Biz EOD: COVID-19 costs $11.7 trillion; auto sector slows by 4 years; Centre approves spectrum auction

The coronavirus pandemic has cost the world's economy an additional $11.7 trillion this year. Domestic automotive component industry suffered a steep 35 per cent decline in turnover in the first half of 2020-21. The Union Cabinet, chaired by PM Modi, has approved a Department of Telecommunications' proposal to conduct spectrum auction for telcos to provide commercial mobile services. Read for more top stories from the world of business and economy:

1. Global cost of coronavirus: $11.7 trillion

Out of this global cost, $9.8 trillion (83%) has been spent by 36 rich nations against just $42 billion (0.4%) by 59 low-income countries to cope with the fallout from the COVID-19 pandemic.

2. COVID-19 slows auto industry by 4 years; full recovery seen by 2024

The auto industry recorded a turnover of $15.9 billion during the during the first half of 2020-21 against $26.2 billion in 2019-20, which itself was lower than $29 billion in the same period of 2018-19.

3. Cabinet approves next round of spectrum auction

Bidders will have to comply with conditions such as block size, spectrum cap, maximum amount of spectrum that can be held, roll-out obligations, and payment terms.

4. EPFO settles 52 lakh COVID-19 advance claims, releases Rs 13,300 crore

Gangwar while speaking at the Assocham Foundation Week programme, said EPFO has settled 52 lakh COVID-19 withdrawal claims and disbursed Rs 13,300 crore to subscribers during the pandemic.

5. Financial inclusion poised to grow exponentially in India: RBI Governor

In a large country like India, which has an aspiring population, financial education cannot remain just the responsibility of financial sector regulators, says RBI Governor Shaktikanta Das.