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Indian Consumers expects fall in income, savings due to high fuel, commodity prices: Survey
While 47 percent of the consumers expect that the uncertainty related to Covid may last 6-12 months in their household budget planning. As many as 49 percent felt their average household savings will reduce in 2021-22 in comparison to 2019-20, the survey said.
”A similar question LocalCircles asked consumers in May 2020 survey, 46 percent of consumers were expecting their savings to decline. This percentage has increased marginally to 49 percent of consumers now expecting their savings to decline in the financial year 2021-22 given the intensity of the 2nd wave of COVID-19.”
Kotak Life and PNB MetLife declare bonus for their policyholders
Kotak Mahindra Life Insurance has announced a bonus of Rs. 591 crore to eligible participating policyholders for FY 2020-21. This is an increase of 41% over the bonus declared for FY 2019-20.
PNB MetLife India Insurance has announced a bonus of Rs 532 crores for all eligible policyholders of participating products. PNB MetLife has been consistently declaring bonus on participating products every year.
Child diseases on rise as COVID-19 slows routine vaccinations -U.N.
Ten countries, led by India and Nigeria, account for the bulk of the 22.7 million children left unvaccinated or under-vaccinated against diphtheria, tetanus, and pertussis (DTP) in 2020 – 3.7 million more than in 2019 and the most since 2009, it said regarding a key indicator of childhood vaccination rates.
India’s COVID-19 infection rate edges up, with second wave yet to abate
“We must guard ourselves against complacency and laxity, which creep in as positivity declines,” Home Secretary Ajay Bhalla told them in a letter on Wednesday, at a time when most cities have lifted strict lockdowns.
Jobs lost, middle-class Indians line up for rations and ‘worry about meals’
As India’s economy shrunk by 7.3 per cent last year, the daily average wage for about 230 million Indians — enough to make the world’s fifth-largest nation — dropped below the Rs 375 ($5) threshold, according to a study by the Azim Premji University in Bangalore. “An alarming 90 per cent of respondents” reported “that their households had suffered a reduction in food intake as a result of the lockdown,” the study said.
The number of people living in households with daily incomes below $5 level spiked from 298.6 million, at the start of the outbreak in March 2020 to 529 million at the end of October, the study said.
Global insurance premium may rise by 3.3% to $6.9 trillion in 2021 : Swiss Re
Said Jerome Haegeli, Group Chief Economist at Swiss Re Institute,”We expect the insurance industry to earn a record $ 7 trillion in premium by end of next year. The economic upswing expected in 2021 and 2022 is on track to materialise, and this is a key factor for insurance premium growth across the globe. The main market to watch is China, where both economic and premium growth continue at a strong pace. Consumer awareness is clearly an important growth driver and this has been driven by the pandemic. Whether it is private medical insurance or supply chain interruption for businesses, people have become much more aware of what insurance is, and how it can help them to emerge resilient from such a crisis
Covid-19: Third wave of pandemic looks more real now, says report
The risks are real and rising because the pace of vaccination has slowed down to under 3.4 million doses daily from 4 million earlier and also as many as 45 per cent of the daily infections are being reported from rural areas, points Tanvee Gupta-Jain, the chief economist at UBS Securities India.
Delta variant makes it even more important to get a COVID-19 vaccine, even if you’ve already had the coronavirus
For people who do develop immunity, the strength and duration of the protection can vary a lot. Up to 5% of people may lose their immune protection within a few months. Without a strong immune defense, these people are susceptible to reinfection by the coronavirus.
Govt sets up Asset Reconstruction Company to free up banks for credit push
The firm was registered as the National Asset Reconstruction Company Ltd. on July 7 with Padmakumar Madhavan Nair as the managing director, according to filings with the Registrar of Companies, where firms must register before becoming operational.
NARCL’s paid-up capital is Rs 74.6 crore ($10 million), according to the filing. Nair previously worked at the State Bank of India where he handled stressed assets resolution.
People cutting spends on health, grocery as fuel prices bite, say SBI economists
”As consumers are spending more on fuel, it is crowding out expenses on health. Our analysis of SBI card spends indicates that spend on non-discretionary health expenditure has been substantially reduced to accommodate increased expenditure on fuel,” group chief economic adviser Soumya Kanti Ghosh said.
”In fact such spending has more than crowded out the spending on other non-discretionary items, like grocery and utility services to such an extent that the demand for such products has significantly declined,” he added.