Gold Chain

 IMF'S World Economic Outlook July 2023 Update  focused on both resilience and persistent challenges of global economy.Global growth is projected to fall from the estimated 3.5% in 2022 to 3.0% in both 2023 and 2024. These forecasts are based on assumptions like- stable fuel and non fuel commodity prices and interest rates.Unfortunately the growth forecast for 2023-24 remained below the annual average of 3.8% achieved during 2000-19 period.While in advanced economies growth declined in emerging market and developing economies growth outlook remained stable for 2023 and 2024 with further shifts across regions. An examination of growth pattern  indicated that advanced economies growth declined from 5.4% in 2021 to 2.7% in 2022  with projected meagre growth of 1.5% in 2023 and  1.4 in 2024 ,largely due to stagnation in manufacturing sector and disruption in supply chain.Within advanced economies USA had  high growth of 5.9% in 2021which  declined to 2.1% ...

 The idea of BRIC (Brazil Russia India China) forming a s a group to promote cooperation in trade,finance, economy and development was originally mooted by British economist Jim O Neil of Goldman Sachs in his paper published in Global policy Journal in 2001.Not only the idea became a reality in 2009 but also South Africa became the sixth member in 2010 and the organization became BRICS.B RICS currently account for mote than 40% of world population and about 26% of global economy.aThe relevance of this organization has been increasing particularly in recent times attracting many countries to seek membership in the light of the geo political conflicts comprising of US China trade tensions, Russia Ukraine war and consequent supply chain disruptions and stoppage of SWIFT message facility to Russia and other sanctions imposed by US and Western allies towards Russia and to some extent Iran. Major Two initiatives undertaken by BRICS  for  fostering economic growth were 1.the est...

 Aftermath of Covid19 pandemic persisting US China trade tensions, Russian invasion of Ukraine and consequent Imposition of sanctions by Western Countries resulting multiple bottlenecks caused havoc in both global supply chains and free and fair trade.Supply chain refers to the network between a firm/company and its suppliers to produce and distribute a specific product or service. Management of supply chain or flow of goods and services comprise of all processes transforming raw materials into final product  which involves streamlining of procurement of inputs, manufacturing materials into basic parts assembling basic parts into finished product, selling and delivering finished products to consumers or end users.Free trade on the other hand refers to absence of any tariff or Non tariff walls to international trade. Champions of free trade highlights access to low - priced ,high quality goods, greater efficiency and innovation in production, increase in economic growth ,develo...

 Regional groupings can play a decisive role in peace,  stability and growth provided member countries are committed and accomodative in their approach.The Shanghai Cooperation Organisation virtual summit held in New Delhi with the theme "Towards a SECURE(Security, Economic development, Connectivity, Unity,Respect for sovereignty and territorial integrity and environmental protection) chaired by Indian Prime minister on July 4th   urged for a 'more representative ' and multipolar world order in the global interest.The group also  inducted Iran  as it's 9th member of SCO.This organization was originally established in the aftermath of the disintegration of erstwhile USSR,  in 1996 with five members popularly known as Shanghai five. namely Russia, Kazakhstan, Kyrgyzstan, Tajikistan  and China to deal with series of border demarcation and demilitarisation discussions with the former Soviet Republics held with China to ensure peace and stability in th...

 Technology is the application of scientific knowledge for practical purposes  in industry, agriculture and services. Professor Simon Kuznets had identified different patterns in the growth of technology namely.1.A scientific discovery or an addition to technical knowledge. 2. An invention making use of already existing knowledge to useful end.3.An innovation implying a significant application of an invention to economise production.Hence technological development requires prerequisites like scientific knowledge, heavy capital investment, highly skilled manpower, entrepreneurial skills and innovation to accommodate emerging technologies. Mission 2047 focus on technology driven India with knowledge based economy, commitment to sustainability and strong Public finances. According to experts India is currently moving up fast in the value chain from low cost software services to manufacturing offering great opportunities in deep technology developments in semiconductors and other ...