This refers to the article ‘Vizhinjam will make a good port’ (December 30). After the last lap of protests against continuing the ongoing work at Vizhinjam, the Central and State governments and the mainstream media started taking care to protect constituency interests.
In the process, facts and history got mixed up and precious time was wasted, not allowing the allow work to continue.
Picking up a lesson or two from countries like Japan, Singapore and UK, it is high time the political leadership across ideologies and irrespective of numbers in legislative houses came together and cooperated in developing infrastructure.
The government should take the opposition and other stakeholders into confidence at every stage of implementation of large projects to avoid midway conflicts as has happened in the the case of Vizhinjam port.
Apropos ‘Why agri-futures trading ban was extended’ (December 23). Indeed to curb inflation, SEBI has extended the ban on agri futures on seven commodities.
Further the ban enhances the Centre to control the surging edible oil and wheat prices.
The Russia-Ukraine war disturbed the global agri supply chain and agri-futures based speculation caused further hike in edible oil prices imported by the country. Inflation control and balancing the agri-supply chain for price control are priority and continuing the ban on agri futures is justified.
With reference to ‘Bubble bursts’ (December 30), it is significant to note the increasing investor awareness in avoiding subscription to highly valued and mega IPOs and the resultant decline in the number of IPOs floated during the year.
While the price of some IPOs nosedived on the day of listing itself, small investors lost heavily, when the external investors in these listed companies off loaded their shares in the market, immediately upon completion of the mandatory lock-in period.
Considering the immense potential in SME IPOs, there is every possibility of pent-up trading and speculation on small exchanges compared to main board platforms. Though, on SME exchanges, investors have market making protection for three years from listing date provided by the merchant banker, in the absence of proper monitoring, the grey market operations continue to haunt the market. The IPO process must be regulated through more disclosures on valuation.
Deadly cough syrup
With reference to the news report ‘Cough syrup deaths in Uzbekistan: India starts probe into Noida based Marion Biotech’, after the recent Gambia tragedy, this Uzbekistan tragedy will severely affect the reputation of Indian pharmaceutical companies.
Maiden Pharmaceutical Limited was a repeat offender in manufacturing low quality medicines and has been banned in Bihar, Kerala and Vietnam in the past.
Marion Biotech seems to have used Ethylene glycol in the cough syrup which is not supposed to be used in pharma products. Both the drug regulator and the government must probe the two incidents thoroughly.
If not all of India’s good work in supplying drugs and vaccines will go for the toss.