Bitcoin- All you need to know | Bloomberg

What is Bitcoin?

  • It is an attempt by a firm, using blockchain technology, to create a set of shares in a trading entity that had an initial set value and fixed number (much like the face value and number of shares offered in an initial public offering), in the hope that these shares would become the medium of exchange through which people trade goods and services.
  • Since the number of shares is fixed, demand for them goes up over a period of time as more and more people use the shares to settle their transactions; so, the bet is that each bitcoin’s value goes up stratospherically since there will never ever be any more bitcoins issued.

It is legal?
Yes, as the Government has not yet regulated it in both India and China.
Could bitcoin be the next gold?
The idea has become particularly popular as the value invested in bitcoin and other cryptocurrencies has marched upward over the past year. Even after this week’s selloff, prompted by China declaring initial coin offerings illegal, the value of all cryptocurrencies in circulation is around $155 billion.
Digital Revolution –
The value of all bitcoins in circulation is moving close to the value of gold held by Exchange Traded Funds (ETFs).
Doubts on viability of Bitcoin –
There are two main reasons to doubt bitcoin’s viability as an investment.

  • One is an engineering issue: Its creaky infrastructure is likely to be a turn-off for all but the hobbyist users.
  • Another is more philosophical: Digital currencies have no fundamental value, so have no place in a portfolio.

Value of digital currency as compared to Gold –

  • It’s a fair question, but one that could equally be levelled at gold. Since Richard Nixon ended the fixed $35 an ounce convertibility of gold in 1971, its value has risen at times (the 1970s, the 2000s) and fallen at others.
  • The best argument to justify investing in gold these days is not that it’s an eternal “store of value” but that its very weirdness makes it special: According to modern portfolio theory, you should buy gold not for its superior investment returns, but because it doesn’t correlate much to other asset classes such as stocks, bonds and commodities.

Advantages of Bitcoins-

  • Freedom in Payment.
  • Allowing users to be in control of their transactions help keep Bitcoin safe for the network.
  • With the block chain, all finalised transactions are available for everyone to see, however personal information is hidden.
  • Bitcoin protocol cannot be manipulated by any person, organisation, or government. This is due to Bitcoin being cryptographically secure.
  • Currently there are either no fees, or very low fees within Bitcoin payments.
  • Due to the fact that Bitcoin transactions cannot be reversed, do not carry with them personal information, and are secure, merchants are protected from potential losses that might occur from fraud.

Conclusion –
Digital currencies may be as vulgar as the original barbarous relic, but neither is going away any time soon. If that makes investors in both look less like seers and more like problem gamblers betting on where a fly will land — well, welcome to financial markets.

North Korea Crisis | RSTV Summary

North Korea has considerably upgraded its nuclear weapons arsenal and capability which is increasing tensions in the Korean peninsula. It has conducted the intercontinental ballistic missiles (ICBM) tests. President Trump has strongly reverted back by pointing that the American Government can reply using the analogy of fire and fury. This situation is compared to the Cuban missile crisis of 1962.

  • North Korea-USA relations are antagonistic in nature since the Korean War. Since the Korean War of 1950s, the US has regularly maintained a strong military presence in South Korea and Japan.
  • North Korea maintains a huge military force as per its ‘military-first’ policy. It ranks third after the US and Russia in the possession of nuclear weapons.
  • North Korea has been testing nuclear weapons since 2006. The latest tests have launched missiles that flew over Japan and ultimately it threatened the US territory of Guam.
  • President Trump has warned of signalled his intention to send the US Carl Winson super carrier and its carrier strike group to the Korean peninsula.

Impact of a future war –

  • Causalities and financial losses will be immense including the losses to world economy.
  • Rise in debt levels of US and ripple down effects to the whole world impacting the global supply chains.
  • In case of entering of war in South Korea, it being one of the largest hubs of electronics manufacturing, would create shortages across the world.
  • There would be a large scale migration of refugees from North Korea to China, Japan, South Korea and other Asian countries.

Conclusion –
It would be better if some diplomatic resolution is adopted to freeze the war. China holds the key to this diplomatic resolution as it is the largest trade partners of North Korea (DPRK). US should put more pressure on China and Russia who possess some leverage on the rogue state of North Korea.

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Rail Development Authority for UPSC

Rail Development Authority –
Government has approved formation of a Rail Development Authority (RDA) comprising Chairman and three Members. The objective underlying RDA is to get expert advice/make informed decision on –

  • Pricing of services commensurate with costs.
  • Suggest measures for enhancement of Non Fare Revenue.
  • Protection of consumer interests, by ensuring quality of service and cost optimization.
  • Promoting competition, efficiency and economy.
  • Encouraging market development and participation of stakeholders in the rail sector and for ensuring a fair deal to the stakeholders and customers.
  • Creating positive environment for investment.
  • Promoting efficient allocation of resources in the Sector.
  • Benchmarking of service standards against international norms and specify and enforce standards with respect to the quality, continuity and reliability of services provided by them.
  • Providing framework for non-discriminatory open access to the Dedicated Freight Corridor (DFC) infrastructure and others in future.
  • Suggesting measures to absorb new technologies for achieving desired efficiency and performance standards.
  • Suggesting measures for human resource development to achieve any of its stated objectives.

Necessary adjustments –

  • A degree of independence through the manner of appointment and funding of the Rail Development Authority is necessary.
  • The degree of impact of the Authority will depend significantly on the first Chairman and Members.

How to achieve the planned objectives?
The ability to persuade the Ministry and the Board to implement the guidelines will be critical to success.

  • The first objective, namely “Pricing of services commensurate with costs”, will require separation of the commercial function of the railways and the social/subsidising function of the government. This is a necessary step to be able to bring focus on efficiency in the commercial function.
  • Secondly, getting an early agreement on the reform roadmap, with well-defined roles of each stakeholder in making the transition will be key to sequencing the Authority’s priorities. This will also help in syncing the priorities with various steps that other stakeholders need to take. While the spotlight will be on the Rail Development Authority, the reformers in the government will need to play a strong role in making the structural changes needed to achieve the ambitious objectives.
  • Thirdly, the objectives of “promoting competition, efficiency and economy”, “promoting efficient allocation of resources” and “creating positive environment for investment” require more fundamental reform. A fully empowered regulator will likely be a necessary milestone in that journey. In creating the case for reforms, its ability to position itself as “external” to the Railways will be essential for the Rail Development Authority’s credibility among stakeholders.
  • Fourthly, the Centre-State joint ventures, special purpose vehicles for port and mine connectivity projects, private licensees for container rail operations, Dedicated Freight Corridor Corporation of India Limited, among others, will provide the initial eco-system in which the Rail Development Authority could play a key role as an independent agency among stakeholders.
  • Lastly, its fourth function, namely “Dissemination of Information” may turn out to be the most potent in creating stakeholder support for reforms. Through this, the Rail Development Authority could still play a significant catalytic role in transforming the railways, even within its limited recommendatory mandate.

India and China propose joint project at WTO | PIB

Recently (on 18 July 2017) India and China jointly submitted a proposal to the World Trade Organisation (WTO) calling for the elimination – by developed countries – of the most trade-distorting form of farm subsidies, known in WTO parlance as Aggregate Measurement of Support (AMS) or ‘Amber Box’ support as a prerequisite   for consideration of other reforms in domestic support negotiations.
Significance –

  • This is an important proposal by India and China in view of the ongoing negotiations for the upcoming 11th Ministerial Conference of the WTO to be held in Buenos Aires in December 2017.
  • It counters the efforts by some countries to target the subsidies of the developing countries while letting the developed countries retain their huge farm subsidies.

Details –

  • The joint paper reveals that developed countries, including the US, the EU and Canada, have been consistently providing trade-distorting subsidies to their farmers at levels much higher than the ceiling applicable to developing countries.
  • Developed countries have more than 90% of global AMS entitlements amounting to nearly US$ 160 bn. Most of the developing countries, including India and China, do not have AMS entitlements.
  • Listing the most heavily and frequently subsidised products by the US, the EU and Canada since 1995, the paper calls for elimination of such subsidies. The numbers reveal that subsidies for many items provided by the developed world are over 50% and some even more that 100% of the value of production of the product concerned, while developing countries are forced to contain it within 10% of the value of production.
  • In other words, while developed Members have access to huge amount of AMS beyond their de minimis (these are the minimal amounts of domestic support that are allowed even though they distort trade — up to 5% of the value of production for developed countries, 10% for developing.) in contrast most developing Members have access only to de minimis resulting in a major asymmetry in the rules on agricultural trade.
  • Elimination of AMS, India and China believe, should be the starting point of reforms rather than seeking reduction of subsidies by developing countries, some of which like India provide a subsistence amount of about US $ 260 per farmer per annum compared to over 100 times more in some developed countries.


The Lessons of Demonetization | Livemint

Prime Minister Modi in his televised address to the nation his Government’s decision to demonetise the higher denomination currency notes. There is now ample proof that the grand demonetisation gamble has failed to meet its primary objective.
Signals of failure –

  • The Reserve Bank of India (RBI) has finally released numbers that show how most of the currency notes that were cancelled were deposited in banks.
  • The airy hopes that the Indian central bank would be able to extinguish a substantial chunk of its liabilities—and some mistakenly also argued that this would provide a fiscal bonanza that the government could use to recapitalize the banking system—have been belied.

What next?

  • Finance minister Arun Jaitley said that the money is now in the system, where the use of Big Data analytics could help the government identify who deposited black money.
  • The challenge now is to ensure that the creation of new black money is minimized. GST, which creates incentives for producers to seek bills from their input providers—will be part of the solution.

Positive consequences–
Every policy has a stated goal as well as secondary consequences, some of which are unintended. It is still quite possible that demonetisation will have positive consequences over a longer period—

  • the growth in the direct tax base,
  • the switch in the financial holdings of households from cash to bank deposits,
  • the increased use of digital payments.

The question to be asked is whether the potential long-term benefits will be greater than the short-term costs that the Indian economy had to bear.
Negative consequences –
The main negative economic consequence of demonetisation has been the disruption of unorganized supply chains that are dependent on cash transactions. However, it is also true that the Indian economy did not collapse because of the disruption of the monetary base, as some economists had predicted.
Lessons to be learnt from demonetisation –

  • The main lesson is that the Modi government did not seek the advice of experts before going ahead. The strategic decision to surprise holders of illegal wealth would anyway have restricted the circle of those who could be informed, but it seems that the idea came from outsiders with a penchant for impractical ideas rather than experienced policy advisers.
  • A good policy design should take into account how people will respond to any change in the rules of the game. In other words, incentives matter. Most rational human beings will adjust their behaviour to further their self-interest. Those who had illegal wealth held in cash obviously gamed the cash exchange process. Good incentive-compatible policy design is thus as important as good policy intent.

Conclusion –
The implementation of such a behemoth decision requires capacity building of those who would implement it on ground. A surprise invasion to the comforts of bureaucracy may seem desirable to check their readiness but it cannot be performed at the cost of common people and the economy as a whole. Government has derived the lessons and it is possible that the database of doubtful transactions, people and entities (formed post-demonetisation) would be fruitful for the Government to take the necessary legal action against such illicit wealth.

31st August, 2017 | PIB Summary

Cabinet approves MoU’s (Prelims + GS 2 IR)

The Union Cabinet chaired by Prime Minister Shri Narendra Modi has approved the proposal of the Election Commission of India to enter into Memorandum of Understanding (MoU) on cooperation in the field of electoral management and administration with the Election Management Bodies of other countries/International Agencies. These are as follows:

  1. The National Electoral Council of Ecuador;
  2. The Central Election Commission of Albania;
  3. The Election Commission of Bhutan;
  4. The Independent Election Commission of Afghanistan;
  5. The National Independent Electoral Commission of Guinea;
  6. The Union Election Commission of Myanmar; and
  7. The India International Institute of Democracy and Election Management (IIIDEM) and the International Institute for Democracy and Electoral Assistance (International IDEA).

Details –

These MoUs contain standard articles/clauses which broadly express promotion of cooperation in exchange of knowledge and experience in the field of organizational and technical development of electoral process; support in exchanging information, institutional strengthening and capacity building, training of personnel, holding regular consultations etc.

These MoUs would promote bilateral cooperation, aimed at building technical assistance / capacity support for the said Election Management Bodies.

Background –

The Election Commission has been participating in promoting cooperation in the field of election matters and electoral processes across the world with certain foreign countries and agencies by adopting the mode of MoU signed by the concerned parties.

Cabinet approved MoU with Israel (Prelims + GS 2 IR)

The Union Cabinet chaired by Prime Minister Shri Narendra Modi approved a Memorandum of Understanding (MoU) between India and Israel on “India-Israel Industrial R&D and Technological Innovation Fund (I4F)“. The MoU was concluded in July, 2017

Details –

India and Israel will make a contribution of four million US Dollars each for the Fund, both equivalent amount, annually for five years. The Innovation Fund will be governed by a joint Board which will consist of four members from each country.

The MoU envisages promotion of bilateral Industrial R&D and Innovation cooperation in the fields of science and technology by extending support to joint projects for innovative or technology-driven new or improved products, services or processes. Such projects will lead to affordable technological innovations in focus areas of mutual interest such as water, agriculture, energy and digital technologies. Institutional support in building up consortia including private industry, enterprises and R&D institutions from India and Israel will be enabled through these collaborative projects.

Significance –

The activities supported by the Joint Fund would increase the techno-economic collaboration between the two countries by investing in jointly developed technology projects and collaborations based on technological innovation. It would leverage the complementary strengths of Israel and India to encourage Israel-Indian joint projects that capitalize on both the national and global marketplace. It would provide a comprehensive set of support tools to encourage joint projects that convert “know-how” into “show-how”. It is expected that this will foster and strengthen the eco-system of innovation and techno-entrepreneurship in India and will contribute directly to the Start-up India programme.

India-Afghanistan ties – The way ahead | RSTV

Introduction –
In his first prime-time televised address as the US Commander-in-Chief, President Trump announced his Afghanistan policy, wherein he pledged an increase in American troops and military degradation of Taliban in the future. He sought an enhanced role for India in bringing peace in Afghanistan as he ruled out hasty withdrawal of American troops. President Trump also issued the sternest warning yet by an American leader to Pakistan for providing safe havens to terrorists.
Radical policy shift –
This can be seen as a radical departure from the previous policy of the United States on Afghanistan. This fact can be substantiated by two arguments. First, this policy is unambiguously focused on degrading the Taliban militarily. Secondly, he has not yet closed the doors of political dialogue with Taliban in future. Mincing no words, he confirmed that the primary interest will remain degradation of Taliban which superimposes itself on the secondary interest. In the past, the western alliance had shown sensitivity to Pakistan’s objections to India’s role in Afghanistan. But this time, to cater to his primary objective, President Trump had to verbally target the safe haven of terrorism in the region i.e. Pakistan, for giving shelter and support to the terrorists. Similarly, he unequivocally supported India’s constructive role in Afghanistan to rebuild the war-torn country. Therefore, this shift in approach is definitely a radical departure from the past.
Chinese woes –
President Trump did not mention China’s role in Afghanistan despite it being a significant stakeholder in the region. This has definitely irked China which is evident by the way the Chinese Foreign Ministry defended Pakistan’s ‘constructive’ role in Afghanistan. To digress a little, it is not a secret anymore that China was interested in exploiting the mineral resources of Afghanistan, so it was pushing Pakistan to increase the presence of Taliban in the region so that it can work behind the evil shadows of Pakistan to pursue its economic objectives.
India-Afghanistan ties –
America wants India to work more constructively in rebuilding the post-war Afghanistan. India is already the largest aid donor to Afghanistan in the region and second largest export destination for Afghanistan. It has built dams, power projects, roads and other linkages to connect Afghanistan with the international lines of communication and transportation. Inviting Afghanistan as a stakeholder to build the Chabahar Port of Iran is a testimony to this fact. Apart from educating and training the Afghan people and their security forces, India has built the Afghan Parliament, which is an epitome of democracy and India’s resolute support in the legitimate Afghan Government. India cannot dictate the priorities of Afghanistan, hence, it responds positively to the demands originating from Afghanistan and tries to fulfil the same in practical limits. Therefore, India is an independent actor in Afghanistan, which itself is an independent and sovereign country. The relationship between the two nations is based on mutual self-interest, ancient ties (as old as Indus Valley Civilisation) and shared affinities. This process of goodwill needs to be carried forward.
Deescalation of US-Pak ties?
President Trump has removed the initial reservations of the United States of offending Pakistan by allowing India to expand its scope of activities in Afghanistan. Hence, we can expect an acceleration in India-Afghanistan cooperation. There might be a substantial discussion to explore more areas of cooperation where India can assist Afghanistan in areas such as rural development, health and education. Similarly, President Trump has begun giving a setback to the unholy coalition of China and Pakistan in the region, which was aiming for a dominating role Afghanistan. By criticising Pakistan and not mentioning China in his speech, he has cleared that America will not allow them a free access in Afghanistan anymore.
Role of Iran –
In the pursuit of peace in Afghanistan, the role of Iran is of paramount importance. Trilateral cooperation between Afghanistan, India and Iran over Chabahar Port for an access route is beneficial to all the countries. This cooperation should not offend any country including the United States because the larger objective of stabilising Afghanistan rests on the premise of a stable relationship between these two neighbours and India. For a landlocked country like Afghanistan, multiple access routes are naturally advantageous in its ambition to secure development for itself and stability in the region.
Conclusion –
Although the ambiguity over troop numbers remains unresolved, it is quite possible that a new alliance with clear civil and military domains is emerging to outvote China-Pakistan axis. President Trump has assumed the military domain to degrade the terrorists, whereas it has suggested India to assume the developmental role in both civilian and military aspects. What is missing from this equation is the role of other regional stakeholders such as Russia who have turned suddenly active in the region to reclaim their perceived lost glory. As the South Asia policy of President Trump would unfurl itself in the near future, more clarity regarding the troop size, engagement with Taliban factions, strikes in Afghanistan-Pakistan border and most importantly, the role of other regional powers such as Russia, Iran and China would get clearer. Optimistic speculations or pessimistic assumptions are not going to benefit Afghanistan today, but a concerted effort to address the aspirations of Afghanistan Government and its people in an atmosphere free from violence and conflict is what we all should hope for the ‘Heart of Asia’.

Mentor India Campaign | PIB Summary

NITI Aayog will launch the Mentor India Campaign, a strategic nation building initiative to engage leaders who can guide and mentor students at more than 900 Atal Tinkering Labs, established across the country as a part of the Atal Innovation Mission.

Details –

Mentor India is aimed at maximizing the impact of Atal Tinkering Labs, possibly the biggest disruption in formal education globally.

The idea is to engage leaders who will nurture and guide students in the Atal Tinkering Labs. These labs are non-prescriptive by nature, and mentors are expected to be enablers rather than instructors.

NITI Aayog is looking for leaders who can spend anywhere between one to two hours every week in one or more such labs to enable students experience, learn and practice future skills such as design and computational thinking.

Atal Tinkering Labs –

Atal Tinkering Labs are dedicated works spaces where students from Class 6th to Class 12th learn innovation skills and develop ideas that will go on to transform India. The labs are powered to acquaint students with state-of-the-art equipment such as 3D printers, robotics & electronics development tools, Internet of things & sensors etc.

Atal Innovation Mission –

NITI Aayog’s Atal Innovation Mission is among one of the flagship programs of the Government of India to promote innovation and entrepreneurship in the country to set up the Atal Tinkering Labs across the country. The Mission has / is in the process of setting up 900+ such labs across India and aims to have 2,000 such labs by end of 2017.

Simultaneous Elections | Editorials Simplified

After India gained independence and the electoral process started, the 1952, 1957, 1962 and 1967 elections were held simultaneously. Later because of early dissolution of state assemblies and even the Lok Sabha the process was disrupted. Should we not hold elections to the state assemblies and the Lok Sabha simultaneously?
Arguments in favor –

  • First, frequent elections lead to disruption in public life due to regular political rallies and incessant use of loud speakers. Each time an election is held political parties collect money. It lays the foundation of corruption which occurs in government decision taking when parties come to enjoy power after winning elections. The election commission also spends money on holding elections. Large public money is wasted due to frequent elections.
  • Second, policy making and social environment get vitiated when elections are held. Governments tend to focus on short term issues rather than long term governance policies when frequent elections are faced by them. This leads to poor governance. Inevitably, caste, religion, sub-caste and other divisive forces get strengthened in election campaigning. This weakens our national fabric.
  • Third, since such elections are being held in some or the other part of the country all the time, operation of model code of conduct, which bars most decisions in the concerned state and all decisions which may have any effect on such elections by the centre, strongly hampers decision taking. It impacts efficient project execution and governance.
  • Fourth, very large number of personnel and para military forces are needed during the elections. Each time there is an election such forces are redeployed. In many cases this reduces our flexibility to use them in other sensitive areas like the north east, J&K and left wing extremism districts.

Arguments against –

  • Some people feel simultaneous elections would weaken the fabric of our federal system. When people go to the same booth and vote for both assembly and Lok Sabha together, there is a very strong chance that they would vote for the same national political party.
  • The holding of simultaneous election is also not feasible in view of current constitutional provisions. It would require amendment in the constitution to provide for large change, curtailment or extension, in terms of assemblies, to align with Lok Sabha elections scheduled in March-June 2019.

Way forward –
We can maximise the togetherness of election to these bodies and thus reduce the disruption in our governance process. This will require provisions to ensure stability in tenures of these elected houses and giving some flexibility to EC to fix the election schedule. Following policy changes may achieve this objective

  • First, provide for curtailing terms or extending it by six months of a state assembly by amending the constitution. This will give a one-year window to election commission to maximise togetherness of elections. Even if Lok Sabha is dissolved early at some point in future, EC can maximise the cluster of states holding simultaneous election using these powers.
  • Second, to bring stability in these bodies, we may provide for all no confidence motions to be accompanied by a confidence motion in a person and both to be voted together. Law commission and election commission have made similar suggestions.
  • Third, Election Commission must sensitise the voters and reduce their penchant to vote for the same party when elections are held simultaneously by starting an education process. Such campaigns should also be also run by NGOs and other organisations interested in strengthening the federal nature of our polity.

Eradication of Poverty | RSTV

In a recent event, Prime Minister Modi set an ambitious target to alleviate poverty from the nation in the coming 5 years. Even after seven long decades of independence, and despite being one of the major world economies, we have about a quarter of our population living under the trap of poverty. Each successive government since Independence, has tried to tackle poverty by making multiple policies. But, it is still far from what is required, for about more than 50% of the labour force working in agricultural sector and a majority of our population being still prevailing under the trap of poverty in rural areas.
Analysis –
EPoverty is defined as the scarcity of a certain level of material possessions or money (< $1.25/day) which also includes socio-economic, and political concepts. Whereas, absolute poverty (as defined by the United Nations) is “a condition characterised by severe deprivation of basic human needs, such as food, clean drinking water, sanitation facilities, health, shelter, education and information.”

  • India saw a rapid rise in poverty levels and even famines in 19th and 20th centuries i.e. during the colonial period, whose sole objective was to reduce the country to being a raw material exporter for Britain’s rapid industrialisation. For that purpose, it encouraged conversion of more lands into farms, collection of revenues, introduction of Zamindari system, etc.
  • To make India, a self-reliant and progressive economy in agriculture, efforts such as 5-year plans, land reforms, green revolution were made just after the independence. Though a little progress was made, too much reliance on ‘inward-oriented’ policy, led to the economic recession of 1980s.
  • The economy was forcefully opened up only in the 1990s, and progress in terms of higher GDP growth rate started showing signs. But, this growth was mainly concentrated selected areas such as services sector rather than the agriculture and manufacturing sector. As a result, inequality increased.
  • Contribution of agriculture to national GDP today is less than 20%, even though it provides livelihood security to millions of people in India and quantitatively, we are a major producer of various crops in the world (such as rice, wheat, etc). Therefore, we need to pay adequate attention to the agriculture sector with the state in leadership position so as to provide for improvement in irrigation (India being monsoon-dependent), latest technology (like drip irrigation, modern farm equipment, computer monitoring system), so as to provide for increase in productivity and more investments to meet infrastructure deficiencies in rural areas.
  • Poverty has increased rapidly in urban areas too due to migration of rural population towards urban centres in search of better livelihood opportunities. But these migrants end up being beggars, street vendors, poor casual workers etc. because of the fact that the manufacturing and services sector is unable to absorb them in time due to lack of skills required by the respective sectors.
  • Policies designed for poverty alleviation objective needs to be implemented efficiently and effectively. This may be done through the help of digitalization and e-governance techniques.
  • India is the second most populous country in the world today and we’re projected to be the most populated country by 2022. Hence, overpopulation needs to be controlled at the earliest. More and more jobs need to be created in diverse sectors to reduce the stress of unemployment and prevent our population from poverty trap.
  • Healthcare facilities suffer from low-quality standards, thereby they need to be improved and made cheaper further, as costly healthcare services may also lead a person to slip to below poverty line category in case of a health emergency.
  • Human resource management is to be ramped up through skill upgradation so as to raise them as capitals which can make them employable. Simultaneously we also need to focus on raising avenues to boost entrepreneurship among the population so as to turn them job generators.

Conclusion –
Multiple efforts by the Government were made since 1947 such as development of manufacturing sector, Green revolution for agriculture, LPG reforms of 1991 etc. Yet issues such as healthcare, undernourishment, lack of basic amenities and the rural-urban gap in terms of development continue to haunt Indian society due to the trap of poverty. Therefore, more efforts need to be made to make this wheel of development more inclusive and diversified so that the fruits of development can be reaped by all sections of society and the trap of poverty can be eliminated by root and branch from the Indian society.