New COVID-19 Fund
The recently appointed Union Cabinet came into immediate action and allocated Rs 23,123 crore package for improving health infrastructure to fight COVID-19 as part of which around 20,000 ICU and 2.4 lakh medical beds would be created with a special focus on paediatric care. Out of the planned allocated fund, States will contribute Rs 8,123 crore towards it and Rs 15,000 crore will be contributed by the centre and the plan would be implemented jointly by them across all the 736 districts to improve medical infrastructure at primary and district health centres.
The government intends to utilise this fund to create more infrastructure for pediatric care and hospital beds for children. In a way, this can be seen as a part of the government’s preparations to tackle the third COVID-19 wave. Adding to this minister said storage facilities for oxygen and medicines would also be created at district level under the plan and as many as 8,800 ambulances will be added under the package, it said.
A Booming Industry
Moving away from the traditional IT services, India’s Software-as-a-Service (SaaS) industry is seen as a new flag bearer for the IT industry. A recent report suggests that this industry could be valued at USD 1 trillion and give employment to 5,00,000 people by 2030.
Software as a service (SaaS) allows the users to use the licensed software on a subscription basis which is hosted by the developer. Apart from SaaS, other AAS (As a Service) offerings are also gaining momentum due to the faster movement towards cloud migration.
It includes services like infrastructure as a service (IaaS), platform as a service (PaaS), desktop as a service (DaaS), and datacenter as a service (DCaaS).
Rural Sector Takes a Blow
The second COVID-19 wave brought down the rural demand, and it is unlikely to revive for the rest of the year, says Wipro Consumers.
It is a major blow for the economy since the rural market had emerged as a major economic hotspot even post-pandemic. The sector managed to outperform urban centres even during the pandemic.
Declining rural demand has come as a double blow for the FMCG sector as growing volumes will be a challenging task for them. It has come as a double blow for FMCGs who are already facing pressure on margins due to the rising raw material prices.