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What We're Watching: India halts vaccine exports, principle vs profit in China, Nigeria's crypto fiasco

India squeezes vaccine exports as COVID crisis deepens: India has embarked on one of the world's most ambitious vaccine drives, seeking to vaccinate not only its own 1.4 billion people, but also make hundreds of millions of jabs to inoculate low-income countries under the global COVAX initiative. To date, it has sent 60 million doses to over 70 countries. But now, as India grapples with a surging COVID caseload and death rate — in part because of a new "double mutant variant" — New Delhi has placed a temporary ban on exports of the AstraZeneca jab being produced by its Serum Institute. "Domestic demand will have to take precedence," one foreign ministry official said. The move, which is expected to hinder supply chains until at least the end of April, will have massive impacts on COVAX, which is counting on India's pharma sector to get millions of doses to the neediest countries. India's ban has already frustrated supplies that were supposed to go to the UK, Saudi Arabia, and Brazil in recent days. The Serum Institute says it aims to produce 1 billion doses for low- and middle-income countries by the end of 2021, but so far, its monthly production cadence is lagging.

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Can India vaccinate everyone it wants to?

As the global vaccination race heats up, the most populous country in the world is trying to do three very hard things at once.

India, grappling with the second highest confirmed COVID caseload in the world, recently embarked on what it called "the world's largest" coronavirus vaccination campaign, seeking to inoculate a sizable swath of its 1.4 billion people.

That alone would be a herculean challenge, but India is also making hundreds of millions of jabs as part of the global COVAX initiative to inoculate low-income countries. And as if those two things weren't enough, Delhi also wants to win hearts and minds by doling out millions more shots directly to other countries in its neighborhood.

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