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The pressure on lockdown-hit central public sector enterprises (PSEs) to finance the government’s growing expenditure on fighting Covid-19 pandemic resulting in large budget deficit is mounting. This is despite the fact that most PSEs are highly financially stressed following the global as well as local economic downturn since last February. The massive fall in crude oil prices with the demand for the commodity suddenly hitting the bottom over the last three months, normally fund-flush oil producers and refiners are in deep distress. The crude oil market crash has spelt havoc on ONGC Limited. ONGC’s average price realisation of USD 22 per barrel in April was not enough to cover even its operating cost. According to Crisil Ratings, Indian oil refiners may make inventory loss of over Rs 25,000 crore in the January-March quarter alone because of a 70 percent fall in crude prices. The gross refining margins are likely to plunge further in the first quarter (April-June) of this financial year due to demand destruction. The oil PSEs are highly worried.

HANOI—Helicopters hovering over rice paddies, burning villages, and the sound of gunfire are the images many older Americans conjure when they hear the word Vietnam. Hollywood provides grist for our imagination about this country. For younger people, if they think of Vietnam at all, their images are those of a poor, developing country or elderly women wearing their nón lá (the traditional conical hat) and bicycling through the countryside.

With the outbreak of the coronavirus, China lost the aura of global supply chain. Eventually, it will lose its grip on ASEAN, which holds a bigger stake in RCEP (ASEAN 10 +6). China deployed economic splurges, in combination with soft and hard power to rein in power in the region. It used trade muscle to make the region over-dependent on it for export led economic growth. It launched BRI (Belt and Road Initiative) to reconnect the region to reduce geographical proximity and increase control in the region.

Despite the hanging on April 12 of Abdul Majed – ex-Bangladesh army captain better known as ‘Mujib killer’ – in a Dhaka prison, people continue to ask probing questions about India’s role in South Asia during the turbulent seventies. This comes as a surprise for foreign policy experts in India, or at least it should. The present climate of opinion prevailing in Bangladesh does not endorse the facile conclusion currently being projected in sections of the Indian media---namely that bilateral relations have been strengthened by the relentless anti-terror drive launched by the Awami League.

Current data seems to indicate that India is entering a safe zone as far as the Covid-19 pandemic is concerned.

Abundance of courage, foresight and ability to achieve the administrative cohesion among various wings are essential ingredients for successful governance in a country like India with a huge population of 1370 milllion. The NaMo government acted with lack of essential understanding and more in fear to deal with the pandemic corona virus that came from outside. The 260 millions strong Indian middle class and economically strong outsiders felt comfortable with imposition of the 21 days lock down on entire India. The decision suddenly announced by the Prime Minister was welcomed by the class with economic strength that did not have to worry much over the cessation of all activities including movements outside their homes but the government had not given thought to the impact on the classes that have to depend on their earnings to have food every day to survive.

Yes, Prime Minister Narendra Modi hasn’t so far given a hint of what he holds for India on May 3. Will Lockdown Phase 2 morph into Lockdown Phase 3? There are no doubts on whether it will be imposed seamlessly, but there are uncertainties if it will be accepted without protests. The queries are gathered at the gates.

It is a moment of smouldering anger. Deprivation has reached to the core, and the process continues. All the gains achieved through bitter struggles are taken away unceremoniously. More than a century ago, when the toilers were raising their flag of revolt, sacrificing their life, in Chicago, the culminating moment arrived, the demand for eight- hour was acceded, though only after taking the toll of eight lives, who were hanged on court orders. Today, corporate led ruling powers, on the pretext of fighting Covid 19, are keen to set the clock of exploitation back, legalising the twelve-hour working day. Gujarat and Madhya Pradesh, both BJP ruled states, have already set the ball rolling. There has also been raised the demand to reduce the wages for the contract workers. And that is not all. There are attempts to finalise the labour law codification process, and hammer in the final nail taking away the right to get organised, go on strike, and demand justice.

The rulers of UAE expressing annoyance and concern at the hatred campaign launched by some Narendra Modi acolytes and RSS cadres in that country probably has not gone down well with the RSS and also with Modi.

The history of the 21st century would be earmarked by COVID19 and the fight undertaken by the countries of the world to defeat the pandemic. The world has had to stand face to face with so many new situations in social life. The economics and politics behind these developments would also be deeply analysed in the coming days. The crisis that broke out in December 2019 still haunts humanity more than anything else. Such a pandemic in its aggressive magnitude is something new to the human kind. It was much more fierce than the world wars and pandemics like Spanish flu and cholera.