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Week in review
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YV Reddy, the former governor of the Reserve Bank of India, is a man who is credited with having ensured relative stability in the Indian financial system at a time when the world is reeling under the economic crunch. After his retirement Reddy launched his first publication. In the book called India and the Global Financial Crisis: Managing Money and Finance. Reddy is bullish on faster recovery in India.
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“Except for a few days or weeks, the financial market functioned pretty normally. This is one important strength that we have. Secondly, the rural demand is fairly stable by all indications. Your dependence on the export sector is very important and socially it is very important in terms of employment, but you don’t have the huge dependence on exports like some other Asian countries. So, all in all, the Indian recovery should be earlier than most other countries," he says.
In what’s the biggest ever penalty awarded so far in India for medical negligence, the Supreme Court has told a Hyderabad hospital to pay a software engineer one crore rupees in compensation in a 19-year-old case. The engineer, Prashant Dhananka, suffered spinal damage during an operation to remove a tumor in his chest. The injury left him paralysed below the waist. The judgment sets a precedent and a new benchmark for damages for medical negligence. It could result in many more such cases reaching the court. The verdict could also send doctors and hospitals rushing to get insurance cover.
Union sports minister M.S. Gill has called the Indian Premier League’s SMS game 6UP “betting." In the game, a participant sends an SMS as to how many runs will be scored off each ball in an over, before the start of an over. At the core of the debate on whether the game constitutes gambling is the question of whether it takes skill to predict the scoring sequence in the following over, or luck.
A team of international researchers reports in the journal Science that the current H1N1 virus spreads as rapidly as major 20th century pandemics. Of these, the Spanish and Asian flu together killed between 50 and a 100 million. Experts in India say the study is significant, but has its limitations. With a mortality rate of about 4 in one thousand, the researchers have stress that the virus may be only as lethal as annual seasonal flu epidemics. Closely monitored by the US and Japan, these kill about 500,000 a year.
This was the week when India’s gigantic electoral exercise culminated. And it’s now time for the results.
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