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Indian Sports: Going for gold

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Neeraj Chopra and other Olympians have made this Indias’ most successful Olympic Games. But despite being one of the most populous countries in the world, why does India not get consistent top honours at the Olympics?

People like to say that the government does not spend enough money on sports infrastructure. However, since the Rio Olympics, which brought only 2 medals, the budget has been almost doubled up from 1,592 crores in 2016-17 to 2,826 crores in 2020-21.

Most of the budget is utilized by the government’s project ‘Khelo India Games’ which is an inter-state multi-sport competition to promote sports amongst the youth. The rest then goes to the Sports Authority of India (SAI) and National Sports Federation (NSF). Looking at the recognition of sports at an international level, the SAI has built 14 ‘Centres of Excellence’ since 2014 all over the country to identify and train talented sportspersons for the international level.

The sportspeople who achieve a certain award get rewarded accordingly. For example, in the Olympics, the bronze medal winners get ₹2.5 crores, silver medal winners get ₹4 crores and, the gold medal winners get ₹6 crores from their respective state governments.

Monetarily, India is doing its best if not compared to the developed countries like the UK and the US because their sports budget is way more than ours and this comparison is not fair at all.

India is a developing country for now and has a more important task at hand to fight for such as poverty, basic healthcare, etc. Those countries have already encountered those necessities and now they can focus on other things too.

One of the major problems in India regarding sporting achievement is parental support.

In India, most parents do not consider sport as a profession. For them, sport is not enough to provide for the whole family. They discourage their child and even forbid them sometimes to make them understand the fact that in order to secure a good future they must study hard and getting a government job should be their life’s goal.

The day this taboo is broken, nobody will be able to stop Indians from getting on top, not only in the Olympics but most of the events. This drive, from the grassroots up, will take India’s sporting scene to new heights. 

We hope in the future, just like cricket, every other sport is supported and cheered, and that India produces many more medal winners in Olympics to come. 

Business

Investor’s greed a problem, says Sankaran Naren

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Gordon Gekko might have felt that greed, for lack of a better word, is good, but that isn’t always the case. The human urge to clamour for more has caught many an investor on the wrong foot and Sankaran Naren, Executive Director and CIO at ICICI Prudential, opines that investor greed is increasing day-by-day, which is a problem.

Naren Indian equity portfolios at ICICI Prudential, and has worked with various financial services companies, including Refco Sify Securities India and HDFC Securities. Delving further into the issue at hand, he says, “We are not seeing a problem in the macro or business cycle. But investor greed is a bigger problem. They think that there is only one asset class called equity and there is nothing called risk and that is the bigger problem rather than anything else in the macro or business cycle from an India point of view. In the world, all the way from 2012, people have not seen market corrections in the US. There people are used to investing in stocks and not worrying at all about market corrections except in 2018 December and 2020 March,” said Sankaran.

At this point, he believes that it is very important for investors to practice asset allocation and that they should make choices based on earnings connected to 2021 or 2022, investing in names which have steady operating cash flows, dividend yield, etc.

“The key learning from 2007 is that investors who invested in IPOs based on 2014 earnings were in for a disappointment. There is a fair amount of froth in many parts of the markets, particularly in new-age areas. Unlike Asia which has seen periodic market corrections, since 2012, US equities have barely witnessed a meaningful correction,” said the fund manager.

“Today the number of loss-making new age companies trading at stretched valuations is very high in the US compared with dividend-paying, cash flow-generating old economy-oriented companies,” he concluded, as he offered an investment roadmap for stocks and mutual funds to a rapt audience. 

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Business

Swiggy to give 2-day paid monthly period leave to female delivery partners

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Food delivery giant Swiggy has announced a two-day paid monthly period leave policy for female delivery partners, marking an industry first. Swiggy has over 1000 women on its delivery team, and has stated that since bringing on female delivery partners, it has been working to increase inclusivity and diversity across the platform. The company believes that providing a welcoming environment for women will inspire them to explore delivering with them.  

Other initiatives to deepen inclusivity include enabling access to vehicles, access to hygienic restrooms, and implementing safety measures for female delivery partners. Mihir Shah, Vice President of Operations at Swiggy, said discomfort from being out and about on the road while menstruating is probably one of the most underreported reasons why many women don’t consider delivery to be a viable gig.  

“To support them through any menstruation-related challenges, we’ve introduced a no-questions-asked, two-day paid monthly period time-off policy for all our regular female delivery partners,” said Shah.  

SoftBank-backed Swiggy has approximately 200,000 delivery partners, with about 1,000 of them being female. Swiggy hired its first female delivery partner in Pune in 2016. “Since then, we’ve been working hard to promote inclusivity and diversity across the platform, with a goal of increasing the number of female delivery partners in Swiggy’s delivery fleet,” Shah added.

“Swiggy understands the pain of a woman in the field and period leave will definitely motivate more women to choose this platform and be independent,” said Komal, a delivery partner from Chennai.  

Last year, rival company Zomato announced a period leave policy, allowing female employees to take up to 10 period leaves in a year. These are available to employees and not the gig workforce. It has, however, taken steps to have a more inclusive gig workforce. In June this year, it said it has set a goal of reaching 10 percent female delivery partners by the end of 2021 starting with Bangalore, Hyderabad, and Pune. 

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Health

Gates Foundation boosts access to Covid-19 drug for lower-income countries

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The Bill and Melinda Gates Foundation pledged up to $120 million as part of its Covid-19 response effort to help lower-income countries gain access to the investigational antiviral medication Molnupiravir, which some say might be a gamechanger.

The Gates Foundation’s co-chair, Melinda Gates, said: “To put an end to the pandemic, we must ensure that everyone has access to life-saving health services, regardless of where they live on the planet. Low-income countries, on the other hand, have had to wait for everything from personal protective equipment to vaccinations. That’s not good enough.”  

Concerned about lower-income countries’ struggles to access Covid-19 vaccinations and the risk of being left behind once again when it comes to medicines, the Gates Foundation is urging other donors to commit money to hasten the implementation of Merck’s experimental drug Molnupiravir, if it is approved.  

Merck expects trial tablets fto reach low-income countries by early next year. Regulatory authorities such as the World Health Organization (WHO) and national governments are in charge of deciding whether or not to approve the drug for usage. The Gates organization said it aims to significantly reduce the time it takes for new drugs to arrive in low-income regions after they become available in wealthier markets. That gap can be at least 12 months, it said.

The organization has already granted money to assist generics firms in developing low-cost production procedures that lower raw material costs and boost product yields. Some wealthy and middle-income countries, such as Australia, Malaysia, Singapore, and Thailand, have either obtained or are in the process of obtaining the therapy.

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