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India got a foot in the door of the second Test after they reduced Australia to 133 for six wickets in their second innings at the end of third day’s play in the second Test at the Melbourne Cricket Ground on Monday.
The Aussies are ahead of India by just two runs and have four wickets in hand. India are yet to bat in the second innings.
The Time Paine-led side, which had dismissed India for 326 and restricted the lead to 131 runs early on the third day, however, found the going tough in the second innings as it kept losing wickets at regular intervals.
The Aussies eventually found themselves at 99 for the loss of six wickets at one point and in danger of losing the game by an innings.
However, all-rounder Cameron Green and bowler Pat Cummins saw off the last 18 overs without any further casualty, adding 34 in the process.
Marnus Labuschagne was dismissed with the Aussie team total on 42, removed by off-spinner R Ashwin. Then Steve Smith was bowled down the leg, by a Jasprit Bumrah delivery. The Aussie batting mainstay had left his leg-stump exposed. A flurry of wickets followed with opener Matthew Wade, who had batted well for his 40, Travis Head and skipper Tim Paine getting dismissed within one run.
The Indian bowlers shared the wickets with Jadeja taking two and the others — Bumrah, Umesh, Mohammed Siraj and Ashwin, taking one each.
Earlier, India were all out for 326 in first innings. Both skipper Ajinkya Rahane and Ravindra Jadeja looked good on resumption. However, the run out of Rahane (112) led to a flurry of wickets. India lost the last five wickets for just 32 runs. Jadeja though managed to complete his half-century (57).
Pace bowler Umesh Yadav who removed Joe Burns had limped off the field following pain in the ankle. He has undergone scans and did not take field after limping off in his fourth over.
A statement from the Indian cricket board (BCCI) said, “Umesh Yadav complained of pain in his calf while bowling his 4th over and was assessed by the BCCI medical team. He is being taken for scans now.”
The right-arm pace bowler, who removed the Aus opener in just his second over, limped off the field after bowling the third delivery of his fourth over of Australia’s second innings.
The right-arm pace bowler had removed Burns early, having him caught behind with a delivery that swung away late to leave Australia at four for one.
A serious Umesh injury could be a disaster for India going ahead into the series. They are already missing Ishant Sharma and Mohammed Shami, both of whom are in India due to injuries.
Ishant did not make it to Australia as he could not fully recover from the abdominal muscle tear, suffered during the Indian Premier League, in time. Shami fractured his bowling arm after being hit by a Pat Cummins delivery during the third day’s play in the first Test at the Adelaide Oval on December 19. Shami returned home last week and has been advised a six-week rest.
Brief scores: Australia 195 and 133/6 (M Wade 40, M Labuschagne 28, R Jadeja 2/25) vs India 326 (A Rahane 112, R Jadeja 57, S Gill 45, M Starc 3/78, P Cummins 2/80, N Lyon 3/72).
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A major outcome of COVID-19 is the likely shift in global supply chains away from China to other economies. Nearly 70 per cent of the survey participants said that India could benefit from this move and they expected a fair share of manufacturing to shift from China to India in the near future…reports Asian Lite News
The opening up of the economy and implementation of a broad set of measures under the Atmanirbhar Bharat package have led to a continuous improvement over time in the performance of businesses, with India Inc expecting even better results in 2021, a joint survey conducted by FICCI and Dhruva Advisors showed on Monday.
According to the survey, the prospect of a vaccine for COVID-19 early next year has improved the confidence level of businesses, with almost 74 per cent of the survey participants saying that they foresee a significant positive impact on their business once the vaccine is made available.
The survey conducted in December 2020 showed that COVID-19 induced travel restrictions have limited the ability of companies to undertake business operations efficiently and 74 per cent of the survey participants validated this. To overcome this challenge and maintain business operations, companies have leveraged digital tools of communication.
Given the benefits of use of technology, 64 per cent of the surveyed companies said that moving forward, they will use a mix of travel and virtual meetings even after the situation becomes normal.
Another major outcome of COVID-19 is the likely shift in global supply chains away from China to other economies. Nearly 70 per cent of the survey participants said that India could benefit from this move and they expected a fair share of manufacturing to shift from China to India in the near future.
To capitalise on the opportunities that could come India’s way, there is a need to strengthen India’s manufacturing ecosystem. Under the Atmanirbhar Bharat package, the government has introduced several measures to address the immediate pain points of the economy as well as steps to improve India’s manufacturing competitiveness. These measures have been well received by the industry, with 45 per cent of the companies rating the latest set of announcements made under Atmanirbhar Bharat package 3.0 as ‘good to excellent’.
The results of the December 2020 survey also indicate that there has been a further improvement in the performance of companies compared with the situation in August 2020.
With improvement seen in the economy, nearly 40 per cent of the surveyed companies are currently operating at a capacity utilisation level of over 70 per cent, compared with 30 per cent of the companies in August 2020, the FICCI-Dhruva survey said.
Other indicators of improving business performance in the December 2020 survey are related to order books and exports. Nearly 50 per cent of the companies have reported that they have seen an increase in their order books and about 40 per cent said that their exports have increased. In the August 2020 survey, the corresponding figures were 44 per cent and 30 per cent respectively.
Even as visible signs of improvement in performance of businesses appear, the impact of COVID-19 still lingers. The survey results show that businesses continue to face challenges on account of weak demand (59 per cent), managing costs (54 per cent) and financial liquidity (48 per cent). Given this, the survey participants expect both government and the RBI to continue with their support measures even next year. There is a strong demand that the upcoming budget must prioritise growth-oriented measures, including a cut in direct tax rates.
Commenting on the survey results, Uday Shankar, President, FICCI, said: “The results of the survey are encouraging and highlight the ongoing industrial and economic recovery. This momentum needs to be built upon and now all eyes are on the upcoming budget. The government has been seeking growth-inducing ideas and we have shared several suggestions. The context of this budget is completely different due to an unprecedented social and economic challenge. We are sure that the government will take bold steps to respond to these challenges.”
Dinesh Kanabar, CEO, Dhruva Advisors LLP, said: “The survey results portray a continued improvement in the business environment in India, with weak demand and managing costs still remains India Inc’s key challenges. The vaccine news has infused optimism among businesses. Given the impact of the pandemic on the economy, the Union Budget 2021-22 is one of the most anticipated budgets.”
As the world steps into a new decade, 2020 will be remembered as the most disruptive year in living memory. As the pandemic spread across the world, it was telecom networks and technology services that kept people connected.
4G networks managed to keep the global economy going despite widespread lockdowns. Though global economic activity was muted, people had access to health services, education, information and entertainment over the internet while at home. But for high-speed telecom services, the global economy would have been ravaged. Industry experts say this has led to a mindset change to revive India’s telecom story and also introduce future technologies faster.
Earlier this month K. Ramchand, Member (Technology), Department of Telecommunications (DoT) said that it would soon announce 5G spectrum bands for auction. That’s a clear indication that adopting 5G is now a priority for the government. Most Indian telecom service providers currently lack the financial muscle to invest and build a 5G ecosystem, but the government has indicated that it is willing to start the process.
Lt. Gen Dr. S.P. Kochhar, Director General, COAI says: “5G technology is poised to open up a plethora of possibilities in terms of business models, and overall, enhanced lifestyles for one and all. We seek the support of the government in enabling the industry to play its role as an enabler of horizontal growth and a boost to the nation’s economy. The 5G potential is immense and can turn the game for India and be a catalyst for the government’s campaigns such as Make in India, Digital India, Atmanirbhar Bharat.”
Enterprises are at an inflection point in partnering with players focusing on technical skills and turnkey solutions to drive efficiencies and building efficient and future-ready networks. According to Karthik Natarajan, President and COO, Cyient, “We are seeing significant investments in the communication network space. The current digital transformation will lead to enhanced user experience, increased operational efficiency and a competitive edge for the enterprise businesses. Our experience in design, delivery, deployment, migration, and support of network infrastructure globally makes us an ideal partner for 5G rollouts.”
Over the past few years, many global technology companies have set up a manufacturing base in India. Samsung got the nod from the Uttar Pradesh government to make OLED at its Noida factory recently. Though such investments are significant but investment in R&D, semiconductors and future technology need a lot of impetus. The big challenge that India faces in electronics manufacturing is the lack of a world-class semiconductor fabricating unit (FAB). It’s time the government either gets global players to invest in a Fab in India or start the work to build a domestic version.
Anku Jain, Managing Director, MediaTek India says: “2020 has set the stage for 5G to go mainstream and in 2021 this will also lead to an increase in demand for next-gen 5G smartphones, newer applications and smart devices like smart TVs, tablets, phones integrated with voice interface, etc.”
It will be interesting and crucial to see how India can attract investments in future technologies with 5G making a tectonic shift in the TMT industry and presenting a range of economic opportunities in the next three to five years.
Also Read: China To see 40% 5G connected cars by 2025: Report
Even before the start of the new year, the Indian steel sector has regained its lost shine registering a growth of 3.5 per cent in crude steel production in November.
According to data provided by World Steel Association, country’s crude steel production stood at 9.245 million tonne (MT) in November, as against 8.933 MT during the same month last year indicating a big pick up in economic activity post the pandemic pushed lockdowns.
A pick in steel production is also an indicator of growth seen on the infrastructure sector where lot of projects are being pushed by the government to bring back the economy to normalcy.
In its latest report the WSA has also shown that the steel industry is not only on recovery the path in India, but the developments here is part of a larger global recovery with crude steel production rising in almost 64 major economies.
On the positive side, the association had indicated that the numbers of November were estimates and it may be revised upwards once next months numbers are presented.
India became the world’s second largest producer of crude steel in 2019, producing 111.245 million tonne (MT) crude steel in the January-December period with growth rate 1.8 per cent over the corresponding period last year (CPLY). Capacity for domestic crude steel production expanded from 109.85 million tonne per annum (MTPA) in 2014-15 to 142.24 MTPA in 2018-19, Compounded Annual Growth Rate (CAGR) of 6.8 per cent during this five-year period.
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Saudi Arabia announced the discovery of four new oil and gas fields, the Saudi Press Agency reported.
Saudi Energy Minister Prince Abdulaziz bin Salman Al Saud said on Sunday that the Saudi Aramco’s discoveries are in different parts of the kingdom, Xinhua news agency reported.
Non-conventional oil has been discovered in al-Reesh oil field, northwest of Dhahran, and in al-Ajramiyah Well No. 1, northwest of the city of Rafhaa in the Northern Borders Province.
Non-conventional gas has also been discovered in al-Sarrah reservoir at al-Minahhaz well, southwest of the Ghawar oil field, and at al-Sahbaa well, south of Ghawar.
The minister said that Saudi Aramco continues to work on determining the size and volume of discovered fields.
In August, Saudi Arabia announced the discovery of two oil and gas fields in the northern border region.
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Dubai Ruler Approves 2021 Budget; Dubai Real Estate Back on Track; Reading amid the pandemic; Imran-Govt Faces Setback in Riko Diq Mining Case – all in Asian Lite Daily Digital – please click here to read
HH Sheikh Mohammed bin Rashid approves Dubai Government’s general budget for 2021 with AED57.1 billion expenditures. The newly-announced budget takes into account the exceptional economic conditions of the fiscal year 2020 and the repercussions of the COVID-19 pandemic on the global economy…. Reports Asian Lite News
In his capacity as Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, has approved the Government of Dubai’s general budget for the fiscal year 2021, with total expenditures of AED57.1 billion.
The newly-announced budget takes into account the exceptional economic conditions of the fiscal year 2020 and the repercussions of the COVID-19 pandemic on the global economy. It also confirms Dubai’s ability to deal with the crisis, restore the pace of economic growth, strengthen social benefits and essential services and adopt policies that achieve growth, economic stability and financial sustainability in the medium and long term. The 2021 budget also demonstrates continued efforts to develop revenues, raise the spending efficiency and increase the level of private sector engagement.
Dubai’s new budget will continue to support social, health, educational and cultural services as well as investments in infrastructure services in the emirate, as part of the objective of making Dubai one of the world’s best cities to live in.
His Excellency Abdulrahman Saleh Al Saleh, Director General of the Department of Finance of the Government of Dubai (DOF), said Dubai’s Strategic Plan 2021 is a key pillar in Dubai’s journey towards the future. He further highlighted Dubai Government’s success in implementing programmes that aim to achieve structural, economic and financial reforms, in addition to launching initiatives to diversify the economic base.”
“These programmes and initiatives have contributed to stimulating the growth of local GDP, which played a vital role in enhancing the resilience of the local economy during the pandemic. Investment in the technical infrastructure enabled the government and the private sector’s rapid response to business transformation,” Al Saleh added. Highlighting the impact of the pandemic on public finances, particularly in terms of declining revenues, Al Saleh said this led to measures being taken by the government to decrease operational spending and strengthen investment spending.
Economic incentives issued under the directives of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council of Dubai, to support the business sector in the emirate, have contributed to achieving institutional agility through structuring the government to achieve financial sustainability.
“Initial estimates for 2021 suggest that GDP will see four per cent growth, supported by continued recovery of economic activities. The government will continue to enhance the role of the private sector so it can serve as one of the main engines of economic growth,” said Arif Abdulrahman Ahli, Executive Director, Planning and General Budget Sector at DOF. “We will also continue to support SME’s in conjunction with the government’s continued implementation of structural reforms aimed at diversifying the economy, improving the business environment and opening new horizons for domestic and foreign investment.”
“The 2021 budget comes in response to the requirements for recovery and dealing with the postponement of Expo 2020 Dubai. It also reflects the emirate’s financial stability through its implementation of financial policies as per best global practices. DOF seeks to develop programmes that aim to raise government spending efficiency and promote partnerships with the private sector. Additionally, it also seeks to constantly develop the budget and review its implementation,” Ahli continued.
Dubai government is expected to achieve public revenues of AED52.314 billion, despite the economic incentive measures adopted by the government that would reduce some fees and freeze the increase in fees, and the decision to not impose any new fees without providing a new service.
These revenues are based on ongoing operations in the emirate and do not rely on oil revenues. Oil revenues account for 4 per cent of the total projected revenues for the fiscal year 2021. This is in addition to developing the government revenue structure, which will enhance financial sustainability.
Non-tax revenues, which come from fees, account for 59 per cent of the total expected revenues, while tax revenues account for 31 per cent, and government investment revenues represent 6 per cent of the total expected revenues.
Jamal Hamed Al Marri, Executive Director of the Central Accounts Sector at DOF, said: “We spare no effort in consolidating the competitiveness of the emirate’s government. We are keen to develop programmes that improve public financial performance and achieve financial excellence. Dubai Government’s success in expanding smart financial collection applications enabled it to become more agile in dealing with the repercussions of the pandemic. Implementation of international accounting standards in the public sector had a significant impact in supporting the government decision-making process, ensuring the continuity of financial efficiency, and improving the quality and comprehensiveness of financial reports, in line with the Dubai Strategic Plan 2021.”
“DOF continues to promote the digital transformation in Dubai government through new programmes prepared, launched and implemented with the relevant government entities, including Al Khazna, ALMAS, Bawabatech and Bayan, among others.”
The fiscal year 2021 budget announcement sends a clear message to the business community that Dubai is pursuing an expansionary fiscal policy, which contributes to strengthening confidence in the emirate’s economy and attracting more direct investments. The budget serves the requirements of population growth and the benefits resulting from hosting Expo 2020 and the continuous development of the infrastructure. It also supports the goals of the Dubai Plan 2021. The government seeks to expand the outsourcing of services to the private sector to enhance its engagement in economic development, which will contribute to improving the wellbeing and happiness of citizens and residents.
Salary and wage allowances of the 2021 budget account for 35 per cent of total government spending, in accordance with the requirements of the new human resources law, to ensure family and community stability. Grant and support expenditure account for 26 per cent in order to meet the requirements of human and community development and provide public services to the residents of the emirate.
The government has approved 9 per cent of the total expenditure to maintain the volume of investments in infrastructure, in line with Dubai’s aspirations to be the world’s most preferred destination to live in. This comes alongside the completion of some projects, the activation of the public-private partnership law and the development of project financing mechanisms in Dubai government through long-term financing.
The Dubai government has allocated one per cent of the total expenditure to the private reserve, in accordance with the principal of preparing for the impact of the crisis. It also allocated six per cent of the total expenditure to serve the public debt, in order to follow a disciplined fiscal policy that ensures the budget fulfills all obligations.
The budget of the fiscal year 2021 reflects the government’s commitment to the people, who are the real wealth of the nation, as indicated by HH Sheikh Mohammed bin Rashid Al Maktoum. The approach taken by the emirate to combat the COVID-19 pandemic reflects the government’s keenness to ensure the health and safety of the community. Dubai and the UAE became among the first countries to receive the COVID-19 vaccines.
Government spending in the social development sector in areas of health, education, housing, women and children’s care, as well as developing reading and coding initiatives, represents 31 per cent of total expenditure.
The government’s concern for security, justice and safety sees 22 per cent of the total expenditure allocated to support and enable this sector to perform professionally and proactively. This sector has become one that the emirate prides itself on in the global arena.
Dubai’s keenness to develop its infrastructure and transportation has led to an allocation of 41 per cent of total spending to the sector. This reflects its commitment to dealing with future commitments, supporting entrepreneurship and creating an incubator environment for enterprises.
The emirate has also been keen to support the sector of government excellence, creativity, innovation and scientific research by allocating six per cent of the total government expenditure to develop performance and instill a culture of excellence, innovation and creativity
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Retail sales in the US rose three per cent during this year’s expanded holiday season, running from October 11 through December 24, while online sales in the country grew 49 per cent as compared to 2019, said a report by Mastercard.
The findings underscore the shift to online spending, with e-commerce accounting for 19.7 per cent of overall retail sales — up from approximately 13.4 per cent in 2019, said the Mastercard Spending Pulse report on Saturday.
“American consumers turned the holiday season on its head, redefining ‘Home For The Holidays’ in a uniquely 2020 way. They shopped from home for the home, leading to record e-commerce growth,” Steve Sadove, senior advisor for Mastercard and former CEO and Chairman of Saks Inc, said in a statement.
“And consumers shopped earlier than ever before. Across our expanded 75-day holiday shopping season, sales were up three per cent, a testament to the holiday season and strength of retailers and consumers alike.”
Home furniture and furnishings experienced the strongest growth of any sector as compared to 2019, up 16.2 per cent, and it grew 31 per cent online specifically, the results showed.
In addition, home improvement rose 14.1 per cent, with e-commerce sales grew 79.7 per cent.
Meanwhile, the apparel sector experienced a decline of 19.1 per cent year over year, while electronics and appliances were up six per cent overall, said the report.
Department stores saw overall sales decline of 10.2 per cent and online sales growth of 3.3 per cent, reinforcing the importance of omnichannel offerings, it added.
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