...MAJOR DRIVERS OF GROWTH, EMPLOYMENT AND TRADE IN INDIA INTRODUCTION It is interesting and rewarding to study India as an economy that has evolved over a period of 65 years since its independence. The country has grown economy-wise and population-wise since 1950 and the major contributors to Gross Domestic Product (GDP) has gradually shifted from agricultural sector to the services sector. Widespread globalization of industries and liberalization of trade along with technological advancements have played an important role in adding to its growth. In terms of Purchasing Power Parity India took position as the world’s third largest economy in April 2014 replacing Japan proving to be one of the fastest growing economies of the world (“India displaces Japan,” 2014). For the purpose of clearly understanding the major contributors and policies to the effect India’s growth and development, I have conducted my research under the primary, secondary and tertiary sectors using graphs and figures to explain whenever required. The primary sector being Agriculture, the secondary sector being Industry and the tertiary sector being Services have also been analyzed to indicate the major trading partners of India. A sufficient period of time has been considered for the purpose of this assessment to provide good insight on the topic. The paper will also further discuss some of the recent policy measures taken to further improve the growth of India. ...
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...growth for the two largest economies is decelerating (R.Miller 2011) as finance ministers and central bankers arrive at the semi-annual meeting of the International Monetary Fund and World Bank. The increasing price of petrol has lowered consumer and business disposable income worldwide, and in the U.S budget cuts and a tighter monetary policy has limited the demand in China. The third largest economy Japan is recovering from the aftermath of the recent earthquake. While in Europe the possibility of a divided European Union becomes a probability for some members of the trading block as the debt crisis has claimed its third victim Portugal The objective of the study is to somehow interpret and create a better understanding of global and economic events and how these events affect the financial markets in the past, present and future for both local and international markets. 2. Sources of data/methodology: My sources of methodology are Google Alerts, this function allows you to receive emails relating to topics of interest, I signed up for the topic of the Financial Markets and I regularly receive emails on a weekly basis relating to the Financial Markets, the...
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...Programme continues to be implemented, if anything with greater urgency and focus • Government Linked Investment / Companies (GLIC/GLCs) must aspire to greater heights, whether best in class or emerging as future regional, if not global champions Source: Prime Minister’s Keynote Address at Invest Malaysia Forum 2012 3 HISTORY AND EVOLUTION OF GLCs 1969 Maybank becomes government owned 1972 LTAT established 1979 Sime Darby is Malaysianised 1957 1987 Jabatan Telekom Corporatised 1992 Malaysian Airport and Postal Department provatised 1997 Industrialisation and moving up the value chain 1951 EPF established 1983 Rapid economic growth and privatisation 1962 LTH established 1978 PNB established 1970 Launch of New Economic Policy (NEP) Malaysianised GLCs Value adding to Malaysia’s Natural resources 1985 Proton launch first model 1981 Launch of Heavy Industrialisation Programme 2005 CURRENT 2000 Financial Crisis 1994 KNB began operations 1994 1990 Lembaga Letrik Negara Corporatised Corporatised Providing Essential Public Services 1999 Bank Bumiputra merger with Commerce Bank 2002 MAS widespread asset unbundling exercise 1998 Danaharta established Recapitalised and Restructured Recovering from the Crisis Recovery and...
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...trusting system's constancy is bettering – though obviously I concern the wood once I say this. In issuing market savings, substantial advance has been arrived at in amending their receptivity and resiliency to commercialize fluctuations. Two chief problems lay beforehand for the global savings, and they are ace's business leadership discussed over in Sydney. G20 Finance government Ministers chaired by Australia's financial officer Joe Hockey need to accomplish development and create employment. They might well concur on a G20 development objective. Business leadership – by the B20 business leadership forum - can assist them formulate and attain their development schemes. The G20's designs to further private sector development will hopefully adjust to our aspects, and I acknowledge Treasurer Hockey is devoted to compounding G20-business participation. (Pomfret, 2012) Economic development, badly, reckons on the accessibility of credit. One of the main checks to the elaboration of quotation is the over handed of doubtless about ordinance. For the clientele, and for the global saving, the better result will constitute for the G20 Finance Ministers to...
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...The United Nations’ Role in International Tax Policy A Research and Policy Brief for the Use of the NGO Committee on Financing for Development Hamrawit Abebe, Ryan Dugan, Michael McShane, Julie Mellin, Tara Patel, and Linda Patentas Graduate Program in International Affairs, Milano School of International Affairs, Management, and Urban Policy, The New School March 7, 2012 TABLE OF CONTENTS EXECUTIVE SUMMARY BACKGROUND AND PERSPECTIVES BACKGROUND AND ANALYSIS THE OECD, G77, G20, AND EU ON UPGRADING THE UN TAX COMMITTEE KEY INSTITUTIONAL PLAYERS ARGUMENTS FOR AND AGAINST A UN TAX BODY 3 4 8 12 17 REFLECTIONS AND RECOMMENDATIONS RELATIONSHIP BETWEEN OECD AND UN TAX COMMITTEE GLOBAL TAX POLICIES POLICY RECOMMENDATIONS 20 28 38 APPENDIX GLOSSARY AND ACRONYMS REFERENCES 44 48 52 2 Executive Summary The report provides an analytical view on the role of the United Nations in tax policy, highlighting the interventions made by and challenges to key players in attempts to streamline global tax cooperation. The first section of the paper provides a background on the importance of tax related issues, emphasizing its importance within the Monterrey Consensus. Debates are introduced between two key institutional players regarding global tax cooperation, the OECD’s Committee on Fiscal Affairs and the UN Tax Committee. Views from key players the OECD, Group of 77, Group of 20, and European Union are addressed in the areas of international tax cooperation...
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...Telenor Company Profile Telenor PK is a wholly owned subsidiary of Telenor Group, a Norwegian company. The Telenor group operates in 11 markets across Europe and Asia and in additionally 19 markets through its 31.67 per cent ownership in VimpelCom Ltd. Telenor Group is among the largest mobile operators in the world with over 140 million mobile subscriptions (Q4 2011) and a workforce of 30,000. Telenor started out as a public company in 1855 and builds on more than 155 years of telecom experience. A Telenor is a global company it is always looking to expand in to untapped markets or where oppuruntities are available for expansion. Telenor acquired a license for providing GSM services in Pakistan in April 2004, and launched its services commercially in Karachi, Islamabad, and Rawalpindi on 15 March 2005; it expanded its services to Lahore, Faisalabad and Hyderabad on 23 March 2005. Telenor Pakistan’s Corporate Headquarters are in Karachi, with regional offices in Peshawar, Lahore, Faisalabad, Multan, Hyderabad and Islamabad. On 28 January 2005, Telenor established its first call centre in Karachi. TELENOR TOOK ADVANTAGE OF GRADUATES IN KARACHI BY OPENING ITS CALL CENTRE IN A CITY WITH HIGH LEVEL OF GRADUATES. As of January 2012, Telenor Pakistan had a reported subscriber base of 28.47 million, and a SIM market share of 24%. On October 2012, Telenor officially declared to have the customer base of 30 million. Competitors Its main competitors are Warid (UAE), Mobilink (Egypt)...
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...Preliminary Draft February 20, 2010 THE GLOBAL ECONOMIC CRISIS AND SOUTH ASIA By Dr. Akmal Hussain, Distinguished Professor, Beaconhouse National University INTRODUCTION What began as a financial crisis in 2008 rapidly metastasized into a global economic crisis that pushed the world economy into the deepest recession since the Great Depression of the 1930s. In this paper we will examine the origins and nature of this crisis in the context of the dynamics of world capitalism, indicate the policy challenges in the process of recovery and analyze its impact on South Asia. I. STRUCTURAL CHANGE AND FRAGILITY OF THE FINANCIAL SPHERE In the process of its growth the world economy has undergone a structural change in the post war period in terms of two important features: (i) The dominant form of the production unit of goods and services that emerged in the post war period was the large multinational corporation (MNC) in contrast to the large national corporation in the late 19th century and the small firm in the late 18th century.1 The MNCs were not only able to sell goods and services on a global scale but were able to achieve internationalization in their production processes, such that different components of a particular good could be manufactured in their facilities in different countries to take advantage of country specific resource 1 For a more detailed analysis of Growth and Structural Change in the Global Economy since the Industrial...
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...shifted towards the western democracies led by US. Japan was quick to recover too and through its technological innovations & business practices soon became a formidable force despite its relatively smaller area, population and insignificant military prowess. Economic might had become the new centre of gravity and formations like G6, a club of the rich, involving US, Japan France, Germany, Italy and UK emerged in 1975. Origin of G-20 After the second world war, free from occupation and external aggression countries like India and China, initially stayed aloof addressing their own domestic concerns, building their nations. It took some time for these countries to integrate themselves in the world economy. Meanwhile they continued to grow rapidly in terms of population, a factor that they could later leverage when they would start to open up. Slowly even with relatively lower per capita GDP but a big enough population and favourable age structure their overall impact in world economy could no longer be ignored. In the meantime, Developed countries were at their peak. The way in which business would be done was changing world over. Spurred by the information technology (IT) revolution, trade liberalization and other economic reforms, the entry of an estimated 2 billion people into the labor force as a result of the breakdown of the Soviet bloc and the opening of China, and the freer movement of capital and technology from developed countries to developing countries, the size of...
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...O C C A S I O N A L PA P E R S E R I E S N O 1 2 3 / F E B R UA RY 2 011 THE INTERNATIONAL MONETARY SYSTEM AFTER THE FINANCIAL CRISIS by Ettore Dorrucci and Julie McKay OCCASIONAL PAPER SERIES NO 123 / FEBRUARY 2011 THE INTERNATIONAL MONETARY SYSTEM AFTER THE FINANCIAL CRISIS by Ettore Dorrucci and Julie McKay1 NOTE: This Occasional Paper should not be reported as representing the views of the European Central Bank (ECB). The views expressed are those of the authors and do not necessarily reflect those of the ECB. In 2011 all ECB publications feature a motif taken from the €100 banknote. This paper can be downloaded without charge from http://www.ecb.europa.eu or from the Social Science Research Network electronic library at http://ssrn.com/abstract_id=1646277 1 European Central Bank, Ettore.Dorrucci@ecb.europa.eu, Julie.McKay@ecb.europa.eu. The views expressed in this paper do not necessarily reflect those of the European Central Bank. The authors would like to thank, outside their institution, A. Afota, C. Borio, M. Committeri, B. Eichengreen, A. Erce, A. Gastaud, P. L'Hotelleire-Fallois Armas, P. Moreno, P. Sedlacek, Z. Szalai, I. Visco and J-P. Yanitch, and, within their institution, R. Beck, T. Bracke, A. Chudik, A. Mehl, E. Mileva, F. Moss, G. Pineau, F. Ramon-Ballester, L. Stracca, R. Straub, and C. Thimann for their very helpful comments and/or inputs. © European Central Bank, 2011 Address Kaiserstrasse 29 60311 Frankfurt am Main, Germany...
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...New Delhi: As chief economic advisor, Kaushik Basu has a bird’s eye view of the Indian economy and is at the same time a key member of the A team of finance minister Pranab Mukherjee. Given his vantage position, the viewpoint of the chief economic advisor is always critical, more so now than ever when the global economy is going through a turbulent phase. Basu took some time off to speak to Mint, just ahead of a key G20 meeting in Seoul, to provide an overview of how India perceives global economic trends. Articulating his thoughts on the latest round of monetary quantitative easing, he proposed a radically different long-term fix for the global economy, held out hope that the persistent domestic inflation would ease and painted a positive economic outlook ahead of next year’s Budget. Edited excerpts: What do you think is the outlook for the global economy? The outlook is best described as mixed; it changes from week-to-week, month-to-month. European unemployment has deteriorated slightly, while US unemployment has held steady at a high of 9.6% for three months. So the expectations on the global front continue to be uncertain. The somewhat risky move that the US has made with the second round of quantitative easing—something that is akin to printing money—is a gamble. It is not all negative, as some make it out to be. But it is a risky move, given the changed structure of the world economy. The relatively benign interpretation of what is happening in the world is that this...
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...Introduction Global prosperity, as we know it, has resulted from the rapid integration of global trade and capital flows springing from the inter-linkage of diverse economies worldwide. However, the evolution of the world economy has occurred so rapidly that it has outpaced its regulators (Schwab, 2012). The International Monetary System, in accordance with its mayor international currencies, has been faced with a myriad of challenges. In this era of free global trade, the present dollar-based system is being forced to change (Schwab, 2012). With much speculation and evolving ideals, the most plausible solution has been the multipolar currency system based on the euro, dollar, and RMB (Schwab, 2012). In order to ensure a crisis-proof economic system, however, some economists believe this tripolar system must be backed by a Central Bank, an improvement in monetary regulations, and perhaps an induction of gold as a hedge and safe-haven asset. Introducing a World Central Bank within a three-currency monetary union: would this lead to greater stabilization and coordination of Macroeconomic Policies among countries? Some countries such as Germany have expressed interest in researching new alternatives to the existing rate regime, considering that neither of the two poles (fixed or flexible) are completely appropriate (Belke, Bernoth and Fichtner, 2011). According to Belke et al, the best and most suitable system would be one with only a few big currency areas, interconnected to...
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...collateralised debt obligations, leaving banks and financial institutions with lower net worth (Bianco, 2008). Due to the interconnected economies, the impact of the crisis spread beyond the US and resulted in a global financial crisis. | | | 1. | | | 2. | | | 3. | | | 4. | | | 5. | | | | | | | | | | 1. | | | | | | | 1. | | | 2. | | | 3. | | | | | | GDP: GDP growth (%): Considering that China’s GDP was only a third of the USA’s, its fiscal stimulus package size was significant in comparison to USA and UK, where the stimulus package were only 6% and 1.4% of their respective GDP (Fleet, 2010).. Hu Jintao committed at the G20 summit meeting held in London in November 2008 to provide international financial stability through steady and relatively fast growth of its own economy (MFA-PRC, 2008). The commitment and decisiveness demonstrated by China’s government was absent in the US and the UK. Singales (2008) argues that the US government did not have enough insight in the complex network between Lehman...
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...Global Lessons from the Recent Financial Crisis: Need for Reforms Jason Khan – 212857264 Yiwen Shen – 212828810 Alexander Grynszpan – 212811618 Xueyan wu - 212828380 INTRODUCTION Mortgage Backed Securities Lack of Regulations in the Banking System Lack of Regulations in the Credit Rating Agencies Subprime Mortgages Financial Crisis of 2007-2009 Lack of Regulations of over-thecounter derivatives Introduction to the Financial Crisis Causes of the Financial Crisis Reforms introduced International response Conclusion Cause: Subprime Mortgage - Housing prices were on the rise à More difficult for consumers to purchase - Investment banks purchased the mortgages from individual lenders, re-packaged them, and sold them to an even larger quantity of small and large investors - Borrowed money to magnify the outcome à Created collateral debt obligations (CDO) - Mortgages were sometimes given without down payments, or assurance of repayments - When the housing bubble “popped”, investment banks held massive debts without means of paying them à led to declaration of bankruptcy Introduction to the Financial Crisis Causes of the Financial Crisis Reforms introduced International response Conclusion Cause: Mortgage backed securities - Important players in the Crisis: Federal National Mortgage Association (FNMA), and the Federal Home Loan Mortgage Corporation (FHLMC), or as known as Fanny Mae ad Freddy Mac - Through mortgage backed...
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...FSF facilitated discussion and co-operation on supervision and surveillance of financial institutions, transactions and events. FSF was managed by a small secretariat housed at the Bank for International Settlements in Basel, Switzerland.[3] The FSF membership included about a dozen nations who participate through their central banks, financial ministries and departments, and securities regulators, including: the United States, Japan, Germany, the United Kingdom, France, Italy, Canada, Australia, the Netherlands and several other industrialized economies as well as several international economic organizations.[4] At the G20 summit on November 15, 2008 it was agreed that the membership of the FSF will be expanded to include emerging economies, such as China. The 2009 G-20 London summit decided to establish a successor to the FSF, the Financial Stability Board. The FSB includes members of the G20 who were...
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...This article was downloaded by: [Loughborough University] On: 26 March 2015, At: 11:27 Publisher: Routledge Informa Ltd Registered in England and Wales Registered Number: 1072954 Registered office: Mortimer House, 37-41 Mortimer Street, London W1T 3JH, UK Public Money & Management Publication details, including instructions for authors and subscription information: http://www.tandfonline.com/loi/rpmm20 How the UK government responded to the fiscal crisis: an outsider's view Walter Kickert Published online: 23 Mar 2012. To cite this article: Walter Kickert (2012) How the UK government responded to the fiscal crisis: an outsider's view, Public Money & Management, 32:3, 169-176, DOI: 10.1080/09540962.2012.676273 To link to this article: http://dx.doi.org/10.1080/09540962.2012.676273 PLEASE SCROLL DOWN FOR ARTICLE Taylor & Francis makes every effort to ensure the accuracy of all the information (the “Content”) contained in the publications on our platform. However, Taylor & Francis, our agents, and our licensors make no representations or warranties whatsoever as to the accuracy, completeness, or suitability for any purpose of the Content. Any opinions and views expressed in this publication are the opinions and views of the authors, and are not the views of or endorsed by Taylor & Francis. The accuracy of the Content should not be relied upon and should be independently verified with primary sources of information. Taylor and Francis shall not be liable...
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