Federal Bank hikes interest rates on foreign currency deposits

The revised rates are effective from 1st December

Federal Bank has hiked the interest rates on non resident term deposits. Revised rates of interest for NRE term deposits for 1 year to less than 2 years, 2 years to less than 3 years and 3 years and above would be 3.82%, 3.51% and 3.64% respectively.

For FCNR deposits in US Dollar, the revised rates for 1 year to less than 2 years, 2 years to less than 3 years, 3 years to less than 4 years, 4 years to less than 5 years and 5 years only are 2.32%, 2.01%, 2.14%, 2.35% and 2.59% respectively. The revised rates are effective from 1st December

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Factory output index marginally down to 51 in November

The HSBC Factory Purchase Managers’ Index declined marginally to 51 in November from 52 in the previous month. The fall has been attributed to a slight decline in new export orders on the back of uncertain global conditions

Factory output, as measured by the HSBC Factory Purchase Managers’ Index (PMI), declined marginally to 51 in November from 52 in the previous month. The fall has been attributed to a slight decline in new export orders on the back of uncertain global conditions. While the latest reading pointed to an improvement in business conditions in the Indian manufacturing sector, the rate of growth was marginal and weak in the context of historical data, HSBC Markit said in a release.

The HSBC India Manufacturing PMI is based on a survey of purchasing executives in over 500 manufacturing companies. An index reading above 50 indicates an overall increase in that variable, below 50 an overall decrease.

The slower rise in new orders resulted in backlogs of work increasing sharply. The November data also signalled a fall in employment in the manufacturing sector for the fourth month in a row.

Input prices faced by manufacturers in India rose substantially during November, with the rate of cost inflation accelerating slightly to a three-month high. Higher raw material prices were cited as the main driver of the rise in costs.

Commenting on the India Manufacturing PMI survey, Leif Eskesen, chief economist for India & ASEAN at HSBC said, “Manufacturing sector continues to grow at a slower clip led by a deceleration in domestic orders. Despite this, manufacturers still struggle to keep up with new orders and inflation pressures are not abating. This suggests that the RBI will have to keep monetary conditions tight for an extended period.”

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Need to develop primary healthcare system in India say experts

Complexities in the healthcare sector can be solved mainly by concentrating on primary care and evolving the system of family doctor with the help of technology

The Indian healthcare system has become highly glamorised with growing demand for skilled and specialised treatment while crucial primary care system is been ignored, says experts from the healthcare services.
 
“When primary healthcare can solve 90% of the medical problems, at times, there is no system in place to provide it. Earlier the concept of family doctor played an important role, but it is slowly diminishing. Complexities in the healthcare sector can  be solved mainly by concentrating on primary care and evolving the system of family doctor with the help of technology,” says Gautam Sen, chairman, Healthspring Community Medical Service, while speaking at an event to discuss healthcare services in India.
 
Panellist discussed at length the need and importance of primary care and the role of the private healthcare system and rising out-of-pocket expenditure on medical facilities. While host of speakers including Ashok Ganguly, a member of Rajya Sabha and former chairman of Unilever, BK Goyal, professor of Cardiology (Mumbai University) and Dr Sanjay Oak, director- medical education (BMC) were present at the event, only two – K Sujatha Rao, former health secretary and Dr Satyanand Shastri participated in the discussions. Other panellists, apart from Dr Ganguly, who just spoke informally for a while, were not present.
 
Ms Rao, former principal health secretary and member of Public Health Foundation of India, said, “Primary care system in urban areas is collapsing. Rural areas at least have some basic infrastructure like primary healthcare and community centres. Over the years, our policy has failed to consider lifestyle diseases like asthama, hypertension and diabetes. Government asked private sector, by incentivising them, to place a system for treatment. While the private sector is growing, at present, there is no mechanism to regulate them.” She is also a member of planning commission committee on health insurance.
 
Explaining the role of primary care, Dr Shastri, medical director, Johnson and Johnson Medicals, said, “If general physicians are able to give good primary care, then most of the medical problems can be solved.”
 
“I know a patient who was given wrong treatment for six years after consulting his doctor for vomiting blood. While just drinking alcohol once a week, he was branded as alcoholic by his doctor. The subsequent doctors did the same without resolving the issue. The real problem was not detected for many years and he had to undergo many wrong treatments,” added Dr Shastri.
 
According to Ms Rao healthcare system in India is full of marker failure. “About 70%-80% (around 84 crore) of the population spend out-of-pocket on healthcare. If there are corporate hospitals in urban cities who contribute to this failure, some agents present in rural areas, who are hand in glove with pharma companies, have damaged the system. Many a time wrong drugs are administered.”
 
Lambasting the government for spending just 1.2% of the GDP on healthcare, Ms Rao said it should be increased in the 12th five year plan. “When National Urban Health Mission kicks in, the challenge for government would be to see if they can recognize the importance of primary care community centres, and then provide them financial assurance. Incentivising and providing financial assurance would be fine, but insurance model is just not the solution,” she added.

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COMMENTS

Nagesh Kini FCA

5 years ago

There is an urgent need for a more broader and wider public tet-a-tet with veterans like Dr. Sanjay Oak, Dr. BM Hegde, Dr.Mrs. Pragnya Pai and other dedicated medical people who have been in the profession for long along with those practicing alternate medicine like Homeopath Dr. Batra.Some one from Kerala too.

Money Life Foundation is the best forum to bring this about.

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