moves are another step in trying to take control of interest rates economic development

The market and the Federal Reserve are currently far apart when it comes to expectations of where rates are headed. Two candidates who President Donald Trump said he is going to nominate to the central bank could bring them closer together.

In a tweet Tuesday, the president said he plans on sending the names of Christopher Waller and Judy Shelton to the Senate as Fed governor appointees. Shelton was no surprise — Trump already has named her to a government post and previously indicated he’s interested in her for the Fed job.

Waller is a bit more of a cipher. As head of research at the St. Louis Fed, he’s maintained a low-key presence that makes it a bit more difficult to know where he’d try to take the broader central bank.

Taken together, though, they represent advancement of a key Trump belief, namely that the Fed needs to be a more complicit partner in pushing the economic expansion higher, and should be doing so through lower interest rates and looser policy overall.

For the president, these are people who would support his position,” said Gus Faucher, chief economist at PNC. “The president has the right to appoint people to the Fed who support his view on monetary policy. That being said, this is one area in particular where the Senate has rebuffed the president for various reasons.”

Indeed, Trump has struck out on his last four Fed prospective nominees. The last two in particular, Stephen Moore and Herman Cain, fell out of the process amid complications from issues other than their views on monetary policy and regulation.

As it pertains to Waller and Shelton, the two candidates more likely would face a tussle tied directly to their views.

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Problems Facing Indian Economy india economic development Corporation and

Problems Facing Indian Economy

Since 1991, the Indian economy has pursued free market liberalisation, greater openness in trade and increase investment in infrastructure. This helped the Indian economy to achieve a rapid rate of economic growth and economic development. However, the economy still faces various problems and challenges, such as corruption, lack of infrastructure, poverty in rural areas and poor tax collection rates.

Despite rapid economic growth, unemployment is still an issue in both rural and urban areas. The fast rate of economic growth has left unskilled workers behind, and they have struggled to find work in growing industries. In 2017, the official unemployment rate was just below 5%. However, a report by the OECD found over 30% of people aged 15-29 in India are not in employment, education or training (NEETs). Livemint reported on March 6, 2017. WIth, little if any government welfare support for the unemployed, it leads to dire poverty.

2. Poor educational standards

Although India has benefited from a high % of English speakers, (important for call centre industry) there is still high levels of illiteracy amongst the population. It is worse in rural areas and amongst women. Over 50% of Indian women are illiterate. This limits economic development and a more skilled workforce.

3. Poor Infrastructure

Many Indians lack basic amenities lack access to running water. Indian public services are creaking under the strain of bureaucracy and inefficiency. Over 40% of Indian fruit rots before it reaches the market; this is one example of the supply constraints and inefficiency’s facing the Indian economy.

4. Balance of Payments deterioration.

Although India has built up large amounts of foreign currency reserves, the high rates of economic growth have been at the cost of a persistent current account deficit. In late 2012, the current account reached a peak of 6% of GDP. Since then there has been an improvement in the current account. But, the Indian economy has seen imports growth faster than exports. This means India needs to attract capital flows to finance the deficit. Also, the large deficit caused the depreciation in the Rupee between 2012 and 2014. Whilst the deficit remains, there is always the fear of a further devaluation in the Rupee. There is a need to rebalance the economy and improve the competitiveness of exports.

5. High levels of private debt

Buoyed by a property boom the amount of lending in India has grown by 30% in the past year. However, there are concerns about the risk of such loans. If they are dependent on rising property prices it could be problematic. Furthermore, if inflation increases further it may force the RBI to increase interest rates. If interest rates rise substantially it will leave those indebted facing rising interest payments and potentially reducing consumer spending in the future

6. Inequality has risen rather than decreased.

It is hoped that economic growth would help drag the Indian poor above the poverty line. However, so far economic growth has been highly uneven benefiting the skilled and wealthy disproportionately. Many of India’s rural poor are yet to receive any tangible benefit from the India’s economic growth. More than 78 million homes do not have electricity. 33% (268million) of the population live on less than $1 per day. Furthermore with the spread of television in Indian villages the poor are increasingly aware of the disparity between rich and poor.

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The Indian Economy: 70 years after Independence Indian US

The Indian Economy: 70 years after Independence

The defining feature of the economic programme of independent India’s first government was to accelerate the transition to a modern economy dominated by industry. Agriculture and related 

activities at that time accounted for around half of GDP and modern industry in the form of factory establishments for just above 6 per cent. Thus, colonial rule had made India the victim of the barriers to productivity increase typical of predominantly agrarian economies.

These circumstances influenced the Nehruvian vision that made rapid diversification in favour of manufacturing the principal economic objective. The ‘big planners’ of that time did recognize that this will not deliver the jobs needed to

 absorb the country’s large underemployed and unemployed labour force and address the extreme poverty and deprivation that colonialism had left behind. But those challenges it was argued could be addressed separately, so long as growth got going.

At first it appeared that success was at hand. The years after 1951, and especially after 1956, did see large and rapidly rising investments in industry and infrastructure. But, it is clear, with hindsight, that the process lost momentum rather early. The share of manufacturing in GDP did rise 

from around 9 per cent in 1950-51 to 16 per cent in 1961. But it did not cross the 18 per cent mark for a little more than a decade after that, and touched 20 per cent at its peak in 1996. This was well short of what had been achieved in many other comparable economies. In 1971, manufacturing’s share in GDP stood at 29 per cent in Brazil and 35 per cent in China. In 1996, the figure was 27 per cent in Korea, 28 per cent in Malaysia and 26 per cent in Thailand. The contribution of manufacturing to employment in India was, as expected, was even more dismal. 

There were two principal and proximate factors responsible for this shortfall relative to targets in a country that showed much promise as a candidate for successful industrialisation. One was the failure to grow the mass market for manufactures, through appropriate measures, and

 especially through the implementation of land reforms that helped raise the incomes of the majority among the agriculture-dependent population. The other was the inability of the state to mobilise the resources to finance the expenditures needed to drive and facilitate the process of industrialization.

Agrarian reform was needed to break down land monopoly, which by facilitating rack-renting by absentee landlords, who also earned surpluses from usury and control over poorly-paid, bonded labour, dis-incentivised productive investment in land on the part of semi-feudal and feudal land owners. It also, on the other hand, deprived the

 tenants who cultivated the land of the means and the incentive to invest. Productivity enhancing investments were thus limited. Further, land concentration meant that whatever increases in agricultural income did accrue, were not distributed in a manner that encouraged the expansion of demand for manufactured mass consumption goods.

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Economic History of India Economic History of India

Economic History of India

Indus valley civilization, which flourished between 2800 BC and 1800 BC, had an advanced and flourishing economic system. The Indus valley people practiced agriculture, domesticated animals, made tools and weapons from copper, bronze and tin and even traded with some Middle East countries. 

Agriculture was the main economic activity of the people in the Vedic age but with the second urbanization a number of urban centers grew in North India. This gave a major fillip to trade and commerce. The ancient Indians had trade contacts with far off lands like the Middle East, the Roman Empire and the South East Asia. Many Indian trading colonies were settled in other countries. 

Most of the Indian population resided in villages and the economy of the villages was self-sustaining. Agriculture was the predominant occupation of the populace and satisfied a village's food necessities. It also provided raw materials for industries like textile, food processing and crafts. Besides farmers, other classes of people were barbers, carpenters, doctors, goldsmiths, weavers, etc. In towns and urban centers trade took place through coins but in villages barter was the main system of economic activities. 

The system of castes and sub-castes ensured division of labor and functioned much like guilds, providing training to apprentices. The caste system restricted people from changing ones occupation and aspiring for an upper caste's lifestyle. Traditionally, there was joint family system and the members of a family pooled their resources to invest in business ventures. 

Products like the muslin of Dhaka, calicos of Bengal, shawls of Kashmir, textiles and handicrafts, agricultural products like pepper, cinnamon, opium and indigo were exported to Europe, Middle East and South East Asia in return for gold and silver. 

With the coming of Europeans in the 16th century trade and commerce was completely transformed. The Europeans concentrated mainly on spices, handicrafts, cotton clothes, indigo etc. Of all the European powers the British proved most strong and drove their competitors out of India. Slowly and gradually the British acquired political supremacy and hold over India and subverted the Indian economy according to their own needs. With the establishment of British rule in India the drain of wealth from India began. There was poor industrial infrastructure when the British left India. 

After independence, India opted for planned economic development. The key concern was to develop thrust and heavy industries. With this there began rapid industrialization. 

Here, it is important to note that our economic policies were socially oriented and controlled by the state. India began to follow a mixed economy pattern. But in the late eighties and in the beginning of the 1990s, the Indian policy makers realized that state controlled economy was not able to produce desired results in almost 45 years.

 It was decided to pursue economic policy based on liberalization, privatization and globalization. In this era of liberalization, privatization and globalization, India has witnessed rapid growth in some sectors of economy, even though better results were expected when India began to follow the new economic policy.

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Mission Mangal first poster: Akshay, Taapsee, Vidya and others are ready to take India to Mars Bollywood movie and

Mission Mangal first poster: Akshay, Taapsee, Vidya and others are ready to take India to Mars

The first poster of much-awaited film Mission Mangal is here. Starring Akshay Kumar, Vidya Balan, Taapsee Pannu, Sonakshi Sinha, Nithya Menen, Kirti Kulhari and Sharman Joshi, the movie is scheduled for release on August 15, 2019.

Akshay took to his Twitter handle and shared the poster of Mission Mangal. He wrote along, “A story of underdogs who took India to Mars. MissionMangal,the true story of India’s SpaceMission to Mars,coming on Aug 15,2019!”

Akshay had earlier in the day also shared a note on his social media accounts with the caption, “

und three decades back as an out and out action hero. He might have eventually graduated into doing comedy, drama and romance, but the Khiladi Kumar still prefers to swear by the unadulterated action that “fires up his core”. This is exactly what we’ll get to see him doing in the much-anticipated film, Sooryavanshi.

Only recently we saw some clicks of Akshay doing some daredevil stunts for the film. While in one photo, he was seen racing on his high-end bike, in another photo, he was hanging from a chopper.

MissionMangal, a film which I hope will inspire as much as entertain. A film which I’ve done specially for my daughter and children her age to familiarise them with the incredible true story of India’s mission to Mars!

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Salman Khan to Open 300 Gyms Across India by 2020 Under SK-27 Bollywood movie and the other side

Salman Khan to Open 300 Gyms Across India by 2020 Under SK-27

Bollywood superstar Salman Khan, who has been treating fans with a glimpse into his fitness regime, is set to launch a SK-27 Gym Franchise, and plans to open 300 gyms across India by 2020.

After his Being Human chain and Being Strong Fitness Equipment, Salman will launch his own chain of gyms and fitness centres, read a statement issued on behalf of the actor

The aim of SK-27 is to make every individual fit and healthy, apart from creating job opportunities for fitness trainers and entrepreneurs while spreading the message of the Fit India movement.

In April, Salman launched his fitness equipment brand Being Strong, which is said to have been installed in over 175 gyms across India.

On the movies front, Salman has two projects lined up. One being the third installment of his cop-franchise Dabangg, which releases in December this year and other being Inshallah, opposite Alia Bhatt. Inshallah will release in Eid 2020 and brings together the pairing of Alia and Salman for the first time on-screen. The romance drama will be directed by Sanjay Leela Bhansali and will see Salman playing the role of an NRI businessman.

Talking about Salman’s character in Inshallah, an unnamed source told Mumbai Mirror, "It’s a character that’s young at heart and Salman will sport a stylish look, complete with designer jackets and sunglasses."

Read: Salman Khan to Play an Orlando-Based Businessman in his 40s in Sanjay Leela Bhansali’s Inshallah

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Bollywood Malaika Arora on Priyanka Chopra and Nick Jonas: They silenced all the wagging tongues Indian acters

Malaika Arora on Priyanka Chopra and Nick Jonas: They silenced all the wagging tongues

Malaika Arora on Priyanka Chopra and Nick Jonas: They silenced all the wagging tongues

Malaika Arora on Priyanka Chopra and Nick Jonas: They silenced all the wagging tongues

Malaika Arora has been in the headlines ever since talks about her relationship with Arjun Kapoor, who is 11 years younger to her, started doing the rounds. Now that the couple has come out in in open about their relationship, Malaika recently opened up about their age gap.

Speaking about being trolled for having a love affair with a guy younger to her, Malaika told Bombay Times that she remembers Priyanka Chopra and Nick Jonas being in a similar situation. The actress was also all praise for the new couple for the way they silenced all the wagging tongues.

Elaborating further about the same, Malaika said, “It's unfair to judge relationships. Can't a woman find love in a man younger than her? If someone makes you happy and enriches your life, what's the harm? I am 45 that doesn't make me dead or someone who's over the hill.

 I enjoy my life and feel happy about having such a special equation with a man younger than me. You have to forget the barriers and nurture relationships.”

Priyanka Chopra and Nick Jonas took their nuptial vows in December in Jodhpur, Rajasthan by honouring both Hindu and Christian traditions in presence of their family and loved ones.

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