Out and about with a mask in New Delhi last month. AFP
Out and about with a mask in New Delhi last month. AFP
Out and about with a mask in New Delhi last month. AFP
Out and about with a mask in New Delhi last month. AFP

Delhi logs zero daily Covid cases for first time since pandemic outbreak


Taniya Dutta
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New Delhi recorded no new cases of Covid-19 on a day when India witnessed lowest daily cases since the disease broke out in the country, health authorities said.

The Delhi Health Department said on Tuesday there were zero infection cases in the city of 22 million in the last 24 hours, the first time this had happened in nearly three years.

“The positivity rate was at 0.0 per cent and the active cases stood at 10 in the city,” the statement said.

The federal health ministry said that just 89 infection cases were reported across the country, the lowest figure since late March 2020.

The country had just over 2,000 active cases, according to the statement, with no deaths reported in the past 24 hours.

India has reported 44 million Covid-19 cases and 530,726 deaths.

India is offering free covid tests at government hospitals and in recent weeks has made a negative covid test mandatory for passengers flying from abroad, particularly China and four other neighbouring Asian countries. It has also issued mandatory quarantine guidelines for passengers that show symptoms of Covid-19 or are tested positive.

  • A man gets a covishield vaccine against Covid-19 at a special booster vaccination drive in Hyderabad. All photos: AFP
    A man gets a covishield vaccine against Covid-19 at a special booster vaccination drive in Hyderabad. All photos: AFP
  • The vaccination drive is for people aged between 18 and 59 years.
    The vaccination drive is for people aged between 18 and 59 years.
  • A health worker shows covishield vaccines at a government bus station.
    A health worker shows covishield vaccines at a government bus station.
  • People queue up to get themselves inoculated.
    People queue up to get themselves inoculated.
  • A health worker inoculates a man with a booster dose.
    A health worker inoculates a man with a booster dose.
  • People queue up to get themselves registered for a booster dose.
    People queue up to get themselves registered for a booster dose.
  • A health worker inoculates a man with a booster dose.
    A health worker inoculates a man with a booster dose.

The country of 1.4 billion witnessed one of the worst waves of the pandemic in April-May 2021, with millions of people contracting the Delta variant.

Delhi was hit hard by the second wave when thousands of cases caused city’s healthcare system to collapse and graveyards and crematoriums ran out of space.

The virus killed more than 26,000 people in the city.

Health experts credit mass vaccination and herd immunity for decreasing cases amid fears of another wave due to infection outbreaks in China, South Korea and other nations.

Authorities last month started mock drills in hospitals across the country in an effort to step up preparedness to deal with any contingency.

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

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Updated: January 17, 2023, 11:22 AM