ON October 2, 2020, even before any vaccines against Covid-19 had been approved, India and South Africa had proposed to the WTO that a temporary patent waiver should be granted on all such innovations. In the following months, 100 countries had supported this demand. And on May 5, the US, usually the most ardent defender of the patent system, agreed to a temporary patent waiver on anti-Covid vaccines, committing itself to “text-based negotiations at the WTO”.The basic argument for such a move arises from the urgent need at present to expand vaccine production.

WHEN the country is grappling with the worst health crisis it has faced in a century, the Covid-vaccine producers have decided to seize the opportunity to go on a profiteering spree, taking advantage of the Modi government’s  incompetence or complicity (call it what you will).Two issues have to be distinguished at the outset: one, what should be the price for the Covid vaccine that consumers should be paying; and there can be little doubt that this price should be zero, as even Dr Arvind Subramaniam, a former chief economic adviser under the Modi regime has pointed out.

US President Joe Biden’s $1.9 trillion rescue package is one of the most ambitious measures to revive the US and, with it, the world economy. Coming on the heels of Trump’s $2 trillion package last year and a further $900 billion package announced in December 2020, it seeks not just to provide relief from the pandemic but to start a new boom in the US which, it is expected, will have spill-over effects for the world as a whole, notwithstanding the protectionist measures against imports introduced in the US under Donald Trump.

THE Covid-19 crisis has seen a very different response from the advanced countries compared to the third world countries. The former have unrolled substantial fiscal packages for rescue and recovery while the latter have been trapped in fiscal austerity. Among third world countries, India’s fiscal package has been perhaps the most niggardly, amounting to no more than one per cent of GDP; but even other third world countries have not fared all that much better.

WITH the cabinet approving amendments to the Insurance Act of 1938, to raise the cap on foreign direct investment (FDI) in insurance companies from 49 to 74 per cent, the process of implementing the next stage of reducing public control over Indian insurance has begun.