Competitive Strategy Business Trend and Innovation

Question: Examine about the Competitive Strategy for Business Trend and Innovation. Answer: What is Strategy? Ordinarily, we frequently mistake methodologies for strategies, objectives or destinations. These are not techniques in evident sense, yet little segments of methodologies. The video clarifies about the importance of technique and related factors to it. For example, an organization means to be the best in the market. This isn't the methodology of the organization; it is the objective of the organization. The system of the organization needs to set out a few different ways to be on the top by beating the rivals in the business. The organizations preceding dispatch their items and administrations in the market would require defending some significant inquiries for achieving the positive outcomes. These include: 1) where do we contend - picking the correct market, 2) what is the remarkable we carry coming out with an interesting point to empower the clients to pick your items, 3) what assets/capacities are essentially used: This spreads how to viably use the assets. This can be utilizat ion of unrivaled innovation or human capital relying upon the business. 4) How would we support the capacity to give special worth: If the procedure works, there are chances that the contenders may apply your technique to pull in the clients. It additionally clarifies the necessity that the distinguishing proof of the fitting business sector for dispatch of the item is the significant advance and ought to be done appropriately in the staged way. By recognizing the earth and industrys advertise, the supportability angles ought to be exhibited on the wide level (DSouza, 2014). In this way, it is critical to support the capacity of uniqueness to keep on prevailing upon time. Clear responses to these inquiries accommodates great procedure. It is frequently accepted that technique is something we mean to do, yet according to Henry Mintzberg, a notable business specialist methodology is something you really do rather than plan to. As indicated by him, at times a genuine procedure doesnt p lace according to our arrangements. In conclusion, for the methodologies to work, it is essential to execute it at a legitimate planning, else it may not bring wanted outcomes. This is the best an ideal opportunity for Yahoo to plan and execute a technique for continuing the capacity to give novel esteem and get the ideal outcomes (Spangler, 2016). The association requires a sane system. There is an expansion popular from the speculators to sell its center business. It needs to construct a methodology like Apple did; Apple had think distinctive trademark when it ended up being a world head. Yippee requires a comparable procedure that will give a hold to control its changed and detached exercises. The coming years are significant for the organization; in this manner according to the gaining from the article, it is significant that Yahoo embraces an obvious procedure that is one of a kind as opposed to tossing 10 rocks against the divider and expecting that one would hit the objective. Plan of action Innovation By this video, Dr. Oliver Gasman has portrayed the job of the plan of action in getting the disobedience in the market. There are circumstances when top-most or profoundly fruitful organizations likewise falls. The instances of these organizations are Nokia, Kodak and blackberry. The primary explanation for their stunning destruction was because of absence of advancement. At the point when an organization is caught up with engaging the current clients without thinking about the future, in such instances of ruin will in general beginning or proceed. In an exceptionally serious market, advancement is significant. Development has the capability of either expanding the client estimation of an item or administration or it might bring down their cost accordingly bringing the upper hand. For example, Apples inventive items have helped in making the client esteem while Dell has diminished their item cost by work to arrange forms. It unmistakably suggests that Innovation isn't really about ha ving new thoughts, however the capacity to learn and consolidate. It isn't just about acquiring new innovation, yet having a plan of action which can effectively adding to the achievement (Kordamentha, 2014). The inventive model by means of video plainly completely replies to four inquiries, who are the objective clients, what is offered to them and how to make incentive and produce an incentive for them. It is exceptionally fundamental to consider the difference in at any rate two out of these four measurements while improving. For clarifying the plan of action advancement, the three basic perspectives are 1. Development which begins from thoughts can't be produced on the specialized level, 2. Development additionally needs the help of the assets and 3. Advancement can be bolstered by the fitting innovation for the turn of events and development (Stahler, 2016). Here, the association which is happy to make advancement in their plan of action is Pizza cabin. Sometime in the past the Pizza hovel was unequivocally committed to control what their franchisee is giving (Santiago, 2015). They didnt put stock in giving home conveyance administrations. It was effective and had made a specialty advertise, yet plans of action needs to continue developing or, more than likely todays achievement becomes tomorrows disappointment. Consequently, the contenders, for example, Dominos came up and purchased various varieties in their item and administrations as per the prerequisite and changing needs of the clients. Pizza cott age was vigorous of not relinquishing its then achievement equation subsequently the edges began to toughen up and deals has dropped down, consequently according to the learning gave it is critical to change at any rate two measurements out of the four measurements recorded previously. Individuals have lesser time and in this way, are increasingly alright with the speedy conveyances. Thus, it was significant for Pizza cabin to expand the client estimation of its item and administration. Reference index DSouza, S., 2014. Australian Business Trend: Deloitte, Available at: https://www2.deloitte.com/content/dam/Deloitte/au/Documents/methodology/deloitte-au-system business-patterns 2014.pdf Kordamentha, 2014. Plan of action advancement, Available at: https://kordamentha.com/docs/default-source/distributions/issue-14-05-innovation_part-4.pdf Santiago, J., 2015. Which nation spends the most on the web?. Which nation spends the most on the web?, 18 September. Spangler, T., 2016. Yippees False Prophet: How Marissa Mayer Failed to Turn the Company Around. Yippees False Prophet: How Marissa Mayer Failed to Turn the Company Around, 24 May. Stahler, P., 2016. Steve Jobs on values in your plan of action. Steve Jobs on values in your plan of action, 20 June.

The Civil War as a Second American Revolution History Essay Example

The Civil War as a Second American Revolution History Essay Example ly right variation of the word Negro Afro-American, as negro is viewed as a hostile word. Calhoun brings up Never before has the dark race of Central Africa, from the beginning of history to the current day, accomplished a condition so acculturated thus improved (p.602). One greater accomplishment of the subsequent upset is the foundation of provisional work. As enactment, standards of banking, railroad levies and rules, guidelines identified with open land and numerous others. Adams called attention to all positive and common laws, ought to acclimate quite far, to the Law of normal reasons and value (p.109). These very highlights recognize this Civil War among every single common war which didn't have such a conspicuous impact on the historical backdrop of the world and of the United States specifically. One increasingly recognized element of the Civil War that its head Abraham Lincoln had thoughts unique in relation to these ones proclaimed by the Revolution. Hence, being an ingrained mercantilist he declined free-showcase private enterprise. Additionally he questioned standards of human advancement, protected privileges of individuals, opportunity, balance and society of individuals in any case their skin shading. Nothing could change his faith in prevalence of white individuals in correlation with the dark ones. He saw America made for individuals like him and for nobody else. Absence of happenstance among transformation and its pioneer plots this occasion from the rundown of exceptional unrests all things considered. To summarize it ought to be called attention to that the Civil War is evenhandedly viewed as a second American unrest. Douglass brought up that harmony men favored unrest to tranquil accommodation to subjugation (p.595). It carried key changes to the fundamental parts of human life. Various pioneers were engaging the value surprisingly in their addresses. Any force was considered as viciousness. Just resistance was accepted to be adequate in new society. Regardless of the way that a major number of individuals passed on, the Civil War was set apart by the triumph of opportunity of dark slaves and value of highly contrasting individuals. Value was announced as the primary rule in social relationship arrangement. Resilience was applied in the disposition to others concerning their strict, social or social inclinations. All out transformation has acquired absolute opportunity everything.

How to Make Your Marketing Cut through the Clutter by Combining Human Psychology with Consumer Behavior

How to Make Your Marketing Cut through the Clutter by Combining Human Psychology with Consumer Behavior The modern world is perfect for businesses in many ways.Thanks to technology, customers have never been so accessible. Most of us have access to a gadget or two and research indicates that, by 2020, 6.1 billion people will own a smartphone.We’re constantly on the internet and, what’s more, we’re very much at ease with buying stuff on the web. In fact, 70% of adults feel comfortable giving away personal information.So,whereas in years gone by, companies had to resort to shouty billboards, intrusive flyers and cold calling, nowadays it’s different…… global advertising has never been so easy. © PublicDomainPictures | George HodanBusinesses that digitally market their products and services have a plethora of potential customers just a click or a swipe away.But the news isn’t all good; there are a couple of huge barriers in the way of success.Firstly, competition for attention is tough.Customers are easily accessible, but they’re easily accessible for everyone.There are well over 1 billion websites in existence. Content marketing has caught on and, all of a sudden, everyone’s become a publisher. The reality is, pretty much  every business has some sort of digital presence.They’re all hammering out content, hoping that something sticks.Plus, if that wasn’t enough, companies can also call upon social media, paid advertising, email marketing and search marketing.The result? There’s a lot of noise out there.The second issue is that, because there’s so much advertising getting pushed out 24/7, people are starting to get a little annoyed.Producing content for the s ake of it isn’t a good play, because although consumers still love content, they’re getting pickier about the content that they doengage with.Over 2 million blog posts are published each day. There are around 6,000 tweets every second on Twitter and a whopping 205 billion emails every 24 hours.And they’re stats from just 3 areas. I’ve not even touched on content generated from all the other types of marketing strategies out there.Consumers are consistently being bombarded with various forms of messaging, intrusive or otherwise.In a nutshell, it’s getting harder and harder for businesses to stand out from the crowd.How can you make sure that your marketing content gets seen ahead of anyone else’s? How can you enhance your brand and become memorable?This blog post aims to solve that issue. I’m going to closely examine how successful companies use a deep understanding of what makes us tick when they market their products and services.And I’m also going to give you a sim ple 4-step plan to implement for your own business.What can businesses do to get noticed?For starters, they can get real.The majority of firms don’t prioritize their audience nearly enough. Whilst they might care about them to a certain extent, they don’t provide a digital experience that satisfies their needs.They don’t seem to understand human nature, or consumer behavior.I’ve got over 20 years of copywriting experience and, when I’m approached by a client who wants their website copy rewritten, I tend to see the same issue over and over again.Businesses love to talk about themselves.Some have 100 years of history.Some have various accreditations from sources no one’s heard of.Some offer a range of products and services that solve problems you never knew existed.The point is, websites are often crammed full of copy that’s only meaningful to the business.The same applies to much of the marketing content you see out there.One of the most important things about copy is that it’s used to convey meaning. Understandably, website owners sometimes have a lot to say. Product USPs, credentials, testimonials and suchlike.However, if you’ve got a website that isn’t delivering traffic and sales, it might pay to put yourself in your customer’s shoes.What a business has to say isn’t important; what a customer needs to hear is.I find that I frequently have to reframe website copy so that the site is more geared towards delivering value to potential customers.That means doing two things:Understanding human psychologyUnderstanding consumer behaviorWhat do we know about human psychology?The human brain may well be the most complex structure in the universe.However, in business, our minds are much simpler.According to Tony Robbins, there are only 6 basic needs that make us tick.They are:Comfort and certaintyVariety and uncertaintySignificanceLove and connectionGrowthContributionWhat does this mean for marketing?Well, it means that businesses should commu nicate these elements in their messaging [although not necessarily at the same time].Comfort and certaintyPeople like to feel safe and secure. Products or services that tick these boxes stand the test of time. That’s why we love 100% money back guarantees and thorough FAQs.As a service provider that needs to convey reliability, Dropbox convinces with it’s comforting copy. © Wikimedia Commons | DropboxReferring to uploading photos, they say:“Backup your vacation photos automatically from your phone or computer.   That way, memories are safe as soon as you make them, and you can relive them from any device.”Note the use of the word ‘memories’.It subconsciously attaches more meaning and sensitivity to the issue here. It implies that a photo isn’t just a file. It’s worth much more than that.Variety and uncertaintyBecause we’re strange little creatures, we frequently respond to edgy brands that accentuate feelings of risk. Marketing collateral that addresses elements of future danger is often extremely effective.Dove’s ‘real beauty’ campaign highlighted what ‘real’ women look like [as opposed to relying airbrushed images in their advertising, like most beauty brands].It was a very different approach that got people talking.SignificanceEver been cold-called? Or received an impersonal email? There’s nothing more annoying than being ‘templated’. Sending segmented, personal marketing at scale is a challenge, but one worth tackling.McDonald’s is a business that recognizes the important of segmentation. They tailor their menus [and marketing] for different countries. © Wikimedia Commons | Diego9leon under CC BY-SA 4.0Love and connectionEssentially, we all want to be happy. And we also all try to make sense of things. It’s a basic human need to rationalize seemingly random facts and stories.But by focusing on connecting with your audience, you can create amazing brand loyalty.Robinsons did a fantastic job of leveraging emotion with this ad: GrowthWhether we’re talking about personal growth or the growth of a business, humans love targets and goals. Standing still is every entrepreneur’s worst nightmare.It’s why we love articles that examine how talented people achieved their success. © Wikimedia Commons | Matthew Yohe under CC BY-SA 3.0ContributionWhat is your business contributing to society? We may not realize it fully, but providing value is incredibly rewarding. So much so, our brains urge us to do exactly that.My old company Sky has been carbon neutral for 10 years. It’s not the first requirement for a media company, but it’s certainly something worth shouting about: © Copyright Gerald England under CC BY-SA 2.0And what about consumer behavior?Because our brains can be fairly predictable, so can a lot of our behavior and tendencies.There is a bunch of shopper marketing tactics that businesses can employ.For bricks and mortar businesses, that means addressing brand point-of-sale and trade marketing strategies.These are the ones you see every time you walk into a store: © Wikimedia Commons | Alan Cleaver under CC BY 2.0Consumer behavior is heavily influenced by the smallest of factors, such as the color of a sign or the height of a product.For digital businesses, that consumer behavior is more metric-based.Who is visiting your website?Do you have a search presence?What landing pages are designed well?What is your bounce rate?Are you growing an email list?Is your social media presence delivering?Are website visitors clicking where you want them to click?Is your copy engaging?Just like in a retail environment, a digital business must analyze the behavior of the people browsing and buying.Putting everything together into an action plan.Here’s a very simple 4-step plan that’ll help you create marketing content that combines human psychology and consumer behavior.Step 1: Find out who your audience actually is.Before attempting to understand your audience, it would help to initially confirm your targets.Because that’s the funny thing about digital business â€" we all think that we know to whom we’re talking to… but the reality can often be quite surprising.Thankfully, you can access a lot of website data for free.Head to Alexa and enter your website into their search bar: © Wikimedia Commons | Alexa InternetOn the results page, you’ll be able to see all sorts of information, like:How your website traffic is finding youThe country that your audience livesHow old they areTheir browsing locationWhat their income isThat sort of intelligence is crucial for creating marketing messages that resonate.Step 2: Segment your audience.To make use of that information, your next step should be to segment your targets into different groups.The human brain is predictable, but that doesn’t change the fact that we’re all different. Yup, we have a variety of likes, dislikes, cultures, beliefs and values.As such, it’s a bad idea to use the same copy, images and positioning throughout all forms of marketing collateral.Instead, as difficult as it may be to deliver, bespoke advertising will always work best.Accurately segmenting your audience and using strategies like ethnic marketing will reap the rewards in the long run.Relevancy is everything. Take blogging alone . Businesses know that content creation is important, but most companies just focus on volume.They pump out daily articles, sometimes more, because they’re seduced by stats. It might be true that 82% of consumers enjoy reading content from brands, but people will only  care if that content is relevant.Obviously you can segment to your heart’s content, but realistically, time is going to be an issue. Small businesses and start-ups aren’t going to be able to create multiple marketing campaigns.I’ve found that most markets can be comfortably divided into 4-5 different sectors. How you divide your audience depends on the results of step 1, plus your general industry knowledge.Age might be one factor. Maybe location is another. Perhaps income level, education or social media preferences are others.Less that 4 groups and you’re probably not being specific enough. More than 5 and you’re going to need a fair amount of resources.Step 3: Do your market research.Before executing an y marketing campaign, it’s important to thoroughly research your market.What does your demographic require? What are their needs and how much are they prepared to spend on a solution?Where does your target audience currently go to for help or information?Are other competitors selling something similar? What are they doing well? Are there any holes in their offers that you can fill?Step 4: Map out your content accordingly.Now it’s time to take what you know about your current audience and your market and create marketing messages that work for each group.The only left thing to remember is to analyze all the results, iterate and improve as time goes on.As the saying goes, one accurate measurement is worth a thousand opinions.Conclusion…Ultimately, successful brands understand all the intricacies we’ve covered here.There are countless more too. From utilizing the power of social proof to paying more when we don’t have to physically count out cash, our brains and our behavior always happens for a reason.Whether we’re talking about a strategically placed comma, the color of some packaging or a tempting discount, big companies market to us in ways we often don’t even notice.And, by applying a little bit of science to your strategies, your business can cut through the clutter and get noticed too.About the author Matt Press is an experienced copywriter who has written words for some of the UK’s biggest brands, such as Sky, Three and Vodafone. He now runs his own content marketing agency, Splash Copywriters.

Explanation of Human Behavior - 867 Words

Psychology as the article states is â€Å"it is a broad discipline, essentially spanning subject matter from biology to sociology. Psychologists have doctoral degrees. They study the intersection of two critical relationships: one between brain function and behavior, and another between the environment and behavior. As scientists, psychologists follow scientific methods, using careful observation, experimentation and analysis. But psychologists also need to be creative in the way they apply scientific findings.†(APA, 2014) How psychology developed into science is when Wilhelm Maximillian Wundt whom a German physician philosopher, physiologist and professor and also the founder of modern psychology illustrated psychology as a science†¦show more content†¦Behaviorism also believes in the scientific method and that only behavior that is observable should be studied because it can be objectively measured. This perspective rejects the idea that people have free will and ac knowledges that the environment determines all behavior. Moreover humanism is another perspective that explains behavior in the sense that it studies the whole person. Humanistic psychologist look at human behavior not only through the eyes of the observer, but in the eyes of the person acting out the behaving. They believe that the individual’s behavior is related to inner feelings and self-image. This perspective differs from the behaviorist perspective in the fact that the humanistic approach centers their view that each person is different and each individual has the free will to change at any time in his or her life. This perspective was emphasized by the two most influential psychologists Carl Rogers and Abraham Maslow. In addition, the psychodynamic perspective explained that the human mind is like an iceberg, but with only a small amount of it being visible, which is our observable behavior. 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However, there are underlyingRead MoreSelfish Relations : An Evolutionary Explanation Of Altruistic Behaviors1528 Words   |  7 PagesPaper 3 Selfish Cooperation: an Evolutionary Explanation of â€Å"Altruistic† Behaviors Cooperation among organisms, particularly among humans, is a phenomenon that has avoided being explicitly explained by the anthropological and biological community. Selfish genes are theoretically the genes that should be pervasive among individuals because of the implicated fitness benefits associated with selfish behavior. Yet, cooperation is abundantly found in human behavior cross-culturally. Cooperation can be tentativelyRead MorePsychometric Assessments Vs. Psychometric Assessment1315 Words   |  6 PagesAs human beings, there is this need to know everything and understand the reasoning for why life is how it is. It is in human nature to question others behaviors as well as our own. 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There are many different theories on what causes a person to exhibit deviant behavior. Some explanations can be biological

Myanmar Is Entering A New Era - 2369 Words

Executive Summary Myanmar is located between Bangladesh and Thailand, bordering the Andaman Sea and the Bay of Bengal. The country borders five nations and is endowed with rich natural resources. Strategic location, rich endowments of natural resources, abundant agricultural/marine resources, high tourism potential, attractive labor force and ASEAN membership are Myanmar’s advantages. Myanmar is entering a new era. After decades of repressive rule and self-imposed isolation, Myanmar, in 2011, begun reforms with significant political, economic and social changes. On the path of change, Myanmar had since institutionalized democratic governance, opened up the economy, liberalized the press. Efforts were made to conclude peace agreements with ethno-nationalist insurgent movements and to de-escalate religious tensions. Investors are actively considering Myanmar as an emerging economy. 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Indian Economic Scenario Free Essays

string(210) " over the next few years as| |it expands and adapts environment-friendly measures to garner global market share | |Indian infrastructure landscape would attract investments worth Rs 49,000 billion \(US\$ 904\." GLOBSYN BUSINESS SCHOOL STUDY OF THE INDIAN AND CHINA ECONOMY PRESENTED BY: Learning Group 6 (PGPM-11B) – Vasundhara Kedia – Sourabh Soni – Sudeshna Chowdhary – Niloy Biswas – Sauryadipta Basu – Mandeep Pradhan ACKNOWLEDGMENT The time spent in the making of this project, as a part of our curriculum requirement of PGPM course, is invaluable in terms of learning. The application of concepts to the project added more depth and meaning to the knowledge gained in the classroom. We wish to extend our gratitude to our faculty guide Prof. We will write a custom essay sample on Indian Economic Scenario or any similar topic only for you Order Now S Chatterjee, for guiding us through the project with ample patience and understanding. We would also like to thank him for reminding us of the core objectives of the project every time we diverted from it. TABLE OF CONTENTS Abstract PAGE NO. 1. Introduction 4-6 THE INDIAN ECONOMY 2. Pre colonial, colonial and post-colonial India 7- 15 3. Indian Planning Commission Liberalisation 16-20 4. India’s Economic Reforms and Currency Devaluation 21- 29 5. The Five Year Plans In India 30- 56 6. Fiscal Policy of India 57- 63 7. Monetary Policy of India 64- 65 8. Impact of Financial Crisis on Indian Economy 66-68 THE ECONOMY OF CHINA 9. Overview of the China Economy 69 10. Fiscal policy, Monetary policy, Inflation 70-73 11. Contrast between India and China’s Economy 74-80 ANNEXURE 1. INTRODUCTION Indian Economy Overview | | | | | |[pic] | | | | | |Indian economy is growing, despite the economic crisis that engulfed the world, stated Mr Anand Sharma, Union Minister for Commerce, | |Industry and Textiles, Government of India, while addressing a session at the 11thPravasi Bharatiya Divas 2013. Mr Sharma further | |highlighted that the national investment rate is around 33-34 per cent, and is expected to increase to 36 per cent by the end of | |12th  Five Year Plan (2012-17). |India has been adjourned the fifth best country in the world for dynamic growing businesses, as per the Grant Thornton Global Dynamism| |Index. The index gi ves a reflection of how suitable an environment the country offers for dynamic businesses. | |Indian tax climate was also considered to be reasonably favourable and India continued to be an attractive investment destination, | |according to a survey conducted by Deloitte Touche Tohmatsu Ltd (Deloitte). | |Moreover, India was ranked fourth on Ernst Young’s (E) renewable attractiveness index, second on the solar index, and third on the| |wind index, as per the latest  study  by E and UBM India Pvt Ltd. | | |The Economic Scenario | |India is expected to be the second largest manufacturing country in the next five years, followed by Brazil as the third ranked | |country, according to Deloitte. | |Some of the other important economic developments in the country are as follows: | |The HSBC’s Services Purchasing Managers’ Index (PMI) touched a 12 month high at 57. 5 points in January 2013 as compared to 55. 6 in | |December 2012 | |The net direct tax collections in India rose by 13. 70 per cent to record Rs 368,322 crore (US$ 67. 6 billion) during April-December | |2012, as compared to Rs 323,956 crore (US$ 59. 77 billion) during the corresponding months in 2011 | |Indian companies have raised US$ 4. 29 billion, through external commercial borrowings (ECBs) and foreign currency convertible bonds | |(FCCBs) in October 2012, to fund modernisation, foreign acquisitions, import of capital goods and onward lending | |The total value of private equity (PE) and mergers acquisitions (M) deals in November 2012 increased five-fold to US$ 10. 1 | |billion, as per a study by Grant Thornton India. The total value of PE deals in November 2012 rose to US$ 39 billion from US$ 0. | |billion in November 2011, indicating that PE players preferred concentrated exposure to their value investments | |The cumulative amount of foreign direct investments (FDI) equity inflows into India were worth US$ 187,804 million between April 2000 | |to December 2012, while F DI equity inflow during April 2012 to December 2012 was recorded as US$ 16,946 million, according to the | |latest data published by Department of Industrial Policy and Promotion (DIPP) | |Foreign institutional investors (FIIs) made a net investment of US$ 68. 46 million in the equity market and US$ 14. 2 million in the | |debt market upto February 18, 2013, according to data released by the Securities and Exchange Board of India (SEBI) | | | |Growth Potential Story | |The pharmaceutical market of India is expected to grow at a compound annual growth rate (CAGR) of 14-17 per cent over 2012-16 and is | |now ranked among the top five pharmaceutical emerging markets globally | |The ready-to-drink tea and coffee market in India is estimated to touch Rs 2,200 crore (US$ 405. 90 million) in next four years, | |according to estimates arrived at the World Tea and Coffee Expo 2013 | |India’s IT and business process outsourcing (BPO) sector exports are expected to increase by 12-14 p er cent in FY14 to touch US$ 84 | |billion – US$ 87 billion, as per National Association of Software and Services Companies (Nasscom) | |Indian manufacturing and natural resources industry plans to spend Rs 40,800 crore (US$ 7. 53 billion) on IT products and services in | |2013, a growth of 9. per cent over 2012, according to Gartner. The telecommunications category remains the biggest spending category | |and it is forecast to reach Rs 13,200 crore (US$ 2. 43 billion) in 2013 | |The semiconductor market is expected to grow from US$ 6. 03 billion in 2011 to US$ 9. 7 billion by 2015. In addition, the local demand | |and sourcing is estimated to record US$ 3. 6 billion by 2015 | |The electronic system design and manufacturing (ESDM) sector of India is projected to reach US$ 94. 2 billion by 2015 from US$ 64. | |billion in 2011, according to a report by the India Semiconductor Association (ISA) and Frost Sullivan | |The luxury car market of India is set for growth over the med ium and long term, according to Mr Philipp Von Sahr, President, BMW Group| |India. The market is about 30,000 cars a year and is rising steadily, Mr Sahr added | |The FM radio sector in India is expected to touch the Rs 2,300 crore (US$ 424. 35 million) mark within three years of the Phase III | |licences’ roll-out, as per estimates by Confederation of Indian Industry (CII) and Ernst Young. The sector is expected to reach Rs | |1,400 crore (US$ 258. 30 million) with 245 private FM stations during 2012-13 | |The US$ 12 billion Indian foundry industry has lined up investments worth Rs 600 crore (US$ 110. 70 million) over the next few years as| |it expands and adapts environment-friendly measures to garner global market share | |Indian infrastructure landscape would attract investments worth Rs 49,000 billion (US$ 904. You read "Indian Economic Scenario" in category "Essay examples" 05 billion) during the 12th Five Year Plan | |period (2012-17), with at least 50 per cent funding from the private sector, as per Government’s projections. | | |Road Ahead | |The Indian economy is estimated to grow at a higher rate of 6. 7 per cent in 2013-14 due to revival in consumption, according to a | |report by CRISIL. â€Å"India’s GDP growth in 2013-14 will be supported by the revival of private sector consumption growth aided by higher| |growth in agriculture, high go vernment spending and lower interest rates,† said Ms Roopa Kudva, Managing Director and CEO, CRISIL. | |†The Indian financial markets have witnessed favouritism among the investing diaspora compared to its Asian counterparts such as South| |Korea, Taiwan, Thailand and Indonesia,† according to a report by Mecklai Financial. | |Exchange Rate: INR 1 = 0. 1845 as on February 19, 2013 | | | |References:  Ministry of Finance, Press Information Bureau (PIB), Media Report, Department of Industrial Policy and Promotion (DIPP) | | | | | | | | | | | | | | | | | |Indian Economy before Colonial Period | | | |The earliest known evident civilization which flourished on the  Indian  soil was the  Indus Valley Civilization. Historians believed | |that this civilization would have flourished between the time frame of 2800 BC and 1800 BC. It is evident from the excavated cities | |and structures that the inhabitants of the Indus Valley practiced agriculture, domesticated animals and had developed trade | |relationships between different cities. They are also known to have developed a uniform system of weights and measures. Also, the | |inhabitants of Indus Valley were one amongst the very first of people to have developed a network of well planned cities with their | |application of urban planning. These planned cities were equipped with the world’s first urban sanitation systems. | |India  had been successful to develop international trade since as early as the first century BC. Historical evidences suggest that the| |Coromandel, the Malabar, the Saurashtra and the  Bengal  coasts were excessively used for the transportation of goods via sea roots from| |and towards  India. In the ancient times,  India  conducted international trade mainly with parts of Middle East, Southeast Asia, Europe | |and Africa. Overland international trade, conducted via Khyber Pass, was also prevalent in ancient  India. | |Later, in medieval times, the  Mughal Empire  gave way to a centrally administered uniform revenue policy and political stability | |in  India  which in turn lead to the further development of trade and unified the nation. During this era,  India  was primarily an | |agrarian self-sufficient  economy  which primarily depended on the primitive methods of agriculture. After the downfall of the Mughal | |Empire, the  economy of India  was primarily governed by the  Maratha Empire  which then ruled over most parts of  India. Later, the | |Maratha defeat in the third battle of Panipat disintegrated  India  into several Maratha confederate states which raised a widespread | |political turmoil in the country. The  economy of India  turned highly disturbed in most parts of the country during this phase, but | |some areas gained a local prosperity too. Later, by the end of eighteenth century, the  British East India Company  was successful in | |being a part of the  Indian  political machinery, following which there was a drastic change in the country’s economic activities and | |the trade conducted from the  Indian  soil. | | | | | | | | | | | | |Indian Economy during Colonial Period | | | |During the reign of the  British East India Company, there was a drastic shift in the economic activities conducted across the country. | |More stress was laid on commercialization of agriculture. This led to a change in the agricultural pattern across the nation. During | |this phase of the  Indian economy, there was a constant decline in the production of food grains in the country which resulted to the | |mass impoverishment and destitution of farmers. Also, in a short span after this shift of pattern, there were numerous famines raised | |in the country. | |Though, after and during this phase, there was a sharp decline in the  economic  structure of the country, but this was also the phase | |during which some major and  economically  important developments took place. These developments include the establishment of railways, | |telegraphs, common law and adversarial legal system. Also, it was during this era that a civil service which essentially aimed to be | |free from the political interference was established. | | |Post-Colonialism: Definition, Development and Examples from India | | | |1. Post-colonialism in general | |1. 1 Definition | |Post-colonialism is an intellectual direction (sometimes also called an â€Å"eraâ₠¬  or the â€Å"post-colonial theory†) that exists since around | |the middle of the 20th  century. It developed from and mainly refers to the time after colonialism. The post-colonial direction was | |created as colonial countries became independent. Nowadays, aspects of post-colonialism can be found not only in sciences concerning | |history, literature and politics, but also in approach to culture and identity of both the countries that were colonised and the | |former colonial powers. However, post-colonialism can take the colonial time as well as the time after colonialism into consideration. | |1. 2 Development | |The term â€Å"decolonisation† seems to be of particular importance while talking about post-colonialism. In this case it means an | |intellectual process that persistently transfers the independence of former-colonial countries into people’s minds. The basic  idea  of | |this process is the deconstruction of old-fashioned perceptions and attitudes of power and oppression that were adopted during the | |time of colonialism. | |First attempts to put this long-term policy of â€Å"decolonising the minds† into practice could be regarded in the Indian population after| |India became independent from the British Empire in 1947. | |However, post-colonialism has increasingly become an object of scientific examination since 1950 when Western intellectuals began to | |get interested in the â€Å"Third World countries†. In the seventies, this interest lead to an integration of discussions about | |post-colonialism in various study courses at American Universities. Nowadays it also plays a remarkable role at European Universities. |A major aspect of post-colonialism is the rather violent-like, unbuffered contact or clash of cultures as an inevitable result of | |former colonial times; the relationship of the colonial powe r to the (formerly) colonised country, its population and culture and vice| |versa seems extremely ambiguous and contradictory. | |This contradiction of two clashing cultures and the wide scale of problems resulting from it must be regarded as a major theme in | |post-colonialism: For centuries the colonial suppressor often had been forcing his civilised values on the natives. But when the | |native population finally gained independence, the colonial relicts were still omnipresent, deeply integrated in the natives’ minds | |and were supposed to be removed. | |So decolonisation is a process of change, destruction and, in the first place, an attempt to regain and lose power. While natives had | |to learn how to put independence into practice, colonial powers had to accept the loss of power over foreign countries. However, both | |sides have to deal with their past as suppressor and suppressed. | |This complicated relationship mainly developed from the Eurocentric perspective from which the former colonial powers saw themselves: | |Their colonial policy was often criticised as arrogant, ignorant, brutal and simply naive. Their final colonial failure and the total | |independence of the once suppressed made the process of decolonisation rather tense and emotional. | |Post-colonialism also deals with conflicts of identity and cultural belonging. Colonial powers came to foreign states and destroyed | |main parts of native tradition and culture; furthermore, they continuously replaced them with their own ones. This often lead to | |conflicts when countries became independent and suddenly faced the challenge of developing a new nationwide identity and | |self-confidence. | |As generations had lived under the power of colonial rulers, they had more or less adopted their Western tradition and culture. The | |challenge for these countries was to find an individual way of proceeding to call their own. They could not get rid of the Western way| |of life from one day to the other; they could not manage to create a completely new one either. | |On the other hand, former colonial powers had to change their self-assessment. This paradox identification process seems to be what | |decolonisation is all about, while post-colonialism is the intellectual direction that deals with it and maintains a steady analysis | |from both points of view. | |So how is this difficult process of decolonisation being done? By the power of language, even more than by the use of military | |violence. Language is the intellectual means by which post-colonial communication and reflection takes place. This is particularly | |important as most colonial powers tried to integrate their language, the major aspect of their civilised culture, in foreign | |societies. | |A lot of Indian books that can be attached to the era of post-colonialism, for instance, are written in English. The cross-border | |exchange of thoughts from both parties of the post-colonial conflict is supported by the use of a shared language. | |To give a conclusion of it all, one might say that post-colonialism is a vivid discussion about what happened with the colonial | |thinking at the end of the colonial era. What legacy arouse from this era? What social, cultural and economical consequences could be | |seen and are still visible today? In these contexts, one examines alternating experiences of suppression, resistance, gender, | |migration and so forth. While doing so, both the colonising and colonised side are taken into consideration and related to each other. |The main target of post-colonialism remains the same: To review and to deconstruct one-sided, worn-out attitudes in a lively | |discussion of colonisation. | | | |2. The post-colonial experience in India | |2. 1 History of Indian colonialism | |In the 16th  century, European powers began to conquer small outposts along th e Indian coast. Portugal, the Netherlands and France | |ruled different regions in India before the â€Å"British East India Company† was founded in 1756. |The British colonialists managed to control most parts of India while ruling the key cities Calcutta, Madras and Bombay as the main | |British bases. However, there still remained a few independent regions (Kashmir among others) whose lords were loyal to the British | |Empire. | |In 1857, the first big rebellion took place in the north of India. The incident is also named â€Å"First war of Indian Independence†, the | |â€Å"Sepoy Rebellion† or the â€Å"Indian Mutiny†, depending on the individual perspective. This was the first time Indians rebelled in massive| |numbers against the presence and the rule of the British in South Asia. The rebellion failed and the British colonialists continued | |their rule. |In 1885, the â€Å"National Indian Congress† (popularly called â€Å"Congress†) w as founded. It demanded that the Indians should have their | |proper legitimate share in the government. From then on, the Congress developed into the main body of opposition against British | |colonial rule. Besides, a Muslim anti-colonial organisation was founded in 1906, called the â€Å"Muslim League†. | |While most parts of the Indian population remained loyal to the British colonial power during the First World War, more and more | |Muslim people joined the Indian independence movement since they were angry about the division of the Ottoman Empire by the British. |The non-violent resistance against British colonial rule, mainly initiated and organised by Mahatma Gandhi and Jawaharlal Nehru, | |finally lead to independence in 1947. | |At the same time, the huge British colony was split into two nations: The secular Indian Union and the smaller Muslim state of | |Pakistan. The Muslim League had demanded for an independent Muslim state with a majority of Muslims. | |India became a member of the British Commonwealth after 1947. | | | |2. 2 Post-colonial development in India | |The Partition of India (also called the â€Å"Great Divide†) lead to huge movements and an ethnic conflict across the Indian-Pakistani | |border. While around 10 million Hindus und Sikhs were expelled from Pakistan, about 7 million Muslims crossed the border to from India| |to Pakistan. Hundreds of thousands of people died in this conflict. Ever since these incidents, there have been tensions between India| |and Pakistan which lead to different wars particularly in the Kashmir region. | |For decades the Congress Party ruled the democratic country which had become a republic with its own constitution in 1950. In 1977 the| |opposition gained the majority of votes. In 1984, after the Congress Party had regained the majority, conflicts with the cultural | |minority of the Sikhs lead to the assassination of the Indian prime minister Indira Ghandi. |Today, apart from the significant economic progress, India is still facing its old problems: Poverty, overpopulation, environmental | |pollution as well as ethnic and religious conflicts between Hindus and Muslims. Additionally, the Kashmir conflict has not come to an | |end yet, while b oth Pakistan and Indian are threatening each other with their arsenals of atomic weapons. | |Concerning post-colonial literature, Edward Said’s book â€Å"Orientalism† (published in 1978) is regarded as the beginning of | |post-colonial studies. In this book the author analyses how European states initiated colonialism as a result of what they called | |their own racial superiority. | |The religious-ethnic conflicts between different groups of people play an important role in the early years of post-colonialism. |Eye-witnesses from both sides of the Indian-Pakistani conflict wrote about their feelings and experience during genocide, being | |confronted to blind and irrational violence and hatred. The Partition is often described as an Indian trauma. | |One example for a post-colonial scriptwriter who wrote about this conflict is Saddat Hasan Manto (1912 – 1955). He was forced to leave| |Bombay and to settle in Lahore, Pakistan. He published a collection of stori es and sketches (â€Å"Mottled Dawn†) that deal with this dark | |era of Indian history and its immense social consequences and uncountable tragedies. | |Furthermore, there are many different approaches to the topic of intercultural exchange between the British and the Indian population. |Uncountable essays and novels deal with the ambiguous relationship between these two nations. One particularly interesting phenomenon | |is that authors from both sides try to write from different angles and perspectives and in that way to show empathy with their | |cultural counterpart. | |The most famous novelist who wrote about these social and cultural exchanges is Salman Rushdie. Rushdie, who won the booker prize | |among various others, was born in India, but studied in England and started writing books about India and the British in the early | |eighties. His funny, brave, metaphoric and sometimes even ironical way of writing offers a multi-perspective approach to the | |post-colonial complex. This can be also seen in his book â€Å"Midnight’s Children†. In the past, Salman Rushdie was also repeatedly | |threatened by Irani fundamentalists because of his critical writing about Muslim extremism in the Middle East. | |Another famous post-colonial novel is â€Å"Heat and Dust† (published in 1975) by Ruth Prawer Jhabvala that contains two plot set in | |different times: One about a British lady starting an affair with a local Indian prince in the 1920s, the other one set in the 1970s, | |featuring young Europeans on a â€Å"hippie trail† who claim they have left behind Western civilisation and are trying to some spiritual | |home among Indian gurus. |â€Å"Bollywood† has become a notorious synonym for the uprising Indian film industry in recent years. Young Indian scriptwriters have | |discovered post-colonial issues as themes for their movies and as a way of dealing with the changeful past of their country. | |Concerning the integration of W estern values in the Indian population and culture, one can say that the British influence is still | |omnipresent in the Asian subcontinent. The reason for this can be also found in the persistence of the English language. | |Many Indians are conversant with the English language, because the British colonialists intended to export their values and culture by| |teaching the Indian population their language. This was regarded as the basic fundament for further education. | |What about the relationship between India and the United Kingdom today? It is a special one, and of course still not without tensions | |between these two nations that refer to the time of colonialism which from our retro perspective is not at all so far away. | |India has managed to become an independent state with its own political system and is still working to find its own identity. The | |longer the process of decolonisation lasts, the more we get the impression that only a middle course between the acceptance of British| |legacies and the creation of a new unique Indian self-confidence will be the right way to go for India. | | | | | | | | | | | | | | | | | | |Indian Economy before Liberalization | | | |After independence, till 1991, the  economic policies of India  were primarily inspired by the Soviet  economic planning  under which a | |strong emphasis was laid on increasing the domestic self-suffi ciency and reducing the reliance on imports. The  economic policies of | |India  during this phase were primarily protectionist and marked by excessive  economic  interventions and business regulations. Also, | |during this era the major concern of the government was to develop large and heavy public sector industries. |The  economic planning process  during this phase was mainly conducted centrally through the  Five Year Planning process  of the  Planning | |commission. This structure of  economic planning, through  Five Year Plans, was analogous to the  planning process  of the Soviet Union. | |Industries like mining, steel, machine tools, insurance, telecommunications and power plants were effectively nationalized during this| |era. | |The Government of  India, under the leadership of  India’s first Prime Minister, Jawaharlal Nehru, along with statistician Prasanta | |Chandra Mahalanobis formulated an  economic policy  which laid a prime f ocus on the development of heavy industry in country by both the| |public and the private sector. However, despite all its efforts, the  economy of India  was unsuccessful to grow at pace with other | |Asian countries for the first three decades after independence. | |Later, in 1965, the advent of Green Revolution in country, triggered by the improved irrigation facilities, increased use of | |fertilizers and the introduction of high-yielding varieties of seeds improved the economic conditions of the country and enabled a | |better link between industry and agriculture in  India. | | | |The economic policies of the colonial rulers were at the centre of a controversy in the late 19th century India. Whereas the colonial | |administration sought to project its policies as beneficial to the country, the nationalist writers and sympathetic British | |commentators attacked these policies as exploitative and oppressive. | |Dadabhai Naoroji, R. C. Dutt and William Digby were some of the famous critics of government policies. The economic history of India, | |as we know it, may be said to have begun during this period. D. R. Gadgil, Vera Anstey and D. H. Buchanan followed in their footsteps in| |taking up the economic history of the colonial period. Jaduanth Sarkar and W. H. Moreland wrote about the Mughal economy. | |In the post-independence period, economic history became an established field of study and several studies were undertaken on various | |periods of Indian history covering several aspects of economy. The emergence of economics as a discipline in the eighteenth century | |led in due course to the development of a new branch in history called economic history. | |The progenitors of economics were Adam Smith and other classical economists. India was very much in the vision of the classical | |economists, a group of thinkers in England during the Industrial Revolution. They advocated lays faire and minimizing of state | |intervention in the economy. Adam Smith, the foremost classical economist, condemned the East India Company in its new role as the | |ruling power in India. In his view, the Company’s trading monopoly ran counter to the principle of the freedom of the market. |Economics underwent a theoretical transformation in the early twentieth century under the influence of John Maynard Keynes, who | |advocated strategic economic intervention by the government for promoting welfare and employment. Keynes, too, thought deeply about | |India while developing his new economic theories, and his earliest major  work. | |Indian Currency and Finance (London 1913), illustrated his notions of good monetary management of the economy. It is also noteworthy | |that the early classical economists, such as Ricardo, influenced the thinking of a group of Utilitarian administrators who set about | |reforming the administration of India in the nineteenth century. | |Above all, the influence of Adam Smith is noticeable in the end of the Company’s monopoly by the Charter Acts of 1813 and 1833. Not | |surprisingly, therefore, historians have paid close attention to the connection between the evolution of economic thought in England | |and the question of reform of the colonial administration in India. | |Classical political economy in England laid the foundations for the laissez faire economics of the Raj in the nineteenth century. | |Keynesian economics, on the other hand, contained the germs of the development economics of the mid-twentieth century both types of | |economics affected the state and the economy in India, and stimulated debates in the economic history of India. | |For the colonial period, R. C. Dutt’s Economic History was followed by a series of works: D. R. Gadgil, The Industrial Evolution of | |India in Recent Times (1924); Vera Anstey, The Economic Development of India (1929); and D. H. Buchanan, and The Development of | |Capitalistic Enterprise in India (New York 1934). More recently, there has been a collective two-volume survey; Tapan Raychaudhuri and| |Irfan Habib (eds. ). | |The Cambridge Economic History of India, Vol 1, C. 1200 – C. 1750 (Cambridge 1982); and Dharma Kumar, The Cambridge Economic History of | |India, vol. 2 C. 1757 – C. 1970 (Cambridge, 1983). Daniel Houston Buchanan, an American author, was of the opinion that other worldly | |values and the caste system inhibited economic development in India. D. R. Gadgil, who updated his near classic work several times, | |emphasized, on the contrary, more strictly economic factors: the difficulties of capital mobilization on account of the absolute | |smallness of capital resources in respect to the size of the population, the late development of organized banking, and the seasonal | |fluctuations of a monsoon economy. | |A dispassionate economist, he did not blame either foreign rule or the Indian social structure for the absence of an industrial | |revolution in India; some of the Western contributors to the second volume of The Cambridge Economic History, on the other hand, | |showed a disposition to challenge R. C. Dutt’s vision of the negative impact of colonialism, and they dwelt instead on the | |technological backwardness of the Indian economy. This, in their view, inhibited industrial development and capitalist enterprise | |during the colonial period. | | | THE INDIAN PLANNING COMMISSION HISTORY The Planning Commission was set up by a Resolution of the Government of India in March 1950 in pursuance of declared objectives of the Government to promote a rapid rise in the standard of living of the people by efficient exploitation of the resources of the country, increasing production and offering opportunities to all for  employment  in the service of the community. The Planning Commission was charged with the responsibility of making assessment of all resources of the country, augmenting deficient resources, formulating plans for the most effective and balanced utilisation of resources and determining priorities. Jawaharlal Nehru was the first Chairman of the Planning Commission. The first Five-year Plan was launched in 1951 and two subsequent five-year plans were formulated till 1965, when there was a break because of the Indo-Pakistan Conflict. Two successive years of drought, devaluation of the currency, a general rise in prices and erosion of resources disrupted the planning process and after three Annual Plans between 1966 and 1969, the fourth Five-year plan was started in 1969. The Eighth Plan could not take off in 1990 due to the fast changing political situation at the Centre and the years 1990-91 and 1991-92 were treated as Annual Plans. The Eighth Plan was finally launched in 1992 after the initiation of structural adjustment policies. For the first eight Plans the emphasis was on a growing public sector with massive investments in basic and heavy industries, but since the launch of the Ninth Plan in 1997, the emphasis on the public sector has become less pronounced and the current thinking on planning in the country, in general, is that it should increasingly be of an indicative nature. FUNCTIONS The 1950 resolution setting up the Planning  Commission  outlined its functions as to: a. Make an assessment of the material, capital and human resources of the country, including technical personnel, and investigate the possibilities of augmenting such of these resources as are found to be deficient in relation to the nation’s requirement; b. Formulate a Plan for the most effective and balanced utilisation of country’s resources; c. On a determination of priorities, define the stages in which the Plan should be carried out and propose the allocation of resources for the due completion of each stage; d. Indicate the factors which are tending to retard economic development, and determine the conditions which, in view of the current social and political situation, should be established for the successful execution of the Plan; e. Determine the nature of the machinery which will be necessary for securing the successful implementation of each stage of the Plan in all its aspects; f. Appraise from time to time the progress achieved in the execution of each stage of the Plan and recommend the adjustments of policy and measures that such appraisal may show to be necessary; and g. Make such interim or ancillary recommendations as appear to it to be appropriate either for facilitating the discharge of the duties assigned to it, or on a consideration of prevailing economic conditions, current policies, measures and development programmes or on an examination of such specific problems as may be referred to it for advice by Central or State Governments. EVOLVING FUNCTIONS From a highly centralised planning system, the Indian economy is gradually moving towards indicative planning where Planning Commission concerns itself with the building of a long term strategic vision of the future and decide on priorities of  nation. It works out sectoral targets and provides promotional stimulus to the economy to grow in the desired direction. Planning Commission plays an integrative role in the development of a holistic approach to the policy formulation in critical areas of human and economic development. In the social sector, schemes which require coordination and synthesis like rural health, drinking water, rural energy needs, literacy and environment protection have yet to be subjected to coordinated policy formulation. It has led to multiplicity of agencies. An integrated approach can lead to better results at much lower costs. The emphasis of the Commission is on maximising the output by using our limited resources optimally. Instead of looking for mere increase in the plan outlays, the effort is to look for increases in the efficiency of utilisation of the allocations being made. With the emergence of severe constraints on available budgetary resources, the resource allocation system between the States and Ministries of the Central Government is under strain. This requires the Planning Commission to play a mediatory and facilitating role, keeping in view the best interest of all concerned. It has to ensure smooth management of the change and help in creating a culture of high productivity and efficiency in the Government. The key to efficient utilisation of resources lies in the creation of appropriate self-managed organisations at all levels. In this area, Planning Commission attempts to play a systems change role and provide consultancy within the Government for developing better systems. In order to spread the gains of experience more widely, Planning Commission   also plays an information dissemination role. India-Liberalization in the Early 1990s Growth since 1980 Increased borrowing from foreign sources in the late 1980s, which helped fuel economic growth, led to pressure on the balance of payments. The problem came to a head in August 1990 when Iraq invaded Kuwait, and the price of oil soon doubled. In addition, many Indian workers resident in Persian Gulf states either lost their jobs or returned home out of fear for their safety, thus reducing the flow of remittances (see Size and Composition of the Work Force, this ch. ). The direct economic impact of the Persian Gulf conflict was exacerbated by domestic social and political developments. In the early 1990s, there was violence over two domestic issues: the reservation of a proportion of public-sector jobs for members of Scheduled Castes (see Glossary) and the Hindu-Muslim conflict at Ayodhya (see Public Worship, ch. 3; Political Issues, ch. 8). The central government fell in November 1990 and was succeeded by a minority government. The cumulative impact of these events shook international confidence in India’s economic viability, and the country found it increasingly difficult to borrow internationally. As a result, India made various agreements with the International Monetary Fund (IMF–see Glossary) and other organizations that included commitments to speed up liberalization (see United Nations, ch. 9). In the early 1990s, considerable progress was made in loosening government regulations, especially in the area of foreign trade. Many restrictions on private companies were lifted, and new areas were opened to private capital. However, India remains one of the world’s most tightly regulated major economies. Many powerful vested interests, including private firms that have benefited from protectionism, labor unions, and much of the bureaucracy, oppose liberalization. There is also considerable concern that liberalization will reinforce class and regional economic disparities. The balance of payments crisis of 1990 and subsequent policy changes led to a temporary decline in the GDP growth rate, which fell from 6. 9 percent in FY 1989 to 4. 9 percent in FY 1990 to 1. 1 percent in FY 1991. In March 1995, the estimated growth rate for FY 1994 was 5. 3 percent. Inflation peaked at 17 percent in FY 1991, fell to 9. 5 percent in FY 1993, and then accelerated again, reaching 11 percent in late FY 1994. This increase was attributed to a sharp increase in prices and a shortfall in such critical sectors as sugar, cotton, and oilseeds. Many analysts agree that the poor suffer most from the increased inflation rate and reduced growth rate. Data as of September 1995 The rate of growth improved in the 1980s. From FY 1980 to FY 1989, the economy grew at an annual rate of 5. 5 percent, or 3. 3 percent on a per capita basis. Industry grew at an annual rate of 6. 6 percent and agriculture at a rate of 3. 6 percent. A high rate of investment was a major factor in improved economic growth. Investment went from about 19 percent of GDP in the early 1970s to nearly 25 percent in the early 1980s. India, however, required a higher rate of investment to attain comparable economic growth than did most other low-income developing countries, indicating a lower rate of return on investments. Part of the adverse Indian experience was explained by investment in large, long-gestating, capital-intensive projects, such as electric power, irrigation, and infrastructure. However, delayed completions, cost overruns, and under-use of capacity were contributing factors. Private savings financed most of India’s investment, but by the mid-1980s further growth in private savings was difficult because they were already at quite a high level. As a result, during the late 1980s India relied increasingly on borrowing from foreign sources (see Aid, this ch. ). This trend led to a balance of payments crisis in 1990; in order to receive new loans, the government had no choice but to agree to further measures of economic liberalization. This commitment to economic reform was reaffirmed by the government that came to power in June 1991. India’s primary sector, including agriculture, forestry, fishing, mining, and quarrying, accounted for 32. 8 percent of GDP in FY 1991 (see table 17, Appendix). The size of the agricultural sector and its vulnerability to the vagaries of the monsoon cause relatively large fluctuations in the sector’s contribution to GDP from one year to another (see Crop Output, ch. 7). In FY 1991, the contribution to GDP of industry, including manufacturing, construction, and utilities, was 27. 4 percent; services, including trade, transportation, communications, real estate and finance, and public- and private-sector services, contributed 39. 8 percent. The steady increase in the proportion of services in the national economy reflects increased market-determined processes, such as the spread of rural banking, and government activities, such as defense spending (see Agricultural Credit, ch. 7; Defense Spending, ch. 10). Despite a sometimes disappointing rate of growth, the Indian economy was transformed between 1947 and the early 1990s. The number of kilowatt-hours of electricity generated, for example, increased more than fiftyfold. Steel production rose from 1. 5 million tons a year to 14. 7 million tons a year. The country produced space satellites and nuclear-power plants, and its scientists and engineers produced an atomic explosive device (see Major Research Organizations, this ch. ; Space and Nuclear Programs, ch. 10). Life expectancy increased from twenty-seven years to fifty-nine years. Although the population increased by 485 million between 1951 and 1991, the availability of food grains per capita rose from 395 grams per day in FY 1950 to 466 grams in FY 1992 (see Structure and Dynamics, ch. 2). However, considerable dualism remains in the Indian economy. Officials and economists make an important distinction between the formal and informal sectors of the economy. The informal, or unorganized, economy is largely rural and encompasses farming, fishing, forestry, and cottage industries. It also includes petty vendors and some small-scale mechanized industry in both rural and urban areas. The bulk of the population is employed in the informal economy, which contributes more than 50 percent of GDP. The formal economy consists of large units in the modern sector for which statistical data are relatively good. The modern sector includes large-scale manufacturing and mining, major financial and commercial businesses, and such public-sector enterprises as railroads, telecommunications, utilities, and government itself. The greatest disappointment of economic development is the failure to reduce more substantially India’s widespread poverty. Studies have suggested that income distribution changed little between independence and the early 1990s, although it is possible that the poorer half of the population improved its position slightly. Official estimates of the proportion of the population that lives below the poverty line tend to vary sharply from year to year because adverse economic conditions, especially rises in food prices, are capable of lowering the standard of living of many families who normally live just above the subsistence level. The Indian government’s poverty line is based on an income sufficient to ensure access to minimum nutritional standards, and even most persons above the poverty line have low levels of consumption compared with much of the world. Estimates in the late 1970s put the number of people who lived in poverty at 300 million, or nearly 50 percent of the population at the time. Poverty was reduced during the 1980s, and in FY 1989 it was estimated that about 26 percent of the population, or 220 million people, lived below the poverty line. Slower economic growth and higher inflation in FY 1990 and FY 1991 reversed this trend. In FY 1991, it was estimated that 332 million people, or 38 percent of the population, lived below the poverty line. Farmers and other rural residents make up the large majority of India’s poor. Some own very small amounts of land while others are field hands, seminomadic shepherds, or migrant workers. The urban poor include many construction workers and petty vendors. The bulk of the poor work, but low productivity and intermittent employment keep incomes low. Poverty is most prevalent in the states of Orissa, Bihar, Uttar Pradesh, and Madhya Pradesh, and least prevalent in Haryana, Punjab, Himachal Pradesh, and Jammu and Kashmir. By the early 1990s, economic changes led to the growth in the number of Indians with significant economic resources. About 10 million Indians are considered upper class, and roughly 300 million are part of the rapidly increasing middle class. Typical middle-class occupations include owning a small business or being a corporate executive, lawyer, physician, white-collar worker, or land-owning farmer. In the 1980s, the growth of the middle class was reflected in the increased consumption of consumer durables, such as televisions, refrigerators, motorcycles, and automobiles. In the early 1990s, domestic and foreign businesses hoped to take advantage of India’s economic liberalization to increase the range of consumer products offered to this market. Housing and the ancillary utilities of sewer and water systems lag considerably behind the population’s needs. India’s cities have large shantytowns built of scrap or readily available natural materials erected on whatever space is available, including sidewalks. Such dwellings lack piped water, sewerage, and electricity. The government has attempted to build housing facilities and utilities for urban development, but the efforts have fallen far short of demand. Administrative controls and other aspects of government policy have discouraged many private investors from constructing housing units. Liberalization in the Early 1990s Increased borrowing from foreign sources in the late 1980s, which helped fuel economic growth, led to pressure on the balance of payments. The problem came to a head in August 1990 when Iraq invaded Kuwait, and the price of oil soon doubled. In addition, many Indian workers resident in Persian Gulf states either lost their jobs or returned home out of fear for their safety, thus reducing the flow of remittances (see Size and Composition of the Work Force, this ch. ). The direct economic impact of the Persian Gulf conflict was exacerbated by domestic social and political developments. In the early 1990s, there was violence over two domestic issues: the reservation of a proportion of public-sector jobs for members of Scheduled Castes (see Glossary) and the Hindu-Muslim conflict at Ayodhya (see Public Worship, ch. 3; Political Issues, ch. 8). The central government fell in November 1990 and was succeeded by a minority government. The cumulative impact of these events shook international confidence in India’s economic viability, and the country found it increasingly difficult to borrow internationally. As a result, India made various agreements with the International Monetary Fund (IMF–see Glossary) and other organizations that included commitments to speed up liberalization (see United Nations, ch. 9). In the early 1990s, considerable progress was made in loosening government regulations, especially in the area of foreign trade. Many restrictions on private companies were lifted, and new areas were opened to private capital. However, India remains one of the world’s most tightly regulated major economies. Many powerful vested interests, including private firms that have benefited from protectionism, labor unions, and much of the bureaucracy, oppose liberalization. There is also considerable concern that liberalization will reinforce class and regional economic disparities. The balance of payments crisis of 1990 and subsequent policy changes led to a temporary decline in the GDP growth rate, which fell from 6. 9 percent in FY 1989 to 4. 9 percent in FY 1990 to 1. 1 percent in FY 1991. In March 1995, the estimated growth rate for FY 1994 was 5. 3 percent. Inflation peaked at 17 percent in FY 1991, fell to 9. 5 percent in FY 1993, and then accelerated again, reaching 11 percent in late FY 1994. This increase was attributed to a sharp increase in prices and a shortfall in such critical sectors as sugar, cotton, and oilseeds. Many analysts agree that the poor suffer most from the increased inflation rate and reduced growth rate INDIA’S ECONOMIC REFORMS The reform process in India was initiated with the aim of accelerating the pace of economic growth and eradication of poverty. The process of economic liberalization in India can be traced back to the late 1970s. However, the reform process began in earnest only in July 1991. It was only in 1991 that the Government signaled a systemic shift to a more open economy with greater reliance upon market forces, a larger role for the private sector including foreign investment, and a restructuring of the role of Government. The reforms of the last decade and a half have gone a long way in freeing the domestic economy from the control regime. An important feature of India’s reform programme is that it has emphasized gradualism and evolutionary transition rather than rapid restructuring or â€Å"shock therapy†. This approach was adopted since the reforms were introduced in June 1991 in the wake a balance of payments crisis that was certainly severe. However, it was not a prolonged crisis with a long period of non-performance. The economic reforms initiated in 1991 introduced far-reaching measures, which changed the working and machinery of the economy. These changes were pertinent to the following: †¢ Dominance of the public sector in the industrial activity †¢ Discretionary controls on industrial investment and capacity expansion †¢ Trade and exchange controls †¢ Limited access to foreign investment Public ownership and regulation of the financial sector The reforms have unlocked India’s enormous growth potential and unleashed powerful entrepreneurial forces. Since 1991, successive governments, across political parties, have successfully carried forward the country’s economic reform agenda. Reforms in Industrial Policy Industrial policy was restructured to a great extent and most of the central government industrial controls were dismantled. Massive deregulation of the industrial sector was done in order to bring in the element of competition and increase efficiency. Industrial licensing by the central government was almost abolished except for a few hazardous and environmentally sensitive industries. The list of industries reserved solely for the public sector — which used to cover 18 industries, including iron and steel, heavy plant and machinery, telecommunications and telecom equipment, minerals, oil, mining, air transport services and electricity generation and distribution was drastically reduced to three: defense aircrafts and warships, atomic energy generation, and railway transport. Further, restrictions that existed on the import of foreign technology were withdrawn. Reforms in Trade Policy It was realized that the import substituting inward looking development policy was no longer suitable in the modern globalising world. Before the reforms, trade policy was characterized by high tariffs and pervasive import restrictions. Imports of manufactured consumer goods were completely banned. For capital goods, raw materials and intermediates, certain lists of goods were freely importable, but for most items where domestic substitutes were being produced, imports were onl y possible with import licenses. The criteria for issue of licenses were non-transparent, delays were endemic and corruption unavoidable. The economic reforms sought to phase out import licensing and also to reduce import duties. Import licensing was abolished relatively early for capital goods and intermediates which became freely importable in 1993, simultaneously with the switch to a flexible exchange rate regime. Quantitative restrictions on imports of manufactured consumer goods and agricultural products were finally removed on April 1, 2001, almost exactly ten years after the reforms began, and that in part because of a ruling by a World Trade Organization dispute panel on a complaint brought by the United States. Financial sector reforms Financial sector reforms have long been regarded as an integral part of the overall policy reforms in India. India has recognized that these reforms are imperative for increasing the efficiency of resource mobilization and allocation in the real economy and for the overall macroeconomic stability. The reforms have been driven by a thrust towards liberalization and several initiatives such as liberalization in the interest rate and reserve requirements have been taken on this front. At the same time, the government has emphasized on stronger regulation aimed at strengthening prudential norms, transparency and supervision to mitigate the prospects of systemic risks. Today the Indian financial structure is inherently strong, functionally diverse, efficient and globally competitive. During the last fifteen years, the Indian financial system has been incrementally deregulated and exposed to international financial markets along with the introduction of new instruments and products. Devaluation of the Rupee: Tale of Two Years, 1966 and 1991 Since its Independence in 1947, India has faced two major financial crises and two consequent devaluations of the rupee. These crises were in 1966 and 1991 and, as we plan to show in this paper, they had similar causes. Foreign exchange reserves are an extremely critical aspect of any country’s ability to engage in commerce with other countries. A large stock of foreign currency reserves facilitates trade with other nations and lowers transaction costs associated with international commerce. If a nation depletes its foreign currency reserves and finds that its own currency is not accepted abroad, the only option left to the country is to borrow from abroad. However, borrowing in foreign currency is built upon the obligation of the borrowing nation to pay back the loan in the lender’s own currency or in some other â€Å"hard† currency. If the debtor nation is not credit-worthy enough to borrow from a private bank or from an institution such as the IMF, then the nation has no way of paying for imports and a financial crisis accompanied by devaluation and capital flight results. The destabilising effects of a financial crisis are such that any country feels strong pressure from internal political forces to avoid the risk of such a crisis, even if the policies adopted come at large economic cost. To avert a financial crisis, a nation will typically adopt policies to maintain a stable exchange rate to lessen exchange rate risk and increase international confidence and to safeguard its foreign currency (or gold) reserves. The restrictions that a country will put in place come in two forms: trade barriers and financial restrictions. Protectionist policies, particularly restrictions on imports of goods and services, belong to the former category and restrictions on the flow of financial assets or money across international borders are in the latter category. Furthermore, these restrictions on international economic activity are often accompanied by a policy of fixed or managed exchange rates. When the flow of goods, services, and financial capital is regulated tightly enough, the government or central bank becomes strong enough, at least in theory, to dictate the exchange rate. However, despite these policies, if the market for a nation’s currency is too weak to justify the given exchange rate, that nation will be forced to devalue its currency. That is, the price the market is willing to pay for the currency is less than the price dictated by the government. The 1966 Devaluation As a developing economy, it is to be expected that India would import more than it exports. Despite government attempts to obtain a positive trade balance, India has had consistent balance of payments deficits since the 1950s. The 1966 devaluation was the result of the first major financial crisis the government faced. As in 1991, there was significant downward pressure on the value of the rupee from the international market and India was faced with depleting foreign reserves that necessitated devaluation. There is a general agreement among economists that by 1966, inflation had caused Indian prices to become much higher than world prices at the pre-devaluation exchange rate. When the exchange rate is fixed and a country experiences high inflation relative to other countries, that country’s goods become more expensive and foreign goods become cheaper. Therefore, inflation tends to increase imports and decrease exports. Since 1950, India ran continued trade deficits that increased in magnitude in the 1960s. Furthermore, the Government of India had a budget deficit problem and could not borrow money from abroad or from the private corporate sector, due to that sector’s negative savings rate. As a result, the government issued bonds to the RBI, which increased the money supply. In the long run, How to cite Indian Economic Scenario, Essay examples

Why Homosexuality Should Be Illegal

The origins and the mechanisms through which homosexuality came to be a part of human history is not well known. However, it is thought that it has been practiced by people since they came into being.Advertising We will write a custom term paper sample on Why Homosexuality Should Be Illegal specifically for you for only $16.05 $11/page Learn More One of the earliest documented accounts of homosexuality is found in ancient pagan religious practices according to Kulkarni (3). It is not known if these homosexual practices were already within the society before entering into pagan worship; or if pagan rituals were responsible for the introduction of these practices to the rest of the society. According to Paul’s gospels however, the latter was what likely took place. In those days pagan gods were either female or male and could engage in coitus with one another in order to procreate. Having sex with gods became the norm with the aim of seeking divine intervention for the productivity of crops, human beings and animals (Koranteng-Pipim 5). Females and female gods were not preferred in particular as compared to male gods and other males. In ancient Greece, heterosexual and homosexual were not separate concepts; all of them were viewed as part and parcel of human sexuality. It was widely accepted that people were able to respond to attractiveness in a person regardless of their gender. The submissive role was for women and inferiors such as slaves and male youths according to Brent (3). However, it was frowned upon for male youths if they continued to be in the submissive role even after maturity. These views were also seen among the Romans but drastically changed when Rome became an empire as a result of social and economic upheavals. Christianity frowned upon homosexuality or any overt engagement in sexual activity for that matter except for the purposes of procreation. However, this has come under sharp debate with some arguing that Christianity was only against immorality and out of the ordinary sexual activity such as prostitution. In addition, the church eased on this stance and allowed sex for purposes other than procreation in its quest to recruit new members. Some Christian teachings prohibited any form of sex outside marriage a stand that has been adopted by all churches today (Brent 6).Advertising Looking for term paper on gender studies? Let's see if we can help you! Get your first paper with 15% OFF Learn More The decline of the Roman Empire saw more tolerance of the people and the authorities for homosexuality except the church and Visigothic Spain. In the subsequent centuries intolerance towards homosexuality arose once again and the church instituted punishments for what was now called sodomy, a practice that was possible even in heterosexual relationships. This continued to the 19th century when secular arguments and interpretations from discipline such as medicine psychology re placed theological frameworks (Buchanan 17). At the same time, formal schooling reduced transgenerational contact and people were forced to engage in coitus with others of their age (Koranteng-Pipim 3). The idea that homosexuality and indeed one’s sexual orientation is innate came into being. Doctors began to advocate for the repeal of the punishments that were handed down to homosexuals and started treating this as a disorder. Today, homosexual sex is widely and openly practiced all over the world. However, there are legal, religious and personal reactions to the practice; some of which are not favorable (Brent 12). Legally, homosexuality is outlawed in 70 of the 195 countries on earth. Where the practice is not illegal there are laws that regulate the age of consent, marriage and adoptions among others. Islamic sharia law imposes the death penalty for homosexual acts. Most religions denounce the practice but Indic religions are not so explicit on the practice. However, the Anglican Church ordained a man that was known to be gay as a bishop. The church does not have a definite stand on homosexuality. In the business arena most firms in capitalist countries do not discriminate against homosexuals who now include both men and women in same sex relations. In spite of the existence of homosexuality and tolerance by some populations such as in the United States of America, the lifestyle should not be recommended or even allowed due to certain reasons. To begin with the rate of faithfulness among homosexual couples is only 25% as compared to the 80% that is found in heterosexual relationships.Advertising We will write a custom term paper sample on Why Homosexuality Should Be Illegal specifically for you for only $16.05 $11/page Learn More This puts the participants in such relationships prone to health risks from sexually transmitted infections which are a burden to the state as well. Secondly, where such relationships are allow ed to enter into marriages and adopt children, the early development of children is put at risk (Brent 2). This is because children need a male and female parent for proper development in all aspects. Studies have shown that there are definite negative effects that are related to the lack of either parents in the course of the growth and development of a child especially while less than five years of age. As a result the society may have to accommodate the increase in numbers of adults that are not well adjusted in their midst and who are prone to engage in certain antisocial behavior. Lastly, the practice of homosexuality is forbidden in most religions as are other vices such as stealing and murder. There is a possibility that like the other vices, homosexuality has long term repercussions for the human race that we have been unable to forecast by ourselves. It is therefore important to exercise caution and indeed restraint with this issue. On the other hand however, it is commonly argued that homosexuals are born that way and can do nothing about it (Koranteng-Pipim 11). This is a fact that is hard to verify by scientific means and therefore very hard to argue about. On the other hand, homosexuals and their supporters claim that it is a perfectly acceptable life choice and is neither immoral nor moral (36). This argument is mainly aimed at the religions that constantly attack this lifestyle condemning it as evil and sinful. Lastly, some argue for homosexuality on the basis of the freedom of expression and on the grounds of basic human rights. In addition, homosexuality is immoral and thus a form of sexual perversion just like necrophilia and bestiality. It does not serve the human race any purpose as it cannot lead to reproduction or development of a normal family. Moreover, most religions if not all do not allow homosexuality among their faithful (Koranteng-Pipim 7). Therefore, more strict measures should be enforced to crack down the vice as it is a danger to the traditional religions and its legalization may negate or invalidate the role of religion in intervening in the lives of people who are engaged in the crime (Kulkarni 5). There are people that have been known to leave this lifestyle in favor of heterosexuality which is a more wholesome choice.Advertising Looking for term paper on gender studies? Let's see if we can help you! Get your first paper with 15% OFF Learn More Legalization of homosexuality will disorganize our social world as we know it as it will be impossible to refer to homosexual couples as Mr. and Mrs. or as husband and wife. Where these couples are allowed to adopt their children will not have the privilege of having a mother and father as in traditional families (Brent 12). Societal organization and ideas of gender roles will also be disorganized especially when it comes to the use of restrooms for adults and for young children whose parents are in such unions. Legalization of homosexuality and their according of rights just like everybody else will mean that mothers who wish to give away their children for adoption will risk their children being adopted by a homosexual couple (Kulkarni 7). Not many parents would make such a choice for their children were it left to them as most prefer their children to grow up in healthy and balanced homes and not those with homosexual couples as parents. Most of the reasons that are given to just ify homosexuality are neither factual nor objective but are counter attacks against the church’s arguments. This is unlike the reasons that are against homosexuality as given by Koranteng-Pipim (6). Homosexuality has definite repercussions for the family unit and the future citizens of every nation. Every child deserves a right to grow and develop into a functional and socially adept member of the society and this will not be possible for children that grow up in households where the parents are in homosexual relationships. In addition, the morbidity that is associated with the homosexual lifestyle should be a reason for governments to ban its practice altogether (Kulkarni 9). When HIV/AIDS first appeared, the homosexual society suffered greatly as compared to their heterosexual counterparts. However, there are places where homosexuality is hardly an issue as it is rarely observed. This rubbishes the argument that people are born as homosexuals and have no control over it. Wo rks Cited Brent, Pickett. Homosexuality. The Stanford Encyclopedia of Philosophy (spring  2011 Edition), n.d. Web. Buchanan, Robert. Homosexuality in History. 11/07/2011. Web. Koranteng-Pipim, Samuel. Some Popular Arguments for Homosexuality N.d. Web. Kulkarni, Dhananjay. History of Homosexuality. Web. This term paper on Why Homosexuality Should Be Illegal was written and submitted by user Tiana Morris to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.