India banned all exports of hydroxychloroquine, a malaria drug that President Donald Trump has touted as a “game changer” in the fight against Covid-19, on Saturday.
Exports of the drug and its formulations are prohibited “without any exceptions” and with immediate effect, India’s Directorate General of Foreign Trade said in an April 4 order on its website.
The trade regulator had last month restricted overseas shipments of the drug, allowing only limited exceptions such as on humanitarian grounds and for meeting prior commitments.
At a press conference on Saturday, Trump said he spoke to Indian Prime Minister Narendra Modi and appealed for the release of shipments US has already ordered. India is giving his request “serious consideration,” he said.
There’s no conclusive scientific evidence that hydroxychloroquine can treat the infection from the novel pathogen.
The ban reflects India’s rising concern over the rapid spread of the coronavirus, with risks of community spread rising in the country of 1.3 billion people.
India has recorded 3,374 positive cases so far and has lost 77 lives, according to the federal health ministry. The country has struggled to keep people indoors during a three-week lockdown that started March 25, raising fears of accelerating spread.
Tips on buying property during a pandemic
Islay Robinson, group chief executive of mortgage broker Enness Global, offers his advice on buying property in today's market.
While many have been quick to call a market collapse, this simply isn’t what we’re seeing on the ground. Many pockets of the global property market, including London and the UAE, continue to be compelling locations to invest in real estate.
While an air of uncertainty remains, the outlook is far better than anyone could have predicted. However, it is still important to consider the wider threat posed by Covid-19 when buying bricks and mortar.
Anything with outside space, gardens and private entrances is a must and these property features will see your investment keep its value should the pandemic drag on. In contrast, flats and particularly high-rise developments are falling in popularity and investors should avoid them at all costs.
Attractive investment property can be hard to find amid strong demand and heightened buyer activity. When you do find one, be prepared to move hard and fast to secure it. If you have your finances in order, this shouldn’t be an issue.
Lenders continue to lend and rates remain at an all-time low, so utilise this. There is no point in tying up cash when you can keep this liquidity to maximise other opportunities.
Keep your head and, as always when investing, take the long-term view. External factors such as coronavirus or Brexit will present challenges in the short-term, but the long-term outlook remains strong.
Finally, keep an eye on your currency. Whenever currency fluctuations favour foreign buyers, you can bet that demand will increase, as they act to secure what is essentially a discounted property.
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