The document discusses Lebanon's dire economic situation. It notes that mass protests in 2019 revealed economic tensions, and the pandemic exacerbated problems like high inflation, currency devaluation, and unemployment. A Ponzi scheme run by the central bank to maintain currency value collapsed as foreign deposits withdrew, forcing limits on bank withdrawals. Citizens now face poverty as savings lose value and prices rise sharply. The government's failure to control inflation or implement reforms has blocked international aid, leaving the economy with little hope of recovery and risking further unrest and emigration as conditions worsen.

1. ECHONOMIX
ISSUE 02/ AUGUST 2020
INSIDE THIS ISSUE
TENSIONS: NEWS ON THE GLOBAL FRONT ENCOMPASSING THE MIDDLE EAST
CUBA, GREECE, TURKEY, AND LEBANON, CRACKS IN GLOBALIDSATION: A DISCUSSION ON
INDO-CHINA RELATIONS, FOCUS ON: INDIA'S OATH OF SELF SUSTENANCE

2. ABOUT US
03
all the whats, whys, hows and
whens of our journey
THE MEAN GIRLS OF
THE MIDDLE EAST
05, 06
to Tina Fey's dismay, an interesting
discussion of the of the Middle East by
Saumya Chowdhary
A GIFT OF DIPLOMACY
09, 10
TENSIONS
04
07, 08
FRACTURES IN THE SINO-
INDIAN FRIENDSHIP
13
tensions on the Indo-Chinese
border and its political
implications by Vaanya Gupta
an action-filled lesson in history
for the Bald Eagle by Armaan
Batta
A FREE FALL FROM
GRACE
Lebanon's dire straits as
explained by Aditya Gupta
...a penny for your thoughts!
FROM THE START
11, 12
a lesson on the Indo-Chinese diplomatic
relations by Bhuranyu Mahajan

3. ATMANIRBHAR: A
TRAGIC FLASHBACK
15, 16
17
ACKNOWLEDGMENTS..cheers!
BIBLIOGRAPHYsources.
18
why the ‘Atmanirbhar’ campaign is not a
springboard for growth but a return to Nehru's
tragic protectionist era by Shriya Bang
TEMPLE OF UNEASE
14
deteriorating relations between Greece
and Turkey over matters religious and
financial by Komal Gupta

4. ABOUT USECHONOMIX started as a student led magazine, which focuses on
empowering student views and perspectives. We aim at exploring possible
solutions to the worlds problems and give a platform to the students who
wish to voice their opinions. After some careful considerations, Echonomix
is not only for young writers, but for anyone irrespective of age, gender,
cast and nationality, who would like to voice their opinions and ideas.
In a nutshell, Echonomix is us, trying to discuss the resounding ripples that
economic policies create on a global level.
Why Echonomix?
-It is a great platform to get collaborative, financial and social
experience
-An experience you would not forget if you want to become a
journalist, economist or even a freelance writer.
-Most importantly, the unforgettable and unique support you would
receive and the influential skills you could develop throughout the
collaborative process
03

5. TENSIONS
04

6. THE MEAN GIRLS OF
THE MIDDLE EAST BY
SAUMYA CHOWDHARY
COULD COUNTIRES IN THE MIDDLE
EAST LEARN FROM THE BYLINE OF THE
MEAN GIRLS POSTER? SOURCE: IMDB
The Middle East. A combination of words that
usually stirs up images of civil mortalities, broken
homes, lost families and empty stomachs; words
that makes one think about terrorised states,
decade- long disputes and broken alliances.
Although this is a severe misconception, it was
further strengthened by the Qatar diplomatic
crisis in 2017 when members of the Gulf
Cooperation Council (GCC) led by Saudi Arabia cut
off diplomatic ties with their former member
state. This included closing off air, sea and land
routes for Qatar while also restricting the
entrance of Qatari residents and visitors into their
own countries and giving their citizens only 14
days to leave the country. Now their actions may
make them seem like characters straight out of a
high school drama, Mean Girls perhaps (obviously
with Saudi Arabia being the Regina George of this
situation), but the countries part of the anti-Qatar
bloc had their own reasons for taking this action.
Tensions against Qatar had been building up for
years, the main stimulus being the country’s
support for Islamist movements such as the
Muslim Brotherhood, a group categorised as a
terrorist organisation not only by the leading
nation of the opposing bloc, Saudi Arabia, but also
other supporting nations such as Egypt. A branch
of the Brotherhood, Hamas (not to be mistaken for
lebaneese delicacy), which has been labelled a
terrorist group by several western countries such
as member states of the EU, Canada, Australia etc,
is also said to be supported by Qatar.
05

7. To put things into context, this was the same
group that killed more than 6000 Palestanians
and Israelis in the Battle of Gaza in 2007 and is
responsible for carrying out more than 300 rocket
attacks on the Jewish nation. These reasons, along
with potential political ones, stimulated Saudi
Arabia, the U.A.E, Bahrain and Egypt to
economically and socially isolate Qatar.
This isolation inevitably impacted the economy of
the Middle East as well given the fact that
approximately 40% of Qatar’s food supplies were
imported overland through Saudi Arabia and not
having free access to the country’s land resources
resulted in a temporary increase in Qatari food
shortages. Qatar’s new challenge was to find
alternate resources which were granted by Oman
and although the costs of imports into the state
would potentially increase, this did not happen
due to lower costs of handling shipments through
Oman. Within days of Qatari isolation, the
country’s stock exchange dropped about 10% in
value. However, Qatar was not the only country
affected by these actions; Saudi Arabia, U.A.E,
Bahrain and Egypt too had to face the
consequences. These would include low tourism
revenues, loss of business opportunities and
lower Qatari investments. While the annual Qatari
economic growth dropped to 1.58% in 2017 from
2.1% in 2016, that of Saudi Arabia and U.A.E grew
by -0.7% and 0.7% respectively. Quite like in the
movie, the Regina George here was also injured;
however, the severity of those injuries might just
differ.
06

8. ISSUE 08 / DECEMBER 2019
INSIDE THIS ISSUE
LEBANESE PROTESTORS TAKE TO THE STREETS TO PROTEST THE GOVERNMENT
SOURCE: GETTY IMAGES
A FREEFALL FROM GRACE BY ADITYA GUPTA
NOTE: IN LIGHT OF THE RECENT DESTRUCTION THE CITY OF BEIRUT HAD TO
ENDURE, WE SEND OUR PRAYERS TO THE FAMILIES OF ALL THOSE DISPLACED,
INJURED OR HARMED IN ANY WAY. FOR GOVERNMENT SLACK TO TRANSLATE INTO
AN INCIDENT OF SUCH ENORMOUS PROPORTIONS IS A PITY. CLICK HERE TO
SUPPORT.
Far from the prosperity 2020 promised to usher in, Lebanon has found itself caught
up in economic dire straits, pummelling the nation headfirst into poverty. Economic
tension has been lurking in the shadows since last year and had first shown signs
during the mass public demonstrations. Other red flags, too, had started appearing
all across the economy last year. The advent of this healthcare crisis oversaw all
hope of consolidation and stabilisation of these red flags vanish, with the national
inflation meeting record highs, the currency losing value to the dollar, and
unemployment skyrocketing through the roof. With the IMF bailout package
reaching a worrying halt, the prospects of the country seem a tad colourless, due to
the high debts carried by an obstinate Parliament.
A peek at the events leading to the crash would reveal the poor choices of the
government and the central bank while its members greased their palms. The
central bank ran somewhat of a Ponzi scheme in efforts to maintain the currency's
valuation against the dollar. Expanding upon that, the central bank borrowed
money from private lenders and institutions to meet its liabilities while
simultaneously lending to the government to help them meet their interest
payments. This system allowed the government and central bank to meet its debt
payments on time and have a credible credit rating that prevented any outstanding
depreciation in the currency. 07

9. The banks, including the central one, depended so heavily on the dollars deposited by
foreigners to the extent that the exchange rate would take a toll if this system were
to collapse. The problems in the economy came to life when these inflows came to a
stop last year due to the foreign depositors losing confidence in the economy. This
sudden suspension in inflows caused the banks to impose withdrawal limits to
prevent a run on the banks. Due to lack of investment in domestic industries there
were no reserves present for the banks to fall back upon. Highlighting the problems
arising from a shortage of dollar the government is going to default on their loan
payments for the first time in a long time.
The economy, already reeling from scars left by the mass protests last year, and the
pandemic infused lockdown, is descending into complete disorder. The middle and
lower classes are facing this brunt as they are the most vulnerable to the volatile
market conditions. Citizens are seeing their savings become worthless with the
currency in a free fall against the dollar. In a shocking example, citizens have seen
savings of a comfortable $800 become worth $200. This, coupled with rising inflation,
has pushed most people towards poverty as they battle hunger and bankruptcy.
Many citizens have had to sleep on an empty stomach for several days straight as the
prices of food items rise astronomically, including price changes by up to 55%.
The unwillingness of the government to control the situation, adds fuel to the fire. A
failure to implement a price ceiling for necessities and control the inflationary trend
has been seen as a sign of weakness in the government which was just this year
voted into parliament after the resignation of the previous one in January. The
country's poor policies, governance and willingness for reform has led to the West
blocking, and the IMF rejecting any help until the nation can show some positive
change. The inability of the central bank and the government on agreeing to similar
terms has also played a huge role in causing this negative outcome.
These adversities will eventually lead to the following two outcomes becoming a
reality due to these failed funding that will not help the country in any way. Firstly,
there will be a massive drain of human resource as many citizens will leave the
country in search of better, more promising and stable opportunities. Secondly, there
will be widespread social unrest and violence as people will slowly start revolting
against their poor conditions. Now, these two conditions will see the economy having
no prospects of recouping as the human capital sifts through the economy like sand.
This unpleasant outcome is the most worrying for many as the country stands no
chance of growth if there’s no one labouring at its wheels.
08

10. A GIFT OF DIPLOMACY BY
ARMAAN BATTA
Ah, the Cubans. The land of Cubanos, Tamales and cigars – Cuba’s not
hard to love. Things could’ve been put differently back in 1962 for the
Americans though. In the midst of the Cold War, the ‘Pearl of the
Antilles’ was put in the spotlight as the Fidel Castro took charge of Cuba
and a revolutionary as he was, Castro disagreed to be a puppet leader
under John F. Kennedy – who’d previously enjoyed the support of
Batista, a corrupt leader who although is more of a side character,
played a major role in looting the Cuban treasury before he fled to the
States.
The Cubans, no points for guessing, weren’t pleased and saw a future
under the leadership of the seemingly radical Castro. He commanded
the army, virtually sat two people on the seats of President and Prime
Minister, and got rid of the former by framing him, and single-handedly
revived Cuba’s economy from tatters.
Moving on to the Crisis.
America had large business and land holdings in Cuba, and gained a
hefty profit from them, leaving Cuba with enough to be called a ‘fair
share’. Operations in Cuba should yield maximum benefit to Cuba, in
accordance with economic theories for sovereign states – but that
wasn’t the case. Castro, like the violently charismatic leader that he was,
took instant action that took the Americans by surprise. He nationalised
the land holdings and industries, making it a maximum benefit situation
for his nation. Rightfully so, that too. But there’s no way on earth would
the ravenous Americans let a penny fall out of their pocket.
Kennedy’s men weren’t happy considering the expansive losses most
of high-profile shareholders had to undergo – and a nation whose
energies were fuelled with Clint Eastwood films – decided to launch an
attack to get back at Cuba, which at this point had hailed itself as a
Communist state. Quick note for your diaries, it was the first
Communist nation in the Western hemisphere during an escalated
stage of the cold war, so yes, America, offended.
09

11. After a – spoiler alert – failed invasion by the name of ‘The Bay of Pigs’,
Cuba cut off the remaining diplomatic ties with United States. Kennedy
had just lost what used to be his satellite nation – that too, to the
Soviet Union. Keeping up the enmity, America decided to cut its’ funding
of Cuba. Oil trade had stopped, and embargos were set up. ENTER THE
SOVIETS! – swooping away America’s ally, the Soviets funded Cuba, and
under their funding, Cuba prospered. The very existence of a
prospering Cuba under a Communist regime angered America.
When all ties had been cut, America continued to vocally condemn the
actions of the Cubans and the Soviets, leading to a situation where
Castro did fear the chance of an all-out invasion by America; and as
strong as Cuba were, the Americans had a vast arsenal and ground
forces which could overthrow Cuba. But the Soviets guarded their
Western territory too preciously to ever let that happen. Khrushchev,
leading the Soviet state at the time saw his chance to get at
loggerheads with the Americans in the one military regard they found
themselves inferior in. Nukes.
In order to “protect their allies”, the Soviets placed their nuclear
weapons in Cuba, in threateningly close proximity to the USA. The
tensions heightened even more than they had in the past, and USA, as
one could tell, were not too pleased. And they mobilized their nuclear
arsenal as well. The showdowns at Berlin and the testing of bombs had
only come to a certain degree of threat. The nuclear weapons were a
whole new ballgame.
And this, was the premise upon which the Crisis took place. Moral of
the story? Don’t mess with another country’s economy by profiteering.
Specially in the midst of global tensions.
Ah, the Americans.
10

12. FROM THE START BY BHURANYU MAHAJAN
India and China established diplomatic
relations on April 1, 1950 followed by
the signing of the Five Principles of
Peaceful Coexistence as guidelines for
bilateral relations in April 1954. In
October 1962, the Indo- China war was
fought which led to China
consolidating the Aksai Chin region. In
December 1988, the then India Prime
Minister, Rajiv Gandhi made an ice-
breaking visit to China for the first
time in 34 years. The following years
saw signing of several agreements for
promoting diplomatic ties between the
two countries with April 2020 marking
70 years of bilateral relations between
the two countries.
India and China share a 3540 km
border which has long been a subject
of claims and tensions. This border or
the LAC (Line of Actual Control) has
never been clearly defined and there
have been several regular disputes on
the control of the area and many
transgressions. In June 2017, a military
stand-off occurred between India and
China over the Chinese construction of
a road at Doklam near a tri-junction
border area known as Donglang in
Chinese. Indian troops moved in to
prevent the Chinese and claimed to
have acted on behalf of Bhutan. This
stand-off lasted almost 80 days.
Recently, since May 2020 onwards,
tension again escalated when a military
stand-off at three locations: the Galwan
Valley, the Hot Springs and Pangong Lake;
turned into deadly clashes between two
troops with the first fatalities reported in
the last 45 years. These locations are of
strategic importance for both the
countries due to their proximity to the
highways in their respective countries.
So why have tensions been escalating
over the decades?
The bone of contention of the recent
border dispute was India’s infrastructure
activities in the Galwan Valley including
bridge and road building. China objected
to India building a road through the valley
connecting the region to an airstrip. China
saw this as a threat to its strategic
position and was infuriated. It then
deployed troops and built infrastructure
of its own in the disputed territory.
The situation is being defused with
meetings between the military officials
from both the countries with positive
progress.Border incursions have
repeatedly been used by China to keep
India on the defensive. With every border
intrusion China tries and gains more
territory and in the process redraws the
map in its favour.
11

13. India’s strengthening ties with the United
States and its allies in Asia are disliked by
China. China has disapproved of the
abrogation of Article 370 which gave special
status to Jammu & Kashmir and led to the
creation of the Union Territory of Ladakh
which included disputed land between India
and China.
China also claims 90,000 sq. km of territory
in India’s North-East including the state of
Arunachal Pradesh. A source of eternal
conflict between the two countries has been
the Brahmaputra River which has its source
in Tibet. With China constructing dams and
water diversion project on it, it is threatening
the downstream countries. Relations are also
overwrought by India accepting the status of
the Tibetan exiled leader, The Dalai Lama.
China also supports Pakistan on the disputed
territory of Kashmir which is a major cause of
concern for India.
So what’s the effect on economy and
trade? On June 17, Modi asserted that India’s
“Sovereignty is Supreme”. India is not ready
to accept any change in the territory that
favours China. India has taken a major step
by banning 59 Chinese apps with some of
them being extremely popular in India. This
has caused the companies that owned the
apps a major setback in revenue. The Indian
Government has also gone ahead and
cancelled major contracts and tenders given
to Chinese companies in the Telecom and
Railway sector. China did not take this lightly
and there were anonymous cyber-attack
threats coming from China.
Though this is a major strike on China it
is still not enough for India to become
“Chinese Free”. India needs to tell each
and every Chinese company to relocate
from India. Japan has also taken up this
Initiative. It is willing to pay billions of
dollars to Japanese companies to come
back to Japan. This is a major step as
China is the main country Japan trades
with. China wants to become a
superpower and that is clearly visible to
the world now. But its deeds have
forced powerful countries like the USA
and Japan to curtail their relations with
it. From Jawahar Lal Nehru to Narendra
Modi, India’s leaders have believed in
“Vasudhaiva Kutumbakam” (the world is
one big family). But if any family
member works against the other
member’s interest, it might not be
possible to maintain equal ties for the
foreseeable future. India and China both
need to first focus and give priority to
their economies as they constitute more
than a third of the world. The entire
world is going through an economic
downturn. And in the exceptional times
of the coronavirus pandemic, opting for
a conflict is not a good option.
12

14. Rising tensions between the two budding
global superpowers following a brief brawl
along the Sino-Indian Border in Kashmir has
indubitably left a bitter taste in Indians; And
beyond reasonable doubt, I think I can
speak for everyone else to say that none of
us will be too pleased to see another train
wreck in this disastrous year as is.
Supported by the plunge towards World
War III at the start of the year, the worst
pandemic in 100 years, and without a doubt
the morale dampening passing of some real
stars and idols of the people, safe to say
this year isn’t going to end in celebration or
pompous felicity.
Escalation beyond this point would also,
logically, leave things significantly worse
off; Widely regarded in history as one of the
biggest detriments to a state, international
conflict would quickly enrapture the minds
of people around the planet, and shroud
any positivity left in such a hellish global
atmosphere. The birthplace of the
Coronavirus that now practically runs the
planet, China, began its efforts in
simulating information gathering based
applications that stole and stored user data
and invaded privacy.
The first country to respond, Australia,
promptly banned all Huawei related
Technologies and prohibited access to
most Chinese affiliated applications.
Following in suit, subsequent to these
armed conflict, one of the largest
consumers of these apps, providing
upwards of almost 120 million users in
just June 2019, India concurrently banned
59 Chinese applications on similar
grounds- TikTok, Shein and Helo to name
a few. Some would respond to this with
statement of Hostile retaliation; however,
investigations have proven the grounds
and the basis for these bans were well
founded.
But I believe such action was integral in
founding Indian efforts, be it in response
to the Sino-Indian Border disputes, or the
long-standing rivalry between the two
bodies to dominate global markets. Most
Indians would say that Chinese apps were
a thorn in India’s neck, that they were in
an urgent need to be cut off to promote
Indian efforts and Aspiration, yet, without
a doubt, the removal of these application
would leave a sour aftertaste in the
mouths of its users, with some losing
their livelihoods. However, looking on a
brighter side, this may give India a
purpose and a dash of motivation with
room to capitalize on this opportunity and
fill in the gaps left by these application
giants in India, with some of their own.
FRACTURES IN THE SINO-
INDIAN FRIENDSHIP BY
VAANYA GUPTA
13

15. TEMPLE OF UNEASE
BY KOMAL GUPTA
SOURCE: ART NOW AND THEN BLOGPSPOT
While the pandemic has already established a
tense atmosphere worldwide, there are still
other tense issues. The tensions between
Greece and Turkey arose from conflicts
regarding two things - 1,500-year-old Hagia
Sophia and Eastern Mediterranean
hydrocarbons. These two countries have been
NATO allies but it seems like their relations are
on an edge. They have had worse relations in
the past as Greece won independence from
Turkey only in 1923. Well, this reminds us of
India-Pakistan and it is the same way how
Greece-Turkey is considered.
The Hagia Sophia’s history has also been rich in
conflicts. It was originally a cathedral, then it
was converted into a mosque in 1453, then in
1930 it was turned into a museum, a move that
was to promote secularism. While Greeks see
Hagia Sophia as a symbol of Orthodox
Christianity, the conflict arose as it was open to
Muslim worship back in July. Turkey’s foreign
ministry hit back, saying, “Greece showed once
again its enmity towards Islam and Turkey with
the excuse of reacting to Hagia Sophia Mosque
being opened to prayers”.
Coming to economic implications, the second
reason explains it well. On July 21, Turkey
announced that the drilling ship Oruc Reis would
be exploring a disputed part of the sea for oil and
gas. Greece responded by placing its air force,
navy and coastguard on high alert. This common
ground is also an area for high disputes, and oil
being a driving fore for both economies, is also a
driving force for the tensions between the two.
The two countries have good trade relations, but
this is in grave danger due to the recent
conflicts. In 2014 Turkish trade volume with
Greece reached 5.6 billion USD, but the figures
started to decrease in 2015 and 2016, but
experiencing a rise in 2017. Turkish airlines
commute 52 flights between Turkey and Greece.
The main co-operations between the two are of
trade, tourism, travel and transport. In fact
Turkey-Greece-Italy Gas Transport Corridor
(TYİB) is expected to develop the natural gas
trade between the three countries.
With the rise in tensions between Greece and
Turkey, these industries could have a further
downfall other than pandemic as a cause,
exploiting limited economic resources further.”.
14

16. ATMANIRBHAR: A TRAGIC FLASHBACK BY
SHRIYA BANG
Uncontrollable inflation. Scarce income. Rising unemployment. Abundant Poverty.
Restrictions. Monopolies.
All these don’t even begin to define India in the 1970s, under the socialist ‘License
Raj’.
Protectionism – that is, restricting foreign trade – was trademark to this tragic
era. Surely, every policymaker’s nightmare, right?
You’re likely aware of the Galwan valley face-off between China and India, where
twenty of our brave heroes were martyred. Unsurprisingly, this had quite the
impact on economic grounds - The PM’s “atmanirbhar” (self-reliant) movement
gained a tremendous boost. By emphasizing china, it was easy enough to secure
the support of citizens.
Assisting local businesses is indeed beneficial for the country, but what is being
marketed as “atmanirbhar” is giving rise to an economic culture we don’t want to
return to – that nightmare.
Let’s view an example to help us generalise. (initially presented by The Indian
Express)The PM, at the CII annual session, said that prioritising sectors like ACs
manufacturing would create employment.
India imports about 30% of its AC demand, and, according to him, “we need to
rapidly reduce this”.Of course, every nation wants to reduce its imports. The route
which was proposed, however, does little to encourage anything remotely close
to an “atmanirbhar” India.
The plan on the table suggested that the customs duty (a tax on imported goods)
should be increased on AC components by a whopping 50-165%. One can recall
that this very tax was recently, in late 2018, doubled to 20%.
This kind of course of action would cause inflation rather than aid the industry.
Instead of creating jobs, as was apparently intended, this destroys jobs – as firms
downsize to cut costs.
A recognised CEO said “The new proposal is a throwback to the 1970s… the
dangerous protectionist times”.
As mentioned initially, protectionism has a long, harrowing legacy in India’s
economic history.
15
SOURCE: BACKGROUND BY SHRESHTHA SINGH

17. Despite our fierce sentiments towards China, we must recognise, as P Vaidyanath
Iyer said, “You can’t be selectively protectionist.”
Around 45% of AC imports are plausibly Chinese, but Thailand, Korea, Japan,
Singapore, UK, Germany and US imports together hold the majority. Thus, India is
forging trade barriers with other countries too, not solely China.
“You end up being protectionist, in general.”
Moves such as this have high economic costs — altogether, the “atmanirbhar”
policy could presage a shift towards the failed policy of protectionism,
nationalism and import substitution.
A former economic adviser to the Modi government itself, Arvind Subramanian,
has said “India must shed its protectionist attitude and find a way to be internally
competitive to become an exporting economy in a challenging post-COVID world
as self-sufficient exporting power is an oxymoron.
”People are unable to see the flaw of this movement, perhaps because they’re
blinded by the emotive sentiment concerning the severe border tensions that
have arisen.
The PM himself likely fell victim to this, because in 2018, at the World Economic
Forum in Davos, he says, “Forces of protectionism are raising their head against
globalisation. Their intention is not only to avoid globalisation themselves but
also to reverse its natural flow. The result of all this is that we get to witness new
types of tariff and non-tariff barriers... Many countries are becoming inward-
focused and globalisation is shrinking and such tendencies can’t be considered
lesser risk than terrorism or climate change.”
After him having compared his own campaign to ‘terrorism’, we realise that the
zeal of supposed patriotism has overtaken the prudence and reasoning that is
crucial before such a drastic policy.
True patriotism would lie in aiming to build a better post-COVID India – which not
only meets domestic demand, but creates global brands, rather than dissolving
firms; with the support of the government, rather than its pressing control.
16

18. T H E E C H O N O M I X T E A M
Thank you all for
contributing to our second
edition by reading, writing,
sharing, or even skimming!
ACKNOWLEDGEMENTS
17

19. BIBLIOGRAPHY
Our writers have referred to several sources
including Times Of India, Economic Times, and
other such online newspapers and websites. We
acknowledge the contribution of their facts to
our magazine and condemn plagiarism.
Sources:
https://www.imdb.com/title/tt0377092/
http://art-now-and-
then.blogspot.com/2014/01/the-hagia-sophia-
istanbul-turkey.html
https://indianexpress.com/article/explained/expl
ained-whats-behind-recent-tensions-between-
turkey-and-greece-6537624/
https://www.conexioconsulting.com/turkey-
greece-economic-relations/
http://www.mfa.gov.tr/relations-between-turkey-
and-greece.en.mfa
https://scroll.in/magazine/897526/photos-old-
delhis-architectural-heritage-has-been-disfigured-
by-time-and-modernity
18

20. Mukesh Dharanibalan
Joon Gu Kim
Ishita Pal
Riya Gupta
Riya Mantri
ECHONOMIX
EDITOR IN CHIEF
HEAD OF PUBLICATION
HEAD OF DESIGN
HEAD OF MARKETING
HEAD OF HR
ISSUE 02
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