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Economic Growth in India
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DateEconomic Growth in India
Introduction
Since 1991, India’s economy has rapidly grown and has emerged to be among the top 10% of countries in the world which have experienced economic growth. However, currently, India faces a primary challenge of sustaining its growth. As such, it requires international economic liberalization through reforms that will ensure the economic growth does not slowdown. To that effect, India looks forward to addressing issues such as infrastructure shortages, large fiscal deficit, unreformed financial sector and restrictive labor regulations (Balakrishnan 70).
Economic Growth in India
Revisiting the history of India’s economy, per capita income, increased by only 1% in 1960s. The cause of the stagnated growth was because of the government control in major economic activities such as infrastructure and the restriction of the growth of the private sector. The problem of development during the lag phase was the restriction of foreign investment and control of allocation of national resources through the planned economy. In 1991, the Prime Minister Rao announced adoption of Washington Consensus because of the crisis in the balance of payments. For instance, the interest rates rose up sharply due to a fall in the trading partner, leading to inflation (Balakrishnan 65).
After the announcement, foreign investments began. Recently, large companies such as Coca Cola, General Motors Inc., have signed deals on the New Delhi posters to expand trade with the country. In 1991 and prior to the economic liberation, the Rao watershed reform paved way for Structural adjustment loans. The adjustment loan helped to defray the cost of importing oil due to the shortage that was caused by the closing of the Bombay High Field. In addition, Indian energy commission accepted to link the gas prices to that of the international cost of oil in an effort to encourage private investment in the energy sector. As a result, India encouraged the free-market economy where both the buyers and the sellers from both the government and the private sector controlled the prices of product and services. Furthermore, the country began to undergo the revolution especially after the introduction of the Trade and Capital reform. The strength of the currency (rupee) fell against the international currencies, and the government agreed to comply with the market converted exchange rates. In additional, the government introduced other policies such as dilution of public sector, abolition of the industrial licensing and the rationalization of Tariff Structures (Balakrishnan 80).
The government adopted the gradual process of liberation due to the risks it anticipated were associated with market imperfections of the free market economy. The gradual reform was instigated so that the marketing implication would not underestimate the impact of the integration of the financial markets. The gradual reforms had some benefits to the country’s economic growth. For instance, the gradual liberalization enhanced the relaxation of foreign direct investment restriction and the restrictions of the inward portfolio capital flows. However, for a country undergoing transition from an economic repression to liberalized state, there was the danger of the crisis of the reversed economic growth. For instance, the gradual process would result to a crash in the inadequately regulated financial system (Balakrishnan 85).
Besides the reforms, the critics of the market economy in India allege that the economic sector cannot scuttle the existing political democracy. For instance, if the sellers fail to conform to the established values of the market, it is the role of the political state to lay down the economic reforms at its sovereign power. Nevertheless, ethnicity in India is a major source of conflict based on the way Muslims and Hindu citizens are treated. As such, the International Amnesty has been called upon to restore harmony among the two religions as the country frequently experiences communal violence.
Conclusion
In spite of the warring religion, India has ranked second as the most attractive country for Foreign Direct Investment. According to United Nation’s Conference on Trade and Development’s (Unctad) report, there is high domestic demand and many opportunities which are open to foreign investors. As such, the heightened economic reforms have made India unique for sustainable development and investment (Balakrishnan 135).
Works Cited
Balakrishnan, Pulapre. Economic Growth in India: History and Prospect. New York, NY:
Oxford University Press, 2010. Print.
‘Dead Wake’ is a critically acclaimed non-fiction novel authored by Erik Larson
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Dead Wake
‘Dead Wake’ is a critically acclaimed non-fiction novel authored by Erik Larson, an American writer. The story is about Lusitania, an American ship bound for Liverpool. Unknown to those on board, the voyage would be the last that the ship would ever make. Believed to be greater than even the Titanic, everyone thought that the Lusitania was indestructible. The British had gotten word of a possible attack on the ship but ignored it. The events in the book revolve around the First World War during which Germany and Britain fought each other. The attack on the Lusitania was carried out by a German submarine to offend the British. The United States had long declined to be a British ally in the war, but after the ship sunk, the United States joined the First World War in 1917. The main idea of the book is to examine different characters of the people on board, as well as the position of Germany, Britain and the United States of America in the First World War.
When Lusitania left New York, there were many notable personalities aboard. Some of them include the billionaire businessman Alfred Vanderbilt, a famous bookseller named Charles Lauriat and also one of the first female architects of the time (Larson). Other characters explored in the novel are two brothers, Cliff and Leslie Morton who held the position of deckhands. The ship also had a significant number of women and children on it, more than any other ship before the Lusitania. The ship had five stories, further adding to the belief that it was indestructible. No one could destroy such a humongous structure. William Thomas Turner commanded the ship as its captain.
On board the Lusitania, people laughed, ate drank and made merry. They were excited to be on the ship and were assured of a safe journey. Smoking and drinking were particular pastimes enjoyed by the passengers. The ship was supposed to be a passenger ship, but there were claims that it ferried arms as well. Britain and Germany had declared war on each other’s vessels, but this was taken to mean only military ships. Those traveling on the Lusitania felt they had little to worry about concerning the war between Germany and Britain. Before this, the British sought to enlist the help of the United States in the war, but this was met with a lot of reluctance by President Woodrow of the United States. On the first of May 1915, the New York Times carried a post warning of a possible attack on the Lusitania because the Germans might ambush non-military ships (Larson). No one paid any heed to this, and the boat set off as planned. This oversight is what contributed to the sinking of the Lusitania by the Germans.
A German submarine shot at the Lusitania, sinking it. The U-20 submarine was under the command of a thirty-two-year-old captain, Walther Schweiger. The novel describes their submarine as stuffy and tiny, they shared a small toilet, and stale air pervaded the space (Larson). The reader is tempted to think that the captain and his men that sank the Lusitania were a group of monstrous and unfeeling human beings that caused the deaths of hundreds of people. It is also hard not to empathize with the men stuck in the tiny sub for a long time, unable to breathe fresh air and sharing one toilet. Larson shocks the reader by giving a contrasting description of Captain Walther. He loved dogs, man’s favorite pet, lending him an endearing quality. He only attacked because his position demanded that he lead his men to fulfill their duty to their country.
Erik Larson depended mostly on primary sources as he pieced together the events of the sinking of the Lusitania. One example of the primary sources is a letter from one of the survivors of the tragedy, Dwight Harris. Harris wrote to his mother telling her of what happened in the ship in several letters. It is probably the most comprehensive account since he was a first-hand witness to everything that happened. There were other survivors who also gave their accounts enabling the author to cross-check facts and make sure that the novel gave an accurate picture of the occurrences before, during and after the attack on the Lusitania. In addition to the first-hand accounts, Larson also visited the University of Liverpool where he accessed photographs taken after the tragic sinking of the ship (Larson). From the pictures of dead bodies, he got an idea of the magnitude of loss and death that accompanied the attack.
The author of ‘Dead Wake’ succeeds in convincing the readers of his arguments. The description of the atmosphere in the ship gives the reader a feel of the confidence that passengers had in the invincibility of the ship. The sinking itself is also described vividly and reading the book; one feels that they were right there to witness the event. Readers also get to see the viewpoint of the German officers who launched the attack on the ship. President Woodrow’s affair with Edith allows readers to see his humanity after the loss of his wife. These are some of the strengths of the book; readers can relate to many things. The use of primary sources strengthens the author’s credibility because he did not just make up a story but did research before writing. The book also informs on the events that led to the United States to join the way, mostly because of the attack on the Lusitania.
Works Cited
Larson, Erik. Dead Wake: The Last Crossing of the Lusitania. Broadway Books, 2015.
Economic growth and the environment
Economic growth and the environment
Economic growth authenticates the welfare of human beings. In spite of its limitation in addressing all components of human welfare, it is a measurable index for indicating progress of societies. The industrial growth rate of a country is essential in indicating the position of a country in the world markets and in the ranking of human prosperity. An economy depends upon the industries for its growth. The industries, however, depend on the environment for raw materials. The antagonism between economic growth and environmental welfare lies in the fact that industries are tools for human progress rather than measures for improving the environment. Powerful social movements have always warned that economic growth compromises on the environmental states. In as much as such social movements are pessimistic about economic growth, economic progress can occur responsibly without interfering with the environment.
Governments enforce corporate responsibility measures that bar companies from interfering with the environment. Corporate responsibility programs ensure that companies conduct their activities ethically. This idea emanated from the realization that profit-making activities of business entities are, sometimes, not in synchrony with the welfare of communities. Corporate responsibility issues form the foundation upon which companies become liable for interfering with the environment. For instance, governments create disincentives for companies to create pollution by installing pollution charges (Booth, 2004). This means that companies cater for the costs they create to communities through pollution. The government redirects such fees into environmental sustenance programs such as planting of trees.
Recycling is an instrumental way of mitigating the depletion of raw materials by industries. Recycling refers to the processes of manufacturing new products from used materials. This means that the used materials act as the raw materials. This reduces the regularity upon which industries turn to the environment for raw materials. Recycling is effective in materials such as polythene papers and metals. For instance, car companies participate in recycling to limit the amount of metals they use on automobiles. Recycling polythene is essential in limiting the environmental effects associated with the non-biodegradable properties of the given materials. This helps in reducing the size of world’s dumpsites.
Green technology is a revolutionary movement in the face of rapid environmental damage. Green technology is an innovative sense of living that creates a balance in the ecology (Bruyn, 2000). For instance, renewable sources of energy are safe alternatives for oil fuels. Oil fuels are responsible for a great deal of pollution in the world. The world is dependent upon such fuels for operating automobiles and running factories. A renewable form of energy such as wind-power is critical for saving on fuel. The creation of hybrid cars is helpful in preventing the use of petroleum products for fuel.
It is discernible that societies can encourage economic growth without interfering with the environment. Economic growth is addictive such that it compromises on ecological aspects of the environment. This poses adverse consequences for the environment as industries depend on the Earth for its resources. Governments enforce corporate responsibility measures for ensuring that business entities operate ethically. For instance, pollution fees are vital in creating disincentives for companies to destroy the environment. Recycling is an effective way of preventing the depletion of resources. Recycling involves manufacturing new products by using used commodities as raw materials. Green technology is a revolution in the face of rapid environmental damage. By creating alternative fuels to petroleum products, the world mitigates poisonous emission. In the end, the human population has to tame economic progress by maintaining ecological balance in the environment.
References
Bruyn, S. M. (2000). Economic growth and the environment: an empirical analysis. Dordrecht, GR: Kluwer Acad. Publ.
Booth, D. E. (2004). Hooked on growth: economic addictions and the environment. Lanham, MD: Rowman & Littlefield.