OPINION, P6 COMPANIES, P4 S MALHOTRA, R GARG, S RAI Digital Health Mission on a weak footing on data & privacy INTERNATIONAL, P8 EDITORIAL DIGITAL ADOPTION CRUCIAL SUPPORT Subdued growth, not inflation, is the real worry; the economy needs low interest rates & liquidity Godrej leveraging on data & tech, strengthening e-commerce: Nisaba Janet Yellen sees US companies pushing to back global tax deal NEW DELHI, WEDNESDAY, JULY 14, 2021 FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOL. XLVII NO. 115, 20 PAGES, `8.00 (PATNA `8.00, RAIPUR `8.00) 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: 52,769.73 ▲ 397.04 NIFTY: 15,812.35 ▲ 119.75 NIKKEI 225: 28,718.24 ▲ 149.22 HANG SENG: 27,963.41 ▲ 448.17 `/$: 74.49 ▲ 0.09 `/€: 88.21 ▲ 0.18 BRENT: $75.39 ▲ $0.23 GOLD: `47,758 ▲ `35 IN THE NEWS Adani Group takes over management of MIAL from GVK ADANI GROUP ON Tuesday said it has taken over the management of Mumbai international airport from the GVK group, reports PTI. Adani Group will have a 74% in Mumbai's Chhatrapati Shivaji Maharaj International Airport, post the stake purchase transaction, with 50.5% being bought from GVK Group and 23.5% from minority partners. Construction of highways rises 25% in Q1 DESPITE LOCKDOWNS AND restrictions on mobility in large part of the country, highway construction grew by a fourth annually in Q1 of the current fiscal to 2,284 km (25.37 km/day), reports fe Bureau in New Delhi. Rahul meets Kishor ahead of likely rejig in Punjab AHEAD OFA likely organisational and government reshuffle in Punjab, Congress leader Rahul Gandhi on Tuesday met poll strategist Prashant Kishor at his residence, reports PTI. Other party leaders like Priyanka Gandhi Vadra, Harish Rawat and KC Venugopal were also present at the meeting. COVID-19 ● FUNDRAISING Serum to start making Sputnik vaccine in Sept Plans to produce 300 million doses of the vaccine annually in India FE BUREAU Pune, July 13 SERUM INSTITUTE OF India (SII)andRussianDirectInvestment Fund (RDIF) on Tuesday said production of the Sputnik V vaccine would start in September. SII and RDIF plan to produce 300 million doses of thevaccineannuallyinIndiaat the former's facilities in Pune. With this agreement, RDIF expects India to be the biggest production hub for the Sputnik vaccine, making vaccines for both local and global consumption. RDIF also has signed agreements with other Indian manufactures and has ■ RDIFexpects India to be the biggest production hub for Sputnik ■ It plans to produce a total of850 million doses per year in the country Transfer of technology to SII has started under the agreement ■ SII has so far WHO warns against mixing and matching of vaccines REUTERS Geneva, July 13 said it plans to produce a total of850milliondosesperyearin the country. The transfer of technology to SII has started under the agreement with RDIF. THE WORLD HEALTH Organization’s chief scientist on Mondayadvisedagainstpeoplemixing and matching Covid-19 vaccines from different manufacturers,callingita“dangerous trend”sincemoredataisneeded aboutthe health impact. “It's a little bit of a dangerous trend here,” Soumya Swaminathan told an online briefing.“Itwillbeachaoticsituation in countries if citizens start deciding when and who will be taking a second,a third and a fourth dose.” Continued on Page 2 Detailed report on Page 8 manufactured 500 million doses of Covishieldvaccines ■ Ofthese, 332 m doses have been administered ■ It has also started making Novavax's Covovax vaccine Reliance mulls bid for govt’s solar incentives amid green push RELIANCE INDUSTRIES IS considering a bid forthe government incentives forsolarpower manufacturing,asthefossilfuelsgiantbegins a$10-billionpushintocleanenergy,according to people familiar with the plans, reports Bloomberg.Reliance,thecountry’smostvaluablecompany,attendedapre-bidmeetingheld lastmonthtodiscussthesubsidyprogramme, the people said,asking not to be named as the informationisprivate.ThetalksunderlineRIL’s ambitions to make rapid growth in renewable energy to supplement its existing businesses. RILsaidlastmonthitplanstobuildfactoriesto producesolarcomponents,energystoragebatteries,electrolysersformakinggreenhydrogen and fuel cells. ■ Page 4 MPOWER raises $100 m from Tilden Park Capital and others PRESS TRUST OF INDIA New Delhi, July 13 MPOWER FINANCING, WHICH provides education loans, on Tuesday said it has raised an equity investment of $100 million (about `744.8 crore) from Tilden Park Capital Management, King Street Capital Management and others. The newfunding is in addition to the 430 million raised by the company earlier this year from Tilden Park Capital Management, which also participated in the current round, and ETS Strategic Capital on behalf of ETS,a statement said. “Otherinvestors in the current round include King Street Capital Management, Drakes Landing Associates, and Pennington Alternative Income Management,”it added. “The new funds will be used to directly support students,automate and scale our operations, and to grow our team in Bengaluru. We look forward to supporting an even greater number of qualified students around the globe as they study in the US and Canada,” MPOWER Financing founder and chief executive officer Emmanuel (Manu) Smadja said. MONSOON SESSION Pre-pack insolvency and bank privatisation top agenda Bill Bill to de-license discom business to also be introduced 'Pre-pack' resolution scheme for MSMEs, to reduce litigation, fast-track resolution Time-bound access to depositors’ insured money if banks go bust Electricity (Amendment) Bill, 2021 To de-license power distribution business CoalBearingAreas (AcquisitionandDevelopment) AmendmentBill,2021 PRASANTA SAHU New Delhi, July 13 KEY AMENDMENTS TO the Insolvency and Bankruptcy Code(IBC)toratifytheso-called ‘pre-pack’ resolution scheme for MSMEs and changes in banking laws to aid privatisation figure on the economic agendaforthemonsoonsession of Parliament, scheduled between July19 andAugust 13. The government will also seek Parliament’s nod for the Purpose Insolvency and Bankruptcy Code (Amendment) Bill, 2021 Deposit Insurance and Credit Guarantee Corporation (Amendment) Bill, 2021 To allow land acquisition for commercial coal mining by private sector Deposit Insurance and Credit Guarantee Corporation (Amendment)Billtogivetimebound access to depositors for their insured amount of `5 lakhifbanksgobust.Itwillalso introduce a Bill to de-licence the power distribution businessandallowanyentitytorun distribution companies (discoms)anywhereinthecountry to foster competition. Continued on Page 2 ● INDIA OUTLOOK S&P retains rating; recovery to gain pace in H2 FE BUREAU New Delhi, July 13 GROWTH PANGS GLOBAL RATING AGENCY S&P on Tuesday retained India’s sovereign rating at the lowest investment grade of “BBB-”fora 14th straightyear, with a“stable”outlook. Theratingmirrorstheeconomy’sabove-averagelong-term real GDP growth, sound external profile and evolving monetary settings, the agency said. Similarly, the outlook “reflects our view that India’s recovery lowest investment grade of “BBB-” for a 14th straight year ■ India’s rating is at the ■ Deficits to remain elevated over coming years even as the government undertakes some consolidation will gain pace through the second half of fiscal 2022 and into the following year, helping to New Delhi stabilise the country’s overall credit profile”. Nevertheless, India’s fiscal settings are weak, and deficits will remain elevated over the coming years even as the governmentundertakessomeconsolidation. But the country’s strong external settingswill act as a buffer against Covidinduced financial strains, despite elevated government funding requirements over the next 24 months,S&Psaid. Continued on Page 2
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