why the world economy stagnated

only two events are responsible for where we stand today, agrarian advancement that allowed non-agri populace become manufacturers and traders, and industrial revolution that increased availability of goods for which people worked to satisfy their wants. these two had a long-lasting impact on world economy, the rest, of which digital revolution is a part are only flashy successes. other factors included competition which kept prices in check, allowed employment growth and fortified the supply side, thus keeping the demand side in continuous motion; innovation that was real such as invention of motorized vehicles, telephones and consumer electronics, which tempted buyers who could only make purchases by lending their labour. in the past few decades, the world economy grew on the strength of services sector including banking, communication and information technology. and this is where we made mistake. consider each of this and you will notice that these aspects only compliment manufacturing, banks enable credit for business growth, communication and information

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implementation gaps are undermining reforms

government’s reformist stance is appreciable and is set to usher in much-needed changes in the economy. but be it the denotification of higher currency notes or country’s shift from multiple indirect levies to goods and services tax, almost every policy decision fell short of realizing its real and desired outcome. demonetisation was targeted at checking corruption and black money, but bankers made fortunes out of this exercise. reason – the agency that planned the execution of this decision could not anticipate corruption by one of the implementing hands, the banks. not only notes were exchanged on fake identification documents, atm queues and misbehavior at branches added to the woes of already panicked currency holders. demonetisation was the first policy action that separated the present dispensation from former governments as this was not only a bold transformation, it also was greeted with cheer from the public at large; however the push behind this wide acceptance was related more with modi’s god-like

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the lost gst opportunity – ‘job creation’

goods and services tax is being hailed as the most far-reaching tax reform ever in independent india. gst will curb ambiguity in indirect taxation, will ease compliance and can augment tax collection of the government, all agreed. but has gst delivered on the front that is all more critical than these, did the government factor in  job creation while planning for gst roll out? in bits they did. they foresaw automatic creation of jobs once the tax reform comes into play, for businesses will need tax consultants to understand the new complexities and to steer clear of penalties for wrong/ delayed filings. but what the government did was to leave it to the market forces for creation of new jobs, and this is where they made a blunder. in a recent letter to chartered accountants across india, pm modi has requested for their cooperation in honest and effective implementation of gst. this is where the problem lies. the already well-off

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enough is enough, stop the bloodbath

it’s clear in the supreme law of the land, the constitution; we are here to protect minorities, depressed and the vulnerable, all freedoms, rights are a common lot, privilege does not exist for any individual, group and can never find its way in the social fabric through political propaganda. why then religious minority in the country is being mobbed, lynched with such impunity? inside their homes, on trains and in streets, amidst full public view, muslims are being taunted, assaulted, tortured, murdered, and there seems no honest endeavor by the protectors, our legislators and law enforcement agencies, to place a lid on these catastrophic events. there is no uncertainty that india is better placed on many parameters, the poor is being allocated cooking gas connections and legislations are being passed for overhaul of the economy. but can all this overshadow recurrent bitter incidents of minority religion being targeted by vigilantes and ultra-nationalists? it is quite clear that the ruling political

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what about leaders of tomorrow, what after modi?

we are better placed today than yesterday; undeniably, economy is improving, business sentiments are positive, but are we scoring equally good on impartiality, inclusiveness and transparency? gst, demonetisation, unearthing the black money are all short-term spectacles for a country that needs to overcome ages-old curse of inequality in income distribution and the deep-rooted disparity in living standards. this seems all more problematic when one looks beyond 10 years and does not find a capable leader to take over the reins from the present ones. no political party in india can even falsely boast of being indisputably clean when it comes to corruption and misuse of power in polity; and that’s the challenge for pm modi. while the public sentiment is heavily tilted toward the bharatiya janata party, owing to the acceptance of pm modi as pro-transparency, pro-poor and anti-dynasty ruler, what after him? what after 2024? is the prime minister readying a new line of defense against politicians eying opportunities

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sbi vs. mcdonalds-reasons why sbi is failing

here, we shall discuss how the operations and human resource framework at sbi and other public sector banks of india contrasts with that of mcdonalds, a prominent restaurant chain. in the end, we shall be able to comprehend why sbi is struggling to maintain its profitable operations despite being a bank of almost every indian. let us start with the recruitment process at the two establishments. to be able to work with sbi, one needs to be a graduate and clear the competitive exam that the bank conducts to fill positions of clerks and probationary officers. for a mcdonalds job, one gets selected without any such exam, however, only those with good communication and other skills can expect to be hired. do sbi and other public sector banks actually need a competitive exam to fill vacancies. the answer is ‘no’. and this is backed by the rationale that a clerk or a probationary officer would not undertake any scientific explorations

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liberalise medicine, other studies to generate employment

practicing medicine is a job, same is with practicing chartered accountancy, cost accountancy or company secretaryship. there is, however, a difference when we talk of a law practitioner. and this difference is the one practicing law does not have to fight her way out to become a lawyer, a 3 or 5 year study programme with easy enrolments enables one to do so. engineers too have the prospect of employing their skills at work after a 4 year programme. but what about practicing medicine or being a ca, cwa or cs; for these professions, one has to struggle with getting admitted into much-coveted medical colleges or appearing repeatedly in competition-styled exams where only a miniscule percentage of aspirants is awarded a pass certificate. it is a known fact that our country lacks the number of doctors as per the world health organisation norms. chartered accountants and other finance professionals, owing to their small fraternity have formed a cartel which indulges

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lower the superannuation age of state employees to use demographic dividend

india is being positively looked upon by the otherwise aging world economies owing to its ever-high proportion of population in the working age group that is expected to spur economic growth. you may find endless bonuses of this, the bottom line is this group needs work, while the sad contrasting picture is dismal job growth rate of the indian economy. while infrastructure spending spree of the current government has given the hope for some occupation opportunities in roads, railways, ports, energy and similar sectors, would this state-backed, public spending-fueled exercise be able to serve the millions staring at work in coming days? the most rational solution is freeing the government sector employment space by lowering the age of superannuation, be it in central, state, autonomous bodies, public sector enterprises or state-owned banks. from current 58 or 60 as the age of retirement, it has to come down to at least 55, or even 52, and as a compulsion, not as

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the case for shashi tharoor as india’s president

this argument can be very simple- the republic of india hasn’t had a presidential office occupied by a young, energetic person, although almost every past president was capable and learned enough in her/ his own domain. but the question is- has the office been utilized in full capacity to add to the productivity of country’s socio-economic and political landscape? the constitution of india vests multiple powers in the head of the state, though people view her only as a person capable to grant pardon to the convicted. what about diplomacy? diplomacy or soft power is the key to ascendance of any country. do not forget the role of american burger and jeans in escalating the influence of united states all around the world. in case only military prowess defined the balance of power, soviet union and america would have, until today, enjoyed the bipolar distribution of power, in actuality it was america’s cultural influence that ended the cold war decisively

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has conventional recruitment practice failed us?

if the economy could produce enough jobs on its own, the government would have been relieved of pumping funds into programmes like mgnrega and other sops to support low income groups. that sadly isn’t the case. let’s see how conservative recruitment norms inspired indian industries’ incompetence. economists and analysts will talk of low industrial growth, rising non-performing assets of banks and the losing sheen of indian information technology sector owing to lack of skill upgradation in indian engineers, but rarely does anyone talk of how human resource failures fueled these downturns. india may be inching closer towards a place amongst top 5 economies in the world, we may be the fastest growing major economy, stats including worst credit growth, dismal private sector investment, failure of indian industry in matching up with global competitiveness and technological prowess and inadequate job growth show the ground beneath is hollow and vulnerable to collapse; not to say of our so-called demographic dividend that is

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