Global deaths hit 2.5mn; J&J shot awaits US nod
Covid-19 has killed more than 2.5 million people worldwide since the pandemic began in December 2019, according to an AFP count based on official figures on Thursday. In total, 2,500,172 deaths and 112,618,488 cases have been reported.
With 842,894 deaths, Europe is the hardest-hit region, followed by Latin America and the Caribbean (667,972 deaths) and the US and Canada (528,039). Almost half of the fatalities have occurred in just five countries: the US (506,232), Brazil (249,957), Mexico (182,815), India (156,705) and Britain (122,070).
The world passed one million reported coronavirus deaths on September 28, a little over nine months after the first death was recorded in China in January 2020. It took just four more months, until January 15, to reach two million deaths.
The pace of deaths has slowed since late January this year, with 66,800 last week or an average of 9,500 per day - well below the deadliest week of January 20 to 26, when 101,400 deaths or 14,500 per day were registered.
In the US, President Joe Biden marked the administration of the 50 millionth dose of Covid-19 vaccine since his swearing-in. The moment came days after the nation reached the milestone of 500,000 coronavirus deaths.
“The more people get vaccinated, the faster we’re going to beat this pandemic,” Biden said at the White House ceremony, noting that his administration is on course to exceed his promise to deliver 100 million shots in his first 100 days in office. “We’re halfway there: 50 million shots in 37 days,” Biden said.
US expert panel debating 3rd shot’s authorisation
A US panel of independent experts was meeting on Friday to discuss whether to grant Johnson & Johnson’s Covid-19 shot emergency approval, likely paving the way for a third vaccine to start shipping in the world’s hardest-hit country. The committee’s 22 members, who were convened by the FDA, will hold a day-long, live-streamed virtual meeting to decide if the known benefits of the vaccine outweigh its risks for use.
MUMBAI: The Reserve Bank of India (RBI) said on Friday it is in favour of retaining the existing inflation target set in 2016 for the next five years, ahead of an upcoming government review.
Under India’s flexible inflation targeting (FIT) approach, the central bank is expected to work to maintain retail inflation at 4%, with an upper tolerance limit of 6% and a lower limit of 2%. The six-member monetary policy committee (MPC) headed by RBI governor decides on policy rates keeping this target in mind.
Mint reported on January 28 that the government may reset the rate at 5% to provide the central bank more leeway to cut policy rates and support growth in the pandemic-struck economy. “The current numerical framework for defining price stability, i.e., an inflation target of 4% with a +/-2 per cent tolerance band, is appropriate for the next five years,” RBI said in its report titled Reviewing the Monetary Policy Framework.
Finance minister Nirmala Sitharaman recently said the government will review the target band as the term of the MPC ends on March 31. The government will notify the average and the band within which the FIT will operate thereafter.
“It is important to recognise that while setting a single target/ tolerance band for the next five years, structural changes that may materialise or the type of shocks that may hit the economy are difficult to anticipate fully. Hence, flexibility must be built into the framework, without undermining the discipline of the inflation target, which has to be forward-looking to ensure that inflation expectations are firmly anchored over the medium term to facilitate decisions on investment, savings and consumption,” the report said.
The RBI report also suggested changes in the inflation targeting framework for better transparency, accountability and operational efficiency. This includes modifying the definition of failure from the current three consecutive quarters norm of inflation remaining outside the tolerance band, to four consecutive quarters.
The MPC may also consider providing a more explicit forward guidance on the interest rate path at a future date, as the projection process is strengthened further over time, the report suggested. Shut period for the MPC to start seven days before policy announcement and end three days after the day policy is announced is another change proposed.
Staggering on-boarding of external members on the MPC, having an official communication policy document, and releasing minutes within a week after the policy announcement were among other proposed changes.