Gold Chain

During my childhood being a farmer's family we had not purchased any rice but kerosene from the ration shop for lighting purpose. But I had witnessed several households exclusively dependent on public distribution system to satisfy their hunger in addition to the wages paid in kind for agricultural work and harvesting. Their children were enrolled in school mainly to  avail the facility of uppuma and milk or porridge and dhal supplied in the school which in due course became mid day meal scheme which are truly a welfare scheme and takes care of both health and education of children to a great extent. When I entered the Government Service except for initial one year I had not availed the facility of public distribution system ,but for one Deepavali with much persuasion from my own PG students l also availed the freebies of a mixie and one Grinder gift offered by the Government,which subsequently I donated to more deserving people. The irony was that after  two weeks the very sa...

 In Chinese economy about one third of the economic activity had been contributed  by the real estate sector and housing alone accounted 70 Percent of households wealth. Housing was regarded as the most important investment by the Chinese people.For years property developers thrived because of no worry about funding. Access to credit was very liberal,cheap and about 90% of new homes were pre sold. Buyers would hand over deposits and make mortgage payments, and even invest in bonds issued by the real estate firm before construction was complete. This system provided developers with robust money they needed to keep building and real estate booming like anything, until recently home owners didn't complain, and the expectation was that property values  in China would continue to maintain rise as they had for decades and the Chinese middle class continue to aspire for climbing the property ladder.  As property market growth was characterized by home owners purchasing the ...

 After nearly two centuries of foreign occupation and colonisation India attained independence in 1947 with much struggle agitation and hardship despite the deep wound of partition of the country to India and Pakistan.Our greatest father of the nation's ambition has been to wipe" every tear from every eye". Following independence we adopted a mixed economy wherein both private sector and public sector operate under the general guidance of  economic planning. Adverse impact of colonisation and partition destroyed traditional industries and native handicrafts and we remained as an agrarian economy with vast unutilised human and natural resources. Immediately after the adoption of our constitution in 1950 ,the Planning Commission came into existence chaired by first Prime Minister Nehru.Since second five year plan Professor P C Mahalanobis made marked  contributions towards Indian planning, The main objectives of our plans were- to increase production to maximum possibl...

 The July update of World Economic Outlook released by International Monetary Fund gives a gloomy and uncertain picture of global economy.According to IMF a tentative recovery in 2021 has been followed by increasingly gloomy developments in 2022.Eventhough performance was slightly better than anticipated in the first quarter global output had shrunk in the second quarter- the first contraction since 2020 owing to economic downturns in Russia and a sharper than anticipated slow down in China reflecting covid19 outbreaks and frequent  lockdowns and further negative cross border effects of war in Ukraine. High  inflation world wide particularly in US and major European economies which have resulted in a quantitative restrictive policy adopted by the central banks triggered a sharp tightening in global financial conditions. US Federal Reserve increased interest rate by 0.75% continuously second time while European central bank raised key interest rate by 0.5% first time in 11...