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Business Standard
a day ago
- Health
- Business Standard
India's active Covid-19 cases fall under 6,000; three deaths in 24 hours
India's active Covid-19 caseload fell to 5,976 on Thursday, down from 6,483 the previous day, marking the third consecutive day of decline. Three deaths were reported in the past 24 hours, according to the Ministry of Health and Family Welfare. Of the three fatalities, two were from Delhi and one from Kerala. All the deceased were elderly individuals with chronic health conditions. Active Covid-19 cases have declined across most states, with 507 fewer new infections reported on Wednesday. Delhi recorded the highest number of fresh cases in the past day, adding 12 infections and taking its active case count to 632. Kerala continues to report the highest number of active cases at 1,309, followed by Gujarat with 1,046. Maharashtra remains among the most affected states, with 5,443 active cases. Karnataka saw the largest single-day drop, with 187 fewer cases, while Rajasthan reported a decline of 83 cases in the same period. State Active Cases New Cases (Last 24 Hours) Deaths (Last 24 Hours) Kerala 1,309 -75 1 Maharashtra 443 -46 0 Gujarat 1,046 -59 0 Delhi 632 +12 2 Rajasthan 219 -83 0 Karnataka 466 -187 0 Tamil Nadu 187 -37 0 PGIMER: Covid-19 under control in India Covid-19 is currently under control in India, with no new cases reported over the past week, according to Dr Vivek Lal, Director of the Post Graduate Institute of Medical Education and Research (PGIMER). Speaking to ANI, Dr Lal attributed the decline in cases to the robust vaccination drive led by Prime Minister Narendra Modi. 'We are fully prepared for Covid-19, but the situation is clearly improving. I don't think a single patient has tested positive in the last week,' he said. Dr Lal credited India's ongoing vaccination campaign for maintaining immunity and reducing case severity. Scientists monitor new subvariants behind latest surge The National Institute of Virology (NIV) has begun genome sequencing and isolation of four new Omicron subvariants believed to be behind the recent spike in cases. Genome sequencing helps determine the complete genetic makeup of viruses and track mutations that impact transmissibility and vaccine efficacy. Dr Naveen Kumar, director of the Pune-based NIV, said this effort would assess whether existing vaccines remain effective or require updates. 'So far, the new variants do not appear to cause severe disease,' he noted. He added that isolating the strains would aid in evaluating vaccine formulation, but any decision to update vaccines lies with policymakers following expert consultations. Experts recommend targeted boosters, not mass drives Public health experts have advised against a mass booster campaign, recommending targeted doses for high-risk groups such as the elderly, immunocompromised individuals, and those with chronic illnesses. They said India's hybrid immunity—developed from both past infections and vaccinations—provides sufficient protection for the general population. While the national outlook remains positive, officials cautioned that isolated clusters of infections are still emerging and should be monitored.
Time of India
a day ago
- Health
- Time of India
NIV Pune isolating 4 Omicron sub-variants responsible for recent rise in Covid cases: Director
Pune: The National Institute of Virology (NIV) Wednesday said it is genome sequencing and isolating four new sub-variants of Omicron which are believed to be responsible for the recent rise in Covid cases across India. This effort will help in assessing vaccine effectiveness , Dr Naveen Kumar, director of Pune-based NIV under the ICMR, said. An upsurge of Covid cases was noticed since the second week of April. Kumar said that after genome sequencing of samples across India, four sub- variants of Omicron -- LF.7, XFG, JN.1. 16 and NB. 1.8.1 -- have been found. Genomic analysis revealed that the surge was due to JN.1.16 sub lineage of Omicron variant and since May, it was replaced by the XFG (LF.7 and LP.81.2) recombinant variant. Whole genome sequences have been submitted to Indian Biological Data Centre and Global Initiative On Sharing All Influenza Data, Kumar said. "Scientists at NIV are doing monitoring, genome sequencing and isolating the new variants. The strain, which was circulating in Singapore, was also found in India five-six weeks ago. "Isolation is important to replace the existing vaccine strain if at all it is required. Whether or not this needs to be replaced is something which is to be critically analysed based on the severity of the disease. So far it appears that the strains are not much severe. However, the decision of making a new vaccine using the currently circulating strains is taken by policy makers after extensive discussion," Kumar said. Currently, two monovalent Omicron-based vaccines are available - Biological E Limited's Corbivax and Serum Institute of India's COVOVAX. The situation is being continuously monitored by the health ministry. Meanwhile, the active Covid caseload in the country has marginally dropped. As of June 18, there are 6,483 active cases as compared to 6,837 cases on Tuesday. Official sources have maintained that severity of infections has been low and most of the patients are being managed under home care. Since January 1, 113 deaths have been reported, primarily among individuals with pre-existing illnesses. Kerala continues to be the most-affected state, followed by Gujarat, Karnataka and Delhi, according to the health ministry's data released on Sunday. Meanwhile, all states have been instructed to ensure availability of oxygen, isolation beds, ventilators, and essential medicines to deal with Covid cases, official sources said on Wednesday.
Time of India
a day ago
- Business
- Time of India
As fintech lenders chase secured credit options, VCs up their bets
As unsecured lending slows, investor interest is shifting to secured lending platforms, attracting significant venture capital. Startups are expanding into secured loans like LAP and vehicle financing, but face challenges like high operational costs and default risks. Fintechs aim to offset this with technology-driven efficiency and selective physical branch expansion. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads The slowdown in the unsecured consumer credit market is resulting in an increase in investor interest in secured lending platforms, a sector dominated by traditional financiers till the past one year, venture funds which typically fund tech-first companies have been betting on home financing startups , branch-led secured lenders offering products such as loans against property (LAP), loans against securities like mutual funds, vehicle lending companies and asset-based lenders. Easy Home Finance , Basic Home Loan and Vridhi Home Finance received significant equity infusions from venture funds such as Elevation Capital, Bertelsmann India Investments, Norwest Venture Partners and Ranjan Pai's Claypond Capital. Together these startups, founded between 2017 and 2022, have raised around $150 million in equity capital from these recently, Techfino raised around $7.5 million (Rs 65 crore) from Stellaris Venture Partners and others. Mahaveer Finance, which has been lending for used vehicles since the early 1990s, raised $23 million (Rs 200 crore) from Elevation Capital and others with an aim to add LAP and other similar products to its portfolio.'When we look at NBFCs (non-banking financial companies), we typically index on highly experienced promoters or founders, great track record on execution, prudent approach to risk management and underwriting, and a technology driven mindset,' said Mridul Arora, partner, Elevation Capital. 'Valuation multiples, however, are more a function of market cycle and risk-reward for that particular investment versus being determined by whether it is family owned or not.'With the winds blowing towards secured products, even well-funded unsecured consumer lending startups are jumping onto the such as Kissht, Loantap, Fibe and Kreditbee, all unsecured consumer lending players, have now built secured products including LAP, mutual funds and vehicle loans. Among the large fintechs, Cred, BharatPe and Paytm have also announced their entry into secured credit products over the past one of these players like Kreditbee are also looking to build branch networks, hoping to underwrite the underlying assets better.'We have run down our consumer lending book by 50%. Now the focus is to build small business loans for retailers,' said Satyam Kumar, CEO of Pune-based startup recently closed $6.2 million in equity funding from July Ventures and a strong understanding of certain customer cohorts, these startups feel that they can scale up secured products quickly catering to consumers who might be too risky for an unsecured personal secured lending is a major opportunity to compete with banks and larger NBFCs, fintechs will need to invest heavily in branch could push up costs and make the small ticket size lending business unviable.'Investments in physical assets and branches would eat into the delta that fintechs can make between the cost of borrowing and the rates they can offer to their customers,' said Rohit Chokhani, founder, Easy Home Finance. 'This business will be sustainable only when there is major scale.'Add to that the need to build collection teams, another major cost item, given that these loans would require agents to take possession of machinery or property in the wake of a released in January by TransUnion Cibil on the credit market in India showed that as of September 2024, 1.7% of the loans under LAP were due for at least 90 days, among the highest in all categories of consumer compete with the traditional bigwigs, these startups are trying to disrupt two major business areas – one, to reduce the operational cost through technology and, second, to ensure that the online application forms can weed out unwanted customers without human intervention.'Traditionally, 70 to 80% of a housing finance company's costs go into running physical branches. We're bringing that down to 40 to 50% by leveraging technology, which enables lower customer acquisition costs and better interest rates,' said Atul Monga, chief executive officer, Basic Home LoanCurrently, customers can be charged 25-27% for micro LAP products, way more than 15-20% for a personal loan. Startups are trying to find out whether technology can help reduce these costs.'We have built our in-house loan origination and loan management systems, which helps make the entire application process digital. We will still invest in expanding our branch network over the years, but back-end processes need to be technology-led,' said Ratikanta Satpathy, cofounder, Techfino.
Mint
2 days ago
- Health
- Mint
Covid-19 in India: Pune NIV identifies and isolates 4 new Omicron sub-variants driving the current surge in cases
The National Institute of Virology (NIV), Pune, announced on Wednesday that it has successfully sequenced and isolated four new sub-variants of the Omicron coronavirus variant. These sub-variants are believed to be driving the recent rise in Covid-19 cases across India. Dr Naveen Kumar, director of the Pune-based NIV under the Indian Council of Medical Research (ICMR), explained that genome sequencing of samples collected nationwide revealed four distinct Omicron sub-variants: LF.7, XFG, JN.1.16, and NB.1.8.1. Genomic analysis indicated that the surge in Covid infections was initially caused by the JN.1.16 sub-lineage of Omicron. However, since May, this has been largely replaced by the recombinant XFG variant, which includes LF.7 and LP.81.2 strains. Dr Kumar emphasised the critical role of genome sequencing and isolation of new variants in assessing vaccine efficacy. 'Isolation is important to replace the existing vaccine strain if needed. Whether this is necessary depends on the severity of the disease caused by these variants,' he said. So far, the new strains do not appear to cause severe illness. Decisions regarding the development of new vaccines based on currently circulating variants will be made by policymakers after thorough evaluation. At present, India has two monovalent Omicron-based vaccines available: Biological E Limited's Corbevax and Serum Institute of India's Covovax. The Ministry of Health continues to closely monitor the evolving situation. As of 18 June, India's active Covid caseload has marginally decreased to 6,483 from 6,837 the previous day. Official sources report that the severity of infections remains low, with most patients managing their illness through home care. Since 1 January, India has recorded 113 Covid-related deaths, predominantly among individuals with pre-existing health conditions. Kerala remains the most affected state by Covid-19, followed by Gujarat, Karnataka, and Delhi, according to health ministry data released on Sunday. In response, all states have been instructed to ensure adequate availability of oxygen supplies, isolation beds, ventilators, and essential medicines to effectively manage Covid cases.
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Business Standard
2 days ago
- Health
- Business Standard
Pune scientists isolating Covid sub-variants behind India's new cases
Amid the recent rise of new Covid cases in India, the National Institute of Virology (NIV) on Wednesday said it is conducting genome sequencing and isolating four new sub-variants of the Omicron virus that are believed to be responsible for the new outbreak. Genome sequencing is the process of determining the complete DNA sequence of an organism, giving scientists information about the reproduction, evolution and functions of the organism. This effort will help in assessing vaccine effectiveness and whether a new vaccine needs to be developed, said Dr Naveen Kumar, director of the Pune-based NIV, which operates under the aegis of the Indian Council of Medical Research (ICMR). An upsurge of Covid cases has been reported since the second week of April this year, beginning in southeast Asia. "Scientists at NIV are doing monitoring, genome sequencing and isolating the new variants. The strain which was circulating in Singapore was also found in India five to six weeks ago," Dr Kumar said. "Isolation is important to replace the existing vaccine strain if at all it is required. Whether or not this needs to be replaced is something which is to be critically analysed based on the severity of the disease. So far, it appears that the strains are not much severe. However, the decision of making a new vaccine using the currently circulating strains is taken by policymakers after extensive discussion." Kumar said that after genome sequencing of samples across India, four sub-variants of Omicron - LF.7, XFG, JN.1.16 and NB.1.8.1 - have been found. Genomic analysis revealed that the surge was due to the JN.1.16 sub-lineage of the Omicron variant, and since May, it was replaced by the XFG (LF.7 and LP.81.2) recombinant variant. Whole genome sequences have been submitted to the Indian Biological Data Centre and the Global Initiative on Sharing All Influenza Data, Kumar said. Currently, two monovalent Omicron-based vaccines are available: Biological E's Corbivax and Serum Institute of India's COVOVAX. The Covid caseload in the country saw a marginal dip on Wednesday, with 6,483 active cases compared to 6,837 cases on Tuesday. Since 1 January, 113 deaths due to Covid-19 have been reported, primarily among individuals with pre-existing conditions. Kerala has seen the steepest dip in caseload; however, it remains the most-affected state, followed by Gujarat, Karnataka and Delhi, according to data released by the Ministry of Health. Medical experts believe that the current upsurge in cases is a 'mini wave', as the virus is behaving more like a seasonal flu now. They also believe that such seasonal flus will become more common in the near future.
