The BRICS have in the past decade shaken the world economy with their
remarkable growth. Their share in the world GDP grew from 11 percent in 1990 to 25
percent in 2011. However, much of this success could be attributed to China and
India. While China indulged in investment based growth model, India was reaping the
benefits of its economic liberalization. Meanwhile Russia earned from the energy
needs that China’s growth had created and Brazil attacked its own macroeconomic
woes for a faster growth. South Africa, however, sneaked into the group and has been
the one most lagging behind. The question which this report attempts to address is
whether these nations are still the growth drivers of the world. There are several
factors which suggest that even though these economies might continue to grow they
cannot recreate the magic with their remarkable growth in 2000s. That period saw an
unprecedented growth partly because of the surge in the growth of these countries
owing to reasons inherent to their economies and partly due to the sluggish growth of
the richer economies. That was the period when they witnessed the major sub-prime
crisis of which the BRICS, to some extent, were shielded. The room to catch-up is now
low. The challenges which each of the BRICS is facing have been used to suggest that
their ruling period appears to have ended unless they revisit their strategies. Instead
the N11 have emerged as the next set of potential economies though they too cannot
be expected to replicate what BRICS achieved from 1999 to 2011.
In this report the topics are:
Introduction, An Overview
Challenges to Economy of Pakistan are War on terror, We consume more and save less, Poor academic set-up, Energy crisis, Inadequate exports, Inflation, Lack of tourism, Government spends more than it earns as revenues, Our share in the world trade is shrinking, Corruption, Kashmir issue, We badly lag in social indicators, Trade, Investment failing, Political stability, law and order, Poor use of natural resources, Poverty, We face energy and water shortages, Poor governance, Uncertainty and unpredictability due to lack of continuity
And Recommendations and solutions are:
To Improve Economy, Technology, Taxation, Governance, devolution and decentralization, Energy crisis, Private sector, Government should utilize the resources well, Stakeholders in the Pakistani, Possible solutions of Energy Crisis in Pakistan, Impacts of law and order situation on economy, Natural resources, Lack of tourism, Illiteracy, Change in national psyche and mind set, Inflation, Low export and high Import, Technology, Energy solutions and climate change, Conclusion, Bibliography.
On June 10, 2015, FGV Growth & Development held the event “BRICS: Challenges and Opportunities” in Rio de Janeiro. This presentation was given at the event.
BRICS: Challenges and Opportunities
The future of the BRICS economies: the geopolitical strategy of China, the diversity and economic integration among the BRICS, structural transformation, the growth challenges and the reform agenda of China and India, the opportunities for Brazil.
In this report the topics are:
Introduction, An Overview
Challenges to Economy of Pakistan are War on terror, We consume more and save less, Poor academic set-up, Energy crisis, Inadequate exports, Inflation, Lack of tourism, Government spends more than it earns as revenues, Our share in the world trade is shrinking, Corruption, Kashmir issue, We badly lag in social indicators, Trade, Investment failing, Political stability, law and order, Poor use of natural resources, Poverty, We face energy and water shortages, Poor governance, Uncertainty and unpredictability due to lack of continuity
And Recommendations and solutions are:
To Improve Economy, Technology, Taxation, Governance, devolution and decentralization, Energy crisis, Private sector, Government should utilize the resources well, Stakeholders in the Pakistani, Possible solutions of Energy Crisis in Pakistan, Impacts of law and order situation on economy, Natural resources, Lack of tourism, Illiteracy, Change in national psyche and mind set, Inflation, Low export and high Import, Technology, Energy solutions and climate change, Conclusion, Bibliography.
On June 10, 2015, FGV Growth & Development held the event “BRICS: Challenges and Opportunities” in Rio de Janeiro. This presentation was given at the event.
BRICS: Challenges and Opportunities
The future of the BRICS economies: the geopolitical strategy of China, the diversity and economic integration among the BRICS, structural transformation, the growth challenges and the reform agenda of China and India, the opportunities for Brazil.
2010 Getting Beyond Turbulent Times By Richard D. Smith, Smith Trgricharddsmith
2010 Getting Beyond The Turbulent time by SMITH-TRG, Richard D. Smith, The Need for U.S. Job Crowth and Wealth Creation Machines to drive to 3.6 net jobs per year (of 16 million required) and add $180 billion in first year to nations economy. Position the nation for FUTURE WORLD enterprise growth and sustainable job creation.
The newsletter aims to give you an insight into key issues, both global and local, and will be published on a quarterly basis.
The articles are crisply written, carefully researched and thought-provoking. We hope you find the newsletter interesting.
BRICS Collaboration in Skills Development: Results of Foresight & Russian Proposals' focuses on the results of the BRICS Skills Development Working Group Foresight session that took place in Moscow on July 5-6, 2015. The session determined the main mid-term focal areas of BRICS collaboration in skills development, from consolidating the union to becoming the global problem-solver, as well as worked out a roadmap for 2015-2018 with a number of priorities in skills development cooperation. On Russia's part, a number of initiatives were laid out, such as foresight of skills and educational formats, exchange of best practices, including dual education, hosting the WorldSkills BRICS Competition and providing an educational platform for skills development in advanced industries
PROFILE OF MICRO INSURANCE PRODUCTS - INDIVIDUAL V/S GROUP CATEGORIESRaja Ram
The risk is always associated with the human life. The anticipating risk is one essential part of
human being who can reduce the risk through financial alternatives. Insurance sector is one part of
the financial service sectors which mobilizes the capital for the economic development of the
nation along with social protection of individual life. On the whole, 53 private and public insurance
players protect all kinds of people, but Micro insurance is unique which has 113 divisional offices by
LIC in India and at the same time 14 private players provide micro insurance cover to the rural
people. They earn Rs.100-200 per day; they face high-level risk in their occupation. They are not
aware of micro insurance products. With this aspect, the present paper makes an attempt to discuss
micro insurance products in individual category and group category
2010 Getting Beyond Turbulent Times By Richard D. Smith, Smith Trgricharddsmith
2010 Getting Beyond The Turbulent time by SMITH-TRG, Richard D. Smith, The Need for U.S. Job Crowth and Wealth Creation Machines to drive to 3.6 net jobs per year (of 16 million required) and add $180 billion in first year to nations economy. Position the nation for FUTURE WORLD enterprise growth and sustainable job creation.
The newsletter aims to give you an insight into key issues, both global and local, and will be published on a quarterly basis.
The articles are crisply written, carefully researched and thought-provoking. We hope you find the newsletter interesting.
BRICS Collaboration in Skills Development: Results of Foresight & Russian Proposals' focuses on the results of the BRICS Skills Development Working Group Foresight session that took place in Moscow on July 5-6, 2015. The session determined the main mid-term focal areas of BRICS collaboration in skills development, from consolidating the union to becoming the global problem-solver, as well as worked out a roadmap for 2015-2018 with a number of priorities in skills development cooperation. On Russia's part, a number of initiatives were laid out, such as foresight of skills and educational formats, exchange of best practices, including dual education, hosting the WorldSkills BRICS Competition and providing an educational platform for skills development in advanced industries
PROFILE OF MICRO INSURANCE PRODUCTS - INDIVIDUAL V/S GROUP CATEGORIESRaja Ram
The risk is always associated with the human life. The anticipating risk is one essential part of
human being who can reduce the risk through financial alternatives. Insurance sector is one part of
the financial service sectors which mobilizes the capital for the economic development of the
nation along with social protection of individual life. On the whole, 53 private and public insurance
players protect all kinds of people, but Micro insurance is unique which has 113 divisional offices by
LIC in India and at the same time 14 private players provide micro insurance cover to the rural
people. They earn Rs.100-200 per day; they face high-level risk in their occupation. They are not
aware of micro insurance products. With this aspect, the present paper makes an attempt to discuss
micro insurance products in individual category and group category
GST: THE GOVERNMENT BLINKS
Facing a withering assault from critics and a jolt from RBI, the Finance Ministry is reviewing the controversial tax. An analysis of the new roadmap Mohan Bhagwat
http://profitableinvestingtips.com/investing-tips/what-happened-to-the-brics
What Happened to the BRICS?
A few years ago the BRICS nations seemed ready to move into the first ranks of the world economy. Today the economies of Brazil, Russia, India, China and South Africa are having their problems. What happened to the BRICS? Radio Free Europe reports on BRICS woes.
Brazil, Russia, India, China, and South Africa — the BRICS — hope to move the world away from the U.S. dollar and Western-dominated financial institutions, which they say do not meet the needs of emerging economies.
But steep drops in recent weeks in the currencies of the five countries, which account for 40 percent of the world’s population and about one-fifth of global economic output, underscore how difficult it would be for any of them to take the dollar’s place.
The problems of the BRICS nations vary case by case but the global economic slowdown is a culprit for all of them. Russia is hurt by low oil prices, which help the others to greater or lesser degrees. Brazil is hurt by slowing demand for raw materials from China which in turn is seeing its economy slow down due to decreasing demand from Europe especially. What happened to the BRICS is a case by case story.
Russian Adventurism
In response to the Russian annexation of Crimea and support of separatists in Ukraine the USA and EU imposed economic sanctions on Russia. CNN Money writes about how badly sanctions have hurt Russia.
Based on Erik Reinert, How Rich Countries Got Rich ... and Why Poor Countries Stay Poor (2007), London: Constable, Chapter 8: “Get the economic activities right”, or, the Lost Art of Creating Middle-Income Countries. Further discussion on how to make upper-middle income county out of middle-income trap. And how to synchronize different aspect on developmental policy in modern era.
It shows the Working, Functions and Members of BRICS, objectives, important Summit, effects, advantages, disadvantages, financial Contribution and The BRICS Bank.
Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.
Submission Deadline: 30th September 2022
Acceptance Notification: Within Three Days’ time period
Online Publication: Within 24 Hrs. time Period
Expected Date of Dispatch of Printed Journal: 5th October 2022
MODELING AND ANALYSIS OF SURFACE ROUGHNESS AND WHITE LATER THICKNESS IN WIRE-...IAEME Publication
White layer thickness (WLT) formed and surface roughness in wire electric discharge turning (WEDT) of tungsten carbide composite has been made to model through response surface methodology (RSM). A Taguchi’s standard Design of experiments involving five input variables with three levels has been employed to establish a mathematical model between input parameters and responses. Percentage of cobalt content, spindle speed, Pulse on-time, wire feed and pulse off-time were changed during the experimental tests based on the Taguchi’s orthogonal array L27 (3^13). Analysis of variance (ANOVA) revealed that the mathematical models obtained can adequately describe performance within the parameters of the factors considered. There was a good agreement between the experimental and predicted values in this study.
A STUDY ON THE REASONS FOR TRANSGENDER TO BECOME ENTREPRENEURSIAEME Publication
The study explores the reasons for a transgender to become entrepreneurs. In this study transgender entrepreneur was taken as independent variable and reasons to become as dependent variable. Data were collected through a structured questionnaire containing a five point Likert Scale. The study examined the data of 30 transgender entrepreneurs in Salem Municipal Corporation of Tamil Nadu State, India. Simple Random sampling technique was used. Garrett Ranking Technique (Percentile Position, Mean Scores) was used as the analysis for the present study to identify the top 13 stimulus factors for establishment of trans entrepreneurial venture. Economic advancement of a nation is governed upon the upshot of a resolute entrepreneurial doings. The conception of entrepreneurship has stretched and materialized to the socially deflated uncharted sections of transgender community. Presently transgenders have smashed their stereotypes and are making recent headlines of achievements in various fields of our Indian society. The trans-community is gradually being observed in a new light and has been trying to achieve prospective growth in entrepreneurship. The findings of the research revealed that the optimistic changes are taking place to change affirmative societal outlook of the transgender for entrepreneurial ventureship. It also laid emphasis on other transgenders to renovate their traditional living. The paper also highlights that legislators, supervisory body should endorse an impartial canons and reforms in Tamil Nadu Transgender Welfare Board Association.
BROAD UNEXPOSED SKILLS OF TRANSGENDER ENTREPRENEURSIAEME Publication
Since ages gender difference is always a debatable theme whether caused by nature, evolution or environment. The birth of a transgender is dreadful not only for the child but also for their parents. The pain of living in the wrong physique and treated as second class victimized citizen is outrageous and fully harboured with vicious baseless negative scruples. For so long, social exclusion had perpetuated inequality and deprivation experiencing ingrained malign stigma and besieged victims of crime or violence across their life spans. They are pushed into the murky way of life with a source of eternal disgust, bereft sexual potency and perennial fear. Although they are highly visible but very little is known about them. The common public needs to comprehend the ravaged arrogance on these insensitive souls and assist in integrating them into the mainstream by offering equal opportunity, treat with humanity and respect their dignity. Entrepreneurship in the current age is endorsing the gender fairness movement. Unstable careers and economic inadequacy had inclined one of the gender variant people called Transgender to become entrepreneurs. These tiny budding entrepreneurs resulted in economic transition by means of employment, free from the clutches of stereotype jobs, raised standard of living and handful of financial empowerment. Besides all these inhibitions, they were able to witness a platform for skill set development that ignited them to enter into entrepreneurial domain. This paper epitomizes skill sets involved in trans-entrepreneurs of Thoothukudi Municipal Corporation of Tamil Nadu State and is a groundbreaking determination to sightsee various skills incorporated and the impact on entrepreneurship.
DETERMINANTS AFFECTING THE USER'S INTENTION TO USE MOBILE BANKING APPLICATIONSIAEME Publication
The banking and financial services industries are experiencing increased technology penetration. Among them, the banking industry has made technological advancements to better serve the general populace. The economy focused on transforming the banking sector's system into a cashless, paperless, and faceless one. The researcher wants to evaluate the user's intention for utilising a mobile banking application. The study also examines the variables affecting the user's behaviour intention when selecting specific applications for financial transactions. The researcher employed a well-structured questionnaire and a descriptive study methodology to gather the respondents' primary data utilising the snowball sampling technique. The study includes variables like performance expectations, effort expectations, social impact, enabling circumstances, and perceived risk. Each of the aforementioned variables has a major impact on how users utilise mobile banking applications. The outcome will assist the service provider in comprehending the user's history with mobile banking applications.
ANALYSE THE USER PREDILECTION ON GPAY AND PHONEPE FOR DIGITAL TRANSACTIONSIAEME Publication
Technology upgradation in banking sector took the economy to view that payment mode towards online transactions using mobile applications. This system enabled connectivity between banks, Merchant and user in a convenient mode. there are various applications used for online transactions such as Google pay, Paytm, freecharge, mobikiwi, oxygen, phonepe and so on and it also includes mobile banking applications. The study aimed at evaluating the predilection of the user in adopting digital transaction. The study is descriptive in nature. The researcher used random sample techniques to collect the data. The findings reveal that mobile applications differ with the quality of service rendered by Gpay and Phonepe. The researcher suggest the Phonepe application should focus on implementing the application should be user friendly interface and Gpay on motivating the users to feel the importance of request for money and modes of payments in the application.
VOICE BASED ATM FOR VISUALLY IMPAIRED USING ARDUINOIAEME Publication
The prototype of a voice-based ATM for visually impaired using Arduino is to help people who are blind. This uses RFID cards which contain users fingerprint encrypted on it and interacts with the users through voice commands. ATM operates when sensor detects the presence of one person in the cabin. After scanning the RFID card, it will ask to select the mode like –normal or blind. User can select the respective mode through voice input, if blind mode is selected the balance check or cash withdraw can be done through voice input. Normal mode procedure is same as the existing ATM.
IMPACT OF EMOTIONAL INTELLIGENCE ON HUMAN RESOURCE MANAGEMENT PRACTICES AMONG...IAEME Publication
There is increasing acceptability of emotional intelligence as a major factor in personality assessment and effective human resource management. Emotional intelligence as the ability to build capacity, empathize, co-operate, motivate and develop others cannot be divorced from both effective performance and human resource management systems. The human person is crucial in defining organizational leadership and fortunes in terms of challenges and opportunities and walking across both multinational and bilateral relationships. The growing complexity of the business world requires a great deal of self-confidence, integrity, communication, conflict and diversity management to keep the global enterprise within the paths of productivity and sustainability. Using the exploratory research design and 255 participants the result of this original study indicates strong positive correlation between emotional intelligence and effective human resource management. The paper offers suggestions on further studies between emotional intelligence and human capital development and recommends for conflict management as an integral part of effective human resource management.
VISUALISING AGING PARENTS & THEIR CLOSE CARERS LIFE JOURNEY IN AGING ECONOMYIAEME Publication
Our life journey, in general, is closely defined by the way we understand the meaning of why we coexist and deal with its challenges. As we develop the "inspiration economy", we could say that nearly all of the challenges we have faced are opportunities that help us to discover the rest of our journey. In this note paper, we explore how being faced with the opportunity of being a close carer for an aging parent with dementia brought intangible discoveries that changed our insight of the meaning of the rest of our life journey.
A STUDY ON THE IMPACT OF ORGANIZATIONAL CULTURE ON THE EFFECTIVENESS OF PERFO...IAEME Publication
The main objective of this study is to analyze the impact of aspects of Organizational Culture on the Effectiveness of the Performance Management System (PMS) in the Health Care Organization at Thanjavur. Organizational Culture and PMS play a crucial role in present-day organizations in achieving their objectives. PMS needs employees’ cooperation to achieve its intended objectives. Employees' cooperation depends upon the organization’s culture. The present study uses exploratory research to examine the relationship between the Organization's culture and the Effectiveness of the Performance Management System. The study uses a Structured Questionnaire to collect the primary data. For this study, Thirty-six non-clinical employees were selected from twelve randomly selected Health Care organizations at Thanjavur. Thirty-two fully completed questionnaires were received.
Living in 21st century in itself reminds all of us the necessity of police and its administration. As more and more we are entering into the modern society and culture, the more we require the services of the so called ‘Khaki Worthy’ men i.e., the police personnel. Whether we talk of Indian police or the other nation’s police, they all have the same recognition as they have in India. But as already mentioned, their services and requirements are different after the like 26th November, 2008 incidents, where they without saving their own lives has sacrificed themselves without any hitch and without caring about their respective family members and wards. In other words, they are like our heroes and mentors who can guide us from the darkness of fear, militancy, corruption and other dark sides of life and so on. Now the question arises, if Gandhi would have been alive today, what would have been his reaction/opinion to the police and its functioning? Would he have some thing different in his mind now what he had been in his mind before the partition or would he be going to start some Satyagraha in the form of some improvement in the functioning of the police administration? Really these questions or rather night mares can come to any one’s mind, when there is too much confusion is prevailing in our minds, when there is too much corruption in the society and when the polices working is also in the questioning because of one or the other case throughout the India. It is matter of great concern that we have to thing over our administration and our practical approach because the police personals are also like us, they are part and parcel of our society and among one of us, so why we all are pin pointing towards them.
A STUDY ON TALENT MANAGEMENT AND ITS IMPACT ON EMPLOYEE RETENTION IN SELECTED...IAEME Publication
The goal of this study was to see how talent management affected employee retention in the selected IT organizations in Chennai. The fundamental issue was the difficulty to attract, hire, and retain talented personnel who perform well and the gap between supply and demand of talent acquisition and retaining them within the firms. The study's main goals were to determine the impact of talent management on employee retention in IT companies in Chennai, investigate talent management strategies that IT companies could use to improve talent acquisition, performance management, career planning and formulate retention strategies that the IT firms could use. The respondents were given a structured close-ended questionnaire with the 5 Point Likert Scale as part of the study's quantitative research design. The target population consisted of 289 IT professionals. The questionnaires were distributed and collected by the researcher directly. The Statistical Package for Social Sciences (SPSS) was used to collect and analyse the questionnaire responses. Hypotheses that were formulated for the various areas of the study were tested using a variety of statistical tests. The key findings of the study suggested that talent management had an impact on employee retention. The studies also found that there is a clear link between the implementation of talent management and retention measures. Management should provide enough training and development for employees, clarify job responsibilities, provide adequate remuneration packages, and recognise employees for exceptional performance.
ATTRITION IN THE IT INDUSTRY DURING COVID-19 PANDEMIC: LINKING EMOTIONAL INTE...IAEME Publication
Globally, Millions of dollars were spent by the organizations for employing skilled Information Technology (IT) professionals. It is costly to replace unskilled employees with IT professionals possessing technical skills and competencies that aid in interconnecting the business processes. The organization’s employment tactics were forced to alter by globalization along with technological innovations as they consistently diminish to remain lean, outsource to concentrate on core competencies along with restructuring/reallocate personnel to gather efficiency. As other jobs, organizations or professions have become reasonably more appropriate in a shifting employment landscape, the above alterations trigger both involuntary as well as voluntary turnover. The employee view on jobs is also afflicted by the COVID-19 pandemic along with the employee-driven labour market. So, having effective strategies is necessary to tackle the withdrawal rate of employees. By associating Emotional Intelligence (EI) along with Talent Management (TM) in the IT industry, the rise in attrition rate was analyzed in this study. Only 303 respondents were collected out of 350 participants to whom questionnaires were distributed. From the employees of IT organizations located in Bangalore (India), the data were congregated. A simple random sampling methodology was employed to congregate data as of the respondents. Generating the hypothesis along with testing is eventuated. The effect of EI and TM along with regression analysis between TM and EI was analyzed. The outcomes indicated that employee and Organizational Performance (OP) were elevated by effective EI along with TM.
INFLUENCE OF TALENT MANAGEMENT PRACTICES ON ORGANIZATIONAL PERFORMANCE A STUD...IAEME Publication
By implementing talent management strategy, organizations would have the option to retain their skilled professionals while additionally working on their overall performance. It is the course of appropriately utilizing the ideal individuals, setting them up for future top positions, exploring and dealing with their performance, and holding them back from leaving the organization. It is employee performance that determines the success of every organization. The firm quickly obtains an upper hand over its rivals in the event that its employees having particular skills that cannot be duplicated by the competitors. Thus, firms are centred on creating successful talent management practices and processes to deal with the unique human resources. Firms are additionally endeavouring to keep their top/key staff since on the off chance that they leave; the whole store of information leaves the firm's hands. The study's objective was to determine the impact of talent management on organizational performance among the selected IT organizations in Chennai. The study recommends that talent management limitedly affects performance. On the off chance that this talent is appropriately management and implemented properly, organizations might benefit as much as possible from their maintained assets to support development and productivity, both monetarily and non-monetarily.
A STUDY OF VARIOUS TYPES OF LOANS OF SELECTED PUBLIC AND PRIVATE SECTOR BANKS...IAEME Publication
Banking regulations act of India, 1949 defines banking as “acceptance of deposits for the purpose of lending or investment from the public, repayment on demand or otherwise and withdrawable through cheques, drafts order or otherwise”, the major participants of the Indian financial system are commercial banks, the financial institution encompassing term lending institutions. Investments institutions, specialized financial institution and the state level development banks, non banking financial companies (NBFC) and other market intermediaries such has the stock brokers and money lenders are among the oldest of the certain variants of NBFC and the oldest market participants. The asset quality of banks is one of the most important indicators of their financial health. The Indian banking sector has been facing severe problems of increasing Non- Performing Assets (NPAs). The NPAs growth directly and indirectly affects the quality of assets and profitability of banks. It also shows the efficiency of banks credit risk management and the recovery effectiveness. NPA do not generate any income, whereas, the bank is required to make provisions for such as assets that why is a double edge weapon. This paper outlines the concept of quality of bank loans of different types like Housing, Agriculture and MSME loans in state Haryana of selected public and private sector banks. This study is highlighting problems associated with the role of commercial bank in financing Small and Medium Scale Enterprises (SME). The overall objective of the research was to assess the effect of the financing provisions existing for the setting up and operations of MSMEs in the country and to generate recommendations for more robust financing mechanisms for successful operation of the MSMEs, in turn understanding the impact of MSME loans on financial institutions due to NPA. There are many research conducted on the topic of Non- Performing Assets (NPA) Management, concerning particular bank, comparative study of public and private banks etc. In this paper the researcher is considering the aggregate data of selected public sector and private sector banks and attempts to compare the NPA of Housing, Agriculture and MSME loans in state Haryana of public and private sector banks. The tools used in the study are average and Anova test and variance. The findings reveal that NPA is common problem for both public and private sector banks and is associated with all types of loans either that is housing loans, agriculture loans and loans to SMES. NPAs of both public and private sector banks show the increasing trend. In 2010-11 GNPA of public and private sector were at same level it was 2% but after 2010-11 it increased in many fold and at present there is GNPA in some more than 15%. It shows the dark area of Indian banking sector.
EXPERIMENTAL STUDY OF MECHANICAL AND TRIBOLOGICAL RELATION OF NYLON/BaSO4 POL...IAEME Publication
An experiment conducted in this study found that BaSO4 changed Nylon 6's mechanical properties. By changing the weight ratios, BaSO4 was used to make Nylon 6. This Researcher looked into how hard Nylon-6/BaSO4 composites are and how well they wear. Experiments were done based on Taguchi design L9. Nylon-6/BaSO4 composites can be tested for their hardness number using a Rockwell hardness testing apparatus. On Nylon/BaSO4, the wear behavior was measured by a wear monitor, pinon-disc friction by varying reinforcement, sliding speed, and sliding distance, and the microstructure of the crack surfaces was observed by SEM. This study provides significant contributions to ultimate strength by increasing BaSO4 content up to 16% in the composites, and sliding speed contributes 72.45% to the wear rate
ROLE OF SOCIAL ENTREPRENEURSHIP IN RURAL DEVELOPMENT OF INDIA - PROBLEMS AND ...IAEME Publication
The majority of the population in India lives in villages. The village is the back bone of the country. Village or rural industries play an important role in the national economy, particularly in the rural development. Developing the rural economy is one of the key indicators towards a country’s success. Whether it be the need to look after the welfare of the farmers or invest in rural infrastructure, Governments have to ensure that rural development isn’t compromised. The economic development of our country largely depends on the progress of rural areas and the standard of living of rural masses. Village or rural industries play an important role in the national economy, particularly in the rural development. Rural entrepreneurship is based on stimulating local entrepreneurial talent and the subsequent growth of indigenous enterprises. It recognizes opportunity in the rural areas and accelerates a unique blend of resources either inside or outside of agriculture. Rural entrepreneurship brings an economic value to the rural sector by creating new methods of production, new markets, new products and generate employment opportunities thereby ensuring continuous rural development. Social Entrepreneurship has the direct and primary objective of serving the society along with the earning profits. So, social entrepreneurship is different from the economic entrepreneurship as its basic objective is not to earn profits but for providing innovative solutions to meet the society needs which are not taken care by majority of the entrepreneurs as they are in the business for profit making as a sole objective. So, the Social Entrepreneurs have the huge growth potential particularly in the developing countries like India where we have huge societal disparities in terms of the financial positions of the population. Still 22 percent of the Indian population is below the poverty line and also there is disparity among the rural & urban population in terms of families living under BPL. 25.7 percent of the rural population & 13.7 percent of the urban population is under BPL which clearly shows the disparity of the poor people in the rural and urban areas. The need to develop social entrepreneurship in agriculture is dictated by a large number of social problems. Such problems include low living standards, unemployment, and social tension. The reasons that led to the emergence of the practice of social entrepreneurship are the above factors. The research problem lays upon disclosing the importance of role of social entrepreneurship in rural development of India. The paper the tendencies of social entrepreneurship in India, to present successful examples of such business for providing recommendations how to improve situation in rural areas in terms of social entrepreneurship development. Indian government has made some steps towards development of social enterprises, social entrepreneurship, and social in- novation, but a lot remains to be improved.
OPTIMAL RECONFIGURATION OF POWER DISTRIBUTION RADIAL NETWORK USING HYBRID MET...IAEME Publication
Distribution system is a critical link between the electric power distributor and the consumers. Most of the distribution networks commonly used by the electric utility is the radial distribution network. However in this type of network, it has technical issues such as enormous power losses which affect the quality of the supply. Nowadays, the introduction of Distributed Generation (DG) units in the system help improve and support the voltage profile of the network as well as the performance of the system components through power loss mitigation. In this study network reconfiguration was done using two meta-heuristic algorithms Particle Swarm Optimization and Gravitational Search Algorithm (PSO-GSA) to enhance power quality and voltage profile in the system when simultaneously applied with the DG units. Backward/Forward Sweep Method was used in the load flow analysis and simulated using the MATLAB program. Five cases were considered in the Reconfiguration based on the contribution of DG units. The proposed method was tested using IEEE 33 bus system. Based on the results, there was a voltage profile improvement in the system from 0.9038 p.u. to 0.9594 p.u.. The integration of DG in the network also reduced power losses from 210.98 kW to 69.3963 kW. Simulated results are drawn to show the performance of each case.
APPLICATION OF FRUGAL APPROACH FOR PRODUCTIVITY IMPROVEMENT - A CASE STUDY OF...IAEME Publication
Manufacturing industries have witnessed an outburst in productivity. For productivity improvement manufacturing industries are taking various initiatives by using lean tools and techniques. However, in different manufacturing industries, frugal approach is applied in product design and services as a tool for improvement. Frugal approach contributed to prove less is more and seems indirectly contributing to improve productivity. Hence, there is need to understand status of frugal approach application in manufacturing industries. All manufacturing industries are trying hard and putting continuous efforts for competitive existence. For productivity improvements, manufacturing industries are coming up with different effective and efficient solutions in manufacturing processes and operations. To overcome current challenges, manufacturing industries have started using frugal approach in product design and services. For this study, methodology adopted with both primary and secondary sources of data. For primary source interview and observation technique is used and for secondary source review has done based on available literatures in website, printed magazines, manual etc. An attempt has made for understanding application of frugal approach with the study of manufacturing industry project. Manufacturing industry selected for this project study is Mahindra and Mahindra Ltd. This paper will help researcher to find the connections between the two concepts productivity improvement and frugal approach. This paper will help to understand significance of frugal approach for productivity improvement in manufacturing industry. This will also help to understand current scenario of frugal approach in manufacturing industry. In manufacturing industries various process are involved to deliver the final product. In the process of converting input in to output through manufacturing process productivity plays very critical role. Hence this study will help to evolve status of frugal approach in productivity improvement programme. The notion of frugal can be viewed as an approach towards productivity improvement in manufacturing industries.
A MULTIPLE – CHANNEL QUEUING MODELS ON FUZZY ENVIRONMENTIAEME Publication
In this paper, we investigated a queuing model of fuzzy environment-based a multiple channel queuing model (M/M/C) ( /FCFS) and study its performance under realistic conditions. It applies a nonagonal fuzzy number to analyse the relevant performance of a multiple channel queuing model (M/M/C) ( /FCFS). Based on the sub interval average ranking method for nonagonal fuzzy number, we convert fuzzy number to crisp one. Numerical results reveal that the efficiency of this method. Intuitively, the fuzzy environment adapts well to a multiple channel queuing models (M/M/C) ( /FCFS) are very well.
Water scarcity is the lack of fresh water resources to meet the standard water demand. There are two type of water scarcity. One is physical. The other is economic water scarcity.
Final project report on grocery store management system..pdfKamal Acharya
In today’s fast-changing business environment, it’s extremely important to be able to respond to client needs in the most effective and timely manner. If your customers wish to see your business online and have instant access to your products or services.
Online Grocery Store is an e-commerce website, which retails various grocery products. This project allows viewing various products available enables registered users to purchase desired products instantly using Paytm, UPI payment processor (Instant Pay) and also can place order by using Cash on Delivery (Pay Later) option. This project provides an easy access to Administrators and Managers to view orders placed using Pay Later and Instant Pay options.
In order to develop an e-commerce website, a number of Technologies must be studied and understood. These include multi-tiered architecture, server and client-side scripting techniques, implementation technologies, programming language (such as PHP, HTML, CSS, JavaScript) and MySQL relational databases. This is a project with the objective to develop a basic website where a consumer is provided with a shopping cart website and also to know about the technologies used to develop such a website.
This document will discuss each of the underlying technologies to create and implement an e- commerce website.
Industrial Training at Shahjalal Fertilizer Company Limited (SFCL)MdTanvirMahtab2
This presentation is about the working procedure of Shahjalal Fertilizer Company Limited (SFCL). A Govt. owned Company of Bangladesh Chemical Industries Corporation under Ministry of Industries.
CFD Simulation of By-pass Flow in a HRSG module by R&R Consult.pptxR&R Consult
CFD analysis is incredibly effective at solving mysteries and improving the performance of complex systems!
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R&R and Tetra Engineering Group Inc. were asked to solve the issue with reduced steam production.
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Based on our results, Tetra Engineering installed covering plates to reduce the bypass flow. This improved the boiler's performance and increased electricity production.
It is always satisfying when we can help solve complex challenges like this. Do your systems also need a check-up or optimization? Give us a call!
Work done in cooperation with James Malloy and David Moelling from Tetra Engineering.
More examples of our work https://www.r-r-consult.dk/en/cases-en/
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2. A Study of BRICS Nation being the Real Growth Drivers of World Economy
http://www.iaeme.com/IJM/index.asp 189 editor@iaeme.com
1. INTRODUCTION
When a championed cricketer falls short of his best play, it takes a while to judge whether he
has slowed down temporarily or has he permanently lost the sheen. The same stands true for
the BRICS nations that had been performing no less than a champion cricketer who,
singlehandedly, drives his entire team towards victory. The same way BRICS once led a
global boom and helped revive the world economy forwards in the face of the financial crisis
but have now slowed drastically. The BRIC countries together made the world economic
output rise from 16 percent to 22 percent, from 2000 to 2008 to about 25 percent in 2011.
Combined they accounted for 30 percent of the increase in the global output during this
period. But what is now to be determined is whether these nations no longer have the caliber
to produce the same startling results or is it just a matter of time before they get back their old
charm. South Africa joined in 2011 and the acronym became BRICS. The role each member
was expected to play at the time of its formations was: Table 1 Member Role China Global
exporter of manufactured goods India Significant exporter of services Russia & Brazil
Exporter of raw materials China should be happy if it manages to reach its official target of
7.5 percent growth in 2013, way off from the double-digit rates that the country had come to
expect in 2000s. Growth in India too looming around 5 percent and Brazil and Russia
struggling at 2.5 percent, barely half of what they witnessed during the boom. Collectively,
they may just manage to meet previous year’s pace of 5 percent. This appears faster than the
sluggish rich countries, but it is the slowest emerging-economy growth in a decade. This
certainly marks the end of the dramatic and steep growth phase of the emerging economies
which witnessed economies climbing from 38 percent of the world output to 50 percent over
the past decade. However, over the next decade, these economies shall continue rising but
more gradually and subtly and the immediate effect of this slowdown should be manageable
though the long term effect would be more strongly felt.
1.1. Birth of BRICS
There cannot be a single factor that can be attributed to the coming together of these nations.
Several factors were at play in each of these nations which led to their remarkable growth in
2000s.
• China has consistently diverted its rural resources towards more productive activities in order
to satisfy its industrialization ambitions. From 1978, it gradually privatized agriculture and
opened it up to foreign investment and technology.
• The collapse of the USSR completely changed the dynamics at play. After an initial shock
from the disintegration, Russia witnessed a significant natural resource-driven growth rather
than chasing highly productive activities.
• Economic liberalization introduced in India post the 1991 reforms played their critical role in
uplifting the Indian economy. Governance shifted from tight control towards deregulation
which gave the industrial sector a lot of room to grow.
• The apartheid in South Africa had ended with the release of Nelson Mandela in 1990. This
opened the South African economy to the world economy.
• Brazil addressed its prolonged macroeconomic weakness from 1999-2003. The country today
has a small group of world’s leading firms and firms engaged in low skill work that employ 60
percent of the urban workforce.
3. http://www.iaeme.com/IJM/index.asp
Figure 1 GDP (PPP, billion $), 1990
2. BRICS - LOSING SHEEN?
We have all witnessed how in the past emerging
bust, a period of recession. However, this time chances of these nations encountering a bust
seem unlikely. Let us look at the reasons why. 0 2000 4000 6000 8000 10000 120
India Russia Brazil 7 Experts have for long pointed out that China’s investment
would soon no longer be able to drive its growth which explains China’s shift towards a more
balanced consumption based model. Its investment led growth ha
for the country but fortunately it seems the Government has the potential to absorb it and yet
stimulate the economy if need be. This certainly makes a disaster less likely. This is a quality
which few emerging countries pos
probability for them to adopt a tighter monetary policy. Even if they did, the BRIC nations are
better equipped than before, with sufficient stashes of foreign reserves, flexible exchange
rates and comparatively less debt and mostly in domestic currency. But the harsh reality is
that the era of record-breaking growth seems over. China’s investmentled model is losing its
steam and its population is ageing fast and since it is prosperous owing to th
built, there is lesser room for improvement. About ten years ago China’s per capita GDP (at
PPP) was 8 percent of the US while now it is 18 percent. But China would keep pacing
though at a much slower rate. China’s slowing down would certai
remaining emerging giants. For instance, Russia’s speed was fuelled by a surge in the energy
prices driven by Chinese growth. Brazil raced up due to the surge in commodities and
domestic credit; its current combination of infla
underlying economic speed is lot lower than expectations. India’ growth story is also pretty
much the same, where the double
potential for catch-up with inevi
without radical reforms and policies and definitely so if the magic of 2000s is to be recreated.
2.1. Many Milestones Ahead
So does this suggest that if all the emerging economies slow down it would mean that the
emerging-market boom would no longer be able to fill the void which weak rich economies
have created? This means that without a stronger recovery in the US, Japan and
world economies would grow at a much slower pace than todays’ lackluster pace of 3 percent.
The past decade was rather unusual. It was filled with China’s boom which was disruptive not
Rashmi Mishra and Dr. S.P. Thakur
/index.asp 190 editor@iaeme.com
GDP (PPP, billion $), 1990-2012 Source: World Bank, 2013
LOSING SHEEN?
We have all witnessed how in the past emerging-market booms were closely followed by
bust, a period of recession. However, this time chances of these nations encountering a bust
seem unlikely. Let us look at the reasons why. 0 2000 4000 6000 8000 10000 120
India Russia Brazil 7 Experts have for long pointed out that China’s investment
would soon no longer be able to drive its growth which explains China’s shift towards a more
based model. Its investment led growth has resulted in a lot of bad debt
for the country but fortunately it seems the Government has the potential to absorb it and yet
stimulate the economy if need be. This certainly makes a disaster less likely. This is a quality
which few emerging countries possess. And with the rich economies still frail, there is less
probability for them to adopt a tighter monetary policy. Even if they did, the BRIC nations are
better equipped than before, with sufficient stashes of foreign reserves, flexible exchange
nd comparatively less debt and mostly in domestic currency. But the harsh reality is
breaking growth seems over. China’s investmentled model is losing its
steam and its population is ageing fast and since it is prosperous owing to th
built, there is lesser room for improvement. About ten years ago China’s per capita GDP (at
PPP) was 8 percent of the US while now it is 18 percent. But China would keep pacing
though at a much slower rate. China’s slowing down would certainly impact the growth of the
remaining emerging giants. For instance, Russia’s speed was fuelled by a surge in the energy
prices driven by Chinese growth. Brazil raced up due to the surge in commodities and
domestic credit; its current combination of inflation and slow growth indicates that the
underlying economic speed is lot lower than expectations. India’ growth story is also pretty
much the same, where the double-digit annual growth in GDP led investors to obfuscate its
up with inevitability. Certainly India’s growth rate can be enhanced but not
without radical reforms and policies and definitely so if the magic of 2000s is to be recreated.
Many Milestones Ahead
So does this suggest that if all the emerging economies slow down it would mean that the
market boom would no longer be able to fill the void which weak rich economies
have created? This means that without a stronger recovery in the US, Japan and
world economies would grow at a much slower pace than todays’ lackluster pace of 3 percent.
The past decade was rather unusual. It was filled with China’s boom which was disruptive not
editor@iaeme.com
Source: World Bank, 2013
market booms were closely followed by
bust, a period of recession. However, this time chances of these nations encountering a bust
seem unlikely. Let us look at the reasons why. 0 2000 4000 6000 8000 10000 12000 China
India Russia Brazil 7 Experts have for long pointed out that China’s investment-led economy
would soon no longer be able to drive its growth which explains China’s shift towards a more
s resulted in a lot of bad debt
for the country but fortunately it seems the Government has the potential to absorb it and yet
stimulate the economy if need be. This certainly makes a disaster less likely. This is a quality
sess. And with the rich economies still frail, there is less
probability for them to adopt a tighter monetary policy. Even if they did, the BRIC nations are
better equipped than before, with sufficient stashes of foreign reserves, flexible exchange
nd comparatively less debt and mostly in domestic currency. But the harsh reality is
breaking growth seems over. China’s investmentled model is losing its
steam and its population is ageing fast and since it is prosperous owing to the wealth it has
built, there is lesser room for improvement. About ten years ago China’s per capita GDP (at
PPP) was 8 percent of the US while now it is 18 percent. But China would keep pacing
nly impact the growth of the
remaining emerging giants. For instance, Russia’s speed was fuelled by a surge in the energy
prices driven by Chinese growth. Brazil raced up due to the surge in commodities and
tion and slow growth indicates that the
underlying economic speed is lot lower than expectations. India’ growth story is also pretty
digit annual growth in GDP led investors to obfuscate its
tability. Certainly India’s growth rate can be enhanced but not
without radical reforms and policies and definitely so if the magic of 2000s is to be recreated.
So does this suggest that if all the emerging economies slow down it would mean that the
market boom would no longer be able to fill the void which weak rich economies
have created? This means that without a stronger recovery in the US, Japan and Europe, the
world economies would grow at a much slower pace than todays’ lackluster pace of 3 percent.
The past decade was rather unusual. It was filled with China’s boom which was disruptive not
4. A Study of BRICS Nation being the Real Growth Drivers of World Economy
http://www.iaeme.com/IJM/index.asp 191 editor@iaeme.com
just because of the country’s size but also because of the deluge in exports and resulting
buildup of foreign-exchange reserves. It can be safely deduced that in future a balanced
growth from a broader array of economies would cause lesser ripples around the world.
Economists believe that the BRICS, who were hitherto on a double digit growth spree will
need to revisit their strategies, considering the shale-gas recovery in the US which is expected
to be a 8 turnaround for the superpower. The leaders of the BRICS now to need to pull their
strings to propel the growth. So far, out of the BRICS, China has been the most committed
towards reforms and growth. India has demographic favorable factors but both India and
Brazil need to ignite their reformist zeal. Another remarkable change uprising is that in the
economic mood. Earlier Washington preached economic liberalization and democracy to the
emerging nations. But all this while China grew while Washington crunched and the
Eurozone was caught up in a perennial rough patch. Thus their ideologies have been
challenged.
3. GOLDEN ERA
Before studying the milestones the BRIC nations achieved in the past decades, an important
insight drawn from this research was that these nations started from a very low ebb. They had
large amounts of unused labor, resources, low-cost structures owing to lesser regulations back
then and favorable demographics. Nevertheless the credit cannot be taken away about how
remarkably these nations have advanced from such a low base point.
3.1. BRICS Accomplishments
Back in 1990, the BRICS together accounted for less than one-third of the world GDP on the
basis of the purchasing power. However, from 2003 to 2012 this share grew rapidly by more
than a basis point each year.
Figure 2 BRICS Market share of World GDP
This remarkable growth from 2003 to 2012 was unprecedented and experts say that
chances are low that it might be witnessed again. From 1960 to 1990s only about 30 percent
of the developing countries could enhance their per capita output faster than the US did. Till
the 1990s this catching-up was lackadaisical but thereafter it accelerated beyond anyone had
expected. Now 73 percent of developing countries managed to outperform America, which
could be partly attributed to America’s own sluggish growth following the sub-prime crisis.
5. Rashmi Mishra and Dr. S.P. Thakur
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Of these 73 percent developing countries the most remarkable growth was displayed by the
BRIC nations. Although these four grew at different pace and for different reasons, their size
market them out as special. It was then forecasted that these economies would go on to
become front-rank economies and considering the past decade it can be rightly said so.
Talking about the accomplishments of BRICS without mentioning the crucial contribution
made by China would be worthless. China had been the major driver of the BRICS. It was
believed that without China BRICS would be BRI which was nothing but a soft bland cheese.
In the early 1990s and 2000s, the richer economies stated becoming debt ridden which
automatically initiated way for the inception of the golden era for the BRIC nations (as South
Africa was added only in 2011). Outsourcing to low- cost merging nations and rising export
demand were major factors in expediting the growth phase of these nations. The impressive
growth of the BRIC nations marked several changes in the world economy, some of them
have been wrenching. For instance labor and manufacturing cost dropped while commodity
prices increased. Owing to the large population size a more accessible and cheaper -4 -2 0 2 4
6 8 10 12 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004
2005 2006 2007 2008 2009 2010 2011 2012 BRICS US Source: IMF 10 pool of labor was
created that gradually led to wage stagnation which ensued rising income disparity in rich
economies.
Table 1 Economic & Social Indicators
2011 GDP (PPP)/
capita
GDP/capita growth
%, p.a. 2001-2010
PPP
Human Development
Index 2000-2011
BRAZIL 11,719 2.4 5
CHINA 8,466 9 10
INDIA 3,652 5.9 9
RUSSIA 21,248 4.6 8
SOUTH AFRICA 11,035 2.1 0
Source: Crisil Research, eDatabase Table 1 shows how BRICS varied among themselves
No doubt the dynamics of the world economy have changed as BRICS evolved and grew
but the era of rapid tumultuous growth seems to have ended. These economies would grow
but a more subtly rate. As a result, their progress would no longer shake the world as they
once did.
4. ARE BRICS NATIONS STILL THE GROWTH DRIVER?
As mentioned numerous times in the research report, BRICS no longer are growing at the
same pace as they once did in 2000s. Their year-on-year growth has been declining and fallen
to below a percentage point much in line with the sluggish growth rates of the BRICS. The
IMF forecasted that China would grow by 7.8% in 2013, India by 5.6% and Russia and Brazil
by 2.5%. Evidently this implies, the BRICS are contributing much less to the world economy.
Refer Fig-4
6. A Study of BRICS Nation being the Real Growth Drivers of World Economy
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Figure 3 World GDP Source: Crisil Research, eDatabase 11
4.1. Replacement of BRICS as Growth Drivers?
Taking a careful view around, it seems other emerging nations have displayed an impressive
growth potential. Goldman Sachs lays down a list of eleven such nations and calls them
‘N11’. These include nations like Bangladesh, Indonesia, Mexico and Turkey. However, there
is no reason to believe that that N11 would be able to replace BRICS and become the growth
drivers due to the following factors:
Size: These economies are smaller in size. Together they have a population of over 1.2billion.
This is much less than half of BRICS population.
Lesser room for growth: The average per capita output of N11 is already about 15 percent of
the US. When the BRICS bean their journey, their per capita output was about half of this. As
a result they had tremendous room to grow.
Whatever progress these nations make shall not create the same magic which the BRIC
nations created in the 2000s. That period was phenomenal and unprecedented and certainly
irreplaceable. The world as a whole has little catch-up potential as there are fewer people now
earning little.
5. CONSTRUCTIVE OR DESTRUCTIVE REPERCUSSIONS OF SLOW
BRICS
The reality is some BRICS nations and other emerging economies would add to the world
population of workers but some of this would be offset by the ageing population of countries
like China. China’s working population started shrinking since 2011-12. India, though has
more favorable demographics is struggling to generate employment and make the best of its
labor pool. According to a recent survey, India did not get net new jobs between 2004-05 and
2009-10.
Besides, the way world economy was shook by the BRIC developments has made it only
more immune to such changes in the future. Countries now shall be better prepared to react to
such changes. Markets in the past have responded to high commodity prices and demand.
Households are saving more and the governments are developing new resources, like the
shale gas discovery in North America.
7. Rashmi Mishra and Dr. S.P. Thakur
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Foreign reserves of the BRICS have diminished along with current account imbalances.
In fact recent years have been years of outflows for these nations. Stagnancy in the BRICS
would cause anxiety among its own residents whose lifestyle patterns have changed the way
BRICS emerged strongly in the 2000s. Their appetites have grown. However, in China this
problem may be a little less severe as it is anyways transitioning from an investment led
model to a consumption based model. But for the rest of the BRICS nation this remains a
concern.
Most importantly, sluggish growth is a cause of worry for the investors. The Central
Banks need to play their cards right if they wish to prevent outright contraction. The brighter
side may be that globally slow growth could bring together focus leaders and enhance
cooperation among nations and bring focus to global trade.
However, this too is accompanied by a downside. The richer economies have witnessed
the power of the BRICS and may want to maintain their export competitiveness. Any kind of
trade cooperation lapses could result in fractionalization of global economy. Besides slow
growth in the tremendous BRICS may lead to strains in their relationships.
6. WHY WE CAN’T LOOK BRICS AS A WHOLE
It is not hard to find a common pattern among the BRICS nations which led to the belief that
they were the next engine of the world economy. Each country have/had an income level
which was still a fraction of incomes in western nations. Coupled with this, they had certain
‘assets’ which were still yet to be harnessed. Liberal economic policies led to the opening of
respective economies which led to free flow of capital, technology and culture.
I would term their growth not spectacular but quite natural. If you have an income level
which is abysmally low, the only way you can go is up (given the stable and favorable
government policies). These countries used their unharnessed ‘assets’ to achieve ‘spectacular’
growth. In case of Brazil, South Africa and Russia it has been vast and untapped fields of
Metal, Minerals, Natural gas and Oil. In case of India and China, it has been mainly skilled
and, cheap labor working hard in cities like Bengaluru and Guangzhou providing
manufactured products and services to the world. Everything was working more than fine and
everyone was happy.
But human nature is essentially overly optimistic which many a times may lead to a
myopic view. Exactly the same thing was happening in each country, blended in some local,
peculiar form but united by failure of government and in larger terms society as a whole.
I strongly believe some of the participants will continue to grow, while others have strong
risk of failure. To have a better understanding we need to analyze each country on standalone
basis:
China: The Hidden Dragon
Among BRICS, Chinese economy has been the most robust and strongest over the years. In
the process it has pulled millions out of poverty which is really commendable. This growth
has largely been based on exports to the foreign markets and an investment spree.
Over the same period, Chinese economy has broken the psychological level of $4000 per
capita income. Chinese economy is more than $9 trillion today. It was a different ball game
when it was under $2 trillion. Growing 10% earlier meant adding $200 billion to GDP. Now it
means adding more than $900 billion every year. Theory of Big number is looming over
China and it will become tremendously difficult for it to grow even at late single digit
number. China needs to accept this order and make adjustments accordingly.
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In addition to large base, so much reliance on exports and investments has made Chinese
economy unbalanced and unsustainable. Owing to erosion of Chinese cost competitiveness,
exports will become uncompetitive and infrastructure projects risk becoming nonperforming
assets for banks. China has the risk of falling into a debt trap as Japan, if it doesn’t control its
shadowy banking practices. It has been estimated the malicious banking practices are big in
China, which may pose a threat to the banking system and economy as a whole in near future,
if unchecked. To make the transition smoother, China needs to shift its focus from export
market and investment to domestic consumption.
For good this has been happening. In a bid to curb risks associated with excessive lending,
monetary authorities are expected to follow tightening of monetary policy. In recent times,
there were encouraging signs from Chinese Leadership that they are committed to bring in
more reforms to control excessive investments and encourage private consumption. Effects of
these initiatives are yet to be seen. Based on median projection by IMF, World Bank and EIU,
China will clock near to 6.5% in medium term and this growth will largely be driven by
private consumption which is largely commendable. China has consistently been the growth
driver of the world and would continue to do so.
India: The Crouching Tiger
It has been taken as a gospel truth that India is going to be world’s fastest growing economy
in next decade. ‘Demographic Dividends’ idea had long back trumped ‘Malthusians Theory of
Overpopulation’. If one looks at the fundamentals, Indian economy does have a chance of
becoming the world’s fastest growing economy. Its per capita income is nearly one-fourth that
of China’s and median age is nearly 26.
But due to a number of factors this potential has a risk of drifting into oblivion. No
country is as varied as India, so it has to accommodate multi pluralistic aspirations also.
Sometimes democracy seems to be the biggest impediment in India’s march to growth.
India is spending too much on welfare and too little on infrastructure. This has resulted in
supply side constraints coupled with high demand leading to high inflation over the years. It is
apt to say that inflation is the biggest challenge India faces over the medium term horizon.
On monetary side, recent focus of central bank on inflation as a core of policy making has
been a welcome move. On fiscal front, much needs to be done. India needs to curb state
largesse and invest in long term infrastructure like ports, highways, power plants etc. It would
have to create conditions which would encourage millions of rural households to leave
unproductive farm land and work in productive cities. Additionally, India needs sweeping
reforms in pension, banking, defense, retail, Insurance etc.
My take on India is largely positive. Based on the mean forecast of IMF, World Bank,
OECD and EIU, India is poised to grow at 6-7% over the course of next 5 years.
Brazil: Welfare State which can’t be afforded
There have been few economies which are so hyped as Brazil. Commodity boom in last
decade made us believe that Brazil is the next big story. If only that was the case. Brazil is one
of the biggest producers of many natural resources like Iron Ore, Coffee, Rubber etc. and has
tremendous potential in Oil and Gas. When world was scrambling for natural resources in last
decade, Brazil was one of the few countries which had the last laugh.
But rather than investing this capital in productive projects, Brazil resorted to being a
welfare state which it can’t afford. This has been a problem in many of the developing
countries. Ideally a country should first use prudent fiscal and monetary policies for a
9. Rashmi Mishra and Dr. S.P. Thakur
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developing economy and then pursue welfare program. In Brazil, things are the other way
round.
Brazilian economy suffers from high cost of labor and transport which are detrimental to
economic growth. Total investment as part of GDP is abysmally low at 19 for Brazil vis-à-vis
China’s 50 and India’s 30 percent. This has resulted in awful inefficiencies and shortfall in
infrastructure and manufacturing. Constraints like these stifle supply side which cannot keep
up with demand and price rises. Hyperinflation has been the biggest problem of Brazil over
the years and in all probability will continue to be a problem in foreseeable future.
Tax burden is 38% of GDP in Brazil which is one of the highest in major emerging
economies. Industry is not getting efficient as it is not investing in new technologies and
training. Brazil needs to increase its manufacturing share in GDP, which currently stands at
14%. Due to QE tapering and large current account deficit, Brazilian Real will come under
pressure in near term. As an investor, I would have given Brazil a miss, given large risk
associated with return.
Russia: Oligarchy and Corruption
As a participant in BRICS, Russia seems to be an interesting choice. Per Capita Income in
Russia has increased manifold in past 2 decades to around $14000 which is way above other
fellow BRICS nations. Law of large number which has been aptly applied to China holds
good for Russia as well. It is very difficult to clock high growth rate with such a base unless
there are some disruptive events and policies.
Sadly, Russia has done little in bringing such constructive disruption. Though it is one of
the biggest exporters of minerals and energy resources, Russia doesn’t seem to be doing
enough in reducing its dependence on it. In contrast, role of exports of these resources are
humongous in Russian economy, thereby linking its fortune to global commodity pricing. At
the heart of this dependence are state owned companies like Gazprom and Rosneft which are
epitome of inefficiency and corruption. According to some estimates, State’s share in
economy has risen to 50% of GDP. Dynamic and entrepreneurial firms are required in a
nations rise which is absent in Russia. As a result it is difficult to find competitive Russian
firms on the global stage.
In addition, banking system is absent in Russia vis-à-vis other emerging economies.
Missing financial sector coupled with coercive and corrupt governance has demoted Russia to
one of the lowly ranked business friendly nation. Due to paucity of business opportunities and
low investor confidence, Russia is a unique case which has seen massive outflow of FDI
during recent years, resulting in net negative FDI. Due to decreasing population, Russia will
continue to struggle with worst aging problem in emerging world. I strongly believe Russia
will not be able clock decent growth in coming years. My estimate in the best scenario is near
to 2.5 – 3%.
South Africa: Legacy of Apartheid
South Africa is often looked upon as a leader among the countries in the ‘Dark Continent’.
It has the biggest economy and one of the highest per capita incomes in Africa. Over the years
it has been one of the largest exporters of many of the world’s natural and precious resources.
Problem with South Africa has been more to do with Socio-political than economic.
Though the era after apartheid has been marked by a condition where debt and inflation has
been under control, legacy of the apartheid era is still prevalent over the present decade.
Gini Coefficient, which measures the income distribution of a nation's residents, is one of
the highest for African nation at 0.7 representing high inequality. In addition, high
10. A Study of BRICS Nation being the Real Growth Drivers of World Economy
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unemployment among majority blacks has pushed unemployment rate to a disturbing figure
of 25 percent of total labor.
On the whole, the government has failed to create conditions for a dynamic competition.
Strong unions are part of ruling ANC leading to wages that are rising faster than inflation and
productivity. State protégé leads to strikes which often cripple the domestic production.
Domestic saving is huge to the tune of $750 billion but not much is being invested in the
country. Over the short term, South African Rand and FTSE/JSE exchange is going to come
under pressure due to tapering by US Fed Reserve and chronic current account deficit.
South Africa needs to bring competition in many of its industries which will ultimately
increase productivity and check unemployment. It needs to do more in bringing equality in
income levels.
South Africa comes under middle income bracket with income level hovering around
USD 9000. With stable environment, South Africa may clock 4-5% in time period of next 5
years, which is good enough.
7. CONCLUSION
The research clearly indicates that even though the BRICS would continue to grow, the pace
with which it advanced in 2000s would be missing. Their sluggish growth would be incapable
of making any significant impact on the world economy as it did earlier. It can be rightly said
that the BRICS performance in that decade was unprecedented that was partly because of the
own slowdown in the rich economies.
Meanwhile certain other emerging economies are gradually rising. They have been termed
as ‘N11’ by Goldman Sachs. These countries have the potential to show an impressive growth
but seem not of the level that BRICS had displayed once.
Figure 4
Clearly, we can’t look at BRICS as a single unit but as compositions of different nations
which will follow different growth path in coming days. Based on the facts and ground
realities in various countries, my best bet would be India, China and South Africa. I may not
bet much on Brazil and Russia due to the risk mentioned in their respective analysis. They
may be replaced by other countries say Nigeria or Mexico in the future.
11. Rashmi Mishra and Dr. S.P. Thakur
http://www.iaeme.com/IJM/index.asp 198 editor@iaeme.com
Having said this, if there happens to be some event, internal or external, things may
change greatly. As for example, China going in war/armed conflict with Japan over disputed
islands or India getting a stable, clean majority government is going to have vast ramification
over the political-economic environment in medium term in respective economies.
Additionally, BRICS’ nations have a potential danger of falling into political chaos if they
fail to check unrest among their working class. Political and policy uncertainty dent business
sentiment and activities. Overall these countries need to bring labor market reforms, check
their unsustainable welfare policies and build infrastructure.
A potential game changer could be China and Russia investing their huge foreign reserves
in infrastructure deficient economies of India, South Africa and Brazil. A BRICS bank to
facilitate such a transfer would be a welcome move. Most important these countries need to
invest more on education, healthcare, skill development and transports for bringing veritable
changes. With prudent policies and stable environment, BRICS may continue to be the
growth driver of the world, though on a smaller scale.
REFERENCES
[1] Gauteng Province, Quarterly Bulletin, Republic of South Africa
[2] CrisilResearch, https://www.crisilresearch.com/CuttingEdge/economy.jspx?serviceId=44#
[3] Reisen Helmut, Economic Policy and Social Affair in BRICS
[4] The Economist
[5] CNN, http://edition.cnn.com/2013/06/03/business/opinion-pereira-brazil-bric-economies/
[6] http://www.worldeconomics.com/papers/Global%20Growth%20Monitor_7c66ffca-ff86-
4e4c-• 979d-7c5d7a22ef21.paper
[7] Trading Economics, http://www.tradingeconomics.com/india/gdp•
[8] BRICS, The BRICS Report 2012. India: Oxford University Press, 2012.
[9] Akshay Kumar, GDP the Backbone of Indian Economy: An Overview through Ages.
International Journal of Management, 7(5), 2016, pp. 228–231.