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Cash Still Preferred Over Digital Economy: 6 Years Of Demonetisation Changed Mode Of Transaction

Aditi priya singhNovember 8, 20220

Today, six years have passed since demonetisation. Demonetisation was announced by Prime Minister Narendra Modi on November 8, 2016. After this, Rs 500 and Rs 1000 notes were banned all over the country, which at the time accounted for 86 percent of the entire currency circulation. Its objective was to curb black money in the country, eliminate counterfeit notes and promote the digital economy. After demonetisation, there has been a big boom in the digital economy of the country. The number of black money and counterfeit notes has been curbed to some extent, although the problem of black money and counterfeit notes still remains. Along with demonetisation in the country, a decision was also taken to launch a new currency. With this, 1000 rupees notes were completely out of circul...

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Workers In Federal Government Would Like ‘Original’ Pension Plan Reinstated; Read Story!

Sayani ChakrabortyNovember 7, 20220

Unions representing Group B and Group C workers have complained to the cabinet secretary that the National Pension Scheme is a nightmare for retirees. The Old Pension Scheme (OPS) has been requested to be reinstated by a federation of unions representing Union government employees in a letter to the cabinet secretary. According to The Hindu, they said that the National Pension System (NPS) is a catastrophe for retirees. NPS workers contribute 10% of their pay per month for their whole service, yet their pension is far lower than OPS workers'. "The pension under NPS stays unchanged and there is no Dearness Relief to replace the price rise /inflation as offered in the OPS," states the letter signed by the Joint Consultative Machinery, an umbrella union for Group B and Group C worke...

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The Rate Of Poverty In Rural India Is Four Times That Of Cities: Survey

Sayani ChakrabortyNovember 2, 20220

Three recent agency reports revealed national poverty shortcomings. Due to the pandemic, poverty levels in India have climbed again and progress has halted. India's GHI ranking has dropped further due to massive economic destruction. Rural poverty is four times higher than urban poor, worsening the problem. Ignoring such a severe situation is risky for a government. The pandemic and Ukraine conflict have added 70 million people to extreme poverty, according to the World Bank's "Poverty and Shared Prosperity" study. India was hardest hit, losing roughly 25% of its GDP. Early estimates show 56 million more poor in 2020. This shows that government welfare programmes like the Mahatma Gandhi National Rural Employment Guarantee and free food have not offset the significant loss of livelih...

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Bank Fraud: Arrested Business Honcho Neeraj Saluja Lived Life King Size; Here’s What You Need To Know!

Arpita SarkarOctober 31, 20220

The CBI arrested businessman Neeraj Saluja in a ₹1500 crore fraud case. It has created an uproar in Ludhiana's business community. Hailing from a family which was a major player in the hosiery business, Saluja has always lived life 'king size' as his colleagues and those doing business with him over the years confessed that Saluja was fair in his dealings with them. The case and his subsequent arrest came as a shock to them. As most businessmen remained tight-lipped about the development, refusing to say anything on the record, Saluja took the family hosiery business to greater heights with his brother when he began trading with Russia in the mid-1990s. He set up an office in Moscow. He expanded spinning yarn and SEL textiles. He set up units in different parts of the state. After that,...

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Nobel Prize For Economics 2022: Its Relevance With Respect To India

Pooja YadavOctober 28, 20220

The American economists Ben Bernanke, Douglas W. Diamond, and Philip H. Dybvig have each been given the 2022 Nobel Prize in Economics. For their work on banking and financial crises, they received the Nobel Prize. The majority of the banking research that has been done has its roots in their works. They continue to utilize their study to highlight the value of banks in maintaining a healthy economy, the contribution of bank failures to the escalation of financial crises, and the necessity of fortifying institutions in the face of such crises. Their work has significantly influenced how financial crises are handled or can be avoided, as well as how the financial markets are governed. Bank solvency problems are less common than investor fear as the cause of bank runs. Depositors may rus...

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Indian Rupee Depreciated Or Dollar Appreciated?: An Analysis

Pooja YadavOctober 21, 20220

The finance minister was recently lambasted by opposition parties for saying in the United States that the strengthening of the dollar was to blame for the rupee's decline in value. The US economy is performing better than other economies at a fundamental level. The American employment market has done exceptionally well, and sectors like services have remained resilient despite very high rates of inflation. This has boosted market confidence and allayed worries about things like a decline in the housing market. The value of the Indian rupee to the US dollar is determined by supply and demand. The value of the Indian rupee decreases when demand for US dollars increases and vice versa which is a very basic concept of economics. The demand for the dollar will be larger than th

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Breaking Down Cryptocurrency: Perspectives On Future Of Blockchain And Digital Finance In India

Sayani ChakrabortySeptember 23, 20220

As the Internet of Things (IoT), artificial intelligence (AI), genetic engineering, and other technologies continue to develop, India is on the threshold of a historically momentous era. New methods of doing business, making payments, and increasing productivity are emerging at a breakneck pace because of this accelerating pace of innovation across all sectors. In the driver's seat lies the crucial Blockchain technology, which is frequently confused with digital currency. In other words, we need to separate technology from its applications. Indeed, digital money is one of the early use of blockchain technology. IBM describes blockchain technology as "a shared, unchangeable ledger that supports the process of recording transactions and monitoring assets in a corporate network." Real ...

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Analysis Of Financial Technology And Its Latest Impact On Money Transactions

Sayani ChakrabortySeptember 20, 20220

Payment systems are being impacted by the technology transformation now taking place in the modern world. FinTech, short for "financial technology," is a term that refers to the ways in which new developments in this field are modernising outdated methods. The demands for digital banking, financial, and payment services have been pushed by the COVID-19 epidemic, just as digital technology has been and will continue to reshape payments, lending, insurance, banking, and more. The transition from brick-and-mortar banks to internet banking has had far-reaching effects on the ways in which consumers make purchases. This shift is being fueled by reasons including cheaper transaction processing, better security, and easier access to information via online banking and mobile apps. Payment alt...

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Why Capitalist Market Requires A Shift In Its Primary Concern?: Analysis

Sayani ChakrabortySeptember 19, 20220

Many individuals wonder whether or not market-based capitalism can be improved by shifting its focus. During the 1940s through the 1980s, we witnessed a typical battle between market and state capitalism. Market capitalism triumphed against state capitalism, right? The big question is whether or not this is correct. China is quickly becoming an economic and financial superpower. The goal is to build up infrastructure in developing nations by lending money at excessive interest rates, causing such nations to go bankrupt under the weight of their debt to China. When a country is unable to pay back its debts and the interest accrued on them, it is forced to forcibly liquidate the assets it has created. Without fighting, countries are losing vital land to a new sort of colonialism. Keep i...

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Jesus Row: Rejection Of TN Temples Likely To Impact Rahul Gandhi’s Campaign

Sayani ChakrabortySeptember 12, 20220

Rahul Gandhi's question, "So, Jesus Christ is a form of God" went viral minutes after chatting with the controversial Christian preacher George Ponniah from Kanniyakumari. After hearing the priest's response—"He's a genuine God... God exposes him as a man, a human person, not like Shakti or this power." There was widespread shock and fury in Congress. It was thought that this exchange was enough to derail the Congress' 'Bharat Jodo Yatra', at least in the northern part of the country. Perhaps Rahul wasn't given enough context before meeting with this controversial, "arrogant" preacher who thought he was the only one who could win over Christian voters in the Kanniyakumari area. Others thought that rather than publicly spectacle himself, he might have asked his Catholic mother Sonia some...

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Understanding Complicity Between Colonial State And Subaltern Class

Sayani ChakrabortySeptember 12, 20220

In studies of the experiences of India's poor and disenfranchised in the modern era, historians have often portrayed subalterns and the colonial state as antagonistic. Historians affiliated with the Subaltern Studies Collective were correct in their assessment that subaltern awareness existed outside from or in opposition to colonial modernity and its different institutions. They believed that genuine opposition to western social and political patterns originated in a separate subaltern domain that was unfettered by the colonial authority. That's why they zeroed in on the most spectacular instances of peasant uprising against the zamindar, sahukar and sarkar complex. The subaltern became a symbol of resistance in their hands. However, the history of colonial India is rife with examp...

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