With India expected to achieve 7.6% GDP growth this year and its global competitiveness rising, the country is at an inflection point, business, government and academic leaders told participants in the opening plenary of the World Economic Forum’s 32nd India Economic Summit. “The biggest challenge is to have sustainable growth of 8% for a couple of decades,” said Gita Gopinath, Professor of Economics at Harvard University. “Can India sustain this growth across political cycles?” To keep that pace of progress would entail further structural and institutional reforms, argued Gopinath, a Summit Co-Chair. “But if that is done, then it will be mind-blowing for India.”
“It is achievable,” declared Nirmala Sitharaman, Minister of State for Commerce and Industry of India. “Across the states, we see that urge now – to see brighter days and to find the issues where we can come together, removing obstructions [to doing business] and moving forward on using technology.” John Rice, Vice-Chairman of GE in Hong Kong SAR and another Summit Co-Chair, agreed. “It is sustainable, but you have to think what is required for the 21st century and the Fourth Industrial Revolution. With the convergence of digital and industrial, a different set of skills is required to win,” he said. The Indian government has the responsibility to ensure that people receive the necessary training. Added Rice: “You have to make sure you are investing in the right things, including basic infrastructure. You can’t do it if you have 200 million people without electricity.”
The opportunities for India and its 1.3 billion people are “tremendous”, said fellow Summit Co-Chair Anil Agarwal, Executive Chairman of Vedanta Resources in the United Kingdom. “I have never felt this buzz about India in the last two decades.” The prospects for small and medium-sized enterprises are especially good, he noted. In particular, development of India’s natural resources would contribute significantly to eradicating poverty, Agarwal explained. India’s many entrepreneurs are focusing on the domestic market, observed Summit Co-Chair Vijay Shekhar Sharma, Founder and Chief Executive Officer of Paytm, an Indian e-commerce company based in Noida, an industrial development in the National Capital Region. “For the first time, Indians are very proud of producing for India. Indian entrepreneurs are now accepting that we should build something for India, working for technology that will serve Indians.”
The impact that Indian entrepreneurs have had on Silicon Valley is proof of India’s edge in technology and innovation. “I greatly believe in it,” said Amitabh Kant, Chief Executive Officer of NITI Aayog, or the National Institute for Transforming India, a government policy think-tank. “India is used to innovating. But India needs to innovate in urbanization, sewage and for clean water. It has to innovate for people.” India’s start-ups “will disrupt the world,” predicted Kant, also a Co-Chair of the Summit. “They will disrupt health, education. They will do a lot more social innovation.”
“The promise of India has always been there,” said Johan C. Aurik, Global Managing Partner and Chairman of the Board of global consulting group A.T. Kearney in the US and a Summit Co-Chair. He remarked that India has broken into the ranks of the top 10 destinations for foreign direct investment in the world. “The government has become the facilitator of change,” he said, applauding the “Make in India” initiative launched by Prime Minister Narendra Modi in 2014 to encourage foreign and domestic companies to manufacture products in the country and create millions of jobs. “The challenges will be daunting with the Fourth Industrial Revolution and the tensions between jobs and digital developments,” Aurik reckoned. “But we have to make sure that progress is inclusive.”
In remarks earlier in the session, Ranil Wickremesinghe, Prime Minister of Sri Lanka, said that, to drive new economic growth, it is critical for his country and its neighbours to build partnerships not just within South Asia, but also across the world, particularly in South-East Asia, Japan, Korea and Europe. Asia has emerged as an economic growth engine of the world, he said. And, while the West may have written the rules of globalization so far, “Asia will bail out the world” and will move to create its own system. He told participants that he and Indian Prime Minister Modi aim to conclude the Economic and Technology Cooperation Agreement (ETCA) by the end of this year. Sri Lanka is also working with five southern Indian states on a sub-regional cooperative arrangement. “We have the potential to work together,” Wickremesinghe said. “Let’s have the whole area around the Bay of Bengal be a vibrant place of economic cooperation. The growth is here.” Colombo is also discussing a free-trade agreement with Singapore.
In a video message to welcome participants, Klaus Schwab, Founder and Executive Chairman of the World Economic Forum, said that India has to continue its efforts to promote inclusion and master the challenges posed by the rapid technological changes of the Fourth Industrial Revolution. “Inclusiveness in India and in the world will be one of the most decisive objectives the world community and Indian society have to achieve,” he said.
Millions in Yemen ‘a step away from starvation’
The crisis in Yemen, now in its seventh year of war, continues unabated, with thousands of people displaced and millions “a step away from starvation”, the UN Humanitarian Relief Coordinator said on Wednesday during a high-level side event on the margins of the 76th General Assembly.
“The country’s economy has reached new depths of collapse, and a third wave of the pandemic is threatening to crash the country’s already fragile health-care system”, Humanitarian Affairs chief Martin Griffiths told world leaders at the meeting: Yemen: Responding to the crises within the world’s largest humanitarian crisis.
Underscoring that the most vulnerable always “bear the highest cost” of the crisis, he said that females were more likely to be hungry, sick or exposed to gender-based violence and, with little access to essential services, millions of internally displaced people face “a daily struggle to survive”.
Cause for hope
In a positive development, the UN official credited the international community for stepping up support to the country’s humanitarian aid operation.
With over $2 billion received, the UN and its partners were able to “prevent famine and pull people back from the brink of despair”, delivering assistance to “every single one of the country’s 333 districts”.
‘Far from done’
Despite these important achievements, Mr. Griffiths acknowledged that the work there is “far from done”, as many sectors still face “alarming funding gaps” and humanitarians are working with less than one-fifth of the money needed to provide health care, sanitation, and shelter.
“Without additional funding, these and other forms of critical life-saving support – including food assistance – will have to be reduced in the coming weeks and months”, he warned.
The UN relief chief asked global leaders to continue generously supporting Yemen’s humanitarian operation; respect international humanitarian law and protect civilians; and address the root drivers of the crisis, including restrictions on imports, which elevate the prices of essential goods.
He urged them to do “everything in our collective power to stop this war”, saying, “at the end of the day, peace is what will provide Yemenis the most sustainable form of relief”.
The war has robbed too many of Yemen’s children of safety, education and opportunities.
“Each day, the violence and destruction wreak havoc on the lives of children and their families”, Henrietta Fore, Executive Director of the UN Children’s Fund (UNICEF), told the meeting.
She painted a grim picture of 1.7 million displaced youth, 11.3 million youngsters depending on humanitarian assistance to survive and 2.3 million under-five “acutely malnourished” – nearly 400,000 of whom are at “imminent risk of death”.
“Being a child in Yemen means you have probably either experienced or witnessed horrific violence that no child should ever face”, said the UNICEF chief.
“Quite simply, Yemen is one of the most difficult places in the world to be a child”.
Millions ‘marching towards starvation’
In his address, World Food Programme (WFP) chief David Beasley said that in a nation of 30 million people, food rations are needed by 12.9 million; while 3.3 million children and women need special nutrition, together with 1.6 million school children.
“We’re literally looking at 16 million people marching towards starvation”, he said.
With one thousand people a week dying from a lack of food and nutrition, the senior WFP official warned that if $800 million is not received in the next six months, the need to cut rations could lead to the death of 400,000 children under the age of five next year.
“We have a moral, obligation, to speak out and step up”, he stated, appealing to the world leaders to “put the pressure on all parties…to end this conflict”.
“These are our children; these are our brothers and sisters we need the donors to step up immediately otherwise children are going to die. Let’s not let them down. Let’s do what we need to do”, concluded Mr. Beasley.
South Sudan ‘determined to never go back to war’
South Sudan is “ready to turn a new page” towards greater peace, development and prosperity, Vice-President Rebecca Nyandeng de Mabior said in her speech in the UN General Assembly on Friday.
A decade after gaining independence from Sudan, the country remains “on a path of nation-building” and is working to implement a 2018 revitalized peace deal which led to the formation of a unity government last year.
“I want to assure our friends and partners that we are determined to never go back to war,” said Ms. De Mabior.
“We must replace the destruction of war with the productive use of our vast natural resources and national assets for the good of our people.”
The Vice-President recalled that when South Sudan became independent, the international community pledged to build capacity in nation-building, establishing a UN mission in the country, UNMISS, to support this process.
“However, after the outbreak of the war, that vision was abandoned, and priority was placed on protecting civilians and providing humanitarian assistance. As a result, support for capacity building of the State was terminated,” she said.
Ms. De Mabior stressed that supporting a State’s ability to govern responsibly and effectively is essential. It is also necessary to guard against what she called “the unintended consequences of dependency on humanitarian assistance.”
Given improvements in peace and security, she said it was now time to transition from emergency towards sustainable development.
“It is a painful and shameful situation for a country endowed with vast fertile land to be regarded as poor,” she added.
“We must ensure peace and security in the country and double our efforts to support our people who want to return, and are returning, to their areas of origin, for them to participate fully in nation-building and contribute to building food security in the country.”
Support youth and women
South Sudan is also “a youthful country”, and the Vice-President called for continued efforts to develop the skills of its youth and women “to provide an alternative to picking up the gun again and engaging in destructive behavior.”
Encouraging developments have included joint efforts by the national security forces and their UNMISS counterparts to promote rural peace and security, while the Government is set to unveil a national youth service programme.
“To fulfill the vision of our liberation struggle, we must use our oil revenues to fuel economic growth through investment in agriculture,” she said.
“We will invest in infrastructure to connect our rural communities to the markets. We need the public and private sectors, including foreign investors, to join hands in turning South Sudan’s potential wealth into a reality.”
Ms. De Mabior reported progress in implementing aspects of the Revitalized Peace Agreement, particularly in the creation of state and national bodies and public financial management reforms
However, “the glass remains half-empty” in implementing a permanent ceasefire and transitional security arrangements, she said, noting the urgency for a unified army.
“The security sector reform is the most challenging part of the Agreement as it contains elements at the center of the violent conflicts in the country,” she said, calling for continued dialogue.
“Building sustainable peace requires inclusivity, collective investment, determination, diligence, and patience.”
Meanwhile, relations with Sudan have also improved, though outstanding issues remain over the oil-rich Abyei border area.
Ms. De Mabior stressed her country is determined to learn from the past.
“We must make the Revitalized Peace Agreement succeed, and we can only do that with the support of our regional and international partners. Simply stated, South Sudan desires and is ready to turn a new page,” she said.
WHO backs Regeneron COVID-19 drug cocktail – with equal access, price cut
The Regeneron antibody drug cocktail – casirivimab and imdevimab – has been added to the World Health Organization’s (WHO) list of treatments for COVID-19 patients, the UN agency said on Friday, before underscoring the need for lower prices and equitable distribution.
“This is a major breakthrough in the care of COVID-19 patients”, said Dr. Janet Diaz, WHO head of clinical care. “This is our first recommendation for a therapeutic for those patients with mild, moderate disease,” she said, because it reduces “the need for hospitalisation if they are at high risk”.
Effective ‘reduction in mortality’
WHO’s conditional recommendations are for use of the drug combination on patients who are not severely ill, but at high risk of being admitted to hospital with COVID-19, or those with severe cases of the disease and no existing antibodies.
“Giving them this additional antibody seems to show an effect. And what effect is that? A reduction in mortality” Dr. Diaz told a briefing in Geneva.
The antibody therapy was granted emergency use authorization in the United States November last year after it was used to treat former President Donald Trump when he was admitted to hospital with the virus. The United Kingdom has also approved Regeneron, while it is under review in Europe.
The WHO recommendations were largely based on data from a British study of 9,000 patients in June which found that the therapy reduced deaths in hospitalised patients whose own immune systems had failed to produce a response.
“We are taking the information (from the UK study) and generalizing it to other persons,” said Dr. Diaz. “We saw there was a benefit we thought was meaningful.”
The treatment has been on the market for decades to treat many other diseases, including cancers. It is based on a class of drugs called monoclonal antibodies which mimic natural antibodies produced by the human body to fight off infections.
Equity, price cut call
Swiss drugmaker Roche, has been working in partnership with Regeneron, which holds the patent, to produce the antibody treatment.
Dr. Diaz urged Regeneron to lower the drug’s price and work on equitable distribution worldwide: “We know that the life-saving benefits and the benefits for patients with COVID-19 is significant and requires action.”
She added that WHO-hosted health agency UNITAID, has been negotiating directly with Roche for lower prices and equitable distribution across all parts of the world, “including low and middle-income countries”.
WHO has also been in discussions with the company for a donation and distribution of the drug through UN Children’s Fund UNICEF, following an allocation criteria set by the health agency. “We are working together with the company so we can address these very important issues so we can have equitable access” she said.
Call to manufacturers
In a statement, WHO said in parallel it had “launched a call to manufacturers who may wish to submit their products for pre-qualification, which would allow for a ramping-up of production and therefore greater availability of the treatment and expanded access.
ACT-A partners are also working with WHO on an equitable access framework for recommended COVID-19 therapeutics”. On that subject, Dr Diaz added that “there are bottlenecks and we are aware of those.
WHO has launched the pre-qualification expression of interest call so that the manufacturing companies can start to submit their dossiers to WHO”.
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