WORLD FROM MY PERSPECTIVE

These are the various important personalities with great minds who all together made the Indian economy stand so high.

M Narasimham was the first and so far the only Governor to be appointed from the Reserve Bank cadre, having joined the Bank as a Research Officer in the Economic Department. He later joined the Government and prior to his appointment as an interim Governor, he served as Additional Secretary, Department of Economic Affairs. He had a short tenure of seven months. He later served as Executive Director for India at the World Bank and thereafter at the IMF after which he served in the Ministry of Finance as Secretary. He was chairperson of the Committee on the Financial System, 1991 and the Committee of Banking Sector Reforms, 1998. A Ghosh was the Deputy Governor of the Bank since 1982 and was appointed as an interim Governor for a brief period of 15 days till R N Malhotra could take over. He was earlier the chairman of Allahabad Bank prior to his appointment as the Deputy Governor of the Bank. He was also a Director of the Industrial Development Bank of India a...

B N Adarkar was appointed as an interim governor till S Jagannathan could take over as Governor. He was a professional economist and served for many years in the office of the Economic Adviser of the Government of India and also held important positions in the Ministry of Commerce & Industry prior to his appointment as the Deputy Governor of the Bank. He also served as India's Executive Director at the IMF and as Deputy Governor. He played an active role in the establishment of the National Institute of Bank Management. N C Sen Gupta was appointed Governor for three months till K R Puri could assume office. Prior to his appointment as the Governor, he was working as Secretary to the Department of Banking in the Ministry of Finance. *  The floating exchange rate is a regime where a country’s currency   is set by the foreign-exchange market through supply and demand for that particular currency relative to other currencies. Thus, floatin...

As I think it is important to discuss about the Governors of RBI, their qualifications and their contributions, thereby I shall discuss a few needed things to know about the great minds, helped in shaping of our economy. K. G. Ambegaokar, a member of the Indian Civil Service, served as Finance Secretary prior to his appointment as Deputy Governor. On the resignation of B. Rama Rau, he was appointed as the interim Governor till H V R Iengar could take over. *  Refinance corporations are the institutions financially aiding the Bankrupt companies unable to meet their existing obligations. This is usually to change the terms of the loan i.e.; to reduce the interest rates and to extend the maturity period. * Decimal coinage is an age of decimalisation  i.e.; converting a currency from its previous non-decimal denomination to a decimal system, i.e., a system based on one basic unit of currency and one o...

Monetary policy includes LAF, MSF, CRR and SLR. These tend to be the most important terms and tools used by the RBI to control money flow in the market.  Liquidity Adjustment Facility includes 1) Bank rate 2) Repo rate 3) Reverse Repo rate. In layman’s terms, Bank rate is the rate of interest at which the RBI lends to banks. It is just like lending public with or without any security. For example, when banks are out of funds, and want to borrow from RBI, which is considered the lender of last resort, let us say an amount of RS 100 at the interest of 5%. This interest rate is called the bank rate. It is a long term borrowing option for the banks with a pre decided maturity date. It was the most often used platform by the banks but recently went under operation when its prominence was taken over by the Repo rate. Repo is the repurchase agreement. It means that banks place the government securities as collateral with the RBI and borrow money for a short period of time (seven d...

"RBI data shows bank credit growth at 9.4%", "RBI unlikely to cut repo rate in 2015-16", "RBI eases overseas borrowing rules for domestic companies", "RBI move on loan to value ration seen reducing home loan rate further" etc are often heard of from the business news. The common from all as we find is - RBI. Is not it intriguing that the entire economy of India is stabilized by a single authority and institution of great bureaucrats and economists - The Reserve Bank of India? Indeed, it is. What are deemed to be the powers of that reputed authority? How it lubricates the Indian economic growth? What is the strategy they adapt? What are the limitations of its functioning and few related questions interests one to know the basis of the working of the economy. The basic functions of RBI are divided in the formulation of two important policies. They are 1) Monetary policy 2) Fiscal policy. The monetary policy streamlines the money flow in t...

In 2001, the US led NATO forces invaded Iraq and swept away the Saddam forces and allies. All of those who supported Saddam were taken as war prisoners and the important point here is that most of them were Sunnis. Thus, the US led Shiite coalition forces having gone to power slowly ended up to pile up the discrimination against the Sunnis. There was an uprisal of many small insurgencies and the birth of anti national elements against the Shia president and his atrocities. To think precisely, it was not the mistake of the common people, whether Shias or Sunnis. It was always the elite who instigate their caste feelings on the common. Thus came a time for the sufferings of Sunnis during the Shiite government reign and the attacks of US left them in destitute accusing them of relations with Al queda. In one such prison was a Ba'ath party activist, Abu Bakhr Al Baghdadi. Bagdadhi has graduated in Islam from the University of Islam, Iraq. He started to settle the fights among the pe...

The dreading picture for the world today emerges to be ISIS. A dilettante who just run into news and accusations against the ISIS blame it to be a terrorist organisation. Yes, of course, it is a militant organisation. But we blatantly cannot blame them on a single basis point. There is a story of their agony for years which led them through the way of rebellion for salvation. There was no choice for them but to fight otherwise they are dead souls. Though we have already seen the tragic conditions of the middle East and African countries which induced out many citizens from their countries as refugees, there are always a handful left behind in the burning hell, battling for their lives. Such raging souls together formed an insurgency in order to teach the entire political monarchists a lesson. Not that I stand for ISIS, but there are facts to be considered to judge something abnormal happening in the world. Why should there be any abnormality? It is again the same as I discussed in my ...

ERITREA is a country to the north west of the African continent. Honestly speaking, Most of the people do not know that a country named Eritrea exists, what will they know about the problems it faces. It is known as the country of isolation which is distant to all the western allies. This made the country totally an introvert and succumb to the beliefs and faiths within the country. Ethiopia once occupied Eritrea and there were continuous invasions even after its independence. This led the government to impose stringent law and order in the country. The people who did not follow or opposed the regulation of the land, were lynched to death. All the men and women below the age of 50 are dragged to the military camps and are trained in armoury to be ready for the war anytime protecting the country. The country projects a war like situation always. Every citizen of the country has got to perform his/her duties and never had experienced any rights. The government takes away the people slee...

Let us have an intrinsic look into the political and economic details of those countries from where the people are fleeing away. The first such country stands out to be Syria. As we have discussed already, the major reason for the Syrian refugee crisis is the ages long political instability in the country. The political cohesion and the unity among the opposition groups in the country against the political regime of Bashar al Assad is growing day by day since 2011( the rise of Arab spring). Why is there any opposition actually? Syria became an independent republic in 1946 but there was no chance for the people to have enjoyed the liberty as the democratic rule was soon ended in a takeover by the coup abolishing the human rights. There was no liberty to people nor they could work or gather in groups. The militants were ruthless to the common people. Ever since, people waited for the ray of hope to kiss their foreheads and make them believe and stand up for that beautiful taste of lif...

Your dad just restricts you from going out with friends for once and what lingers on your petty brains? That you are not independent to take your own decisions and seek for freedom you desire, to act according to your conscience, right? If we people, who are well settled enough, have meals to eat three times a day feel horrible for the luxuries not available, what do you think is the vulnerable status of the refugees? Who are refugees? They are the people who are forced to flee their home countries, where they are born and brought up, in the course of searching for a livelihood in the host countries. When I started reading newspaper about the European refugee crisis recently, I, by default started condemning the refugees for they running away from the issues in their mother lands and ending up at the places unfamiliar to them, seeking for the help from the unknown. But eventually, I understood how great the problem of refugees is and decided to share my views on this particular cris...