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The International Monetary Fund (IMF)

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IMFAlong with the World Bank, the International Monetary Fund was founded in 1944 at a conference held in Bretton Woods, New Hampshire. It is a specialized agency within the United Nations system, cooperating with the UN on matters of mutual interest. Membership in it is requisite to membership in the World Bank. A close working relationship exists between the two organizations, as well as between the fund and the General Agreement on Tariffs and Trade (GATT).

Read Also: IMF Vs World Bank How IMF and World Bank are different?

Objectives of International Monetary Fund

The fund was established to promote international monetary cooperation to facilitate the expansion of trade, and the contribution to increased employment and improved economic conditions in all member countries its purposes are as follows –

 

  1. Monetary Cooperation- To promote international monetary cooperation through a permanent institution that provides the machinery for consultations and collaboration on international monetary problems.
  2. Expansion of Trade- To facilitate the expansion and balanced growth of international trade, and to contribute thereby to the promotion and maintenance of high levels of employment and real income and to the development of the productive resources of all members as primary objective on economic policy.
  3. Exchange Coordination- To promote exchange stability, to maintain orderly exchange arrangements among members, and to avoid competitive exchange depreciation.
  4. System of Payments- To assist in the establishment of a multilateral system of payment in respect to current transactions between members and in the elimination of foreign exchange restrictions that hamper the growth of world trade.
  5. Confidence- To give confidence to members by making the general resources of the Fund temporarily available to them under adequate safeguards, thus providing them with the opportunity to correct maladjustments in their balance or payment without resorting to measures destructive of national or international prosperity.
  6. Equilibrium- In accordance with the above, to shorten the duration and lessen the degree of disequilibrium in the international balance of payment of members.

Must Read:

Economics

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Syskool
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economics

An economy is a system for allocating resources to meet people’s needs and wants. It determines how goods and services are made and exchanged. The study of the economy is called economics and a person who studies economics is called an economist.

A good economy is generally one where there are lots of good-paying jobs, businesses are making money, and the overall economy of the country is growing. A bad economy is one where people are losing their jobs, businesses are shutting down, and the overall economy isn’t growing.

Must Read: Elements of Economic

Economics is often divided up into Macroeconomics and Microeconomics.

Microeconomics

Microeconomics studies how individuals and businesses make decisions within the economy. Examples of micro economics include:

  • Why someone chooses to buy one product over another
  • How the supply and demand of products work together
  • What price a company charges for its product
  • Why different jobs make different amounts of money

Have a Look at: An Open Economy

Macroeconomics

Macroeconomics looks at a bigger picture than micro economics. It looks at the economy as a whole and not individuals or small businesses. Examples of macroeconomics include:

  • The Gross National Product of a country
  • Unemployment rates
  • Net imports and exports for a country and how this affects jobs
  • The current rate of inflation

Also Read: Method of Measuring National Income

Goods and Services

Two important terms in an economy are goods and services. Goods are physical objects that are bought and sold. They include things like cars, food, and clothes. Services are actions that one person pays another to do for them. Services include things like medical care, teaching, fire-fighting, and baby-sitting.

Read More: The Goods and Services Tax (GST)

Types of Economies

  • Traditional – A traditional economy is typically based on bartering, trading, and farming. The economy is largely determined by how things have been done in the past with little change. People in traditional economies tend to do the same jobs as their parents.
  • Market – A market economy (sometimes called a “free market”) is one based on supply and demand. Consumers are free to buy whatever product they want. Companies can make whatever product they want. There is little government intervention allowing the economy to sort itself out through competition.
  • Command or Planned – A command economy is one where the government closely controls the economy. The government determines what goods are manufactured, the price they will be sold, and who gets the profits. The government owns many of the major industries.
  • Mixed – A mixed economy is a combination of a market and a command economy. Some industries are owned and controlled by the government, while other industries are allowed to be determined by the market. Mixed economies vary in how much control and regulations the government has.

The United States, like most countries today, is a mixed economy. The government controls some industries and places regulations on other industries, but much of the economy is allowed to run as a free market.

Must Read:

Indian economy

Industries Contributing to Indian Economy

Colonial Exploitation of Indian Economy

Chandrayaan-1

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Chandrayaan-1 was India’s first unmanned lunar probe. It was launched by the Indian Space Research Organisation in October 2008 and operated until August 2009. The mission included a lunar orbiter and an impactor. India launched the spacecraft using a PSLV-XL rocket on 22 October 2008 from Satish Dhawan Space Centre. The mission was a major boost to India’s space program, as India researched and developed its own technology in order to explore the Moon. The vehicle was successfully inserted into lunar orbit on 8 November 2008.

India planted its flag firmly in the lunar soil on November 14, 2008, when its Chandrayan-1 orbiter fired its Moon Impact Probe onto Earth’s natural satellite.

Must Read: ISRO Unveils Hub for its Navigation Fleet

The Indian Space Research Organisation (ISRO) calls the Moon flight project Chandrayan Pratham, which has been translated as First Journey to the Moon or Moonshot One in ancient Sanskrit.

Chandrayaan’s Moon Mineralogy Mapper has confirmed the magma ocean hypothesis, meaning that the Moon was once completely molten. The Chandrayaan-1 payload has enabled scientists to study the interaction between the solar wind and a planetary body like the Moon without a magnetic field.

In its 10-month orbit around the Moon, Chandrayaan-1’s X-ray Spectrometer detected titanium, confirmed the presence of calcium, and gathered the most accurate measurements yet of magnesium, aluminium and iron on the lunar surface.

The lunar mission carried five ISRO payloads and six payloads from other space agencies including NASA, ESA, and the Bulgarian Aerospace Agency, which were carried free of cost.

Chandrayaan stopped sending radio signals on 29 August 2009 shortly after which, the ISRO officially declared the mission over. Chandrayaan operated for 312 days as opposed to the intended two years but the mission achieved 95 percent of its planned objectives. Among its many achievements was the discovery of the widespread presence of water molecules in lunar soil.

ISRO is currently developing a second version of Chandrayaan named Chandrayaan-2 possibly to be launched in 2016. The Indian Space Research Organisation (ISRO) plans to include a robotic rover as a part of its second Chandrayaan mission. The rover will be designed to move on wheels on the lunar surface, pick up samples of soil or rocks, do on-site chemical analysis and send the data to the Earth via the Chandrayaan-2 orbiter, which will be orbiting the Moon.

Also, Read:

India Launches 6th IRNSS Satellite You Need to Know

10 Countries with Space presence

Religion: It’s Kinds and Impact on Indian Society

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Syskool
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indian-religions

Religion is one of the basic institutions of any society. It is a universal system which is found in every society. Religion can be understood as a social system in which there are common faith, worship, rituals, customs, and traditions. “Religion is a unified system of beliefs and practices relative to the sacred thing which unites into one single moral community.

The major religions in the world are Hinduism, Buddhism, Sikhism, Jainism, Christianity, and  Islam. The basic ideas and faith of each religion differ.

Read Also: The Rig Veda Age : Religion and Philosophy

Various Kinds of Religions:

Hinduism:

Hindu religion was in existence since “Indus Valley civilization”. Hinduism believes in the existence of Gods like Vishnu, Shiva, Brahma, Ganesh, Lakshmi, Saraswati, Durga etc.

Hindus believe in Idol-worships. The idols are considered as Gods and temples are the places where idols are kept. The unique feature of Hinduism is the existence of the caste system and the worship of different Gods. Ramayana, Mahabharata, and Bhagavad Gita are considered as great epics of Hindus.

Hinduism does not provide for conversion, i.e.: A person is regarded as a Hindu by birth. An individual belonging to another religion can’t be converted as a “Hindu”. Even though social reformers made an attempt to make provision for conversion it has not been very successful.

Buddhism:

It was founded by Gautama Buddha. Buddhism mainly believes in Ahinsa or non-violence. Buddha has preached eight fold paths to curb desire. The ultimate aim of Buddhism is to enable individuals to attain ‘Nirvana, or “salvation”. Tripitakas are considered a holy text of Buddhists.

Must Read: 15 Must-Know Facts about Buddha and Buddhism

Jainism:

It was founded by “Mahaveer”. Jainism also believes in Ahinsa. Places of worship of Jains are Known as “Bastis” Jainism believes in celibacy taking a vow not to marry. It states that physical desires should be sacrificed. Jainism believes in attaining salvation through the performance of “Sallekhana”.

Islam:

It was founded by Prophet Mohammed. Its beliefs in a single God viz: Allah. Islam does not believe in idol worship. It believes in the seclusion of women. The places of worship of Muslims are known as Mosques. “Mecca” is considered to be the holy place for Muslims. Every Muslim has to observe five times prayer a day known as “Karma”. Every Muslim has to observe fasting during the month of “Ramadan”.

Also, Read: What are the events behind Muharram ?

Christianity:

It was founded by Jesus Christ. “Bible” is considered as the holy text of Christians. Christians do not believe in idol worship. The place of worship for Christians is called church. Christians believe in offering prayers and helping the poor and disabled.

Sikhism:

It was advocated by Guru Nanak. The holy epic of Sikhs Adi Granth. The place of worship of Sikhs is known as “Gurudwaras”.

Though different religions preach different principles, every religion is characterised by certain basic features. They are as follows:

  • Every human society has a system of religion. The role of religion has declined but “religion” as a social system continues to exist.
  • Every religion believes in the worship of a common God.
  • Every religion believes in the performance of certain rituals.
  • Origin of religion is not a recent concept. It is in existence since time immemorial. Belief in life after death, fear of death contributed to the growth of religion according to anthropologists. In order to overcome the fear of the Ghosts, people started believing in the existence of the supernatural power which at a later stage resulted in the growth of religion.

Don’t Miss: KITCHEN FEED 100000 PEOPLE PER DAY

Impact of Religion on Indian Society:

India is a land of religious diversities. All the major religions of the world, viz.: Hinduism, Christianity, Islam, Sikhism, Buddhism and Jainism are found in India. The institution of religion has its own impact on Indian society which can be summarised as follows:

1. Solidarity:

People belonging to a particular religion closely identify themselves with the religious group.

2. Ethical values:

Religion helps in the development of ethical values, eg.: Care for the parents, protection of children, helping the poor and disabled, honesty are certain values, preached by religion.

3. Social control:

Religion acts as an effective tool of social control. By imbibing certain ethical values, religion enables to regulate the conduct of individuals.

4. Basis of law:

Over a period of time religious customs and traditions gain the force of law e.g.: According to morality, maintenance of wife and children is the bounden duty of the husband. In order to uphold this principle, provisions for awarding maintenance is made as a rule in Hindu Marriage

Read Also: The Sangam Age : Early History of South India

Negative Impact of Religion:

The institution of religion has caused many problems in Indian society.

1. Groupism:

Religion divides people. Such divisions may come in the way of development of the country.

2. Frequent conflicts:

People belonging to different religions feel that their religion is superior. They even try to impose their religious practices on others which would lead to conflict situations. In India, communal conflict has become a common feature.

3. Dogmatism:

Every religion has a set of beliefs which may be superstitious quite often. Such ideas block the development of society and the progress of individuals.

4. Blocks social change:

Religion acts as a hindrance for social change. It is highly challenging to transform the attitude of conservative people, e.g.: Restrictions on marriage expenses.

Though Religion has negative impacts it is not possible to have a society without a system of religion. It has become a part and parcel of an individual’s life.

Management Perspective:

Religion plays a significant role in business organisations. Management practices depend on religion. For instance:

  • Declaration of holidays for particular religious festivals.
  • Payment of Bonus for certain festivals.
  • Festival advance schemes
  • Celebration of some Pooja like Lakshmi Pooja on Fridays, Ayudha Pooja in organisations,
  • Allowing long leisure for Muslim employees on Fridays.

Thus, Religion is one of the important factors influencing the practices and policies of the organization.

Also, Read:

Zoroastrianism-Introduction to Persian Religion

Sikhism An Introduction to Sikh Religion

Saivism: Origin, Principles, and Kinds

Transport in India

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Syskool
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Transport in India
Transport in India

A well known and coordinated system of transport plays an important role in the sustained economic growth of a country. The present transport system of India comprises several modes of transport including rail, road, coastal shipping, air transport, etc. Transportation in India has recorded a substantial growth over the years both in spread of network and in output of the system. The Ministry of Shipping, Road Transport and Highways is responsible for the formation and implementation of policies and programmes for the development of various modes of transport save the railways and the civil aviation.

Transport in the Republic of India is an important part of India’s economy. Since the  economic liberalization of the 1990s, development of infrastructure within the country has progressed at a rapid pace, and today there is a wide variety of modes of transport by land, water and air. However, India’s relatively low GNP per capita has meant that access to these modes of transport has not been uniform.

Public transport remains the primary mode of transport for most of the population, and India’s public transport systems are among the most heavily used in the world. India’s rail network is the 4th longest and the most heavily used system in the world.

Motor vehicle penetration is low by international standards, with only 300 million cars on the nation’s roads. In addition, only around 10% of Indian households own a motorcycle.  The automobile industry in India is currently rapidly growing with an annual production of over 30.92 million vehicles, and vehicle volume is expected to rise greatly in the future.

Indian Railways is one of the largest railways under single management. It carries carried 8.26 billion passengers and transported 1.16 billion tonnes of freight in fiscal year ended in March 2018 and is one of the world’s largest employers. The railways play a leading role in carrying passengers and cargo across India’s vast territory. However, most of its major corridors have capacity constraint requiring capacity enhancement plans.

Buses, cycle-rickshaws, auto-rickshaws, taxis, boats and urban trains provide transport around India’s cities. On any form of transport without a fixed fare, agree on the fare before you start your journey and make sure that it covers your luggage and every passenger. If you don’t, expect heated altercations when you get to your destination. Even where local transport is metered, drivers may refuse to use the meter, demanding an elevated ‘fixed’ fare.

India has a network of National Highways connecting all the major cities and state capitals, forming the economic backbone of the country. Under National Highways Development Project (NHDP), work is under progress to equip some of the important national highways with four lanes; also there is a plan to convert some stretches of these roads to six lanes. Highways have facilitated development along the route and many towns have sprung up along major highways. Road transport Benchmark Freight Index (BFI) initiative taken in India in recently by ITRANS.

Directorate General of Civil Aviation (DGCA) is the national regulatory body for the aviation industry. It is controlled by the Ministry of Civil Aviation. The ministry also controls aviation related autonomous organisations like the Airports Authority of India (AAI), Bureau of Civil Aviation Security (BCAS), Indira Gandhi Rashtriya Uran Akademi and Public Sector Undertakings including Air India, Pawan Hans Helicopters Limited and Hindustan Aeronautics Limited.

Air India is India’s national flag carrier after merging with Indian in 2011 and plays a major role in connecting India with the rest of the world. IndiGo, Air India, Spicejet, GoAir, and Vistara are the major carriers in order of their market share. These airlines connect more than 123 cities across India and also operate overseas routes after the liberalisation of Indian aviation. A large section of country’s air transport potential remains untapped, even though the Mumbai-Delhi air corridor is being ranked among the world’s busiest routes.

Shipping plays an important role in the transport sector of India’s economy. 95 per cent of the country’s trade by volume (and 70% by value) is moved by sea. India has the largest merchant shipping fleet among the developing countries and ranks 20th amongst the countries with the largest cargo carrying fleet and the average of the fleet being 18 years. Indian maritime sector facilities not only transportation of national and international cargo but also provides a variety of other services such as cargo handling services, shipbuilding and ship repairing, freight forwarding, lighthouse facilities and training of marine personnel, etc.

India has 13 major and 200 minor and intermediate ports along its more than 7500 km long coastline. These ports serve the country’s growing foreign trade in petroleum products, iron ore, and coal, as well as the increasing movement of containers. Inland water transportation remains largely undeveloped.

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