Showing posts with label Economics. Show all posts
Showing posts with label Economics. Show all posts

Indian Currency



Currency System From The Ancient Times To The British Period
Ever since the dawn of civilization, man has been trading with each other. In the ancient times when there was no concept of money, people used barter system. In this system goods were exchanged with each other instead of paying money. Gradually, with development, metals were used to cast coins.

In India, during the rule of the slave dynasty, silver coins known as tanka and copper coins known as jintal were introduced by Iltutmish. During his brief rule, Sher Shah Suri introduced a silver coin known as Rupiya. Mughal coinage highlighted originality and innovative skills. Earliest issues of paper rupees were by Bank of Hindustan (1770-1832) and Bengal Bank (1784-91). During the British rule, and even in the first decade of independence, rupee was divided into 16 annas, which was divided into 4 paisa.

Currency System After Independence

Pre Decimal Issues (1950 - 57)
The first coins were introduced in 1950's. They were 1 paisa, 1/2, 1 and 2 annas, 1/4, 1/2 and 1 rupee denominations.

Decimal Issues (1957 - till date)
The first decimal issues of India consisted of 1,2,5,10,25 and 50 paisa along with 1 rupee. The 1 naya paisa was made of bronze while the 2, 5 and 10 naya paisa was of cupro-nickel. The 25 and 50 naya paisa and the 1 rupee were made of nickel. In 1964, the term naya was eliminated from all coins. In 1964 and 1967, aluminum 1,2,3,5 and 10 paisa were introduced.

In 1968, nickel brass 20 paisa was introduced which was replaced by aluminum coins in 1982. In 1982, cupro nickel 2 rupee coins were introduced. In 1988, stainless steel 10, 25 and 50 paisa were introduced, followed by 1 rupee coins in 1992. In 1992 5 rupee coins were also introduced.

Bank Notes Before Independence
The Reserve bank of India began production of notes in 1938, issuing 2, 5,10,1000 rupee notes, while the government of India continued to issue 1 rupee notes.

Bank Notes After Independence
After independence the government introduced new designs in bank notes. In 1970s, 20 and 50 rupee notes were introduced. In 1987, 500 rupee note was reintroduced followed by 1000 rupee in 2000. The language panel on the Indian rupee banknotes has 15 of the 22 national languages of India.

Demographics Of Currently Circulating Notes


Value Dimension Colour Reverse Date of Issue
Rs. 5 117 × 63 mm Green Tractor 2002
Rs. 10 137 × 63 mm Orange-violet Rhinoceros, elephant, tiger 1996
Rs. 20 147 × 63 mm Red-orange Palm trees 2002
Rs. 50 147 × 73 mm Violet Parliament of India 1997
Rs. 100 157 × 73 mm Blue-green at center brown
purple at 2 sides
Himalaya Mountains 1996
Rs. 1000 177 × 73 mm Pink Economy of India 2002

Convertibility
The Indian Currency has a market determined by the exchange rates. The Reserve Bank of India trades actively in the INR/USD to have effective rates.


State Bank Of India



The History of State Bank Of India dates back to the first decade of the nineteenth century with the setting up of Bank of Calcutta in Calcutta on 2 June 1806.After three years it was renamed as Bank Of Bengal (2 January 1809).On 15th April 1840, the Bank Of Bombay was initiated and on 1st July 1843, the the Bank of Madras was established. The integration of the three banks resulted in the creation of Imperial Bank of India on 27th January 1921.

Structure and Organization
The Banks Corporate Office is located at Mumbai. Its domestic operational area is divided into 14 Circles, each with one Local Head Office and a few Zonal and Regional Offices. The Bank is present not just in the major metropolises of India but has wide reach in the villages of India. The Bank's top management consists of the Chairman, group executives for National Banking Group, Corporate Banking Group, International Banking Group and Associates & Subsidiaries, and four staff functionaries in charge of finance, credit, human resources & technology management and inspection & audit.

Three Strategic Business Units (SBUs) under the Corporate Banking Group have been set up by SBI to pay attention to big corporate customers. Distinguishing features of the SBUs are assimilation of operational planning with operations within each SBU, an alert delivery system with suitable specialist inputs and focused attention on profitability.

The staff and functionaries at various levels have been delegated higher financial powers to ensure quicker decision making in credit areas and disposal of a large number of credit proposals at operating units' level. A committee approach has been adopted, both at the apex and circle levels, for sanction of large advances and loans. Keeping this in mind Central Office Credit Committee and Circle Credit Committees have been set up to ultimately ensure faster delivery. Credit and systemic risk processes have thus accordingly been restructured. Simplified and concise credit appraisal formats have been designed to ensure improvement in the quality of credit decisions, better quality of assets and reduction of Non Performing Assets or NPAs.

Transformation In SBI

The SBI has undergone major transformation in the recent years. The bank has ventured into new areas of business like Pension Funds, General Insurance, Custodial Services, Private Equity, Mobile Banking, Point Of Sale, Merchant Acquisition, Advisory Services, and Structured Products etc. The bank forsees tremendous growth potential in all these areas.

The bank has made forays into the rural banking with state of the art technology. The bank has outlaid an ambitious plan to expand rural banking to 100,000 villages in the next few years.

The bank has ambitious plans to focus on the high end market to support India's increasing mid/large Corporate with a wide range of products and services. The bank is consolidating its global treasury operations and diversifying into structured products and derivative instruments. At present SBI provides the largest amount of infrastructure debt and the bank is the largest provider of commercial borrowings in the country.SBI is a Fortune 500 company.

The Bank is in the process of expanding its base overseas. Currently it has 82 offices abroad spread over 32 countries. The seven subsidiaries of SBI are SBI Capital Markets, SBICAP Securities, SBI DFHI, SBI Factors, SBI Life and SBI Cards.

Jawahar Rozgar Yojana - JRY




Jawahar Rozgar Yojna was launched on April 1, 1989 by merging National Rural Employment Program (NREP) and Rural Landless Employment Guarantee Programme (RLEGP). At the end of Seventh Five Year Plan
So this was a consolidation of the previous employment programs and it was largest National Employment Program of India at that time with a general objective of providing 90-100 Days Employment per person particularly in backward districts. People below Poverty Line were main targets.
The Yojna was implemented on rural scale. Every village was to be covered through Panchayati Raj Institutions. The village got aide and support from District Rural Development Authority. Expenditures were born by central & state in 80:20 ratios.
Since 1993-94 the Yojna was made more targets oriented and expanded substantially through increased budgetary allocations. It was divided into 3 streams:
First Stream: Comprising general works under JRY and also two sub schemes Indira Awas Yojna and Million Wells Scheme. This stream got 75% of the total allocation. In Indira Awas Yojna the allocation was increased from 6% to 10 % and in Million Wells Scheme from 20% to 30 % during that period.
Second Stream: This was also called intensified JRY and was implemented in selected 120 backward districts. It got 20% allocation.
Third Stream: This was left with 5 % allocation for Innovative programs which included Prevention of labor migration, drought proofing watershed etc. programs.
Since April 1, 1999 this Yojna was replaced by Jawahar Gram samridhi Yojna. Later from September 25, 2001, Jawahar Gram Samridhi Yojna was merged with Sampoorna Grameen Rozgar Yojna

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Globalization


Teachers may want to have the students read this introduction before they read the essays on "Globalization" to provide a basic understanding of the concepts included therein.
"Globalization" is a term that came into popular usage in the 1980's to describe the increased movement of people, knowledge and ideas, and goods and money across national borders that has led to increased interconnectedness among the world's populations, economically, politically, socially and culturally. Although globalization is often thought of in economic terms (i.e., "the global marketplace"), this process has many social and political implications as well. Many in local communities associate globalization with modernization (i.e., the transformation of "traditional" societies into "Western" industrialized ones). At the global level, globalization is thought of in terms of the challenges it poses to the role of governments in international affairs and the global economy.
There are heated debates about globalization and its positive and negative effects. While globalization is thought of by many as having the potential to make societies richer through trade and to bring knowledge and information to people around the world, there are many others who perceive globalization as contributing to the exploitation of the poor by the rich, and as a threat to traditional cultures as the process of modernization changes societies. There are some who link the negative aspects of globalization to terrorism. To put a complicated discussion in simple terms, they argue that exploitative or declining conditions contribute to the lure of informal "extremist" networks that commit criminal or terrorist acts internationally. And thanks to today's technology and integrated societies, these networks span throughout the world. It is in this sense that terrorism, too, is "globalized." The essays in this section address some of the complex questions associated with globalization in light of September 11. Before moving to these essays, consider the discussion below about some of the economic, political, social and cultural manifestations of globalization.

Economic manifestations of globalization

Increasingly over the past two centuries, economic activity has become more globally oriented and integrated. Some economists argue that it is no longer meaningful to think in terms of national economies; international trade has become central to most local and domestic economies around the world.
Among the major industrial economies, sometimes referred to as the Organization of Economic Cooperation and Development (OECD) countries, 65 percent of the total economic production, or GDP, is associated with international trade. Economists project that, in the U.S., more than 50 percent of the new jobs created in this decade will be directly linked to the global economy.
The recent focus on the international integration of economies is based on the desirability of a free global market with as few trade barriers as possible, allowing for true competition across borders.
International economic institutions, such as the World Trade Organization (WTO) and the International Monetary Fund (IMF), facilitate this increasingly barrier-free flow of goods, services, and money (capital) internationally. Regionally, too, organizations like the North America Free Trade Association (NAFTA), the European Union (EU), and the Association of South East Asian Nations (ASEAN) work towards economic integration within their respective geographical regions.
Many economists assess economic globalization as having a positive impact, linking increased economic transactions across national borders to increased world GDP, and opportunities for economic development. Still, the process is not without its critics, who consider that many of the economies of the industrial North (i.e., North America, Europe, East Asia) have benefited from globalization, while in the past two decades many semi- and non-industrial countries of the geo-political South (i.e., Africa, parts of Asia, and Central and South America) have faced economic downturns rather than the growth promised by economic integration. Critics assert that these conditions are to a significant extent the consequence of global restructuring which has benefited Northern economies while disadvantaging Southern economies. Others voice concern that globalization adversely affects workers and the environment in many countries around the world.
Discontent with the perceived disastrous economic and social manifestations of globalization has led to large and growing demonstrations at recent intergovernmental meetings, including meetings of the World Trade Organization (WTO), the International Monetary Fund (IMF), the World Bank, and the Group of Eight (G8) leading industrial countries.

Political manifestations of globalization

Globalization has impacts in the political arena, but there is not a consensus among social scientists about the nature and degree of its impact on national and international politics. Some political scientists argue that globalization is weakening nation-states and that global institutions gradually will take over the functions and power of nation-states. Other social scientists believe that while increased global inter-connectivity will result in dramatic changes in world politics, particularly in international relations (i.e., the way states relate to each other), the nation-state will remain at the center of international political activity.
Political theorists and historians often link the rise of the modern nation-state (in Europe and North America in the nineteenth century and in Asia and Africa in the twentieth century) with industrialization and the development of modern capitalist and socialist economies. These scholars also assert that the administrative structures and institutions of the modern nation-state were in part responsible for the conditions that led to industrial expansion. Moreover, industrial development brought with it social dislocations that necessitated state intervention in the form of public education and social "safety nets" for health care, housing, and other social services. Consequently, the development of the contemporary nation-state, nationalism, inter-state alliances, colonization, and the great wars of the nineteenth and twentieth centuries were in part political manifestations of changes in the structure of economic production.
It follows from this argument that in the era of globalization, with its significant changes in global economic relations, the nineteenth and twentieth century model of the nation-state may become obsolete. The economic orientation of the modern nation-state has been centered on national economic interests, which may often conflict with the global trend towards the free and rapid movement of goods, services, finance, and labor. These processes give rise to the question of whether the modern nation-state can survive in its present form in the new global age. Is it adaptable, or will it gradually be replaced by emerging multinational or regional political entities?
Changes in political structure and practices resulting from economic globalization are only a partial explanation of changes in world politics in the late twentieth and early twenty-first centuries. International relations and world politics in the second half of the twentieth century were strongly informed by another global factor - the Cold War (i.e., the ideological struggle between the Western nations, the United States and its allies, and the Eastern Bloc, the Soviet Union and China and their allies). The early and most intense years of the Cold War in the 1950s and 1960s coincided with the de-colonization of Asia and Africa and the creation of more than 70 new nation-states. Many of the new nation-states of Africa and Asia had based their struggle for independence on the principles of freedom, justice and liberty - principles espoused by both the Eastern and Western blocks. The economic, political, and ideological competition between East and West had fertile ground in these newly independent nation-states. Although the "cold war" never developed into a "hot war" of actual military conflict in Europe or North America, civil wars within and wars between new nation-states in Africa and Asia were fueled and supported by Cold War tensions. Major conflicts in Korea, Vietnam, Congo, Angola, Mozambique, and Somalia are examples of regional conflicts that were fueled by the Cold War.
To some experts, the demise of the Soviet Union and the Eastern bloc a decade ago promised a new era of world peace and increased openness. The processes of globalization accelerated as goods, ideas and people flowed more freely across borders in the post-Cold War political environment. In place of policies of containment, the international community fostered policies of openness to trade and based on the principles of democracy and rights.
With such increased openness, multilateral organizations, and in particular the United Nations (UN), have changed their focus from maintaining the balance of power between the East and West to a more global approach to peacekeeping/peace-building, development, environmental protection, protection of human rights, and the maintenance of the rule of law internationally. The creation of legal institutions like the international criminal tribunals that have sprung up in the past decade, as well as the proliferation of major international conferences aiming to address global problems through international cooperation, have been referred to as proof of political globalization. Still, since all of these institutions rely on the participation of nation-states and respect the fundamental principle of national sovereignty, the extent to which these institutions exhibit true political globalization continues to be debated.

Social and cultural manifestations of globalization

Though there are many social and cultural manifestations of globalization, here are some of the major ones:
  • Informational services: The past two decades have seen an internationalization of information services involving the exponential expansion of computer-based communication through the Internet and electronic mail. On the one hand, the electronic revolution has promoted the diversification and democratization of information as people in nearly every country are able to communicate their opinions and perspectives on issues, local and global, that impact their lives. Political groups from Chiapas to Pakistan have effectively used information technology to promote their perspectives and movements. On the other hand, this expansion of information technology has been highly uneven, creating an international "digital divide" (i.e., differences in access to and skills to use Internet and other information technologies due predominantly to geography and economic status). Often, access to information technology and to telephone lines in many developing countries is controlled by the state or is available only to a small minority who can afford them..
  • News services: In recent years there has been a significant shift in the transmission and reporting of world news with the rise of a small number of global news services. This process has been referred to as the "CNN-ization of news," reflecting the power of a few news agencies to construct and disseminate news. Thanks to satellite technology, CNN and its few competitors extend their reach to even the most geographically remote areas of the world. This raises some important questions of globalization: Who determines what news What is "newsworthy?" Who frames the news and determines the perspectives articulated? Whose voice(s) are and are not represented? What are the potential political consequences of the silencing of alternative voices and perspectives?
  • Popular culture: The contemporary revolution in communication technology has had a dramatic impact in the arena of popular culture. Information technology enables a wide diversity of locally-based popular culture to develop and reach a larger audience. For example, "world music" has developed a major international audience. Old and new musical traditions that a few years ago were limited to a small local audience are now playing on the world stage.
On the other hand, globalization has increased transmission of popular culture easily and inexpensively from the developed countries of the North throughout the world. Consequently, despite efforts of nationally-based media to develop local television, movie, and video programs, many media markets in countries of Africa, Asia, and Latin America are saturated with productions from the U.S., Europe and a few countries in Asia (especially Japan and India). Local critics of this trend lament not only the resulting silencing of domestic cultural expression, but also the hegemonic reach of Western, "alien" culture and the potential global homogenization of values and cultural taste.

Globalisation is a double edged sword




(Dr. D. Subbarao is 22nd Governor of the Reserve Bank of India. He has earlier been Secretary to the Prime Minister's Economic Advisory Council (2005-2007), lead economist in the World Bank (1999-2004), Finance Secretary to the Government of A.P. (1993-98) and Joint Secretary in the DoEA, Ministry of Finance (1988-1993).

As a career civil servant for 30 years, I have worked at the district level, the state level and the national level. I also worked at the World Bank, and now towards the end of my career it is a privilege to come to the Reserve Bank of India. I’ve also been fortunate to work for a long period in the area of public finance. The Reserve Bank is different from what I did before as a civil servant in terms of work content and accountability mechanisms. Work content is of course the quintessential central bank work which is a much narrower canvas than many of my assignments as a civil servant. The responsibility is of course much larger, and accountability as the Governor is at an individual level as opposed to accountability at an aggregate level in civil service jobs. In a typical ministry, a civil servant would be responsible to the minister and the ministry itself would be accountable to the government. As the Governor, I am responsible at an individual level and I am hoping that my experience in the real sector would be an advantage in my current position as Governor. India is concerned; our consumption at 57 per cent of GDP is relatively high for an economy of our per capita income level. So the important thing for India is to increase investment, especially in infrastructure, and not so much consumption. I admit that private consumption has to go up as indicator of poverty reduction, but what is more important is that investment increases. Several international fora are appropriate. There is the IMF, the BIS’s bimonthly meetings and the very effective G20. Important topics such as this must be discussed at all these fora. And I believe that they are likely to be discussed for much longer than we think before we reach an agreed view on a minimum acceptable programmer.

           Globalization is a double edged sword. Although it has often helped India, the impact on the real and financial sector is mainly due to globalisation. India is much more integrated today than ten years ago, at the time of the Asian financial crisis. There is a view that bank credit is decelerating. But non-food credit has expanded faster (23.9%) than the same period last year (22%). So this view is not all that correct, but one must not exaggerate this piece of information. However, there has been a reduction in non-bank resources to commercial sector. Urban consumption is likely to fall from here on, but rural consumption will hold up because there is no wealth effect here.

Born on August 11, 1949, Dr. Subbarao holds a B.Sc (Hons) in Physics from the Indian Institute of Technology, Kharagpur and M.Sc in Physics from the Indian Institute of Technology, Kanpur. Dr. Subbarao also holds an MS degree in Economics from Ohio State University. He was a Humphrey fellow at MIT during 1982- 83. He has a Ph.D. in Economics with thesis on fiscal reforms at the sub-national level. Dr. Subbarao was a topper in the All India Civil Service examination for entry into Indian Administrative Services and Indian Foreign Services in 1972. He was one of the first IITians to join the civil service

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