Covid-19: India has potential to shape global agenda, says WEF’s Schwab

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Bullish on India’s power to shape the global agenda, the WEF’s Founder and Chairman Klaus Schwab has said the country’s early policy response to the Covid-19 pandemic was strong and now its biggest opportunity lies in leapfrogging to a more digital and sustainable economy.


He further said he remains optimistic about India and as the country continues its quest to build “a stronger and more equal nation, the world will watch it for inspiration.” “With its demographic advantage and extensive diversity, India has the power to shape the global agenda and define our collective future,” Schwab told PTI in an interview from Geneva where the (WEF) is based.


Schwab, who founded WEF over 50 years ago, said, “The early policy response in India to mitigate the impact of the pandemic was strong; from an early lockdown, to large-scale food rations to over 800 million people risking starvation, to collateral-free credit for small businesses.” “But what it couldn’t prevent is that this pandemic has put millions of informal workers, low-income migrant workers and daily-wage earners in a state of extreme insecurity. Protecting their lives and livelihoods is the prime concern today, as

Reliance Industries restores salary, offers bonus in hydrocarbon arm

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is rolling back salary cuts for employees of its hydrocarbons division, and is also giving out performance bonus that had been deferred after business was hit by the lockdown.


The firm is also offering an advance 30 per cent of the variable pay from the next year’s salary to its employees, as a goodwill gesture for working during the pandemic, said two people familiar with the matter.


Reliance in April had cut the salary of employees of its hydrocarbons division by 10 per cent to 50 per cent with the firm’s chairman and richest Indian Mukesh Ambani agreeing to forgo all his remuneration.




Also, the oil-to-technology conglomerate had deferred annual cash bonus and performance-linked incentives that are normally paid in the first quarter.


Sources said Reliance may have done some intra-division cash transfer to roll back the salary cuts in the hydrocarbons divisions.


An email sent to the company for comments remained unanswered. Reliance’s hydrocarbon business was adversely impacted due to a reduction in demand for refined products and petrochemicals after a nationwide lockdown was imposed to curb spread of coronavirus.


While

Hamilton In Dreamland After Record-breaking Triumph

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Lewis Hamilton said he was in dreamland on Sunday after powering to victory in the Portuguese Grand Prix to become Formula One’s record all-time race winner.

His 92nd win lifted him one clear of seven-time world champion Michael Schumacher’s 16-year-old record of 91 wins and opened up a 77-point lead ahead of Mercedes team-mate Valtteri Bottas, who finished second, in the title race.

With five races remaining in the coronavirus-affected season, Hamilton is within reach of a record-equalling seventh championship and a record-increasing 100th pole position.

“I only ever dreamed of being where I am today,” he said after the race and a long hug with his father Anthony, who managed his early career.

“I didn’t have a magic ball when I chose to come here (Mercedes) — and all we have ever tried to do is make the most of it every single day. We are all rowing in the same direction.





Hamilton first won a race in 2007
 AFP / STF

“I have got my dad here which is amazing and my step-mum Linda — and Roscoe (his dog) — so it’s a very special day. It’s going to take time to sink in, but I was still

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