New Economic Problems
-Dr. Lalit Kumar
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.
You might also be interested in the following:
1. Functions of Officers of PWD |
|
|
|
|
|
|
|
