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India is more optimistic than APAC about normalcy post-COVID-19, says Mastercard survey

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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As India undertakes the world’s largest vaccination program to counter Covid-19 and more business places open up, the Indian consumers are optimistic about the revival of the economy and their lives, said Mastercard.

Capturing these insights, Mastercard conducted a survey titled – ‘Preparing for the post-COVID-19 world: India consumer sentiment tracker’.

This survey was done over a period of 8 months, i.e., June 2020-Jan 21 and highlights the evolving Indian consumer sentiment along with a specific focus on industries such as retail, travel, and digital payments.

Moreover, it also compares these trends vis-à-vis other APAC markets. The survey sums up that Indians are more optimistic compared to their APAC counterparts on almost all counts.

It is observed that while there are concerns there is also the confidence to step out more than earlier due to the ongoing vaccination program. Indians have showcased more readiness to travel, be at social events, or eating out. The study also shows that during the lockdown, the common concerns around the region were healthcare, livelihood, economy, and children’s education which could impact most respondents’ personal finances. 42 percent of the respondents said that their personal finances remained the same or became better as before the COVID impact.

Out of the remaining 58 percent, nearly half the Indian consumers interviewed at this time were certain that their financial status would return to pre-Covid- 19 level within six months. In contrast, APAC markets remained pessimistic, with only 29 percent who felt the same, Mastercard said.

One of the reasons for this Indian optimism could be the age-old values of ‘saving for a rainy day’. The survey shows that ‘Saving Income’ is on top priority among Indians (65 percent) in comparison to the rest of APAC (47 percent). 43 percent of Indians will be spending less on non-essential items, 32 percent will rotate credit and 31 percent will buy on installments, even as we see the green shoots of recovery, according to the survey.

Apart from day-to-day items like grocery, which was traditionally an offline purchase, 64 percent of Indians also bought online education solutions and 52 percent ordered health and wellness products and services. In fact, 58 percent of Indian respondents intend to increase their usage of contactless payments such as debit and credit cards, prepaid cards, and mobile wallets, which shows their comfort with the digital ecosystem, the report said.

Not only that, but 81 percent of Indian respondents believe that contactless payment is a trend here to stay. Moreover, 2 out of 3 Indians feel secure making online payments which is 10 percent higher than other regions in APAC, it added.

Another key takeaway is that after a long time of being under lockdown and working from home, Indian consumers are looking forward to traveling for leisure and meet their loved ones. 71 percent of Indian respondents are open to or want to travel domestically for leisure within 2021, which highlights their positive sentiment towards normalcy.

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Assam Assembly Elections: 16% candidates face criminal cases, 39% crorepatis in 1st phase, says ADR

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Ahead of the Assam Assembly elections, 16 percent of the candidates contesting in the first phase have declared criminal cases against themselves, according to a report by a poll rights group Association for Democratic Reforms (ADR). The Assam Election Watch and ADR have analysed the sworn affidavits of 259 out of the 264 candidates in the first phase.

Out of 259 candidates analysed, 41 candidates (16 percent) have declared criminal cases against themselves and 34 (13 percent) have declared serious criminal cases against themselves, the ADR said. Among the major parties, 10 (23 percent) out of 43 candidates analysed from the Congress, eight (20 percent) out of 41 candidates analysed from the Assam Jatiya Parishad, three (8 percent) out of 39 candidates analysed from the BJP and one candidate each from the NCP, AGP and the SUCI(C) have declared criminal cases against themselves in their affidavits.

Among the major parties, nine (21 percent) out of 43 candidates analysed from the Congress, six (15 percent) out of 41 candidates analysed from the Assam Jatiya Parishad, three (8 percent) out of 39 candidates analysed from the BJP and one candidate each from the NCP, AGP and the SUCI(C) have declared serious criminal cases against themselves in their affidavits. Serious criminal cases are non-bailable offences with over five years of imprisonment.

Five candidates have declared cases related to crime against women. “Out of five candidates, one candidate has declared cases related to rape (IPC Section-376),” the report said. Two candidates have declared cases related to murder (IPC Section-302) against themselves and four candidates have declared cases related to attempt to murder (IPC Section-307) against themselves.

Three (6 percent) out of 47 constituencies are Red alert constituencies. “Red alert constituencies are those where three or more contesting candidates have declared criminal cases against themselves,” the report said. “The directions of the Supreme Court have had no effect on the political parties in the selection of candidates in Phase 1 of the Assam Assembly Elections 2021 as they have again followed their old practice of giving tickets to around 16 percent candidates with criminal cases,” the report said.

On the educational background, the report said 97 candidates (37 percent) have declared their educational qualifications to be between 5th and 12th standard, while 157 candidates (61 percent) have declared having an educational qualification of graduate or above. Four candidates are diploma holders and one candidate is just literate.

The report added that 67 candidates (26 percent) have declared their age to be between 25 and 40 years, while 153 candidates (59 percent) have declared their age to be between 41 and 60 years. “There are 38 (15 percent) candidates who have declared their age to be between 61 and 70 years. One candidate has declared his age 85 years,” the report said.

The report also mentioned the gender details. It said 25 women candidates (10 percent) are contesting in the first phase.

Also Read: Assembly Elections 2021: PC Thomas-led Kerala Congress quits NDA, to merge with Joseph faction

Out of 259 candidates, 101 (39 percent) are crorepatis, the report said. Among the major parties nine (90 percent) out of 10 candidates analysed from the AGP, 31 (72 percent) out of 43 candidates analysed from the Congress, 28 (72 percent) out of 39 candidates analysed from the BJP and 15 (37 percent) out of 41 candidates analysed from the Assam Jatiya Parishad have declared assets valued more than Rs 1 crore. “The average of assets per candidate contesting in the Assam Assembly Elections 2021 Phase I is Rs 1.84 crore,” the report said.

Elections to the 126-member Assam assembly will be held in three phases on March 27, April 1 and April 6.

With inputs from PTI

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MCD election 2021 results: AAP wins 4 wards in Delhi municipal bypolls; Congress 1

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Arvind Kejriwal-led Aam Aadmi Party (AAP) was victorious in four wards and the Congress in one ward in the municipal bypolls in Delhi. The BJP, which had held one of these wards, failed to open its account in the bypolls.

AAP’s Sunita Mishra was declared the winner by 2,705 votes from Ward No 62N, Shalimar Bagh North. The seat was earlier held by the BJP.

AAP candidate Dhirender Kumar has won the Kalyanpuri ward by 7,259 votes. AAP candidate Ram Chander defeated BJP candidate Rakesh Goyal by 2,985 votes in Rohini C ward. AAP’s Vijay Kumar defeated BJP’s Om Prakash by a margin of 4,986 votes in Trilokpuri.

AAP leader and Delhi Deputy Chief Minister Manish Sisodia said, “The people of Delhi have expressed their confidence in us. They are fed up with BJP and this election is an indication of that. In the 2022 Delhi municipal polls, BJP will be wiped out.”

Congress candidate Chaudhary Zubair Ahmad defeated AAP candidate Mohammad Ishraq Khan by 10,642 votes in Chauhan Bangar ward.

More than 50 percent votes were cast in the bypolls for the five municipal wards held on February 28. Out of the five wards, four were held by the AAP while Shalimar Bagh North had a BJP councillor.

The BJP had retained all three municipal corporations in Delhi in the 2017 civic polls with the AAP finishing a distant second.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

After SBI, Kotak Mahindra Bank cuts interest rates on home loans to 6.65%

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The State Bank of India (SBI) on Monday announced that it was cutting interest rates on home loans starting from 6.70 percent onwards until March 31. Soon after the decision, Kotak Mahindra Bank announced that it was cutting interest rate on home loans by 10 bps to 6.65 percent.

Kotak said that the 6.65 percent interest rate was applicable “across all ticket sizes”. Kotak is the price leader in home loans with the lowest interest rate. On March 1, Kotak Mahindra Bank announced that it has reduced its home loan interest rates by 10 basis points (bps) to 6.65% percent per annum.

“This is a special rate that is applicable till March 31, 2021 and is the lowest rate in the home loan market. This special rate of 6.65 percent is applicable across all loan amounts. Kotak home loan and balance transfer loans now start at 6.65 percent. Interest rates are linked to borrowers’ credit score and the Loan to Value (LTV) ratio,” the lender said in a statement.

Ambuj Chandna, President of Consumer Assets at Kotak Mahindra Bank said, “Kotak continues to set the pace as the price leader in the home loan market and we are delighted to offer consumers a special year-end bonus in the form of even lower home loan interest rates. This is indeed the best time to buy a home.”

Earlier in the day, SBI said that it was giving a 100 percent waiver on loan processing fees and said that the concession on home loan interest rates is based on the loan amount and CIBIL score of the borrower.

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US FDA gives emergency use authorisation to COVID-19 vaccine from J&J

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The US on Saturday got its third jab against the deadly coronavirus disease with the US Food and Drug Administration (USFDA) authorising a single-dose Johnson and Johnson anti-coronavirus vaccine for emergency use and setting the vaccine up for additional approvals around the world. President Joe Biden described the approval as an encouraging development in efforts to end the COVID-19 crisis and said this is exciting news for all US citizens.

The J&J vaccine is the third authorized in the United States, following ones from Pfizer/BioNTech and Moderna, both of which require two doses.

“Today, after a rigorous, open, and objective scientific review process, the Food and Drug Administration (FDA) issued an emergency use authorisation for a third safe and effective vaccine to help us defeat the COVID-19 pandemic – the Janssen COVID-19 (Johnson and Johnson) vaccine,” Biden said.

The EUA allows the Janssen COVID-19 vaccine to be distributed in the US for use in individuals of 18 years of age or older. Unlike the other two approved vaccines, the Johnson and Johnson vaccine is administered as a single dose.
The Pfizer and Moderna vaccines require two shots within two weeks.

“The authorisation of this (Johnson and Johnson) vaccine expands the availability of vaccines, the best medical prevention method for COVID-19, to help us in the fight against this pandemic, which has claimed over half a million lives in the US,” Acting FDA Commissioner Janet Woodcock said.

The FDA said the totality of available data provides clear evidence that the Janssen COVID-19 vaccine may be effective in preventing the infection.

Data also shows that the vaccine’s known and potential benefits outweigh its known and potential risks, supporting the company’s request for the vaccine’s use in people of 18 years of age and older, it said.

“We know that more people that get vaccinated, the faster we will overcome the virus, get back to our friends and loved ones, and get our economy back on track,” President Biden said, adding that the country is moving in the right direction.

He said at the same time, this fight is far from over.

“Though we celebrate today’s news, I urge all Americans keep washing your hands, stay socially distanced, and keep wearing masks. As I have said many times, things are still likely to get worse again as new variants spread, and the current improvement could reverse. My administration will not make the mistake of taking this threat lightly, or just assuming the best: that’s why we need the American Rescue Plan to keep this fight going in the months ahead,” Biden said.

There is light at the end of the tunnel, but people cannot let their guard down now or assume that victory is inevitable, the president said.

“We must continue to remain vigilant, act fast and aggressively, and look out for one another that is how we are going to reach that light together,” Biden said.

Congressman Frank Pallone, who is the chairman of the House Energy and Commerce Committee, said notably, this new vaccine is easier to store and transport than other COVID-19 vaccines and only requires one shot to protect patients.

“This will greatly improve our ability to protect millions of people against COVID-19 in communities across the country and is a giant step towards crushing the virus,” he said.

The authorisation of Johnson and Johnson’s COVID-19 vaccine brings the country another step closer to the light at the end of the tunnel, Pallone said.
Congressman Michael C Burgess, who is also a senior doctor, said that this is truly a remarkable achievement to see.

“To have three safe and effective vaccines not even a year from learning the virus sequencing is an outstanding accomplishment. This is a true testament to the dedication of American scientists and a shining example of American resourcefulness,” he said.

Earlier this week, an FDA panel released that Johnson and Johnson’s single-dose vaccine is effective for the coronavirus and its other severe forms, Burgess said.

“This third vaccine is a signal that we are nearing the end of this pandemic, but we cannot stop taking the proper precautions. Please continue to wash your hands thoroughly, wear a mask if you are unable to properly social distance, and stay home if you are sick. At the start of this pandemic, America declared that we are in this together and together we will reach the end,” he said.

In J&J’s 44,000-person global trial, the vaccine was found to be 66 percent effective at preventing moderate-to-severe COVID-19 four weeks after inoculation. It was 100 percent effective in preventing hospitalization and death due to the virus. There were very few serious side effects reported in the trial, which also offered preliminary evidence that the vaccine reduced asymptomatic infections.

J&J vaccine versus others

J&J’s vaccine is expected to be used widely around the globe because it can be shipped and stored at normal refrigerator temperatures, making distribution easier than for the Pfizer/BioNTech SE and Moderna vaccines, which must be shipped frozen.

The U.S. government, which has purchased 100 million doses of the J&J vaccine, plans to distribute about 3 million to 4 million next week. That would be on top of the around 16 million doses of the Pfizer/BioNTech and Moderna vaccines the government already planned to ship across the country.

“We are ready to roll it out,” White House senior adviser Andy Slavitt wrote on Twitter after the authorization. Johnson & Johnson said it had begun shipping vaccines to the government.

J&J plans to provide a total of 20 million doses by the end of March, which along with the more than 220 million total doses expected from Pfizer and Moderna would be enough to fully vaccinate 130 million Americans.

So far, the United States has distributed more than 90 million doses of COVID-19 vaccines, some of which have been used for second shots. About 14 percent of Americans have received at least one dose, according to U.S. government data.

COVID-19 has claimed more than half a million lives in the United States, and states are clamoring for more doses to stem cases, hospitalizations, and deaths.

The J&J vaccine is also under review by the European Union, where deliveries are expected starting in April and would build on the region’s thin supplies of the Pfizer/BioNTech, Moderna and AstraZeneca Plc shots.

In South Africa, regulators were awaiting the FDA decision as their government looks to deploy more J&J vaccine against a variant of the virus called B.1.351 that is able to evade some vaccine protection.

J&J’s vaccine uses a common cold virus known as adenovirus type 26 to introduce coronavirus proteins into cells in the body and trigger an immune response. J&J is testing a two-dose version of its vaccine, with results expected this summer.

—With inputs from agencies

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Assembly Elections 2021: Polling on 824 seats begin on March 27, results on May 2

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The Election Commission announced the schedule for Assembly elections in West Bengal, Tamil Nadu, Kerala, Assam and Union Territory of Puducherry on Friday. The polling for the 824 Assembly seats will begin on March 27 and results will be declared on May 2.

The term of Assemblies of West Bengal, Tamil Nadu, Kerala, Assam will expire in May and June. Puducherry is under the President’s Rule after the Congress-led government lost the vote of confidence in the Assembly following a spate of resignation by party MLAs, pushing the government into the minority.

All the senior party leaders have been touring the states, reaching out to the masses, addressing rallies so as to make a mark in the polls.

Here is the schedule of the upcoming Assembly polls

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Coronavirus News Feb 23 highlights: Maharashtra again reports more than 6,000 COVID-19 cases; 51 die

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Coronavirus News Feb 23 highlights: India’s total tally of COVID-19 cases surged to 1,10,16,434 with 10,584 new infections being reported in a day, while the recoveries have crossed 1.07 crore, according to the Union Health Ministry data updated on Tuesday. The death toll increased to 1,56,463 with 78 new fatalities, the data updated at 8 am showed. The number of people who have recuperated from the disease surged to 1,07,12,665 which translates to a national COVID-19 recovery rate of 97.24 percent and the case fatality rate stands at 1.42 percent. The active coronavirus infections in the country have reduced to 1,47,306 which comprises 1.34 percent of the total caseload, the data stated.

India’s COVID-19 tally had crossed the 20-lakh mark on August 7,30 lakh on August 23, 40 lakh on September 5 and 50 lakh on September 16. It went past 60 lakh on September 28, 70 lakh on October 11, crossed 80 lakh on October 29, 90 lakh on November 20 and surpassed the one-crore mark on December 19.

According to the ICMR, 21,22,30,431 samples have been tested up to February 22 with 6,78,685 samples being tested on Monday.

Meanwhile, Mumbai has recorded a 36.38 percent rise in the active COVID-19 cases since February 8, according to the Brihanmumbai Municipal Corporation’s data. Careless attitude of citizens, allowing the general public to travel in local trains and opening of various other commercial activities were among the reasons behind the current surge in cases in Mumbai, civic officials said.

The country’s financial capital reported 5,335 active COVID-19 cases on February 8, and the number went up to 7,276 on Sunday. BMC officials said the surge in daily cases started in the second week of February. On Sunday, Mumbai reported over 900 new COVID-19 cases, as compared to less than 500 daily cases in the first week of February.

Mumbai police chief clarifies fine amount on not wearing masks. It is Rs 200, not Rs 1000, chief tweeted on Tuesday.

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

BOOK EXCERPT: The Right Choice: Resolving 10 Career Dilemmas For Extraordinary Success

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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I once said in an IIM convocation address I delivered: ‘Don’t measure yourself by the money you make. If you are good, the money will follow you. However, if you have money, it doesn’t mean you are good. Try and be very good.’

I must add that while money cannot buy us happiness, it certainly is a safeguard against sorrow. A successful career is not about money alone; it cannot be as unidimensional as that.

Our goals extend beyond just making a certain amount of money, even though we may never consciously realize it. We work for affiliation to an institution, recognition in the company and industry fora, acknowledgement and appreciation from peers, as also stability and peace of mind.

However, we get swayed by external factors such as media reportage and industry comparisons in terms of salaries and earnings and tend to use these as superfluous benchmarks of our worth and standing. This pattern sets in at the engineering college or business school itself.

Come placement season, every business school reports the top-salaried job and the average salary offered on campus. There is a race amongst business schools, with each vying to be seen as better than the rest solely on the basis of this parameter; students crave to gain admission into such an institute.

As with any data point, the data quoted by a number of schools is misleading but it becomes a yardstick. Since all business schools do not make their calculations in the same way, there is scope for interpretation.

Similarly, every newspaper and magazine maintains a list of the highest-paid executives. But these lists simply do not capture what these top executives do beyond the figures they make, which makes the public question their worth. I recall an instance when the CEO of a BFSI (Banking, Financial Services and Insurance) company figured in one such list and a lot of investors, company employees and industry experts seriously questioned the value and contribution of that individual.

Without a doubt, money is a significant variable in every career. In many cases, people choose the job that offers them a higher salary; it is indeed as straightforward as that. In the Indian context, salary and benefits feature right on top in the list of criteria evaluated when choosing a company. This focus on money does not surprise me; we do live in an uncertain world.

No one is sure of company survival, or even industry survival, so people commit to the job and company at best for two to three years. Naturally, in that short timeframe, they would like to consolidate their gains. And the one thing they can affix a tangible value to is the monetary aspect.

They cannot possibly put a tangible cap on skills or learning or culture. Hence, it boils down to maximizing money, which means maximizing the short term! Money is also a solid variable to boast about among friends and family because we associate it with prestige and security. I would like you to think about this variable called money differently.

Now, I know that many aspirants avail of student loans to pursue an MBA. Repaying that loan is a top priority in their mind and so, on completing the academic course, they look for the highest-paying job offer. A young, newly minted manager wants to buy the latest gadgets and fancy bikes, eat at the fanciest restaurants and hang out in the coolest places, buy a swanky car and go on luxurious holidays.

During this phase, most people save little. When they move into middle management, people worry about building a roof over their head. At this stage, many take loans to build assets based on the assumption that they have at least twenty years of a career ahead of them.

Sometimes, this assumption turns out right, but in today’s times, this is not a guaranteed, valid assumption anymore. Over the last two decades, I have seen this premise hold true for fewer and fewer people. Once they become senior managers, people seek to provide for their children’s education, caregiving for aged parents, spending liberally on significant social events, such as religious ceremonies and weddings and so on.

A look at the annual earnings potential minus the annual spending reveals that people have a surplus in their bank account when in senior managerial positions. So, it is surprising when young people quit and move jobs for just a little more money because that is immaterial in the long run.

My advice to young managers, that is, to anyone below the age of thirty, is to maximize their learning and work at a place where they can multiply their capabilities rather than choosing money as the variable to maximize. This choice will not hurt them.

—The Right Choice: Resolving 10 Career Dilemmas For Extraordinary Success by Shiv Shivakumar. Excerpted with permission from Penguin Random House India. Price Rs 399.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Coronavirus news highlights: BMC issues strict COVID-19 guidelines as cases spike; those flouting norms will be prosecuted

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Coronavirus News LIVE Updates: India’s tally of COVID-19 cases rose to 1,09,50,201 with 12,881 new infections, while the recoveries surged to 1,06,56,845, according to Union Health Ministry data updated on Thursday. The death toll increased to1,56,014 with 101 fresh fatalities, the data updated at 8 am showed. The COVID-19 case fatality rate has dropped to 1.42 percent, while the number of people who have recuperated from the disease surged to 1,06,56,845 which translates to a national COVID-19 recovery rate of 97.32 percent. The COVID-19 active caseload remained below 1.5 lakh. There are 1,37,342 active cases of coronavirus infections in the country whichcomprises1.25 percent of the total cases, the data stated.

India’s COVID-19 tally had crossed the 20-lakh mark on August 7,30 lakh on August 23, 40 lakh on September 5 and50 lakh on September 16. It went past 60 lakh on September 28, 70 lakh on October 11, crossed 80 lakh on October 29, 90 lakh on November 20 and surpassed the one-crore mark on December 19.

According to the ICMR, 20,87,03,791 samples have been tested up to February 17 with 7,26,562 samples being tested on Wednesday.

The 101 new fatalities include 40 from Maharashtra, 16 from Kerala and 10 from Punjab.

A total of1,56,014 deaths have been reported so far in the country including 51,631 from Maharashtra followed by 12,438 from Tamil Nadu, 12,276 from Karnataka, 10,894 from Delhi, 10,237 from West Bengal, 8,707 from Uttar Pradesh and 7,165 from Andhra Pradesh.

The health ministry stressed that more than 70 percent of the deaths occurred due to comorbidities.

“Our figures are being reconciled with the Indian Council of Medical Research,” the ministry said on its website, adding that state-wise distribution of figures is subject to further verification and reconciliation.

Stay tuned with live updates

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow