Latest GDP numbers reflect a faltering recovery even as Ukraine crisis heightens risks
The latest national income estimates for 2021-22 released by the NSO have pared growth hopes from 9.2% to 8.9% , compared to the 6.6% contraction in 2020-21 . GDP growth ( October -December 2021 quarter ) WE is pegged at 5.4% , compared to the 0.7% recorded in the same quarter of 2020, when the economy returned to the growth zone after two quarters of sharp contraction. The headline Q3 growth number was expected to moderate from the 20.3% and 8.5% recorded in the firsts two,but not as much as it has . GVA , projected to rise 8.3% for the full year , compared to the 4.8% contraction in 2020-21 recorded only 4.7% growth in Q3 . The overall trajectory is a tad disheartening, with little comfort to glean even when the numbers are spliced . Construction sector GVA actually contracted 2.8% in Q3 , when infrastructure spending push was expected to be reviving it’s fortunes . Manufacturing recorded a mere 0.2% increase in a quarter that included India’s annual festive boom , possibly indicating that smaller firms remain hobbled. The largely contact-intensive segment of trade , hospitality, transport, communication and services related to broadcasting also continued to languish well below pre-pandemic levels .
That sectors critical for jobs are still in trouble is also reflected in private consumption staying below pre pandemic levels . The resurgence of retail inflation past 6% in January, with the overhang of a sharp retail fuel price spike after the assembly polls , could cripple consumption further. Core sectors’ output growth in in January and persistent manufacturing job losses in February (indicated by the PMI) , suggest these pieces of the recovery puzzle will not be fixed in a hurry . It also means that the 4.8% growth assumption for Q4 , built into the 8.9% growth calculations for this year, may be too optimistic. These portents are far from comforting , even in a business-as-usual scenario for an economy that had recorded several quarters of moderating growth before the COVID-19 pandemic tipped it over. India may have coped better with the Omicron variant, but external risk factors have risen dramatically. Large Central banks moves to tighten liquidity faster than expected, in the face of soaring inflation driven by runaway oil prices , have roiled financial markets .
The uncharted implications arising from the Ukraine crisis only add to the challenge . Apart from gearing up to preempt imported inflation spikes ,the government needs to extend greater policy support , preferably going beyond credit guarantee offers, to sector still in the doldrums . It also needs to exert greater energy to ensure its grand infrastructure spending plans get off the ground faster to have a salutary effect on the economy. The multi -layered uncertainties ahead necessitate that policy makers cut no slack, either in action or reaction.
India must heed the warning of the IPCC report and shore up adaptation measures
Amidst global turmoil , the intergovernmental Panel on Climate change — the largest international consortium of scientists analysing and reviewing the evidence on the present and future man made impacts of climate change –has a message that is predictably fire . The world faces unavoidable multiple climate hazards over the next two decades with global warming of 1.5°C ; even temporarily exceeding this warming level would mean additional severe impacts , some of which will be irreversible. The report points out that the rise in weather and climate extremes has led to some irreversible impacts as natural and human systems are pushed beyond their ability to adapt . Alluding to the conference of the parties (CoP 26) in Glasgow ,in November 2021, the report notes that most of the targets that countries have set for themselves are too far in the future to have an impact on the short term at meaningfully reducing the climate impact.
India will achieve net zero emissions latest by 2070 , that is , there will be no net carbon emissions , Prime Minister Narendra Modi declared at the COP26 summit. By 2030, India would also ensure 50% of its energy willbe from renewable energy sources. However, none of this can help the 1.5°C mark from being breached. A major point of emphasis of the report , particularly for South Asia , is the trend in the ‘wet bulb’ temperature —-an index of the impact of heat and humidity combined .
By the middle of the century, around 35 million of its people could face annual coastal flooding, with 45 million -50 million at risk by the end of the century if emissions are high. Experience has shown that partisan economic calculations Trump climate considerations, but India must shore up its adaptation measures and urgently move to secure futures of its many vulnerable who have the most to lose.
The farmers ‘ movement has strengthened the bonds between muslims and jats in western Uttar Pradesh.
The revival of grassroots secularism in western Uttar Pradesh, which is lifting the veil of fear for Muslims , is among the most rewarding benefits of the farmer’s movement in North India . The movement strengthened the social and cultural bonds between Jats and Muslims whose communal harmony of many decades took a beauting during the violence in Muzaffarnagar in 2013. Whether this grassroots secularism will have ripple effects in other parts of U.P. or in the rest of India is a legitimate question. Nonetheless, this in itself is an impressive accomplishment.
The damage caused in 2013
The history of communal harmony of this region is unique because this area remained untouched by the violence following both partition and the Ayodhya movement. Yet the violence that was unleashed in 2013 tore the secular social fabric like never before — mainly owing to a religious polarisation campaign by the forces of Hindutva , who, according to elderly Jats, were able to brainwash their younger generations to support Hindutva’s ideological cause.
Secularism has been debated by scholars of various disciplines in India . Some have argued that it is a Western idea and thus inherently incompatible with Indian society, where religion is entrenched . For others , secularism is an Indian idea.In my view ,the grassroots secularism reflected in the social bonding of the Jats and Muslims in western U.P presents evidence of the latter variety .
According to Naresh Tikait , elder son of the late farm leader Mahendra Singh Tikait , the old days of bonhomie between the Jats and Muslims have returned , and the massive electoral benefits that the BJP accrued in 2014, 2017 and 2019 are not going to be seen this time in the region. It is worth recalling that Naresh Tikait pleaded with Muslims not to leave Sisauli, his village , during the 2013 violence by taking off his headgear and placing it on the ground. The Bharatiya Kisan Union, which the senior Tikait formed and led, had both Muslim and Hindu leaders and followers , but the 2013 violence caused a split in the organisation. In Mr. Tikait’s house even today , a lamp is lit every day as a tribute to the farmer’s movement as well as the organisation ‘s secular ethos since 1987, the year which saw the birth of the iconic slogan , ” Har Har Mahadev Allahu Akbar ” .
A vast majority of Muslims of this region always trusted leaders Charan Singh , Mahendra Singh Tikait, and Mulayam singh . While they seem to be throwing their weight behind the Akhilesh Yadav -led alliance this time , they appear concerned and fearful. Many victims of the 2013 riots continue to live in colonies set up by disparate organisations or families such as the Jamiat Ulama-I-Hind (of Arshad Madani) , the CPI(M) and the family of Tabassum Hasan , the first Muslim MP from U.P. since 2014. In these colonies , victims struggle for basic amenities and livelihood. Many have sold their ancestral properties to Hindu villagers with whom they grew up and lived until the riots . Though Muslims fled the affected villages , there are still abondoned mosques and madrasas in these places . For communal harmony to return , these issues need to be addressed , says social worker Subodh Tyagi , who led a large peace march in Budhana during the riots.
Overlap of sports and politics is unavoidable as the suspension of Russian teams shows
World football’s governing body FIFA ejecting all Russian teams , national representatives or club sides , from its competitions until further notice is the most severe of sporting sanctions imposed in the backdrop of the Russia-Ukraine crisis . The announcement was coordinated with European football’s controlling organisation UEFA, making the ban applicable at the continental level too. The immediate casualties will be Russia’s Qatar 2022 World Cup playoff match against Poland this month, and a prospective qualifier against Sweden or the Czech Republic, and Spartak Moscow’s Europa League Contest against Germany’s RB Leipzig . UEFA went further and ended a lucrative sponsorship deal (around$ 50 million a year, reportedly) with Russian gas giant Gazprom . Last week , UEFA had shifted the venue for this summer’s Champion league final from St. Petersburg to Paris . Russian teams – not Russian athletes -were already serving a two year ban from global competitions ( to end on December 16, 2022) for the doping scandal first reported at the 2014 Winter Olympics in Sochi . FIFA’ s initial measures, announced on Sunday ,were similar; of of Russia playing without its flag and national anthem, at neutral venues and behind closed doors . A total ban came close on the heels of the international Olympic committee (IOC) , on Monday ,recommending to sports federation not to allow Russian athletes in order to “protect the integrity of global sports competitions”.
It remains unclear if the IOC indirectly forced FIFA’s hand, but it has resurrected the debate whether athletes should pay the price for the machinations of their political leadership. The IOC , unlike a few individual sporting bodies , has often sought to shield clean sportspersons from becoming collateral damage, a position it took in the doping scandal too. It based the recent ban recommendation on the need to ensure a level playing field , a sacrosanct Olympic playing ideal. The works of geo politics and sports have long overlapped . But they have not seemed this entangled in recent memory.
Are you planning to launch your new business? Well, that’s great! However, you aren’t alone in the world of startups. But, did you get tired of your 9-5 job or years of hard work that pushed you to start your own business?
Many people were laid off during the pandemic. As a result, there seems to be an exceptional surge in the launch of startups as these laid-off people are exploring new opportunities. Whatever the reason behind starting a new business, it is undoubtedly a great way to achieve all your life dreams.
While as exciting as it sounds, the road to entrepreneurship is no walk in the park. However, having certain traits and qualities can make you a successful entrepreneur. So do you have what it takes to be a successful entrepreneur? Below is the list of crucial skills that you must develop and polish to take your startup to the next level:
Learning Skills
The path to entrepreneurship is full of both ups and downs. You might come across many failures during your entrepreneurship journey. However, how to cope with uncertain situations is what matters most. Therefore, make sure to have a growth mindset. You can adopt many ways to deepen your knowledge, for instance, by reading books, attending seminars, taking classes, etc. The more you desire to learn and grow, the more chances you will be successful as an entrepreneur.
However, are you feeling reluctant to pursue your further education because you have other family and work commitments? No worries, consider enrolling in an Online General MBA Program and gain comprehensive knowledge about various aspects of the business. The MBA degree will equip you with in-depth knowledge of financial management, business ethics, marketing, etc.
Communication
As a new business owner, you need to pitch your business idea to potential investors constantly. Moreover, you will be selling your products or services to prospective customers and earning revenue. But how is that possible if you lack proper communication skills. That is why effective communication is imperative for business people.
Good communication skills will help you build and nurture long-lasting relationships with your customers, stakeholders, and employees. Furthermore, no matter how well-qualified or well-skilled your team is, your business will suffer if you can’t communicate your strategies to them. Therefore, try to be proficient in all communication formats – verbal and non-verbal.
Problem-Solving
Sure, you started your business by identifying your target customer’s pain points and providing a solution. However, your work doesn’t end here. It is because every business comes with its own sets of challenges. You will encounter new situations that require you to make different decisions each day. Put it this way, the more strategic decisions you make, the greater chances you can achieve your business objectives. As a successful entrepreneur, one of the most crucial skills you need is excellent problem-solving skills. With good problem-solving skills, you can turn your problems into potential opportunities.
Networking
As an entrepreneur, you might have endless tasks on your plate. You might be planning to sit all day cooped in your office to accomplish those tasks. However, if you wish to run a successful business empire, you need to take some time to get out of your office and network. Networking will help your business grow since you will meet like-minded people. You will meet new business partners and clients and find new opportunities with good networking skills. The best way to network is by attending business conferences and other industry events. You can also build strong connections through social media platforms such as LinkedIn.
Time Management
Imagine you got a potential client project that can help you generate considerable revenue. And while you are sure you and your team can deliver the project with good quality. Still, due to poor time management, the delivery of the project gets delayed. So, of course, your client will get disappointed and might not even consider doing business with you ever again. They might consider going to your competitors for business instead of you. For this reason, excellent time management skills are crucial to becoming a successful entrepreneur. Though you will be handling many tasks simultaneously as an entrepreneur, good prioritization and delegation can help you get your work done efficiently.
Financial Management
Let’s face it; business is all about money. How you manage your business finances can either sink or swim your business. Therefore, learning the art of how to manage your finances is the key to your success. Start by creating a realistic budget and stick to it. That way, you won’t go overspending. It’s sensible to invest in cybersecurity measures like MFA authentication, but it’s not OK to waste money on a high-end office you don’t need yet.
In many cases, entrepreneurs make the biggest mistake by overspending in the hope of earning more revenue. However, unfortunately, they have to deal with the financial crisis because of their overspending. Therefore, once you create your budget, keep an eye on your finances to avoid any mishap. Sound financial management skills can help you tap into new opportunities and make well-informed decisions.
Leadership
Another critical skill is strong leadership. There is a high possibility you have a strategic vision and excellent business idea, but what’s the purpose if your employees are not following you. That is why develop and polish your leadership skills. However, being a leader is not just a title. It would help if you could motivate and inspire your employees.
Moreover, suppose you wish your employees to follow your dream and work towards achieving your business goals. In that case, you must be likable and approachable. Lastly, it is to note that you don’t have to do all the tasks yourself because you are a business leader. A great leader is someone who knows when to delegate tasks.
Resilience
Answer this. Are you resilient? Resilience, by definition, means bouncing back quickly from challenging situations or failures. Unfortunately, no matter how robust your plans are, things sometimes don’t work as you plan. As a result, you might experience some losses, too. However, picking yourself up when things become difficult is one of the defining traits of a successful entrepreneur. It’s easy to give up when things become hard. But as a successful entrepreneur, you must have a positive attitude and mindset so you can learn from your failures.
Key Takeaways
It is no secret that launching your new business and making it successful is no piece of cake in the highly-competitive and ever-evolving business world.
While your degree can give you the push you need to proceed with your unique business plan, your skills will determine whether your business will reach the newer heights of success or not. So be honest with yourself and analyze your skills. Don’t fret if you don’t have some of the skills. With some practice and determination, you can develop or polish these skills and be good on your road to successful entrepreneurship.
The digital revolution happening around the world has impacted every industry in one way or another. It has led to a growth in data production in different businesses, making the collection and analysis of large amounts of data common in all organizations. Companies are collecting more data than ever before and transforming their businesses through data-driven decisions, which is necessary to stay viable and thrive in the rapidly changing environment.
Nowadays, all major enterprises are reliant on data as it offers various benefits. Converting data into actionable intelligence can help a company understand consumer behavior and develop new insightful strategies accordingly. Moreover, companies also feel more confident applying policies supported by data-driven decision-making.
Many companies struggle to implement data-driven decision-making because they don’t have organized data, making it difficult to navigate information or draw conclusions. Therefore, all organizations should update their systems and equip themselves with new technologies to effectively utilize analytics and survive in this new data-driven economy.
Several organizations have already become leaders in data-driven decision-making and are giving tough competition to other companies. Data-driven organizations are indeed the future, and in this article, we will discuss the reasons why.
1. They Provide Better Customer Service
Data can help organizations understand customer behavior, preferences, and dislikes. Organizations can wield the power of data-based decision making to combine different approaches to serve the customer throughout the lifecycle from prospect to advocate phase. The design targeted strategies reach the right customers at the right time through appropriate channels.
For example, organizations can utilize real customer data to offer targeted podcasts, communications, and services to their customers, leading to greater customer satisfaction. Moreover, data can help organizations identify and apply the most cost-effective ways to address queries and problems in customer support centers by reducing issue resolution time and increasing customer satisfaction.
2. They Improve Their Existing Business Processes
Data-driven decision-making helps organizations improve their business processes and grow their sales, maximizing revenue growth. In the competitive business market, data helps organizations identify and take advantage of revenue opportunities. Data-driven organizations always make better and faster decisions as they are backed by numbers.
For example, slower sales growth can be a sign of below-average sales team performance. Therefore, data-driven organizations identify problems and review related data, develop marketing strategies based on the data to optimize processes, leading to a growth in revenue. The following steps are followed mostly for using data to improve business processes.
Define the strategic goals of your business
Find the ways to achieve those goals
Categorize the data you already have
Collect more related data
Thoroughly analyze the data
Conclude and communicate insights
Incorporate measures to modify business processes according to the insights
3. They Efficiently Identify New Business Opportunities
Organizations analyze data to increase the opportunity for growth and profitability in the long run. Data analysis can reveal insights that help businesses identify new business opportunities, like investing in innovative products and services that consumers demand.
For example, a women’s clothing shop can identify through data what styles, colors, or trends are going to be popular in the next few months and can stock up on those to sell more and grow their revenue. Moreover, data-driven decision-making may help some organizations venture into untapped customer segments.
Data analysis can also help organizations identify their non-profitable ventures so they either stop investing in them or drop them altogether. For example, data analysis can help identify the least popular clothing item in your store, which you can either pull back or use more efficient strategies to sell them.
4. They Predict and Follow Future Trends
Data-driven organizations collect and utilize past data to predict crucial trends in the future. It helps organizations prepare for any negative events and ensure optimal outcomes. Moreover, data-driven organizations respond to market changes quickly and efficiently, providing them with a competitive edge in the market.
Some companies use a sales forecasting method based on data analysis to predict future sales. Sales forecasting involves the following steps;
Access and analyze past sale’s data
Incorporate required changes like changing the price of an item, promoting an item, or changing an entire product
Observe current market trends to predict future trends
Monitor competitors and introduce strategic techniques to include in your business plan for an increase in sales
5. They Encourage Innovation
Innovation is essential for the survival of any organization. Innovative companies outperform their peers and create substantially more business than their peers. Therefore, data-driven innovation is a primary pillar of success in the present global economy.
Data analysis helps organizations recognize patterns, interactions, and inconsistencies taking place within an industry and helps them derive innovative changes in the industry. Organizations can identify data innovation opportunities in five distinct ways;
Digitizing assets
Trading data
Combining data within and across industries
Codifying a distinctive service capability
Augmenting products to generate data
6. They Cut Down Unnecessary Costs
Data-driven companies utilize data analysis to reduce operational costs and optimize expenses. Costs can be reduced, and profits can be increased by analyzing the impact of different variables and transforming business processes. Moreover, eliminating unwanted costs also boosts productivity. Therefore, data-driven organizations can efficiently cut down on operational costs and can save substantial amounts of money in the process.
Studying customer response data provides companies with valuable insights to make strategic adjustments at specific points instead of randomly cutting costs. Moreover, data-driven companies also assess the possibility of products being returned and are prepared to take the necessary actions to reduce related costs and losses.
The Bottom Line
Data analysis has become an essential part of all industries. Organizations can utilize this data to advance in their respective industry, making data-driven decision-making a key factor for the success of any company in the present world. Companies refusing to adapt to this data-driven economy will eventually go under as data-driven organizations are the future.
Data-driven organizations provide better customer care by identifying customer needs and providing them with targeted information. They also improve their existing business processes and help identify and take advantage of new business opportunities to increase revenue. Moreover, data-driven organizations study data to identify repetitive patterns and predict emerging business trends. They also help reduce unnecessary costs and encourage innovation to stay ahead in this competitive economy. Hopefully, this article will help you understand the various reasons why data-driven organizations are the future.
International Journal of Research (IJR) 