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Biz EOD: Govt debt to top 90% of GDP; SII founder's wealth rises 85%; Phase 2 trials of Oxford COVID vaccine begins in India

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

twitter-logoBusinessToday.In | August 26, 2020 | Updated 23:58 IST
Biz EOD: Govt debt to top 90% of GDP; SII founder's wealth rises 85%; Phase 2 trials of Oxford COVID vaccine begins in India
Top stories from the world of business and economy

Indian government's debt levels will reach 91 per cent of gross domestic product (GDP) in the current fiscal for the first time since 1980. In the 5 months after the lockdown, Serum Institute of India's founder Cyrus Poonawalla's net worth has risen 84.7 per cent to $13.8 billion. SII started Phase 2 trials of the vaccine being developed by Oxford University and AstraZeneca this week. Read for more top stories from the world of business and economy:

1. Government debt to top 90% of GDP in FY21; first time since 1980

India's debt is likely to reach 91 per cent of GDP in FY21 and stay at around 90 per cent of GDP up to FY23, before moderating slowly to 80 per cent by FY30.

2. India needs to grow at 8-8.5% to create 90 million jobs by 2030

India needs to create 90 million non-farm jobs between 2023 and 2030 to absorb 60 million new workers who will enter the workforce, says McKinsey report.

3. India's GDP growth to see strong pick up in second half of 2020: Moody's

Moody's Investors Service has said that India, China and Indonesia will be the only G-20 emerging economies to post a strong enough pick up in real GDP in the second half of 2020.

4. Serum Institute founder Cyrus Poonawalla's wealth rises 85% in 5 months to $13.8 bn

Poonawalla's Serum Institute is the largest vaccine maker in the world and at the forefront in the race to make COVID-19 vaccine.

5. Coronavirus vaccine: Phase 2 trials of Oxford candidate start in India; two get vaccinated

Coronavirus vaccine update: Phase 2 trials of Oxford coronavirus vaccine, being manufactured by Serum Institute of India (SII), have begun in India

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