Every Friday, Plain Facts publishes a compilation of data-based insights—along with easy-to-read visual charts—to help you delve deeper into the stories of the past week. India saw a rapid increase in Omicron type cases this week. Export growth in the first three weeks of December broke this fiscal year’s monthly record, while India is set to miss its target of immunizing 100% of the adult population with at least one shot by the end of the year. Here’s more:
Omicron scares
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From just two cases at the beginning of the month, the Omicron variant has spread rapidly over the past 10 days. A five-fold jump has been registered since December 21, and now 22 states have cases. Delhi and Maharashtra have been particularly badly affected, and several states have announced night curfews, worrying about further spread during New Year’s celebrations.
trouble on top
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The Reserve Bank of India appointed an additional director for RBL Bank, while chief executive Vishwavir Ahuja went on immediate leave. The reasons are not clear. This comes against the backdrop of the bank’s report of a steep rise in non-performing assets to 5.4% as on September 30 from 3.3% a year ago. The news caused the bank’s stock price to crash nearly 24% since last Friday’s close.
no show
Multiplex companies PVR and Inox Leisure have combined consolidated net loss in the first half of the current financial year. Since the start of the pandemic, restrictions and precautionary measures have reduced the number of people flocking to multiplexes. Now, once again, they are looking at the bleak prospects of a revival due to the new coronavirus variant, Omicron.
Flying high
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India’s domestic passenger traffic continued to grow in November, even as international passenger traffic remained muted amid restrictions that have been imposed as part of measures to contain the spread of COVID-19. Overall, Indian airports saw 23.23 million passengers as against 19.64 million in October. But it may come down in the coming weeks due to rising cases of the Omicron variant.
going strong
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Throughout this year, India has witnessed impressive export growth. The performance continued in the first three weeks of December, with exports showing a year-on-year growth of 36%. Excluding petroleum products, an indicator of domestic demand, exports grew by 28%. However, exports may face hurdles as lockdowns are being imposed in many countries due to the Omicron variant.
rule breakers
A number of Nifty 500 companies have yet to comply with Securities and Exchange Board of India (SEBI) regulations separating the posts of chairman and managing director, said a report by Institutional Investor Advisory Services. SEBI has fixed April 1 as the deadline for segregation of posts. These companies are mostly family controlled or PSUs, the report said.
trailing target
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India is set to miss its target of giving every adult the first shot of the Covid-19 vaccine by the end of this year. The country has covered 89% of the adult population as of December 29, and some states like Jharkhand, Punjab and Bihar are yet to reach the 80% mark. Only five states have achieved 100% target. Full vaccination coverage is very low.
Chart of the Week: Big Brainstorm
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With the COVID-19 pandemic changing the working patterns of most industries, the information technology sector has seen a rise in demand for its services. But the sector also faced a talent crunch in 2021, with top companies reporting a significant increase in their job loss rates.
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