Magazine

The recent report of an internal working group constituted by the Reserve Bank of India in India remains a matter of discussion.

This Internal Working Group (IWG) was formed to review the existing ownership guidelines and corporate structure for private sector banks in India.

The recommendations of this Working Group remain a cause for discussion as it suggested that after necessary amendments in the Banking Regulation Act, 1949, large corporate / industrial houses may be allowed as promoters of banks.

This means that large corporate houses like Adani, Ambani, Tata, Piramal and Bajaj can take a license for the bank and if they are found suitable, they can also open a bank.

It cannot be argued that the Indian banking system is very weak.

The report of the Internal Working Group states, "At the time of India's independence in 1947, commercial banks (many of these banks were under the control of business houses) were lagging behind in meeting social objectives. Therefore, the Government of India nationalized 14 large commercial banks in 1969 and 6 in 1980.

"However, with the introduction of economic reforms in the early nineties, the role of private banks has become increasingly accepted."

The report also considers the fact that "the Indian banking sector has grown significantly in the last few years but the total balance sheet of banks in India is still less than 70 per cent of GDP, which is equivalent to the global counterparts." Much less than that for a bank-dominated financial system. '

This means that Indian banks are struggling to meet the growing demand for finance of a developing economy.

Currently State Bank of India is the only bank in India that is a part of the top 100 banks in the world. The report states that private sector banks are outpacing public sector banks as they are more efficient, profitable and risk takers.

According to the report, "Public sector banks are continuously losing market share in the hands of private banks, this process has accelerated in the last five years."

There is no doubt that if India wants to become a five trillion dollar economy, it will have to grow its banking sector and IWG's suggestions are mostly related to this.

But, former RBI Governor Raghuram Rajan and former Deputy Governor Viral Acharya have raised the problem arising out of it. Raghuram Rajan has shared a post about it on his LinkedIn account.

In this three-page post, he has said that allowing corporate houses to enter the banking sector is explosive.

He has also questioned the timing of these recommendations.

Rajan and Acharya said in a joint post, "Have we come to know of anything that allows us to disregard all precautions before allowing industrial houses into banking?" We will not argue. In fact, on the contrary, today it is even more important that the tried and tested boundaries of corporate participation in banking be maintained. ''

Rajan and Acharya say that if allowed to do so, the economic power will be reduced to the hands of a few corporates.

These corporates themselves also need financing and in such a situation, they will easily withdraw money from their own banks. It would be very difficult to question them. This will lead to a bad debt situation.

Rajan and Acharya wrote, "The history of such linked debts has been extremely disastrous. When the borrower is the owner of the bank, how will the bank be able to give the loan properly? Even an independent and committed regulator with access to information around the world is difficult to monitor everywhere to prevent bad debt distribution. Information on loan performance is rarely timely or accurate. Yes Bank managed to hide its weak credit risks for a long time.

He also said that the regulator can also come under heavy political pressure due to these entities.

Rajan and Acharya said, "In addition, highly indebted and politically connected business houses will have the ability to force more licenses. This will further increase the importance of money power in our politics. ''

Both have agreed that India needs more banks because the amount of money deposited for GDP is very low i.e. how much capacity does the country have to pay its liabilities?

He has emphasized that "RBI has allowed the first industrial houses to come in with the payment banks." These banks can tie up with other banks to provide retail loans (such as personal loans, credit cards and mortgage). ''

They have said that when we already have these options, then why do we need to give license to industrial houses to open a full bank? Why now? That too at a time when we are trying to learn a lesson from the failure of ILFS and Yes Bank?

Apart from the timing and intentions of this recommendation, both have suggested that handing over poorly performing public sector banks to corporates would be extremely silly.

Giving these public banks to corporates means that we will hand over bad administration of these existing banks to disputed ownership of corporates.

International ratings agency S&P Global Ratings has also voiced concern about these recommendations. The agency said "internal conflicts of interest, potential conflicts of interest, centralization of economic power and financial stability are potential risks in allowing corporates to open banks."

There is no doubt that India needs finance to grow and public sector banks are not able to do so.

The government is already facing major challenges due to the corona virus epidemic. In such a situation, large industrial houses having financial capacity can meet the lack of money in India. But how safe is it to allow these corporates to own banks completely, the question remains to be answered by the RBI.

RBI has invited to express its views on the committee's report which can be submitted by 15 January 2021.

Iran's President Hassan Rouhani has said that the killing of the country's senior nuclear scientist will not slow down the country's nuclear program.

Hasan Rouhani accused Israel of killing top nuclear scientist Mohsin Fakhrizadeh and said that these steps show how upset he is and how much he hates us.

Iran had earlier appealed to the UN Secretary-General and the Security Council to condemn the killing of its top nuclear scientist Mohsin Fakhrizadeh.

According to the information received so far, Fakhrizadeh was ambushed by gunmen in the city of Absard, adjacent to the capital Tehran. However, no news of any attacker has been caught so far.

Ambassador to the United Nations of Iran Majid Takht Ravanchi said the killing of Mohsin Fakhrizadeh was a clear violation of international laws, which was carried out with the aim of creating unrest in the region.

At the same time, UN Secretary-General Antonio Guterres has appealed for restraint in this matter.

According to Reuters, Guterres spokesman Farhan Haq said on 27 November 2020, "We have noted the news of the killing of an Iranian nuclear scientist near Tehran today. We urge restraint and avoid any action which may increase tension in the area. ''

Other Iranian authorities have accused Israel of murder and warned of revenge.

Israel has not yet responded to this, but has previously accused Mohsin Fakhrizadeh of being the mastermind of a secret nuclear weapons program.

What is the whole matter?

Iran's Ministry of Defense informed that one of its top nuclear scientist Mohsin Fakhrizadeh has been killed. After the attack Fakhrizadeh was taken to a local hospital but his life could not be saved.

Iran's Foreign Minister Mohammad Jawad Zarif condemned Fakhrizadeh's murder, calling it 'a state-sponsored terror incident'.

Intelligence agencies of Western countries believe that Mohsin Fakhrizadeh was behind Iran's intelligence program.

Foreign diplomats called him 'the father of the Iranian atomic bomb'. Iran has been saying that its nuclear program is for peaceful purposes.

Four nuclear scientists from Iran were killed between 2010 and 2012, and Iran blamed Israel for this.

How was Mohsin Fakhrizadeh murdered?

Iran's Defense Ministry issued a statement on 27 November 2020 saying, "Armed militants targeted the car carrying Mohsin Fakhrizadeh, the head of the Ministry of Defense's research and innovation department."

According to the ministry, "He was badly injured in the skirmish between the militants and Fakhrizadeh's bodyguards and was taken to a local hospital but unfortunately all attempts by the medical team to save him failed."

According to Iranian news agency Fars, the eyewitnesses first heard the sound of explosions and then firing from machine guns.

According to the agency, eyewitnesses have also said that three-four extremists were killed.

Is Israel involved in this murder?

Iran's Foreign Minister Jawad Zarif tweeted, "Terrorists have killed a prominent Iranian scientist today. These rude actions, which have serious indications of Israel being at hand, reflect the assassins' intention to fight. ''

Zarif said, "Iran urges international communities, especially the European Union, to end their shameful double stance and condemn this terrorist move."

He said in another tweet, "Iran is once again a victim of terrorism. Terrorists have brutally murdered a great Iranian scholar. Our heroes have always faced terrorism for stability and security in the world and our region. The punishment of those who do wrong is the law of Allah.

The Islamic Revolutionary Guard Corps (IRGC) of the Iranian Army has said that Iran will avenge the killing of its scientist.

Major General Hussein Salami of the Islamic Revolutionary Guard Corps said, "There is a clear attempt to stop us from accessing modern science by killing nuclear scientists."

Who was Mohsin Fakhrizadeh?

Mohsin Fakhrizadeh was Iran's foremost nuclear scientist and a senior IRGC official. According to security experts from Western countries, he was very powerful in Iran and had a major role in Iran's nuclear weapons program.

Israel claimed to have obtained some intelligence documents in the year 2018, according to which Mohsin started Iran's nuclear weapons program.

At the time, Netanyahu gave Mohsin Fakhrizadeh a key scientific agreement for Iran's nuclear program in a press conference, saying, "Remember that name."

In 2015, the New York Times compared Mohsin Fakhrizadeh to J. Robert Openheimer. Openheimer was the scientist who led the Manhattan Project that produced the first atomic bomb during World War II.

Israel has not yet reacted to Fakhrizadeh's assassination.

Why was Mohsin Fakhrizadeh targeted?

Mohsin Fakhrizadeh was certainly an important figure as head of the Department of Research and Innovation in the Iranian Ministry of Defense. This is the reason why Israeli Prime Minister Binyamin Netanyahu said in a warning tone two years ago, 'Remember his name'.

Since the US split from the 2015 Iran nuclear deal, Iran has moved forward. Iran has accumulated reserves of low enrichment uranium and has cultivated uranium higher than the level set in the agreement.

Iranian officials have been saying from the beginning that enriched uranium can be destroyed, but it is very difficult to eradicate the work done towards research and development.

Ali Asghar Sutlaniya, former Ambassador of Iran to the International Atomic Energy Agency (IAEA), recently said, "We cannot go back."

If Mohsin Fakhrizadeh was really as important to Iran's nuclear program as Israel is alleged to have been in his accusations, his assassination probably suggests that someone is trying to rein in Iran's momentum.

America's newly elected President Joe Biden said that he would return to the Iran nuclear deal after coming to power. The murder of Mohsin Fakhrizadeh could also be an attempt to make any such possibility difficult.

Reliance Industries in India has recently invested Rs 620 crore in NetMedes, a Chennai-based online pharmacy company.

Reliance Retail Ventures has made these investments in Vitalik Health and its affiliates. The companies in this group are known as NetMeds.

With such a huge investment in Reliance Industries' online pharma company, there is a lot of competition expected to start in online pharmacy or e-pharmacy in India.

Amazon has already entered this. The pilot project of its Pharma Service has started in Bengaluru. At the same time, Flipkart is also preparing to come in this area.

Netmeds is an e-pharma portal selling prescription-based medicines and other health products. This company does home delivery of medicines.

Similarly, there are already many startups in the field of e-pharmacy. Such as 1mg, PharamaEasy, Medlife etc.

Before the arrival of these big players, the debate has started again about the e-pharmacy platform which was in controversy.

Institutions representing retailers and pharmacists have raised concerns over snatching employment of millions of people. However, e-pharma companies deny this.

Letter written to Mukesh Ambani

The All India Organization of Chemists and Druggists Association (AIOCD) has written a letter to Mukesh Ambani, Chairman and Managing Director of Reliance Industries Limited, objecting to the investment in his netmaids.

The letter reads, "It is very sad to see a company of Reliance industry investing in an illegal industry." The letter says that the e-pharmacy industry is not under the Drugs and Cosmetics Act (Drugs and Cosmetics Act) Aata, which regulates the import, manufacture, sale and distribution of medicines.

AIOCD has written one such letter to Amazon. The letter has also been sent to India's Prime Minister Narendra Modi, Union Home Minister Amit Shah, Union Commerce and Industry Minister Piyush Goyal and other ministries.

Working model threatens jobs

With big companies taking steps in the e-pharmacy industry, the concerns of retailers and pharmacists have increased. The institutions representing them have been objecting to e-pharmacy in two ways.

First, they believe that the working model of e-pharmacy platforms can lead to the jobs of millions of retailers and pharmacists. Their business may be closed.

Second, they raise questions about the legal aspect of operating e-pharma companies.

Abhay Kumar, president of the Indian Pharmacist Association, says that the working model of the e-pharma platform will gradually eliminate the jobs of pharmacists.

Says Abhay Kumar, "E-Pharma platforms will create their own stores, warehouses or inventory, where they will store medicines directly from companies or distributors and then supply medicines from there itself." In such a situation, the role of the local chemist shop will end. ''

There is already a crisis on pharmacists' jobs. The vacant posts of pharmacists in hospitals are not filled. After three years of study, the youth find themselves unemployed. So, as a chemist, do they want to take away the means of earning? "

Giving high discounts to e-pharma companies is also a cause for concern for retailers. AIOCD President J.S. Shinde says that a small retailer will not be able to compete with them in the way e-pharma companies offer more discounts.

Js Shinde said, "Retailer gets 20 percent and wholesaler 10 percent margin. However, new players coming to e-pharmacy are offering 30 to 35 percent discount. They can give deep discounts, can also cause some losses, but, the general retailer does not have that much capital. This will be a problem for the customers as they will be monopolized when retailers move out of the market and it will be difficult to control prices.

He says that there are around eight and a half lakh retailers in the whole country and one and a half lakh stockists and substockists, whose livelihood is about to be snatched away. Together, the working people and their families will become destitute of about 19 million people. It will be a double whammy for people suffering from recession due to Corona virus.

What do e-Pharma companies say

However, e-pharma companies completely deny all these allegations. He says that there are misconceptions among people about his working model. Their way of working will increase convenience for customers rather than take jobs, make it easier to access medicines and increase demand for pharmacists.

There are two types of business modus operandi in online selling of medicines. One marketplace and the other inventory led hybrid (online / offline) model.

In the marketplace model, e-pharmacy platforms take online prescriptions from the customer. These prescriptions can be uploaded directly to the website or app, through WhatsApp, email or fax. The prescription is then delivered to a local licensed pharmacist (chemist), from where the medicine is taken and delivered to the customer.

At the same time, in the inventory model, the company that runs the e-pharmacy platform keeps the stock of medicines itself and delivers the medicines on a prescription basis. That online platform itself acts as a chemist.

Some companies are working on a hybrid model. She also maintains a warehouse or store of medicines and also delivers medicines through contact with local chemists. They have a license to build a warehouse or store of medicines.

Now retailers and pharmacists have concerns about the inventory or hybrid model as the role of chemist shops will end in this.

But, Digital Health Platform, an association of leading e-pharmacy companies, says that e-pharma platforms will operate solely on the marketplace model.

"There are many misconceptions about the e-pharmacy model," said Dr Varun Gupta, Convenor of Digital Health Platform. The e-pharmacy marketplace model will help the existing pharmacy deliver online services. This will create a network by connecting different pharmacies on one platform. With this, inventory management will be better, access will increase, prices will be reduced and customers will get better services. ''

Doctor Varun says that the Covid-19 epidemic has shown how the two mediums can work together in the sale of drugs. People have insecurity and anxiety about any beginning. Similar opposition has also been seen earlier when new technology comes.

An expert associated with the online pharmacy industry also says that they do not give too much discount. If someone continuously gives such a discount, then they will not be able to survive in the market. E-pharmacy platforms fix their margins with local pharmacists.

Abhay Kumar says that if companies adopt a marketplace model and create opportunities for pharmacists, then they have no objection but this is very unlikely. Even now some platforms are working on hybrid models. They have more benefit in this. Therefore we oppose it.

E-pharmacy platform and existing law

E-Pharma companies have been working in the Indian market for many years but are still at a very small level. The use of the e-Pharma platform has also increased in lockdown due to Corona virus. They are mostly used for chronic medicines, ie medicines of long-standing diseases.

In terms of statistics, according to a report by the Economics Times, the market for drugs for e-pharmacies in India can reach $ 18.1 billion by 2023. It was $ 9.3 billion in 2019.

But, the validity of the e-pharmacy platform has been questioned for a long time. Even this matter has reached the court.

Js Shinde says, "E-pharmacies are not currently covered under the Drugs and Cosmetics Act, so it is illegal to run them. The act does not mention online sale of drugs. So it is difficult to monitor and control them."

At the same time, e-pharma companies have been claiming that they are working in the legal realm. Dr. Varun Gupta explains that the e-pharma business model falls under the Information Technology Act, 2000, the concept of middleman, and licensed pharmacists (who deliver prescription drugs) are covered under the Drugs and Cosmetic Act. E-Pharma companies are operating under this model.

E-pharmacy draft

After the objections of many parties, on 28 August 2018, a draft of the rules was prepared to regulate the online sale of drugs, i.e. to bring them under the law. Based on this, the Drugs and Cosmetic Rules, 1945 were to be amended. Opinion was sought from general public / stakeholders on this draft.

This draft includes registration of e-pharmacy companies, inspection of e-pharmacy, process for distribution or sale of drugs through e-pharmacy, prohibition of advertisement of drugs through e-pharmacy, grievance redressal mechanism, e-pharmacy There were provisions related to monitoring, etc. But, nothing further has been done on this.

When the matter reached Delhi High Court in December 2018, the court ordered a ban on the online sale of drugs without a license. After this, the single bench of Madras directed not to do online business of medicines till the draft rules were notified. However, in January 2019, the Division Bench of Madras stayed this instruction.

It is discussed that the government is considering amending the Drugs and Cosmetics Act so that online sales of medicines can also be brought under its purview.

However, the Pharmacists and Retailers Association is considering all aspects of this and is demanding to make a law related to it.

Js Shinde says that in countries where the e-pharmacy industry is running, what are its effects and what should be done in India to avoid them. It should not be allowed without considering all the sides.

They told that we will give 21 days notice to the government that they will listen to our concerns and take any step. If there is no response from the government, then all the drug dealers will go on strike.

The United Nations' Nuclear Monitoring Agency has said that Iran has collected more than 10 times as much uranium as it can hold under the international nuclear deal.

The International Atomic Energy Agency (IAEA) has stated that Iran's reserves of enriched uranium have now reached 2,105 kg, while under the 2015 agreement it could not exceed 300 kg.

Iran said in July last year that it had started using new and advanced technology centrifuge devices for uranium enrichment.

Centrifuges are used to separate the chemical particles of uranium from each other.

Uranium is cultivated in two places in Iran - Natanz and Fordo.

After enrichment, it can also be used to develop nuclear power or nuclear weapons.

Iran has long emphasized that its nuclear program is for peaceful purposes only.

Iran allowed IAEA observers to investigate one of its two previously suspected nuclear targets.

Now the agency has said that it will take samples from another location this month.

Last year, Iran deliberately and openly began violating the 2015 nuclear deal promises.

The United States, Britain, Russia, Germany, France and China also signed with Iran on this nuclear deal.

Iran started enriching uranium more than permitted in 2019. However, it was far below the level required to build nuclear weapons.

Can Iran make nuclear weapons with this?

Iran will need 3.67 percent enriched 1,050 kg of uranium to make nuclear weapons. But an American group 'Arms Control Association' says that later it will have to be increased by 90 percent.

U-235 isotopes of low-enriched three to five percent density uranium can be made using electricity as fuel.

The uranium used to make weapons is 90 percent or more enriched.

Experts say that even if Iran does, it will take a long time to complete the process of Enrichment.

Iran said last week that it had let arms observers investigate their targets in 'harmony' so that issues related to nuclear security could be resolved.

The IAEA criticized Iran for not allowing the investigation of the two bases and not answering questions about secretly kept nuclear material and its activities.

Now the International Monitoring Agency has issued a statement saying that "Iran has given samples to the agency's supervisors. These samples will be tested in the laboratories of the agency's network.

Iran stopped following the terms of the international nuclear deal last year. He took this step after US President Donald Trump announced his withdrawal from the deal.

Some members of a rare tribe living on an island in the Andaman Islands in India have been found infected with corona.

According to the BBC, a health official has reported that four members of the Great Andamanese tribe have been infected. Two of them have been admitted to the hospital. The other two are housed in a care center in Quarantine.

It is believed that only 53 people from the Great Andamanese tribe are still alive and are residents of one of the 37 residential islands in the Andaman and Nicobar Islands.

So far, 2985 cases of corona virus infection have been reported in the eastern part of Andaman and Nicobar Islands. 41 of these people have also lost their lives. The first case was reported here in early June.

According to the BBC, a senior health officer, Dr Abhijit Roy, reported that the first case of infection in the Great Andamanese tribe came to light last week when 53 members of the tribe were tested corona on Strait Island.

A team of health and emergency officials arrived on Strait Island last week where the tribe lives.

According to the BBC, Dr Abhijeet Roy said, "They were all very supportive."

Doctor Roy says that many of these people keep coming to Port Blair from their isolated island. And the infection may have reached them only through them.

Some of these people also do small jobs in the city.

Now the biggest challenge for the health authorities is that the infection does not spread to the remaining tribes of the islands.

"We are watching their movements," says Doctor Roy. Also doing a collective testing of some other tribes.

Tribes of Andaman

The Andaman Islands are home to five tribes on the verge of extinction. These are - Jarawa, North Sentinelies, Great Andamanese, Ong and Shompan.

Among these, the Jarawa and North Sentinelis tribes have not come in contact with the common people. The North Sentinelies are quite aggressive towards outsiders. That is why no one is allowed to visit his island.

In the year 2018, an American named John Allen Chow attempted to visit his island but he was shot with arrows by members of this tribe.

According to Survival International, a London-based organization working among the tribes here, when Britain colonized the islands in 1850, there were close to 5,000 Great Andamanese.

With the arrival of outsiders, new diseases also came here due to which their population continued to decrease.

Sophie Grigg, a researcher at the organization, said, "It is very dangerous news that some people in the Great Andamanese tribe have been found infected." Those people know about such diseases because their forefathers have died in the past.

In 2010, Boa Sr., the last eldest speaking Great Andamanese language, died at the age of 85.

The Andaman Islands are called the dream folk of anthropology researchers because the linguistic diversity here is astonishing.

Jarawa tribe is also concerned

Officials say that in the meantime, people of the Jarawa tribe, with about 476 members, have been sent to a part of the forest to protect them from infection. The Jarawas live in a forest reserve between South and Middle Andaman.

Authorities fear that these tribes may not come in contact with such people who use the Grand Andaman Road passing through it.

These travelers have been isolated to remove the possibility of the Corona infection reaching Jarawa.

Andaman Trunk Road was built in 1870. It runs from Baratang to Diglipur via 400 villages in the middle of the forest reserve.

Other tribes are also on the radar

Now a team of health workers will go to test 115 members of the Ong tribe. Apart from this, people of Shompen tribe will also be tested.

All the health workers involved in the testing of the Great Andamanese Tribe were first tested in Corona and were kept in quarantine for a week on their return.

Doctor Roy said that infection has been found on ten islands of the Andaman Islands so far.

Andaman has two hospitals, three health centers and ten care centers to fight Covid. Here the testing rate is also much higher than the rest of India.

Tribes in Brazil and Peru have also been hit by Kovid 19. More than 280 people of the tribes living in the Amazon jungles of Brazil have died due to coronavirus.

Russian President Vladimir Putin himself announced on Tuesday the creation of the world's first vaccine for the corona virus. Russia has named this vaccine Sputnik 5.

When the whole world is plagued by the Corona virus, there should have been a celebration about vaccine formation, but why is there so much indifference?

This is because many countries of the world were involved in the race to make vaccines. In such a situation, many countries passed exasperating Russia. This is because many countries see the corona epidemic as an opportunity. For them, the corona epidemic has brought great opportunities for trade.

With the announcement of the first vaccine made by Russia, these countries are seeing the plans of earning trillions of dollars from this epidemic. On the other hand, Russia is ready to supply its vaccine. Which is like sprinkling salt on the burns of these countries. Now, after falling behind in the vaccine race, these countries will try to find different types of deficiency in the vaccine of Russia.

In India, due to corona, the situation is constantly getting worse. India has reached number four in terms of deaths from Corona. Even then, there is no enthusiasm about the Russian vaccine. As of Thursday, the Corona virus cases have reached 24,61,190 in India. 64,553 new cases were reported in India in one day and 1,007 people died.

The number of deaths due to corona virus has so far reached 48,040. There are 6,61,595 active cases of corona virus in the country and 17,51,555 people have been discharged.

At the state level, Maharashtra has the highest number of cases. So far 56,01,26 cases have been reported here. Mizoram has the least 649 cases.

India has to understand that either it can make its own vaccine as soon as possible. Or wherever he gets the vaccine, buy it and give the vaccine to people all over the country. India has to understand that no country will give it vaccine for free, then why wait for any country? India only has to think about its citizens, otherwise the rapid corona epidemic is spreading in India, India will have to suffer serious consequences.

Brazil is badly engulfed in the corona virus epidemic compared to India. More than one lakh people have also died here. Despite this, Brazil is skeptical and indifferent to the Russian vaccine. Brazil has said that it needs more information before buying a Russian vaccine.

The Brazilian health minister said on Thursday that he would talk more about the Russian vaccine. Brazil ranks second among the countries worst hit by the Corona virus.

Brazil is also conducting several vaccine trials. Brazilian Health Minister Eduardo Paazuelo said that the Russian vaccine is still in its early stages.

He said, "This vaccine has just arrived. I do not have any such detailed information about which I can say anything. We are not monitoring its data. There is a lot to be talked about right now. ''

According to CNN, Russia proposed to give the US its vaccine to deal with Kovid 19, but the US has refused to take any such help.

A Russian official from CNN said, "There is a lack of trust in the two countries, so cooperation in technology, vaccines, testing and treatment is hardly possible."

On Thursday, White House press secretary Kylie McNanni said that President Trump had been briefed about Russia's vaccine. Kylie said that vaccine work is going on in America and everything is positive.

He said that the US vaccine is in Phase III trials and is of very standard standard. The World Health Organization has also said about Russia's vaccine that it does not know much about it so it cannot do any evaluation.

India has not officially said anything about the Russian vaccine.

If Pakistan did not get support of Saudi Arabia on the issue of Jammu and Kashmir, then Pakistan attacked Saudi Arabia.

Recently, Pakistan Foreign Minister Shah Mahmood Qureshi publicly criticized Saudi Arabia for not standing up to the Organization of Islamic Cooperation (OIC) of the Organization of Islamic Countries against India on the Kashmir issue.

During a TV show, Shah Mahmood Qureshi had said, "I am once again requesting the OIC to convene a meeting of the Council of Foreign Ministers." If you do not plan it, I will be forced to call Prime Minister Imran Khan to call a meeting of those Islamic countries who are with us on the issue of Kashmir and support the oppressed Kashmiris. ''

Saudi Arabia has already described the removal of Article 370 from Kashmir as an internal matter of India.

However, in the emergency meeting of the Foreign Ministers of the OIC Contact Group in the month of June, after August 5, 2019, concern was expressed over the human rights situation and situation in Jammu and Kashmir of India.

It was also said in the meeting that the decision taken by the Government of India on Jammu and Kashmir on 5 August 2019 and new domicile rules have been implemented are the UN Security Council resolution and international law (including the fourth Including the Geneva Convention).

At the same time, India's commitment to accept the UN Security Council resolution is also violated.

The OIC is mainly under the complete control of Saudi Arabia. What Saudi Arabia wants is in the OIC. In the OIC, not even a single leaf moves against the will of Saudi Arabia. The OIC has become the legacy of Saudi Arabia rather than being an organization of Muslim countries.

After critical remarks from Pakistan, Saudi Arabia has asked him to pay a loan of one billion dollars.

In the year 2018, Saudi Arabia gave a loan of $ 3.2 billion to Pakistan. Saudi Arabia has stopped giving oil to Pakistan since May due to non-payment of loan.

Pakistan's media is also criticizing Shah Mahmood Qureshi's statement, because it has increased pressure on Pakistan to return the loan.

Experts see this as a major change in Saudi Arabia's stand on Pakistan.

On this change in Saudi Arabia's attitude towards Pakistan, Professor Sanjay Bhardwaj of the Center for South Asia Studies at JNU says, "It has to be seen as a global change." This is because of the changing equations between Asian countries. America and China are making their own different equations in Asian countries.

"Saudi Arabia has traditionally been an ally of the United States and Saudi Arabia has a dominant influence in the Islamic world." Now, when a new Cold War situation is prevailing between the US and China, China is trying to make inroads into Asian countries and is making new equations for it.

He further states, "China is going to make a big deal with Iran. Pakistan is also investing heavily in Gwadar Port and China-Pakistan Economic Corridor (CPEC). In this way both Pakistan and Iran are getting close to China, whether it is about investment or geopolitical relations. ''

"China really wants to create an alternative to Saudi Arabia in the Islamic world." For this, he is looking towards countries like Iran, Malaysia and Pakistan. A big Islamic summit has also taken place in Malaysia, in which Pakistan and Iran have strongly participated and Saudi Arabia was not present in it.

In addition, the Government of Pakistan had announced the inclusion of Saudi Arabia in the CPEC, a nearly $ 50 billion economic agreement with China in 2013, in 2018. The Imran government also faced criticism from opposition parties on this issue.

But later the government of Pakistan took a U-turn on its decision and clarified that CPEC will remain a bilateral agreement.

In the last several years, India's proximity with the Gulf countries, especially Saudi Arabia, has grown. Apart from economic relations between India, United Arab Emirates and Saudi Arabia, relations are now deepening with regard to security policy.

Professor Sanjay Bhardwaj explains, "India, USA and UAE are becoming natural partners in these changing equations." Saudi Arabia and Iran can never come together and because of Saudi Arabia's proximity to America, it is becoming closer to India as well. In fact, these changing equations are the result of changes happening on a global scale. ''

But is China willing to compromise its interests in the Gulf countries market because of the growing proximity to Pakistan and Iran?

Professor Sanjay Bhardwaj points out that China is certainly exploring its potential in the Gulf countries, but Iran and Pakistan are more important than Saudi Arabia as far as geopolitics is concerned. China definitely wants to pull Saudi Arabia out of the influence of the United States, but it never wants to do it at the cost of Pakistan and Iran. Apart from this, China is also trying to bring Pakistan and Bangladesh together.

Senior BBC Urdu journalist Saqlain Imam does not look at this issue only in terms of the changing equations of the US and China in Asia and does not believe that any hostile relationship has started between Saudi Arabia and Pakistan. They currently believe that there is tension between the two countries.

He sees the role of Israel and Iran in the current equations that are changing.

He says, "For the first time, there is going to be a king in Saudi Arabia who is going to stay for a long time." So in view of this change, America is planning its strategy according to the future. On the other hand, the King always needs local support as well as foreign support, because there is a danger of rebellion at local level in tribal society and hence the support of foreign power is needed. The US is currently supporting Crown Prince Mohammed bin Salman. Despite this, there remains a feeling of insecurity in the future. This is mainly because of Israel and Iran. ''

He further states, "All these countries are changing the equation of mutual relations, behind this is Israel and Iran." America and China are behind them. Of all of these, the one who is playing the most important and exportable role is Israel. This is the reason that Saudi Arabia's relationship with Israel is at its best in history after the arrival of Mohammed bin Salman. Never been so good before. But today these two countries are united against Iran. With this, Israel is getting the support of Saudi Arabia as one of the most effective Muslim country. ''

He says, "Saudi Arabia was previously identified as a Wahhabi country, not a Sunni country, but now it has been identified as a Sunni country. From this, an attempt has been made to convey that whoever is against Iran, he is a partner of Saudi Arabia. So now Saudi Arabia, India and Israel are on one side because it is with America. On the other hand, since the time of Musharraf, Pakistan is gradually becoming closer to China. Israel is playing a big role in making this equation and it is strongly against Iran. ''

By the way, tell me one thing that Wahhabis are also Sunni.

On the changing relationship between Saudi Arabia and Pakistan, the Saqlain Imam says that the Pakistani army has always been going to the security of the Kingdom of Saudi Arabia since the sixties.

This military relationship with Saudi Arabia is still in place. The only difference is that Mohammed bin Salman has become closer to the West to secure his future, but he has not evicted the Pakistan Army even today.

So, there is definitely a tension situation between these two countries, but it is not like enmity.

According to the former Prime Minister of India, Dr. Manmohan Singh, India must take three steps immediately to deal with the damage caused by the corona virus epidemic.

The credit for the economic reform program in India is largely given to Dr. Manmohan Singh. Former Prime Minister Manmohan Singh spoke to the BBC via email this week. Due to the corona virus, there was no scope of discussion sitting face to face. However, Dr. Singh refused the interview through a video call.

In an e-mail conversation, Manmohan Singh mentioned three steps needed to prevent the corona virus crisis and normalize economic conditions in the coming years.

What are the three steps suggested by Dr. Singh?

The first step, he says, is that the government should "ensure that people's livelihoods are safe and that they have enough money to spend on their hands directly through cash assistance."

Second, the government should provide sufficient capital for businesses. For this, a "government-backed credit guarantee program should be run."

Third, the government should solve the problems of the financial sector through "institutional autonomy and procedures".

India's economy was in the grip of sluggishness even before the epidemic started. India's GDP (gross domestic product i.e. GDP) has grown at a mere 4.2% in 2019-20. It has the lowest growth rate in nearly a decade.

After a long and difficult lockdown, India has now started opening up its economy slowly. However, the number of infected is constantly increasing and the future seems uncertain.

On Thursday, India became the third country to cross the 20 lakh mark in terms of Covid-19 cases.

Deep and long lasting economic slowdown

Economists have been warning ever since that India's GDP growth could decline for the financial year 2020-21, leading to the worst recession since the 1970s.

Former Prime Minister Dr. Manmohan Singh says, "I don't want to use a word like 'depression', but a deep and long-lasting economic slowdown is certain."

He says, "This economic slowdown has come due to humanitarian crisis. It needs to be seen from the perspective of the spirit of our society rather than merely economic data and methods.''

Former Prime Minister Dr Singh says that there is a consensus among economists about the economic contraction (economic contraction) in India. He says, "If this happens then it will be the first time in India after independence".

He says, "I hope that this agreement is proved wrong".

Lockdown enforced without consideration

India implemented a lockdown in late March to prevent the spread of the corona virus. Many believe that the lockdown was haphazardly implemented, and it was not anticipated that millions of migrant workers would leave big cities and move to their villages.

Dr. Singh believes that India did what other countries were doing and "there was no other option but lockdown at that time".

He says, "But, the government's sudden implementation of this big lockdown has caused unbearable suffering to the people." There was no thought behind the sudden announcement of the lockdown and its tightness and it was insensitive.''

According to Dr. Singh, "Public health emergencies such as the corona virus can best be handled through local administration and health officers." Comprehensive guidelines were issued by the Center for this. Perhaps we should have handed the war of Covid-19 to the states and local administration somewhere before.''

Dr. Manmohan Singh was in the vanguard of the economic reforms of the 90s

A Balance of Payments (BOP means the difference between the total capital coming out of the country and the capital going out of the country at a given point of time) After the crisis almost reached the verge of bankruptcy in India, as Finance Minister Dr. Singh led an ambitious economic reform program in 1991.

He says that the 1991 crisis was a domestic crisis caused by global factories. According to Dr. Singh, "But the current economic situation is extraordinary due to its comprehensiveness, scale and depth".

He says that even in the second world war, "the whole world was not closed together like it is today."

How will the government meet the shortage of money?

In April, Narendra Modi's BJP-led government announced a relief package of $ 266 billion. It included measures to increase cash and announced steps to revive the economy.

The Central Bank of India, Reserve Bank of India, ie the RBI has also taken steps like cutting interest rates and giving relaxation in repayment of loan installments.

With the government declining tax, economists are debating how the government, which is facing cash shortages, will raise money for direct transfers, provide capital to sick banks and provide loans to businessmen.

It is not wrong to borrow

Dr. Singh tells the answer to the borrowers. He says, "More borrowing is fixed." Even if we have to spend an additional 10% of GDP to meet military, health and economic challenges, we should not back down.''

They believe that this will increase India's debt to GDP ratio (ie GDP to debt ratio), but if borrowing can "save lives, the country's borders, restore people's livelihoods and increase economic growth" If there is no one should be averse to doing so.

He says, "We should not be shy in borrowing, but we should be sensible about how we are going to spend this borrowing?"

Dr. Singh says, "In the past, taking loans from multinational institutions such as the IMF and the World Bank was considered a weakness of the Indian economy, but now India can take a loan with a stronger status than other developing countries.''

"India has a great track record as a borrowing country," he says. Taking loans from these multinational institutions is not a sign of weakness.''

Will avoid printing money

Many countries have decided to print money to overcome the current economic crisis so that money can be raised for government expenditure. Some important countries have suggested the same thing to India. Some other countries have expressed concern that this will pose a risk of rising inflation.

Until the mid-1990s, the fiscal deficit (financial deficit) was directly offset by the RBI and was a common practice.

Dr. Singh says that India has now moved forward with "financial discipline, bringing institutional freedom between the government and the Reserve Bank and curbing free capital".

He says, "I know that the traditional fear of high inflation due to more money coming into the system is probably no longer in developed countries. But, with the injury to the autonomy of RBI for countries like India, the effect of printing money in an unbridled manner can also be seen in the form of currency, trade and inflation.''

Dr. Singh says that he is not rejecting printing money to make up for the deficit, rather he is "merely suggesting that the level of resistance should be very high for this and it is only meant as a final feed Should be used when all the remaining options have been used.''

India left from protectionism

They warn India to become more protectionist (imposing trade barriers like imposing higher taxes on imports) on the lines of other countries.

He says, "In the last three decades, India's trade policy has benefited every section of the country."

As Asia's third largest economy, today India is in a far better position than it was in the early 1990s.

Dr. Singh says, "India's real GDP is 10 times stronger today than it was in 1990. Since then, India has pulled out over 30 crore people from poverty so far.''

But, an important part of this growth has been India's trade with other countries. The share of global trade in India's GDP has increased almost five times during this period.

This crisis forced everyone

Dr. Singh says, "India has become more integrated with the world today. In such a situation, anything that happens in the world economy also affects India. The global economy is badly hit in this epidemic and it is a matter of concern for India as well.''

At the moment, no one knows what the full economic impact of the corona virus epidemic is? Nor does anyone know how long it will take for countries to overcome it?

"The previous crises were macroeconomic crises for which there are tried economic tools," he says. ''We are now facing an economic crisis created by an epidemic that has filled uncertainty and fear in society. To deal with this crisis, using monetary policy as a weapon is not going to prove effective.''

Will India become self-sufficient by banning the import of defense equipment? By the way, India's Defense Minister Rajnath Singh has made a big announcement and talked about banning the import of 101 defense equipment. The Defense Minister has spoken of making India self-sufficient in the matter of production of defense equipment and has set a target of 2024. But will it happen? Will it also meet the fate of Make in India?

India's defense minister Rajnath Singh has talked about banning the import of 101 defense devices, does India have the technology to manufacture these devices? Will India invent the technology of these defense equipment by the next 4 years i.e. by 2024? Will the private and public sector industries of India manufacture these defense equipment in India by entering into a license agreement with these arms from foreign arms manufacturing companies? These are some important questions that need to be answered.

Indian companies do not spend money on research and development, instead acquire technology by signing licenses from foreign companies and then produce in India. If this happens, it will not be called self-reliance and foreign arms manufacturers who sell their arms directly to India will sell through Indian companies. The biggest question is to give a contract of four lakh crores rupees to the domestic defense industry. Who will get this?

At present, contracts are being snatched away from public defense industries and given to private defense industries during the Modi regime. The biggest example of this was snatched from the Indian government company Hindustan Aeronautics Limited and the contract for Rafale fighter aircraft was given to Reliance Naval and Engineering Limited (Reliance Defense and Engineering Limited), which led Reliance Defense to commission around 3000 sales of Rafale fighter aircraft. Crores received. When Reliance Defense got the contract for Rafale, this company did not even have its own building. This big game of so-called self-reliance can be understood by this small example. The game of self reliance has just started in India. Just keep watching what happens next in the game of self reliance.

To truly achieve self-reliance, research and development should be encouraged in India and contracts should be given only to companies that produce only with the technologies developed in India and this is a mandatory condition for awarding the contract.

Let us have a look at the declaration of India's Defense Minister Rajnath Singh.

India's Defense Minister Rajnath Singh has announced that the Ministry of Defense is now getting ready to play a bigger role in the Self-Reliant India initiative.

In order to promote indigenization in the matter of defense production and to increase the self-reliance of the army, the Ministry of Defense will impose a ban on import of embargo i.e. more than 101 items.

The Defense Minister said that the list of these items has been prepared by the Ministry of Defense after consulting the concerned parties several times. It also includes armed forces, private and public sector industries to assess the capability to produce war equipment in the present and future.

After the discussion, a list of 101 items has been prepared which includes not only common items but also some high-tech weapons such as artillery guns, assault rifles, transport aircraft, LCHs radar and other things that served the defense of the country. Meets the needs.

He has said to give a contract of four lakh crores to the domestic defense industry for the next 6-7 years.

Apart from this, he has announced a separate budget of 52 thousand crores for the domestic defense industry in the current financial year 2020-21.

He said that instead of imposing a ban on the import of these goods immediately, there are plans to gradually implement between 2020 and 2024.

He further explained that out of these, items worth about Rs 1,30,000 crore will be for the Army and Air Force, while items worth Rs 1,40,000 crore will be prepared for the Navy.

Indian Prime Minister Narendra Modi on Wednesday performed Bhoomi Pujan for the construction of Ram temple in Ayodhya and laid the foundation stone of the temple.

Pakistan has strongly criticized this step of India. Pakistan has said that the construction of the temple in place of the mosque is a blot on the face of Indian democracy.

The Pakistani Foreign Ministry has issued a statement saying, "The land on which the Babri Masjid has stood for 500 years, the construction of the Ram temple is scandalous." The Indian Supreme Court's decision to grant permission to build a temple has not only reflected the growing majorityism in present-day India, but also shows how religion is dominating justice. In today's India, the shrines of minority, especially Muslims, are constantly being targeted. The temple built on the land of the historic mosque will be like a blot on the face of so-called Indian democracy.''

Fayyaz ul Hasan Chauhan, Information Minister of Punjab province of Pakistan said, "Pakistan is taking steps like opening Kartarpur corridor, while India is taking every step that is against Muslims and other minorities and because of that its all over the world It is getting worse. The decision of the Indian Prime Minister and his party BJP has cast the face of being a secular country which is now being condemned by the whole world.

Security of religious places increased in Pakistan

After the demolition of the Babri Masjid in India on December 6, 1992, there was also a reaction in Pakistan and many temples were damaged.

Following the Bhoomipujan program for the construction of Ram temple on August 5, 2020, security of temples and shrines of minority societies has been increased in Pakistan in the wake of the fear of any response.

The Waqf Property Board, which monitors the temples and gurudwaras in Pakistan, wrote to the Central Government of Pakistan last month and urged them to make strong arrangements to protect the religious places.

Waqf Property Board Chairman Aamir Ahmed told the BBC that he was aware of the seriousness of laying the foundation stone for the construction of Ram temple in Ayodhya and that is why he is in constant touch with the concerned authorities and departments to ensure that any untoward incident To be avoided

He said that his organization does not have any force of its own and it is the responsibility of the provincial governments to ensure the safety of shrines coming in their respective areas.

Aamir Ahmed said that he has also asked all the provinces to be vigilant about this.

Aamir Rana, director of Pakistan Institute for Peace Studies, however, does not agree that the Bhoomi Pujan for Ram temple in India will have any effect in Pakistan.

He said, "Though religious organizations and political parties in Pakistan will make a symbolic protest, but there is little possibility of any issue of law and order. The settlers on both sides have accepted the verdict of the Indian Supreme Court in the Babri Masjid case and now want to move forward.''

Fayyaz ul Hasan Chauhan, the information minister of Punjab province, said that the people of Pakistan are very intelligent and they cannot even think of damaging the prayers of their minority siblings on this occasion, nor can the government give any such anti-social elements like this Will allow any action.