India's economy will start recovering from July- CEA

Health Ministry has finalised arrangements with Hyderabad- based vaccine manufacturer Biological-E to reserve 30 crore of COVID-19 vaccine doses. These vaccine doses will be manufactured and stockpiled by M/s Biological-E from August to December this year. For this purpose, the Union Ministry of Health would be making an advance payment of 1,500 crore rupees to M/s Biological-E. The COVID-19 vaccine of Biological-E is currently undergoing Phase-3 clinical trial after showing promising results in Phase-1 and 2 clinical trials. The vaccine being developed by Biological-E is likely to be available in the next few months.

-Chief Economic Advisor K V Subramanian says that the country's economy will start recovering from next month. In an interview to an agency, he said, the second wave of COVID 19 has affected the momentum of economic recovery. Subramanian said, States have started removing restrictions and if the vaccination is speeded up, the economy will start recovering. He said, India will be able to achieve vaccination for all by December this year. The Chief Economic Advisor said, COVID-19 is not going to impact the country's fiscal deficit target and disinvestment target.

-The Government has decided to extend the validity period of Teachers Eligibility Test qualifying certificate from seven years to lifetime. This will be implemented retrospectively from the year 2011.The Minister said, the States and Union Territories will take necessary action to revalidate and issue fresh TET certificates to those candidates whose period of seven years has already elapsed. He termed this a positive step in increasing the employment opportunities for candidates aspiring to make a career in the teaching field.Teachers Eligibility Test is one of the essential qualifications for a person to be eligible for appointment as a teacher in schools. The guidelines of the National Council for Teacher Education, NCTE laid down that TET would be conducted by the State Governments. The validity of the TET Certificate was 7 years from the date of passing TET.

-Food Processing Industries Minister Narendra Singh Tomar on Thursday virtually inaugurated the Indus Best Mega Food Park at Tilda block of Raipur district in Chhattisgarh.Speaking on the occasion, Tomar said, the Mega Food Park will ensure value addition, longer shelf life for farm produce, better price realization for farmers, excellent storage facility and will provide an alternate market for farmers in the region. He said, the park will prove to be a big boost to the growth of the food processing sector in the State. He said, it will also provide direct and indirect employment to about five thousand persons and benefit about 25 thousand farmers. The park has been set up in over 63 acres of land at a project cost of over Rs 145 crore. Chhattisgarh Chief Minister Bhupesh Baghel and Union Minister of State for Food Processing Industries Rameswar Teli were also present in this virtual program.

-The Defence Ministry today signed a contract with Mahindra Telephonics Integrated Systems Limited, Mumbai for procurement of 11 Airport Surveillance Radars with Monopulse Secondary Surveillance Radar for Indian Navy and Indian Coast Guard. The procurement, at a cost of over Rs 323 crore, will be made under the Buy and Make category. The installation of these radars will increase the air domain awareness around airfields and enhance safety and efficiency in flying operations of Indian Navy and Indian Coast Guard. The Ministry said, the signing of this contract is an achievement of the Government towards Atma Nirbhar Bharat Abhiyan. This will enable absorption of technology, skill development and indigenous manufacture and boosting employment opportunities.