Gold Chain

  The idea of forming a group of BRIC Brazil, Russia, India and China was originally mooted by British economist Jim O Neil of Goldman Sachs in his brilliant paper "Building Better Global Economic BRIC in 2001 which became a reality in 2006 and further got strengthened by the entry of South Africa as the  5th member in 2010. Goldman Sachs economists predicted that gradually  emerging economies combined strength would  outstrip  dominance of western economies before 1939.Bloomberg also estimated that expanded BRICS group would  represent half of global output by 2040.BRICS is globally representative of more than  UN security Council and G7  but less than G 20 which is dominated by the West. The strengthening framework of BRICS partnership rests  on three pillars namely 1.P olitics and security 2.Economy and Finance 3.Cultural and people to people exchange.BRICS spirit lies in mutual respect and understanding, equality, solidarity  multila...

Economic policy making mainly focus on growth in national income, output and employment and stability in both balance of Payments and price level. In India both unemployment and increase in  price level pose major hurdles to balanced development. Increase in price level or inflation refers to the comprehensive increase in the prices of all goods and services resulting in decline in the value of money. It  has been observed that the increase in the production costs, labour and transportation costs, population increase,climate change including voltatility in monsoons, hoarding of food products and diversification from agricultural crops to commercial crops etc led to food inflation in the country. On the contrary food inflation in turn impact production costs including labour costs ,price of raw materials and other ancillary input costs required to  produce output. Further traders may even resort to speculation and hoard the product to create artificial scarcity. Hoarding o...

 The  2024 Nobel memorial Prize in Economic Sciences were won by the trio Turkish American Daron Acemoglu,Simon Johnson and James Robinson both  British Americans  for their valuable research on wealth Inequality between nations and relationships between societal Inequality and Prosperity. Research into Inequality of  wealth,  across countries by examining various political and economic systems introduced by European colonisers , The trio have demonstrated the relationship between societal institutions and prosperity. While Acemoglu and Simon Johnson are professors at Massachusetts  Institute of Technology, whereas  Robinson is serving at Chicago University. The Jury highlighted that  through  their research work they have illuminated how economic and political institutions play a decisive role in determining that while some countries prospers others do not.As they researched on global inequality in wealth and reasons for some countries ...

 Uniy of developing countries has been very difficult to achieve and  sustain. As they are doing better compared to colonial period in different walks of life currently the prospects for their solidarity and cooperation is gradually increasing. South South cooperation (S S C) has been defined as a manifestation of solidarity among both countries and peoples of the South that contribute to their national well-being their national and collective self reliance and the attainment of internationally agreed development goals including the 2030 Agenda for sustainable development. United Nations office of South South Cooperation is a common endeavor of  peoples and countries of South, born out of shared experiences and sympathies based on their common objectives  and solidarity, and guided interaliia the principles of respect for national sovereignty and  ownership free from conditionalities. Operationally or in practice South South cooperation for development is a proc...

.The idea of QUAD was initially proposed by Japanese Prime Minister Shinzo Abe.And   the quadrilateral security and strategic forum between USA, Japan  Australia and India was formed in 2007 which became  functional only after the  negotiations in  2017   in the  sidelines of ASEAN Summit  in Manila  Eventually QUAD partners have been working side by side with fellow partners throughout the region to booster maritime security, improve maritime domain awareness, and uphold need for free and  open rules based order rooted in international law in Indo Pacific  .The QUAD is aiming at promoting both regional security and economic cooperation in the Indo Pacific region. In fact the four countries share a common interest in maintaining a free and open Indo- Pacific promoting democracy, human rights and rule of law, and also countering China's expanding influence in the region.While there was growing concern about China's economic...

 Unemployment is a crucial issue faced by many countries across the world. Generally unemployment is referred as a situation where all the people in the work force who are willing and able to work at the prevailing wage and working conditions are unable to get employment.The unemployment rate refers to the percentage of people in the labour force who are unemployed. In India the National Sample Survey Office (NSSO) has been conducting Periodic Labour Force Survey (PLFS) since 2017-  collecting data on employment and unemployment situation in  the country.So far six Annual Reports and twenty three quarterly reports have been released by NSSO.The Annual Periodic Labour Force Survey  PLFS is designed with two major objectives of measuring unemployment and employment  .While the first measure the dynamics in labour force     and employment in the short time interval of three months for only the urban areas in  the Current Weekly Status (CWS), Sec...

 Economic history of different countries has shown that as time moves forward the relative importance of certain regions or  provinces may decline and that of others will increase. The working paper on relative Economic performance of Indian States  prepared by Sanjeev  Sanyal and Aakanksha Arora also pointed out such changes in the growth pattern of Indian  States  between 1960-61 and 2023-24. After the introduction of economic reforms and liberalisation in 1991, it has been observed that at the time of  independence the three Presidency towns namely Bombay in Maharashtra, Calcutta in West Bengal and Madras in Tamil Nadu were centers of large industrial clusters. However by 1960s their relative dominance witnessed some changes. In 1960-61 among the states Delhi was the wealthiest followed by Maharashtra and West Bengal. .In 1960-61 Uttar Pradesh ranked 1st with 14.4%share of India's GDP  followed by Maharashtra 12.5%,West Bengal 10.5%Tamil Nadu 8...