Rise in govt borrowing can weigh on corporate sector: Acharya

Agencies
July 23, 2019

Bengaluru, Jul 23: An increase in government borrowing runs the risk of flooding the debt market, while making it expensive for companies to borrow, according to outgoing Reserve Bank of India Deputy Governor Viral Acharya.

In a lecture shared by the RBI late on Monday, Acharya said India’s borrowing relative to its output has ranged from 67 per cent to 85 per cent since 2000 and has outpaced many emerging markets including China.

“As more government debt floods markets, the relative safety and liquidity premium attached by investors to high-rated corporate bonds diminishes, raising the cost of borrowing especially for AAA-rated borrowers and making it relatively less sensitive to policy rate cuts,” Acharya said.

Acharya is leaving the central bank on Tuesday, six months before the scheduled end of his term in office, citing personal reasons.

The Reserve Bank of India (RBI) cut the repo rate to 5.75 per cent on June 6, its third cut in 2019, while also changing its policy stance to “accommodative,” after data showed the economy growing at its slowest in over four years.

India should cut back on subsidies and programs that are not delivering long-term growth and divest more of its public sector holdings, Acharya said.

“The much-needed land, labour and agricultural reforms could be undertaken, all of which can help crowd-in private sector growth,” Acharya said.

There could be efficiency gains if there are more private investors playing an effective role in the governance of public sector enterprises, he added.

Aiming to attract investments, which are at its lowest level in years, Prime Minister Narendra Modi’s government has proposed giving foreign investors a bigger role in India’s insurance and aviation sectors, which have been tightly controlled for decades.

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News Network
April 18,2020

Bengaluru, Apr 18: The Karnataka government has fixed the cost of test for COVID-19 in private laboratories at Rs 2,250, an official said on Friday.

"Based on the discussions and negotiations, the cost per test has been fixed at Rs 2,250. This includes the screening test and a confirmatory test," said order by Health and Family Welfare Department's Additional Chief Secretary Jawaid Akhtar.

A total of 16 laboratories (11 government and 5 private) have been approved by the Indian Council of Medical Research (ICMR) for testing samples of possible COVID-19 cases in the state.

Realising that early detection of coronavirus cases and timely treatment was the need of the hour, meetings were held to rope in more private laboratories to conduct COVID-19 sample tests.

As per the protocol by the Centre, testing the samples of suspected COVID-19 cases can be taken up in private laboratories subject to conditions which include sharing the lab data pertaining to the diagnosis of COV1D-19 with the state government and with the ICMR on a timely basis.

As per the Union Health Ministry, 353 people have infected from coronavirus in the state of which 83 are cured and discharged and 13 succumbed to the virus.

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News Network
April 4,2020

Bengaluru, Apr 4: Sixteen coronavirus cases have

been confirmed in Karnataka, taking the total number of the affected in the state to 144, the Health department said here on Saturday.

A 75-year old man, who is a resident of Bagalkote, who was confirmed positive on Friday and was being treated at a designated hospital in the district, expired last night.

"Till this evening, 144 COVID-19 positive cases have been confirmed in the state, which includes four deaths and 11 discharges," the health department said in a bulletin.

Out of the 129 active cases, 126 patients (including 1 pregnant woman) are in isolation at designated hospitals and are stable and three in Intensive Care Units (one on oxygen and two on Ventilators), it said.

Among the total of 144 cases detected and confirmed so far, eight are transit passengers of Kerala who landed in airports in Karnataka and are being treated in the state, it said.

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coastaldigest.com web desk
July 6,2020

Bengaluru, Jul 6: A video clip of a Bengaluru-based doctor urging the follow doctors to return to their duty at a time when medicos are desperately needed to fight against COVID-19 has busted the myth of ‘shortage of beds’ in the hospitals. 

In past few of weeks, dozens of people in Bengaluru have lost their lives after hospital denied them admission citing lack of beds. 

Dr Taha Mateen, Managing Director of HBS Hospital, in an emotional message, appealed to healthcare professionals, including doctors, to help handle the situation better. The video has gone viral on social media.

“I speak from the ICU of HBS Hospital. It’s been a virtual bloodbath. I came in the morning at like 7:30 in the morning and its 12’o’clock midnight right now. Patients are continuously calling me now ‘cause their fathers are breathless, their brothers are breathless and they cannot find a room in Bengaluru and at this time if you see there is one Mr Shiva and me. There is no other doctor willing to work in this hospital,” Dr Mateen says in the video.

Dr Mateen further said, "I have beds, I have oxygen beds, I have ventilators, I have all the equipment. I have another 30 beds like this but I don’t have doctors working here.” He said that there is an urgent need to mobilise healthcare staff.

Sources said the COVID-19 patients at the hospital are left with only five doctors and 12 nurses. Until recently, the HBS Hospital had 20 nurses and 44 doctors on its roll.

According to a report, the hospital is facing huge difficulties in treating patients admitted at Intensive Care Units (ICU). Eight patients with severe respiratory problems are admitted to the hospital and are waiting for their COVID-19 test results.

"We have sufficient beds at the hospital to treat coronavirus patients, but we don't have doctors. And we can't admit more patients as we are left with just five doctors, said Dr Taha Mateen.

"All doctors are on WhatsApp, I request all doctors to come out and perform their duties, Dr Mateen said in a video appeal on WhatsApp, Twitter and Instagram. 

According to Dr Mateen, a COVID-19 patient, who was admitted to COVID care centre at Haj  Bhavan, was abandoned on a road by an ambulance driver. Later, the patient was picked by NGO volunteers. 

"The patient was brought to HBS Hospital at 2 am. He had a very low blood oxygen level. We stabilised his condition. Later, we had to send him home as we don't have enough staff to take care of him. We also sent an oxygen cylinder to his home," a report quoted Dr Mateen as saying.

Comments

Jeevitha Prativadi
 - 
Monday, 6 Jul 2020

Hi there ! 
This post absolutely broke my heart. I currently stay in Bangalore and I'm a mbbs graduate from Manipal university currently studying for my post graduation exam and I'd love to contact Dr Mateen to help out any way that I can. Please let me know the best way to contact him,  thank you!

 

 

Mohammed Asif
 - 
Monday, 6 Jul 2020

My grand salute to this doctor for his courage. As he mentioned now during this pandemic situation health staff are the frontline warrior to battle against this disease. As he quoted, all respected doctors please join your hand with him at least for humanity base. May almighty sure will protect and bless. 

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