Costs and benefits of Globalisation on Indias Economy

Costs and benefits of Globalisation on Indias Economy Introduction In this essay we are about to go Global. Recent events on the financial market show how interdependent the world is. Common value should not be forbid but what about common losses. Who should be responsible for them? Many blame globalisation. What is it and does the world has other options to develop. Should we return to the strategies of the past? Or should we continue to live through an age of essential economic revolution? The term globalisation generates constant debates and controversies. But most of those who talk about globalisation are not even aware of its fundamentals. The term globalisation is used rather vaguely. Globalisation is the one specific modality of international integration. Technology has definitely changed the means of way we live and also the ways in which the business is done in world today. The country by means of internet connection and enthusiastic workers can have access to unlimited jobs and industries. Lets imagine a picture of a world where all limitations are disappearing. A world where there are no boundaries and where competition can come from anywhere. Thats the world where our future lies. To make this world a healthier place globalisation is going to play a very important role. There are some who believe that we must try to turn our back on this novel world. They also think that the chance to preserve our living standard is to make a fortress around the country and stop trading and depend only on our own industries. But at present it is impossible to turn back the waves of globalisation but in doing so we can actually make ourselves worst off. So instead of fearing the future we should embrace it. Globalisation and Structure of Indian Economy The best definition of globalisation has been expressed through a poem by Canadian economist Gerald Helleiner- The poor complain, they always do, but that is just idle chatter. Our system (globalisation) brings reward to all, at least to all who matter. Broadly speaking the term globalisation is most definitely an economic process. Even though it is modeled as a way of bringing the world together, globalisation is all about the business community breaking down the remaining barriers to the free flow of its capital around the world. It fundamentally means opening up of any country economy system and its integration among the other economies of the world. It involves liberalism and implementation of economic liberalization policies and reforms to promote the progression of private sector. The word globalisation itself means something new is happening to the world. The world is becoming a single place and experiencing global practices, values and technologies that are shaping people lives to the point that we are entering a global age. For India, there are ample confusions about the costs and benefits of globalisation. Generally Indians think that as the nation state has laid down their arms to globalisation all the perils are hurting and hunting. Data Source Projection: VMW Analytic ServicesIndias population is fast approaching a billion; this fact is easy to read but much more difficult to absorb one thousand million people, each of whom sees the world in a slightly or radically different way from the others. Since Indian independence in 1947, the economy of India has increased almost exponentially (Refer Fig. 1). From early 1990s, different governments have adopted inward oriented development strategies i.e. the state encouraging an economy through self sufficiency and a dominant role in the economy via state planning. Forces of demand and supply were not allowed to play any key role in resource allocation. ImportsAfter 1991 balance-of-payments crisis, where foreign currency reserves fell to $1 billion inflation went high to 17%, India laid numbers of stabilization-cum-structural adjustment measures with widespread effects. The main aim was to remerge the Indian economy with the world economy by reducing barriers to trade and investment, and deregulation of a highly bureaucratized economy. The Foreign Direct Investment was also encouraged to reduce the countrys reliance on debt-creating capital inflows, simultaneously renovating Indias ancient technologies and advancing easily into global markets. Exports India GDP growth from 1991 2007. Since then the real export growth rates of goods and services in 2006 and 2007 record high levels: 8.6% and 9.7% (Refer Fig. 2). The propellant growth of exports doubled Indias share in world exports of goods and services from 0.5% in 1991 to almost 1.7% in 2007. Even India imported 11.4% more goods in 2006 and 13% in 2007 as compared to the average growth rate from 1995 to 2005 (11.3%). As a result, Indias trade ratio of imports plus exports to GDP has twofold since 1991, from 16.5% to 45% in 2007. Regardless the unfinished reform agenda, Indias GDP growth (Refer Fig. 3) has increased >9% over the past 3 years, by an average of 5.8% annually during the period 1991-2004. It contributes nearly 2% to world GDP and around 1% to world exports of goods and services (Source: World Development Indicators). Consistent with excellent growth, per capita incomes were doubled from 1990 to 2007 and poverty dropped from 46% in 1986 to 36% in 2000. However, poverty remains a grave problem. Recently several economists and lobbyists have compared Indian economy with that of China but its progress path has been significantly different from Chinas. Indeed, it has been also very different from that followed earlier by Japan, Korea and the other Asian giants. Firstly, the recent economic rise in India is largely thanks to services rather than manufacturing sector. India has became a global player in several services sectors such as IT and business process outsourcing, while its manufacturing sector keep suffering from low productivity. Secondly, the 2/3rd of Indias population still rely on agriculture for a living as compared other Asian countries and thirdly, India try to remains closed to trade in comparison to other developing and emerging countries. Even FDI inflows have also ten folded in last two decades. It has been tripled since 2005 and in 2007 it was around $23 billion (Data Source: Government of India, Ministry of Finance, Economic survey). But India is not yet as present in the Central and Eastern Europe markets as China is. Its share in the European market was 0.7% (2006), almost unchanged from 1990s. However, Chinas share in these markets has increased sharply from 1.3% in 1992 to 5.7% in 2006 (Data Source: OECD). Indian has the potential and should make the efforts to move from good growth to rapid constant growth. The problem in India lies in the spurring productivity which is badly affected by the low education and health reforms and also by the petite openness of the Indian economy. Indias weak infrastructure has hurt the booming potential of Indian production. From undependable energy, lacking water supply to bad road and train conditions, infrastructure shortages have created high business costs across the sectors (Source : OECD, 2007c). Benefits and Costs of Globalisation on Indian Economy Globalisation has been a classical process with ups and downs. Its growth has been largely led by the technological forces in the fields of transport and communication. The flow of trade has been frequent and there are lesser barriers for the people across the geographical boundaries. There are less tax barriers and fewer limitations on fund flows. India is no exception to globalisation. In year 1991, when we were neck-deep in financial deficit, very high inflation (around 17%), balance of payments crisis and low industrial production, the World Bank and the International Monetary Fund (IMF) bailed us out with significant loans with assistant Structural Adjustment Program (SAP). This guided in Liberalisation, Privatisation and Globalisation. Indian Economy has undergone many important reforms in the 1990s. The LPG model has helped the Indian economy to grow rapidly and become internationally competitive. From early 1991, a new epoch has dawned for India and its huge population. This formidable phase of economic evolution has had a wonderful impact on the overall Indias economic development. All major sectors of the economy have improved dramatically and its effects over the last decade can hardly be ignored. Moreover, it has marked the dawn of the real integration of Indians economy into Worlds economy. Globalisation has created many employments bought large investments to India. Our economy has been on the rise at good rates for the past few years many new prospects have opened up for India. We have highly benefited from economies of scale. The change in global barriers has permitted the companies to profit from the largest cheapest labor market, raw material and technology. Foreign businesses have significantly augmented their investments in Indian industries. The salaries of industrial labor have improved largely; therefore, the lock outs and strikes have declined sharply as labor is happy. Now days business market has no boundaries and companies can promote their products globally. This has helped the Indian companies to lay hand on global technologies which has certainly increased our qualities of living standards. Indian Entrepreneurs has been more aware about the competitors, recent trends and quality of products. The competition between the global companies can be seen in the improve qualities of the brands and services to the customer. Presently, we can talk about the story of two Indias: We have the best of times; we have the worst of times. There is bright prosperity, there is high poverty. We have stunning 5 star hotels with dark ill-starred homes. Globalisation gave us everything, globalisation gave us nothing. Although Rajiv Gandhi government, the sixth prime minister of India, introduced some economic reforms between 1985 -1989 but it was the Narasimha Rao government, ninth prime minister of India from 1991-1996, that gave a exact shape and started the novel economic reforms in India. Below are the highlights of some extreme benefits of globalisation on Indian Economy: Gross Domestic Product (GDP) growth rate: The rate of increase of Indias real GDP was low during 1980-90 (5.6%) to 1993-2001 (7%). But in the last few years, the GDP annual growth rate in India has been remarkable i.e. 7.5% (2003-2004), 8.5% (2004-2005), 9% (2005-2006) and 9.2% (2006-2007) (Ref Fig. 3). Present P.M. Dr. Manmohan Singh is certain to have a 10% increase in the GDP for 11th five year plan (2007 2012). In 2006-2007, the sectors contributing highest in GDP growth are Industry sector (26%), Service sector (55%) and Agriculture sector (19%) (Ref Fig. 4). The increase in GDP has in fact helped to increase the foreign exchange reserves from $39 billion (2000-01), $107 billion (2003-04), $145 billion (2005-06), $200 billion (2007-2008) to around $268 billion on 1st February 2011 (Source: IMF). Foreign Direct Investment (FDI): Since early 2003, Indias FDI promotion board is officially run by government i.e. Ministries of Economic and Finance. Since then there has been drastic reforms in the rules and regulations of FDI in India. The FDI is now acknowledged as a key driver of development in the country. India is ranked 2nd in international FDI in year 2010 behind 1st ranked China and ahead of Brazil Russia and it will continue to be in the top 5 destinations to draw global investors during 2010-12 (Source: World Investment Prospects Survey 2009-2012 by UNCTAD (United Nations Conference on Trade and Development)). India attracted cumulative FDI equity inflows of $122.68 billion from mid 2000 to end 2010, according to the data released by the Department of Industrial Policy and Promotion (DIPP). In October 2010, the FDI inflows were $1,392 million. The figure 5 on next page shows the Indias top cities and sectors which attracted highest FDI inflows in Jan 2008 (Source: DIPP I ndia). The main attractive sectors have been information technology, telecom, services, healthcare and telecommunications. India controls almost 45% of the global outsourcing market with income more than $50 billion. Imports and Exports: The general idea of the independence movement in India (year 1940s), led by great M. Gandhi, was based on the hatred for anything foreign, especially the one originating from Britain. The imported goods were burnt on regular basis and everyone believed that everything can be produced home. The belief was that we can be self reliant and self dependent and import of goods can bring the foreign dominance. In 2009, 7 decades later India ranked 15th in world in terms of import volume and 22nd in the terms of export volume. In 2004 2005 our imports were $107 billion (Ref Table 1), a record increase of around 36% as compared to $79 billion in 2003 2004. The exports also jumped by 24% recording $79 billion as compared to $63 billion the previous fiscal. The oil imports increased by 19% and the import bill zoomed from $21 billion to $29 billion in two fiscal years. Other imports excluding oil were $77 billion in 2004 2005 that is 34% higher than $58 billion in 2003 20 04. Other Benefits: Information Technology (IT) and outsourcing has been given a special status in the growth of Indian economy. The reason may be that the government desires to present our country as a technological advanced nation and to achieve this they must encourage the IT sector. The term special status means that the sector and global / local investors will get many special advantages from the government. Furthermore, the impact of the global economies has influenced the Indian education system over the last few years. Improved educational institutions, hi- tech colleges, advanced schools are the fruits of globalisation. The colleges have implemented the developed teaching technologies, to make the students aware of the latest developments. India is in the 4th position in respect to market capitalization with $894 billion after the US ($17,000 billion), Japan ($4800 billion) and China ($1000billion). India should soon cross the trillion $ mark. Even though we have not so far reached the end of history but globalisation has sure took us closer to the end of geography. The globalisation has not always been fair. The cash flow over the last two decades has been very unsymmetrical. Every $1 of aid money to poor countries, the rich countries get $10. It has deepened the poverty and inequality. It has affected both the social and political stability among and within states. Capital rights are given more advantages over the labor rights. The trade and finance rule are unfair and this has had mixed effects on rich and poor countries. In India, the main casualties of globalisation are the poverty and the agriculture sector. Here are some costs which India paid because of globalisation: Agriculture Sector: Agriculture has always been the strength of the Indian economy. It plays crucial part not only in providing food to people, as well as the supply of raw material to industries and to export trade. 60% of the Indian population works in agriculture sector and however its contribution in GDP is only 20.6%. India agricultural growth continued to drop down from 13% in 2003 to 1% in 2002-2003 (Source: agricoop.nic.in/Agristatistics). This set back in agriculture is in contrary to 6% expansion in Indian economy in last decade. The reasons of this decrease, according to Economic Survey 2006-07, are: less investments, disproportions in fertilizer use, low seeds replacement rate, a distorted incentive system and low post-harvest value addition. Indian farmers are offered almost no subsidiaries and very less help from government. The Indian government has taken no significant measures to negotiate with foreign companies to set up technologies for the farmers assistance. All these factors have led to decrease in the income of the farmers and have increased the rural debts. In 2000, the farmer suicides were registered to 12% of total suicides in the country. Poverty: Though globalisation has drastically improved our living standards but still it doesnt have the significant effect in improving the poverty. According to 2007 Forbes list, the number of billionaires in India has risen to 40 and yet there is 80% of Indias population which lives on less than $2 a day. Nevertheless, Indian government is making lots of efforts to improve poverty in rural areas. They are trying to provide more facilities to the poorer. The 2005 World Bank estimation was that 41% of Indian population live below the international poverty line of $1.25 a day. So India government has still a long way to go to improve the poverty situation of India. Industry: The globalisation has raised a high competition between the foreign companies and domestic companies. As the foreign products being better, the people prefer to buy them instead of Indian ones. This has reduced significantly the amount of profit of India companies. The new technology has reduced the requirement of labor and thus resulted in the cost of their jobs. No doubts that the effects have been positive as well as negative but the Indian government should make such economic policies related to industry that are beneficial and not harmful. Human trafficking and increase in diseases like HIV are also the very high cost paid for globalisation. And the pity is that womens and childrens are among the most exposed to it. Conclusions Globalisation has provided India the opportunity to grow substantially. Though we have to be more careful on the whole as all the economies are linked together and crisis in one economy have drastic effect on others and recent events has confirmed that. But still globalisation has definitely helped India to become a better economy. We have the abilities and skills to adapt and change according to the flow of global market. In the end my keen hope for the betterment and the bright future of our country is to go out and face this globalising world. I am certain that India of 2025 will be a different place. It will be much more leading force in the world economy, than 25 years ago or even at the start of the 21st century.

Essay --

1. BRIEF INTRODUCTION ON THE SYSTEM This project is to develop a web-based service application for The Malaysian Association of Practicing Opticians (MAPO) with database system. The project is focused to solve client problem, generally to convert the file-based system into a web-based service with database. Title of this system is â€Å"MAPO Membership Loyalty System† that performed as web-based application, allows the organization to manage their clients and solve other matter arise. 1.1 COMPANY BACKGROUND The Malaysian Association of Practicing Opticians (MAPO) is the professional body that represents optometrists in Malaysia. Optometrists are graduates with at least a Bachelor of Optometry degree from a recognized university. Some optometrists also possess other entry-level qualifications such as the professional masters and doctoral degrees in optometry. Optometrists are the primary eye care professionals who provide comprehensive eye examination and vision care services which include: prescription of glasses and contact lenses, rehabilitation of the visual system in lazy eyes and in cases of binocular vision difficulties, and the detection of common eye diseases. MAPO was born in 1985 and this year they are celebrating its 28th Successful Year. The association has been greatly active throughout these years, organizing fairs and educations to help their members upgrading their knowledge, hence provide a better service in the market. Consists of a large group of professionals, the association was formed with the following objectives: 1. To raise or improve the standard of practice in order to project an image of professionalism. 2. To protect the overall interest of MAPO members. 3. Strive to provide the best primary eyecare to t... ...on each request are imposed to fully dependence to the application service / server as its responsibility. This is to ensure that there are no sniffing to potentially leaked data management to the very complex details such variable names, row / column / tuple name of database and even exposed unsecure port. However, as using three tier client server architecture with asp.net services, too much security might overly restrict the end user thus denying the actual service that should be able available for them. Developer could be blamed if this matter are arise especially during their essential works. Thus using unique cached ID together with RBAC trained services and sessions, it’s like digging a secured tunnel for the respective user for them to work without any interruption as every path are measured and assigned with the suitable permission and access validation.

Banks Mat Review Essay

Robert Banks and Bernice M. Ledbetter believe the subject of leadership to be one worth exploring, and they do so in their book much to our profit. In this short book, Banks and Ledbetter begin by presenting the overall question they want to answer: Do Christians’ core convictions shape their views and practices of leadership or are they affected by wider cultural assumptions? [1]The book begins by exploring the many reasons for the increased interest in leadership today. The authors offer a plethora of reasons, not withholding the greatly increased pace of change, and they also set out some other factors for understanding leadership, including the comparison and contrast between a ‘leader’ and the qualities of ‘leadership’. Banks and Ledbetter take great care to ask challenging questions. This practice aids in the development of the book. In the opening chapters they begin by defining leadership as involving a person, group, or organization who shows the way in an area of life. [2] The authors also provide a strong distinction between management and leadership while also showing the importance of these two roles to work together. The foundation of the writing is supported by the claims towards the importance  of the study of leadership. Banks and Ledbetter continue on to explore leadership in a wider range of historical and Biblical contexts. They work from religious and Christian perspectives and work outward towards cultural influences. The authors share insight as it relates to the biblical, historical and contemporary perspectives, covering the accounts of the Apostle Paul, historical models such as the Benedictine tradition, Lutheran, Presbyterian and Pentecostal. They continue by exploring trait, contingency and transformational leadership. Chapters three and four provide the most specific writings on the topic of leadership. In these chapters Banks and Ledbetter draw attention to the raw spiritual, theological, and religious concepts of leadership. Here the authors conduct a case study of a significant author of leadership material, Stephen Covey. It is revealed that many readers are influenced by his Mormon faith without truly understanding or discerning the undertones.[3] This continues with an exploration of other perceived authorities on the topic of leadership. One such study is of Laura Beth Jones, an woman writer with increasing influence as it relates to leadership. Chapter five addresses how to translate practices of leadership into individual context through the use of three basic yet important values: faithfulness, integrity, and a servant-like attitude. Exploration of these three traits is undergirder with discussion of authors such as Robert Greenleaf. He is one of many leaders who brought into popular leadership thinking the idea of ‘servant leadership’.The book closes by offering examples in the form of case-studies. These studies provide deeper insight into the foundational qualities of successful leaders over the span of several years and many different context. This offers the reader a broader view of leadership by showing its success in many different forms and context. CONCRETE RESPONSE While reading through each chapter I was challenged to consider the conflicts I have faced that came as the result of lacking a manager to accompany my leadership. As a pastor, I am a natural leader. I tend to seek out change while searching for ways to constantly make things better and more efficient. About two years ago I was in a conflict with several of the leaders in our church. The conflict revolved around our misunderstanding of  each others approach and roles in leadership. As an proponent of change, I was offended by their seeming lack of faith in pursuing a broader reach in ministry and our effectiveness in the community. As managers, they were more apt to move slowly and could only visualize the problems that would need to be addressed in order to achieve the vision that was laid forth by me. After studying the viewpoints of Banks and Ledbetter I can now see how we could have easily been on the same page and shared the same goal while simply looking from distinct perspectives. I have now began to wonder how many other relationships could have been mended by simply understanding the role that each party played. I have a tendency to assume that others will automatically view things in the same way that I have. This has often led to great disappointment or great feelings of being misunderstood. In this way my passion can easily become focused on the wrong thing and people could easily become the target of that passion. REFLECTION While the book does a great job of exploring the topic of leadership, because of the breadth and depth of the topic many questions remain. Taking into account the authors definitions of managers and leaders, how do the two roles successfully communicate their intentions to one another? It is very possible for the two roles to coexist with proper acknowledgment of one another. How do the two operate together effectively without disrespecting or disregarding the importance of each role. Also, how does one know which leadership style works best in a given context? Does it take an extended period of trial and error to discover the proper styles? How do followers or even managers respond to a constantly changing leadership style? This book could have been greatly improved with a more comprehensive study of the specified leadership topics. The writing feels much like a generic overview of very important topics. While well written and engaging, I am left wanting as it relates to determining how to not only incorporate the leadership styles but also choose the style that is most fitting. This book feels like a movie that ended too soon. Leaving readers wondering what do with the brief information provided. ACTION With a fresh view of the information given by Banks and Ledbetter, I now have the information needed to implement a healthier leadership style that includes a clarity of my role as an agent of change. This plan is broken into two distinct parts. First, to properly identify the contexts that guide the view of leadership within the leadership team of the church that I pastor. What types of leaders have they encountered in the past? Are they open to change or resistant to it? This objective will be accomplished through the scheduling of one on one meetings with each leader. These meeting will allow me the opportunity to engage each leader in a meaningful conversation about the leadership styles they are most comfortable with. With this information I will be equipped to better serve these leaders by communicating with them in a way that they are most likely to receive. This is based upon Banks and Ledbetters observation of the broad idea of leadership many people carry. Secondly, I will create a comprehensive list of the core beliefs that will guide our leadership team. For those considering becoming parts of our church, how do they know the values that determine our decision making as leaders? This list will answer that question. It will become the core values for current and even future leaders. This comprehensive list will incorporate biblical teachings from Jesus as well as the Apostle Paul’s qualifications from 1 Peter and the epistles to Timothy. By outlining these core values, we create accountability, an attribute that could also allow for congregants and members alike to feel more comfortable engaging with the vision of our church by being secure in the direction and the values that guide us. BIBLIOGRAPHY Banks, Robert and Ledbetter, Bernice â€Å"Reviewing Leadership: A Chriatian Evaluation of Current Approaches†, Grand Rapids, MI Baker Publishing Group 2004

Misconceptions Pertaining College Students Who Obtain a Job

This literature review will focus on the scope of college student’s whom have a job while going to school full time versus college students who do not have a job and the effects on their academic success. It will identify the contributing factors dealing with Seton Hall University student’s academics. In addition this literature review will identify the possible solutions dealing with academic success based on research pertaining to college student’s positive outcomes. The time period that will be covered by this review will be within the most recent five years. As defined by Mounsey, Vandehey, and Diekhoff (2013) a traditional college student is one who is â€Å"enrolled in college directly after high school, relied on parents for financial†¦show more content†¦Although students who work and do not work experience there stress levels differently and according to the study more working college students experience more of a stress level then non-working students but the most interesting finding in this study is that working college students have a higher grade point then the non-working students (p.384). Suggestions as to why that were presented in the article is that students who work and go to school full time have the ability to manage their time more wisely then those who do not work (p.396-387). This data is again represented in another study that was produced by Lang (2012) which clarifies that college students who work maintain a higher grade point average then students who do not work (p.250). Another aspect that Lang’s experiment clarifies that more working students spend more time one their studies and working then they do with their social lives (p.250). This is because students learn how to priorities and in order to priorities they have to give up something in this case it is their social life. Learning how to prioritize students gain the ability to develop time management skills that the can use in order to co mplete the task that they need to get done; whether it would beShow MoreRelatedThis literature review will focus on the scope of college student’s whom have a job while going to1300 Words   |  6 PagesThis literature review will focus on the scope of college student’s whom have a job while going to school full time versus college students who do not have a job and the effects on their academic success. It will identify the contributing factors dealing with Seton Hall University student’s academics. 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