The numbers behind our exports, Omicron and RBL Bank
2 min read . Updated: 31 Dec 2021, 07:46 AM IST
PremiumIndia saw a rapid rise in Omicron variant cases this week. Exports growth in the first three weeks of December broke this fiscal year’s monthly record, while India is set to miss its aim of vaccinating 100% of the adult population with at least one shot by year-end
Every Friday, Plain Facts publishes a compilation of data-based insights—complete with easy-to-read visual charts—to help you delve deeper into the stories from the week just gone by. India saw a rapid rise in Omicron variant cases this week. Exports growth in the first three weeks of December broke this fiscal year’s monthly record, while India is set to miss its aim of vaccinating 100% of the adult population with at least one shot by year-end. Here’s more:
Omicron Scare
From just two cases at the beginning of the month, the Omicron variant has spread rapidly in the past 10 days. A five-fold jump has been recorded since 21 December, and there are cases now in 22 states. Delhi and Maharashtra have been hit particularly badly, and several states have announced night curfews, worried about a further spread during New Year celebrations.
Trouble At The Top
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 reporting a huge rise in non-performing assets to 5.4% as on 30 September from 3.3% a year ago. The news sent the bank’s share price crashing almost 24% since last Friday’s close.
No Show
That’s the combined consolidated net loss reported by multiplex companies PVR and Inox Leisure in the first half of this fiscal. Since the beginning of the pandemic, restrictions and precautionary measures have reduced footfall for multiplexes. Now, once again, they stare at dim prospects of revival due to the new coronavirus variant, Omicron.
Flying High
India’s domestic passenger traffic continued to rise 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 this could go down in coming weeks due to rising cases of Omicron variant.
Going Strong
Throughout this year, India has seen impressive exports growth. The performance continued in the first three weeks of December, with exports seeing 36% year-on-year growth. Exports excluding petroleum products, an indicator of domestic demand, rose 28%. However, exports may face hurdles as lockdowns are being imposed in many countries due to the Omicron variant.
Rule Breakers
That’s the number of Nifty 500 companies yet to comply with the Securities and Exchange Board of India’s (Sebi’s) rule to separate posts of chairman and managing director, said a report by Institutional Investor Advisory Services. Sebi has set the deadline of 1 April to separate the posts. The report said these firms are mostly family-controlled or PSUs.
Trailing Targets
India looks set to miss its target of giving the first shot of the covid-19 vaccine to each adult by the end of this year. The country has covered 89% adult population as on 29 December, and some states such as Jharkhand, Punjab, and Bihar are yet to reach the 80% mark. Only five states have achieved the 100% target. The full-vaccination coverage is far lower.
Chart of the Week: Big Churn
With the covid-19 pandemic changing the working pattern of most industries, the information technology sector has witnessed a rise in demand for its services. But the sector also faced talent shortage in 2021, with top companies reporting a significant rise in their attrition rates.
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