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<ul><li>The IMF in its World Economic Outlook had forecast India's growth rate to be 1.9% in 2020. </li><li>IMF director Chang Yong Rhee said, "Asia's growth still fares better than other regions." </li></ul>The <keyword id="6366068" type="COMPANY" weightage="20" keywordseo="international-monetary-fund">International Monetary Fund</keyword> Wednesday said that it supports India's proactive decision of a imposing a nationwide lockdown in its fight against <keyword id="1754604" type="PERSON" weightage="20" keywordseo="coronavirus">coronavirus</keyword>. A day earlier, the IMF in its World Economic Outlook had forecast India's growth rate to be 1.9 per cent in 2020. "India entered the pandemic turmoil in the midst of a credit crunch-induced slowdown and its recovery prospect becomes more uncertain," Chang Yong Rhee, the Director of the IMF's Asia and <keyword id="313465" type="COMPANY" weightage="20" keywordseo="Pacific-Department">Pacific Department</keyword>, told reporters during a news conference here. "Despite the economic slowdown, the government implemented a nationwide lockdown and we support India's proactive decision," Rhee said. On March 25, India entered a three-week lockdown, which was slated to end on April 14. The lockdown was extended till May 3. The impact of the coronavirus on the Asia-Pacific region will be severe, across the board, and unprecedented, he said, adding that Asia's growth in 2020 will come to a standstill. This is worse than the annual average growth rates throughout the Global Financial Crisis (4.7 percent) or the Asian Financial Crisis (1.3 percent). Actually, Asia has not experienced zero growth in the last 60 years, he said. "That said, Asia's growth still fares better than other regions." For 2021, he said, there is hope. If containment policies succeed there could be a rebound in growth, he said. However, it is highly uncertain how this year will progress, he added. Noting that this is not a time for business as usual, Rhee said that Asian countries need to use all policy instruments in their toolkits. In doing so, policy tradeoffs will be inevitable and will depend on policy space, he added. China is expected to grow by 1.2 percent in 2020. The revisions to growth reflect both losses of domestic activity due to the social distancing measures, as well as loss of external demand. "We expect a rebound in economic activity later this year. This is because China is emerging from the outbreak first. Nonetheless, there are clear risks: the virus could come back and normalization could take longer," Rhee said. <keyword id="6355311" type="LOCATION" weightage="20" keywordseo="japan">Japan</keyword>'s economic outlook for 2020 has deteriorated significantly, he said. Real GDP in Japan is expected to decline by 5.2 percent, caused by the coronavirus impact, and a sharp deterioration of external demand, he said, adding <keyword id="5565" type="LOCATION" weightage="20" keywordseo="South-Korea">South Korea</keyword>'s growth in 2020 is anticipate to be at -1.2 percent, he said. Spelling out a set of recommendations for the countries in the Asia-Pacific region, Rhee said the first priority is to support and protect the health sector to contain the virus and introduce measures that slow contagion. "If there is not enough fiscal space, countries will need to re-prioritize from other expenditures," he said. Noting that containment measures are severely affecting economies, he said targeted support to hardest-hit households and firms is needed. This is a real economic shock unlike the Global Financial Crisis. Protect people, jobs and industries directly, not just through financial institutions, he said. Observing that the pandemic is also affecting the financial market functioning, he urged countries to use monetary and macroprudential regulations flexibly to provide ample liquidity, ease financial stress of industries and SMEs. "For emerging markets with limited fiscal space, they might need to consider how to use central bank balance sheets flexibly to help SMEs through risk sharing with the government," he said. Asserting that external pressures need to be contained, he said that countries should seek and utilize bilateral and multilateral swap lines and financial support from the multilateral institutions. "There can be a role for capital flow measures to secure external sector stability as a prerequisite to use more aggressive domestic policies to prevent lasting social and economic distress," he said. "Targeted support combined with domestic demand stimulus in a recovery will help to reduce scarring, but it needs to reach people and smaller firms." SEE ALSO: <a href="https://www.businessinsider.in/topic/coronavirus">Coronavirus News and Updates</a> <a href="https://www.businessinsider.in/policy/economy/news/india-unemployment-job-losses-at-many-companies/articleshow/75130701.cms">India’s looming jobs crisis is starting to unravel within the first 21 days of coronavirus lockdown</a>

IMF backs India's 'proactive' lockdown decision despite economic cost

Union Health Minister <keyword id="196226" type="PERSON" weightage="20" keywordseo="Harsh-Vardhan">Harsh Vardhan</keyword> clarified on Sunday that the government is yet to take a final decision on phase-3 trials of the Russian COVID-19 vaccine candidate Sputnik V. "This issue is still under consideration and no final decision on Sputnik V vaccine developed by Russia has been taken as yet," he stated while addressing his social media audience during his weekly programme 'Sunday Samvaad'. The clarification by the minister has come after a pharmaceutical giant, which partnered with Russia's sovereign wealth fund in September to conduct final trials and distribution of the Sputnik V, sought permission for the same from <keyword id="682334" type="COMPANY" weightage="20" keywordseo="Drugs-Controller-General-of-India">Drugs Controller General of India</keyword> (DCGI) on Friday. Hyderabad-based drugmaker Dr Reddy's Laboratories (DRL) had partnered the <keyword id="1397612" type="COMPANY" weightage="20" keywordseo="Russian-Direct-Investment-Fund">Russian Direct Investment Fund</keyword> (RDIF) last month to conduct final-stage human trials and distribution of Russia's Sputnik V Covid-19 vaccine in India. Two days ago, the DRL had applied to the DCGI for permission to conduct the phase-3 human clinical trials of Sputnik. Upon regulatory approval in India, RDIF will supply Dr Reddy's 100 million doses of the vaccine, the firm had said last month. The trials of Sputnik V are mired in controversy. The Russian government registered Sputnik V as a COVID-19 vaccine without conducting final clinical trials. Besides, the phase I and II of the trials involved merely 76 participants. The Indian scientists and medical experts are also of the opinion that the Indian government should conduct phase-2 trials of the vaccine to prove its safety and efficacy. Russia, had announced in August that it has developed the world's first <keyword id="1754604" type="PERSON" weightage="20" keywordseo="coronavirus">coronavirus</keyword> vaccine. However, the country had made the announcement before completion of phase-3 trials. A vaccine is deemed safe to be commercially available only after a larger efficacy trial which involves thousands of participants in the phase-3. However, the study of Sputnik trials published in The Lancet declared the vaccine as "Safe, well-tolerated, and does not cause serious adverse events in <keyword id="10049599" type="UNKNOWN" weightage="20" keywordseo="healthy-adult-volunteers">healthy adult volunteers</keyword>." As per the study, two small trials were conducted on two groups involving 38 healthy adults between the ages of 18 and 60, each. They were given a two-part immunisation. Each participant was given a dose of the first part of the vaccine, and then a booster with the second part, 21 days later. These volunteers were monitored over 42 days, and it was found that all of them developed antibodies against the virus within three weeks. After widespread criticism of conducting relatively small and early trials before registering Sputnik V as a COVID-19 vaccine, Russia said that a more rigorous phase-3 <keyword id="122283" type="PERSON" weightage="20" keywordseo="Clinical-trial">clinical trial</keyword> has been planned with the involvement of 40,000 volunteers "from different age and risk groups". SEE ALSO: <a href="https://www.businessinsider.in/science/health/news/latest-update-on-covid-19-vaccine-in-india/articleshow/78422652.cms" data-type="tilCustomLink">India COVID-19 vaccine updates — Zydus, Biotech enter clinical trials, Dr Reddy’s yet to apply for Sputnik V phase-III trials</a> <a href="https://www.businessinsider.in/stock-market/news/investors-must-brace-for-a-turbulent-october-in-the-stock-market-but-they-should-hold-on-for-a-strong-4th-quarter-finish-a-senior-wall-street-strategist-says/articleshow/78477243.cms" data-type="tilCustomLink">Investors must brace for a turbulent October in the stock market — but they should hold on for a strong 4th-quarter finish, a senior Wall Street strategist says</a>

Centre yet to decide on phase-3 trials of Russian COVID-19 vaccine Sputnik V, says Health Minister Harsh Vardhan

<ul><li>Scammers have set up fake UPI addresses that exploit common spelling mistakes to divert donations from the Prime Minister’s Citizen Assistance and Relief in Emergency Situations (PM-CARES) Fund. </li><li>The only legitimate UPI account to make your contribution is pmcares@sbi. </li><li>However, false accounts like pmcare@sbi and pmcaree@sbi have been spotted trying to fool donors. </li></ul>Last week Prime Minister Modi asked citizens to help in the fight against Coronavirus by donating to the Prime Minister’s Citizen Assistance and Relief in Emergency Situations (PM-CARES) Fund — and many stepped up. <div type="twitter" handle="narendramodi" handlename="Narendra Modi" image="http://pbs.twimg.com/profile_images/1134082549041393672/QbihPzrL_normal.png" favoritecount="55885" retweetcount="23429" status="The PM-CARES Fund accepts micro-donations too. It will strengthen disaster management capacities and encourage rese… https://t.co/Ya53LAcuDl" createdat="1585394676000" id="1243861543185305603"></div>

 However, with so many contributions flowing in from all over the country, scammers are on the prowl looking to fool people into sending money to the wrong account. By switching a letter or exploiting common spelling mistakes, fake accounts look like they’re the real thing. One such account blocked by the Delhi cybercrime unit was pmcare@sbi — instead of the legit pmcares@sbi. <div type="twitter" handle="DCP_CCC_Delhi" handlename="DCP Cybercrime" image="http://pbs.twimg.com/profile_images/874177876660191232/ljOHhtn8_normal.jpg" favoritecount="706" retweetcount="415" status="Please note, the correct UPI ID of PM CARES Fund is pmcares@sbi Thanks to alert citizen @bishwesh0604 for getting… https://t.co/VKGlSWUHHU" createdat="1585463288000" id="1244149322310193152"></div>

 The fake UPI was brought to the attention of the State Bank of India (SBI), which immediately alerted the relevant authorities. Another fake account by the name of pmcaree@sbi was also spotted making the rounds. Cyber threats during the Coronavirus Creating near-identical UPI IDs to try and fool people into sending their money to the wrong account is only one of the <a href="https://www.businessinsider.in/tech/news/coronavirus-is-the-new-clickbait-heres-how-to-keep-it-from-infecting-your-machines/articleshow/74846061.cms">many threats out there</a>. <div type="twitter" handle="DCP_CCC_Delhi" handlename="DCP Cybercrime" image="http://pbs.twimg.com/profile_images/874177876660191232/ljOHhtn8_normal.jpg" favoritecount="1899" retweetcount="1637" status="Following domains are listed as potentially dangerous domains, please don't open them:- coronavirusstatus[.]space… https://t.co/UYRgBisIQB" createdat="1585142971000" id="1242805816853327872"></div>

 With so many people under lockdown with only the internet as a means to get information, other aspects of the internet as also being exploited — including emails, domain names and fake applications. <div type="twitter" handle="ANI" handlename="ANI" image="http://pbs.twimg.com/profile_images/1497864299/ani_mic_logo_normal.jpg" favoritecount="327" retweetcount="117" status="Delhi Police have issued an advisory regarding cyber-crimes in the wake of #Coronavirus, warning people against fra… https://t.co/2fqHzT0yoe" createdat="1585357930000" id="1243707421131849728"></div>

 There’s a surge of online traffic looking for constant updates and news about the Coronavirus pandemic — and the bad guys know it. See also: <a href="http://businessinsider.in/tech/news/in-tamil-nadu-humanoid-robots-are-set-to-work-with-coronavirus-patients-in-quarantine/articleshow/74884135.cms">In Tamil Nadu, humanoid robots are set to work with Coronavirus patients in quarantine</a> <a href="https://www.businessinsider.in/science/space/news/how-pollution-levels-across-europe-are-dropping-during-the-coronavirus-lockdown/articleshow/74882117.cms">Satellite images show how pollution levels across Europe are dropping during the Coronavirus lockdown</a> <a href="https://www.businessinsider.in/tech/news/coronavirus-is-the-new-clickbait-heres-how-to-keep-it-from-infecting-your-machines/articleshow/74846061.cms">Coronavirus is the new clickbait — Here’s how to keep it from infecting your machines</a>

Fake accounts are stealing donations to the PM CARES Fund — Here's to how to keep from getting scammed

<ul><li>A <keyword id="497276" type="ORGANIZATION" weightage="20" keywordseo="venture-fund">venture fund</keyword> — Fast Grants — is offering $10,000 to $500,000 funding to scientists at the institutional level for projects related to Covid 19 treatment. </li><li>The funding process will kickstart from April 12. </li><li>The grants, backed by y-Combinator co-founder Paul Graham, entrepreneurs John Collison, Patrick Collison and other <keyword id="110345" type="PERSON" weightage="20" keywordseo="Venture-capitalists">venture capitalists</keyword>, will be approved or discarded within 48 hours. </li><li>However, the venture fund will pay only 10% of the overhead costs to the university. </li></ul>Research projects usually have a lengthy approval process, and in times of the global <keyword id="1754604" type="PERSON" weightage="20" keywordseo="coronavirus">Coronavirus</keyword> pandemic, it might get slower. To counter that, a US-based venture fund — <a href="https://fastgrants.org/">Fast Grants</a> — is offering $10,000 to $500,000 funding to scientists at an institutional level. These grants are specific to research projects related to Covid 19 treatment. “Most existing funding bodies focus on supporting longer-term work. Given COVID-19's human costs, speed is of paramount importance,” the Fast Grants website said. The funding process will kickstart from April 12. “Fast Grants open at 12:00 Pacific Time on Tuesday, April 7, 2020. We will wait until Sunday, April 12 before we award our first grants in order to give our reviewers time to calibrate,” it added. The grants, backed by y-Combinator co-founder Paul Graham, entrepreneurs John Collison, Patrick Collison and other venture capitalists, will be approved or discarded within 48 hours. “If we approve the grant, you'll receive payment as quickly as your university can receive it,” it said. Each of the investors committed over $10 million to fund. “We'll prefer projects that are cheap (so that our fund dollars go further) and that will yield results quickly (during COVID-19, days matter),” the website read. The research projects will be supervised by biomedical scientists, who will make funding recommendations to <a href="https://www.mercatus.org/emergentventures">Emergent Ventures</a> at the George Mason University. How can I apply? The principal investigators (PI) of a project at an institution can apply for fast grants. In addition, those who require additional funding to complete existing projects that can help contain Coronavirus, are also eligible. However, for all the researchers outside the US, the selected PIs will have to send monthly updates and progress reports of the project — for the next six months. The venture fund will pay only 10% of the overhead costs to the university. “You must upload all manuscripts reporting work supported by the grant to a preprint server such as <a href="https://www.biorxiv.org/">bioRxiv</a> or <a href="https://www.arxiv.org/">arXiv</a> upon submission to a peer-reviewed journal,” the official instructions said. The idea and fast grants efforts dates back to the time during World War II, when the NDRC (National Defence Research Committee) pushed research in a short span of time. "Within a week, NDRC could review the project. The next day the director could authorize, the business office could send out a letter of intent, and the actual work could start,” Vannevar Bush said in a memoir. See also: <a href="https://www.businessinsider.in/india/news/hospitality-auto-and-realty-sectors-will-take-1-2-years-to-recover-says-ficci/articleshow/75060939.cms">Hospitality, auto and realty sectors will take 1-2 years to recover says FICCI</a> <a href="https://www.businessinsider.in/science/health/news/here-are-the-ways-the-coronavirus-pandemic-is-driving-innovation-in-india/articleshow/75058816.cms">Face shields, bio-suits, and disinfection chambers — some of the ways that Coronavirus is driving innovation in India</a>

A US venture fund is ready to grant as much as $500,000 for Covid-19 projects, in 48 hours

New Delhi, In wake of the crisis caused by Covid 19 pandemic, <keyword id="57299" type="ORGANIZATION" weightage="20" keywordseo="All-India-Football-Federation">All India Football Federation</keyword> has pledged to contribute Rs 25 lakh to the PM CARES Fund. All India Football Federation President <keyword id="6355497" type="PERSON" weightage="20" keywordseo="praful-patel">Praful Patel</keyword> said: "The love, care and support from countrymen has provided us motivation all throughout. Hence, now is the time to pay back our country in whatever manner we can. The decision to donate Rs 25 lakh is unanimous. We need to stand together and help each other hoping to overcome the crisis." The AIFF has also directed all employees to work from home from March 14 itself, and all footballing activities under AIFF aegis has also been suspended till further notice. Indian football team captain <keyword id="99507" type="PERSON" weightage="20" keywordseo="Sunil-Chhetri">Sunil Chhetri</keyword> had said in a tweet on Tuesday that the members of the team have come together and "put on table a sum that has been sent to the PM-Cares Fund" to help in the fight against <keyword id="1754604" type="COMPANY" weightage="20" keywordseo="coronavirus">coronavirus</keyword>. Chhetri added that the reason why he is mentioning this on Twitter is so others who have the capacity to make donations are inspired to do so. "We've always received more than we can give. Which is why in this time of need, all of us national team players have come together and put on the table a sum that has been sent to the PM-Cares Fund to help India's fight with the pandemic," said Chhetri in a series of tweets. "It's been heartening to see everyone -- cutting across caps, goals, age and experience -- give, and give with a smile. When word got out, even some who have long stopped pulling on an India shirt, turned up and asked to be counted. That's what a team is all about. "The ONLY reason we're talking about this here is so that it can gently prod those who have been fortunate enough to get, to give back. We're in this together." --IANS bbh/

All India Football Federation pledges to donates ₹25 lakh to PM CARES Fund

<ul><li>In India, family-managed businesses contribute almost 70% to the overall GDP. </li><li>During the global <keyword id="6357558" type="General" weightage="20" keywordseo="recession" source="Orion">recession</keyword>, family businesses were the driving force with sensible leverage and more. </li><li>As per a survey, only one-third (34%) of businesses cut dividends, and 31% family members took pay cuts.</li></ul>The unprecedented challenge presented by the <keyword id="8829783" type="General" weightage="20" keywordseo="coronavirus-pandemic" source="Orion">coronavirus pandemic</keyword> has been an event of global awakening. It placed a huge question mark on all the economic and social systems that had been in practice until now, often invariably steered by shareholder primacy and short-term profit maximization. Today, the world needs action directed toward a more resilient, equitable and sustainable economic, societal and environmental model. And the way corporates have responded to the pandemic has proved that a more principled management philosophy does exist. One particular form of organizational structure —family-owned businesses — when well governed and united around purposeful owners, possesses the right ingredients for a responsible business model. In India, family-managed businesses contribute almost 70% to the overall GDP. Statistics also suggest that about 85% of India Inc companies are family businesses. Winning back the trust When the economy is on an upward curve, the potential of these family businesses and their immense contribution is often overshadowed by the growth of upcoming start-up culture and unicorns. However, in times of need, the strong fundamentals driven by the traditional values and ethics of these family-owned businesses rebounded to build back opportunities in a shattered economy. During the global recession, these family businesses became the driving force for bringing back a damaged world economy on track as their commitment to values, long-term thinking and sensible leverage are what recoveries are based on. The 10th Global <keyword id="470452" type="General" weightage="20" keywordseo="family-business" source="Orion">Family Business</keyword> Survey suggests that “in a world where capitalism is under fire and people are demanding more accountability, family businesses can help win back trust.” The survey also indicates that family businesses have the capabilities required to hit the sweet spot where ethics converge with competence. To thrive in today’s corporate-dominated world, the young leaders of these family businesses will require to change the definition of legacy and invest more time and effort to keep up with the fast-paced technological advancements and significant innovations to stay relevant in the market. Apart from this, to maintain the earned reputation of prioritizing people over profits, family businesses also need to take the leadership roles in creating more environmental, social and corporate governance (ESG) credentials where their profits are aligned with a purpose of giving back to the society. Pandemic after-effects During the COVID-19 pandemic waves and consecutive nationwide lockdowns, almost all major businesses faced losses and decline in sales. Although the same situation was encountered by family-managed businesses across the world, their resilience and robust people-first approach helped them handle things much more efficiently than the corporates. According to the PwC Family Business Survey 2021, almost 46% of family businesses expected sales to decline during the pandemic. But about 86% of them also anticipated a return to pre-pandemic growth rates by 2022. These figures were optimistic considering when the survey was prepared no vaccines were authorized by the World Health Organization (WHO) for emergency use. The survey also suggests that, out of the 2,801 respondents, only one-third (34%) of surveyed businesses cut dividends, and 31% family members took pay cuts. In totality, only one in five businesses needed to pump in extra capital; 15% of the owners had to use more cash, and a further 23% said that they are prepared for more such unforeseen circumstances. As of 2022, 17 of the world’s top 500 family-owned businesses are headquartered in India, generating an annual revenue of $277.1 billion. These figures depict that similar to the 2009 global recession, family businesses will be the driving force to pull the Indian economy out of the COVID-19 gloom. An intergenerational crisis In a recent statement, Rajeev Chandrasekhar, Minister of State for Electronics &amp; Information Technology and Skill Development &amp; Entrepreneurship said that India suffered $150 billion to $200 billion economic loss due to lockdowns in the pandemic, but the country has emerged stronger despite the economic setbacks. The COVID-19 pandemic has revealed an intergenerational crisis and urgent need for a better model of capitalism. The unprecedented challenges put forth by the ongoing pandemic have brought to light that our old systems are in an urgent need to be renewed. The global awakening shifts focus on the society’s demand for a more resilient and sustainable model of businesses to respond to the unforeseen future. As of this year, 90% of all listed companies in India are family-owned businesses. It is now the responsibility of the next-gen entrepreneurs to make this number grow consistently so as to achieve the upward curve recovery the country needs to handle the pandemic blow effectively. Under their leadership, from creating solidarity funds to support the employees and shareholders to contributing to third parties for helping those who support these businesses, several family-owned businesses stepped up and took charge for the welfare of the people during the lockdowns. At a time when quarterly profits are prioritized by public companies, family businesses operate under generational legacy and believe in longevity. In the last 15 years, businesses that fall under the family universe grew at least 47% more than the others. This is the right strategy when it comes to recovering and maintaining the progress for exhibiting stronger performance. Families that own businesses are directly responsible for contributing to the externalities and this demands a holistic ownership approach. This indicates that the ethics and long-term resilience people expect during a crisis and which family businesses wear as a badge of pride will be the blueprint for an all-round economic recovery. High stakes McKinsey research “The case for stakeholder capitalism” shows that a stakeholder business model can be profitable and more competitive in the long-term, optimizing the return for all stakeholders. The problem arises when these businesses start valuation. The world needs to be measured in a more inclusive and sustainable way, a framework that includes natural, social and human capital as opposed to the calculation of only financial progress. The idea that ‘benefit of all is the benefit of a company’ needs to be imbibed so as to change the mindset and the philosophy of stakeholder responsibility. In times of dire need, consumers look for support and tend to put their faith into businesses that keep the interests of the people ahead of their profits. Though, in monetary terms, family-owned businesses may not earn as much and as quickly as their private counterparts, they build a secure firm for the future generations to take forward which forms the basis of such businesses. (The author is the MD of Enso Group) SEE ALSO: <a href="https://www.businessinsider.in/india/news/indias-fresh-covid-additions-decline-to-9923-positivity-rate-at-2-5/articleshow/92352986.cms" style="">India's fresh Covid additions decline to 9,923, positivity rate at 2.5%</a> <a href="https://www.businessinsider.in/tech/news/facebook-whistleblower-frances-haugen-is-raising-funds-to-train-lawyers-to-fight-big-tech/articleshow/92353197.cms" style="">Facebook whistleblower Frances Haugen is raising funds to train lawyers to fight big tech</a>

You Searched For "india coronavirus fund" and got 6 results

IMF backs India's 'proactive' lockdown decision despite economic cost

PTI

Centre yet to decide on phase-3 trials of Russian COVID-19 vaccine Sputnik V, says Health Minister Harsh Vardhan

IANS

Fake accounts are stealing donations to the PM CARES Fund — Here's to how to keep from getting scammed

Prabhjote Gill

A US venture fund is ready to grant as much as $500,000 for Covid-19 projects, in 48 hours

Prerna Sindwani

All India Football Federation pledges to donates ₹25 lakh to PM CARES Fund

IANS

Family owned businesses will help in Covid recovery, as they did during The Great Recession

Vaibhav Maloo

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