacity by scaling up vaccine production. “Going ahead, 50% of our capacities will be served to the governmentofIndia'svaccination programme, and the remaining50%ofthecapacity will be for the state govern- ■ The Phase-3 study enrolled 25,800 participants between 18 and 98 years of age and the Phase-3 clinical trials were co-funded by ICMR. Safety and efficacy results from the final analysis will be available in June and the final report will be submitted to a peer-reviewed publication. Continued on Page 2 ments and private hospitals,” Serum said in a statement. Following the government directives, the price of Covishieldvaccineis`400perdose for state governments and `600 per dose for the private hospitals,it added. Considering the global vaccine prices, “we are ensuring thatourvaccinesareaffordable incomparisontoanyothervaccines in the world”,the vaccine maker said. The American vaccines in the private market cost more than `1,500 per dose, while Russian and Chinese vaccines cost greater than `750 per dose,it added. Continued on Page 2 ‘Haryana blocking oxygen supply to Delhi’ India to get 4th vaccine from Biological E SEVERAL HOSPITALS in Delhi on Wednesday alleged that the Haryana government was not allowing vendors to supply oxygen to them and there is only limited stock left as hundreds of coronavirus patients battled for their life in these health- THE COUNTRY will have its fourth Covid-19 vaccine by August.AfterSerum Institute of India, Bharat Biotech and the Sputnik vaccine, Hyderabad-based Biological E is getting ready to launch its vaccine in India, VK Paul, member, health, NITI Aayog QuickPicks India CO2 emissions in 2021 to surpass 2019 levels: IEA WITH THE expected rebound in the demand of coal to meet the rising electricity requirement, carbon dioxide (CO2) emissions in the country in 2021 will be 1.4%, or 30 million tonne (MT), higher than the levels recorded in 2019, the International Energy Agency (IEA) said in a recent report, reports fe Bureau in New Delhi. The expected rise in coal-fired electricity generation in 2021 is likely to be three times greater than the rise in generation from renewables, the report said. PAGE 3 Second liquidity tranche: Discoms’ overdues fall by `15k cr in March THE OUTSTANDING overdues of power distribution utilities fell by over `15,118 crore to `74,510 crore in March this year,compared with the preceding month, mainly due to the release of the second tranche of liquidity infusion package, according to PFC Consulting data, reports PTI. The overdue amount stood at `89,628 crore in February. The power producers give 45 days to power distribution utilities (discoms) to pay bills for electricity supply. DCB Bank picks up 9% stake in NBFC Techfino Capital DCB BANK said it has acquired 9% stake in nonbanking financial company (NBFC) Techfino Capital which is engaged in providing technology-based education and healthcare loans, reports PTI. DCB Bank has acquired a minority equity stake of approximately 9% in Techfino Capital Private Limited (TCPL), the lender said in a release. Techfino is a Bengaluru based NBFC which using is its modern technology platform to provide customised consumer loans in education and healthcare sectors. PAGE 11 care facilities,reports PTI. No reaction was immediately available from the Haryana government. According to an official, Sir Ganga Ram City Hospital at Pusa Road had five hours of oxygen left around 4.30 pm. said on Wednesday, adding that Biological E’s own vaccinecandidate couldbe ready byAugust,reports fe Bureau in Pune. It is a significant development as Biological E has the capacity to make six crore vaccines,Paul added. ■ Page 4 Winter crop PRABHUDATTA MISHRA Mandi rates at MSP or above If mandi prices of most rabi crops ruled below their minimum support prices (MSPs) during March, the prices have firmed up since. Of the five winter season crops, mandi prices of three, including wheat, hovered around MSPs, during April 1-20, while farmers fetched prices higher than MSP for the other two. Contrast this with mandi rates ruling up to 30% below MSPs in recent years. Mandi prices, % change against MSP, April 1-20 All-India State (Highest arrival) Wheat -1.5 0 Chana 25.7 (Rajasthan) -1.1 -2.1 8.4 Masur Barley (Punjab) 23 Mustard -1 (MP) 8.4 -0.9 (MP) (Rajasthan) Source: Agmarknet CHINA'S PRESIDENT Xi Jinping will attend a US-led climate change summit on Thursday at the invitation of President Joe Biden,in the first meetingbetweenthetwoleaders since the advent of the new US administration. Biden has invited dozens of world leaders to join the twodayvirtual summit starting on Thursday, after bringing the United States back into the 2015 Paris Agreement on cutting global carbon emissions. Xi will attend the summit via video and will deliver an “important” speech, Hua Chunying, spokeswoman at the Chinese foreign ministry, said in a statement on Wednesday. Beijing and Washington have persistently clashed over a range of issues from alleged human rights abuses to China’s economic clout over other nations. In Alaska last month, US and Chinese officials held the first high-level in-person talks that bristled with rancour and yielded no diplomatic breakthroughs. Continued on Page 2 SMARTPHONES Samsung sole firm to qualify under PLI To get `900 crore as incentive from the government for the first fiscal KIRAN RATHEE New Delhi, April 21 WITH THE MINISTRY of electronics and information technology (MeitY) so far not agreeingtorolloverincrementalsales targetsforsmartphoneproduction-linked incentive scheme applicants,SouthKoreanmajor Samsung Electronics has emerged as the only firm to qualify for availing incentives forthe firstyear(FY21). A total of 10 firms — five global and five local — were selected for the PLI scheme which started in August 2020, and were required to meet the set target forincremental sales of goods in FY21 over the base year,that is,FY20. Sources said Samsung has been able to clock incremental salesinFY21overthebaseyear of around `15,000 crore, which is also the ceiling for availing the incentive. The total outlay for smartphone PLI over five years is `40,951 crore and the incentive ranges around 4-6% annually. For FY21,thetotalincentivewasof GOOD SHOW Exports of agriculture and allied products April-Feb (` lakh crore) DESPITE THE PANDEMIC and the overall exports slump, India posted an impressive growth in exports of agriculture and allied products in FY21,withbuoyantshipments of a host of commodities including non-basmati rice, wheat,soyameal,spices,sugar, cotton, fresh vegetables, processedvegetables and alcoholic beverages. AsperthedatafortheAprilFebruary period of last fiscal, India’s foreign tradebalancein agriculture increased by 41% on year to `1,32,580 crore. Agricultureandalliedproducts worth `2.74 lakh crore were exported in the first 11 months of last fiscal against `2.31 lakh crore in the yearago period, up 18.6%, while imports marginally increased 2.74 2.31 Growth %, y-o-y 18.6 FY20 FY21 CAGR (%) in exports of 11.5 3.7 agriculture and allied products 2010-11 - 2015-16 ($ term) 2014-15 2019-20 by 3% to `1.41 lakh crore. India has consistently maintained trade surplus in the agricultural products over the years. Continued on Page 2 Netflix plans broader content for India NETFLIX IS focused on “gettingacontentfit”inIndiaand is working towards having broader content on its platform in the country, cofounder,president,chairman & co-CEO Reed Hastings said during the company’s Q12021 earnings call on Tuesday,reportsfeBureauin Segment: Mobile phone (Invoice value of `15,000 and above) Incremental sales of manufactured goods over base year (` cr) Proposed incentive rate (%, RHS) 32,000 8 6 24,000 6 5 20,000 4 15,000 5 16,000 8,000 25,000 8,000 4,000 0 1 2 6 4 2 3 4 Year 5 0 Ceiling on net incremental sales of manufactured eligible product over the base year (` cr) 2020-21 15,000 20,000 2021-22 2022-23 25,000 2023-24 30,000 2024-25 30,000 `5,334crore.Thethresholdfor qualifying for the incentive was incremental sales of `4,000 crore and maximum `15,000 crore. This means Samsung will get `900 crore (6% of `15,000 crore) as incentive from the government for the first fiscal. Continued on Page 2 ● FILTERING ABUSE Agri exports up 19% in Apr-Feb of FY21 FE BUREAU New Delhi, April 21 Eligibility threshold criteria NewDelhi.“India,wearestill figuring things out. And so that investment takes some gutsandbelowforward-looking...thatone(India)isamore speculative investment than, say, Korea or Japan...But we have got off,we are over the hump on that.We have got a great match,” he said. ■ P4 Instagram launches feature to tackle hate speech REUTERS April 21 FACEBOOK'S INSTAGRAM IS rolling out a feature to prevent users from viewing possibly abusive messages by filtering offensive words, phrases and emojis on the photosharing app. The company said on Wednesdaythatalongwiththe filter option for abusive direct messages, it will also make it harder for people blocked by users to circumvent and contact them through new accounts. Instagram has been pushing on its efforts to tackle hate speech and online abuse on its platform,which is more popular than Facebook’s main app amongteensandyoungadults. Thefilter,whichcanbeactivated on Instagram in privacy settings,can be customised by users to includewords,phrases and emojis that they wish to blockoravoidreceivingintheir message requests. Users can use their discretion to report, delete or open messages,which will be sorted into a hidden requests folder, Instagram said. Continued on Page 2 KEYNOTE BY FM India’s place in a post-Covid world: Express-FT series today ENS ECONOMIC BUREAU New Delhi, April 21 IN THE FIRST of a series of online, agenda-setting debates organised by the Financial Times and The Indian Express, policy, business and finance leaders from India and overseas will on Thursday gather for a discussion on India’s economic and business future. Kicking off the event titled ‘India’s Quest for Economic Power’as the keynote speaker will be finance minister Nirmala Sitharaman in conversation with journalists from both FT and The Indian Express. ‘India’s Place in the PostPandemic World’ is the broad theme underwhich this series will run. With the Covid-19 pandemic and the second wave of infections clouding the outlook for India’s economic and business growth, the discussions will cater around what should be the government’s keypolicyprior- ities to rebuild the economyto ensure a resilient, sustainable recovery, and to attract foreign investments. Pending structural reforms are another key theme that will be under focus. Discussion with Sitharamanwill be followed by a panel discussion on sustained growth with JahangirAziz,head,emerging markets economics, JP Morgan; Rohini Malkani, senior V-P, credit ratings, global sovereign ratings, DBRS Morningstar; and KV Subramanian, chief economic adviser; and PAnbalagan,CEO,Maharashtra Industrial Development Corporation (MIDC) to be moderated by Amy Kazmin, South Asia Bureau chief, Financial Times. Nirmala Sitharaman Continued on Page 2 New Delhi
The Financial Express (FE) is a business paper that’s closest to the people who are in the business of business. From business policies to market trends to new developments, The Financial Express comes packed with incisive news on every relevant issue.