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Over Half of Indians Rely on Social Media for News: Reuters Institute Report

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A recent Reuters Institute Digital News Report 2024 reveals that over 50% of Indians rely on social media platforms like YouTube and WhatsApp for news. The report highlights a global decline in trust toward mainstream news brands and an increase in news avoidance and feelings of being overwhelmed by the sheer volume of content. The survey, conducted across six continents and 47 markets, notes that while platforms like YouTube (54%) and WhatsApp (48%) are increasingly preferred for news in India, Facebook and X (formerly Twitter) are losing popularity. The report also underscores a worldwide decline in Facebook’s news consumption, dropping by 4% in the past year. The study identifies a global shift in news consumption habits, with younger audiences favoring short video formats. Platforms such as TikTok and YouTube are emerging as key sources, while traditional publishers face challenges in monetization and audience engagement. Two-thirds of respondents globally expressed a preference for short news videos over long formats. The report also sheds light on the growing role of influencers, commentators, and independent creators as trusted sources of information, particularly on platforms like YouTube and TikTok. However, traditional journalists still retain credibility on networks such as Facebook and X. A major concern revealed in the report is the rise in misinformation. Globally, 59% of respondents expressed concerns about distinguishing real from fake news online, with platforms like TikTok and X being flagged for hosting misinformation, including “deep fake” content. Globally, trust in news is alarmingly low, with only 40% of respondents saying they trust the news they consume. In contrast, Finland leads with a 69% trust rate, while Greece and Hungary lag at just 23%. The report also highlights financial challenges for journalism, as fewer people are willing to pay for news. Only 17% of respondents in richer nations reported paying for an online news subscription, with significant discounts influencing those who do. Adding to the pressure on sustainable journalism are technological disruptions, including the growing influence of AI. The report warns that AI tools may flood the media landscape with low-quality, synthetic content, further eroding trust and interest in news. The findings point to a critical juncture for global journalism, with calls for innovation and trust-building amid the shifting dynamics of news consumption. Source: The Wire Photo Credit: The Wire

CCI’s M&A Overhaul: Stricter Scrutiny, Faster Approvals Under New Rules

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India’s merger and acquisition (M&A) landscape has undergone a significant transformation with the recent amendments stemming from the Competition (Amendment) Act, 2023. Notified on September 9, 2024, these changes introduce stricter regulatory scrutiny while aiming to enhance ease of doing business. The new framework sets clear deal value thresholds, accelerates decision-making processes, and broadens the definition of control, aligning India’s regime with global standards. Key Highlights of the Revised M&A Framework: Deal Value Thresholds: Under the revised rules, any M&A valued above Rs 2,000 crore ($240 million) must be notified to the Competition Commission of India (CCI), provided the target has “substantial business operations” in India. This includes if the target’s Indian turnover or gross merchandise value (GMV) exceeds Rs 500 crore ($60 million) or constitutes at least 10% of global figures. Expedited Timelines: The CCI’s timeline for reviewing mergers has been shortened. The initial review period has been reduced from 30 working days to 30 calendar days, and the overall review period has been shortened from 210 to 150 days. This move promises faster clearances, benefiting businesses looking for speedier consolidation. Expanded Definition of ‘Control’: The new framework expands the definition of control to include the “ability to exercise material influence” over the management or strategic decisions of another entity. This change may bring more M&A transactions under CCI’s purview, ensuring that influential stakeholders are properly scrutinized. Exemptions for Minority Acquisitions: Acquisitions involving less than 25% of shares or voting rights that do not result in a change of control are now exempt from pre-merger notifications, easing the regulatory burden for smaller or unsolicited acquisitions. Higher Filing Fees: The filing fee for Form I has increased from Rs 20 lakh to Rs 30 lakh, while Form II fees have gone up from Rs 65 lakh to Rs 90 lakh, reflecting the more stringent review processes. Appointment of Monitoring Agencies: To ensure compliance with CCI’s orders, monitoring agencies such as accounting firms and management consultancies can be appointed. These agencies will be responsible for reporting any non-compliance with CCI directives. India’s revamped M&A regime signifies a new era of accountability, oversight, and efficiency. The introduction of deal value thresholds, expedited timelines, and enhanced exemptions point to a more sophisticated regulatory landscape. While these changes introduce additional compliance layers, they also promote transparency, making India an attractive destination for global and domestic investments. Businesses must adapt to these new rules, navigating both challenges and opportunities to benefit from the more streamlined M&A process. Source: Business Standard

India Became ‘Pharmacy of the World’ During Covid-19: JP Nadda

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Union Minister of Health and Family Welfare, JP Nadda, hailed India as the ‘Pharmacy of the World’ on Monday while emphasizing the country’s significant contributions to global healthcare during the Covid-19 pandemic. Nadda was speaking at the 19th International Conference of Drug Regulatory Authorities (ICDRA) in New Delhi, where leaders from over 120 countries gathered to discuss regulatory practices and collaborative solutions to enhance global healthcare standards. “This prestigious platform [19th ICDRA] reflects our shared commitment to enhancing global healthcare standards and safeguarding public health,” Nadda said. He highlighted India’s pivotal role in addressing global health challenges through innovation, resilience, and collaboration. India’s Covid-19 Response: Vaccine Production and Global Impact Nadda elaborated on India’s rapid response during the pandemic, particularly its ability to ramp up vaccine production to meet both domestic and international needs. “During the unprecedented Covid-19 pandemic, India emerged not only as a global leader in health resilience and innovation but also reaffirmed its role as the pharmacy of the world,” he said. India’s extensive vaccination campaign, which successfully inoculated over a billion people, was described as a major milestone. Nadda credited healthcare workers and government initiatives for ensuring affordable access to essential medicines, vaccines, and medical supplies for nations around the globe. He also underscored India’s assistance to over 150 countries during the pandemic, driven by the ethos of “Vasudhaiva Kutumbakam,” the ancient Indian philosophy that emphasizes “the world is one family.” Cross-Border Collaboration and Regulatory Advancements Nadda emphasized that cross-border collaboration is essential for addressing global healthcare challenges. “The theme of this conference resonates deeply with our core belief that collaboration across borders, sectors, and disciplines is essential for creating lasting health solutions,” he stated. He also outlined India’s efforts to modernize its regulatory framework, highlighting the establishment of eight operational drug testing laboratories, with two more in the pipeline. Furthermore, eight mini testing labs have been set up at various ports to expedite the testing of imported materials. Over 95 percent of regulatory processes in India have been digitized, and the country’s medical device industry is now under regulation. With India’s healthcare system playing a crucial role in ensuring affordable access to medical supplies and vaccines during the pandemic, Nadda emphasized the importance of continued innovation and global cooperation to build a healthier, more resilient world. Source: Business Standard

Heatstroke Took 374 Lives, Over 67,000 Cases Till July 27: Health Ministry

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India has reported 374 deaths and 67,637 cases of suspected heatstroke from March 1 to July 27 this year, according to Minister of State for Health Anupriya Patel. The alarming figures were disclosed in the Lok Sabha on Friday. The latest data reveals a significant increase from the earlier estimates provided by the Ministry of Health, which reported 110 deaths and 42,000 cases by June 18. The majority of these incidents occurred in rural areas, where strenuous outdoor work associated with agriculture and poor health infrastructure exacerbated the impact of the heatwave. Uttar Pradesh was the worst-hit state, recording 52 deaths. Bihar followed with 37 fatalities, while Odisha and Delhi reported 26 and 25 deaths respectively. These statistics were compiled under the National Heat-Related Illness and Death Surveillance by the National Centre for Disease Control (NCDC). Government Response and Measures The Integrated Health Information Portal has been receiving data on heatstroke cases and deaths from States and Union Territories since 2023, as noted by Minister Patel. State and UT health departments get yearly warnings from the Ministry of Health and Family Welfare (MoHFW) to put awareness, readiness, and response plans into place. The Union Health Ministry’s Secretary communicated with the chief secretaries of all states and UTs on February 29 in order to release this year’s advise. The warning included steps to improve community awareness of heat-related diseases and to bolster health sector readiness. Record-Breaking Temperatures and Weather Anomalies With a blistering 47 degrees Celsius, June 2024 witnessed the hottest temperature recorded in the month in a decade. The hottest temperatures ever recorded in June 2023 were 41.8 degrees Celsius, 44.2 degrees Celsius in 2022, and 43 degrees Celsius in 2021. This is a considerable rise above the prior records. Furthermore, July was the second warmest month overall in India since 1901 and the highest nighttime temperature ever recorded in the country. Significant flooding resulted from the abnormally high rains that followed the record temperatures in various states, including Gujarat, Kerala, and Uttar Pradesh. It was the hottest July on record for both mean and lowest temperatures in the east and northeast of India. The terrible heatwave has made it clear how urgently better infrastructure and readiness are needed to deal with extreme weather, especially in rural regions. The growing frequency and intensity of these occurrences highlight the significance of long-term policies to address climate change and its implications on public health, even if the government’s preemptive actions and advisories play a key role in lessening the impact of such heatwaves. Reference taken from the Hindu

India Leads Asia-Pacific Region’s M&A Deals in Q1 2024: S&P Global

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India showed impressive numbers in merger and acquisition (M&A) deals in the Asia-Pacific region’s financial sector in the first quarter (Q1) of 2024, with 27 deals closed. This outpaced other countries in the region, such as Japan with 13 deals, Australia with 12, South Korea with 11, and Mainland China with nine, according to S&P Global Market Intelligence. The number of deals in India in Q1 2024 was one more than the previous year, while other countries saw a decline or stagnation in deal volumes. Overall, deal volumes in the region fell by 14% year-on-year, ending March 31, 2024, due to economic uncertainties, higher funding costs, and increased volatility from geopolitical risks. Leigh Howard, Chief Executive Officer of AsiaLink Business, highlighted India as a bright spot with a strong forecast and resilience, suggesting a reasonable expectation for continued robust deal-making. China experienced a significant drop in deal numbers, falling to nine in Q1 2024 from 24 the previous year. Australia saw a decrease to 12 deals from 26 a year ago. Four of the top 10 deals in value were closed in India, with a combined deal value of $845.79 million. The largest was Sumitomo Mitsui Financial Group’s (SMFG) acquisition of SMFG India Credit for $700 million. Other notable deals included Piramal’s acquisition of Annapurna Finance, Rajiv Rattan’s purchase of a stake from Lonestar Americas in RattanIndia Finance, and Muthoot Finance’s investment in Belstar Microfinance.

80% of Public Health Facilities in India Are Substandard, Reveals Government Survey

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A recent government survey under the National Health Mission (NHM) has revealed that nearly 80% of public health facilities in India fail to meet the minimum standards for infrastructure, manpower, and equipment. This self-assessment exercise involved over 200,000 facilities, out of which only 8,089 scored 80% or higher for compliance. The government aims to make 70,000 facilities compliant within 100 days and will conduct surprise inspections to ensure standards are met. Public health facilities from states and Union Territories were asked to provide details on the number of doctors, nurses, and basic medical equipment available. The data shared on the Indian Public Health Standards (IPHS) dashboard showed that 40,451 facilities submitted key statistics through the Open Data Kit, a digital tool developed by the health ministry. The results were alarming, with only 20% of facilities qualifying as IPHS compliant, meaning they had the necessary infrastructure, human resources, drugs, diagnostics, and equipment to provide essential services. Approximately 42% of the facilities scored less than 50%, while the remaining scored between 50% and 80%. A senior health ministry official emphasized that the self-assessment and real-time monitoring are crucial to ensure health facilities maintain required standards, leading to better health outcomes and a more equitable society. The Centre is pushing states and UTs to address the identified gaps with full support to improve service quality. In addition to the IPHS, the National Quality Assurance Standards (NQAS) will continue to physically evaluate district hospitals, sub-district hospitals, community health centres, and primary health centres on best practices such as availability of essential medicines, equipment, waste management, infection control, support services, and patient rights. A new provision of virtual assessment has been introduced for Ayushman Arogya Mandir, the most numerous public health facilities under NHM. The NHM covers 60% of the costs for public health facilities, with the remaining expenses borne by the states.  

ADB Approves $170 Million Loan to Strengthen Health Sector in India

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The Asian Development Bank (ADB) has approved a $170 million policy-based loan to enhance India’s readiness and capability in the health sector to address future pandemics. This funding, under the Strengthened and Measurable Actions for Resilient and Transformative Health Systems (Subprogramme 1), will support the implementation of the government’s National Health Policy 2017. The policy aims to ensure universal access to high-quality healthcare services across the country. Sonalini Khetrapal, a senior health specialist at ADB, stated, “The Covid-19 pandemic has taught us valuable lessons and the adoption of several innovative practices that would significantly strengthen pandemic preparedness and response capacities if consolidated, sustained, and institutionalised. ADB has been working with the Government of India to strengthen its health system and adopt transformative solutions.” This loan will address deficiencies in governance, legislation, and institutional structures, advancing India’s objective of achieving universal access to quality and affordable healthcare services, Khetrapal added. Work Towards Disease Surveillance Systems The programme aims to enhance disease surveillance systems to promptly address public health threats. It will establish laboratory networks for monitoring infectious diseases across states, union territories, and metropolitan areas. Additionally, it will assist in developing reliable data systems to oversee and align national health initiatives targeting disadvantaged populations such as the poor and women. “The programme will improve the governance and coordination of India’s One Health approach, its multisector response to emerging infectious diseases,” the press release stated. Efforts to Implement Policy Reforms ADB will assist in implementing policy reforms aimed at ensuring sufficient and skilled healthcare professionals. This effort includes legislation to oversee and uphold educational standards, service quality, and professional ethics among nurses, midwives, allied healthcare workers, and doctors. “The programme will help public health and health management teams deployed in some states to support public health functions and improve service delivery,” the release said. The programme aims to oversee integrated public health laboratories in five states and district critical care hospital units to enhance services for infectious diseases and critical illnesses. It will aid the intersectoral governing body and multisector task force in establishing environmentally sustainable and climate-resilient healthcare facilities. Furthermore, it will promote innovative approaches to service delivery.

Finance Says No to Health Request for $10-Million Fund to Meet G20 Pledge

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The Global Initiative on Digital Health (GIDH), launched during India’s G20 Presidency, remains unfunded by India despite a $10-million pledge. This initiative, a key deliverable from the Health Ministers’ meeting in Gujarat on August 19 last year, was part of the New Delhi declaration. The GIDH, formally initiated on February 20, 2024, by then Health Minister Mansukh Mandaviya, is still awaiting India’s promised contribution. The delay stems from the Department of Economic Affairs (DEA) under the Ministry of Finance, which has not approved the contribution despite India’s commitment. The GIDH, managed by the World Health Organization (WHO), aims to support national digital health transformations within a framework that respects data protection regulations. A source from the Health Ministry indicated the proposal is “under consideration,” but the DEA had previously rejected the request in July 2023 without specifying reasons. The DEA suggested that India should offer technical support instead of financial contributions to avoid creating “committed liabilities.” Despite this setback, the Permanent Mission of India (PMI) to the UN recommended making a “substantial financial commitment” to the GIDH in November 2023. Highlighting India’s role as a leader in digital health, the Health Ministry, with approval from the Health Minister, reconsidered the contribution. In comparison, Indonesia contributed $50 million to establish the Presidency Prevention, Preparedness Response (PPR) Financial Intermediary Fund (FIF) during its G20 Presidency. As Brazil currently heads the G20 Presidency, the GIDH remains a priority within the health sector.

India Considering Lowering Personal Tax Rates to Boost Consumption

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The Indian government is contemplating lowering personal tax rates for certain categories of individuals in the upcoming Budget 2024, potentially boosting consumption in Asia’s third-largest economy. This plan might be announced in July when Prime Minister Narendra Modi’s government presents its first federal budget after the Bharatiya Janata Party (BJP) failed to secure a majority on its own. A post-poll survey revealed voter concerns about inflation, unemployment, and declining incomes. Despite the Indian economy growing at an impressive 8.2% in 2023-24, consumption only grew at half that rate. Prime Minister Modi, while claiming to form the National Democratic Alliance government, emphasized focusing on raising middle-class savings and improving their quality of life. A reduction in personal tax could enhance consumption and increase middle-class savings, according to sources, who spoke anonymously due to the confidentiality of budget discussions. The finance ministry did not immediately respond to requests for comment. The tax relief may target individuals earning over Rs 15 lakh annually, with specifics yet to be determined. The changes might affect a tax scheme introduced in 2020, where income up to Rs 15 lakh is taxed at 5%-20%, and earnings over Rs 15 lakh are taxed at 30%. The government may also consider lowering rates for annual incomes of Rs 10 lakh and discussing a new threshold for the highest tax rate of 30%. Any loss of tax revenue from these cuts could be partially offset by increased consumption among higher income earners. The federal government aims for a fiscal deficit of 5.1% of GDP by March 2025. Strong tax collections and a substantial dividend from the central bank will provide the government flexibility in planning the new budget.

Pakistan May Face T20 World Cup Elimination Due to “State of Emergency”

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Pakistan’s hopes of qualifying for the T20 World Cup 2024 Super Eight stage hinge on their match against Ireland on Sunday. Even a narrow win could secure their spot, provided the USA loses to Ireland on Friday. However, the situation is complicated by the state of emergency declared in Fort Lauderdale due to life-threatening flash floods in Florida. The severe weather has disrupted many aspects of life in Fort Lauderdale, including the grounding of hundreds of flights. The Sri Lankan cricket team, participating in the T20 World Cup, is currently stranded in the city. Fort Lauderdale, one of the three venues in the USA scheduled to host the T20 World Cup matches, has already seen one game washed out due to heavy rain. “Preliminary reports indicate that the rainfall and flooding has affected and may continue to impact the operational capability of critical infrastructure, including major interstates, state and county roadways, airports, schools, and other critical infrastructure throughout these counties,” said Florida Governor Ron DeSantis in the emergency declaration. Fort Lauderdale Mayor Dean Trantalis also declared a state of emergency. The Sri Lankan team was scheduled to fly to the Caribbean islands on Wednesday, but their departure was delayed due to the adverse weather. Sri Lanka is set to play the Netherlands in their final group game on Monday, June 17, in St. Lucia. Why Pakistan Might Get Knocked Out Due to “State of Emergency”? The Central Broward Regional Park in Fort Lauderdale is scheduled to host key games this week, including matches involving Pakistan and the USA, both vying for a place in the next round from Group A. If the USA beats Ireland or if their match gets washed out, they will advance to the Super 8 along with India, knocking Pakistan out of contention. India currently leads Group A with six points from three games (NRR +1.137) and is assured of a Super 8 berth. The USA, with four points from three games, holds the second spot, but their NRR has dropped to +0.127, which is good news for Pakistan as their NRR is now better than the USA’s. This means that Pakistan can still qualify for the Super Eight stage even with a narrow win against Ireland on Sunday, but only if the USA loses to Ireland on Friday.