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:
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.
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.
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.
Poonawalla's Serum Institute is the largest vaccine maker in the world and at the forefront in the race to make COVID-19 vaccine.
Coronavirus vaccine update: Phase 2 trials of Oxford coronavirus vaccine, being manufactured by Serum Institute of India (SII), have begun in India