Even as India fights the spread of COVID-19 pandemic, the nation's unemployment rate surged to 9 per cent, according to Centre for Monitoring Indian Economy (CMIE). With rising number of coronavirus cases across the globe and global markets melting, investors withdrew funds from risk assets and parked them in safe-haven assets such as gold. AgVa Healthcare, in a joint venture with Maruti Suzuki India, will deliver 10,000 ventilators to the central government in a month. Read for more top stories from the world of business and economy:
Bharat Biotech and the US-based FluGen along with virologists at the University of Wisconsin-Madison have begun the development and testing of a unique vaccine against COVID-19 called CoroFlu.
In India too, jitters of upcoming recession were felt with FIIs withdrawing Rs 12,684 crore from equity market in February this year.
AgVa Healthcare will use its technology and expertise while Maruti Suzuki would provide manpower and additional space to manufacture ventilator.
In a slowing economy, higher spend on medical and public health would either result in shifting of resources from their heads or dipping into borrowings from market or centre government.