India's inadequate infrastructure is hindering its goal of achieving 9-9.5% annual economic growth. While the government has increased infrastructure spending, reforms have been slow and a lack of long-term funding options constrains growth. Key issues include delays from securing land and environmental clearances, as well as a lack of private sector participation. Faster infrastructure development is critical to support India's growing economy and meet increased demand from urbanization.
Panchayats have been the backbone of the Indian villages since the beginning of recorded history. Gandhiji, the father of the nation, in 1946 had aptly remarked that the Indian Independence must begin at the bottom and every village ought to be a Republic or Panchayat having powers. Gandhiji dream has been translated into reality with the introduction of the three-tier Panchayati Raj system to ensure people’s participation in rural reconstruction.
An integrated local area plan, based on specific needs of each area, was stressed upon from the beginning of plan development process in 1950s. However, despite several reports and studies, there were only sporadic efforts and isolated cases of such planning.
The passage of the Constitution (73rd Amendment) Act, 1992 marks a new era in the federal democratic set up of the country and provides constitutional status to the Panchayati Raj Institutions (PRIs). These PRIs are empowered to function as institutions of Self Government and to prepare plans for economic development and social justice and their empowerment. The PRIs constitute the bedrock for the implementation of most of Rural Development Programmes.
Panchayati Raj system of governance provides a 3-tier structure of local governance in which Gram Panchayats are the basic units of administration. The three-tiers include the following: Gram Panchayat, Block Panchayat, and District Panchayat. Panchayats are responsible for the preparation of plans for economic development and social justice; implementation of national schemes; and to levy and collect appropriate taxes, duties, tolls and fees.Govt. of India has elaborated a detailed picture of District Planning through their publication "Manual for Integrated District Planning". This manual will provide guidance in the task of preparing District Plans that are based on a long-term vision, reflect the needs of the people and provide a framework for convergence of programmes and resources so that implementation of the plan yields optimal outcomes and helps address regional imbalances, with a view of bringing all areas of the country into a twenty-first century vision of development.
“District Planning” is the process of preparing an integrated plan for the Local Government in a District taking into account the resources available and covering the sectoral activities and schemes assigned to the district level below and those implemented through local governments in the state.” It ensures better delivery of services and efficient use of resources
Development of a cluster of villages that preserve and nurture the essence of rural community life with focus on equity and inclusiveness without compromising with the facilities perceived to be essentially urban in nature, thus creating a cluster of "Rurban villages".
Project management is the practice of initiating, planning, executing, controlling, and closing the work of a team to achieve specific goals and meet specific success criteria at the specified time.
Most of the project idea involve combining existing field of technology or offering variants of present product & services.
A panel is formed for the purpose of identifying investment opportunities. It involves the following tasks which must be carried out in order to come up with a creative idea –
(a) SWOT analysis
(b) Determination of objectives
(c) Creating Good environment
Panchayats have been the backbone of the Indian villages since the beginning of recorded history. Gandhiji, the father of the nation, in 1946 had aptly remarked that the Indian Independence must begin at the bottom and every village ought to be a Republic or Panchayat having powers. Gandhiji dream has been translated into reality with the introduction of the three-tier Panchayati Raj system to ensure people’s participation in rural reconstruction.
An integrated local area plan, based on specific needs of each area, was stressed upon from the beginning of plan development process in 1950s. However, despite several reports and studies, there were only sporadic efforts and isolated cases of such planning.
The passage of the Constitution (73rd Amendment) Act, 1992 marks a new era in the federal democratic set up of the country and provides constitutional status to the Panchayati Raj Institutions (PRIs). These PRIs are empowered to function as institutions of Self Government and to prepare plans for economic development and social justice and their empowerment. The PRIs constitute the bedrock for the implementation of most of Rural Development Programmes.
Panchayati Raj system of governance provides a 3-tier structure of local governance in which Gram Panchayats are the basic units of administration. The three-tiers include the following: Gram Panchayat, Block Panchayat, and District Panchayat. Panchayats are responsible for the preparation of plans for economic development and social justice; implementation of national schemes; and to levy and collect appropriate taxes, duties, tolls and fees.Govt. of India has elaborated a detailed picture of District Planning through their publication "Manual for Integrated District Planning". This manual will provide guidance in the task of preparing District Plans that are based on a long-term vision, reflect the needs of the people and provide a framework for convergence of programmes and resources so that implementation of the plan yields optimal outcomes and helps address regional imbalances, with a view of bringing all areas of the country into a twenty-first century vision of development.
“District Planning” is the process of preparing an integrated plan for the Local Government in a District taking into account the resources available and covering the sectoral activities and schemes assigned to the district level below and those implemented through local governments in the state.” It ensures better delivery of services and efficient use of resources
Development of a cluster of villages that preserve and nurture the essence of rural community life with focus on equity and inclusiveness without compromising with the facilities perceived to be essentially urban in nature, thus creating a cluster of "Rurban villages".
Project management is the practice of initiating, planning, executing, controlling, and closing the work of a team to achieve specific goals and meet specific success criteria at the specified time.
Most of the project idea involve combining existing field of technology or offering variants of present product & services.
A panel is formed for the purpose of identifying investment opportunities. It involves the following tasks which must be carried out in order to come up with a creative idea –
(a) SWOT analysis
(b) Determination of objectives
(c) Creating Good environment
Presentation explains the positioning of villages in the Indian context , identify the problems faced by them and defining options to make them more vibrant, livable, sustainable and productive so that they can launch India on the path of economic emancipation and make India global leaders in the art and science of planning, designing and developing human settlements. Presentation also explains the role of village in making urban India sustainable.
Macro-economic stabilisation and structural adjustment in India (1991)Antara Chakrabarty
These slides mainly give an insight into the major macroeconomic stabilization and structural adjustments that were made in India during severe financial crisis of 1991. It discusses the situation sector-wise and provides with a detailed glossary of important terms towards the end of the slide-show.
AFFORADBLE HOUSING SHORTAGE IN INDIA: - A CASE STUDY OF SURATYash Shah
Causes of Housing Shortage in India can be list out as following:
• Rapid population growth
• Migration
• Urbanization
• Limited land supply
• Affordability
• War and Violence
• Lack of financing etc
Affordable housing is defined as any housing that meets some form of affordability criterion.
The affordability criterion is different for different countries. For example in United States
and Canada, a common accepted criterion for affordable housing is that the cost of housing
should not be more than 30 percent of a household's gross income. Housing costs include
taxes and insurance for owners, and utility costs.
Municipal Finances in India and Alternative Sources of Municipal FinanceRavikant Joshi
This PPT delivered to CEPT University Students provides detailed and latests information about municipal finances in India as of 2021 and discusses potential of alternative sources of finance for municipal bodies of India
Presentation explains the positioning of villages in the Indian context , identify the problems faced by them and defining options to make them more vibrant, livable, sustainable and productive so that they can launch India on the path of economic emancipation and make India global leaders in the art and science of planning, designing and developing human settlements. Presentation also explains the role of village in making urban India sustainable.
Macro-economic stabilisation and structural adjustment in India (1991)Antara Chakrabarty
These slides mainly give an insight into the major macroeconomic stabilization and structural adjustments that were made in India during severe financial crisis of 1991. It discusses the situation sector-wise and provides with a detailed glossary of important terms towards the end of the slide-show.
AFFORADBLE HOUSING SHORTAGE IN INDIA: - A CASE STUDY OF SURATYash Shah
Causes of Housing Shortage in India can be list out as following:
• Rapid population growth
• Migration
• Urbanization
• Limited land supply
• Affordability
• War and Violence
• Lack of financing etc
Affordable housing is defined as any housing that meets some form of affordability criterion.
The affordability criterion is different for different countries. For example in United States
and Canada, a common accepted criterion for affordable housing is that the cost of housing
should not be more than 30 percent of a household's gross income. Housing costs include
taxes and insurance for owners, and utility costs.
Municipal Finances in India and Alternative Sources of Municipal FinanceRavikant Joshi
This PPT delivered to CEPT University Students provides detailed and latests information about municipal finances in India as of 2021 and discusses potential of alternative sources of finance for municipal bodies of India
Infrastructure and Economic Development in KenyaMulenge Peter
This is a PowerPoint document prepared by a group of 9 students where we were looking at the infrastructural development in Kenya and the economic value and nature of the infrastructure.
In over fifty years since independence, India has developed
an extensive public delivery system for the provision of
health care. This was preceded in 1946 by the Bhore
Commission that recommended basic health services be
provided for all through Primary Health Centres (PHCs). In
line with the recommendations, PHCs were set up all across
the country, each serving about 30,000 inhabitants in its
vicinity. At the time, the urban population of India was less
than 18 per cent. Since then, the urban population has grown
over fourfold to 285 million of over the 1 billion people
living in India. 22.6 per cent of this 285 million live in slums
(GOI 2001).
As in the case of health services, provision of education for
all in India has also largely been envisaged within the public
delivery system even though this sector has a significant presence
of private providers. Since independence the government has
launched various schemes and programmes for increasing
literacy among all sections of the population, the Sarva Shiksha
Abhiyan and the Right to Education Bill are the two seminal
steps in this direction. Recently there has been a growing
demand for privatization and growth in the number of private
institutions. This phenomenon is more strongly visible in
the urban areas where there is a greater proportion of literate
23.4 per cent of the urban population was below the poverty
line (as against 76.3 million, that is, 32.4 per cent in 1993–4).
However, variations both across and within economic classes,
castes, and states are high. Many disenfranchized segments
suffer from high levels of deprivation not revealed by aggregate
numbers. This also affects their health indicators.
The Food Insecurity Atlas of Urban India (MSSRF 2002)
suggests approximately 38 per cent of children below the age
of three years in urban India are underweight and more than
35 per cent short for their age. Further, a high proportion of
the urban poor are not able to meet the nutrition norms laid
down by the Indian Council of Medical Research (ICMR).
It is not clear whether the urban poor are generally better
off than the rural poor. On the one hand, aggregate figures
such as wages, poverty levels, expenditures, all show better
performance of urban areas. It is also believed that access to
schools and health facilities is better in urban areas. On the
other hand casual employment, daily wages, high level of
competition for the few unskilled jobs, all contribute to the
vulnerability of the urban poor.
An aspect of urban poverty rarely captured by published
data relates to the condition of those living at the fringes of the
urban
Financial Emergency for India's Rapid Infrastructure DevelopmentGaurav Verma
It is trying to discuss the need of "Financial Emergency" to be declared for rapid Infrastructrure Development through these slides. The following points have been covered to define the need for its declaration:
1) Rankings of india based on quality of infrastructure.
2) Comparing india’s infrastructure with usa, japan, Germany, and china.
3) Why india’s infrastructure development is so important?
4) Bottlenecks to india’s infrastructure development.
5) Possible solution to all the constraints : Financial emergency.
6) Centre – state conflict by imposing Financial emergency
Anticipating and Gearing up Real Estate Sector in Indiainventionjournals
International Journal of Business and Management Invention (IJBMI) is an international journal intended for professionals and researchers in all fields of Business and Management. IJBMI publishes research articles and reviews within the whole field Business and Management, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online.
International Journal of Business and Management Invention (IJBMI)inventionjournals
International Journal of Business and Management Invention (IJBMI) is an international journal intended for professionals and researchers in all fields of Business and Management. IJBMI publishes research articles and reviews within the whole field Business and Management, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
The Evolution of Non-Banking Financial Companies (NBFCs) in India: Challenges...beulahfernandes8
Role in Financial System
NBFCs are critical in bridging the financial inclusion gap.
They provide specialized financial services that cater to segments often neglected by traditional banks.
Economic Impact
NBFCs contribute significantly to India's GDP.
They support sectors like micro, small, and medium enterprises (MSMEs), housing finance, and personal loans.
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
Exploring Abhay Bhutada’s Views After Poonawalla Fincorp’s Collaboration With...beulahfernandes8
The financial landscape in India has witnessed a significant development with the recent collaboration between Poonawalla Fincorp and IndusInd Bank.
The launch of the co-branded credit card, the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card, marks a major milestone for both entities.
This strategic move aims to redefine and elevate the banking experience for customers.
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
1. Infrastructure Bottlenecks &
Economic Development in India
Programme: Post GraduationDiploma in Management
Course: Macro Economics
Group- 3
Sambit Biswal- 32
NIdhi Pratap- 26
Shweta- 43
Uma- 53
Saswat Rn. Parida- 39
Siba Narayan Dora- 42
Deepak Kumar Mishra- 15
2. Background :
India's inadequate infrastructure is a major roadblock to the country's target of achieving a 9.0%-9.5% annual
growth in 2012-2017. That's according to a report that Standard & Poor's Ratings Services published today, titled
"Can India's Developing
Infrastructure Keep Pace
With Economic Growth?".
The report looks at the key
factors hindering the
development of
infrastructure in the country.
"An immediate consequence
of increasing urbanization in
India (BBB-/Stable/A-3) in
recent years has been
manifold growth in demand
for infrastructure. Such
demand supports our stable outlook for the sector," said Standard & Poor's credit analyst Rajiv Vishwanathan.
"We expect the demand to keep increasing in step with growth in the Indian economy. The country's power
deficit is fueling demand for energy projects, while rapid industrialization and urbanization are creating an
urgent need for efficient road and rail connectivity and other improvements in infrastructure."
The Indian government has stepped up infrastructure spending in recent years. Nevertheless, the slow pace of
reforms and a lack of long-term funding options constrain the sector's growth.
"We believe reforms to create a robust framework with transparent policies for project execution and funding
will be critical to keep up the pace of infrastructure development in India," said Mr. Vishwanathan. "Constraints
in securing clearances, land rights, and long-term funding could cause companies to fall short of their targets."
The twelfth five-year plan focuses on removing some of these roadblocks and creating a sustainable framework
for private-sector participation. Nevertheless, the fate of the infrastructure sector over the next few years will
depend on the ability of India's leaders to execute these plans.
Statement of the Problem:
3. “Infrastructure Bottlenecks & Economic
Development in India.”
Analysis:
India and China have been the world's two
fastest growing economies. However, the dragon
nation has consistently outpaced its Asian
counterpart. Apart from the exchange rate policy
- which gives China an unfair advantage in
world trade - infrastructure is the major dividing
factor between the differential growth rates
amongst the two Asian giants.
Infrastructure development is a key to any
country's economic growth. And it is a known
fact that India is facing huge infrastructure problems. The government has taken various steps to address these
issues but with little success. Every year the government allocates trillions of rupees towards infrastructure
development.
Now, one wonders despite such gargantuan allocation why is the progress on this front so slow. India is a
democratic country unlike China - a communist economy - with a single party government. Infrastructure
projects are typically awarded by the government. And India has a history of coalition governments.
So essentially when the government decides to award the project, it requires an approval from the allies as well.
This proves to be time consuming. Secondly, if the project falls outside the geographical purview of the ally, the
entire process faces severe roadblocks. This is because the allies have to keep their votebank happy. And to woo
them they need to shower some goodies. Now how is that possible? - Bring in as much investment as possible
into your hinterland!
Land acquisition proves to be another major issue in infrastructure development. Around 70% of the
infrastructure projects are delayed because of land acquisition problems. Whenever any infra project is executed
lot of people need to be displaced. However, these people, mostly villagers, are not keen on moving despite
being offered a fair price for displacement. They file court cases to bring stay orders on the projects extending
the time line for the projects.
4. It is high time that India adopts a legislation that prevents the displaced people from lodging cases, unnecessarily
extending the time line. Litigation if any, should primarily relate to the fair price regarding their land rather than
allowing homeowners to block land acquisitions by going to court. This phenomenon is prevalent in the
developed world and the results are to see for us.
Land acquisition issue typically is
more relevant for road projects.
However, we believe that the
government is taking right steps in
this direction. NHAI is in the final
stages of acquiring 80% of the land
for the projects to be awarded till
June. The pace of land acquisition
has also improved four times than it
was earlier. In order to bolster
investments in the sector, the
government should encourage
connectivity amongst rural India by
improving interior roadways. This
can be done by encouraging private companies to bid for these projects with government providing the balance
amount through viability gap funding.
Apart from land acquisition, utilization of the funds available for infrastructure spending is a moot point. Let us
take the example of Bandra-Worli sea link. The initial cost of building the bridge was estimated to be around Rs
3 bn. However, various reasons led to the increase in cost by more than five fold to Rs 16 bn! To say the least the
traffic data on the bridge is not encouraging either (50% below initial estimates!).
Now, one wonders whether Mumbai needed such an iconic structure or basic improvement in the pathetic
condition of the roads and railway lines. It is for the government to take prudent steps in infrastructure
management. It is believed that the poor condition of India's infrastructure is impacting the country's GDP
growth rate by at least 2 percentage points annually. If the government think tank can find out a solution to the
infrastructure problems, it will not be long before we overtake the dragon nation!
Infrastructure bottlenecks continue to stifle the economic growth in the India :
5. India inherited colonial economy at the time of her independence. Infrastructure at this stage was below the level
from where effective growth could be carried out.
Thus Infrastructure bottlenecks both social and economic has been the cause of concern for economic
development.
To achieve fast growth of economy, various factors are responsible, including Natural and Mineral resources,
Capital, skill and technology, Liberal and Cooperative Government Policy and Infrastructure.
Except infrastructure, India is good with all other factors in India. Infrastructure for an industry includes
transportation, raw-material, power, policies of government, services, resources etc. Due to lack of
transportation, India's primary as well as secondary sector suffers with loss of financial losses. Goods are not
able to reach its destination in time. Agricultural Produces are not able to reach its market in time, which inhibits
the agricultural growth.
Further Power, electricity and fuels are other main setbacks- which disturbs the economic growth in India. India
currently need about 1 lakh MW power extra than what it currently entails, otherwise this will continue haunting
the overall development of entire economic structure of the country.
Infrastructure bottlenecks affect India’s competitiveness:
Port and road infrastructure bottlenecks coupled with difference in tax structure across states are impacting
India’s competitiveness in the global market.
According to an ongoing study by industry body Confederation of Indian Industry (CII) and Friedrich-Naumann-
Stiftung fur die Freiheit (FNF), “road infrastructure in the country has not kept pace” with overall growth in
economic activities.
The country also lacks of “efficient and cheap trans-shipment facilities between rail hubs and sea ports”.
On the sidelines of a seminar in Kolkata, Sanjay Budhia, Chairman, CII National Committee on Exports and
Imports, said these challenges before domestic trade would ultimately impact India’s exports.
CII will, in early 2014, submit a report on the barriers to internal trade and ways to promote exports.
According to Budhia, faster implementation of Goods and Services Tax (GST) would ease internal trade by
reducing compliance costs. However, exclusion of petroleum and alcohol from GST regime might pose
challenges to domestic trade.
6. Demanding more benefits to Special Economic Zones, Budhia said SEZs should also get incentives available
under the focus market scheme, focus product scheme (chapter 3 of Foreign Trade Policy) to boost export. He
also claimed the Minimum Alternate Tax should be removed from the SEZs to encourage the industry to execute
their committed investment in these zones.
Economic Development of India:
The economic development in India followed socialist-inspired policies for most of its independent history,
including state-ownership of many sectors; India's per capita income increased at only around 1% annualised rate
in the three decades after its independence. Since the mid-1980s, India has slowly opened up its markets through
economic liberalisation. After more fundamental reforms since 1991 and their renewal in the 2000s, India has
progressed towards a free market economy.
In the late 2000s, India's growth reached 7.5%, which will double the average income in a decade. Analystssay
that if India pushed more fundamental market reforms, it could sustain the rate and even reach the government's
2011 target of 10%. States have large responsibilities over their economies. The annualised 1999–2008 growth
rates for Tamil Nadu (9.9), Gujarat (9.6%), Haryana (9.1%), or Delhi (8.9%) were significantly higher than for
Bihar (5.1%), Uttar Pradesh (4.4%), or Madhya Pradesh (6.5%).India is the tenth-largest economy in the world
and the third largest by purchasing power parity adjusted exchange rates (PPP). On per capita basis, it ranks
140th in the world or 129th by PPP.
The economic growth has been driven by the expansion of services that have been growing consistently faster
than other sectors. It is argued that the pattern of Indian development has been a specific one and that the country
may be able to skip the intermediate industrialisation-led phase in the transformation of its economic structure.
Serious concerns have been raised about the jobless nature of the economic growth.
Favourable macroeconomic performance has been a necessary but not sufficient condition for the significant
reduction of poverty amongst the Indian population. The rate of poverty decline has not been higher in the post-
reform period (since 1991). The improvements in some other non-economic dimensions of social development
have been even less favourable. The most pronounced example is an exceptionally high and persistent level of
child malnutrition (46% in 2005–6).
The progress of economic reforms in India is followed closely. The World Bank suggests that the most important
priorities are public sector reform, infrastructure, agricultural and rural development, removal of labour
regulations, reforms in lagging states, and HIV/AIDS. For 2015, India ranked 142nd in Ease of Doing Business
Index, which is setback as compared with China 90th,Russia 62nd and Brazil 120th. According to Index of
7. Economic Freedom World Ranking an annual survey on economic freedom of the nations, India ranks 123rd as
compared with China and Russia which ranks 138th and 144th respectively in 2012.
Agriculture
India ranks second worldwide in farm output. Agriculture and allied sectors like forestry, logging and fishing
accounted for 18.6% of the GDP in 2005, employed 60% of the total workforceand despite a steady decline of its
share in the GDP, is still the largest economic sector and plays a significant role in the overall socio-economic
development of India. Yields per unit area of all crops have grown since 1950, due to the special emphasis
placed on agriculture in the five-year plans and steady improvements in irrigation, technology, application of
modern agricultural practices and provision of agricultural credit and subsidies since the green revolution
India is the largest producer in the world of milk, cashew nuts, coconuts, tea, ginger, turmeric and black pepper.
It also has the world's largest cattle population (193 million). It is the second largest producer of wheat, rice,
sugar, groundnut and inland fish. It is the third largest producer of tobacco. India accounts for 10% of the world
fruit production with first rank in the
production of banana and sapota, also
known as chiku.
The required level of investment for the
development of marketing, storage and
cold storage infrastructure is estimated to
be huge. The government has implemented
various schemes to raise investment in
marketing infrastructure. Amongst these
schemes are Construction of Rural Go
downs, Market Research and Information
Network, and Development / Strengthening
of Agricultural Marketing Infrastructure,
Grading and Standardisation.[
Main problems in the agricultural sector, as listed by the World Bank, are
India's large agricultural subsidies are hampering productivity-enhancing investment.
Overregulation of agriculture has increased costs, price risks and uncertainty.
Government interventions in labour, land, and credit markets.
8. Inadequate infrastructure and services.
Researchand development :
The Indian Agricultural Research Institute (IARI), established in 1905, was responsible for the research leading
to the "Indian Green Revolution" of the 1970s. The Indian Council of Agricultural Research (ICAR) is the apex
body in kundiure and related allied fields, including research and education. The Union Minister of Agriculture
is the President of the ICAR. The Indian Agricultural Statistics Research Institute develops new techniques for
the design of agricultural experiments, analyses data in agriculture, and specialises in statistical techniques for
animal and plant breeding. Prof. M.S. Swaminathan is known as "Father of the Green Revolution" and heads the
MS Swaminathan Research Foundation. He is known for his advocacy of environmentally sustainable
agriculture and sustainable food security. Was labertihrNuttenim Club.
Industrial output
India is tenth in the world in factory output. Manufacturing sector in addition to mining, quarrying, electricity
and gas together account for 27.6% of the GDP and employ 17% of the total workforce. Economic reforms
introduced after 1991 brought foreign competition, led to privatisation of certain public sector industries, opened
up sectors hitherto reserved for the public sector and led to an expansion in the production of fast-moving
consumer goods. In recent years, Indian cities have continued to liberalise, but excessive and burdensome
business regulations remain a problem in some cities, like Kochi and Kolkata.
Post-liberalisation, the Indian private sector, which was usually run by oligopolies of old family firms and
required political connections to prosper was faced with foreign competition, including the threat of cheaper
Chinese imports. It has since handled the change by squeezing costs, revamping management, focusing on
designing new products and relying on low labour costs and technology.
Services
India is fifteenth in services output. Service industry employ English-speaking Indian workers on the supply side
and on the demand side, has increased demand from foreign consumers interested in India's service exports or
those looking to outsource their operations. India's IT industry, despite contributing significantly to its balance of
payments, accounts for only about 1% of the total GDP or 1/50th of the total services.
During the Internet bubble that led up to 2000, heavy investments in undersea fibre-optic cables linked Asia with
the rest of the world. The fall that followed the economic boom resulted in the auction of cheap fiber optic cables
at one-tenth of their original price. This development resulted in widely available low-cost communications
9. infrastructure. All of these investments and events, not to mention a swell of available talent, resulted in India
becoming almost overnight the centre for outsourcing of Business process. Within this sector and events, the
ITES-BPO sector has become a big employment generator especially amongst young college graduates. The
number of professionals employed by IT and ITES sectors is estimated at around 1.3 million as on March 2006.
Also, Indian IT-ITES is estimated to have helped create an additional 3 million job opportunities through indirect
and induced employment.
India's resource consumption
Oil:
India consumes the second-largest amount of oil in the Asia-Pacific region behind China. The combination of
rising oil consumption and fairly unwavering production levels leaves India highly dependent on imports to meet
the consumption needs.
Natural gas:
As per the Oil and Gas Journal, India had 38 trillion cubic feet (1.1×1012 m3) of confirmed natural gas reserves
as of January 2007. A huge mass of India's natural gas production comes from the western offshore regions,
particularly the Mumbai High complex. The onshore fields in Assam, Andhra Pradesh, and Gujarat states are
also major producers of natural gas. As per EIA data, India produced 996 billion cubic feet (2.82×1010 m3) of
natural gas in 2004.[22]
India imports small amounts of natural gas. In 2004, India consumed about 1,089×109 cu ft (3.08×1010 m3) of
natural gas, the first year in which the country showed net natural gas imports. During 2004, India imported
93×109 cu ft (2.6×109 m3) of liquefied natural gas (LNG) from Qatar.
Sector Organization :
As in the oil sector, India's state-owned companies account for the bulk of natural gas production. ONGC and
Oil India Ltd. (OIL) are the leading companies with respect to production volume, whilst some foreign
companies take part in upstream developments in joint-ventures and production sharing contracts (PSCs).
Reliance Industries, a privately owned Indian company, will also have a bigger role in the natural gas sector as a
result of a large natural gas find in 2002 in the Krishna Godavari basin.
The Gas Authority of India Ltd. (GAIL) holds an effective control on natural gas transmission and allocation
activities. In December 2006, the Minister of Petroleum and Natural Gas issued a new policy that allows foreign
investors, private domestic companies, and national oil companies to hold up to 100% equity stakes in pipeline
10. projects. Whilst GAIL's domination in natural gas transmission and allocation is not ensured by statute, it will
continue to be the leading player in the sector because of its existing natural gas infrastructure.
Issues:
Regulation, public sector, corruption :
India ranked 133rd on the Ease of Doing Business Index in 2010, compared with 85th for Pakistan, 89th for
People's Republic of China, 125th for Nigeria, 129th for Brazil, and
122nd for Indonesia.
Extent of corruption in Indian states, as measured in a 2005 study by
Transparency International India. (Darker regions are more corrupt)[23]
Corruption in many forms has been one of the pervasive problems
affecting India. For decades, the red tape, bureaucracy and the Licence
Raj that had strangled private enterprise.[24] The economic reforms of
1991 cut some of the worst regulations that had been used in corruption.
Corruption is still large. A 2005 study by Transparency International
(TI) India found that more than half of those surveyed had firsthand experience of paying a bribe or peddling
influence to get a job done in a public office.[23] The chief economic consequences of corruption are the loss to
the exchequer, an unhealthy climate for investment and an increase in the cost of government-subsidised
services. The TI India study estimates the monetary value of petty corruption in 11 basic services provided by
the government, like education, healthcare, judiciary, police, etc., to be around 211 billion (US$3.4 billion).[23]
India still ranks in the bottom quartile of developing nations in terms of the ease of doing business, and
compared with China, the average time taken to secure the clearances for a startup or to invoke bankruptcy is
much greater.
The Right to Information Act (2005) and equivalent acts in the states, that require government officials to furnish
information requested by citizens or face punitive action, computerisation of services and various central and
state government acts that established vigilance commissions have considerably reduced corruption or at least
have opened up avenues to redress grievances.The 2006 report by Transparency International puts India at 70th
place and states that significant improvements were made by India in reducing corruption.
11. Employment
India's labour force is growing by 2.5% every year, but employment is growing only at 2.3% a year.[28] Official
unemployment exceeds 9%. Regulation and other obstacles have discouraged the emergence of formal
businesses and jobs. Almost 30% of workers are casual workers who work only when they are able to get jobs
and remain unpaid for the rest of the time.[28] Only 10% of the workforce is in regular employment.[28] India's
labour regulations are heavy even by developing country standards and analysts have urged the government to
abolish them.[1][29]
From the overall stock of an estimated 458 million workers, 394 million (86%) operate in the unorganised sector
(of which 63% are self-employed) mostly as informal workers. There is a strong relationship between the quality
of employment and social and poverty characteristics.[30] The relative growth of informal employment was more
rapid within the organised rather than the unorganised sector. This informalisation is also related to the
flexibilisation of employment in the organised sector that is suggested by the increasing use of contract labour by
employers in order to benefit from more flexible labour practices.[3]
Children under 14 constitute 3.6% of the total labour force in the country. Of these children, 9 out of every 10
work in their own rural family settings. Around 85% of them are engaged in traditional agricultural activities.
Less than 9% work in manufacturing, services and repairs.[31] Child labour is a complex problem that is basically
rooted in poverty. The Indian government is implementing the world's largest child labour elimination program,
with primary education targeted for ~250 million. Numerous non-governmental and voluntary organisations are
also involved. Special investigation cells have been set up in states to enforce existing laws banning employment
of children (under 14) in hazardous industries. The allocation of the Government of India for the eradication of
child labour was US$10 million in 1995–96 and US$16 million in 1996–97. The allocation for 2007 is
US$21 million.
Environmental degradation & Environmental issues in India :
About 1.2 billion people in developing nations lack clean, safe water because most household and industrial
wastes are dumped directly into rivers and lakes without treatment. This contributes to the rapid increase in
waterborne diseases in humans. Out of India's 3119 towns and cities, just 209 have partial treatment facilities,
and only 8 have full wastewater treatment facilities (WHO 1992).114 cities dump untreated sewage and partially
cremated bodies directly into the Ganges River.]Downstream, the untreated water is used for drinking, bathing,
and washing. This situation is typical of many rivers in India as well as other developing countries. Globally, but
especially in developing nations like India where people cook with fuel wood and coal over open fires, about
4 billion humans suffer continuous exposure to smoke. In India, particulate concentrations in houses are reported
12. to range from 8,300 to 15,000 μg/m3, greatly exceeding the 75 μg/m3 maximum standard for indoor particulate
matter in the United States. Changes in ecosystem biological diversity, evolution of parasites, and invasion by
exotic species all frequently result in disease outbreaks such as cholera which emerged in 1992 in India. The
frequency of AIDS/HIV is increasing. In 1996, about 46,000 Indians out of 2.8 million (1.6% of the population)
tested were found to be infected with HIV.
Conclusion:
(1) New Industrial Policy :
Under Industrial Policy, keeping in view the priorities of the country and its economic development, the roles of
the public and private sectors are clearly decided. Under the New Industrial Policy, the industries have been
freed to a large extent from the licenses and other controls. In order to encourage modernisation, stress has been
laid upon the use of latest technology. A great reduction has been effected in the role of the public sector.
Abolition of Licensing:
Before the advent of the New Industrial Policy, the Indian industries were operating under strict licensing
system. Now, most industries have been freed from licensing and other restrictions.
(ii) Freedom to Import Technology:
The use of latest technology has been given prominence in the New Industrial Policy. Therefore, foreign
technological collaboration has been allowed.
(iii) Contraction of Public Sector:
A policy of not expanding unprofitable industrial units in the public sector has been adopted. Apart from this, the
government is following the course of disinvestment in such public sector undertaking. (Selling some shares of
public sector enterprises to private sector entrepreneurs is called disinvestment. This is a medium of
privatisation.)
(iv) Free Entry of Foreign Investment:
Many steps have been taken to attract foreign investment. Some of these are as follows:
13. (a) In 1991, 51% of foreign investment in 34 high priority industries was allowed without seeking government
permission.
(b) Non-Resident Indians (NRIs) were allowed to invest 100% in the export houses, hospitals, hotels, etc.
(c) Foreign Investment Promotion Board (FIPB) was established with a view to speedily clear foreign investment
proposals.
(d) Restrictions which were previously in operation to regulate dividends repatriation by the foreign investors
have been removed. They can now take dividends to their native countries.
(v) MRTP Restrictions Removed:
Monopolies and Restrictive Trade Practices Act has been done away with. Now the companies do not need to
seek government permission to issue shares, extend their area of operation and establish a new unit.
(vi) FERA Restrictions Removed:
Foreign Exchange Regulation Act (FERA) has been replaced by Foreign Exchange Management Act (FEMA). It
regulates the foreign transactions. These transactions have now become simpler.
(vii) Increase in the Importance of Small Industries:
Efforts have been made to give importance to the small industries in the economic development of the country.
(2) New Trade Policy
Trade policy means the policy through which the foreign trade is controlled and regulated. As a result of
liberalisation, trade policy has undergone tremendous changes. Especially the foreign trade has been freed from
the unnecessary controls.
The age-old restrictions have been eliminated at one go. Some of the chief characteristics of the New Trade
Policy are as follows:
(i) Reduction in Restrictions of Export-Import:
Restrictions on the exports-imports have almost disappeared leaving only a few items.
(ii) Reduction in Export-Import Tax:
14. Export-import tax on some items has been completely abolished and on some other items it has been reduced to
the minimum level.
(iii) Easy Procedure of Export-Import:
Import-export procedure has been simplified.
(iv) Establishment of Foreign Capital Market:
Foreign capital market has been established for sale and purchase of foreign exchange in the open market.
(v) Full Convertibility on Current Account:
In 1994-95, full convertibility became applicable on current account.
Here it is important to clarify the meaning of current account and full convertibility. Therefore, this has been
done as follows:
Current Account:
Transactions with the foreign countries are placed in two categories: (i) transaction with current account, for
example, import-export, (ii) Capital account transactions, like investment.
Full Convertibility:
In short, full convertibility means unrestricted sale and purchase of foreign exchange in the foreign exchange
market for the purpose of payments and receipts on the items connected with current account. It means that there
is no government restriction on the sale and purchase of foreign exchange connected with current account.
On the other hand, sale and purchase of foreign exchange connected with capital account can be carried on under
the rates determined by the Reserve Bank of India (RBI),
(vi) Providing Incentive for Export:
Many incentives have been allowed to Export- oriented Units (EOU) and Export Processing Zones (EPZ) for
increasing export trade.
(3) Fiscal Reforms
15. The policy of the government connected with the income and expenditure is called fiscal policy. The greatest
problem confronting the Indian government is excessive fiscal deficit. In 1990-91, the fiscal deficit was 8% of
the GDP. (It is important to understand the meaning of fiscal deficit and GDP.)
(i) Fiscal Deficit:
A fiscal deficit means that the country is spending more than its income,
(ii) Gross Domestic Product (GDP):
The GDP is the sum total of the financial value of all the produced goods and services during a year in a country.
Generally, the financial deficit is calculated in the form of GDP’s percentage. Presently, the government of India
is making efforts to take it to 4%.
Solutions of Fiscal Deficit
In order to handle the problem of fiscal deficit, basic changes were made in the tax system. The following are the
major steps taken in this direction:
(i) The rate of the individual and corporate tax has been reduced in order to bring more people in the tax net.
(ii) Tax procedure has been simplified.
(iii) Heavy reduction in the import duties has been implemented.
(4) Monetary Reforms
Monetary policy is a sort of control policy through which the central bank controls the supply of money with a
view to achieving the objectives of the general economic policy. Reforms in this policy are called monetary
reforms. The major points with regard to the monetary reforms are given below:
(i) Statutory Liquidity Ratio (SLR) has been lowered. (A commercial bank has to maintain a definite percentage
of liquid funds in relation to its net demand and time liabilities. This is called SLR. In liquid funds, cash
investment in permitted securities and balance in current account with nationalised banks are included.)
(ii) The banks have been allowed freedom to decide the rate of interest on the amount deposited.
16. (iii) New standards have been laid down for the income recognition for the banks. (By recognition of income, we
mean what is to be considered as the income of the bank. For example, should the interest on the bad debt be
considered as the income of the bank directions have been issued in this context.
(iv) Permission to collect money by issuing shares in the capital market has been granted to nationalised banks.
(v) Permission to open banks in the private sector has also been granted.
(5) Capital Market Reforms
The market in which securities are sold and bought is known as the capital market. The reforms connected with it
are known as capital market reforms. This market is the pivot of the economy of a country. The government has
taken the following steps for the development of this market:
(i) Under the Portfolio Investment Scheme, the limit for investment by the NRIs and foreign companies in the
shares and debentures of the Indian companies has been raised. (Portfolio Investment Scheme means investing in
securities.)
(ii) In order to control the capital market, the Securities and Exchange Board of India (SEBI) has been
established.
(iii) The restriction in respect of interest on debentures has been lifted. Now, it is decided on the basis of demand
and supply.
(iv) The office of the Controller of Capital Issue which used to determine the price of shares to be issued has
been dispensed with. Now, the companies are free to determine the price of the shares.
(v) Private sector has been permitted to establish Mutual Fund.& the registration of the sub broker has been
made mandatory.
(6) Phasing out Subsidies
Cash Compensatory Support (CCS) which was earlier given as export subsidy has been stopped. CCS can be
understood with the help of an example.
If an exporter wants to import some raw material which is available abroad for 100, but the same material is
available in India for 120 and the governments wants the raw material to be purchased by the exporter from India
itself for the protection of indigenous industries, the government is ready to pay the difference of 20 to the
exporter in the form of subsidy.
17. The payment of 20 will be considered as CCS. In addition to this, the CCS has been reduced in case of fertilizers
and petro products.
(7) Dismantling Price Control
The government has taken steps to remove price control in case of many products. (Price Control means that the
companies will sell goods at the prices determined by the government.) The efforts to remove price control were
mostly in respect of fertilizers, steel and iron and petro products. Restrictions on the import of these products
have also been removed.