Economy

On November 8, 2016 the Indian Government has announced the so-called demonetization or ban on two Indian Rupee notes: 500 and 1000. The Reserve Bank of India has issued a new 500 Rupee and 2000 Rupee notes. There is no replacement of 1000 Rupee notes. Currencies of all other denominations (1 – 100) are not affected. People living across the world including the PIOs, NRIs and visitors who have returned to their country of residence and possess these notes are not clear on what to do with those. First of all – most Indian banks outside India are not ‘Retail’ banks ...

The entire nation is stumped under the sudden impact of the denomination drive started by Prime Minister Narendra Modi. And, the most trending question today is: what to do with your old Rs 500 and Rs 1000 notes? Both Indians in India and Indians overseas are somewhere content yet confused, you could say. In the state of flux, there has been a great deal of information floating around, that may guide the common man, which includes financial experts and banks have also stepped in to give tips. The answer is clear – according to RBI guidelines, an NRI can deposit ...

As the festive season in India is getting over many people are happy to know that Chinese product sales  may be down by 30%. It may be a moment of celebration for patriotic Indians in short term although Indian traders will have to bear the brunt since they already had imported these items. Let us ask – why Indians would have to buy Chinese product to begin with? The answer is very simple –  Indian industries don’t make those items  or don’t pay attention to consumers’ concerns for price, choice and quality.  Suddenly one cannot stop trading according to international trade rules. And don’t forget Chinese do invest in the ...

‘Boycott Chinese imports’ is the social media obsession this Diwali season. Recently SAARC and BRICS summits were making headlines both in regular media as well as social media. People are giving way too much importance to these groups than it deserves. One does not have to be an economist or geo-political strategist to figure that out, sometimes common sense is enough! While one should be a good neighbor, help each other out, yet we must ‘think globally and act locally’! In the era of globalization trade, security and prosperity do not have geographical boundaries. The boundaries are built in the ...

If you belong to the “salaried” bracket, then you cannot be far away from ‘tax’.  It is part and parcel of your life – for Indians, who reside in India and those who choose be NRIs.  The latter are in a complex space – for they have to deal with two taxation regimes –   in India, and in the country in which they have found employment. Like any other Indian citizen, NRIs are taxed, so also they can enjoy the rebates and deductions provided for under Section 80 of the Income Tax Act. In this scenario, there are options ...

The brain drain, the much-touted phenomenon of the 90s seems to be all set for a role reversal. As India turns 67, a reverse brain drain seems to be kicking in. The diaspora’s great minds are flocking back to the resilient economy that has withstood the global meltdown. Taking the flight back is surely an eye-opener to the world’s confidence in India and also a testimony of the across-the-board potential that the country promises. Mritunjay Kumar takes a seat on the plane… Breathes there the man, with soul so dead, Who never to himself hath said, ‘This is my own, ...

  Inaugurating the 64th state level Van Mahotsav, Shri Narendra Modi says, let trees become a part of our family, the pride of the village and cities. Let us create such an environment Gujarat has not only placed itself in front line for the industrial development but protection of the environment as well. In addition it has increased over two fold area under mangroves cultivation in order to reduce the coastal erosion.CM talks about the importance of social forestry, says over 5 crore trees increased in non-forest areas in Gujarat. The Van Mahotsav 2013 commenced on a grand note with ...

Two opposite culture is flourishing in the same society side by side for a catastrophic disaster. What is happening country wide is the clash of culture? asks, Sachin Karmakar Although Bangladesh was independent forty two years ago at a cost of million lives and huge human suffering yet the dream of secular modern country was not achieved. The country is now divided in two sectarian groups; one is western modern educated young people aging forty and others are with fundamentally madrassa educated group aging thirty. madrassa educated group wears different dress then others and not respectful to national anthem & ...

Prof. Vaidyanathan draws attention to European crisis and on its consequences The European economic and social crisis is becoming worse with each passing day. One business channel asked me in 2008 how long it might take to recover and I responded saying 40 quarters — they never came back to interview. But now I forecast it may never recover. Sri Aurobindo said that India will rise on the ashes of western civilization and it seems to be coming true. It is important to recognise that the dominance of the West has been there only for last 200 odd years. According ...

Kanchan Banerjee brings out some facts and challenges of India’s energy sector Knowledge is power, and for each country on earth to be blessed with knowledge and information infrastructure, energy abundance is essential. But before we discuss and review the global energy picture, let us look at the world scene in terms of both resources and challenges. About 16% of world population, or roughly 1.1 billion people, are still illiterate. Almost a similar population does not have adequate access to potable water. About 2.7 billion people use solid and liquid fuel sources such as coal, wood and kerosene for their ...