Indian spices' exports up by 23 percent to US$ 359 million in June, says Assocham

In the month of June 2020, India's spices exports increased by 23 per cent to Rs 2,690 crore (US$ 359 million) from Rs 2,190 crore (US$ 292 million) in the same month last year, as per the data by Assocham. A study done by the chamber also pointed out that the demand for spices is increasing in domestic market leading to a sharp increase in their prices by almost 12 per cent in June whereas the headline CPI inflation was half that level.

On the back of forex advantages, spices exporters raked in even better in domestic currency, with an increase by 34 per cent to Rs 2,721 crore (US$ 386.01 million) in June 2020 from Rs 2,030 crore (US$ 288 million) in the comparative month a year ago, the industry chamber said quoting official data.

In June 2020, the country's exports stood at US$ 21.91 billion, as compared to US$ 25.01 billion in June 2019, exhibiting a contraction of 12.41 per cent, as per the data released by the Commerce Ministry showed.

India mainly export pepper, cardamom, ginger, turmeric, coriander, cumin, celery, fennel, fenugreek, nutmeg, spice oils and mint products. The main importers include the US, UK, Germany, France, Italy, Canada, Australia, UAE, Iran, Singapore, China, and Bangladesh, among others.

"The Prime Minister noticed how demand for spices of which India is among the main producers, is increasing as more and more people rush to strengthen immunity. Thanks to the efforts of the Aayush Ministry and traditional knowledge about spices being a strong immunity builder, an increasing number of Indians are taking to higher consumption of spices. But the rising exports trend does show how the world is benefiting from these items," said Assocham Secretary General Mr Deepak Sood.
 

Milk production is expected to rise to 330 million tons by 2024; Government trying to increase milk processing up to 40 per cent - Shri Giriraj Singh

Union Minister of Fisheries, Animal Husbandry and Dairying Shri Giriraj Singh today launched the Implementation Guidelines for Animal Husbandry Infrastructure Development Fund (AHIDF) worth Rs 15,000 crore (US$ 2.13 billion), which was approved by the Union Cabinet on 24.06.2020 under the Atma Nirbhar Bharat Abhiyaan stimulus package for ensuring growth in several sectors. Union Minister of State for Fisheries, Animal Husbandry and Dairying Shri Pratap Chandra Sarangi was also present on the occasion.

Thanking Prime Minister Shri Narendra Modi for announcing the Animal Husbandry Infrastructure Development fund (AHIDF), Shri Giriraj Singh said that India is engaged in breed improvement to increase milk production and on the other hand also taking care of the processing sector. India is producing milk of 188 million tonnes and by 2024 the milk production is expected to rise up to 330 million tons. Only 20-25 per cent milk is coming under processing sector and Government is trying to bring the same up to 40 per cent. He also informed that the Dairy Processing Infrastructure Development Fund (DIDF) is being implemented for infrastructure development in cooperative sector and AHIDF is a first type of scheme for private sector. Millions of farmers will be benefited once the infrastructure is created and more milk will be processed. This will also increase export of dairy products which is presently negligible. India needs to go up to the standards of countries like New Zealand in the Dairy sector. He expressed satisfaction that during COVID-19 lockdown, dairy farmers could maintain steady supply of milk to the consumers in the country.

Government has been implementing several schemes for incentivizing the investment made by dairy cooperative sector for development of dairy infrastructure. The AHIDF has been set up as MSMEs and Private companies also need to be promoted and incentivized for their involvement in processing and value addition infrastructure. AHIDF would facilitate much needed incentivisation of investments in establishment of such infrastructure for dairy and meat processing and value addition infrastructure and establishment of animal feed plant in the private sector.

The eligible beneficiaries under the Scheme would be Farmer Producer Organizations (FPOs), MSMEs, Section 8 Companies, Private Companies, and individual entrepreneurs with minimum 10 per cent margin money contribution by them. The balance 90 per cent would be the loan component to be made available by scheduled banks. Government of India will provide 3 per cent interest subvention to eligible beneficiaries. There will be 2 years moratorium period for principal loan amount and 6 years repayment period thereafter.

Government of India would also set up Credit Guarantee Fund of Rs 750 crore (US$ 106.40 million) to be managed by NABARD. Credit guarantee would be provided to those sanctioned projects which are covered under MSME defined ceilings. Guarantee Coverage would be up to 25 per cent of Credit facility of borrower. The beneficiaries intending to invest for establishing dairy and meat processing and value addition infrastructure or strengthening of the existing infrastructure can apply for loan in the scheduled bank through “Udyami Mitra” portal of SIDBI. 

There is huge potential waiting to be unlocked in investment through private sector. The Rs 15,000 crore (US$ 2.13 billion) AHIDF and the interest subvention scheme for private investors will ensure availability of capital to meet upfront investment required for these projects and help enhance overall returns/ pay back for investors. Such investments in processing and value addition infrastructure by eligible beneficiaries would also promote export of these processed and value-added commodities.

Since almost 50-60 per cent of final value of dairy output in India flows back to farmers, therefore, growth in this sector can have significant direct impact on farmer’s income. Size of dairy market and farmers’ realization from milk sales is closely linked with development of organized off-take by cooperative and private dairies. Thus, investment incentivization in AHIDF would not only leverage 7 times private investment but would also motivate farmers to invest more on inputs thereby driving higher productivity leading to increase in farmers’ incomes. The measures approved through AHIDF would also help in direct and indirect livelihood creation for 35 lakh persons.

Union Minister of State for Fisheries, Animal Husbandry and Dairying Shri Pratap Chandra Sarangi said that Government has decided to vaccinate 53.5 crore animals and 4 crore animals have already been vaccinated. Breed improvement is taking place through technology intervention. However, we are lagging in processing sector. Using the AHIDF, processing plants can be established for fodder also. This will help in doubling farmers’ incomes and contribute to achieving Hon’ble Prime Minister’s dream of a US$ 5 trillion economy.

Union HRD Minister and Minister of State for HRD jointly launch the first on-line NISHTHA programme for 1200 Key Resources Persons of Andhra Pradesh

The first on-line NISHTHA programme for 1200 Key Resources Persons of Andhra Pradesh was launched by Union HRD Minister Shri Ramesh Pokhriya 'Nishank’ and Minister of State for HRD Shri Sanjay Dhotre virtually in New Delhi today.

While addressing the participants the HRD Minister said that NISHTHA is a National Initiative for School Heads’ and Teachers’ Holistic Advancement at the elementary stage under Samagra Shiksha -a flagship programme of MHRD to improve learning outcomes. The Minister added that NISHTHA in face-to-face mode was launched on 21st August, 2019. Thereafter, 33 states/UTs have launched this programme in their states/UTs in collaboration under Samagra Shiksha, a Centrally Sponsored Scheme. In 29 States/UTs, the NISHTHA training programme has been completed by the NCERT at the state level. In 4 States/UTs (Madhya Pradesh, Chhattisgarh, J&K and Bihar), the training at the state level is still in progress. In two states, it is yet to be launched.  District level teacher training programme has been initiated in 23 States/UTs. 

Shri Pokhriyal highlighted that around 23,000 Key Resource Persons and 17.5 lakh teachers and school heads have been covered under this NISHTHA face to face mode till date.

The Minister informed that due to COVID-19 pandemic situation, sudden lockdown has affected the conduct of this programme in face-to-face mode. Therefore, for providing training to remaining 24 lakh teachers and school heads, NISHTHA has been customized for online mode to be conducted through DIKSHA and NISHTHA portals by the NCERT. He further informed that Andhra Pradesh is the first state for which we are launching on-line NISHTHA programme for 1200 Key Resources Persons through NISHTHA portal. These resource persons will help in the mentoring of teachers of Andhra Pradesh, who will take on-line NISHTHA training on DIKSHA later on.

Shri Pokhriyal informed that the modules developed under NISHTHA focus on holistic development of children and hence include curriculum and inclusive education health and well-being, personal social qualities, art integrated learning, initiatives in school education, subject-specific pedagogies, ICT in teaching-learning, leadership, pre-school education, pre-vocational education, etc.  All the modules are centred around learning outcomes and, learner-centred pedagogy. He added that these modules are made interactive with reflective and engaging activities for teachers providing space to educational games, quizzes, etc. for joyful learning by the teachers and school heads, which in turn will motivate teachers to implement this in their classroom for enhancing students’ learning outcomes.

Shri Pokhriyal appreciated the efforts of MHRD and NCERT for building capacities of teachers and school heads at the elementary level across the country through NISHTHA. This will not only help in enhancing learning outcomes of students but also in their all-round development.

Speaking on the occasion Shri Dhotre said that the world has been developing at a rapid pace. In order to be in sync with this fast-evolving world, our teachers also need to constantly upgrade their world view, understanding, and methods of teaching.It is imperative on us to enable this as an ever-continuing process across the country in the most effective manner.

He added that our in-service teacher education system must be sensitive to the feedback from the teachers and the teachers' individual innovations must be recognised for their pedagogic values and should become part of our standard teaching methods. It is also important for us that our teachers must be very actively sensitized towards diversities of our country. Then only our children can become sensitive to the huge and different diversities is of this vast nation. With these efforts only, our children can grow up with the spirit of Ek Bharat Shreshth Bharat, as envisaged by our honourable Prime Minister.

He further added that technology can't replace good teachers, but good teachers assisted by technology can do wonders in transforming education. Under the visionary leadership of our prime Minister Shri Narendra Modi we are committed to ensure value-based quality education assisted by technology for realising Atmanirbhar Bharat.

 NISHTHA- online includes multiple approaches for interaction. While there are text modules alongwith videos, there will also be live sessions by the National level Resource persons on DTH Swayam Prabha TV Channel. Interactive Voice Response System (IVRS) will also be utilized for interaction with teachers. Shri Dhotre congratulated the officials of NCER and MHRD for the initiative.

In NISHTHA-face-to-face, first level training had been provided by the National Resource Group (NRG) to the Key Resource Persons (KRPs) and State Resource Persons-Leadership (SRPs-L) identified by the states/UTs. The NRG had been constituted and oriented by the NCERT drawing members from the NCERT, NIEPA and KVS. KRPs and SRPs-L had provided training directly to teachers at block level reducing the cascading effect of training. In NISHTHA –online also, Key Resource Persons will play a role of mentors for the teachers.

Mobile game developer Nazara buys 51 per cent stake in Paper Boat Apps

Mobile game developer Nazara Technologies acquired a 51 per cent stake in Paper Boat Apps, which offers 'Kiddopia' learning app for pre-schoolers.

Under the transaction, Nazara invested a total of Rs 83 crore (US$ 11.77 million) in Paper Boat Apps in multiple tranches, valuing the company more than Rs 150 crore (US$ 21.28 million).

Under the deal, Paper Boat Apps has issued shares worth Rs 43 crore (US$ 6.10 million) as part of the final tranche, said Nazara founder and Managing Director Mr Nitish Mittersain.

He said, "Gamified edu-tech is the only way to deliver high-quality learning to such young kids on digital devices. Kiddopia is a perfect example of this overlap between gaming and learning, and their popularity amongst parents and kids speaks for itself".

He added that about 20 million children are already part of its ecosystem and Kiddopia will help further strengthen Nazara's position in the kid's edutainment vertical.

There has been strong growth in edu-tech start-ups across markets amid the COVID-19 pandemic as schools and educational institutions are going online to conduct classes.

"Kiddopia is fast becoming one of the most successful 'Made in India' apps globally and is seeing strong usage in the North America market apart from India. The company is also looking at rapidly expanding into other geographies such as Europe and the Far East," Mr Mittersain said.

Kiddopia was launched in 2017 by husband and wife Mr Anupam and Ms Anshu Dhanuka, who own Paper Boat Apps. So far, the app has been downloaded by more than 5 million users globally and has over 300,000 active subscribers.

"This investment has helped us focus on product enhancement and marketing, thereby leading to a 3X growth in subscriber base. We have just finished our best month and we expect our topline to grow 2X in annual revenues by March 2021," Mr Anupam Dhanuka said.

It is expected that Kiddopoa will leverage Nazara's network of 100 million monthly active users to grow its subscriber base.

"As a leading preschool app in the US, we will now use the funding to replicate our success in countries across Europe, Latin America and Asia," he added.

Nazara Technologies has been investing in the gaming ecosystem and so far, invested in many gaming firms like Nextwave Multimedia, Halaplay Technologies, Nodwin Gaming, Qunami, and Bakbuck. It has consummated transactions worth US$ 50 million in the last three years.

It holds the licensed mobile gaming rights for popular Indian IP characters like Chhota Bheem, Motu Patlu, Mighty Raju, Shikari Shambhu, Roll #21, Eena Meena Deeka, Oggy and the Cockroaches and Shin Chan in the kids' category.

Nazara is backed by investors, including West Bridge Capital, IIFL Special Opportunities Fund; Rakesh Jhunjhunwala and Turtle Entertainment GmbH, the IP owner of the world's largest esports franchise (ESL).

Department of Biotechnology supported COVID 19 Vaccine -ZyCoV-D, designed and developed by Zydus, begins Adaptive Phase I/II clinical trials

Vaccine Discovery Programme supported by the Department of Biotechnology, Govt. of India under the National Biopharma Mission, implemented by BIRAC moves into clinical trials

BIRAC has announced that ZyCoV-D, the plasmid DNA vaccine designed and developed by Zydus and partially funded by the Department of Biotechnology, Government of India has initiated Phase I/ II clinical trials in healthy subjects, making it the first indigenously developed vaccine for COVID-19 to be administered in humans in India.

The adaptive Phase I/II dose escalation, multi-centric study will assess the safety, tolerability, and immunogenicity of the vaccine. The human dosing of the vaccine marks a key milestone since the launching of the accelerated vaccine development programme for COVID-19 in February 2020.

Dr Renu Swarup, Secretary, DBT and Chairperson, BIRAC said, “The Department of Biotechnology Government of India has partnered with Zydus to address rapid development of an indigenous vaccine for COVID-19 under the National Biopharma Mission. This partnership with Zydus is to serve the country’s need for a vaccine to fight the dreaded pandemic which has put a billion people at risk. Such research endeavours will help the country to develop preventive strategies for future disease outbreaks as well and exemplifies the government’s focus on creating an ecosystem that nurtures and encourages new product innovation to make real and measurable changes to issues most relevant to our society.”

She also mentioned that “This is an important milestone for AtmaNirbhar Bharat as Zydus begins human clinical trials for the indigenously developed vaccine. We hope that the vaccine continues to show positive outcomes as it has done so far in the pre-clinical phase where it was found to be safe, immunogenic, and well tolerated. This will be a big leap forward for Indian scientific research.”

Speaking on the development, Chairman of Zydus Cadila, Mr Pankaj R. Patel said, “This is a very important step in our fight against this pandemic and one that will help the nation combat this healthcare challenge. We are thankful to BIRAC and the Department of Biotechnology, Government of India for their support in our quest to provide a safe and efficacious vaccine to prevent COVID 19.”

About ZyCoV-D

In the pre-clinical phase, the vaccine was found to elicit a strong immune response in multiple animal species like mice, rats, guinea pigs and rabbits. The antibodies produced by the vaccine were able to neutralize the wild type virus in virus neutralization assay indicating the protective potential of the vaccine candidate. No safety concerns were observed for the vaccine candidate in repeat dose toxicology studies by both intramuscular and intradermal routes of administration. In rabbits, up to three times the intended human dose was found to be safe, well tolerated, and immunogenic.

With ZyCoV-D, the Company has successfully established the DNA vaccine platform in the country using non-replicating and non-integrating plasmid carrying the gene of interest making it very safe. Further, no vector response and with absence of any infectious agent, the platform provides ease of manufacturing the vaccine with minimal biosafety requirements (BSL-1). The platform is also known to show much improved vaccine stability and lower cold chain requirements making it easy for transportation to remotest regions of the country. Furthermore, the platform can be rapidly used to modify the vaccine in couple of weeks in case thevirus mutates to ensure that the vaccine still elicits protection.

About National Biopharma Mission, DBT:

The Industry-Academia Collaborative Mission of Department of Biotechnology (DBT), Govt of India for accelerating discovery research to early development for Biopharmaceuticals approved by the Cabinet for a total cost US$ 250 million and 50 per cent co-funded by the World Bank is being implemented at Biotechnology Research Assistance Council (BIRAC). This program is dedicated to deliver affordable products to the nation with an aim to improve the health standards of India’s population. Vaccines, medical devices, and diagnostics and biotherapeutics are few of its most important domains, besides, strengthening the clinical trial capacity and building technology transfer capabilities in the country.

About BIRAC:

Biotechnology Industry Research Assistance Council (BIRAC) is a not-for-profit Section 8, Schedule B, Public Sector Enterprise, set up by Department of Biotechnology (DBT), Government of India as an Interface Agency to strengthen and empower the emerging Biotech enterprise to undertake strategic research and innovation, addressing nationally relevant product development needs. To find out more visit https://birac.nic.in

About Zydus

Zydus Cadila is an innovative, global pharmaceutical company that discovers, develops, manufactures, and markets a broad range of healthcare therapies, including small molecule drugs, biologic therapeutics, and vaccines.

KVIC opens state-of-the-art Footwear Training Center for Leather Artisans in Delhi

The first-of-its-kind footwear training center in Delhi to train the marginalized community of leather artisans was inaugurated by Khadi and Village Industries Commission (KVIC). The center has been established with the technical knowhow of Central Footwear Training Institute (CFTI), Agra, a unit of the Ministry of MSME. The “KVIC-CFTI Footwear Training Cum Production Center” located at Gandhi Darshan, Rajghat, will provide a comprehensive 2-months training program to leather artisans for making high-quality footwear.

KVIC Chairman Shri VK Saxena while inaugurating the centre termed the leather artisans as “Charm Chikitsak” (leather doctors). The training center will also provide logistical support to the trained artisans in starting their own shoe-making business once their two-months training is successfully completed. The artisans will also be provided a tool kit worth Rs 5,000 (US$ 70.93) for carrying out their activities in future.

The KVIC-CFTI Footwear Training Cum Production Center equipped with advanced tool kits and machinery has been set up in a record time of less than two months. The inauguration was, however, delayed due to lockdown. Initially the training programs was designed for a batch of 40 leather artisans but keeping in view the social distancing norms in wake of Corona disease, the number has been reduced to a batch of 20 artisans. KVIC is setting up a similar footwear training center in Varanasi also.

The KVIC Chairman said the training of leather artisans or the 'charm chikitsak' is aligned with the Prime Minister’s vision of “Sabka Sath, Sabka Vikas”.

He said footwear has become an integral part of fashion and shoe-making no longer remains a menial job. “Through this training center, we are trying to rope in maximum people with shoe-making activities. The program has been so designed that in just two months’ time, the artisans will be able to manufacture all kinds of footwear. This will increase their income by manifold,” the KVIC Chairman said.

India Records all time high Export of Coir and Coir Products

 

The export, of coir and coir products from India worth Rs 2,757.90 crore (US$ 391.25 million) for the year 2019-20, registers an all-time high record, which is around Rs 30 crore (US$ 4.26 million) higher than that of the last year i.e. 2018-19 which stood at Rs 2,728.04 crore (US$ 387.01 million). 988,996 MT of coir and coir products were exported during the year 2019-20 from the country as against 964,046 MT exported during the preceding year. While the exports of coir pith, tufted mats, coir Geo-textiles, coir rugs and carpets, coir other sorts, coir rope and power-loom mats registered growth both in terms of quantity and value. The products like hand-loom mats, coir yarn, rubberized coir and power-loom matting showed decline in terms of quantity and increase in terms of value.

• Coir pith with export earnings of Rs 1,349.63 crore (US$ 191.46 million) constituted 49 per cent of the total export of coir products from the country.
• Coir fibre with an export of Rs 498.43 crore (US$ 70.71 million) constituted to 18 per cent of the total exports.
• The value-added items put together constituted 33 per cent of the total exports.
• Tufted Mats topped among the value-added products (20 per cent in value).
• The export of coir and coir products never showed decrease during the period, which shows there is no chance for the coir entrepreneur to worry about the business.
• The domestic market for coir and coir products also shows an increasing trend.
• Exports are made through several ports of India out of which around 99 per cent of the Exports of Coir and Coir Products are made through Tuticorin, Cochin and Chennai Ports. The other main ports of export of coir and coir products are Vishakapattanam, Mumbai, Kolkata etc. Small quantities of exports were made through roads from Kannur, Coimbatore and Rexual.

Port-wise Export (2019-20)
Sl. No.	Port/ Place of Export	Qty. (MT)	Value (Rs Lakh)	Value (US$ million)
1	Tuticorin	519144	122910.39	174.37
2	Cochin	217930	107023.69	151.84
3	Chennai	238970	43159.93	61.23
4	Vishakhapatnam	11578	1871.26	2.65
5	Mumbai	1145	596.15	0.85
6	Kolkata	113	131.89	0.19
7	Bangalore	41	58.19	0.08
8	Others (By Road)	75	38.63	0.06
	Total	988996	275790.13	391.25

 

Prime Minister, on the occasion of World Youth Skills Day, exhorts Youth to Skill, Reskill and Upskill

In his message to the Digital Skills Conclave held today on the occasion of the World Youth Skills Day and the fifth anniversary of ‘Skill India’ mission, the Prime Minister exhorted the youth to skill, reskill and upskill in order to remain relevant in the rapidly changing business environment and market conditions. He congratulated the youth of the country on the occasion and said the world belongs to the youth due to their ability to acquire new skills all the time.

He stated that the Skill India Mission launched five years back on the same day has led to creation of a vast infrastructure for skilling, reskilling and upskilling and enhancing opportunities to access employment both locally and globally. It has led to hundreds of PM Kaushal Kendras being set up across the country and increase in the capacity of the ITI ecosystem. Due to these concerted efforts, more than five crore youth have been skilled in the last five years. Referring to  the portal launched recently for mapping the skilled employees and employers, he stated that this would help the skilled workers, including the migrant workers who have returned to their homes, to access jobs easily and the employers to contact skilled employees at the click of a mouse. He emphasized that the skills of migrant workers would also help in changing the local economy.

He described skills as a gift which we can give to ourselves and added that skills are timeless, unique, a treasure trove and a means by which one can not only become employable but also help in leading a satisfying life. He said that a natural attraction to acquire new skills provides new energy and encouragement in one’s life. Skills are not only a means to a livelihood but also a reason to feel lively and energetic in our daily routine.

The Prime Minster also brought out the distinction between ‘knowledge’ and ‘skills’ in his address. He illustrated this with an example – that knowing how a cycle runs is ‘knowledge’ while actually being able to ride a cycle was a ‘skill’. It is important for the youth to realize the difference between the two and their different contexts and implications. With an example from carpentry, he explained the nuances between skilling, reskilling, and upskilling.

He further highlighted the potential of the country to capitalize on the skilling opportunities available in the country. He gave the example of the healthcare sector where Indian skilled manpower can supplement the global demand. He stressed the need to map this demand and align Indian standards with those of other countries. Similarly, he suggested that the Indian youth with a long maritime tradition can contribute as expert sailors to merchant navies across the world due to the growing demand in this sector.

The World Youth Skills Day, which is celebrated every year on 15th of July, was celebrated in virtual mode this year. Minister of Skill Development & Entrepreneurship, Dr Mahendra Nath Pandey, Minister of State of Skill Development & Entrepreneurship, Shri R.K.Singh, and Group Chairman, Larsen & Toubro Ltd., Shri A.M.Naik addressed the conclave. All stakeholders of the system, including the extensive network of trainees going into lakhs, participated in the conclave.

India turns net exporter for first time in almost two decades; records trade surplus in June

India has managed a trade surplus for the first time in almost 18 years as imports declined faster than exports. There was decease in demand for crude oil, gold, and other goods, indicating a slowing economy. 

Since March 2020, India has seen a decrease in both imports and exports because of decline in global demand, India-China tensions, and disruption of global trade due to the pandemic.     

For June 2020, the trade surplus was estimated at US$ 790 million as against the deficit of US$ 15.28 billion in June 2019.

Merchandise exports in June 2020 stood at US$ 21.91 billion, as compared to US$ 25.01 billion in June 2019, a decline of 12.41 per cent year-on-year.

However, imports in the month were recorded at US$ 21.11 billion, down by 47.59 per cent as compared to the imports of US$ 40.29 billion in June last year.

In June 2020, Oil imports were US$ 4.93 billion, which was 55.29 percent lower, as compared to June last year, as per the data released by the Ministry of Commerce.

“Rapid Turnaround of Exports: Realising PM @NarendraModi ji’s vision of Atmanirbhar Bharat, for the first time in 18 years, India records a monthly goods trade surplus in June!” Commerce and Industry Minister Piyush Goyal tweeted.

India’s current account balance saw a small uptick at 0.1 per cent of GDP in the March quarter of the financial year 2019-20. It shrank to 0.9 per cent in FY20 from 2.1 per cent in FY19 due to lowering trade deficit.     

It is estimated that the Indian economy will shrink by 5 per cent in the current financial year 2020-21.

Whereas IMF expects the Indian economy to contract by 4.5 per cent following a longer period of lockdown and slower recovery, the World Bank says it India's GDP to contract 3.2 per cent.

Market approval for Pneumococcal Polysaccharide Conjugate Vaccine given by DCGI

Drug Controller General of India (DCGI) has given approval to the first fully indigenously developed Pneumococcal Polysaccharide Conjugate Vaccine. This vaccine has been developed by M/s. Serum Institute of India Pvt. Ltd, Pune. Serum Institute first obtained the approval of DCGI to conduct Phase I, Phase II and Phase III clinical trials of Pneumococcal Polysaccharide Conjugate Vaccine in India. These trials have since been concluded within the country. The said Company has also conducted these clinical trials in another country i.e. Gambia.

Thereafter, the said Company applied for approval and permission to manufacture this vaccine. The application along with the clinical trial data has been reviewed by the Office of Drug Controller General of India with the help of Special Expert Committee (SEC) for vaccines.The Committee recommended for grant of permission of market authorization to the said vaccine. On 14/07/2020, M/s. Serum Institute of India Pvt. Ltd, Pune has been granted permission to manufacture domestically developed first Pneumococcal Polysaccharide Conjugate Vaccine. This is the first indigenously developed vaccine in the field of pneumonia. Earlier the demand of such vaccine was substantially met by licensed importers in the country since the manufacturers were all vaccine companies based outside India.

This vaccine is used for active immunization against invasive disease and pneumonia caused by “Streptococcus pneumonia” in infants.The vaccine is administered in an intramuscular manner.