Top headlines: Govt push to step up vax output; normal monsoon in 2021

From Govt pushing to step up Covid-19 vaccine output 10 times, to Adar Poonawalla urging US Prez to lift ban on export of vaccine raw material, here are top headlines this morning

Govt push to step up Covid-19 vaccine output 10 times by September

After fast-tracking the entry of foreign vaccines, the government is now taking steps to increase the production of indigenously developed Covaxin by almost ten-fold by September. The move comes at a time when Covid-19 cases have surged across the country and several states have raised concern over vaccine shortage. Read More

Govt's draft proposals tie insurance FDI hike to solvency margin

The finance ministry has proposed insurance companies with foreign ownership of more than 49 per cent will have to maintain a solvency margin of 180 per cent if they declare dividend payments in a financial year. If insurance companies repatriate profit in the form of dividend to their shareholders but cannot meet the 180 per cent margin, they will have to set aside 50 per cent of their net profit in a general reserve, according to draft rules proposed by the Department of Financial Services (DFS). Read More

Citi may be spoilt for choice for consumer business suitors: Analysts

An intense pricing war can be expected among potential suitors for Citibank India’s assets as virtually every bank would line up to acquire its retail business, in part or full, analysts say. However, the process to exit the business and find new buyers will not be hurried and will likely take more than a year to complete, they say. As of now, business continues as usual, and one can still open accounts with Citibank and get credit cards, if qualified. Read More

UK Home Ministry clears extradition of fugitive businessman Nirav Modi

UK Home Secretary Priti Patel has signed off on the order to extradite Nirav Modi, wanted in India on fraud and money laundering charges related to the estimated $2-billion Punjab National Bank (PNB) scam case, senior Indian diplomatic sources in the UK said on Friday. Read More

Adar Poonawalla urges US Prez to lift ban on export of vaccine raw material

Adar Poonawalla, the head of the world's largest vaccine maker (by doses), on Friday urged the US President Joe Biden to lift embargo on export of vaccine raw materials. The restriction has hit production of vaccines in India. In a tweet posted on social media tagging the US President, Serum Institute of India (SII) chief said “Respected @POTUS, if we are to truly unite in beating this virus, on behalf of the vaccine industry outside the US, I humbly request you to lift the embargo of raw material exports out of the U.S. so that vaccine production can ramp up. Your administration has the details.” Read More

Monsoon to be 'normal' in 2021; East and Northeast may get less rain: IMD

The India Meteorological Department (IMD) on Friday said the 2021 southwest monsoon starting in June is expected to be normal at 98 per cent of the Long Period Average (LPA). A good monsoon will mean another year of bumper farm production and cascading positive impact for the economy battling Covid-19 infections. If the forecast comes true, this will be the third consecutive year of normal or above normal monsoon. Read More

Winning Air India bidder may need to furnish Rs 15,000-crore guarantee

As the process to sell Air India hots up and its data room is opened up to prospective bidders, two issues have come to light that could lead to further trouble in the way of the sale of the national carrier. According to sources, the winning bidder would be req­uired to replace a bank guarantee for $2 billion (approximately Rs 15,000 crore) for lease payments guaranteed by the government for 12 years on 21 B-787s. Read More

Maruti Suzuki hikes price of selected models, others may follow suit

Maruti Suzuki on Friday said it is increasing the prices of select models owing to a rise in various input costs. “The weighted average increase in ex-showroom prices (Delhi) across models is 1.6 per cent,” it said in a regulatory filing. The new prices are effective from Friday. It is expected that other automakers will follow suit. Automakers in India have been hiking prices this year, citing rise in various input costs. In January, Maruti had cited a rise in input costs and raised prices for some car models. The price hike will vary across models. Maruti’s fleet starts from the entry-level Alto and goes up to the premium multi-purpose vehicle XL6. Read More