Top headlines: India sticks to growth forecast; Kerala struggles with Covid

Business Standard brings to you the top headlines on Friday

Kerala was hailed for its handling of Covid-19 but now it's contributing nearly half the cases nationally. What led to this situation?

Read more on this and other top headlines for the day.

Finance ministry sticks to double-digit economic growth forecast

Even when most global organisations have slashed their economic growth forecasts for India to single digits, the fina­nce ministry is confident of achieving double-digit growth this fiscal year.

“Our initial estimates were quite conservative and steady, unlike the other institutions, which may have been optimistic. We stand by the February Budget estimates of a 10.5 per cent GDP growth rate. We will be close to our Budget estimates but might be lower than the Economic Survey’s — but still, have around double-digit growth for the current fiscal year,” Principal Economic Advisor Sanjeev Sanyal told Busi­ness Standard. Read more

Exhausted govt machinery may be behind Kerala's Covid-19 cases rise

From being held up as a model state for its Covid-19 control during the first wave of the pandemic, Kerala is contributing to nearly half the cases reported nationally, drawing criticism from experts and the Opposition on the way the state has tackled the second wave.

Union Health Minister Mansukh Mandaviya on Thursday said the Centre would send a six-member high-level multidisciplinary team to the state to assess the situation there. The team will be headed by Dr S K Singh, director, National Centre for Disease Control (NCDC). Read more

USFDA okays Biocon insulin Semglee as first interchangeable biosimilar drug

The US drug regulator has approved Biocon’s Semglee, the first interchangeable biosimilar insulin product, to treat diabetes patients. This means that Semglee can be substituted for its reference drug – Sanofi’s Lantus – by a pharmacist in the US without any intervention of the prescriber. Lantus is a long-acting insulin glargine.

The move will empower patients by “helping to increase access to safe, effective and high-quality medications at potentially lower cost”, the US Food and Drug Administration (USFDA) said in a statement. Semglee will be manufactured by Biocon Biologics, a subsidiary of the Bengaluru-headquartered firm, and marketed by its partner Viatris Inc (earlier Mylan Pharmaceuticals Inc) in the US. Read more

US economy returns to pre-pandemic level; labor market healing

The U.S. economy grew solidly in the second quarter, pulling the level of gross domestic product above its pre-pandemic peak, as massive government aid and vaccinations against COVID-19 fueled spending on goods and travel-related services.

The pace of GDP growth reported by the Commerce Department on Thursday was, however, slower than economists had expected. That was because businesses had to again draw down on meager inventories to meet the robust demand. Supply constraints, which have resulted in shortages of motor vehicles and some household appliances, are making it harder for business to replenish stocks. Read more

Year after Baghjan blowout, oil and gas operations in India much safer

A year after the blowout in a well in Baghjan in Assam’s Tinsukia district, upstream oil and natural gas operations in India are now much more safe, thanks to the adoption of a raft of safety measures.

The measures were recommended by a three-member committee of the ministry of petroleum and natural gas (MoPNG). The committee comprised SCL Das, director general of the Directorate General of Hydrocarbons, BC Bora, former chairman of Oil and Natural Gas Corporation (ONGC) and TK Sengupta, former director at ONGC. Read more