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Prime Minister Narendra Modi is expected to attend the ground-breaking ceremony.

Many corporate honchos, including those of Adani Group, Microsoft India, Reliance Industries, Hiranandani Group, Birla Group and ITC, are also likely to attend the event, the spokesman said.

Chief Minister Yogi Adityanath held a meeting with top officials on Monday to take stock of the preparations for the event.

The chief minister said Uttar Pradesh has emerged as the best destination for industrial investment in the country in the last five years under the guidance of Prime Minister Modi.  “Uttar Pradesh, which was ranked 14th till 2017 in the national ranking of ‘Ease of Doing Business’, is at the second position today. Now ‘Team UP’ is working assiduously to achieve the top ranking,” Adityanath said

In the last UP Investor Summit, the state had received investment proposals worth more than Rs 4.68 lakh crore.

Two such ground-breaking ceremonies had taken place in the first stint of Adityanath as chief minister, In the last UP Investor Summit, the state had received investment proposals worth more than Rs 4.68 lakh crore.

Two such ground-breaking ceremonies had taken place in the first stint of Adityanath as chief minister, the spokesman said.

The Centre’s flagship life insurance scheme — Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), and accidental insurance scheme, Pradhan Mantri Suraksha Bima Yojana (PMSBY) — have seen enrollments rise to 128 million and 284 million, respectively, in seven years of inception.

Atal Pension scheme, that provides a subscriber aged 18-40 years with a guaranteed pension of Rs 1,000 to Rs 5,000 per month after attaining the age of 60 years, depending on the contribution, has seen its subscribers increase to 40 million in the last seven years. All three social security schemes were launched by the government on May 9, 2015.

PMJJBY, provides life insurance cover worth Rs 2 lakh at Rs 330 per annum to all account holders aged between 18 and 50 years, and has provided claims for Rs 11,522 crore to families of 576,121 persons. Nearly 50 per cent of claims were paid out for Covid-19 deaths, the Ministry of Finance said in a statement.

Changes introduced by the government in the claim settlement process have led to quicker and easier settlement of claims during the pandemic, said Finance Minister Nirmala Sitharaman. Since the beginning of the pandemic, or April 1, 2020 till February 23, 2022, about 210,000 claims amounting to Rs 4,194 crore were paid with a settlement rate of 99.72 per cent.

For PMSBY, that provides accident cover of Rs 2 lakh at Rs 12 per annum to account holders aged 18 to 70 years, about Rs 1,930 crore has been paid towards 97,227 claims in seven years, the ministry added.

“The three Jan Suraksha schemes have brought the insurance and pension within the reach of the common man...These low-cost insurance schemes and the guaranteed pension scheme are ensuring that financial security, which was available to a select few earlier, is now reaching the last person of the society,” Sitharaman added.

Also Read:- Steel prices may fall to Rs 60,000/tonne by March: Report

Steel prices, which have been on a song for the past two years, are finally set to correct on weak seasonality, and may trade at around Rs 60,000/tonne by the end of the current fiscal year, down from the Rs 76,000/tonne peak it scaled last month, says a report.

Prices are still holding high because of the continuing uncertainty over supply disruptions, decarbonization measures globally, especially in China and geopolitical risks stemming from the Russia-Ukraine war, which has driven up raw material costs, Crisil said in a report on Monday.

Price corrections are likely due to the onset of monsoon next month which will pull down demand as constructions will be on hold along with the likely lower premium realisation that domestic mills may get from exports, the report said.

According to Koustav Mazumdar, an associate director with the agency, the onset of the weak demand season because of the monsoon and less-lucrative exports mean domestic steel prices should begin easing and ultimately move towards Rs 60,000/tonne by March 2023, down from the Rs 76,000/tonne peak it scaled in just last month, which will still be well above the pre-pandemic levels.

Flat steel prices could rise 3-5 per cent this fiscal year after surging over 50 per cent in 2021-22. Hetal Gandhi, a director at the agency, reasoned that despite a moderation in demand in January-March, steel prices inched up owing to higher input costs and buoyant exports.

Also, domestic supply stayed tight, eliminating the differential between global landed and domestic prices, which was once nearly Rs 15,000/tonne. On the other hand, export realization premia surged to USD75/tonne in early May. While steel mills made the best use of elevated global prices, domestic demand began to waver.

Soaring construction costs, and multiple price hikes by companies in the auto, consumer appliances and durables space drove down demand in Q4FY22. On the other hand, export realization premia surged to USD75/tonne in early May.

While steel mills made the best use of elevated global prices, domestic demand began to waver. In Q1FY23, domestic demand could see an optical recovery due to low-base, but consumer sentiment remains sluggish with higher input costs leading to postponement of purchases and construction decisions.

Similarly, elevated prices and the resultant inflationary pressure impacted sentiment across the globe, eventually leading to a price correction. Since April, hot-rolled coil prices declined over 25 per cent in Europe and the US to USD1,150-1,200/tonne from a peak of USD1,600 in mid-March.

While domestic exports to these markets will remain high in Q1, retreating prices will narrow the arbitrage for domestic mills. To sum up, exports will remain range bound at 13-14 million tonne this fiscal on the back of revised quota to Europe and supply constraints in Southeast Asia.

However, the agency does not see a free fall as a myriad of uncertainties will limit a freefall in domestic prices, which though are showing signs of fatigue after a relentless rally over the past two years as the monsoon season sets in.

The report attributes the still firm prices to the heightened geopolitical risks that have limited the price corrections, which started moderating early this year. However, the Russian invasion of Ukraine in late February, cranked the prices up again on supply-disruption fears.

In Europe and the US, where the impact was greater, prices crossed the USD1,600/tonne-mark.

Then rising input costs added to the pain. Prices of international coking coal rose 47 per cent to USD670/ tonne in three weeks from USD455/tonne in late February, due to the flooding of mines amid high demand from countries that traditionally imported from Russia.

While coking coal prices have eased from their peaks, they continue to get support from strong demand at USD500/tonne. All this has kept domestic steel prices elevated.

In April, they hit an all-time high of over Rs 76,000/tonne, which is 95 per cent over March 2020 levels, when Covid-19 was declared a pandemic. While coking coal prices have eased from their peaks, they continue to get support from strong demand at USD500/tonne. All this has kept domestic steel prices elevated.

The Indian rupee breached the 77 per dollar mark for the first time amid elevated crude oil prices and a widening trade deficit.The rupee was trading at 77.32 per dollar, down 41 paise from its previous close.The hawkish stance of the US Federal Reserve has resulted in the hardening of the US bond yields with the dollar index strengthened to 20 year high.RBI has been aggressive in its intervention in the foreign exchange market and was seen protecting the Rs 77 per dollar levels in the past.This has resulted in foreign exchange reserves coming down by around $45 billion from its all-time high of $642 billion – reached for the week ended 3 September 2021.The latest data released by RBI on Friday showed the country’s foreign exchange reserves fell to $598 billion for the week ended April 29.

Forex traders said, risk appetite has weakened amid mounting concerns about inflation that may trigger more aggressive rate hikes by the global central banks.

The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.35 per cent higher at 104.02, tracking rising US yields and fears about higher interest rates.

Moreover, Asian and emerging market peers started weak this Monday morning and will weigh on sentiments.

On the domestic equity market front, the 30-share Sensex was trading 737 points or 1.34 per cent lower at 54,098.58 points, while the broader NSE Nifty declined 220.25 points or 1.34 per cent to 16,191.00 points.

Global oil benchmark Brent crude futures rose 0.14 per cent to USD 112.55 per barrel.

Foreign institutional investors were net sellers in the capital market on Friday, as they offloaded shares worth Rs 5,517.08 crore, as per stock exchange data.

Read Also:- Glenmark gets tentative nod from USFDA for generic psoriasis foam

 on Monday said its US-based arm has received tentative approval from the US health regulator for its generic Calcipotriene and Betamethasone Dipropionate foam used to treat psoriasis.

The tentative approval granted to Glenmark Pharmaceuticals Inc, USA (Glenmark) by the US Food & Drug Administration (USFDA) is for Calcipotriene and Betamethasone Dipropionate foam of strength 0.005 per cent/0.064 per cent, the company said in a statement.

It is the generic equivalent of Leo Pharma AS' Enstilar foam, it added. Citing IQVIATM sales data for the 12 months ended March 2022, the company said Enstilar foam, 0.005 per cent/0.064 per cent achieved annual sales of approximately USD 115.2 million.

Prices of petrol and diesel remained unchanged on Saturday, May 7. Fuel rates have remained steady for a month now. Since the end of a four-and-a-half-month hiatus in rate revision on March 22, rates of petrol and diesel have increased by Rs 10 per litre each through 14 revisions. Fuel prices were last hiked on April 6 by 80 paise a litre each.

According to a price notification from fuel retailers, petrol in Delhi costs Rs 105.41 per litre and diesel Rs 96.67 per litre.

In Mumbai, petrol and diesel prices per litre are at Rs 120.51 and Rs 104.77 respectively. In Chennai, petrol costs Rs 110.85 per litre and diesel Rs 100.94 per litre. In Kolkata, petrol is at Rs 115.12 per litre and diesel Rs 99.83 per litre.

On April 27, Prime Minister Narendra Modi speaking on high fuel prices, urged chief ministers to cut value added tax (VAT) on petrol and diesel to pass on the benefits and ease the burden on citizens. He also said though some states had reduced taxes, others were yet to provide relief.

A report on April 12 stated that the current domestic retail fuel prices are benchmarked to international oil prices at $95 per barrel. With Brent crude oil prices close to $100 per barrel in the week, domestic fuel prices could freeze again for some time.

India is 80% dependent on imports for meeting its oil needs and so retail rates adjust accordingly to the global movement in crude prices. On a daily basis, oil marketing companies (OMCs) adjust the rates of petrol and diesel depending on the average price of benchmark fuel in the worldwide market over the previous 15 days and foreign exchange rates.

Every day at 6 am, any changes in petrol and diesel prices take effect. Here is how petrol and diesel prices are calculated in India. Also, know how much of it is tax.

137-day freeze on fuel prices ended on March 22: From November 3, 2021 until March 22, 2022, there had been a freeze on fuel prices after the central government's excise duty cut of Rs 5 a litre on petrol and Rs 10 a litre on diesel, and many states also lowering state tax.

Public sector lender Canara Bank posted a 64.9 per cent year-on-year rise in net profit to Rs 1,666.2 crore in the fourth quarter ended March 2022 (Q4FY22), on improvement in net interest margins.

It had posted a net profit of Rs 1,010.4 crore in Q4FY21.

For FY22, the net profit rose by per cent to Rs 5,678.4 crore from Rs 2,557.5 crore in FY21.

Recommend Dividend of Rs 6.50 per equity share (of face value of Rs. 10) for 2021-22 subject to shareholders nod.

The Bengaluru-based lender’s net interest income (NII) expanded by 24.84 per cent increased to Rs 7,005 crore in Q4FY22 from Rs 5,622 crore in Q4FY21. The net interest margin (NIM) improved to 2.93 per cent for Q4FY22 as against 2.51 per cent for Q4FY21.

Non-interest income declined by 5.12 per cent Year on Year (YoY) to Rs 4,462 crore in Q4FY22.

Advances increased by 9.77 per cent YoY to Rs 7.4 trillion as at end March 2022. The retail lending Portfolio increased 9.5 per cent YoY to Rs 1.26 trillion as at March 2022. The public sector bank has estimated 8 per cent growth in advances in FY23, said L V Prabhakar, it managing director and chief executive said.

The deposits rose by 7.47 per cent to Rs 10.86 trillion in March 2022. The share of low cost deposits – Current Account and Savings Account (CASA) – stood at 35.88. per cent as at March 31, 2022, up from 34.33 per cent in March 2021. It has set target of 38 per cent for FY23.

The asset quality profile improved with Gross Non-Performing Assets (NPAs) declining to 7.51 per cent as at March 31, 2022 from 8.93 per cent in March 202. Its Net NPA stood at 2.65 per cent as at end of March 2022 down from 3 82 per cent a year ago. The lender aims to reduce GNPAs to six per cent and net NPAs to two per cent by March 2023.

The provision coverage ratio for bad loans improved to 84.17 per cent in March 2022 from 79.69 per cent a year ago. It has indicated to improve it to 85 per cent by March 2023.

The capital adequacy ratio of the Bank, as per Basel III, was 14.9 per cent with Tier I ratio was 11.91 per cent as at March 31, 2022.

Bank aims to up to Rs 9,000 crore in Capital through additional tier I bonds and tier II bonds in 2022-23. Bank is not looking raising equity capital for now, Prabhakar said. It had raised Rs 9,000 crore in FY22 through equity, AT1 and tier II bonds.

Also Read:- Power shortage not as high as projected, import-base plants will be made functional: Pralhad Joshi

The World Health Organisation (WHO) has put the number of Covid-19 deaths in India at around 4.7 million, which the highest in the world. The deaths, according to the report released on Thursday, could be directly due to the disease or indirectly caused by the pandemic’s impact on health systems and society. India’s Covid toll is approximately a third of the global death number, the report said.

The WHO estimate of Covid deaths in India is 10-times the official count, and the government has strongly rejected the figure and the methodology. In an official statement, the Union Health Ministry said that India had been consistently objecting to the methodology adopted by WHO to project excess mortality estimates based on mathematical models. “Despite India’s objection to the process, methodology and outcome of this modelling exercise, WHO has released the excess mortality estimates without adequately addressing India’s concerns,” the Health Ministry said.

India’s official Covid death toll is 481,486

between January 1, 2020, and December 31, 2021.

The WHO report pegs Covid deaths in India at precisely 47,40,894 during 2020 and 2021. The coinciding pandemic death figure (described as excess mortality) globally is approximately 14.9 million—ranging between 13.3 million and 16.6 million.

Excess mortality is calculated as the difference between the number of deaths that have occurred and the number that would be expected in the absence of the pandemic based on data from earlier years.

The WHO has also released the methodology followed by it to arrive at these numbers. It said: “We consider the most complex sub-national scenario in which the number of regions with monthly data varies by month, using India as an example. For India, we use a variety of sources for the registered number of deaths at the state and union territory level. The information was either reported directly by the states through official reports and automatic vital registration, or by journalists who obtained death registration information through Right To Information requests.”

India had released the Civil Registration System (CRS) report on births and deaths by the Registrar General of India (RGI) earlier this week.

The Health Ministry said that India had informed WHO that in view of the ’authentic data’ published through the CRS by RGI, mathematical models should not be used for projecting excess mortality numbers for the country.

India said that registration of births and deaths in the country is extremely ‘robust’ and is governed by decades-old statutory legal framework - Births & Deaths Registration Act, 1969.

“The CRS data of 2020 published by RGI on May 3, 2022 clearly reveals that the narrative sought to be created based on various modelling estimates of India’s Covid19 deaths being many times the reported figure is totally removed from reality,” the government said, adding that this data was shared with the WHO for preparation of excess mortality report.

“Despite communicating this data to WHO for supporting their publication, WHO for reasons best known to them conveniently chose to ignore the available data submitted by India and published the excess mortality estimates for which the methodology, source of data, and the outcomes has been consistently questioned by India,” the Union Health Ministry stated.

WHO director general Tedros Adhanom Ghebreyesus said, “These sobering data not only point to the impact of the pandemic but also to the need for all countries to invest in more resilient health systems that can sustain essential health services during crises, including stronger health information systems.” He added that WHO is committed to working with all countries to strengthen their health information systems to generate better data for better decisions and better outcomes.

WHO said that most of the excess deaths (84 per cent) are concentrated in South-East Asia, Europe, and the Americas. Some 68 per cent of excess deaths are concentrated in just 10 countries globally. Middle-income countries account for 81 per cent of the 14.9 million excess deaths (53 per cent in lower-middle-income countries and 28 per cent in upper-middle-income countries) over the 24-month period, with high-income and low-income countries accounting for 15 per cent and 4 per cent, respectively. It also said that the global death toll was higher for men (57 per cent) than females (47 per cent) and higher among older adults.

“The absolute count of the excess deaths is affected by the population size. The number of excess deaths per 100,000 gives a more objective picture of the pandemic than reported Covid-19 mortality data,” WHO noted.

The Indian government said that it had objected to WHO classifying India into a Tier II country. Tier classification is a simple grouping of countries based on mortality data availability.

According to WHO Countries are classified as Tier 1 if complete and nationally representative monthly all-cause mortality data for the specified period have been made available to WHO. Countries categorized as Tier 2 include countries for which WHO does not have access to the complete data and thus requires the use of alternative data sources.

The health ministry said that despite its contention that it does not 'deserve' to be placed in Tier II countries category, WHO till date has not responded to India's contention.

Also, India said it has consistently questioned WHO's own admission that data in respect of seventeen Indian states was obtained from some websites and media reports and was used in their mathematical model. "This reflects a statistically unsound and scientifically questionable methodology of data collection for making excess mortality projections in case of India," MoHFW said.

Further, the test positivity rate (a key variable used by WHO) for Covid19 in India was never uniform throughout the country at any point of time, the Health Ministry claimed.

"Such a modeling approach fails to take into account the variability in COVID positivity rate both in terms of space and time within the country. The model also fails to take into account the rate of testing and impact of different diagnostic methods (RAT/RT-PCR) used in different geographies," India said on Thursday.

India reasoned that owing to its large area, diversity and a population of 1.3 bn, it has consistently objected to the use of 'one size fits all' approach and model, which may be applicable to smaller countries, but cannot be applicable to India.

"The model assumed an inverse relationship between temperature and mortality, which was never substantiated by WHO despite India’s repeated requests...... In spite of these differences, India continued to collaborate and coordinate with WHO on this exercise and multiple formal communications (10 times from November 2021 to May 2022) as well as numerous virtual interactions were held with WHO," the health ministry statement read.