Letters to the editor dated July 13, 2020

This refers to ‘China’s BRI stands on uncertain ground’ (July 13). The participating countries of Asia and Africa are in a dilemma over the repayment of outstanding loans to China. In fact, China stands at crossroads whether to waive off such loans, allow concessions, or resort to longer repayment tenor for partner countries. If experts are to be believed, BRI has become the poster child for unsustainable debt creation in participating countries. National sovereignty concerns, the political and economic fallouts, and unequal access to profits render hollow BRI’s claim of being a win-win project.

Moreover, the ongoing tussle between the US and China in the aftermath of the pandemic has only added fuel to fire. In fact, it has forced Western countries to rethink and redesign their policies in order to counter the dragon-led BRI and restrain it from having global footprints. For any ambitious international initiative to be successful, it has to be economically and strategically viable and beneficial to the participating countries. But BRI’s main objective is to have hegemony and develop the backward western and southern regions of China, which had been hitherto neglected over decades.

The BRI is also expected to enhance its hegemony and competitiveness over foreign markets, rather than benefiting the participating countries of Asia, Europe and Africa.

Nainital, Uttarakhand

Shortage of game-changing drugs Remdesivir and Tocilizumab is resulting in chaos at private hospitals. With huge demand and less supply, these injections are being sold at 10 times their actual cost. Black marketing in this pandemic situation is unfortunate. Families of Covid patients are facing many hurdles in getting these drugs. Some private hospitals are leaving it to the patients to get the injections. It is imperative that the government becomes more vigilant and makes sure that the drugs are available to the patients who need them.

It should also check whether private hospitals are prescribing the drug to the right patients or administering it merely to make money.

Hyderabad

The RBI Governor, Shaktikanta Das, has outlined how the Covid pandemic has severely affected the supply of goods and services and movement of capital and labour across the world. Governor Das has made it clear that growing the economy is his priority. The RBI’s measures such as reduction in interest rates and the supply of cash have brought relief to the general public as well as industries and businesses. Thanks to this, the financial stability in the country has been maintained.

Haryana

This refers to ‘Covid-19 will raise awareness about insurance: LIC MD’ (July 13). The MD of LIC exuding confidence despite headwinds steadily engulfing the economy has to be taken with a pinch of salt. If the situation on ground is so encouraging why is the government extending the moratorium on outstanding EMIs and the world’s premier rating agencies presenting a bearish outlook. Undoubtedly, LIC has an uphill task and it could get more difficult if the government calls upon it, like in the past, to acquire some sick public sector units. It is time LIC got more autonomy.

Chennai

This refers to ‘Putting the ‘social’ in social stock exchange’ (July 13). The author rightly stresses on the need for assessing the investment allocation pattern of non-profit businesses with social causes before bringing them under the social stock exchange net.

Nevertheless, minimum mandatory reporting standards such as more comprehensive assessment of social impact, and granular disclosures of governance practices and finances are needed for standardisation of procedures in the social sector and for achieving the key objective of the social stock exchange.

Sivakasi

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