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New Economic Problems

New Economic Problems

-Dr. Lalit Kumar

Economic Problems

Economic Situation of India after Covid-19:

It is worth to mention that India allocated Rs. 2 Trillion during the last 5 years for increasing the production in various sections like Autos, Textiles, Food Processing, Solar Energy Equipment, Telecom etc. The Foreign Direct Investment (FDI) is being attracted to finance the needs of the sectors, however, efforts are being made for “Atam Nirbhar Bharat” as well. Today, India is leading whole world in Software, Autos, and Pharma Sectors. The incentives on productions and imposition of custom duties are making the environment friendly to the domestic production units. In last few years, the Indian Economy has been affected adversely from the bankrupt companies and the unemployment also has been increased.

India is not performing well due to lack of Research and Development and also not implementing the best practices or innovative ideas based upon already done research. It is required to inculcate the culture of Research and Development (R&D). There are lack of incentives for doing R&D to the Academicians and Scholars, Scientists, and Professionals. The agitation of farmers to Contract Farming, has changed the scenario as well and the industrialists are feeling stressed from it. The land prices are increasing due to new land acquisition law and labour cost is also increasing due to impact of Covid-19. The use of Apps for remote education and training, also changed the whole scenario. 

New Economic Problems:

Both the developed and developing nations are suffering from some new economic problems which are required to be identified by the Governments. The unemployment and corruption are old economic problems which are still getting attention of the Government and the Good Governance initiatives and Entrepreneurship Programmes are particularly to target these two big problems of the countries. The world bank is also funding the initiatives of the nations to make them empower to fight with such economic issues. There are a few new economic problems affecting the countries which are required to be focused to improve the financial performance and economic status of the economies:

1.   Improper planning in making policies:

Most of the policies are made by sitting far from the people affected with the problems and the policies are impractical due to ignorance of ground realities. Many countries are dreaming to demonetize the currencies which the people have not been provided access to the technological means in the countries. India is a latest example where demonetization not showed the desired outcome. The economists found that the decision of demonetization was taken in hurry and there was lack of planning while formulating the policies relating to demonetization in India.

2.   Unequal utilization and excess exploitation of economic resources:

The non-performing assets in banking sectors of the nations including United States of America (USA) are increasing due to unequal utilization of the economic resources. The development of metro cities, smart cities, and use of information technology are not equally distributed around the world and this has also contributed in rise in unemployment, the traditionally well-known economic problem of the countries.

3.   Terrorism with support of unemployed youth:

The terrorists have become successful in targeting the intellectual people to work with them. The unemployed youth not getting access to economic resources to meet their requirements to stand with other equally qualified persons, preferring to use their qualifications in harming others after getting financial support from the terrorists. The attacks in United States, India, Pakistan, and other nations clearly show the use of technology and it is possible only after the success of terrorists in getting support from the well-qualified unemployed youth.

4.   Depreciating currencies:

The countries’ currencies are not depreciating not in terms of comparative assessment but in terms of amount of resources i.e. purchasing power. The financial resources are being costlier. The concept of keeping gold as reserves for issue of currency and the concept of keeping foreign currencies to represent the same gold reserves; are now no more being followed. Due to unnecessary interference in increasing the demand of currencies, the economies are suffering from the depreciating value of their currencies.

5. Inefficient Management of Growing Waste:

I attended a session on “Waste Management” today and realized that everyone of us, is a waste generator. We know it and as a part of society it is our duty to reduce the waste. For one person which is not a waste, for other person, it may be waste. The resource person rightly gave an example that a person taking pics of a lake, may think that the pics are not waste but for others, it can be waste. Therefore, every one of us is a waste generator. Dr. Sanjeev Chaddha concluded that the best way to reduce and eliminate waste is to send it back to the place from where it is generated. For example, Wet waste comes from soil and fields, it can be used as compost for the same fields to increase the agricultural produce of the soil. The plastic waste comes from the polymers which comes from the petroleum industry, therefore best way to dispose it is to convert it into petrol or use it for power generation. The e-waste is very harmful which is generated from gadgets of information technology, the waste should be recycle and reused for the same industry.

With the growth in population, the cities are growing and also contributing to increase in the waste. The per capita waste is 100 grams in a city after growth, it becomes 500 grams per capita. The huge waste becomes difficult to be managed by the Government as there are limited places to recycle and reuse the solid waste. In future, the situation can be more critical as people are not much sensitive to reduce the waste and be less waste generators. 
*Copyright © 2020 Dr. Lalit Kumar. All rights reserved. 

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