Sun Pharma gets USFDA nod for psoriasis drug Ilumya

March 22, 2018

Sun Pharmaceuticals Industries has received approval from USFDA, for its psoriasis drug Ilumya.

Ilumya is generically known as tildrakizumab-asmn and comes under specialty drugs – medications that treats complex or rare diseases such as cancer, autoimmune disorders, skin conditions among others. It is used for the treatment of the most common plaque psoriasis – a chronic immune disease that appears on the skin.

Abhay Gandhi, President and CEO, North America, Sun Pharma stated, “With the approval of ILUMYA and our long-standing commitment in dermatology, we are focused on making a difference for people living with moderate-to-severe plaque psoriasis.”

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ECONOMY

Cabinet approves Rs 6,839 crore for Vibrant Villages Programme-II to boost border development

Dhruva KulkarniApril 4, 2025April 4, 2025

April 4, 2025April 4, 2025

The Union Cabinet, led by PM Modi, approved the second phase of the Vibrant Villages Programme (VVP-II) with an outlay of Rs 6,839 crore.

The programme will run until FY 2028-29, covering strategic villages in 18 states and UTs, excluding those on the India-China border.

Union Minister Ashwini Vaishnav emphasised developing and securing border villages to prevent migration and strategic risks.

Phase 1 covered 700 villages, while Phase 2 aimed to reach 2,000 villages with essential infrastructure and connectivity.

Key objectives include improving roads, electricity, water, internet, healthcare, education, and employment opportunities.

Developments under the scheme include better roads, 24×7 electricity, digital connectivity, schools, healthcare centres, tourism promotion, and skill training.

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Trump’s Tariff Move a Wake-Up Call for Indian Manufacturing: PwC India

Dhruva KulkarniApril 3, 2025April 3, 2025

April 3, 2025April 3, 2025

The latest US tariffs may not directly impact India. Still, they serve as a wake-up call for Indian manufacturers to enhance efficiency and scale, says PwC India Chairman Sanjeev Krishan.

US President Donald Trump has announced new tariffs, including a 10% baseline levy on all imports, a 34% duty on Chinese goods, and a 27% tariff on Indian exports.

Krishan stressed that while India is affected, the key is to focus on long-term competitiveness rather than relying on others facing higher tariffs. He emphasised the need for greater efficiency, stating, “Big can be beautiful and big can be better.”

Amitendu Palit, Senior Research Fellow at the National University of Singapore, warned of indirect consequences such as slower US growth and disruptions in global supply chains that could impact demand and exports.

He also cautioned that the US may use tariffs as leverage in trade negotiations, putting pressure on India in areas like quality control, currency practices, and government procurement.

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India’s Manufacturing PMI Hits 8-Month High at 58.1 in March

Dhruva KulkarniApril 2, 2025April 2, 2025

April 2, 2025April 2, 2025

India’s manufacturing activity surged in March 2025 as the PMI climbed to 58.1, marking an eight-month high and signalling a strong recovery.

New orders hit their highest level since July 2024, driven by strong customer interest, favourable demand, and effective marketing.

Production expanded sharply, though international sales growth slowed to a three-month low, with exports rising in Asia, Europe, and the Middle East.

Finished goods inventories saw their steepest decline over three years, prompting firms to boost input purchases at the fastest rate in seven months.

Supply chains remained stable, with lead times improving for the thirteenth straight month, while input costs rose due to higher prices of copper, electronics, leather, LPG, and rubber.

Hiring increased steadily, though capacity pressures limited job growth. Manufacturers remained optimistic about future output, supported by strong demand and pending projects.

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US slams high India duties on farm goods before 2nd April tariffs

Dhruva KulkarniApril 1, 2025April 1, 2025

April 1, 2025April 1, 2025

The Donald Trump administration has raised concerns over India’s high tariffs on American farm goods just days before reciprocal duties take effect, increasing pressure on India to ease restrictions in its agriculture sector.

The White House criticised India’s 100% tariff on American farm products, pointing to similar trade barriers in the EU, Japan, and Canada.

A US report highlighted India’s 39% tariff on agricultural imports—eight times the US rate—covering items like apples, corn, and coffee. It also noted non-tariff barriers such as import bans and licensing requirements.

Despite opposition from Indian farmers to free trade deals, New Delhi is considering lowering tariffs on select US agricultural products.

India has already reduced duties on bourbon whiskey and high-end motorcycles, with both nations aiming for a trade deal by October or November.

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Provident Fund Update: Govt Raises Auto-Settlement Limit to ₹5 Lakh for 7.5 Crore Indians

Dhruva KulkarniMarch 31, 2025March 31, 2025

March 31, 2025March 31, 2025

EPFO is set to enhance the auto settlement limit for advance claims from Rs 1 lakh to Rs 5 lakh, pending final approval from the Central Board of Trustees (CBT), benefiting 7.5 crore members.

The auto-mode claim settlement, introduced in April 2020 for illness, now covers education, marriage, and housing, with claims processed within three days.

In the current financial year, EPFO has settled a record 2.16 crore auto-claims as of 6th March 2025, up from 89.52 lakh in 2023-24. The rejection rate dropped to 30% from 50% last year, while validation formalities have been reduced from 27 to 18, with plans to cut them to six.

The process is now IT-driven, eliminating human intervention and reducing claim settlement time from 10 days to 3-4 days.

EPFO will also introduce UPI-based PF withdrawals by May or June 2025, potentially benefiting other schemes like the General Provident Fund (GPF) and Public Provident Fund (PPF).

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