Tag Archives: #India

Culture and History

INDEPENDENT INDIA

The British rule played an important role in shaping modern India. British ruled over India for more than a century (1757-1947). The British rule in India started with the East India Company, a private company owned by stakeholders. The anti-colonialism movement emerged in response to the “divide and rule” approach used by the British. Gandhi, and his revolutionary methods of protest, played a pivotal role in Indian independence. India gained its independence from Britain on 15 August 1947, after decades of clashes and protesting.

THE BATTLE OF PLASSEY

Britain had been trading in India since about 1600, but it did not begin to seize large sections of land until 1757, after the Battle of Plassey. This battle pitted 3,000 soldiers of the British East India Company against the 50,000-strong army of the young Nawab of Bengal, Siraj ud Daulah, and his French East India Company allies. The Nawab lost at least 500 troops, while Britain lost only 22. Britain seized the modern equivalent of about $5 million from the Bengali treasury and used it to finance further expansion.

THE MUTINY OF INDIA IN 1857                         

On May 10, 1857, the Indian Revolt began, with Bengali Muslim troops marching to Delhi and pledging their support to the Mughal emperor. After a year-long struggle, the rebels surrendered on June 20, 1858.

WORLD WAR I

During World War I, Britain declared war on Germany on India’s behalf, without consulting Indian leaders. About 1.5 million Indian soldiers and laborers were serving in the British Indian Army by the time of the Armistice. A total of 60,000 Indian soldiers were killed or reported missing. In April 1919, more than 15,000 unarmed protesters gathered at Amritsar, in Punjab. British troops fired on the crowd, killing hundreds of men, women, and children, even though the official death toll of the Amritsar Massacre as reported was 379.

WORLD WAR II

When World War II broke out, India once again contributed hugely to the British war effort. In addition to troops, the princely states donated substantial amounts of cash. By the end of the war, India had an incredible volunteer army of 2.5 million men. About 87,000 Indian soldiers died in combat.

STRUGGLE FOR INDEPENDENCE

Even as World War II raged on, Gandhi and other members of the Indian National Congress (INC) demonstrated against British rule. The 1935 Government of India Act had provided for the establishment of provincial legislatures across the colony. The Act also created a federal government for the provinces and princely states and granted the right to vote to about 10% of India’s male population.

ARRESTS OF GANDHI

Gandhi and the INC did not trust the British envoy and demanded immediate independence in return for their cooperation. When the talks broke down, the INC launched the “Quit India” movement, calling for the immediate withdrawal of Britain from India. In response, the British arrested the INC’s leadership, including Gandhi and his wife. Mass demonstrations were carried out across the country but were crushed by the British Army.

PARTITION

On August 17, 1946, violent fighting broke out between Hindus and Muslims in Calcutta. The trouble quickly spread across India. Meanwhile, cash-strapped Britain announced its decision to withdraw from India by June 1948. Sectarian violence flared again as independence approached. In June 1947, representatives of the Hindus, Muslims, and Sikhs agreed to divide India along sectarian lines. Hindu and Sikh areas remained part of India, while predominantly Muslim areas in the north became the nation of Pakistan. This division of territory was known as the Partition. Millions of refugees flooded across the border in each direction, and up to 2 million people were killed in sectarian violence. Pakistan became independent on August 14, 1947. India followed the next day.

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Education

INDIAN ARMED FORCES

The Indian Armed Forces are the military forces of the Republic of India. It consists of three professional uniformed services: the Indian Army, Indian Navy, and Indian Air Force. The President of India is the Supreme Commander of the Indian Army, and its professional head is the Chief of Army Staff (COAS), who is a four-star general. The Indian Army originated from the armies of the East India Company, which eventually became the British Indian Army, and the armies of the princely states, which were merged into the national army after independence. The primary mission of the Indian Army is to ensure national security and national unity, to defend the nation from external aggression and internal threats, and to maintain peace and security within its borders. The army has been involved in four wars with neighboring Pakistan and one with China.

MISSION

The army has taken up the responsibility of providing internal security, especially against insurgencies in Kashmir and Northeast India. Currently, the army is also looking at enhancing its Special Forces capabilities. With India’s increasing international role, and the requirement to protect its interests in far-off countries becomes important, the Indian Army and Indian Navy are jointly planning to set up a marine brigade.

PULWAMA ATTACK

On 14 February 2019, a convoy of 78 vehicles transporting more than 2,500 Central Reserve Police Force (CRPF) personnel from Jammu to Srinagar was travelling on National Highway 44. Pakistan-based militant group Jaish-e-Mohammed claimed responsibility for the attack. It is the deadliest terror attack on India’s state security personnel in Kashmir since 1989. On 27 February, Pakistan Air Force conducted an airstrike into Jammu and Kashmir in retaliation for the Indian airstrike the day before. Both Pakistan and India agreed that no damage was caused by Pakistan’s airstrike. However, in an ensuing dogfight between Indian and Pakistani jets, an Indian MiG-21 was shot down over Pakistan and its pilot captured. Pakistan released the pilot on 1 March. On 5 March, Pakistan arrested 44 members of various groups, including the Jaish-e-Muhammad. Some of those arrested had been named by India in a dossier it gave to Pakistan in the aftermath of the Pulwama attack.

URI: THE SURGICAL STRIKE

There was an attack by four heavily armed terrorists on 18 September 2016, near the town of Uri in the Indian former state of Jammu and Kashmir. It was reported as “the deadliest attack on security forces in Kashmir in two decades”. The terrorist group Jaish-e-Mohammed was involved in the planning and execution of the attack. At the time of the attack, the Kashmir Valley region was a center of unrest. At around 5:30 a.m. on 18 September, four terrorists attacked an Indian Army brigade headquarters in Uri, near the Line of Control in a pre-dawn ambush.

BALAKOT AIRSTRIKE

The 2019 Balakot airstrike was conducted by India in the early morning hours of 26 February when Indian warplanes crossed the de facto border in the disputed region of Kashmir, and dropped bombs in the vicinity of the town of Balakot in Khyber Pakhtunkhwa province in Pakistan. The following day, 27 February, in a tit-for-tat airstrike, Pakistan retaliated, causing an Indian warplane to be shot down and its pilot to be taken prisoner by the Pakistan military before being returned on 1 March. The airstrikes were the first time since the India-Pakistan war of 1971 that warplanes of either country crossed the Line of Control and also since both states have become nuclear powers.

Education

Indian Defence Sector: – A bid to gain independence

India is a vast nation, both in terms of landmass and population with enormous conflicts with two of its nuclear-powered neighbours Pakistan and China. India is a peace-loving nation but its working can be understood by famous Latin saying “Si vis Pacem, Para Bellum” which loosely translates to “If you want PEACE, prepare for WAR”. To protect its sovereignty, integrity and National interests, and to feed its 1.44 million warriors a huge lot of advanced weaponry is required. To meet this demand India looked west, big arms exporters exploited this vulnerability of our nation and gained major checks. India due to lack of its indigenous weapon industry’s lack of sufficiency was forced to accept imports as a norm to meet obligations.

India is the world’s second-largest arms importer from 2014-18, giving up the long-held tag as the largest importer to Saudi Arabia. It accounted for 12% of the total imports during that period.

Indian imports decreased by about 24% during 2009-2018, citing delays in deliveries of weapons produced by international suppliers, such as Fighter aircraft ordered from Russia in 2001 and submarines from France in 2008.

Russia accounts for 58% of Indian arms imports, compared to76% in 2009-13. Israel, the United States and France all have increased their arms exports to India. The Russian share in Indian imports is likely to go up sharply during as India signed several big-ticket deals recently, and more are in talks. These deals include S-400 air defence systems, stealth frigates, AK-203 assault rifles, and deals for Kamov-226 helicopters, Mi-17 combat helicopters and short-range air defence systems.

As India reduced imports, Russian exports of arms were dented, decreasing by 17% between 2009 and 2018.

  • Now a major question formulates. What is the reason behind this insufficiency of Indian Arms Industry?
  • European nations were under total crisis during the world war, they were in pressure to supply their soldiers with weapons to fight, this high demand of weapons caused industrialists to invest on production and hence established big arms Industries. After settling from war and its aftermaths, these nations started exporting theirs produces to neutral grounds. Many tactics were employed to keep this demand stable, new rebellious groups were funded, terrorists were raised, governments were unstabilised, nations were threatened, and proxy wars were waged all over. The timing of Independence of India and conflicts with neighbours created a big potential market in India and continuous wars over that time kept the demand thrive.
  • No country is always at war, and the arms industry is one such industry that wants regular and stable consumers. European Nations along with the United States have lenient policies for possession of arms, but India has a strict policy because of high risks of misuse, due to this regional Arms Industry has never been able to hold ground in India.

In the tenure of Modi Government, policies have been modified to reduce the dependency of India on imports by increasing domestic production. There have been observed conclusive increase in Indian Defence exports.

 

 

 

Make in India

The Narendra Modi government cleared 39 procurement proposals worth 889 billion (96% of the value of total proposals) were categorized as Buy Indian and Buy and Make Indian—

The government’s policies encouraged domestic production and export of defence equipment under Narendra Modi’s flagship scheme Make in India in Defence. It has resulted in conclusive growth of defence export from the country as it jumped by 7 times in just two years, from $213 million in FY 2016–17 to $1.5 billion in FY 2018–19.

In July 2015, the MoD eased policies of export regulations and terminated asking multiple assurances on end-use from foreign governments.

FDI in Defence

Even though Narendra Modi government has been toiling hard to get FDI in the defence sector, firstly by raising the cap from 26% to 49% through Direct route and 100% through Ministry of Defence’s approval, whereby the investing foreign entity can have ownership up to 100% in the defence manufacturing.

India is dependent on imports especially on western nations, but humungous steps have been taken to reduce this dependency and these steps are now producing evident results. All that is required to be done now is keep the momentum going and gain independence in this sector as this will be a booster towards gaining Super Power Status

Education

INDIA’S MASSIVE TRADE DEFICIT WITH CHINA; LOWEST IN FIVE YEARS

India’s trade deficit with China sinks to $48.66 billion in 2019-2020 which is lowest in five years. Now what is the trade deficit? Trade deficit can be defined as an amount of imports of a particular country exceeding the amount of its exports. According to the data, exports to China in the last financial year stood at $16.6 billion, while imports accumulated at $65.26 billion. India and China are two very well-known countries with ancientCivilizations, their partnership in every major field like trades has made an ideal example since over 2000 years. But from the last few weeks the India- China relation has deteriorated. The main cause of the clash was a dispute over the sovereignty of the widely separated Aksai Chin and Arunachal Pradesh border regions. So, it can be assumed that this clash played a vital role along with lower imports and higher exports as the major cause of India’s significant reduction of trade deficit.

The major imports from China cover electronic gadgets (clocks, watches, smart phones, calculator, laptop etc.) plastic materials (toys, plastic containers, bottles), sports goods, musical instruments, furniture, chemicals, irons, mineral source, metals and fertilizers.

Foreign Direct Investment (FDI) from China in India fell to $163.78 billion in 2019-2020 from $229 billion in previous monetary, the data said. 14% India’s imports are recorded by China and the major portion comes from critical pharma ingredients and telecom.

 India was able to captivate FDI worth $2.38 billion from 2000 to March 2020 but in April the government has narrowed the standards for FDI coming from the neighboring countries especially which share a land border with India like China.  As per FDI, any company or individual can steep in any field with the government approval.

Top sectors like metallurgical (USD 199.28 million), services (USD 170.18 million), electrical equipment (USD 185.33 million) which showed maximum FDI from China in the period of April 2000- March 2020.

Around 371 products have been identified for technical regulations. Out of 371, technical regulations have been assigned for 150 products worth $47 billion of imports.

The reduced imports from China also helped the U.S. extend its lead as India’s largest training partner against trade off $88.8 billion with US India straight with China was just $82 billion. 2019-2020 year’s trade deficit of India is almost similar to 2014-15, when the Narendra Modi took first post, but it was 34% higher than 2013-14, stimulating the government to suggest that the further steps taken in recent months have yielded results.

In that definite time when entire world has been put off financially due Corona virus pandemic accompaniedby India-China war; in the standing of that point taking such steps like restricting the imports from China would be a great decision for India.

The Country and countrymen both are hopeful, at the same, of time what lies ahead in future.

“A large chunk of these originate from China. We will pursue import substitution,” a senior official said.

Education

The largest manufacturer of iron and steel in the global economy: Can India ACHIEVE this peak position?

The iron and steel enterprises are among the most significant enterprises in India. During 2014 through 2016, India was the third biggest manufacturer of crude steel. In 2019 India turned into the second-biggest steel producer on the globe after China and the biggest manufacturer of steel and iron in the world.The Indian steel industry is at a precipice in its growth journey. The industry delivered 82.68 million tons of absolute finished steel and 9.7 million tons of crude iron. Generally, iron and steel in India are processed from iron metal.

Fast increase underway has brought about India turning into the second-biggest producer of rough steel during 2018, from its third-biggest status in 2017. The nation is additionally the biggest manufacturer of Sponge Iron or DRI on the globe and the third biggest completed steel customer on the planet after China and the USA.

With the vision of a $ 5 Trillion economy by 2024-25 and the Rs 100 Lakh Crores arranged interest in framework, it is essential to shape the steel business to fulfil the need that is probably going to increment over the coming years. Guaranteeing that the country is set up to deal with this envisioned increment will require purposeful exertion over different approaches including limit extensions, value expansion, trade balance enhancement, coordination foundation upgrade, and R&D. This will involve close cooperation among the different partners in the steel esteem chain – Government (Central and State), steel makers, steel clients, the scholarly world, and lenders.

India’s per capita steel expenditure is as of now at a normal of 74 Kgs for every capita versus a worldwide normal of ~255 Kgs per annum. With the push on steel used in all going sectors, for example, framework and construction, the utilization is relied upon to increment in an accelerated trajectory. Government plans like Housing for all, Jal Shakti, and the subsequent ventures they will drive into streets, railroads, and other foundations will be significant drivers for the development of the steel division in India. Steel is and will keep on being significant for the country working regarding esteem creation and generating employment. The Indian steel industry should be set up to meet the prerequisites that will emerge out of this vision.

India’s steel industry: Journey so far

  • 1875 Bengal Iron and Steel Company in Barakar
  • 1907 Establishment of Tata Iron & Steel Company (TISCO)
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  •  1954 Set-up of Hindustan Steel Pvt. Ltd. 1962 Completion of Durgapur, Bhilai and Rourkela steel plants 1973 New model for managing the steel industry presented to the Parliament; set-up of SAIL
  • 1991 Government of India liberalizes the steel sector by removing iron and steel industries from the reserve list 2005 India becomes one of the top 10 steel producers in the world.
  • 2018 India becomes the world’s second-largest producer of crude steel 1937 Establishment of Steel Corporation

NSP (National Steel Policy) – Vision, Mission & Aim

Vision: To make a creatively advanced and all around competitive steel industry that progresses monetary development.

Mission: condition for accomplishing –

  • Self-adequacy in steel creation by giving strategy support and direction to private producers, MSME steel manufacturer, CPSEs, and encourage satisfactory limit augmentations.
  • Development of all-around competitive steel-producing abilities.
  • Cost-proficient creation and household accessibility of iron metal, coking coal, and petroleum gas.
  • Facilitate interest in abroad resource acquisitions of crude materials.
  • Enhance domestic steel orders.

Aim: The National Steel Policy targets accomplishing the accompanying goals –

  • Build an all-around competitive industry
  • Increase per Capita Steel Consumption to 160 Kgs by 2030-31
  • To locally fulfil the whole need of high evaluation car steel, electrical steel, unique prepares and composites for vital applications by 2030-31
  • Increase private accessibility of washed coking coal to decrease import reliance on coking coal from ~85% to ~65% by 2030-31
  • To have a more extensive nearness all around in esteem included/high evaluation steel
  • Encourage industry to be a world chief in vitality effective steel creation in a naturally supportable way.
  • Establish local industry as a savvy and quality steelmaker
  • Attain worldwide norms in Industrial Safety and Health
  • To considerably lessen the carbon impression of the steel business

Export Promotion of Iron & Steel Products

  • The conspire empowers exporters to import pertinent crude material and different contributions to the required amounts, obligation-free for the creation of the export item.
  • Quantities of import are permitted according to standard info yield standards (SION) endorsed by DGFT or according to self-pronounced standards by the exporters subject to confirmation of the DGFT.
  • Ministry of Steel (Technical Wing) helps the Advance Authorization Committee/Norms Committee in DGFT/in the endorsement of the self-revelation standards or something else.
  • Service of Steel additionally encourages DGFT to fix new standards (Standard Input-Output Norms) and additionally to audit existing standards in meeting with industry/specialists/advisors.

The direction towards a boost

  • The iron and steel industry required extensive arrangements for modernization, up-degree of innovations, the substitution of out of date gear and evacuation of mechanical awkward nature.
  • Presently, the administration is attempting to help the business through the RBI’s vital obligation rebuilding plan. Be that as it may, it needs long haul money, for example, benefits reserves, investment funds and so forth which can withstand repeating instability of benefits not at all like financing from banks or capital markets.
  • Anti-dumping obligations on modest import to secure local makers.
  • More centre around the framework and vehicle industry to expand residential interest and occupation creation to offset worldwide log jam.
  • Servicing of awful credits by the government to give capital and looking into the validity before dispatching the advances.
  • Increased outside speculation.
  • More accentuation on Green Climate Fund to acquire condition inviting innovation.
  • Decrease iron mineral fares to guarantee crude material supply.

Chintan Shivir: towards a Vibrant, systematic and Globally Competitive Indian Steel Sector

  • The Chintan Shivir occasion hung on 23rd Sept. 2019 at New Delhi and was conceptualized with a reasonable topic under the vision and targets “Towards a Vibrant, systematic and Globally Competitive Indian Steel Sector” and included support from more than 900 members across Government (Center, State), CPSEs, private division, research foundations, counselling and banking parts. The short brief is as under:

Domestic Capacity Expansion with Special Reference to Secondary Steel Sector: The auxiliary steel division in India right now contributes over 40% of the all-out limit and it should assume an essential role for India to arrive at 300 MT limit. This conversation accordingly planned to recognize difficulties to limit extension in the nation with a unique spotlight on optional steel and to correspondingly talk about on proposals on lightening these.

  • Demand Generation: Despite being the third biggest steel customer on the globe, India has per capita steel utilization that is just a single-third of the world’s normal. This meeting accordingly meant to talk about, consider and distinguish proposals to build the per capita utilization of steel in the nation.
  • High-Grade Steel Production: Despite being a little portion of imports by quantity, alloys and tempered steel contribute lopsidedly to the import bill by esteem. Henceforth, this meeting dove into interesting difficulties for the unique steel division and laid out possible proposals to empower India to rise as a key player in high evaluation steel.

India overtook Japan

India has supplanted Japan as the world’s second-biggest steel-producing nation, while China is the biggest producer of unrefined steel representing more than 51 per cent of production, as stated by the World Steel Association (world steel).

The worldwide steel body in its most recent report noticed that China’s crude steel yield bounced 6.6 per cent to 928.3 million tons (MT) in 2018 from 870.9 MT in 2017. China’s share expanded from 50.3 per cent in 2017 to 51.3 per cent in 2018.

“India’s unrefined steel production in 2018 was at 106.5 MT, up by 4.9 per cent from 101.5 MT in 2017, which means India has supplanted Japan as the world’s second-biggest steel-producing nation. Japan created 104.3 MT in 2018, down 0.3 per cent contrasted with 2017,” world steel said. Worldwide unrefined steel creation arrived at 1,808.6 MT for the year 2018 from 1,729.8 MT in 2017, an ascent of 4.6 per cent, it said

Education

FAILURE IN THE START-UPS

India is struggling for becoming third largest startup ecosystem in the world for which it has provided the ground for many new startups in last few years still 90% of startup fails within 5 years, the main reason behind this failure is lack of uniqueness and also 98 out 100 young entrepreneurs copy the western ideas they have lack of information and knowledge about new technical innovative ideas for their business.

According to the study of IBM institute of business value (IBV) conduct the survey in collaboration with Oxford Economics to know about India startup ecosystem and the main reason behind the failures in Startups is lack of innovation, non-availability of skilled workforce and insufficient funding. As India is giving a chance to many new startups and a young businessman still there is a high rate of unemployment in India also the main reason is an increase in the population and lack of proper knowledge about work.

IBM said that “77% venture capitalist surveys believe that many Indian startups lack pioneering innovation based on new technologies or unique business models. Indian startups are prone to emulate already successful global idea”.

According to experts, India is follower market however, artificial intelligence machine is mainly restored in retail and banking.

Through the global study, it has been found that India comes in the bottom-most countries in terms of global innovation and the report state the reason behind this is a poor education system. On the Global Invitation Index (GII) India comes on the 66th rank also there is no doubt about India can become a global driver because we have potential to do work, a pool of talent and cultural innovation.

Also, IBM states that 70% venture capitalist claim that the main problem faced by the Indian startups are an investment of talent and there is limited availability of important skills.

Another report suggests that there were around 6’000 IT companies in the year 2016 which came down to 800 in just nine-month of 2017 this means there is a big loss in startups and also many people are getting unemployed

Head of marketing intelligence firm Rishabh Lawania also shared his view by saying “Since 2015 as many as 1,503 startups have closed down in India. The major reason is due to the replication of western ideas and not lack of subsequent funding from investor”

The main failure is being faced by eCommerce and food technology.

The chief digital officer of IBM India/South Asia Nipun Mehrotra said “the Indian startup community ranked third globally in terms of the number of startups, has been creating new job opportunities and attracting capital investment. We believe that startups need to focus on Societal Problem, including health care, sanitation, education, transportation alternate energy management and others which would help deal with the issue that India and world face. These require investment in deep technology and product which are built to scale globally”.

Now, due to pandemic situation, India’s economy is facing crucial time and for stabling, these new young entrepreneurs should come up with innovative ideas and skilled workforce which will help India to regain its economy and also soon it will be the third-largest startup country in the world and for all this hard work and creative mind is required.       

Education

The $5 Trillion economy : reality or distant dream

The economy of India, a developing market economy as considered by many, is the 5th largest economy by nominal GDP and the 3rd largest by purchasing power parity (PPP). The IMF ranked India in 139th by GDP (nominal) and 118th by GDP (PPP). The protectionist economic policies adopted since independence and consecutively the acute payment crisis post-Cold War led to the adoption of various policies for economic liberalisation in 1991.  The 21st century has witnessed an annual average GDP growth of 6% to 7%. The years of 2014-2018 saw the unfolding of India as the world’s fastest-growing major economy, surpassing China.India’s GDP is driven by domestic private consumption making it the world’s sixth-largest consumer market at nearly 60%.  However, apart from this, the Indian economy is also stimulated by government spending, investment, and exports. India emerged as world 10th largest importer and 19th largest exporter in 2018. Statistically speaking, India ranked 63rd on ‘ease of doing business’ index and 68th on the Global Competitiveness Report. By 2019 India emerged as the world’s 2nd largest in terms of the labour force. A 2017 PricewaterhouseCoopers (PwC) report, India’s GDP at purchasing power parity could overtake that of the United States by 2050. India has young demography which results in a low dependency ratio, healthy savings and investments that have helped the economy to steadily grow over the years. Moreover, the incorporation of the Indian economy with the world economy has also aided this process.

The economic growth, however, slowed in response to ‘Demonetisation’ and ‘Goods and Services Tax (GST)’. Let us look at how these two measures actually impacted the economy in the beginning:

Demonetisation:                                                   

This move was announced on November 8, 2016, by the government in light of turning the economy into a “cashless economy”. This move was intended to put a dent on the practices by black money hoarders. Elimination of terror funding or fake money haunting the economy would, in turn, make it more transparent. However, pieces of evidence have shown that as time passed by, the idea behind demonetization might have failed miserably and did not achieve any significant change in the spheres of economic growth or transparency. “Let us ignore the temporary hardship, let us join this festival of integrity and credibility, let us enable coming generations to live their lives with dignity, let us fight corruption and black money,” said Modi in his speech regarding demonetisation. The government’s move caused the elimination of all Rs 500 and Rs 1,000 notes and made them invalid. These notes constituted 86.4% of total currency in circulation in the Indian markets. Disordered 3 months followed after demonetization triggering serious monetary issues for most of the Indian populace. Gabriel Chodorow-Reich of Harvard and Gita Gopinath of the International Monetary Fund (IMF) in their research paper, “Cash and the Economy: Evidence from India’s Demonetisation“, claimed that this move brought down the Indian economic growth. Along with this, another unintended outcome was 2-3% reduction in jobs in the quarter of note ban. Economic activity had already deteriorated by 2.2% in November and December 2016 revealed the research. “About 1.5 million jobs were lost during January-April 2017. The estimated total employment during the period was 405 million compared to 406.5 million during the preceding four months, September-December 2017,” a report by Centre for Monitoring Indian Economy (CMIE) stated. In 2018, former RBI governor, Raghuram Rajan said, “The two successive shocks of demonetisation and the GST had a serious impact on growth in India. Growth has fallen off interestingly at a time when growth in the global economy has been peaking up.”

Goods and Service Tax:        

The government’s decision to implement Goods and Services Tax (GST) has attracted mixed reviews. The principle of “one nation, one tax, and one market” is aimed at unifying this large economy although acted as a catalyst towards the worsening situation of the economy. The inflation rate has increased from 1.79 % to 5.11 % since July 2017 and continued till January 2018. This was a result directly related to the changing demand and consumption level of the poor people in India. India’s economic growth that was 8.4% in 2015 dropped sharply to 5.7% in July 2017. This complex system of indirect tax is finally recovered from consumers of goods and services increasing in sale price. Thus, irrespective of the consumer’s financial standing pays the same amount of GST for one unit of any product or service he avails in the market and here in India. This has acted as something counter-productive to the economy. Furthermore, GST increased tax appropriated by the government, making it the second-highest tax rate in the world (28%). This has had a negative impact as 29.9% population of India lies under Below Poverty Line (BPL) and 20% of India’s population dominates 47.7% of the total wealth of the nation giving rise to high-income inequality. Also, the implementation of the scheme of GST escalated unemployment rate (3.39-6.06 %) during the period of July 2017 to February 2018 in India.

Nevertheless,Prime Minister Narendra Modi in 2019 declared that he would like India to become a $5 trillion economy by 2024. This vision has been claimed as “challenging, but achievable” by the finance minister, Nirmala Sitharam. Several scholars and researchers have claimed that for the Indian economy to grow into a $5 trillion one by 2024, it will need to grow at a rate of 12% per year. Former RBI governor, C. Rangarajan said, “$5 trillion is a good aspirational goal. But please understand that a $5 trillion economy in a matter of 5 to 6 years cannot be achieved unless the economy grows in a sustained way between 8 and 9 per cent.It has to be closer to 9 per cent because today the Indian economy is $2.7 trillion. So, $5 trillion means almost doubling the size of the economy. And that is possible only if the economy grows at 9 per cent per annum in a sustained way for 5 to 6 years.” He opined that to qualify a country as one having a developed economy, the per capita income needs to be around USD 12,000. This level of growth was pegged to be possible solely at a steady rate of 9% per annum. The blow to the economy by Demonetisation and the implementation of GST was worsened by the crisis of COVID-19. The pandemic wreaking havoc around the globe in 2020 has successfully harmed the economy of India in an unprecedented way and thwarted its plan to become a $5 trillion economy by 2024. “My own estimate is that the 21-day countrywide lockdown which has been enforced, itself will result in shaving off at least 1 percentage point of GDP. And if you take earlier problems created by the coronavirus pandemic before the lockdown and the uncertainties of the future, then a 2 percentage points decline in growth rate (for 2020-21) is not unlikely at all,” said former finance minister Sinha. The economy took a hard hit as a result of the nation-wide lockdown to curb the pandemic. People are unable to work, supply chains have been gravely affected, and the labour has been forced to migrate back. The revised Gross Domestic Product (GDP) estimates for India downwards by 0.2-4.8% for the fiscal year 2020 and by 0.5-6% for the fiscal year 2021. Another major barrier to India’s economic growth is that it relies heavily on Chinese imports. Electronic imports to India account for 45%, automotive parts and fertilizers are pegged at 25%, active pharmaceutical ingredients range from 65-70%, and there is around 90% import of mobile phone from China to India. The discontinuation of these imports has given rise to several issues in the market which most probably will lead to an increase in the prices. Moreover, the recent clash between India and China will also have a serious impact on the economy. Furthermore, data reveals that 72% of the Indian companies are located in China (Shanghai, Beijing, provinces of Guangdong, Jiangsu, and Shandong). These provinces were the first to get the hit by a coronavirus. Thereby, leading to a complete stop at their activity. The effect of the pandemic has been felt by almost all business sectors. This hit will lead to a decrease in the GDP of 2021 and thus, we can bid goodbye to the dream of the emergence of the Indian economy as a $5 trillion giant. In addition to this, the MSME sector accounts for 30% of our country’s GDP which is at the moment at a vulnerable position due to the restrictions imposed. Statistics have shown that the dependence of Indian economy on three major contributors to GDP, namely,‘private consumption’, ‘investment’, and ‘external trade’ will all be affected immensely and thus, will cause a great deal of damage to the economy. In the backdrop of all these issues, the growth of the Indian economy into $5 trillion seems to be something impossible. The target set by Prime Minister Modi to make India a $5 trillion economy by 2024-25 might be delayed by 2 years even if the economy grows at a steady rate of 7.5% a year on average post current financial year. This is rate is, however, based on the 4.5% inflation rate that the economic survey for 2019-20 explained to achieve the target. To push the economy towards the goal, an increase of investments are required. Hence, infrastructure development is considered to be a critical aspect for achieving a $5 trillion economy as it can kick start a cycle of investments. However, the prevailing situation impedes any such measure that might help the economic situation and aidin the further realization of the dream.

Research Paper

Adventure is a worth while in itself..

Adventure is the experience of some exciting activities.It is the unusual experience which comes from the activities full of courage, excitement and joy.Somebody has rightly quoted that adventure is either daring or nothing. The most dangerous yet the most exiting is the ‘Sky Driving’ in Australia is one of the most reputable sky driving in the World. Driving into the deep blue sea to witness the Great Barrier Relief, jumping out of the helicopter to experience the great beauty of the great ocean road is mesmerizing and sizzling.One of the most speculated Cliff driving is at the Red Bull it dives into natural deep pools swimming down rivers slipping and sliding through this amazing activity. It really drives people crazy and is amazingly awsome.Water grappling is a adventure where you come down a huge rock pack along with the cascading waterfall.The fast beating heart shouts like a truck horn.As you reach down, you just can’t urge shouting.Well somebody has rightly said that you had the best experience of life.Talking about Water rafting is one the most thrilling experience one can get in life the Futalefu river in China is one of the best places for rafting the experience will let you explore huge waves, the amazing cliff and thunder.So those who can take risk can possibly go far and enjoy the life.

Research Paper

Changing trend in the market.

Change is the prominent factor in any business and the ability to master and exploit has become one of the most important sought in today’s environment if a business want to sustain. Change gets costlier every day yet not changing be costliest still.So the need of the hour for every business is to adapt to the changes and work accordingly. In the context, of new and emerging trends the basic principles of marketing need to be considered when making any decisions.’Customers satisfaction’ is the key factor which should be kept in mind before launching a product in the mind. Both the social and environmental aspects should be given utmost importance.Now the customised marketing is being promoted by the companies ie, (one to one) marketing. And with the digitalization of the economy and penetration of internet has largely affected the working and operation of the companies.And the last trend in pricing is the flexibility which is dependent on demand and has growing importance in online trading, while being applied more frequently in retails stores such as Amazon. A part from that content creation,social media and video marketing are changing the trends the way brands market to consumers.