Editors Column

The idea of creating big Indian banks with large national and global footprint was first considered by the Atal Bihari Vajpayee government over 15 years back. Then finance ministers Yashwant Sinha and later Jaswant Singh were amenable to the mergers and acquisitions in the banking sector to take on global banks.

Unit holders of debt schemes of mutual fund houses, which are holding debt paper of various IL&FS group companies, are at risk of losing their money. The probability of default by the IL&FS group companies is supposed to have increased in the last few days as some of them were not able to meet their repayment schedule to financial institutions.

Going into panic mode will not help the government face challenges on the economic front that are turning out to be some of the stickiest since 2014. Complacency and inaction also cannot be an option for the government that has been saddled with adverse impact of US Fed measures, trade wars and the steep increase in oil prices.

The government’s decision to ban the manufacture, distribution and sale of 328 fixed dose combination (FDC) drugs is welcome. The latest ban includes commonly used painkillers that are outdated and harmful for human use.

Former Reserve Bank of India (RBI) governor Raghuram Rajan’s explosive note on non-performing assets in the banking sector will have reverberations all over and across all political barriers.

Following in the footsteps of Microsoft’s Bill Gates, Jack Ma, 54, has decided to step down as chairman of the $500 billion Alibaba Holdings. Asia’s most valuable company based out of China was built by Jack Ma and 17 others over 20 years. It has transformed the technology landscape in China and catapulted the company to become the face of e-commerce businesses.

The rupee hit an all time low of 72.67 to a dollar intra-day on Monday before paring the losses somewhat and recovering to 72.45. It has been suggested in government circles that after remaining stable for the last 4 years, the rupee was witnessing an adjustment for that out performance. Economists have also suggested that the rupee is in line with the economy’s fundamentals.

The Bharatiya Janata Party feels that the notional challenge from the opposition will see them through in the next elections and the TINA factor will work as a magic potion for prime minister Narendra Modi to remain invincible. BJP president Amit Shah went a step further and proclaimed that the party would be in power in the country for the next 50 years.

September 6 will go down as a red letter day in the history of India as the Supreme Court gave the people the right to love by decriminalising sex among same gender. It is one of the most significant milestones in the struggle to free right to love among consenting individuals within a private space of taboos.

The new format of 2+2 dialogue finally got going with New Delhi and Washington managing to overcome recent difficulties in ties due to disagreements over trade tariffs and oil imports from Iran by signing a significant military pact justifying the ‘major defence partner’ status accorded to India by the US in 2016.