tag:blogger.com,1999:blog-44022906440355664192024-03-19T09:09:59.243+05:30Rajeev UpadhyayDr. Rajeev K. Upadhyayhttp://www.blogger.com/profile/16052699976424641255noreply@blogger.comBlogger401125tag:blogger.com,1999:blog-4402290644035566419.post-7489231553224368392024-01-10T08:30:00.001+05:302024-01-10T08:30:00.135+05:30Pesticide Use in India and the World<div class="separator"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjlI_jjpNDcEutZDnt7cJOBtVSeQqh_V6D8eOdepX5YkXoAeCGT-m0NeQh2kzSxTM9u4lXcK_lNu1q5_dXdX1QxhC3a5o1W_mIr4MBre2GVUraKab99Y3zW7nrxfpBs_Ba-G7Pfgz77zlzgpcsZmtjtmLP6Kewvl0qsG2b5uTBENrdr8wWAOedpFlafBzEZ/s797/Pesticide.png" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><b><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjlI_jjpNDcEutZDnt7cJOBtVSeQqh_V6D8eOdepX5YkXoAeCGT-m0NeQh2kzSxTM9u4lXcK_lNu1q5_dXdX1QxhC3a5o1W_mIr4MBre2GVUraKab99Y3zW7nrxfpBs_Ba-G7Pfgz77zlzgpcsZmtjtmLP6Kewvl0qsG2b5uTBENrdr8wWAOedpFlafBzEZ/s320/Pesticide.png" /></b></a></div><b><div style="text-align: justify;"><b>The Food and Agriculture Organization (FAO) of the United Nations has published a report with a title of “Pesticides Use, Pesticides Trade and Pesticides Indicators; Global, Regional and Country trends, 1990–2020”. This report is providing some very important insight about the global agricultural practices. The information is to some extent very surprising and frightful.</b></div><br /><div style="text-align: justify;"><b>The following graph represents the pesticides Kilogram /Hectare used in different countries in agricultural activities.<span><a name='more'></a></span></b></div><br /><div style="text-align: center;"><b><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjSrwH3GDGIRSjdVPd5qM29t4LD_nQHA-LTeZXkhunGwZHDM-gzUXBlTLMmdmuk49S3bsPZsbz87augCiuyTO2F5upmoMJyZVEwAIq5baW2GDiqt5INYdr6S3dsZDYkttcwlRApZo3xcncQNEgS7WGTE6TKOEpwzeSAq47sNy0dq_c3c5M_5xX1-d_ZGaV3/s1250/Pesticide%20Use.jpg"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjSrwH3GDGIRSjdVPd5qM29t4LD_nQHA-LTeZXkhunGwZHDM-gzUXBlTLMmdmuk49S3bsPZsbz87augCiuyTO2F5upmoMJyZVEwAIq5baW2GDiqt5INYdr6S3dsZDYkttcwlRApZo3xcncQNEgS7WGTE6TKOEpwzeSAq47sNy0dq_c3c5M_5xX1-d_ZGaV3/s320/Pesticide%20Use.jpg" /></a></b></div><br /><div style="text-align: justify;"><b>From the above graph, it is very clear that a large part of the world is using huge amounts of the pesticide to increase agricultural production. In some countries the average use of pesticide is as high as 10-25 kg/ha which clearly means that agriculture in these countries is driven by pesticides.</b></div><br /><div style="text-align: justify;"><b>India is using pesticides in agricultural activities in the average range of 0-1 kg/ha. This average is amongst the lowest in the world. If we look at Asia as a whole, China is the only big country in Asia which is using more pesticides than other Asian countries. At present China is using pesticide in the average range of 1-2.5 kg/ha. Same is true with Africa. South Africa is the only big country in Africa which is using pesticides in the average range of 1-2.5 kg/ha while most of the large countries in Africa are using the pesticide in the average range of 0-1 kg/pa.</b></div><br /><div style="text-align: justify;"><b>Australia has an average range of 1-2.5 kg/ha. However, the whole of South America has a high level average range of pesticides in the range of 10-25 kg/ha. Even the USA is using pesticides in the average range of 5-10 kg/ha which has the second largest cropland area in the world.</b></div><br /><div style="text-align: justify;"><b>From the above data, it is clear that India is among those countries which produce the least pesticide contaminated food in the world. But still it uses pesticides in the range of 0-1 kg/ha and it is in a relatively better position but India needs to work on this as it is not enough to think that we contaminate our food the least. Our pesticide use is gradually rising and we should start taking steps to prevent increased contamination in the future. India has the largest cropland area in the world but there is another side to the story and that is that the size of average farmland in India is very small and the average farmers are very poor. It is possible that a lot of farmers cannot afford lots of pesticides and this can be a reason for lower average pesticide use in India. There are some states like Punjab and Haryana which use huge amounts of pesticides and fertilizers in agricultural activities. So even if the average is on the lower side, we need to work harder to shift to organic farming. Considering the prevailing situation, India can easily shift to more natural and sustainable alternatives.</b></div><br /><div style="text-align: justify;"><b>The problem is the use of huge amounts of pesticides and fertilizers in India is not evenly spread but it is getting worse day by day irrespective from hill areas to plains. Everywhere, there is heavy use of pesticides and fertilizers to get the maximum yield and it's causing damage to the ground water. Even in the villages, one cannot drink tap water. Diseases like Cancer are on the rise.</b></div><br /><div style="text-align: justify;"><b>So we are in a huge mess and risking our future.</b></div><div style="text-align: justify;"><b><br /></b></div><div style="text-align: right;"><b>Rajeev K Upadhyay</b></div><br /></b> <br />Dr. Rajeev K. Upadhyayhttp://www.blogger.com/profile/16052699976424641255noreply@blogger.com0tag:blogger.com,1999:blog-4402290644035566419.post-13798488173926309412024-01-09T20:19:00.003+05:302024-01-09T20:54:26.145+05:30Relationship of India with the UAE<div class="separator"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjVCPfRt_PsXriNZSlfGnSPA6hJG4z2SDGJKGjzK-uqPSsu_P0jWkBLsLx3kbhGn1Q9Z2d30u5pvbAXMgxKr-LwvgXdpLi1FMpUrMPfYt5ZDpYAm26Ent3cHGBrNmEg685BBzK3cSlB59qeC9xmo9LQdJSZpKFEkQIYHGx4p2Phf2P9DNT58ui0IxDWcjCz/s1600/Modi%20and.jpeg" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><b><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjVCPfRt_PsXriNZSlfGnSPA6hJG4z2SDGJKGjzK-uqPSsu_P0jWkBLsLx3kbhGn1Q9Z2d30u5pvbAXMgxKr-LwvgXdpLi1FMpUrMPfYt5ZDpYAm26Ent3cHGBrNmEg685BBzK3cSlB59qeC9xmo9LQdJSZpKFEkQIYHGx4p2Phf2P9DNT58ui0IxDWcjCz/s320/Modi%20and.jpeg" /></b></a></div><b><div style="text-align: justify;">In geopolitics and foreign policy making, things are often very long term, move slowly and look very deceptive and sometimes illusive also. From outside they often seem to move in the north direction but actually they lead in the south direction or might be in the east or west. It can be anything.</div><br /><div style="text-align: justify;">From the way the world perceives India today, it is very clear that India is doing well in the foreign policy making and positioning and placing its bets and people.</div><br /><div style="text-align: justify;">Relationship of India with most of the nations across the globe is improving dramatically. This is also true in the case of the United Arab Emirates (UAE). The relationship of India with the UAE has never been so strong the way it looks today and it is becoming stronger day by day. None could have even thought of it 10-15 years back but Modi Government has done wonders in the last ten years to completely change it by serving and securing the economic interest of UAE.<span><a name='more'></a></span></div><br /><div style="text-align: justify;">In the present fast changing economic world, UAE needs to secure its economic interests as the fast changing fuel and transportation technology will certainly make fossil fuels almost irrelevant or very less important in the next one or two decades (not more than 2 decades). So it becomes very important that the UAE brings its dependence on fossil fuels down as much as possible. At present with more than 70% of population with the average age of less than 35 years and with a GDP of more than $3.75 trillion and which is expected to be $5 trillion economy in the next two to three years, <a href="https://www.rajeevupadhyay.in/2023/03/india-economy-bright-spot-but-bumpy-ride.html" target="_blank">India presents huge opportunity for any investor</a> and for a sovereign investor like UAE which not only need to secure revenues but the natural resources and agricultural needs also, <a href="https://www.rajeevupadhyay.in/2023/12/india-needs-to-increase-investment-in-agriculture.html" target="_blank">India with the largest cropland in the world</a> is most suitable investment destination. India is using this opportunity to change the geopolitics in her favour.</div><br /><div style="text-align: justify;">The changing geopolitics is now defining geopolitical relationships benefiting some nations and while going against a few. In present day geopolitics, Pakistan is now almost isolated on the geopolitical stage and left with only one thing to connect with the Middle-East and that is Islam which also is becoming less relevant with passing time as the mutual national economic interests are more important than anything else.</div><br /><div style="text-align: right;"><b>Rajeev K Upadhyay</b></div></b>Dr. Rajeev K. Upadhyayhttp://www.blogger.com/profile/16052699976424641255noreply@blogger.com0tag:blogger.com,1999:blog-4402290644035566419.post-61696735977640680592024-01-08T09:00:00.005+05:302024-01-08T09:00:00.128+05:30One Visit can also have Positive Diplomatic Implications!<div class="separator"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj7lCDsSeF6sxcqFnb0FeR6DmhhWhASBJbbF5kBRrR6l4jt_On9H3ye99nojoUSP1BeP2ojjpKnfo37Idw0ZTbdiIE4-0tFiG4nY-cCmQCYWyIMwwqw338MzAv3bRxeWlA026jKRgSJCeqyQBcLA0wKAy5pJjXhvgjwX7-8RQvNxUDq2q-lNaSi585hlkXn/s549/Narendra%20Modi.png" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><b><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj7lCDsSeF6sxcqFnb0FeR6DmhhWhASBJbbF5kBRrR6l4jt_On9H3ye99nojoUSP1BeP2ojjpKnfo37Idw0ZTbdiIE4-0tFiG4nY-cCmQCYWyIMwwqw338MzAv3bRxeWlA026jKRgSJCeqyQBcLA0wKAy5pJjXhvgjwX7-8RQvNxUDq2q-lNaSi585hlkXn/s320/Narendra%20Modi.png" /></b></a></div><b><div style="text-align: justify;"><b>In the last couple of days, India has given very strong messages at least twice to the whole world and the neighbours in general and China in particular without saying a single word! The first message was given in the Arabian Sea in Lakshadweep by the Indian Prime Minister Narendra Modi and the second one was given in <a href="https://www.aljazeera.com/news/2024/1/5/india-navy-says-responding-to-liberian-flagged-vessel-hijack-in-arabian-sea" target="_blank">the Indian Ocean by the Indian Navy</a>!</b></div><br /><div style="text-align: justify;"><b>The present day government under President Mohamed Muizzu has come to power in Maldives by openly opposing and running ‘India Out’ during polls. But that was in the elections. However, since Mohamed Muizzu has come to power, Maldivian government has been tirelessly working on policies which are aimed at opposing in possible ways and giving as much possible space to China. Giving priority to China is an issue of foreign policy of Maldives but they were continuously insulting India in whatever possible ways and means.<span><a name='more'></a></span></b></div><br /><div style="text-align: justify;"><b>India ignored initially but decided to respond to Maldives’ attacks but without acting against or uttering a single word against Maldives. Rather India decided to promote Lakshadweep as an alternative to Maldives as a vacation destination! So the Indian PM visited Lakshadweep which became a trending issue on the internet and Indians started showing interest in Lakshadweep. Seeing Lakshadweep a possible competitor, the Maldivian ministers started abusing India which went to the extent of insulting the Indian Prime Minister. It should be noted that Maldives’ economy is hugely dependent on India for revenues and supplies both.</b></div><br /><div style="text-align: justify;"><b>In retaliation to abusive language, <a href="https://www.livemint.com/news/india/indians-cancel-trips-bookings-as-maldives-minister-gets-slammed-for-insulting-pm-modi-posting-hinduphobic-tweets-11704614001224.html" target="_blank">Indians started cancelling holidays in Maldives</a>. As a result, Maldives was forced to accept that they cannot ignore India for anyone as India even without going against it can bring irreparable damage to Maldivian economy and society.</b></div><br /><div style="text-align: justify;"><b>The second message in the Indian Ocean by the Indian Navy is even more important. A Liberian merchant vessel named MV Lila Norfolk was hijacked by armed men for ransom. The vessel had 21 crews; 15 Indians and 6 foreign nationals. The Indian Navy stepped in and INS Chennai successfully rescued all the crew members safely within a few hours. It was a very tall and loud statement by India to the whole world, India is the boss in the Indian Ocean and none can ignore India irrespective of Chinese efforts of dominance in the Indian Ocean through the String of Pearls strategy!</b></div><br /><div style="text-align: justify;"><b>India has learned the subtle diplomatic language to give the strongest possible messages to the targeted receivers. The Indian PM Narendra Modi with just one visit to Lakshadweep has completely shaken the whole Maldives without India officially saying a single word against Maldives as India's most important the strongest soft power ‘Indian Citizens’ ensured that Maldives realizes its mistakes.</b></div><br /><div style="text-align: justify;"><b>One visit by an effective and skilled leader can also have diplomatic messages and positive implications!</b></div><div style="text-align: justify;"><b><br /></b></div><div style="text-align: right;"><b>Rajeev K Upadhyay</b></div></b>Dr. Rajeev K. Upadhyayhttp://www.blogger.com/profile/16052699976424641255noreply@blogger.com0tag:blogger.com,1999:blog-4402290644035566419.post-72762652983351482972023-12-17T19:23:00.003+05:302023-12-17T19:23:44.392+05:30UPI vs. NEFT vs. IMPS: Which is Preferred?<div class="separator"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj4bZN1W4NaEY8yQiTYIDQQPhbXxHDWyyw3nbYHVvID03VhAzanlVt62taTaPPA0XbOUuNyk2t1YIUXEQZRHjNAh3y4rGX6B9kboOYCpXNC8-9QvgKzFDGqdug0AudRWEtwQ-ejGl3FsuYCtluNX0MLv-10-g5T_KSVfsWmJEEljLAlj0goyZApbyPjksmu/s1736/IMPS%20NEFT%20UPI.jpeg" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><b><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj4bZN1W4NaEY8yQiTYIDQQPhbXxHDWyyw3nbYHVvID03VhAzanlVt62taTaPPA0XbOUuNyk2t1YIUXEQZRHjNAh3y4rGX6B9kboOYCpXNC8-9QvgKzFDGqdug0AudRWEtwQ-ejGl3FsuYCtluNX0MLv-10-g5T_KSVfsWmJEEljLAlj0goyZApbyPjksmu/s320/IMPS%20NEFT%20UPI.jpeg" /></b></a></div><b><div style="text-align: justify;">India has many ways to transfer money supported by the Reserve Bank of India (RBI) and National Payment Corporation of India (NPCI) using banking platforms, BHIM app, payment banks as well as payment wallets. These methods are Unified Payment Interface (UPI), Real Time Gross Settlement (RTGS), National Electronic Funds Transfer (NEFT), Immediate Payment Service (IMPS), Electronic Clearing System (ECS), Mobile Wallets, Prepaid Cards, <a href="https://www.rajeevupadhyay.in/2023/11/credit-cards-becoming-more-popular-india.html" target="_blank">Debit Cards, Credit Cards</a>, Unstructured Supplementary Service Data (USSD), and AADHAAR Enabled Payment System (APES). At present, of all these ways, three ways of payment have turned out to be the most popular and those are UPI, NEFT and IMPS.<span><a name='more'></a></span></div><br /><div style="text-align: justify;">While UPI has become the most common and popular way to transfer money in India, the two other payment systems, namely, NEFT and IMPS, are also getting quite popular and are being used to transfer huge amounts of money in volumes as well as values. IMPS and NEFT collectively account for at least a value ₹35 trillion a month.</div><br /><div style="text-align: justify;">National Electronic Funds Transfer or (NEFT) is operated by the RBI while Immediate Payment Service (IMPS) and Unified Payment Interface (UPI) are operated by National Payment Corp. of India. Besides funds transfer, NEFT can be used for a variety of transactions. It includes payment of credit card dues to the card issuing banks, payment of loan EMI, inward foreign exchange remittances, etc. The transaction has legal backing. It can be also used for one-way funds transfers from India to Nepal.</div><br /><div style="text-align: justify;">As per data released by RBI, NEFT has the largest average transaction value followed by IMPS and then UPI. The total NEFT volume recorded in October 2013 was 113.8 million transactions whereas the volume in July 2022 was 803.7 million transactions. The RTGS transaction volume also grew from 13.9 million transactions in October 2013 to around 38 million in July 2022. The <a href="https://www.npci.org.in/what-we-do/upi/product-statistics" target="_blank">UPI transaction volume</a> increased from 9,964.61 million in October 2022 to 7,305.42 million in October 2023.</div><br /><div style="text-align: justify;">However, there are significant drops in the average ticket size of NEPT, IMPS and UPI. NEFT witnessed the largest drop of 17.5% in average ticket size during the 12-month period to September 2023 and 7% in September 2022. For UPI, this drop was 10% in September 2023 and 9.5% in September 2022. It is interesting to note that the average ticket size for IMPS has been increasing since the last two years. The ticket size of IMPS grew 9% and 18% during these two periods.</div><br /><div style="text-align: justify;">It is interesting to note that <a href="https://www.livemint.com/news/india/transaction-in-upi-imps-bharat-bill-sees-slowdown-in-growth-rate-here-s-what-rbi-s-data-shows-11676709632880.html" target="_blank">the growth in digital transactions is slowing down</a> but as far as the high value transactions concerned, NEFT still remains the preferred method of transaction even after an increase in the limit for UPI transactions to ₹1 Lakh. UPI still remains the preferred payment method for small value transactions but IMPS is gaining more acceptances and ticket size is increasing.</div><br /><div style="text-align: right;"><b>Rajeev K Upadhyay</b></div></b>Dr. Rajeev K. Upadhyayhttp://www.blogger.com/profile/16052699976424641255noreply@blogger.com0tag:blogger.com,1999:blog-4402290644035566419.post-85353173248493190642023-12-12T17:50:00.002+05:302023-12-12T17:52:01.179+05:30Visa Free Entry to Indians is Increasing<div class="separator"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi80gBVW5HHNCrMiToNgFCZXar7W17okVo6hO9O5RDrz-I6oquVDxDIOZGOclHPVh_ahx7inH23tF-ezOVSz78JpzYN7BaBKDz_Bfr2exsZ9UTOesDCmfRCEU1JwCrmhBbArkz-0djXKo01msjhCQJRBuBroxLX74c0DR6Kj6U4bi50AIDlzphtWXGxY68v/s812/Visa%20Strength%20of%20Indian%20Passport.png" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><b><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi80gBVW5HHNCrMiToNgFCZXar7W17okVo6hO9O5RDrz-I6oquVDxDIOZGOclHPVh_ahx7inH23tF-ezOVSz78JpzYN7BaBKDz_Bfr2exsZ9UTOesDCmfRCEU1JwCrmhBbArkz-0djXKo01msjhCQJRBuBroxLX74c0DR6Kj6U4bi50AIDlzphtWXGxY68v/s320/Visa%20Strength%20of%20Indian%20Passport.png" /></b></a></div><b><div style="text-align: justify;"><b>Rising economic might of India is increasing the importance of India in the global economy. It should be noted that the Indian economy is the fastest growing large economy in the world and is expected to become the <a href="https://www.rajeevupadhyay.in/2023/03/india-economy-bright-spot-but-bumpy-ride.html" target="_blank">third largest economy</a> in the world by 2030 and probably a $5 trillion economy by the end of 2028 itself.</b></div><br /><div style="text-align: justify;"><b>This simple but very important fact is forcing the countries of the world to review their overall public and economic policies in the matter of India to fit in the new reality. They are adjusting their policies at every level irrespective of the political spectrum.<span><a name='more'></a></span></b></div><br /><div style="text-align: justify;"><b>Visa Free Entry is a policy which allows the citizens of a specific country to enter and live in the country for a specific duration without a Visa. This is done to attract citizens of that specific country and increase economic activities leading to better economic, political and foreign relations. In the increasing globalization environment and multilateral world, it has become imperative for nations to engage with other countries in bilateral, regional and multilateral relationships.</b></div><br /><div style="text-align: justify;"><b>Over time, the number of countries that offer Visa Free Entry and Visa on Arrival to Indian citizens/passports is increasing. Higher is the number of countries offering Visa Free entry the stronger the Visa is considered. As per Henley Passport Index, 2023, 60 countries permit Visa free entry to Indian citizens to enter their territories. There are two countries where there is freedom of movement to Indian citizens.</b></div><br /><div style="text-align: justify;"><b>It is expected that the number of countries allowing Indian citizens Visa Free Entry to their territories will increase significantly in the next few years as India takes charge of Global South as a responsible global leader. Also the implementation of India-Middle East-Europe Economic Corridor will increase economic interaction with countries leading to more openness and acceptance of Indian passports.</b></div></b><br /><div style="text-align: right;"><b>Dr Rajeev K Upadhyay</b></div>Dr. Rajeev K. Upadhyayhttp://www.blogger.com/profile/16052699976424641255noreply@blogger.com0tag:blogger.com,1999:blog-4402290644035566419.post-34959618243110522282023-12-03T15:30:00.002+05:302023-12-03T15:30:42.593+05:30India Needs to Increase Investment in Agriculture<div class="separator"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgSn9DxyY2QgrFT2YQg6XxkBTyOfMvvX3mHW6PIn7F_xKXXLUT2Goii5rVjsStMwn1hM0i87t4ncxgz-XTqTkV4KrcfGfUrnrW73ShjLt5N_b7Hk3I4x2Lmvt236W5DDD0EoXg0w78E1DH3pAWOYJKirJvVq9usCJGgWxBiDUgvBTzgdg0O97wUEtDinsSJ/s1024/1024px-Share_of_land_area_used_for_agriculture,_OWID.svg.png" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><b><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgSn9DxyY2QgrFT2YQg6XxkBTyOfMvvX3mHW6PIn7F_xKXXLUT2Goii5rVjsStMwn1hM0i87t4ncxgz-XTqTkV4KrcfGfUrnrW73ShjLt5N_b7Hk3I4x2Lmvt236W5DDD0EoXg0w78E1DH3pAWOYJKirJvVq9usCJGgWxBiDUgvBTzgdg0O97wUEtDinsSJ/s320/1024px-Share_of_land_area_used_for_agriculture,_OWID.svg.png" /></b></a></div><b><div style="text-align: justify;"><b>According to The World Bank, 60% of the total land in India was found to be suitable for agriculture in 2021 against the world average of 38.4%. However, the share of cultivated land was only 53.7% of the total land in India of which 50.4% is arable and 3.3% is covered permanent crops, 24.4% of total land area is forest land and rest is used for other different purposes.</b></div><br /><div style="text-align: justify;"><b>As per the definition given by Food and Agriculture Organization of United Nations (FAO), agricultural land covers only 38.4% of the world’s land area in 2011. However, only 10.9% of the global land area is arable that can be used for growing crops and just 1.2% of global land area is covered by permanent crops.<span><a name='more'></a></span></b></div><br /><div style="text-align: justify;"><b>Considering the ecological and environmental realities of the world, it is natural that the world can use only 38.4% of its total land for agriculture and only around 12% of total global land area can be used to grow crops for the world. This is one and the most important reason that the risk of food shortage in the world always looms larger than ever at every point of time in history. And even after all technological advancements in the agriculture sector, the world is not free from the risk of food shortage and millions of people are not able to get two square meals!</b></div><br /><div style="text-align: justify;"><b>There are many countries in the world which use a higher portion of their land for agriculture than India but all these countries are relatively smaller in size in comparison to India and other large countries.</b></div><br /><div style="text-align: justify;"><b>India is not the largest country in the world as far as the area is concerned but when it comes to quality of land, India is one the most fertile lands in the world and to some extent the most fertile land among the large countries (considering bio-diversity and weather both).</b></div><br /><div style="text-align: justify;"><b>India becomes a very important country in the world when it comes to food security for the world. It should be noted that India has the second largest tract of arable land in the world after the United States of America. This fact is the reason why there was huge resentment in other countries when India, the second largest sugar exporter after Brazil, decided to increase ethanol blending by 20% in petrol by 2025 as it would result in increased sugar cost for many countries (Middle East and European) which are dependent on imports.</b></div></b><div style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiG2g-esYSjXs8s2PPqGFJrEeMFolaU2j413dOhwzPVMT6gzbtW1MSLUSVaIfU5k9N81jTG_vq_4IVo7V1N0gjrvxcogUFk8hBPOKY3H29eRhBwfWRqvJP_jyF0m9Lp4nVU-KzZqSF4kf1cqDfMBGpCdkLzNdgusM3VSFkVRrLCXHw7xv8n-Y8XkaJiCMmk/s1024/Agricultural-area-per-capita_(1).svg.png"><b><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiG2g-esYSjXs8s2PPqGFJrEeMFolaU2j413dOhwzPVMT6gzbtW1MSLUSVaIfU5k9N81jTG_vq_4IVo7V1N0gjrvxcogUFk8hBPOKY3H29eRhBwfWRqvJP_jyF0m9Lp4nVU-KzZqSF4kf1cqDfMBGpCdkLzNdgusM3VSFkVRrLCXHw7xv8n-Y8XkaJiCMmk/s320/Agricultural-area-per-capita_(1).svg.png" /></b></a></div><b><div style="text-align: justify;"><b>However, there is an irony to this fact. The agricultural land per capita in India is amongst the lowest in the world. It is in the range of just 0-0.25 hectare per capita as per a survey by FAO in 2011 and falls in the category of the small European countries with little arable land area.</b></div><br /><div style="text-align: justify;"><b>So it becomes very important for India to use its arable land in better ways and increase productivity per hectare without negatively affecting the environment. India has to feed more than 150 crores of population in next 10 years and for many food products, the world is largely dependent on India. So it is not just a question of food security for India but the whole world also.</b></div><br /><div style="text-align: justify;"><b>This peculiar situation offers a lucrative opportunity to India to <a href="https://www.rajeevupadhyay.in/2023/11/minimum-support-price-msp-is-necessity.html" target="_blank">improve its farmers’ well-being</a>. It can be achieved by increasing investment in agriculture as well as agriculture policy reforms to bring the <a href="https://www.rajeevupadhyay.in/2021/03/farm-sector-distress-is-symptom-not-the-cause-farmer-suicide.html" target="_blank">farm sector out of distress</a> while giving more opportunities to farmers.</b></div><br /><div style="text-align: right;"><b>Dr Rajeev K Upadhyay</b></div> <br /></b><br />Dr. Rajeev K. Upadhyayhttp://www.blogger.com/profile/16052699976424641255noreply@blogger.com0tag:blogger.com,1999:blog-4402290644035566419.post-8662527368522954682023-11-29T09:12:00.001+05:302023-11-29T09:12:00.148+05:30Micro ATMs are Helping Fill the Gaps<div class="separator"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiJNyhmMBxngY-VLcaMnprFhpTOGy5pNYv3j6jkq9u00t-RQiGFYYmu9-wNb7y3MzoskaYhloLVBkULhdKuX6_GRPK3qHIqPuRVBRh__8PPkxN_cZPVJ3kihtxkkkMIlK_ILf3yf61NwX9ZHtyb7wSBqv_MRi7oortF2FN9N6_Wt_u71wLRxdXDyAm5WxO1/s1616/Micro%20ATMs%20are%20Helping%20Fill%20the%20Gaps.jpg" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><b><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiJNyhmMBxngY-VLcaMnprFhpTOGy5pNYv3j6jkq9u00t-RQiGFYYmu9-wNb7y3MzoskaYhloLVBkULhdKuX6_GRPK3qHIqPuRVBRh__8PPkxN_cZPVJ3kihtxkkkMIlK_ILf3yf61NwX9ZHtyb7wSBqv_MRi7oortF2FN9N6_Wt_u71wLRxdXDyAm5WxO1/s320/Micro%20ATMs%20are%20Helping%20Fill%20the%20Gaps.jpg" /></b></a></div><b><div style="text-align: justify;"><b>Financial inclusion has been a multifaceted problem for the whole world. The whole world is facing difficulties bringing in people in the formal financial system. Even the developed countries cannot claim to have brought its citizens into the formal financial system. And when it comes to a developing country like India, financial inclusion is a herculean task. However, India’s performance in bringing her citizens into the formal financial system in the last decade is really remarkable.</b></div><br /><div style="text-align: justify;"><b>A number of initiatives and schemes such as Jan Dhan Yojana to Pension Yojana to Mudra Yojana etc. have been started by the central government in India over time to bring in people in the formal financial network but still a long distance is yet to be covered. There are crores of individuals who are still not part of the formal financial system or cannot access the formal financial system. Though, the government has been trying to use every possible initiative and technological advancement to advance financial inclusion in India. ATMs have also been used to increase financial inclusion in India especially in rural India.<span><a name='more'></a></span></b></div><br /><div style="text-align: justify;"><b>White-label ATMs were expected to become a tool of <a href="https://www.rajeevupadhyay.in/2022/01/disinvestment-of-psbs-is-not-solution.html" target="_blank">financial inclusion</a> and address India's low ATM penetration rates in rural areas. However, it couldn’t happen. Running ATMs is a costly affair for banking companies and when it comes to rural areas, running ATMs in rural areas itself is challenging because of the very high capital and operational costs.</b></div><br /><div style="text-align: justify;"><b>Every technological advancement does offer some challenges as well as opportunities to the users. Financial institutions coupled with technology of ATMs are innovatively trying to provide a solution by bringing Micro ATMs in the Indian financial system mainly focused on rural India to increase access to ATMs.</b></div><br /><div style="text-align: justify;"><b>Micro ATMs are portable machines operated by banking correspondents at a fraction of the cost of White Label ATMs are helping fill the gap. Their count doubled in one year between September 2021 and September 2022, and increased by another 20% over the next 12 months by September 2023. Currently the number of Micro ATMs is about six times that of standard ATMs which are respectively 1.49 million and 0.26 million for micro ATMs and standard ATMs.</b></div><br /><div style="text-align: justify;"><b>However, initiatives like <a href="https://www.rajeevupadhyay.in/2015/08/digital-india-in-india.html" target="_blank">Digital India</a> and governmental push for <a href="https://www.rajeevupadhyay.in/2023/11/credit-cards-becoming-more-popular-india.html" target="_blank">digital transactions</a> are having impact on the cash withdrawal from the micro ATMs also. Like standard ATMs, cash withdrawals from micro ATMs also dropped on a year-on-year basis in September 2023 by transactions and 2.4% by value.</b></div><br /><div style="text-align: justify;"><b>The usage of micro ATMs is expected to pick up which is basically driven by new payment banks. Four of the top five deployers of micro ATMs are payment banks promoted by National Securities Depository Ltd (NSDL), Fino, India Post and Airtel. In the past year alone, NSDL, Fino and Airtel together added 479,000 micro ATMs about 85% of standard ATMs in place. So the usage of micro is expected to increase because of increased penetration.</b></div><br /><div style="text-align: justify;"><b>As far as the drop in the value of case withdrawal from ATMs; both standard and micro, the value is not very high. But it still is important for the Indian financial system. It should be noted that even in the rural areas, the penetration of UPI and other forms of digital transactions has increased in the last few years and mostly since the Coronavirus pandemic. As a result the dependence on cash for transactions in the rural areas is also going down. However, the acceptance of digital mode of payment is still on lower side in the rural areas in comparison to the urban areas but it is expected to improve in the coming days with more awareness and marketing push by different banking companies as well as payment banks which are aggressively focusing on the rural areas for their growth with marketing getting very competitive in urban areas and almost saturated for ATMs.</b></div><br /><div style="text-align: right;"><b>Rajeev K Upadhyay</b></div></b><div class="separator" style="clear: both; text-align: left;"></div>Dr. Rajeev K. Upadhyayhttp://www.blogger.com/profile/16052699976424641255noreply@blogger.com0tag:blogger.com,1999:blog-4402290644035566419.post-87689491304134632672023-11-27T12:50:00.006+05:302023-11-27T12:50:48.719+05:30Credit Cards are Becoming More Popular in India<div class="separator"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiREgHbRZzzMqFa4dZxgtMpOhJ1CL-17tg4t3OTIzGLORE2p9ygPFxX30KYLVQw0jy3vC3EOf0h-LCzqcfNv0UDa6V0LT185PfivQC028_PumZj11gST5PLHzZNzlF83yGaZ9h_mqwVuQrz66f31Mx_pP4ojeA5knimKa1RsO6E-ShyphenhyphenNqjZJXtQizW_JK3m/s2000/Credit%20Cards%20are%20Becoming%20More%20Popular%20in%20India.jpg" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiREgHbRZzzMqFa4dZxgtMpOhJ1CL-17tg4t3OTIzGLORE2p9ygPFxX30KYLVQw0jy3vC3EOf0h-LCzqcfNv0UDa6V0LT185PfivQC028_PumZj11gST5PLHzZNzlF83yGaZ9h_mqwVuQrz66f31Mx_pP4ojeA5knimKa1RsO6E-ShyphenhyphenNqjZJXtQizW_JK3m/s320/Credit%20Cards%20are%20Becoming%20More%20Popular%20in%20India.jpg" /></a></div><div style="font-weight: bold; text-align: justify;"><b>Anything and everything has some direct or indirect impact on people and their behaviours and responses. Globalisation, technological advancements, innovations and the different practices in different parts of the world have together completely changed the markets and so the consumers’ behaviours. These have brought in significant change in the financial behaviours of the consumers also and India is not an exception to this phenomenon. Rather India has been a pioneer in many changes these days especially after 2010.</b></div><br /><div style="font-weight: bold; text-align: justify;"><b>All types of loan products were traditionally considered to be the last option and if possible were expected to avoid loan products as much as possible and financial institutions were always the last assort for the people. However, there is a significant change in the financial behaviour of Indian consumers over the last decade.<span><a name='more'></a></span></b></div><br /><div style="font-weight: bold; text-align: justify;"><b>Indian consumers had preference for the debit cards over the credit card but these days, Indian consumers have also been lapping up credit cards. The number of credit cards has grown by nearly 20% over the past year. Not just their numbers have grown but they are being put to use.</b></div><div style="text-align: justify;"><span style="font-weight: 700;"><br /></span></div><span style="font-weight: bold;"><div style="text-align: justify;">In the last one year, credit card payments (transaction value) over point-of-sale (POS) terminals, which is typically used by retailers, has grown by 9% and the growth rate of credit card payments has been by 20% for online and other transactions. This is in contrast to debit cards. The transaction value for the debit cards has fallen down in this period. This fall in the transaction for debit cards on POS terminals is by more than 19% and for online and other transactions by more than 29%.</div></span><br /><div style="text-align: justify;"><span style="font-weight: bold;">As of now, there are 10 debit cards for each credit card in the Indian financial system. So, still debit cards dominate the market in terms of numbers. But without doubt, credit cards are being preferred for transactions over debit cards. However, it should be noted that the credit card holders are the individuals with the highest possible purchasing power in the Indian economy while debit cards are issued to every bank account holder and considering the increasing financial inclusion and zero balance accounts though Jan Dhan Scheme, the numbers of debit cards in the Indian economy naturally becomes very high. In January 2023, there were more than 225 Crores bank accounts in India.</span></div><br /><div style="text-align: justify;"><span style="font-weight: bold;">The growth in credit cards is driven by a number of factors. It includes the marketing push backed by reward programs and other benefits as well as the behavioural changes of the consumers. This growth may be seen as beneficial for the banking and financial sector but the same has not been received positively by the market regulator Reserve Bank of India (RBI).</span></div><br /><div style="text-align: justify;"><span style="font-weight: bold;">The growth in small loans and credits has alerted RBI and as a result the RBI worried on 16 November 2023, increased the amount of capital that lenders need to set aside for credit card loans. This regulatory provision by the RBI is expected to moderate the growth in the credit cards</span></div><br /><div style="text-align: justify;"><span style="font-weight: bold;">For many, it is a conservative move taken by the RBI. However, RBI has always been conservative about financial stability and prefers to avoid any ballooning in the financial sectors which may cause financial instability. And it is always better to prevent than cure!</span></div><br /><div style="text-align: right;"><span style="font-weight: bold;">Rajeev K Upadhyay</span></div><div class="separator" style="clear: both; text-align: center;"></div><div style="mso-element: footnote-list;"><div id="ftn1" style="mso-element: footnote;">
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</div>Dr. Rajeev K. Upadhyayhttp://www.blogger.com/profile/16052699976424641255noreply@blogger.com0tag:blogger.com,1999:blog-4402290644035566419.post-71532840951180767762023-11-18T13:03:00.003+05:302024-01-09T23:51:06.485+05:30Minimum Support Price (MSP) is a Necessity<div class="separator"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjbs2GqGKmzoUGzhb7uUJxaoA_hJh1IeoLrItP8v9gWiNLYtlUcBn24OOkxTU1CkZtXfbb7X0de13ZzB25x8g1o02vaeulJ4I-rBA-Fn8oEhrM60_HfGA5TI8FnVeY8DEhDF670PoOoV1egcH3pX6N9j_GePD56i4y67fAomrmRaWuevhjAU_nlKw0Vo7lQ/s1080/1700287716046.jpeg" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjbs2GqGKmzoUGzhb7uUJxaoA_hJh1IeoLrItP8v9gWiNLYtlUcBn24OOkxTU1CkZtXfbb7X0de13ZzB25x8g1o02vaeulJ4I-rBA-Fn8oEhrM60_HfGA5TI8FnVeY8DEhDF670PoOoV1egcH3pX6N9j_GePD56i4y67fAomrmRaWuevhjAU_nlKw0Vo7lQ/s320/1700287716046.jpeg" /></a></div><div style="font-weight: bold; text-align: justify;"><b>Minimum Support Price (MSP) of <a href="https://www.rajeevupadhyay.in/2021/03/farm-sector-distress-is-symptom-not-the-cause-farmer-suicide.html" target="_blank">farm produce</a> has always been a controversial issue as higher MSP always meant higher cost of living for the salaried class and so higher inflation for them! And when urbanization in India has become more prominent than ever, high MSP becomes a political issue rather than being just an economic matter. And over time, MSP which was brought in the Indian economic policy making has become completely a political issue and its economic importance has been pushed in political background!</b></div><br /><div style="font-weight: bold; text-align: justify;"><b>But the question remains unanswered as to why India needs a regime of MSP when it is a very politically, socially as well as economically sensitive issue?<span><a name='more'></a></span></b></div><br /><div style="font-weight: bold; text-align: justify;"><b>For salaried class and the populace living in urban centers, higher MSP simply means a costly thing for them for sure in form of inflation and taxes but on the other hand, for the farmers, it is the only tool available to them to get somehow less than enough prices for their products. People sitting in the cities and at urban centers may fail to understand this and they have reason to behave in that way. But this is the irony and cruel truth about the agriculture sector in India.</b></div><br /><div style="font-weight: bold; text-align: justify;"><b>At this point of time, we need to understand that Economics is not always Mathematics!</b></div><br /><div style="font-weight: bold; text-align: justify;"><b>We know very well that farmers don't have pricing capabilities. Rather the buyers for farmers who are middlemen decide the prices of agriculture produce and these buyers fix prices on their own wishes to protect their own interests rather than any economic sense. Farmers don’t have a market for themselves which works for them; which protect them! All the efforts to bring that market in place by the Central Government through Farm Bills were snubbed by the political outfits of farmers finally leading to their losses! But who cares? At least farmers are not.</b></div><br /><div style="font-weight: bold; text-align: justify;"><b>Just think if the farmers have pricing capabilities like other producers, would there have been any relevance of this MSP regime? The answer to this question is very simple. No, not at all! If they could, they must have been fixing the prices to protect their interests than just to protect consumers! This plain fact itself is enough to tell that they need to be supported through the MSP mechanism or some other regime which can at least provide some relief to them if cannot protect their interests!</b></div><br /><div style="text-align: justify;"><b>But the problem is that MSP must not be used as a political tool which it is today! And the kind of politics to which we are used to, MSP would always be a political issue in India! None wants an economic discussion on merits! At least the farmers are not ready to understand that they need to think of their interests through economic rationales than political stunts!</b></div><br /><div style="text-align: right;"><b>Rajeev K. Upadhyay</b></div>
<iframe allow="autoplay" height="560" src="https://drive.google.com/file/d/197kjj7T-FQDqCFVkZKJRiN-W6hc_RhxZ/preview" width="560"></iframe>Dr. Rajeev K. Upadhyayhttp://www.blogger.com/profile/16052699976424641255noreply@blogger.com0tag:blogger.com,1999:blog-4402290644035566419.post-85139838613296192242023-09-11T18:13:00.004+05:302023-09-11T18:13:48.511+05:30Media Against Bharat in G-20 Summit<div class="separator"><b><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgF72_0eOA_FoSulnC_vQGMBf-qdYove4mIu_gSGSytYmwntgD2YtIXYfQWrAQhH3IPpFytSmJj3OXeMtz76huyQkw5oEvUk4Mah-HO_XMAeSNpFicU4NKGAczJST3N4B1bMFmVcWemx_PRt3FdX0JWQM4DxR-rAB86Pj1lXDdQa1eFWCRb-EluJO5GBjit/s602/main-qimg-29bd93aa7a94177838935aec6a554705.jpg" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgF72_0eOA_FoSulnC_vQGMBf-qdYove4mIu_gSGSytYmwntgD2YtIXYfQWrAQhH3IPpFytSmJj3OXeMtz76huyQkw5oEvUk4Mah-HO_XMAeSNpFicU4NKGAczJST3N4B1bMFmVcWemx_PRt3FdX0JWQM4DxR-rAB86Pj1lXDdQa1eFWCRb-EluJO5GBjit/s320/main-qimg-29bd93aa7a94177838935aec6a554705.jpg" /></a></b></div><div style="text-align: justify;"><b>A large number of news outlets irrespective of foreign or Indian, were hell-bent on declaring the G20 Summit a failure with the purpose to discredit Bharat before the G-20 Summit had even started! The Print, The Wire, Hindustan Times, Business Standard etc. along with the foreign news outlets were loudly declaring with huge confidence that there would be no New Delhi Leader’s Declaration because of non-consensus among the members! Why? Because the European countries and the USA wouldn’t tone down on the Ukraine-Russia war and India wouldn’t go against Russia. Rather India would opt for the middle path. So they were certain!<span><a name='more'></a></span></b><br /></div><div><b><br /></b></div><div style="text-align: left;"><div style="text-align: justify;"><div style="text-align: justify;"><b>But before the first day of the G20 Summit ended, the members reached a consensus and a historic New Delhi Leader’s Declaration was adopted as announced by Indian PM Narendra Modi in the presence of all the members! The whole media and a number of journalists who were speculating against had no words. However, still, a few are trying hard to find a way or two to criticize the presidency of Bharat. However, that’s all right.</b><br /><br /><b>One wouldn’t be surprised to see a few foreign news outlets going all against India due to many reasons such as some peculiar persuasions, agendas and prejudices. No question can be asked of them. They hardly have to care about Bharat or Bharatiya interests! But what about Indian news outlets irrespective of their ideological bias? Don’t they have to care about India and Indian interests?</b><br /></div><br /></div><div style="text-align: right;"><b>Rajeev K. Upadhyay </b></div></div>Dr. Rajeev K. Upadhyayhttp://www.blogger.com/profile/16052699976424641255noreply@blogger.com0tag:blogger.com,1999:blog-4402290644035566419.post-50394770506738806722023-08-29T13:28:00.004+05:302023-08-30T12:54:55.450+05:30Rising Wealth Inequality in India<div class="separator"><b><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgOmUKVCPfhRbJXidKnucZ6574i00ivhEeaaX6W0HAHmeAG1mi4xgLPrpJCF-7uROHQqDOJWuscfFqG1aMNVaNpSy1648IyS1yedfGBwrIYQ4jacY9YmqNBTwuOQKLKrrnx2BNU2AzG9ZwvqKeI6ffBtpSs4YXXoowhhbyrS4zy6nj5BpXkorj9BgZoNqtF/s2048/370476671_10227900802839304_2260923421617337781_n.jpg" style="clear: left; float: left; margin-bottom: 1em; margin-left: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgOmUKVCPfhRbJXidKnucZ6574i00ivhEeaaX6W0HAHmeAG1mi4xgLPrpJCF-7uROHQqDOJWuscfFqG1aMNVaNpSy1648IyS1yedfGBwrIYQ4jacY9YmqNBTwuOQKLKrrnx2BNU2AzG9ZwvqKeI6ffBtpSs4YXXoowhhbyrS4zy6nj5BpXkorj9BgZoNqtF/s320/370476671_10227900802839304_2260923421617337781_n.jpg" /></a></b></div><div style="text-align: justify;"><b>Inequalities in wealth and income are prevalent across the globe. There is perhaps no economy in the world that is not facing the challenges relating to inequalities in varying degrees. India is also faced with the challenge of increasing inequalities across states and regions on both fronts. Every year, through many surveys, different institutions and organizations highlight the issue of inequalities in India. A lot has been done to alleviate poetry but when it comes to inequalities, policy responses fail to address them. </b><br /></div><div><b><br /></b></div><div style="text-align: justify;"><b>After having a look at the data relating to wealth per adult in India, it is evident that the average wealth in India is found to be far higher than that of the median wealth. In 2022, the average wealth per adult was $18,048 and the median wealth was $4,107 in the same year. The average wealth was about four and a half times the median wealth in 2022.<span><a name='more'></a></span><br /></b></div><div><b><br /></b></div><div style="text-align: justify;"><b>A look at the data reveals that this trend in the average wealth and median wealth is not a new phenomenon but has been there for very long. This trend clearly indicates that the measures of average wealth in India are heavily influenced by a disproportionate increase in the wealth of the super-rich of India and these numbers don't seem to tell the real inequalities in India. It should be noted that this gap which is caused by income inequality is never expressed in the per capita income of any nation. <br /><br />It is known that the top 1% of wealthy individuals held 41% of the total wealth in India in 2022. It's true that poverty has gone down significantly in the last 20 years but these astonishing numbers are scary. Increasing inequality in society is neither good for the economy nor for India as a whole. Rather, inequality is very costly for any economy and before it is too late for the economy and society, the government must intervene through adequate policy measures. <br /></b></div><div> <b><br /></b></div><div style="text-align: right;"><b>Rajeev K. Upadhyay</b></div><div style="text-align: right;"><b><br /></b></div>
<div style="text-align: center;"><iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" src="https://www.youtube.com/embed/J3RIr0iDj_U?si=y-8-n9rZ0pyOXOkH" title="YouTube video player" width="560"></iframe></div>Dr. Rajeev K. Upadhyayhttp://www.blogger.com/profile/16052699976424641255noreply@blogger.com0tag:blogger.com,1999:blog-4402290644035566419.post-48191207101911372422023-08-13T16:09:00.008+05:302023-08-18T11:37:15.939+05:30Globalisation or Regionalisation?<div class="separator"><b><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjntKScjFV7rlFWAPPlf8gZiMZ9g9MceSVK3mqUCzyYL6VCunPRfC32e3tyuKsdaoIaMzB0qc1j_U9w6PR6IPd3Ap2tmGKGbxWoTIEXYFg34QWzFVxtI1YnsgY2Rod2DN04d0X6JuZuvUaOUSAfUu1Bxr7xYw-zZaeda5lvcPVNPlhEUEKHDVZKRmO7rtf9/s1128/Globalisation%20or%20Regionalisation.jpg" style="clear: left; float: left; margin-bottom: 1em; margin-left: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjntKScjFV7rlFWAPPlf8gZiMZ9g9MceSVK3mqUCzyYL6VCunPRfC32e3tyuKsdaoIaMzB0qc1j_U9w6PR6IPd3Ap2tmGKGbxWoTIEXYFg34QWzFVxtI1YnsgY2Rod2DN04d0X6JuZuvUaOUSAfUu1Bxr7xYw-zZaeda5lvcPVNPlhEUEKHDVZKRmO7rtf9/s320/Globalisation%20or%20Regionalisation.jpg" /></a></b></div><div style="text-align: justify;"><b>COVID has been a learning experience for all countries across the globe. There is not a single country which was not negatively impacted; mostly in the form of supply-chain disruptions. As a result, countries have been focusing on domestic markets on both sides; demand and supply sides. So at present, their focus is revolving around increasing domestic production as well as consumption. This is more true in emerging economies like India, China, Brazil and South Africa. China is working on increasing domestic consumption while India, South Africa and Brazil are tirelessly working to increase manufacturing in their own domestic markets. However, all four countries of the BRICS bloc are working to increase their export share in global trade and this is pushing the globalisation movement forward.</b><br /></div><div><b><br /></b></div><div style="text-align: justify;"><b>However, since COVID supply-chain disruptions, many intellectuals have been talking about de-globalisation and predicting that de-globalisation would soon become a new phenomenon. It is quite possible that in the future de-globalisation may become more evident than today, but at present de-globalisation seems to be just another phrase being overused by academia! At least, the data says so.<span><a name='more'></a></span><br /></b></div><div><b><br /></b></div><div style="text-align: justify;"><b>According to the first chart of the following picture prepared by the Harvard Business Review using the DHL Global Connectedness Index 2022, the average distance of international flows of trade, capital and information has been increasing for years. The only exception to this trend is the movement of people. The movement of the people has gone down in the last few years and the reason for this fall in the movement of people is possibly the travel restrictions due to the Coronavirus pandemic.<br /><br />DHL Global Connectedness Index tracks and measures four aspects of the movement which include average distance travelled by goods and services, capital, information and people.<br /><br />Looking at the second chart, it is clear that there is some increase in the regional movement of people, trade and capital in the last five years and the bilateral trade agreements and regional blocs do have some positive impact on this movement of people, capital and trade. But when it comes to the movement of information, it has fallen in the last few years. It should be noted that information has one of the most critical aspects of the business and business in itself.<br /><br />So from the two graphs, it is evident that there is an increase in the regional movement of people, capital and trade but not at the cost of globalisation. Rather, it seems both globalisation and regionalisation can walk together hand in hand.</b></div><div><b> </b></div><div style="text-align: right;"><b>Rajeev K. Upadhyay</b></div><div style="text-align: right;"><b> <br /></b></div>
<div style="text-align: center;"><iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" src="https://www.youtube.com/embed/IVPb74kCazQ" title="YouTube video player" width="560"></iframe></div>Dr. Rajeev K. Upadhyayhttp://www.blogger.com/profile/16052699976424641255noreply@blogger.com0tag:blogger.com,1999:blog-4402290644035566419.post-22460900210180543402023-08-07T19:31:00.004+05:302023-08-07T19:46:39.855+05:30What is Better? Efficiency or Fancy Degrees?<div class="separator"><b><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhzQXiTrhSFNwU9s5jUEKdXb19KmfCARBhjzWSm-30guYqScarFQrfxT_kT8jft5TXHl-pMvzCSryUEDkQ6eJjQzOjrM-IOpn4VkFgEsHixqZWEathLu9MpengXYQ-tq9yNAkMA5VAwiXo4GfpX8v5snN7rO8qMH7lXV4nhXGXhtia2dxUxOWjkTkYp_kzK/s561/366126613_10227805454855664_7773707568631333014_n.jpg" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhzQXiTrhSFNwU9s5jUEKdXb19KmfCARBhjzWSm-30guYqScarFQrfxT_kT8jft5TXHl-pMvzCSryUEDkQ6eJjQzOjrM-IOpn4VkFgEsHixqZWEathLu9MpengXYQ-tq9yNAkMA5VAwiXo4GfpX8v5snN7rO8qMH7lXV4nhXGXhtia2dxUxOWjkTkYp_kzK/s320/366126613_10227805454855664_7773707568631333014_n.jpg" /></a></b></div><div class="separator"><b><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiVOZccFYI-g-axo5_ZhasbiyAMXfTwZ8lzt4lvkHu73LlJYCBuF9Qv7FJvLcIzFz7v6t-Fs7aF8ruy4V9hAmdTPWBlZfgzccq5vGcnc85M4aeLm5r6W0R6eppdQoxcA6a5pvXfYdxQ2zDlguhN3vWE2a0eGjnwPyz4WeirdXbX7qx5A2OAhV7fqgs_ZeKH/s1024/366252883_10227805454535656_2007928871154480196_n.jpg" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiVOZccFYI-g-axo5_ZhasbiyAMXfTwZ8lzt4lvkHu73LlJYCBuF9Qv7FJvLcIzFz7v6t-Fs7aF8ruy4V9hAmdTPWBlZfgzccq5vGcnc85M4aeLm5r6W0R6eppdQoxcA6a5pvXfYdxQ2zDlguhN3vWE2a0eGjnwPyz4WeirdXbX7qx5A2OAhV7fqgs_ZeKH/s320/366252883_10227805454535656_2007928871154480196_n.jpg" /></a></b></div><div style="text-align: justify;"><b>In 2013, the global rating agency S&P started discussing and threatening to put India in the junk category. However, today after just 10 years, the same S&P is declaring India as the fastest-growing economy in the world. What has happened in just 10 years that S&P has changed its mind and is the most optimistic about India? Is it magic or has this change just happened?</b><br /></div><div><b><br /></b></div><div style="text-align: justify;"><b>No. Surely, not. This did not happen just like that. For this, the Government of India has put in a lot of effort in the last 9 years and the fruits of those efforts are now visible in every aspect of life in India. It is a well-known fact that the effect of any structural reform is visible in any economy with a lag.<span><a name='more'></a></span><br /></b></div><div><b><br /></b></div><div style="text-align: justify;"><b>Even after such a big change on every front from economy to diplomacy to development, there are a lot of people who raise questions about the education, ability and economic understanding of Indian Prime Minister Shri Narendra Modi and Finance Minister Smt. Nirmala Sitharaman. While in 2013 and before 2013 since 2004, a very reputed and well-known economist Dr Manmohan Singh was the Prime Minister and a very reputed lawyer and an MBA from Harvard Business School Shri P. Chidambaram was the Finance Minister, still S&P was thinking about putting Indian economy in the junk category!</b></div><div style="text-align: justify;"><b><br /></b></div><div><b></b></div><div style="text-align: justify;"><div style="text-align: justify;"><b>A few years ago when the present RBI Governor Shri Shaktikanta Das took over, such discussion was abuzz when Shri Urjit Patel left the RBI without completing his term but Shri Shaktikanta Das also has proved that he is better than many trained economists through decisions and way he navigated during the <a href="https://www.rajeevupadhyay.in/2021/04/second-wave-of-coronavirus-indian-economy.html" target="_blank">Coronavirus pandemic</a>.</b><br /><br /><b>Looking at the performance, is it not better to have so-called less educated but efficient people as our leaders than those with fancy degrees from reputed institutions?</b><br /></div><b></b></div><div style="text-align: justify;"><b><br /></b></div><div style="text-align: right;"><b>Rajeev K. Upadhyay<br /></b></div>Dr. Rajeev K. Upadhyayhttp://www.blogger.com/profile/16052699976424641255noreply@blogger.com0tag:blogger.com,1999:blog-4402290644035566419.post-43894277515046216862023-03-01T22:54:00.006+05:302023-08-07T19:47:23.985+05:30Indian Economy a Bright Spot but a Bumpy Ride<div class="separator"><b><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjSiD_r2CuEtTpSbtVP-26i_78p-qaZ1QcZpMri1FMNUqHO-Ac97CS7iWttzQYR_80nl_TjHJ02lxUdgImq5vihe596St5JbOKg9SJSxZ2WdtbZtP_HD9O76P54SYNUs7cDG4Fi8jz2QJ5O_L8mrZRjqx6_A-fOk-y9pmdM5XTCfbJZxnrXlbOyArMfiw/s1080/333861168_1672361979874415_1402896489561580874_n.jpg" style="clear: left; float: left; margin-bottom: 1em; margin-left: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjSiD_r2CuEtTpSbtVP-26i_78p-qaZ1QcZpMri1FMNUqHO-Ac97CS7iWttzQYR_80nl_TjHJ02lxUdgImq5vihe596St5JbOKg9SJSxZ2WdtbZtP_HD9O76P54SYNUs7cDG4Fi8jz2QJ5O_L8mrZRjqx6_A-fOk-y9pmdM5XTCfbJZxnrXlbOyArMfiw/s320/333861168_1672361979874415_1402896489561580874_n.jpg" /></a></b></div><b></b><div style="text-align: justify;"><b>Most of the economic indicators clearly and reasonably indicate that the <a href="https://www.rajeevupadhyay.in/search/label/Economy" target="_blank">Indian economy</a> will grow with a growth rate of not less than 6% in 2023. This is the highest rate of growth among the largest economies in the world while the global economy is slowing down. So without a doubt, it can be said that the Indian economy is a bright spot in the global economy when a soft to moderate recession is in offing in the world economy. This may look euphoric but this ride wouldn’t be an easy one but bumpy and full of many challenges.<br /></b></div><div><b><br /></b></div><div style="text-align: justify;"><b>At present the Indian economy is facing two big problems that need to be fixed in the short to medium term. The first and most significant problem is high inflation in the economy. This is a very costly situation for the Indian economy. To tame the inflationary situation, RBI has maintained a hawkish monetary policy and this policy stance is the biggest challenge for the economy as if the central bank continues to increase the interest rates in the economy, it would be very costly for the economy.<span><a name='more'></a></span><br /></b></div><div><b><br /></b></div><div style="text-align: left;"><div style="text-align: justify;"><div style="text-align: justify;"><b>It's time for the RBI to rethink its monetary policy stance and to stop chasing food inflation which without doubt cannot be tamed using monetary policy instruments. It is a historical fact that high-interest rates will do more harm to the growth of the economy than benefit from easing inflation. So RBI must stop increasing key policy rates now. Rather, the government should try to manage high inflation through policy intervention.<br /><br />The government needs to act through its fiscal policy instruments to manage inflation rather than tame it. Not only this, the government needs to prepare a plan for the next decade as high food inflation in India has become a regular phenomenon at intervals.<br /></b></div><b><br /></b></div><div style="text-align: right;"><b>Rajeev K. Upadhyay<br /></b></div></div>Dr. Rajeev K. Upadhyayhttp://www.blogger.com/profile/16052699976424641255noreply@blogger.com0tag:blogger.com,1999:blog-4402290644035566419.post-80012668535012892662023-02-27T23:15:00.002+05:302023-02-27T23:15:58.204+05:30EAST vs WEST: Divergent Responses to the Russia-Ukraine War<div class="separator"><b><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj3f5EZ2VJ1MsyGIrdq5A824q5wWdso3cxDqp6K7NPUGRqLrVCrjIo99vkS9uTHqrIF8jbEx12-fPZtzRvB17PLzejjM-D6R9RO1St58VimD_Qxu7jcDYDkKRjDwjv69yTCh1cwVUeEmuuLevdoayhkj5Ln7t5kuajs0vtjj2moS8tZPJP4vzLmvhB7rw/s1024/Ukraine-Russia%20War.png" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj3f5EZ2VJ1MsyGIrdq5A824q5wWdso3cxDqp6K7NPUGRqLrVCrjIo99vkS9uTHqrIF8jbEx12-fPZtzRvB17PLzejjM-D6R9RO1St58VimD_Qxu7jcDYDkKRjDwjv69yTCh1cwVUeEmuuLevdoayhkj5Ln7t5kuajs0vtjj2moS8tZPJP4vzLmvhB7rw/s320/Ukraine-Russia%20War.png" /></a></b></div><div style="text-align: justify;"><b>The Russia Ukraine completes a year – much to the dismay and wonder of all, especially Russia which could not have expected this stiff resistance from a small neighbour. The world has responded with anger, anguish, dismay and much more, as the war has taken a toll on countries worldwide. There have been varied responses by countries across the world, and there are some questions and observations about the East vs West response. </b><br /></div><div><b><br /></b></div><div style="text-align: justify;"><b> The Asian response has been cautious and watchful and followed a nuanced path as the war has progressed. The current responsiveness of countries such as China and India is based on pragmatism to cope with the multiplier effect of the pandemic, compounded by the current conflict. As the post-pandemic global environment led to the worst-ever economic depression in decades, responses of countries have attempted to combine domestic issues of survival with social and ethical concerns. The current conflict has exacerbated the global crisis as prices of food, oil and fertilisers have skyrocketed across the world, complicating domestic issues for many Asian countries. <span><a name='more'></a></span><br /></b></div><div style="text-align: left;"><b><br /></b><div style="text-align: justify;"><b> Asian countries like India and China have engaged in increased trade with Russia since items such as oil and fertilisers are their major imports and the health of the domestic economy hinges on the availability of these items. US and NATO sanctions against Russia, have had unexpected consequences, as the US-led effort to exclude Russia and others from the international payments systems has found countries making alternative arrangements. A major development in Indo – Russian trade has been the use of the Indian currency – the rupee as the means of settlement, instead of the US dollar. </b><br /><br /><b> The Indian response is a reflection of its national beliefs and values and reflects a national strategy aimed at protecting its national interest. It has been unequivocal in condemning the war but has made it clear that food for the masses takes precedence over many other issues. </b><br /><br /><b> As China exists as a common competitor in the backyard, the response of Asian firms from Indonesia, Malaysia, Myanmar and Vietnam is driven by the unease arising out of this fact. </b><br /><br /><b> To conclude we highlight the ironic fact that the West may impose sanctions against Russia on the one hand, but engages in the re-purchase of Russian oil from China, without batting an eyelid!! </b><br /><b> </b></div><div style="text-align: right;"><b><a href="https://www.linkedin.com/in/prof-sumati-varma-92a58411?miniProfileUrn=urn%3Ali%3Afs_miniProfile%3AACoAAAJl9DIBmu7IyrKun42svnnChcLCG5fNnbk">Prof Sumati Varma</a> </b></div><div style="text-align: right;"><b>& </b></div><div style="text-align: right;"><b><a href="https://www.linkedin.com/in/rajeevupadhyay?miniProfileUrn=urn%3Ali%3Afs_miniProfile%3AACoAAAEkyUcBibuGZBjYaKpsZGo1JE2ioBadZvU">Dr Rajeev K Upadhyay</a></b></div> </div>Dr. Rajeev K. Upadhyayhttp://www.blogger.com/profile/16052699976424641255noreply@blogger.com0tag:blogger.com,1999:blog-4402290644035566419.post-48768593330573487742023-02-13T21:46:00.004+05:302023-02-13T21:49:12.525+05:30Adani, Valuation and Share Prices<div class="separator" style="clear: both; text-align: center;"><b><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjtyaAO5-DNtaKypKNmrrLgj4cxPiRtL3G1-Lrp9HdgeW7yyUHPZG7XVkJUwv-WHahtgGYdBI8dOLbUhwI9HtMVyydUJ-irWYFKyuQGHCgjgrK-BFTOVFhOW-LGVbtYb4sjzkCBK4lz1Av_VNrJoikZNrln5ohG98cKLah3fVt7FBMKhCIGW_Jj-x5yVw/s466/Adani%20Valuation.png" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="226" data-original-width="466" height="155" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjtyaAO5-DNtaKypKNmrrLgj4cxPiRtL3G1-Lrp9HdgeW7yyUHPZG7XVkJUwv-WHahtgGYdBI8dOLbUhwI9HtMVyydUJ-irWYFKyuQGHCgjgrK-BFTOVFhOW-LGVbtYb4sjzkCBK4lz1Av_VNrJoikZNrln5ohG98cKLah3fVt7FBMKhCIGW_Jj-x5yVw/s320/Adani%20Valuation.png" width="320" /></a></b></div><p style="text-align: justify;"><b>Post <a href="https://www.rajeevupadhyay.in/2023/01/hindenburgs-report-adani-and-its-ramifications.html" target="_blank">Hindenburg’s report</a>, a kind of saga unfolded causing temporary chaos in the Indian security market and raising large numbers of questions relating to <a href="https://www.rajeevupadhyay.in/2023/02/adani-group-what-has-changed.html" target="_blank">Adani Group </a>ranging from financial reporting to stock price manipulations to corporate governance. But it becomes pertinent to ask whether those questions are relevant or not.</b></p><p style="text-align: justify;"><b>It is not that the Adani Group is beyond question. There are a large number of serious questions that should be asked and are being asked as well. However, a lot of people have suddenly woken up to ask questions relating to the valuations of the Adani Group stocks post-Hindenburg saga and the withdrawal of FPO by Adani Enterprises. <span></span></b></p><a name='more'></a><b></b><p></p><p style="text-align: justify;"><b>Valuation has always been a very subjective matter. The yardsticks of it keep on changing depending on the sector as well the time. The different valuation ratios that are used for investment assessment purposes are also marred by time constraints. The levels of these valuation ratios keep changing. The values which were considered to be aggressive a few years/decades back are now considered to be conservative mainly post the entry of private equity and venture capital firms in start-up activities.</b></p><p style="text-align: justify;"><b>Unlike the earlier times, today the market value of tangible and intangible assets is subjective and depends more on their use in the production and services of the firms than the book value of those assets. It was never such a case ever before and it is bound to change in future too.</b></p><p style="text-align: justify;"><b>This article focuses on the comparison of the stock performances as well as differences between the 52-week high and low prices of the five firms namely, Adani Enterprises, Meta Platforms Inc. (Facebook), Alphabet Inc. (Google), Amazon.com Inc. and Tesla Inc. in the last 1 year. <br /></b></p><table border="1" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; border: medium none; mso-border-alt: solid windowtext .5pt; mso-border-insideh: .5pt solid windowtext; mso-border-insidev: .5pt solid windowtext; mso-yfti-tbllook: 1184;">
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<p align="center" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: center;"><b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Current Price</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"></span></b></p>
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<p align="center" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: center;"><b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">1 Year Return (%)</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"></span></b></p>
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</tr>
<tr style="height: 25pt; mso-yfti-irow: 1;">
<td style="border-top: none; border: 1pt solid windowtext; height: 25pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 5pt;" valign="top">
<p align="center" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: center;"><b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Adani Enterprises</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"></span></b></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-color: currentcolor windowtext windowtext currentcolor; border-left: none; border-right: solid windowtext 1.0pt; border-style: none solid solid none; border-top: none; border-width: medium 1pt 1pt medium; height: 25pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 5pt;" valign="top">
<p align="center" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: center;"><b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">1706</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"></span></b></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-color: currentcolor windowtext windowtext currentcolor; border-left: none; border-right: solid windowtext 1.0pt; border-style: none solid solid none; border-top: none; border-width: medium 1pt 1pt medium; height: 25pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 5pt;" valign="top">
<p align="center" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: center;"><b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">2.53</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"></span></b></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-color: currentcolor windowtext windowtext currentcolor; border-left: none; border-right: solid windowtext 1.0pt; border-style: none solid solid none; border-top: none; border-width: medium 1pt 1pt medium; height: 25pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 5pt;" valign="top">
<p align="center" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: center;"><b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">4190</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"></span></b></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-color: currentcolor windowtext windowtext currentcolor; border-left: none; border-right: solid windowtext 1.0pt; border-style: none solid solid none; border-top: none; border-width: medium 1pt 1pt medium; height: 25pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 5pt;" valign="top">
<p align="center" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: center;"><b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">1017.45</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"></span></b></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-color: currentcolor windowtext windowtext currentcolor; border-left: none; border-right: solid windowtext 1.0pt; border-style: none solid solid none; border-top: none; border-width: medium 1pt 1pt medium; height: 25pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 5pt;" valign="top">
<p align="center" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: center;"><b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">75.7%</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"></span></b></p>
</td>
</tr>
<tr style="height: 25pt; mso-yfti-irow: 2;">
<td style="border-top: none; border: 1pt solid windowtext; height: 25pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 5pt;" valign="top">
<p align="center" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: center;"><b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Tesla Inc.</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"></span></b></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-color: currentcolor windowtext windowtext currentcolor; border-left: none; border-right: solid windowtext 1.0pt; border-style: none solid solid none; border-top: none; border-width: medium 1pt 1pt medium; height: 25pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 5pt;" valign="top">
<p align="center" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: center;"><b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">194.58</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"></span></b></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-color: currentcolor windowtext windowtext currentcolor; border-left: none; border-right: solid windowtext 1.0pt; border-style: none solid solid none; border-top: none; border-width: medium 1pt 1pt medium; height: 25pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 5pt;" valign="top">
<p align="center" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: center;"><b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">-34.82</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"></span></b></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-color: currentcolor windowtext windowtext currentcolor; border-left: none; border-right: solid windowtext 1.0pt; border-style: none solid solid none; border-top: none; border-width: medium 1pt 1pt medium; height: 25pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 5pt;" valign="top">
<p align="center" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: center;"><b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">384.29</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"></span></b></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-color: currentcolor windowtext windowtext currentcolor; border-left: none; border-right: solid windowtext 1.0pt; border-style: none solid solid none; border-top: none; border-width: medium 1pt 1pt medium; height: 25pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 5pt;" valign="top">
<p align="center" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: center;"><b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">101.81</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"></span></b></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-color: currentcolor windowtext windowtext currentcolor; border-left: none; border-right: solid windowtext 1.0pt; border-style: none solid solid none; border-top: none; border-width: medium 1pt 1pt medium; height: 25pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 5pt;" valign="top">
<p align="center" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: center;"><b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">73.5%</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"></span></b></p>
</td>
</tr>
<tr style="height: 25pt; mso-yfti-irow: 3;">
<td style="border-top: none; border: 1pt solid windowtext; height: 25pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 5pt;" valign="top">
<p align="center" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: center;"><b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Meta Platforms Inc.</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"></span></b></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-color: currentcolor windowtext windowtext currentcolor; border-left: none; border-right: solid windowtext 1.0pt; border-style: none solid solid none; border-top: none; border-width: medium 1pt 1pt medium; height: 25pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 5pt;" valign="top">
<p align="center" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: center;"><b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">174.4</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"></span></b></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-color: currentcolor windowtext windowtext currentcolor; border-left: none; border-right: solid windowtext 1.0pt; border-style: none solid solid none; border-top: none; border-width: medium 1pt 1pt medium; height: 25pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 5pt;" valign="top">
<p align="center" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: center;"><b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">-18.28</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"></span></b></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-color: currentcolor windowtext windowtext currentcolor; border-left: none; border-right: solid windowtext 1.0pt; border-style: none solid solid none; border-top: none; border-width: medium 1pt 1pt medium; height: 25pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 5pt;" valign="top">
<p align="center" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: center;"><b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">236.86</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"></span></b></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-color: currentcolor windowtext windowtext currentcolor; border-left: none; border-right: solid windowtext 1.0pt; border-style: none solid solid none; border-top: none; border-width: medium 1pt 1pt medium; height: 25pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 5pt;" valign="top">
<p align="center" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: center;"><b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">88.09</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"></span></b></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-color: currentcolor windowtext windowtext currentcolor; border-left: none; border-right: solid windowtext 1.0pt; border-style: none solid solid none; border-top: none; border-width: medium 1pt 1pt medium; height: 25pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 5pt;" valign="top">
<p align="center" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: center;"><b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">62.8%</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"></span></b></p>
</td>
</tr>
<tr style="height: 25pt; mso-yfti-irow: 4;">
<td style="border-top: none; border: 1pt solid windowtext; height: 25pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 5pt;" valign="top">
<p align="center" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: center;"><b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Alphabet Inc.</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"></span></b></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-color: currentcolor windowtext windowtext currentcolor; border-left: none; border-right: solid windowtext 1.0pt; border-style: none solid solid none; border-top: none; border-width: medium 1pt 1pt medium; height: 25pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 5pt;" valign="top">
<p align="center" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: center;"><b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">94.69</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"></span></b></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-color: currentcolor windowtext windowtext currentcolor; border-left: none; border-right: solid windowtext 1.0pt; border-style: none solid solid none; border-top: none; border-width: medium 1pt 1pt medium; height: 25pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 5pt;" valign="top">
<p align="center" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: center;"><b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">-30.26</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"></span></b></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-color: currentcolor windowtext windowtext currentcolor; border-left: none; border-right: solid windowtext 1.0pt; border-style: none solid solid none; border-top: none; border-width: medium 1pt 1pt medium; height: 25pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 5pt;" valign="top">
<p align="center" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: center;"><b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">143.79</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"></span></b></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-color: currentcolor windowtext windowtext currentcolor; border-left: none; border-right: solid windowtext 1.0pt; border-style: none solid solid none; border-top: none; border-width: medium 1pt 1pt medium; height: 25pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 5pt;" valign="top">
<p align="center" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: center;"><b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">83.34</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"></span></b></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-color: currentcolor windowtext windowtext currentcolor; border-left: none; border-right: solid windowtext 1.0pt; border-style: none solid solid none; border-top: none; border-width: medium 1pt 1pt medium; height: 25pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 5pt;" valign="top">
<p align="center" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: center;"><b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">42.0%</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"></span></b></p>
</td>
</tr>
<tr style="height: 25pt; mso-yfti-irow: 5;">
<td style="border-top: none; border: 1pt solid windowtext; height: 25pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 5pt;" valign="top">
<p align="center" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: center;"><b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Amazon.com Inc.</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"></span></b></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-color: currentcolor windowtext windowtext currentcolor; border-left: none; border-right: solid windowtext 1.0pt; border-style: none solid solid none; border-top: none; border-width: medium 1pt 1pt medium; height: 25pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 5pt;" valign="top">
<p align="center" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: center;"><b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">97.61</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"></span></b></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-color: currentcolor windowtext windowtext currentcolor; border-left: none; border-right: solid windowtext 1.0pt; border-style: none solid solid none; border-top: none; border-width: medium 1pt 1pt medium; height: 25pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 5pt;" valign="top">
<p align="center" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: center;"><b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">-37.03</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"></span></b></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-color: currentcolor windowtext windowtext currentcolor; border-left: none; border-right: solid windowtext 1.0pt; border-style: none solid solid none; border-top: none; border-width: medium 1pt 1pt medium; height: 25pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 5pt;" valign="top">
<p align="center" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: center;"><b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">170.83</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"></span></b></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-color: currentcolor windowtext windowtext currentcolor; border-left: none; border-right: solid windowtext 1.0pt; border-style: none solid solid none; border-top: none; border-width: medium 1pt 1pt medium; height: 25pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 5pt;" valign="top">
<p align="center" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: center;"><b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">81.43</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"></span></b></p>
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<p align="center" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: center;"><b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">52.3%</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"></span></b></p>
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<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Adani Enterprises Prices are in INR
and as on 13th Feb 23</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"></span></b></p>
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<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Telsa, Meta, Alphabet and Amazon
prices are in $ and as in 10th Feb 23</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"></span></b></p>
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<p></p><p style="text-align: justify;"><b>Based on the fall in the prices of the five stocks, it can be said that there is not much difference. Apart from Alphabet Inc., all the firms have witnessed a fall of more than 50% in their stock prices. However, there are two differences. First, the fall in the prices of the stocks of Adani Enterprises was steeper than other companies; second, Adani Enterprises is the only firm which has provided a positive return in the last 1 year.</b></p><p style="text-align: justify;"><b>There is no doubt that it is a very simplistic comparison and hardly serves any purpose. But this comparison is aimed to point towards the stark differences in the way different stakeholders in the two countries are reacting to changes in the stock prices.No one in the USA is demanding a Federal investigation against Amazon, Google, Facebook and Tesla. For them, it is stock price volatility and market dynamics. But in India, different stakeholders including politicians, journalists and many more are demanding Joint Parliamentary Committee (JPC) investigations against the Adani Group. However, it is relieving to see that the regulators and the market are behaving with maturity and not being carried by the heat of the moment.</b></p><p style="text-align: justify;"><b>I am sure that someone will come out to say that all the firms except Adani Group are technology firms and their valuation is like that. And Adani Group firms not being in technology cannot enjoy such high valuations. That is alright but it should also be noted that Adani Group companies are having physical assets which are generating cash and most of the assets are expected will generate huge businesses for Adani Group in future as India grows. </b></p><p style="text-align: right;"><b>Rajeev K. Upadhyay</b></p><p></p>Dr. Rajeev K. Upadhyayhttp://www.blogger.com/profile/16052699976424641255noreply@blogger.com0tag:blogger.com,1999:blog-4402290644035566419.post-52526149139936657092023-02-01T07:58:00.004+05:302023-02-01T07:58:58.490+05:30Adani Group: What has Changed?<div class="separator"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEibfxNWcX2kC6otDXEvPeg_9i3ZgZB4a8Gq083wmKIP5QzOOt349Ls2TlDHFJyI3_fHoi2OysF4fFYqbloJUGOm0fdWYgQV5BmGCWJRioiHAB_rTeNEOiMplQEiCJKQrqH5m0sYQ5OjcqfVVX2w78Rf32DBXijdIGcLh6L-jLYG351H0rKrqNM6GZjl5w/s751/adani%20enterprises%20share.png" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEibfxNWcX2kC6otDXEvPeg_9i3ZgZB4a8Gq083wmKIP5QzOOt349Ls2TlDHFJyI3_fHoi2OysF4fFYqbloJUGOm0fdWYgQV5BmGCWJRioiHAB_rTeNEOiMplQEiCJKQrqH5m0sYQ5OjcqfVVX2w78Rf32DBXijdIGcLh6L-jLYG351H0rKrqNM6GZjl5w/s320/adani%20enterprises%20share.png" /></a></div><div style="text-align: justify;"><b><a href="https://www.businessinsider.in/stock-market/news/adani-enterprises-fpo-subscription-details-stock-price/articleshow/97476824.cms">Adani FPO has now been oversubscribed</a> by 1.12 times amid huge chaos created by Hindenburg's report on Adani Group and doubts about the success of the FPO. From the data available about the subscribers, it is crystal clear that the non-institutional investors including family offices of wealthy families along with anchor investors have played an important role in the success of FPO. </b><br /></div><div><b><br /></b></div><div style="text-align: justify;"><b>As far as the subscribers’ interest in the FPO was concerned, for two days, there was hardly any taker of the FPO in the retail and NII segment. However, the investment from Abu Dhabi-based International Holding Company (IHC) worth $400 million in the FPO completely changed the environment and the prices of Adani Group companies not only stopped falling but some shares witnessed an increase. <span><a name='more'></a></span><br /></b></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgo5FFvmxIObaAV7y77y2pDJrFJ8no6YcF9fjfI2LVN_duhNhPt4QIzpBMLueJF5b3sQuGlTATRpbgtW11YB1phhGuLrUGngv82MvtKL9VbMxzYLW-OMRiDSXn4B61kXQsdJLS0gDLIgnS7YHDRPvZpP_zd4BeaTvU51HfiQfAysjGzWLxWhLlG4qilgw/s1350/Adani%20Subscription.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgo5FFvmxIObaAV7y77y2pDJrFJ8no6YcF9fjfI2LVN_duhNhPt4QIzpBMLueJF5b3sQuGlTATRpbgtW11YB1phhGuLrUGngv82MvtKL9VbMxzYLW-OMRiDSXn4B61kXQsdJLS0gDLIgnS7YHDRPvZpP_zd4BeaTvU51HfiQfAysjGzWLxWhLlG4qilgw/s320/Adani%20Subscription.jpg" /></a></div><div><b></b><br /></div><div style="text-align: justify;"><b>Post Hindenburg allegations and the equity exposures of many financial institutions like LIC, SBI, mutual funds and pension funds in Adani Group, there are speculations that these financial institutions would lose a lot of money invested in group companies; so will the savers. Not only the equity investors but lenders would also be hit due to the developments post-Hindenburg report. But is it so? Let’s have a look. <br /><br />The list of the 30 Anchor investors who have invested in the FPO includes some of the biggest names in the global financial world. It includes Abu Dhabi Investment Authority, Goldman Sachs, Citi Group, Nomura, Morgan Stanley, etc. These are the financial institutions which can neither be pressurized by the Adani Group nor are out on some charity mission to help a questionable business group. If they have decided to invest huge money in the FPO, that must be backed by reasons and rationales. <br /><br />The below chart depicts the performance of shares of Adani Enterprises in the last 1 year. The 52-week high is ₹4,190 and the 52-week low is ₹1,528 and the FPO closing day’s price is ₹2,948. From this information, it can be easily said that the FPO closing day's price was about 95% higher than the 52-week low and 68% higher than the price one year back. Even if the closing day’s price is compared with the last 6-month price, the closing day’s price is at least 10% higher. So, as far as the prices are concerned, there is not a single reason to panic because of the report only because in the last 1 year, nothing significant has changed in the fundamentals (financial and managerial) of the businesses apart from the allegations. Many of the allegations have already been in public for a long time. However, some questions need to be answered by the Adani Group as well as regulators need to act to find the facts about those allegations. <br /><br />There would be very few who would have gained much from the failure of the FPO of Adani Group. However, there are a lot of stakeholders who had been at a loss if the FPO had failed. The biggest loser in this process would have been none but the retail investors as well as the lenders. Retail investors would have lost a lot of money invested in Adani Group stocks and lenders would not get back their loan money which they now will be getting from the proceed of the FPO. If the lenders get back their money, it improves the lending capacity of the economy in general. <br /><br />There are many including some investors, economists and politicians who are still dead against the success of the FPO. Why? Because they think that Adani Group is near to Indian PM Shri Narendra Modi; so opposing Adani Group is their religious duty even if it turns out to be a very costly affair for others and the economy! However, they forget their so-called thoughtless opposition of businesses is responsible for killing the business environment in the legendary Calcutta in particular and Bengal in general. <br /><br />There is no doubt that Hindenburg’s report on Adani has created a negative environment for the Adani Group. However, the way <a href="https://www.adani.com/-/media/Project/Adani/Invetsors/Adani-Response-to-Hindenburg-January-29-2023.pdf">Adani Group has responded with more than 400 pages of response</a> to the 88 questions asked in the report but with the narrative of ‘Nationalism and Attack on India’, it has put more questions on Adani Group than that of Hindenburg. There is no denying that Hindenburg Research came with a report at the time of FPO with a purpose which included profit motives through short selling. But Adani Group cannot hide behind the narrative of “Nationalism and Attack on India’. Rather it should have focused on answering those particular questions only as ‘Nationalism and Attack on India’ must be left to the government agencies to deal with. <br /><br />Now after the success of the FPO, apart from the Adani Group, it’s the turn of the regulatory bodies to investigate the matter transparently to find the facts and take action against those who are culprits (either Adani Group or Hindenburg Research) as transparency in business transactions are necessary so are the avoidance of unnecessary disturbances in form of such reports for only profit motives (if it exists). <br /></b></div><div><b><br /> </b></div><div style="text-align: right;"><b> Rajeev K. Upadhyay</b></div>
<iframe src="https://drive.google.com/file/d/1-NMMRfrWI8rQRyeojuthIcgt0n6XOwWZ/preview" width="560" height="560" allow="autoplay"></iframe>Dr. Rajeev K. Upadhyayhttp://www.blogger.com/profile/16052699976424641255noreply@blogger.com0tag:blogger.com,1999:blog-4402290644035566419.post-87985650378068550832023-01-27T12:50:00.049+05:302023-01-28T21:40:44.670+05:30Hindenburg’s Report on Adani and Its Ramifications<div class="separator"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjN0hHk1ec9DWd0Xdlim-XZDrB9RRC3si1U8DnWlQLmHoy5vzMzMyZi7dF-BPUX_E0Syrvp5y2cK07RQeugSU_7xPJoO637xNqSbWby4MXWziDfcZi4DbZU-JIq2KwkAHUk1UnBYEpyFlk067iE-XKKDoTMoayiow59xtEUJz9RX7Vocho3Tv3o6viHXQ/s600/FndO86baIAM6kmI.png" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjN0hHk1ec9DWd0Xdlim-XZDrB9RRC3si1U8DnWlQLmHoy5vzMzMyZi7dF-BPUX_E0Syrvp5y2cK07RQeugSU_7xPJoO637xNqSbWby4MXWziDfcZi4DbZU-JIq2KwkAHUk1UnBYEpyFlk067iE-XKKDoTMoayiow59xtEUJz9RX7Vocho3Tv3o6viHXQ/s320/FndO86baIAM6kmI.png" /></a></div><div style="text-align: justify;"><b><a href="https://hindenburgresearch.com/adani/" target="_blank">Hindenburg Research has come up with a report on the Adani Group</a> which clearly alleges that the Adani Group firms have been involved in financial window dressing and stock market manipulations. These are very serious allegations with huge consequences and repercussions for the Adani Group in particular and the Indian economy in general. The shares of the Adani Group companies are on free fall since the report has gone public. Not only this but the report has also <a href="https://www.businesstoday.in/latest/corporate/story/msci-seeks-feedback-on-adani-group-over-hindenburg-researchs-claims-367908-2023-01-28" target="_blank">negatively affected the sentiments and volatility in the Indian stock market</a> and many other stocks have to bear the brunt as a result of negative sentiments in the market.<span><a name='more'></a></span></b><br /></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgPno9DSXYyj1Gp3hkDEx1Ha_BF9unvVvNzZ9lBc1bmN2Pc24Z0pJKTRDFDLXqD16w06ShyypcGIDf6kea1Myu2MFhSSEy4mm5we89JNCHXXjHT61sMY9tsW-Uu5dMnccKJxxEHwqpsX4IOaoLvIC5dq_PaMVKkyXV8PZkOH-gDAEYiPNj9QagGxtUCoA/s1614/FndPBczaYAIgcae.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgPno9DSXYyj1Gp3hkDEx1Ha_BF9unvVvNzZ9lBc1bmN2Pc24Z0pJKTRDFDLXqD16w06ShyypcGIDf6kea1Myu2MFhSSEy4mm5we89JNCHXXjHT61sMY9tsW-Uu5dMnccKJxxEHwqpsX4IOaoLvIC5dq_PaMVKkyXV8PZkOH-gDAEYiPNj9QagGxtUCoA/s320/FndPBczaYAIgcae.jpg" /></a></div><div style="text-align: justify;"><b> As was expected, the Adani Group has outrightly rejected the findings of the report calling it malicious and threatening Hindenburg Research with legal action. What is important is that Hindenburg Research has welcomed saying that they would like to be sued by the Indian conglomerate as this will enable them to get direct access to different reports relating to group companies’ affairs.<br /></b></div><div><b><br /></b></div><div style="text-align: center;"><b><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh0xG5yy_HeRi49169wp32VfJuxB0ZwbYZPCsaXnWwpFXaHglFhIjQ2PZEvfXjkm4O--QxwF9pfe0ipEhktgOuXHVe7MypFlTRoBtTHxoeGDvSMX4yYFhWY5RRv_ogvvdLqyQSuh4i9PUkYPsoNuaAek8PoXkqOmrqVgvkoBR35lQ3aHThn7zPZu9jqSw/s1540/FndPHYHagAUWgvx.jpg"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh0xG5yy_HeRi49169wp32VfJuxB0ZwbYZPCsaXnWwpFXaHglFhIjQ2PZEvfXjkm4O--QxwF9pfe0ipEhktgOuXHVe7MypFlTRoBtTHxoeGDvSMX4yYFhWY5RRv_ogvvdLqyQSuh4i9PUkYPsoNuaAek8PoXkqOmrqVgvkoBR35lQ3aHThn7zPZu9jqSw/s320/FndPHYHagAUWgvx.jpg" /></a><br /></b></div><div><b><br /></b></div><div style="text-align: justify;"><b>It should be noted that this report hit the Adani Group when it was in the midst of FPO which is now in the doldrums after retail investors remain away from the issue and chances are high that the issue mightn’t succeed the way it was expected before the report. It would not be easy for the Adani Group to navigate from here.<br /><br />It should be noted that the short seller Hindenburg has taken a short position on Adani worth billions of dollars in value. What is interesting in this case is that the <a href="https://www.livemint.com/news/india/adani-enterprises-fpo-anchor-investor-book-oversubscribed-says-report-11674644710588.html" target="_blank">anchor investors are investing billions of dollars in the said FPO of Adani Group</a>. And there is no doubt that the anchor investors must have gone through the due diligence and would never invest in Adani Group until and unless they are satisfied.<br /><br />Considering the timing of Hindenburg’s report, the trading firm comes into suspicion however at the same time it is quite possible that it may be a whistleblower! Hindenburg Research has welcomed any legal actions by the Adani Group. This confidence of Hindenburg brings the Adani Group into question as well.<br /><br />It should be noted that this report might be authentic as well as part of business and geo-political war. The chances of it being an authentic report and a war tool are equal as India would be going to poll in 2024 and parties with vested interests might have sponsored this report as they have been targeting big Indian businesses like Ambani, Adani, Tata, Mahindra and others. So, it is not as simple as it looks.<br /><br />However, it is more important to see how Indian authorities respond to the situation. The fall of the Adani Group because of this result would be big enough to negatively affect the economic activities and the sentiments in the Indian Economy along with negatively impacting entrepreneurial activities in the economy. It should be noted that the <a href="https://www.hindustantimes.com/business/lic-sbi-savings-at-risk-amid-hindenburg-vs-adani-here-s-what-banks-said-101674864315971.html" target="_blank">Indian banking and financial sector has exposure worth billions of dollars in the Adani Group</a> including SBI, LIC and ICICI Bank etc. So the situation is quite complicated. So it becomes essential for the regulators to take prudent steps to ensure that there is neither another Satyam Computers-like episode nor a conspiracy to hold down Indian firms.<br /><br />It is the perception of the common man that the corporate indulges in window dressing of book accounts and sometimes other financial manipulations as well to suit their objectives and unfortunately, it has been found true in almost every case of wilful default and the number of wilful defaults (the list issued by RBI) is quite high. If anything like Satyam Computers happens in the case of the Adani Group, it would clearly have very grave ramifications for the Indian economy in general and the Indian stock market in particular as the retail traders might stay away from the stock market. It should be noted that the participation of retail traders was not very high till a few years back.<br /><br /><a href="https://www.livemint.com/news/sebi-increases-scrutiny-of-adani-group-after-report-of-hindenburg-research-11674808402192.html" target="_blank">SEBI has already increased scrutiny of the Adani Group</a> and many other government agencies would come into action as the details would come out. This is the need of the hour irrespective of how big the Adani Group is. The SEBI is entrusted with the job of protecting and safeguarding the interest of investors as well as keeping their trust intact <a href="https://economictimes.indiatimes.com/markets/stocks/news/why-the-retail-investor-is-going-to-drive-indias-growth-story-in-2023/articleshow/96701663.cms" target="_blank">to deepen the Indian stock market</a>. It has taken a very long time <a href="https://www.sebi.gov.in/sebi_data/DRG_Study/elusiveretailinvestor.pdf" target="_blank">to increase the participation of retail investors in the Indian stock market</a>.<br /><br /></b></div><div style="text-align: right;"><b>Rajeev K. Upadhyay<br /></b></div>
<iframe src="https://drive.google.com/file/d/1YWhBjqfEdBSZXBehNgebuWpiDhUkyP-s/preview" width="560" height="560" allow="autoplay"></iframe>Dr. Rajeev K. Upadhyayhttp://www.blogger.com/profile/16052699976424641255noreply@blogger.com0tag:blogger.com,1999:blog-4402290644035566419.post-13333122847184673452023-01-07T22:42:00.009+05:302023-01-07T23:30:54.660+05:30Increasing Intellectual Bankruptcy in India<div class="separator"><b><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjXCNydSVM4cKdVhXZ1OvHeCOjQ1wUb7OmWGYiFpEU5S7Zn4gSWFI9fF72C1LDRMsilR6rI0bMLpGfpxJsreaFd4m8pwKobBQN6fWms-qXWnXO8Rs3c2oUcKkEiD5Tzv2iBSn4uBnIfDv4ddhZiUOdofPug8YUr1GAd7ntL5_-yyc8o2GQEhd1IgwfOdw/s1000/demonetisation.jpg" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjXCNydSVM4cKdVhXZ1OvHeCOjQ1wUb7OmWGYiFpEU5S7Zn4gSWFI9fF72C1LDRMsilR6rI0bMLpGfpxJsreaFd4m8pwKobBQN6fWms-qXWnXO8Rs3c2oUcKkEiD5Tzv2iBSn4uBnIfDv4ddhZiUOdofPug8YUr1GAd7ntL5_-yyc8o2GQEhd1IgwfOdw/s320/demonetisation.jpg" /></a></b></div><div style="text-align: justify;"><b> With the decision of the Supreme Court of India, all the questions regarding the constitutionality of the <a href="https://www.rajeevupadhyay.in/2017/10/demonetization-gst-and-aadhar.html" target="_blank">demonetisation of currency notes</a> by the Indian government in 2016 are now settled forever. A 4:1 verdict establishes that due process was followed and the Reserve Bank of India was in the loop. However, the questions regarding the economic and social impact of demonetisation would never die down and should not. A fair and unbiased discussion, as well as an assessment of this key but knee-jerk policy decision, is necessary so that this episode of demonetisation could be used as a case study for future policymakers. </b><br /></div><div><b><br /></b></div><div style="text-align: justify;"><div style="text-align: justify;"><b>The Government of India demonetised ₹500 and ₹1,000 currency notes in 2016 with the stated objectives to clean illicit money and cashless economy which eventually proved to be a very costly affair for the economy. However, after six years of demonetisation, it can easily be said that ideally none of the stated objectives was ever achieved apart from the cleansing of the counterfeit currency notes from the market. <span><a name='more'></a></span></b><br /><br /><b>Interestingly, the currency circulation has increased to ₹32.42 Lakh crores in December 2022 from ₹17.74 Lakh crores in November 2016. The counterfeit currency notes are again getting traction in the economy slowly. However, the number of digital payment transactions in the Indian economy is increasing manifold every year along with increased numbers of individual taxpayers in the economy. </b><br /><br /><b>The decision to demonetise currency notes was indeed a knee-jerk policy decision with huge costs to the society and economy but calling it undemocratic or a complete failure wouldn’t be fair. Any policy decision is very complex and its dividends are also multifaceted. Not only the proliferation of counterfeit currency notes in the economy should be considered but other unstated benefits such as increasing the footprint of digital payments as well as the formalization of the economy, implementation of GST etc. should also be considered while assessing this decision. </b><br /><br /><b>Post the 4:1 verdict of the Supreme Court of India, many intellectuals are out to blame and reject the decision indirectly terming the decision biased and stage-managed. It is very unfortunate to see the intellectual class conveniently accept and reject the decision based on political ideologies than merit. </b><br /><br /><b>Instead of Economic reasons and rationales, intellectuals are judging it with prejudice based on political fault lines. Either they are blindly opposing or supporting the demonetisation decision without considering that such policy-level decisions (risky) are never destined to result in the same planned ways. Often such decisions give some unexpected dividends while bringing in new challenges and risks for the economy. </b><br /><br /><b>The Indian intellectual class cannot be blamed completely as it has been trained to think and react based on ideological lines only. They have confined themselves to the boundaries of the ideologies and are conditioned to these ideologies that those boundaries seem to be the limit of the evolution of ideas and reasons. The funny part of the whole story is that they still claim that they are democratic, secular and inclusive and support fair and transparent decisions. They cannot be held wrong as being biased is natural to them. </b><br /><br /><b>However, irrespective of the risks, it can never be argued that, because a policy decision may be risky with a lot of uncertainty, such policy decisions shouldn’t be taken and implemented by the governments. A developing economy like India can never afford to not take such decisions. </b></div><div style="text-align: justify;"><b> </b></div><div style="text-align: right;"><b>Rajeev K. Upadhyay </b><br /></div><b><br /></b></div>
<iframe src="https://drive.google.com/file/d/1OyEIqdKAARZ8TndO9oXXShRHL69HMzg5/preview" width="570" height="480" allow="autoplay"></iframe>Dr. Rajeev K. Upadhyayhttp://www.blogger.com/profile/16052699976424641255noreply@blogger.com0tag:blogger.com,1999:blog-4402290644035566419.post-68480424897589528482022-07-29T21:02:00.004+05:302022-07-29T21:35:27.808+05:30गहराता भारतीय अर्थतंत्र<div class="separator"><b><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhHKoBIv9Yy48hHhWvjYtX0oQ0h-yAHHuwxa8_g2uMwMoIkZ7tuv86ReRuF73Iu8Oq9XZchv4ySKLmUuNecu4Li8hANZe6YzjAzJZvtAVuJFDJq2mJNaf--EDMqyx2SY-_DhnDkszUDs64XcEcB_TAjJr_Rl8t3YdHpCjGtR4kOECbOhVshG6dU6pt7EQ/s874/IMF%20Projection%20Asia.jpg" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhHKoBIv9Yy48hHhWvjYtX0oQ0h-yAHHuwxa8_g2uMwMoIkZ7tuv86ReRuF73Iu8Oq9XZchv4ySKLmUuNecu4Li8hANZe6YzjAzJZvtAVuJFDJq2mJNaf--EDMqyx2SY-_DhnDkszUDs64XcEcB_TAjJr_Rl8t3YdHpCjGtR4kOECbOhVshG6dU6pt7EQ/s320/IMF%20Projection%20Asia.jpg" /></a></b></div><div style="text-align: justify;"><b>आईएमएफ के आर्थिक पूर्वानुमान के अनुसार भारतीय अर्थव्यस्था में 2022 में 7.4% व 2023 में 6.1% की दर से वृद्धि होगी। हालाँकि इस बात की पूरी संभावना है आईएमएफ अपने अगले पूर्वानुमान में इस वृद्धि की दर को मानसून में आए अनियमितता को जगह देते हुए रीवाइज किया जाएगा और ये दरें कुछ कम हों। ये वृद्धि दरें ऐसे समय में और भी महत्त्वपूर्ण हो जाती हैं जब भारत के लगभग सभी पड़ोसी देश आर्थिक समस्याओं में घिरे हैं किन्तु तब भी भारतीय अर्थव्यवस्था इन कठिन परिस्थितियों में अपनी आर्थिक गतिविधि को बहुत प्रभावित होने से बचा पाने में सक्षम रहेगी। </b><br /></div><div><b><br /></b></div><div style="text-align: justify;"><b>पड़ोसी देश श्रीलंका पहले ही डिफॉल्ट कर चुका है और वहाँ की आर्थिक परिस्थितियों को ठीक करने की दिशा में भारत सबसे बड़ा सहयोगी सिद्ध हुआ है। पाकिस्तान की आर्थिक स्थिति बहुत खराब है और बहुत कठिन शर्तों पर बाह्य आर्थिक सहयोग मिलने की संभावना बन पा रही है। बाँग्लादेश अपने बाह्य भुगतान के लिए आईएमएफ से सहयोग की माँग कर रहा है। म्यामांर, मालदीव व नेपाल की आर्थिक स्थिति भी बहुत स्थिर नहीं है। कुल मिलाकर सार्क में भारत व भुटान को छोड़कर सभी देश आर्थिक परेशानियों से घिरे हैं। <span><a name='more'></a></span><br /></b></div><div><b><br /></b></div><div style="text-align: justify;"><b>यदि संल्गन ग्राफ को देखा जाए तो स्पष्ट हो जाता है ना सिर्फ सार्क बल्कि एशिया व पैसिफिक की लगभग हर बड़ी अर्थव्यवस्था (चीन, जापान, दक्षिण कोरिया व ऑस्ट्रेलिया सहित) बहुत मुश्किल से 5% की वृद्धि को बनाए रख पाने में सक्षम हो पा रही होगीं। किन्तु फिर भी इसी समयावधि में भारत अपनी अर्थव्यवस्था में वृद्धि की दर को बहुत अधिक गिरने से बचाए रखने की स्थिति में रहेगा। यह भारत के आर्थिक ढ़ाँचे की बढ़ती गहराई, स्थिरता व संभावनाओं को बता रहा है। यह समस्त समाजवादी व मार्क्सवादी आर्थिक विचारों द्वारा उठाए गए प्रश्नों को गलत बताते हुए पिछले तीस वर्षों में भारत द्वारा अपनाए गए मिश्रित अर्थव्यवस्था की छोटी सफलता किन्तु प्रभावशाली प्रदर्शन को दर्शा रहा है। <br /></b></div>Dr. Rajeev K. Upadhyayhttp://www.blogger.com/profile/16052699976424641255noreply@blogger.com0tag:blogger.com,1999:blog-4402290644035566419.post-45882520738464746172022-07-26T20:31:00.007+05:302022-07-26T20:31:46.099+05:30भारतीय अर्थव्यवस्था का 7.2% के दर से बढ़ने का पूर्वानुमान<div class="separator"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjHz6qez-arQynYs8VPc095mx32hi7L_9tDe9X11cfG82eIhiDfxxmJTQoPfW1UIgiBynI3wk-ScJ7L4-Ez2zIV1JFR9j2jjpZlIo5tbvpOzlRVxLjnJSS89kKzElp5p8FYBAbSvIAQkAPTM7lbbogBTKLDrAu7ZfN8Bu86hOTO9abfDE3WVavrkQP_lw/s532/Capture.JPG" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjHz6qez-arQynYs8VPc095mx32hi7L_9tDe9X11cfG82eIhiDfxxmJTQoPfW1UIgiBynI3wk-ScJ7L4-Ez2zIV1JFR9j2jjpZlIo5tbvpOzlRVxLjnJSS89kKzElp5p8FYBAbSvIAQkAPTM7lbbogBTKLDrAu7ZfN8Bu86hOTO9abfDE3WVavrkQP_lw/s320/Capture.JPG" /></a></div><div style="text-align: justify;"><b>अधिकांश वैश्विक संस्थानों का अनुमान है कि 2022-23 में भारतीय अर्थव्यवस्था 7% से अधिक की दर से बढ़ेगी। आईएमएफ, आरबीआई और एडीबी ने क्रमशः 7.4%, 7.2% और 7.2% पर पूर्वानुमान लगाया है। यदि भारत दिसंबर 2022 को समाप्त होने वाली तीसरी तिमाही के अंत तक मुद्रास्फीति को भारतीय रिजर्व बैंक के सहिष्णुता स्तरों की सीमा के अन्दर ले आने में सक्षम हो जाती है, तो भारतीय अर्थव्य्वस्था के लिए आर्थिक मोर्चे पर चीजें सहज हो जाएंगी तथा इस बात की संभावना बढ़ जाएगी कि भारत वैश्विक मंदी से बचने में सक्षम हो जाए। हालांकि यह बहुत आसान नहीं होने वाला है क्योंकि इसका होना बहुत हद तक इस साल मानसून पर निर्भर है। <span><a name='more'></a></span></b><br /></div><div><b><br /></b></div><div style="text-align: justify;"><b>भारतीय कृषि का अभी का सबसे असहज तथ्य ये है कि देश के अधिकतर हिस्सों में इस साल मानसून समय से नहीं आया है। लगभग 50% धान के फसल रोपाई में पहले ही लगभग 3-4 हफ्ते की देरी हो चुकी है बहुत सारे क्षेत्र आँशिक सूखा की स्थिति से गुजर रहे हैं।और इस बात की पूरी संभावना है धान की फसलों से कमाई घटने के कारण पूरी ग्रामीण अर्थव्यवस्था में खर्चों में आंशिक कटौती की स्थिति बनी रहेगी। किन्तु ये बहुत बड़ी समस्या नहीं होगी। <br /><br />आर्थिक मोर्चे पर वैश्विक और घरेलू संकेतों को ध्यान में रखते हुए ये कहा जा सकता है यदि भारत कुछ राजकोषीय नीति निर्णयों के साथ-साथ दोहरे घाटों को नियंत्रित करने में सक्षम रहती है तो मुद्रास्फीति का प्रबन्धन और नियंत्रण बहुत कठिन नहीं होगा। <br /></b></div>Dr. Rajeev K. Upadhyayhttp://www.blogger.com/profile/16052699976424641255noreply@blogger.com0tag:blogger.com,1999:blog-4402290644035566419.post-73690485692655096082022-07-17T17:44:00.002+05:302022-07-18T20:41:00.515+05:30ट्रेड डेफिसिट व पूँजी पलायन का दोहरा दबाव और भारतीय रूपया<div class="separator"><b><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjcHfsk8xtAqlsBan971XShMbCFR-viI5Fzb3-YTIL_o-sIsF-l6cO2HlXY-7Xp9lRMnXg_j57EE-ZWOkgq9kDQ3WomS0U5TPDqS_YiwKxdTNzJZNdyPmz3Q-ER6lrroQswtVeOP1fqjrYd_LxBTzuWANzmtxg4h8jCtDqr1epSCcKYVGB-5gNjVqjlJQ/s1057/Trade%20Deficit.jpg" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img alt="Trade Deficit India" border="0" height="297" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjcHfsk8xtAqlsBan971XShMbCFR-viI5Fzb3-YTIL_o-sIsF-l6cO2HlXY-7Xp9lRMnXg_j57EE-ZWOkgq9kDQ3WomS0U5TPDqS_YiwKxdTNzJZNdyPmz3Q-ER6lrroQswtVeOP1fqjrYd_LxBTzuWANzmtxg4h8jCtDqr1epSCcKYVGB-5gNjVqjlJQ/w320-h297/Trade%20Deficit.jpg" width="320" /></a></b></div><div style="text-align: justify;"><b>लगभग सभी तरह के आर्थिक व वित्तीय संकेतकों व सूचकाँकों के आधार पर कहा जा सकता है कि वैश्विक अर्थव्यवस्था शीघ्र ही मंदी के चपेट में आ जाएगी। हालाँकि अभी ये कहना जल्दबाजी होगा कि वैश्विक अर्थव्यवस्था में आनेवाली ये मंदी कितने समय तक बनी रहेगी व इसका समग्र असर क्या होगा? किन्तु वैश्विक अर्थव्यवस्था के विभिन्न स्टेकहोल्डर्स इस संभावित मंदी के प्रति प्रतिक्रिया करते हुए अपने हितों को सुरक्षित करने का प्रयास करना प्रारम्भ कर चूके हैं। </b><br /></div><div><b><br /></b></div><div style="text-align: justify;"><b>विदित हो कि किसी भी संभावित नकारात्मक आर्थिक परिप्रेक्ष्य में सबसे पहले प्रतिक्रिया करने वाले स्टेकहोल्डर विदेशी पोर्टफोलियो निवेशक होते हैं। विदेशी पोर्टफोलियो निवेशक किसी भी अर्थव्यवस्था में अपना पैसा तभी तक लगाए रखते हैं जब उनका हित व निवेश सुरक्षित रहता है। उसके लिए राष्ट्रीयता जैसी किसी भावना का कोई तात्पर्य नहीं होता है। जैसे ही किसी अर्थव्यवस्था का आर्थिक परिदृश्य उनकी अपेक्षाओं के विपरीत जाने लगता है, वे अपना पैसा कम सुरक्षित बाजार से निकालकर, अधिक सुरक्षित बाजार में निवेश करना प्रारम्भ कर देते हैं।<span><a name='more'></a></span> <br /></b></div><div><b><br /></b></div><div style="text-align: justify;"><b>आज भारतीय अर्थव्यवस्था व सिक्यूरिटी बाजार कुछ महीने पहले की तुलना में कम आकर्षक हैं व भारतीय अर्थव्यवस्था में रिस्क अमेरीकी अर्थव्यवस्था के तुलना में अधिक है। साथ ही अमेरीका में ब्याज दर लगातार बढ़ रहे हैं व अगले कुछ महीनों तक लगातार बढ़ते रहने की संभावना बनी हुई। इस तरह आने वाले दिनों में अमेरीकी सरकार की परिसम्पतियाँ पहले की तुलना में अधिक आकर्षक बन जाएंगी। इस कारण इस बात की पूरी संभावना है कि पोर्टफोलियो निवेशक अगले कई महीनों तक भारतीय बाजार से अपना निवेश निकालकर अमेरीकी अर्थव्यवस्था में लगाते रहेंगे जिस कारण भारतीय रूपए पर दबाव लगातार बना रहेगा। <br /><br />भारतीय रूपए पर अभी दोहरा दबाव पड़ रहा है। अमेरीकी डॉलर की तुलना में <a href="https://www.rajeevupadhyay.in/2022/07/depreciating-Indian-rupee-ukraine-russia-war.html" target="_blank">भारतीय रूपए के गिरते मूल्य</a> के कारण इम्पोर्ट बिल लगातार बढ़ रहा है जो अंततः महँगाई को नकारात्मक रुप से प्रभावित कर रहा है तथा साथ ही बढ़ता ट्रेड डेफिसिट भी भारतीय रूपए पर नकारात्मक असर डाल रहा है। इस तरह ट्रेड डेफिसिट व पूँजी पलायन, ये दोनों मिलकर भारतीय रूपए पर महीनों तक दबाव में बनाए रखेंगे। किन्तु यदि तेल की कीमत $90 से नीचे चला जाता है तो भारतीय रूपए में ना सिर्फ गिरावट रूक जाएगी बल्कि अमेरिकी डॉलर का एक्सचेंज रेट 77-78 रूपए के रेंज में शीघ्र ही आ जाएगा। अभी तेल कीमत $97.57 प्रति बैरेल है। उक्रेन-रूस के शुरू होने तुरंत बाद हैं मार्च में तेल की कीमत $123.7 प्रति बैरेल हो गई थी।<br /></b></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEibazcKf8vqDhG_b0dzoxiTicczedH2dDk-E4tkdnLVFEiT1DOWYelekw4c2-rKrrhIuaeKcQE66SMs7fDlJn3vNy33S4gSb-Zu2S2IZKi81F1evzJRKiseiXVyzKejxgPoNnpwlL6xQXzotu_d4qZjtNVhlSG3WnW65KkD_LY6MSIuuZR5-xa6bq5xyQ/s1080/WTI%20Crude%20Oil%20Price.jpg" style="margin-left: 1em; margin-right: 1em;"><img alt="WTI Crude Oil Price" border="0" height="228" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEibazcKf8vqDhG_b0dzoxiTicczedH2dDk-E4tkdnLVFEiT1DOWYelekw4c2-rKrrhIuaeKcQE66SMs7fDlJn3vNy33S4gSb-Zu2S2IZKi81F1evzJRKiseiXVyzKejxgPoNnpwlL6xQXzotu_d4qZjtNVhlSG3WnW65KkD_LY6MSIuuZR5-xa6bq5xyQ/w320-h228/WTI%20Crude%20Oil%20Price.jpg" width="320" /></a></div><div><b><br /></b></div><div style="text-align: justify;"><b>विदित हो कि यूरोप की मुद्रा यूरो, ब्रिटिश पॉउंड, जापानी येन, रशियन रूबल, ब्राजीलियन रीयल तथा सॉउथ अफ्रीकन रैंड का मूल्य पिछले एक महीने में भारतीय रुपए की तुलना में नेट गिरावट आई है। भारतीय रुपए का मूल्य में सिर्फ अमेरीकी डॉलर व चाइनीज युआन की तुलना में गिरावट आई है। अतः भारतीय अर्थव्यवस्था किसी विशेष समस्या का सामना नहीं कर रही है बल्कि वैश्विक अर्थव्यवस्था में हो रही घटनाओं से प्रभावित है। अतः किसी का ये सोचना कि स्थिति इतनी चिन्तनीय हो गई है कि भारतीय अर्थव्यवस्था की श्रीलंका की स्थिति में चली जाएगी, अनुचित होगा। <br /></b></div>Dr. Rajeev K. Upadhyayhttp://www.blogger.com/profile/16052699976424641255noreply@blogger.com0tag:blogger.com,1999:blog-4402290644035566419.post-84773368585084600132022-07-15T11:56:00.006+05:302022-07-15T11:57:30.348+05:30रूपए का डेप्रिसिएशन<p style="text-align: justify;"><b><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiBQJCJG6kP-yybH-3kIiDvl4OOlmBAvNkELFdtodSSpqJfAWiH0xWc4AtVqiiH2lEWEnxg_1yKkoSuCUFrwffFT9Aj4SoGsh5cUnaD1xx-aWp7la0ULtuS5yKlLlL1V797EmR51NRCoI8-47YMydcZ4ricmiakfJpzmTarH2F0cAjSjW-8IvzRDTXNLw/s1068/Rupee%20Dollar.jpg" style="clear: left; float: left; margin-bottom: 1em; margin-left: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiBQJCJG6kP-yybH-3kIiDvl4OOlmBAvNkELFdtodSSpqJfAWiH0xWc4AtVqiiH2lEWEnxg_1yKkoSuCUFrwffFT9Aj4SoGsh5cUnaD1xx-aWp7la0ULtuS5yKlLlL1V797EmR51NRCoI8-47YMydcZ4ricmiakfJpzmTarH2F0cAjSjW-8IvzRDTXNLw/s320/Rupee%20Dollar.jpg" /></a>प्रश्न पूछना व उनके उत्तर ढ़ूढ़ना एक नागरिक का अनिवार्य दायित्त्व है। किन्तु साथ ही ये भी आवश्यक है कि उचित प्रश्न पूछा जाए ताकि एक सही व उपजाऊ विमर्श की स्थिति बन सके। <br /><br />भारत व दुनिया में आने वाली संभावित मंदी को लेकर तरह-तरह के प्रश्न पूछे जा रहे हैं और ठीक व उचित भी है। हर समझदार व्यक्ति का चिन्तित होना स्वभाविक है। किन्तु अनेकों लोगों के द्वारा कुछ ऐसे भी प्रश्न पूछा जा रहा है जिनका कोई मतलब नहीं है। <br /><br />पिछले कुछ समय से भारतीय रूपए का मूल्य डॉलर की तुलना में लगातार गिरा है और यह एक कटु सत्य भी है। किन्तु रूपए के मूल्य के गिरावट में अस्वभाविक क्या है? क्या भारतीय रूपया एक मात्र करेंसी है जो लगातार डेप्रिसिएट हो रही है? इस प्रश्न के एक शब्द में उत्तर है ‘नहीं’। दुनिया की लगभग सारी बड़ी मुद्राएँ लगातार डेप्रिसिएट हो रही हैं और ऐसा होना स्वाभाविक भी है। <span></span></b></p><a name='more'></a><p></p><p style="text-align: justify;"><b></b><b>दुनिया अभी अनेक तरह की अनिश्चितताओं से घिरी हुई है। कोरोना काल के दौरान सप्लाई चेन के डिस्ट्र्ब होने के बाद अभी तक स्थितियाँ अभी तक सामान्य भी नहीं हुई थीं कि उक्रेन और रूस में युद्ध शुरू हो गया। ये दोनों ही देश जो दुनिया के बड़े गेहूँ निर्यातक हैं। इतना ही नहीं पुरा यूरोप रूस के तेल व गैस पर निर्भर है। इस युद्ध के कारण दुनिया की अर्थव्यवस्था का एक बहुत बड़ा भाग खाद्य पदार्थों व तेल तथा गैस की कमी से जूझने लगा जिसका असर पूरी दुनिया में ना सिर्फ महँगाई पर ही पड़ा बल्कि आर्थिक गतिविधियों पर पड़ रहा है। और यही कारण है कि दुनिया की लगभग सभी मुद्राएँ कमजोर हुई हैं। </b><br /><br /><b>यह मानव का सामान्य व्यवहार है वह कम खतरे को प्राथमिकता देता है। आर्थिक दृष्टिकोण से अमेरीका आज भी दुनिया की सबसे सुरक्षित अर्थव्यवस्था है। और जैसा कि होना चाहिए, दुनिया की सभी अर्थव्यवस्थाओं से विदेशी निवेश निकलकर अमेरीका की ओर जाने लगा है। जिस कारण अमेरीका डॉलर दुनिया की मुद्राओं की तुलना में मजबूत हुआ है। और भारत कोई अपवाद नहीं है। हालाँकि इसी अवधि में रशियन रूबल बाकी मुद्राओं सहित अमेरीका डॉलर की तुलना में मजबूत हुआ है। </b><br /></p><p style="text-align: justify;"><b>यदि आप संलग्न चित्र के देखेंगे तो पाएंगे कि यूक्रेन-रूस युद्ध प्रारम्भ होने पश्चात रशियन रूबल के अलावा सभी बड़ी मुद्राएँ डेप्रिसिएट हुई हैं और अमेरीकी डॉलर भी इससे बच नहीं पाया है। अमेरीकी डॉलर में 11.3% का डेप्रिसिएशन हुआ है। इसी समयावधि में भारतीय रूपए में 5.3% का डेप्रिसिएशन हुआ है। </b></p>Dr. Rajeev K. Upadhyayhttp://www.blogger.com/profile/16052699976424641255noreply@blogger.com0tag:blogger.com,1999:blog-4402290644035566419.post-71057991071980675922022-06-20T10:00:00.026+05:302022-06-20T10:00:00.142+05:30अग्निवीर नहीं बनना है!<div class="separator"><b><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgR9vgPPDThrKD0opeGpnjeVE0-dPB8tMcXo7Cu26fFxPT7zGZJgZB21bcm7O2w_OtJRaA4QmnqmospCAwGlrLEzwThmORagwbH69m_naWoj2ulX1QsiVDuwG1-TGKtT6ewhGu272qzJ1IhAGbm4PgHjJQJQJh_uzv9QaqfLNTE_n9LESBYXa2zSJgBRQ/s960/%E0%A4%85%E0%A4%97%E0%A5%8D%E0%A4%A8%E0%A4%BF%E0%A4%B5%E0%A5%80%E0%A4%B0.jpg" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgR9vgPPDThrKD0opeGpnjeVE0-dPB8tMcXo7Cu26fFxPT7zGZJgZB21bcm7O2w_OtJRaA4QmnqmospCAwGlrLEzwThmORagwbH69m_naWoj2ulX1QsiVDuwG1-TGKtT6ewhGu272qzJ1IhAGbm4PgHjJQJQJh_uzv9QaqfLNTE_n9LESBYXa2zSJgBRQ/s320/%E0%A4%85%E0%A4%97%E0%A5%8D%E0%A4%A8%E0%A4%BF%E0%A4%B5%E0%A5%80%E0%A4%B0.jpg" /></a></b></div><div style="text-align: justify;"><b>आपको अग्निपथ योजना पसंद नहीं है! बढिया है। बहुत अच्छी बात है। बिल्कुल विरोध करिए। मैं तो कहता हूँ जमकर विरोध करिए किन्तु तरीका बदलकर। थोड़ा सृजनात्मक तरीके से विरोध करिए।</b><br /></div><div><b><br /></b></div><div style="text-align: justify;"><b>जब सरकार को भर्ती करना होगा तो तय है कि विज्ञापन निकालेगी ही। बस आपको करना ये है कि सरकार चाहे कितने भी विज्ञापन निकाले, आप भर्ती होने जाइए ही मत! क्या कर लेगी सरकार? कुछ नहीं।<span><a name='more'></a></span><br /></b></div><div><b> <br /></b></div><div style="text-align: justify;"><b>अरे भाई! ये इंदिरा गाँधी जी की नसबंदी योजना थोड़े ही है कि पुलिस वाले पकड़कर आपको अग्निवीर बना देंगे! और इसका लाभ भी दोहरा है। पहला कि आप पर कोई मुकदमा नहीं होगा। मतलब आप हिस्ट्रीशीटर नहीं बनेंगे। आप आराम से कलेक्टर या फिर अम्बानी में से कुछ भी बनने का विकल्प चुन सकते हैं। दुसरा कि आपके ऐसा करने से सरकार की ये योजना भी असफल हो जाएगी! है ना डबल फायदा। तो फायदा उठाइए' देश क्यों फूँक रहे हैं?<br /></b></div><div><b> <br /></b></div><div style="text-align: justify;"><b>अच्छा आपको डर है कि यदि सरकार विज्ञापन निकालेगी तो आपका मन नहीं मानेगा और भर्ती होने पहुँच ही जाएँगे? ना भाई ऐसा मत करना! मन कड़ा करके यूपीएससी का फार्म भर देना। कोई नहीं अम्बानी ही बन जाना।</b></div>Dr. Rajeev K. Upadhyayhttp://www.blogger.com/profile/16052699976424641255noreply@blogger.com0tag:blogger.com,1999:blog-4402290644035566419.post-90133857541943130152022-06-19T21:16:00.000+05:302022-06-19T21:19:14.839+05:30अग्निपथ योजना, हिंसा व अराजकता<div class="separator"><b><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi-RSnfSrPSxXdVM1EPRbbGcc-nJbc2nZ9GY9sSm44KUzhNc7SrVIIqxIH-XtCX3XsXBNwA04OHGQzuq33IpoD5m-GUCPEjuWlar7eLq1I45Rph-93MQWXRwWGPvOZnTfHcC47NSo2s1dPQVSszc9WKO9Y1wV26TVqUncUxfvqyxL_Bqfl_9WmdVKtsYA/s320/%E0%A4%85%E0%A4%97%E0%A5%8D%E0%A4%A8%E0%A4%BF%E0%A4%AA%E0%A4%A5%20%E0%A4%AF%E0%A5%8B%E0%A4%9C%E0%A4%A8%E0%A4%BE.jpg" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi-RSnfSrPSxXdVM1EPRbbGcc-nJbc2nZ9GY9sSm44KUzhNc7SrVIIqxIH-XtCX3XsXBNwA04OHGQzuq33IpoD5m-GUCPEjuWlar7eLq1I45Rph-93MQWXRwWGPvOZnTfHcC47NSo2s1dPQVSszc9WKO9Y1wV26TVqUncUxfvqyxL_Bqfl_9WmdVKtsYA/s1600/%E0%A4%85%E0%A4%97%E0%A5%8D%E0%A4%A8%E0%A4%BF%E0%A4%AA%E0%A4%A5%20%E0%A4%AF%E0%A5%8B%E0%A4%9C%E0%A4%A8%E0%A4%BE.jpg" /></a></b></div><div style="text-align: justify;"><b>हिंसा धीरे-धीरे भारतीय समाज में प्रतिक्रिया व असहमति के संप्रेषण का मुख्य व स्थाई भाव बनता जा रहा है। कभी धर्म के नाम पर, कभी कानून के विरोध में, कभी किसी योजना के ना पर तो कभी किसी भ्रष्ट नेता के भ्रष्टाचार के समर्थन में सिर्फ देश को हिंसा के आग में ही नहीं बल्कि युवाओं को एक अंधेरी गुफा में भी ढकेला जा रहा है। इससे ना तो देश का भला होनेवाला है और ना ही उन युवाओं का उकसाए जाने के बाद हिंसा का माध्यम बनते हैं। लेकिन कहते हैं ना कि किसी के हानि में किसी ना किसी का लाभ छुपा होता है और इन हिंसक घटनाओं में तो हितधारकों का दोहरा लाभ छुपा होता है। इन हिंसक घटनाओं का दोहरा लाभ उन दलों व संस्थाओं को मिलता है जो युवाओं का उकसाकर इस हिंसा को फैलाते हैं। उन दलों व संस्थाओं को ढेर सारी चर्चाओं व सहानुभूति के साथ-साथ बड़ी संख्या में स्थाई कार्यकर्ता जरूर मिल जाएंगे।<span><a name='more'></a></span></b><br /></div><div><b><br /></b></div><div style="text-align: justify;"><b>विरोध करिए; ये केवल आपका अधिकार ही नहीं वरन आवश्यक भी है क्योंकि यही लोकतंत्र का सौंदर्य है किन्तु इस लोकतांत्रिक विरोध को मध्यकालीन युद्ध बनाते हुए उसे बंजर मत बनाइए।</b></div>Dr. Rajeev K. Upadhyayhttp://www.blogger.com/profile/16052699976424641255noreply@blogger.com0