#K.V. Kamath legacy

[gitakartecommerce]

ICICI Bank History From Industrial Catalyst to Digital Pioneer: 70-Year Journey-2025

Introduction: The Bank That Built Modern India ICICI Bank History isn’t just a financial institution—it’s a living chronicle of India’s economic evolution. From funding steel plants in the 1950s to powering QR-code payments in remote villages today, ICICI’s story mirrors the nation’s rise from post-colonial austerity to digital superpower. This gripping narrative uncovers untold chapters of…

[iasshikshalove]

Daily News Articles/Editorials 04th May 2020

SLOW RELEASE: RIGOROUS LOCKDOWN

CONTEXT:

The Centre has extended the national lockdown for COVID-19 for two weeks from May 4, with fewer restrictions on activity. But the highly contagious virus has not disappeared and the weeks ahead present a challenge to States.

They must ensure that the gains from the lockdown in terms of a relatively low death toll and a cap on new cases are not reversed overnight in the red, orange and green zones, where normality of varying degrees is to be restored, barring the containment zones.

KERALA SAFEGAURD MODEL:

Kerala, lauded for its success in containing the pandemic, has chosen to retain some curbs even in green zones.

Allowing some economic activity, though not at full pace, and under safeguards, was inevitable, although the stipulations in the Home Ministry’s orders require a high degree of civic cooperation.

The continued suspension of air, rail, inter-State and urban public transport, and the bar on mass gatherings and entertainment venues remove a major source of crowding, although the restrictions on the number of passengers allowed in private vehicles and taxi cabs, and the protocol for personnel in industries call for strict adherence to succeed.

Allowing outpatient clinics to reopen and the permission given for plumbers, electricians and other technicians to work with safeguards are welcome.

The relaxation process can be eased greatly if States adopt a ‘how to’ approach and communicate to citizens clearly.

MEDICAL REMEDIES:

In the absence of medical remedies, prevention remains the only option against the virus.

Using face masks, now mandatory, hand washing and physical distancing at all times are universally recognised precautions.

Such measures were adopted relatively late in India, with politicians initially reluctant to even adjourn legislatures, leave alone impose strict curbs on public activity.

It has taken more than a month to move migrant workers back to their home States by train; in the interim, several desperate families have tried to walk home across vast distances and many have perished.

Besides ensuring decent conditions for these workers and the education of their children, States must also prepare for the arrival of expatriate workers in large numbers from West Asia and elsewhere.

These unprecedented pressures add to the need to maintain the highest vigil against COVID-19. Unsurprisingly, the biggest cities, with a legacy of market-driven housing policies, unplanned densification, rampant pollution and poor health-care access are red zones, with large infection clusters.

Their decay is marked by the absence of usable commons, including pavements in normally crowded localities, making it difficult to maintain distancing.

CONCLUSION:

This is an appropriate moment to start repairing that damage. What the public must be told emphatically is that the relaxation of the lockdown is not a return to life as it existed before the coronavirus. It is a new reality, one that calls for safe, measured activity.

SOURCE: THE HINDU

NO COMFORT IN NUMBERS: DETECTING CASES

CONTEXT:

West Bengal, which reported its first COVID-19 case in mid-March, has now recorded a total of 922 cases.

The State has reported 48 deaths but had not counted 72 who died of comorbidities.

Though it is India’s fourth populous State, it now ranks fourth lowest in terms of the number of those tested, and is also way lower than Bihar, Madhya Pradesh, Rajasthan and Uttar Pradesh.

LACK OF TESTING:

Against a national average of 721 tests per million, West Bengal has a dismal 212.6 tests per million.

But what is disturbing is the general reluctance of the government to ramp up testing and to acknowledge deaths from the disease as such.

This comes as a surprise given its initial proactive stand on several fronts to tackle COVID-19. It was the first State to move from containment to mitigation to contain the spread when it announced a complete lockdown before the Prime Minister announced it nationally.

Chief Minister Mamata Banerjee was seen doing all the right things including demonstrating how social distancing is to be practised and setting up quarantine centres in every district.

While it is not clear if testing has improved, there is clearly a reluctance to divulge the true extent of spread of the virus. The hesitation is pronounced on the issue of sharing mortality numbers.

FATALITY RATE:

At over 13%, the case fatality rate is very high in West Bengal while the detection rate continues to remain the same, which is a reflection of poor surveillance and a failure to actively look out for fresh cases.

When surveillance is good and testing is ramped up, the number of cases reported is bound to increase, as was seen in Kerala, Maharashtra and Rajasthan, and even South Korea in particular.

As Kerala has demonstrated, early detection of cases and tracing of contacts, quarantining and testing will not only help in containing the spread but also markedly reduce the case fatality rate.

Trying to keep the numbers artificially low by testing fewer people or not divulging the actual numbers and tracing their contacts allows the virus to spread unchecked.

At some point, poor surveillance and delay in testing will overwhelm the health system and result in even more deaths, something that no government would be proud of.

A higher number of cases is only a reflection of how active the State has been in waging a war against the virus, while a higher case fatality rate serves as evidence of poor response.

CONCLUSION:

With the lockdown now extended by two more weeks, the government should follow the advice of WHO and cover lost ground by aggressively testing and isolating cases, and tracing contacts.

Assembly polls next year should not be a reason for the Union and the State governments to politicise a public health issue that has been declared a pandemic.

SOURCE: THE HINDU

BRIC’S AGAINST COVID-19

CONTEXT:

In the global war against the novel coronavirus, emerging economies, many belonging to BRICS, have reached out to other countries humbled by the pandemic. India has reinforced its credentials as a rapidly emerging pharmacy of the world.

As the world’s largest producer of hydroxychloroquine, India has recently exported the drug not only to SAARC countries and to its “extended neighbourhood” in the Gulf, but also to Russia, Brazil, Israel and the U.S. This has set the stage for India to forge an inclusive BRICS-driven pharma alliance, which could also actively explore the production of vaccines.

BRICS is the acronym coined for an association of five major emerging national economies: Brazil, Russia, India, China and South Africa. Originally the first four were grouped as “BRIC“, before the induction of South Africa in 2010.

WORKSHOP OF THE WORLD:

Despite allegations that it had delayed sounding the alarm about COVID-19 infections that had broken out in Wuhan, China has, subsequently, responded strongly in containing the pandemic, leveraging its position as the workshop of the world.

Notwithstanding teething problems and quality concerns, China has steeled the transcontinental response to the disease by providing the “hardware” — masks, gloves, coveralls, shoe covers and testing kits — to hotspots across the globe.

Under its Health Silk Road doctrine, the Chinese reached out to two of the worst global hotspots, Italy and Iran.

A Chinese shipment of 31 tonnes, which included essential supplies and equipment, including respirators, protective suits, masks and medications, arrived on March 12 in Rome.

Six days later another Chinese team flew directly to Milan. Soon China was running a medical air bridge bound for Europe.

RUSSIA:

Despite fighting the virus at home, Russia too sent its doctors and virologists overseas, including the launch of the famous ‘From Russia with love’ air mission to Italy.

At the request of U.S. President Donald Trump, a Russian Antonov-124, packed with medical supplies and experts, landed at New York’s John F. Kennedy International Airport.

Since Soviet times, Russia has top-of-the-line emergency services, which are equipped to handle any kind of emergency including biological attacks, nuclear radiation, and chemical weapon attacks.

AFRICA:

On the African continent, South Africa, the current rotating head of the African Union, is engaged in framing a pan-African response to COVID-19.

Among the BRICS nations, only Brazil’s response may need a course correction, as its resistance to breaking the infection chains through travel bans, lockdowns, isolation and testing appears to have led to an infection surge.

TIME TO COORDINATE EFFORTS:

Having demonstrated their comparative strengths as providers of Humanitarian Assistance and Disaster Relief (HADR), BRICS countries now need to pool and coordinate their efforts, in partnership with the WHO, and Europe and North America, both badly affected by the pandemic, as part of a global assault on the virus. But for seeding a robust institutional HADR response, the BRICS countries may have to reactivate an existing disaster response mechanism, and earmark resources and assets to combat a whole range of natural disasters, with special focus on the emerging economies and the global south.

SHANGHAI BASED NEW DEVELOPMENT BANK:

The Shanghai-based New Development Bank of the BRICS countries has already demonstrated the way forward to allocate financial resources to combat COVID-19. In April, during a meeting of the NDB Board of Governors, NBD President K.V. Kamath announced that apart from disbursing a $1 billion emergency loan to China, and subsequently to India, South Africa and Brazil, the NDB had the financial heft to provide $10 billion in “crisis-related assistance” to BRICS member countries.

The NDB’s financial model, demonstrated to address the pandemic, can now become a template to address natural disasters.

CLICK HERE TO KNOW MORE ABOUT BRIC’S:

https://iasshiksha.com/daily-current-affair/daily-current-affairs-29th-april-2020/

SOURCE: THE HINDU

KRISHI PRADHAN

CONTEXT:

The year 2019-20 saw India’s agriculture sector grow by 11.3 per cent at current prices, more than the overall annual GDP increase of 7.9 per cent.

According to NITI Aayog member Ramesh Chand, this is the first time since 1980-81 when farm sector growth has exceeded that of non-farm by such a wide margin. But that’s not all.

Current Prices measures GDP/ inflation/asset prices using the actual prices we notice in the economy. Current prices make no adjustment for inflation.

Constant prices adjust for the effects of inflation. Using constant prices enables us to measure the actual change in output and not just an increase due to the effects of inflation.

AGRICULTURAL GROWTH:

The current fiscal — the April-June quarter, definitely — could see agricultural growth surpassing that of non-agriculture even at constant prices. Simply put, agriculture is back to being the economy’s mainstay and, indeed, the only sector growing amid a nationwide lockdown.

One indicator is wheat procurement(obtaining from farmers). As on May 1, government agencies had bought 14.3 million tonnes (mt) of the new crop, equivalent to a minimum support price value of over Rs 27,500 crore, with another 20 mt likely to be procured by month-end.

Farming activity being relatively unaffected is also captured by retail fertiliser sales rising 45 per cent year-on-year in April. And if the monsoon turns out normal as forecasted(predicted), things aren’t looking that bleak(weak) for agriculture; contrast this with the zero domestic car sales last month.

Agriculture doing well is important both from the standpoint of inflation control (adequate supply of food, feed and fibre, along with low oil prices, makes it easier for the Reserve Bank of India to pursue an accommodative monetary policy) and reviving spending (farmers and rural labourers have higher marginal propensity to consume). But it is also a fact that the farm sector cannot support economic growth beyond a point.

INCOME FROM NON-AGRICULTURE:

A NABARD survey for 2016-17 showed that only 43 per cent of the average monthly income of even the country’s estimated 10 crore-plus agricultural households came from cultivation and livestock rearing(domesticating animals).

The growth of non-agriculture is, in other words, important for farming families themselves, many of which have members deriving incomes from manufacturing and service sector jobs.

Many of the migrant labourers either stranded(trapped) or returning from industrial centres and cities post-lockdown belong to rural farming communities. Given that not everyone can be gainfully employed in farms, it is a matter of time before they head back to work away from their homes.

NEED OF THE HOUR:

That said, the need of the hour is to maximise the possibilities in a sector which has demonstrated its utility and resilience(capacity to recover quickly from difficulties) in trying circumstances.

The focus should be on the coming kharif cropping season, especially ensuring timely availability of seeds, fertilisers, pesticides, credit(cash) and other inputs. The latter(0ther inputs) includes labour and machines, whose movement was rightly exempted from lockdown restrictions.

WAY FORWARD:

The government should seriously consider starting at the earliest special trains for labourers engaged in paddy transplantation and other agriculture-related operations.

This is also the time to free farm produce trade by lifting all restrictions on stocking, domestic movement and exports. Let Indian farmers feed the world, not just India.

SOURCE: INDIAN EXPRESS

CHANGING COLOURS

CONTEXT:

On May 1, the Union home ministry extended the nationwide lockdown — scheduled to end on May 3 — by two weeks. The third phase of the lockdown will, however, be less stringent(strict) than that experienced by the country in the past 40 days.

In 603 of the 733 districts, designated green and orange zones, markets other than malls can re-open, factories and industrial units can resume operations, self-employed people such as domestic helps and barbers can go back to work, and e-commerce in non-essential items can recommence.

GROUSE FROM STATES:

But the fine print of the relaxation measures has left several states dissatisfied. Their grouse(complaint) largely pertains to the red zones, the 130 districts which have been deemed as COVID-19 hotspots. These places have been placed under the maximum restrictions stipulated(stated) in the home ministry’s directive.

Punjab Chief Minister, Amarinder Singh, for instance, has contended(asserted) that several areas that have no COVID-19 cases, Nabha for example, have found themselves ineligible for relaxations because they happen to be located in red zone districts.

The West Bengal government has also termed the Centre’s assessment of such zones in the state as “erroneous(wrong)”.

And Delhi Chief Minister Arvind Kejriwal has argued against designating entire districts as red zones — only the containment zones, areas with a high caseload in hot spot districts, should be subject to strident(strict) restrictions, he said.

SUCCESS OF THE LOCKDOWN:

That 319 districts, more than half the districts in the country — green zones — have not had a single COVID-19 case in three weeks does testify to the success of the lockdown from a healthcare standpoint. A further 284 districts do not have a high caseload, the orange zones.

However, epidemiologists have consistently emphasised that lockdowns do not frame the endgame in the battle against the virus. Hotspots can change, the infection can recede(get back) from some areas and spread to new ones.

Kejriwal, too, underscored(emphasized) the need to view the pandemic from such a dynamic perspective when he said that “what is a green zone today can turn red”.

POWERS:

The Centre does allow states to re-designate green zones as orange and red zones. It also allows them the freedom to classify red areas as orange zones. But it does not give them the flexibility to relax the lockdown in areas within the hotspot(any area of grave danger or problem)

The Delhi CM underlined the limitations of this approach when he asked: “If a district has 50 villages and 40 cases emerge in one, why should the entire district be declared a red zone?”

CONCLUSION:

States and local authorities dealing with the infection at ground level are the best placed to understand its spatial vagaries(unexpected and inexplicable change in a situation). It’s, therefore, imperative(needed) that they have a say in drawing the boundaries of the areas that have to be opened up.

The details of the red, orange, green zone scheme need constant review and revision from such a perspective.

SOURCE: INDIAN EXPRESS