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Biz EOD: Factory output shrinks; mining sector's big reform; people avoid hospitals

Catch top stories from the world of business and economy with BusinessToday.In's Biz EOD report

twitter-logoBusinessToday.In | August 11, 2020 | Updated 23:25 IST
Biz EOD: Factory output shrinks; mining sector's big reform; people avoid hospitals
Top stories from the world of business and economy

India's factory output, measured based on Index of Industrial Production (IIP), contracted for the fourth straight month in June even as industries resumed production after lifting of the nationwide lockdown. India's mining sector is undergoing a big transformation to allow private sector participation. The scare of COVID-19 pandemic continues to keep Indians away from hospitals and doctors for treatment of common ailments as much as possible. Read for more top stories from the world of business and economy:

1. Factory output shrinks 16.6% in June even as industries resume production

With the lifting of restrictions in the subsequent periods, industrial activity is resuming, government said while releasing the industrial output data for June.

2. GST rationalisation, transparent auction among key mining reforms in offing

Mining sector in the country contributed Rs 4 lakh crore to the Gross Domestic Product (GDP) last year and the sector employs 1.1 crore people directly and another 5.5 crore people are indirectly dependent on the sector.

3. People still avoiding hospitals for common illness, popping more vitamin pills

The COVID crisis has impacted the Indian pharmaceutical market which grew just 0.2 per cent in July, even lower than the 2.4 per cent growth registered during June, the data showed.

4. New car launches to look out for this festive season

The festive season in India has always been important for both cars and two-wheelers. So despite the nationwide lockdown and slowdown in the economy, the companies are still hoping to make up for the previous months' sales loss.

5. Why shadow banking should worry policymakers in India and elsewhere

RBI has warned that economic disruptions may intensify systemic risks to India's financial sector primarily because NBFCs remain vulnerable with their deteriorating asset quality and reluctance of the market to lend them money. On the global front, there is little to cheer about shadow banking.

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