Day: September 23, 2020

Financial Literacy – Its components and significance

Financial literacy is the possession of the set of skills and knowledge that allows an individual to make informed and effective decisions with all of their financial resources. Raising interest in personal finance is now a focus of state-run programs in countries including Australia, Canada, Japan, the United States and the United Kingdom. Understanding basic financial concepts allows people to know how to navigate in the financial system. People with appropriate financial literacy training make better financial decisions and manage money better than those without such training.

The Organization for Economic Co-operation and Development (OECD) started an inter-governmental project in 2003 with the objective of providing ways to improve financial education and literacy standards through the development of common financial literacy principles. In March 2008, the OECD launched the International Gateway for Financial Education, which aims to serve as a clearinghouse for financial education programs, information and research worldwide. In the UK, the alternative term “financial capability” is used by the state and its agencies: the Financial Services Authority (FSA) in the UK started a national strategy on financial capability in 2003. The US Government established its Financial Literacy and Education Commission in 2003.

Components of Financial Literacy :

There are five core competencies of financial literacy: Earning, Saving and Investing, Spending, Borrowing, and Protecting.

Earning –

“Earning” refers to bringing money home from a job, self-employment, or return on various investments. Most individuals earn money via employment in the form of a paycheck. The average employee pays between 28-30% of their gross income in taxes and other deductions before receiving their net income or take-home income. It is extremely important to understand gross versus net in a paycheck, in addition to understanding the federal, state and local individual income tax imposed on citizens and residents of the country.

Saving and Investing –

“Saving” and “Investing” deals with the understanding of financial institutions and services available to you. First of all, you should have a saving and a checking account to manage your own financial transactions. Start SAVING EARLY and PAY YOURSELF FIRST to help you understand the concept that saved money grows over time which also leads you to explore long-term investments for retirement planning.

Spending –

“Spending” is probably the most important concept because it is a personal reflection of your values, lifestyle, and your financial behavior. Differentiating between NEEDS and WANTS is the basic concept of controlling spending.  Budgeting is the most powerful and impact-full tool you can adopt to control spending to allow for saving and investing.

Borrowing –

“Borrowing”is acquiring debt to create assets. Most students have to borrow student loans to finance their educational goals, and with a financial plan for repayment, they can turn this investment in their education to their advantage. Mortgages or loans to buy homes are another form of borrowing or acquiring debt to create assets.  Business loans to create self-employment opportunity or build a business, and real estate investments, are also good examples of how borrowed money can be turned into assets and wealth accumulation.

Protecting –

“Protecting” deals with insurance, ID theft, and retirement planning. The idea is to stay protected at all levels in your life; on personal, health, and social levels. You will need to understand risk management, insurance coverage, identity theft protection, fraud, and scams, in order to master self and family financial protection in life.

Significance of Financial Literacy :

Financial Literacy helps in improving the financial knowledge of individuals. It brings clarity on basic financial concepts and principles such as compound interest, debt management, financial planning etc. It enables you to manage your personal finances efficiently. It helps in making appropriate financial decisions about investing, saving, insurance, managing debts, buying a house, child education, retirement planning etc. It helps individuals to achieve financial stability and financial freedom. It helps in understanding the difference between assets and liabilities. It helps in developing the skill sets required for better financial planning and managing your money. It provides in-depth knowledge on financial education and strategies which are indispensable for achieving financial growth and success. It helps you in generating, managing, saving, spending and investing money. It enables you to be debt free by inculcating financial knowledge and debt strategies.

In India, Financial Literacy has still not become a priority like other developed nations. Lack of basic financial knowledge results in poor investments and financial decisions. That’s why most people invest in short-term plans and physical assets to accomplish their personal goals which give lesser benefits and does not help in the economic development of the country. According to a global survey, about a staggering 76% of Indian adults do not understand basic financial concepts and are unfortunately financially illiterate even today. The survey confirms the financial literacy rate in India has been consistently poor as compared to the rest of the world. It is indeed high time for a developing country like India to realise the importance of financial literacy as such poor financial literacy rate can prove to be a major setback to India’s ambition of becoming an economic superpower in the coming years.

Financial Literacy has become one of the topmost priorities for most nations today as understanding basic financial concepts allows people to manage their wealth in a more organized way which in turn helps in the economic growth of the nation. It is proved that people with appropriate financial education and knowledge make better financial planning and makes the most of the available financial resources for maximum benefit. In the United States of America, financial literacy was initiated way back in 1908 by the American Credit Union Movement. In 1957, financial education was made mandatory by the state of Nevada and then other states followed. Australia also provides financial literacy education through customised programs. Singapore and Indonesia are among few of the Asian countries who have started this initiative and have taken the first step towards Financial Literacy.

Data Scientist Evergreen Career – Demand for Data Scientist is growing around the World

Data consumption has already increased manifold during the global pandemic anyway. As much data is being generated, its consumption is also being done accordingly. Mobile phones, social media, apps, payment wallets are generating so much data that the need of experts is being felt to manage it.

According to a study, the demand for data scientists around the world is estimated to increase by about 28 per cent. At the same time, India is second after the US in terms of making the most appointments in the field of data science or analytics.

Actually, data scientists study data. By analyzing the data, they help companies or institutions plan for the future. Under this, they first collect data. Then store them and then sort them into different categories i.e. packaging of data. Finally, data delivery takes place. Simply to say that data scientists know how to visualize data better. Apart from all this, they also help in finding the lost data, removing the chaos and avoiding other flaws.

Important skills with academics

To become a data scientist, a candidate must have an M.Tech or MS degree in Maths, Statistics, Computer Science, Engineering, Applied Science. Under Data Science people have to study Maths, Algorithm Techniques, Statistics, Machine Learning and Programming languages like Python, Hive, SQL, R, etc. which requires a lot of hard work, time and patience. The data scientist should also have a good understanding of the business and strong communication skills. Also, it is good to gather complete information about any program or course before selecting it. 

Course

Many top institutes in the country offer courses related to it. For example, the Post Graduate Diploma in Business Analytics (Data Science) program jointly run by IIM Calcutta, ISI Calcutta and IIT Kharagpur is quite popular. Apart from this, you can also do a course from IIIT Bengaluru. If you want to learn online, you can explore the platforms of Simplilearn, Jigsaw Academy, Edureka, Learnbay, etc. According to experts, the maths background is beneficial for making a career in data science.

The possibilities

By 2026, it is expected to be around 11 million new jobs coming in this sector. Talking about India, the demand for data scientists in 2018 was seen to increase by 4.17 per cent, which is likely to continue in the coming time. Youngsters aspiring to pursue a career in this field can work on the profiles of data engineers, data administrators, statisticians, data and analytics managers, etc. There will be good demand in sectors like agriculture, healthcare, aviation, cybersecurity etc.

Hiring will increase even after COVID 19

Data scientists play a key role in building business analytics, data products, and software platforms. Today, 2.5 quintillion bytes of data is being created in the world every day, which will require skilled professionals to manage. There will be tremendous opportunities for them. Especially in Big Data Analytics and IT industry, they will have special demand.

According to a global study, after COVID 19, millions of data science professionals will be needed in the US alone. Global companies will hire a large number of data scientists to manage their businesses.

A similar situation will prevail in India. For this, youth can enrol in postgraduate courses offered in different universities of the country or can also take online courses from Coursera, Metis, MIT (EDX), Harvard or Udemy. But doing a full course would be better. If you can work with machine learning in deep learning frameworks like Neural Networks, TensorFlow, Keras, PyTorch, and have working knowledge of Hadoop and Spark, then there can be golden opportunities to move forward in the industry. It is also important for the data scientist to have critical thinking.

Premier Institutes:

ASI Calcutta

http://www.isical.ac.in

IIM, Calcutta

https://www.iimcal.ac.in/

IIT Kharagpur

http://www.iitkgp.ac.in/

Indian Institute of Management, Bangalore

https://www.iimb.ac.in/

Great Lakes Institute of Management, Tamil Nadu

https://www.greatlakes.edu.in/

IIIT Bangalore

https://www.iiitb.ac.in/

Stock Market

Shares –

A share is the division of the total capital of the company in certain number of units. The owners of these shares are the owners of the company. The person having shares in a particular company are termed as the shareholders of that company. The amount required by the company to start the business is acquired by these shareholders. The denominated value of a share is called its face value. The total of the face value of issued shares represent the capital of a company, which may not reflect the market value of those shares. The income received from the ownership of shares is a dividend.  The shares are collectively known as “stock”.

Stocks –

Stock is all of the shares into which ownership of the corporation is divided. A single share of the stock represents fractional ownership of the corporation in proportion to the total number of shares. This typically entitles the stockholder to that fraction of the company’s earnings, proceeds from liquidation of assets, or voting power, often dividing these up in proportion to the amount of money each stockholder has invested. Not all stock is necessarily equal, as certain classes of stock may be issued for example without voting rights, with enhanced voting rights, or with a certain priority to receive profits or liquidation proceeds before or after other classes of shareholders.

Stock Market –

A stock market is the aggregation of buyers and sellers of stocks, which represent ownership claims on businesses. These may include securities listed on a public stock exchange, as well as stock that is only traded privately by stock holder, such as shares of private companies which are sold to investors through equity crowd-funding platforms. Investment in the stock market is most often done via stockbrokerages and electronic trading platforms. Investment is usually made with an investment strategy in mind. Stocks can be categorized by the country where the company is domiciled.

A stock exchange is an exchange where stockbrokers and traders can buy and sell shares (equity stock), bonds, and other securities. Many large companies have their stocks listed on a stock exchange. This makes the stock more liquid and thus more attractive to many investors. The exchange may also act as a guarantor of settlement. These and other stocks may also be traded “over the counter” (OTC), that is, through a dealer. Some large companies will have their stock listed on more than one exchange in different countries, so as to attract international investors.

Stock exchanges may also cover other types of securities, such as fixed-interest securities (bonds) or (less frequently) derivatives, which are more likely to be traded OTC. Trade in stock markets means the transfer (in exchange for money) of a stock or security from a seller to a buyer. This requires these two parties to agree on a price.  Equities (stocks or shares) confer an ownership interest in a particular company.

Participants in the stock market range from small individual stock investors to larger investors, who can be based anywhere in the world, and may include banks, insurance companies, pension funds and hedge funds. Their buy or sell orders may be executed on their behalf by a stock exchange trader.

Some exchanges are physical locations where transactions are carried out on a trading floor, by a method known as open outcry. This method is used in some stock exchanges and commodities exchanges, and involves traders shouting bid and offer prices. The other type of stock exchange has a network of computers where trades are made electronically. A potential buyer bids a specific price for a stock, and a potential seller asks a specific price for the same stock. Buying or selling at the market means you will accept any ask price or bid price for the stock. When the bid and ask prices match, a sale takes place, on a first-come, first-served basis if there are multiple bidders at a given price.

The purpose of a stock exchange is to facilitate the exchange of securities between buyers and sellers, thus providing a marketplace. The exchanges provide real-time trading information on the listed securities, facilitating price discovery.

NSE –

National Stock Exchange of India Limited (NSE) is the leading stock exchange of India, located in Mumbai, Maharashtra. NSE was established in 1992 as the first dematerialized electronic exchange in the country. NSE was the first exchange in the country to provide a modern, fully automated screen-based electronic trading system which offered easy trading facilities to investors spread across the length and breadth of the country. Vikram Limaye is Managing Director and Chief Executive Officer of NSE.

National Stock Exchange has a total market capitalization of more than US$2.27 trillion, making it the world’s 11th-largest stock exchange as of April 2018.  NSE’s flagship index, the NIFTY 50, a 50 stock index is used extensively by investors in India and around the world as a barometer of the Indian capital market. The NIFTY 50 index was launched in 1996 by NSE.  However, Vaidyanathan (2016) estimates that only about 4% of the Indian economy / GDP is actually derived from the stock exchanges in India.

The National Stock Exchange of India Limited (NSE) commenced trading in derivatives with the launch of index futures on 12 June 2000. The futures and options segment of NSE has made a global mark. In the Futures and Options segment, trading in NIFTY 50 Index, NIFTY IT index, NIFTY Bank Index, NIFTY Next 50 index and single stock futures are available. Trading in Mini Nifty Futures & Options and Long term Options on NIFTY 50 are also available.  The average daily turnover in the F&O Segment of the Exchange during the financial year April 2013 to March 2014 stood at ₹1.52236 trillion (US$21 billion).

On 29 August 2011, National Stock Exchange launched derivative contracts on the world’s most-followed equity indices, the S&P 500 and the Dow Jones Industrial Average. NSE is the first Indian exchange to launch global indices. This is also the first time in the world that futures contracts on the S&P 500 index were introduced and listed on an exchange outside of their home country, USA. The new contracts include futures on both the DJIA and the S&P 500 and options on the S&P 500.

On 3 May 2012, the National Stock exchange launched derivative contracts (futures and options) on FTSE 100, the widely tracked index of the UK equity stock market. This was the first of its kind of an index of the UK equity stock market launched in India. FTSE 100 includes 100 largest UK listed blue chip companies and has given returns of 17.8 per cent on investment over three years. The index constitutes 85.6 per cent of UK’s equity market cap.

On 10 January 2013, the National Stock Exchange signed a letter of intent with the Japan Exchange Group, Inc. (JPX) on preparing for the launch of NIFTY 50 Index futures, a representative stock price index of India, on the Osaka Securities Exchange Co., Ltd. (OSE), a subsidiary of JPX.

Moving forward, both parties will make preparations for the listing of yen-denominated NIFTY 50 Index futures by March 2014, the integration date of the derivatives markets of OSE and Tokyo Stock Exchange, Inc. (TSE), a subsidiary of JPX. This is the first time that retail and institutional investors in Japan will be able to take a view on the Indian markets, in addition to current ETFs, in their own currency and in their own time zone. Investors will therefore not face any currency risk, because they will not have to invest in dollar denominated or rupee denominated contracts.

In August 2008, currency derivatives were introduced in India with the launch of Currency Futures in USD–INR by NSE. It also added currency futures in Euros, Pounds, and Yen. The average daily turnover in the F&O Segment of the Exchange on 20 June 2013 stood at ₹419.2616 billion (US$5.9 billion) in futures and ₹273.977 billion (US$3.8 billion) in options, respectively.

Small yet distinct

The word ‘country’ makes one think of a large land mass. However, not every country is huge. There are some countries that are really small in size. They are so tiny, that some of them can even be covered by foot! Some of these countries can fit entirely within the city of another country. The smallest country in the world, the Vatican City, for example, can fit into the city of Rome, capital of Italy. Many of these countries are only small in size. With their wealth and natural resources, they can even compete with any of the larger countries. So, here’s a showcase of some of the small, yet distinct countries.

• Vatican City

Vatican City is the world’s smallest fully independent nation state. It is also the smallest by population. Situated on the western bank of the Tiber river, the Vatican City’s 3.2 kilometre border is landlocked by Italy. The Vatican City has served as the official home of the pope of the Catholic church since 1377. However, Vatican City was not declared an independent state until the Lateran treaty of 1929 which created the independent state of Vatican City for the Catholic church. Today nearly 75% of the Vatican’s citizens are members of the clergy. Along with the centuries old buildings and gardens the Vatican maintains its own banking and telephone systems post office pharmacy newspaper and radio and television stations. Its 600 citizens include the members of the Swiss guard a security detail charged with protecting the Pope since 1506. The most significant building in Vatican City is Saint Peter’s Basilica. It is the Italian language that is used by most of those located within the state however the official documents are written in Latin.

• South Korea

Compared to the giants of Asia like India and China, South Korea is much smaller in size. Its total area is 100,032 square kilometres. South Korea has one pf the most homogeneous populations in the world which are thought to be descended from several Mongol tribes that migrated from central Asia. Tourism is a fast growing industry in South Korea.

• Portugal

Portugal is a sovereign state in Western Europe. It comprises of the continental part of Portugal on the western coast of the Iberian Peninsula and the small archipelagos of Madeira and the Azores in the Atlantic Ocean.

• Hungary

The name “Hungary” may very well come from the medieval Latin word ‘Hungaria’ which translates as “Land of Huns”. Another source states that the name is derived from the Turkish words on ‘Ogur’ meaning ‘ten arrows’ or ‘ten people’

• UAE

The United Arab Emirates is a constitutional federation of seven Emirates; Abu Dhabi, Dubai, Sharjah, Ajman, Umm al-Quwain, Ras al-Khaimah and Fujairah. The federation was formally established on 2nd December, 1971. The UAE’s oil reserves are the seventh largest in the world while its natural gas reserves are the worlds seventeen largest. The Dubai police fleet includes Lamborghini, a Ferrari and a Bentley. This is to allow them to catch speeders who can outrun other cars.

• Dominican republic

The island of Hispaniola, the second largest island of the Antilles in the Caribbean contains two separate countries, the Dominican republic and Haiti. The Dominican republic is the only country in the world to have an image of the Holy Bible on its national flag.

• Panama • Georgia • Ireland • Iceland • Sri Lanka • Costa Rica • Bhutan • Switzerland • Belgium • Israel • Fiji • Qatar • Jamaica • Singapore • Maldives …to name a few others.

Thank you for reading. Have a nice day!🌼

Maruthu Pandiyar-Brothers in Arms

The Maruthu Pandiyar brothers (Periya Maruthu & Chinna Maruthu) ruled Sivagangai, Tamil Nadu during the last part of the 18th century and they were the first to issue a proclamation of independence from the British rule from Trichy Thiruvarangam Temple, Tamil Nadu on June 10, 1801, which is 56 years before the North Indian rebellion – Sepoy mutiny of 1857.

In the year 1772, the English military of the East India Company, under the command of Lt.Col. Bon Jour attacked the state at Kalayar Kovil. As the war worsened, Raja Muthu Vaduganadhar lost his life on the spot. But the Maruthu brothers managed to escape along with Rani Velu Nachiar, wife of Raja Muthu Vadughanadhar and arrived at Dindigul which was ruled by Hyder Ali – the Sultan of Mysore as refugees. Hyder Ali supported them with all respects.

Arcot Nawab, the alliance partner of East India Company was not able to collect any taxes from the people of Sivaganga state for eight years, arranged for an agreement whereby the rule of Sivaganga was restored to Rani Velu Nachiar after he collected his dues from her. The Marudu brothers with 12,000 armed men surrounded Sivaganga and plundered Arcot Nawab’s territories. The Nawab on the 10th of March 1789 appealed to the Madras Council for aid. On 29th April 1789, the British forces attacked Kollangudi. It was defeated by a large body of Marudu’s troops.

They were in close association with Veera Pandiya Kattabomman of Panchalankurichi. Kattabomman held frequent consultations with Marudhus. After the execution of Kattabomman in 17th October 1799 at Kayattar, Chinna Marudhu gave asylum to Kattabomman’s brother Oomadurai (dumb brother). But, the British took this reason to invade and attacked Sivaganga in 1801 with a powerful army. The Maruthu Pandiyars and their allies were quite successful and captured three districts from the British. British considered it as a serious threat to their future in India that they rushed additional troops from Britain to put down Maruthu Pandiyars’ rebellion. These forces surrounded Maruthu Pandiyars’ army at Kalayar Koil, and the latter scattered. The Maruthu Brothers and their top commanders escaped. They regrouped and fought the British and their allies at Viruppatchi, Dindigul and Cholapuram. While they won the battle at Viruppatchi, they lost the other two battles.

The Marudhu Pandiyars, was the first king man who planned to war against British empire for India’s independence. They gave the protection to Velunachiyar from the British empire. They along with the war leader Sivagangai and many of their family members, were captured at Cholapuram and were killed at Thirupatur. They were hanged in the fort of Tirupputhur, which is now Sivaganga district, Tamil Nadu, on 24 October 1801.The kallarai of maruthu padiyar is located at Sivagangai.

Maruthu Brothers are good in aerodynamics and invented many variants of spears and Valari. They also founded guerilla war tactic in India during the early stages of colonisation. A commemorative postage stamp was released in October 2004. Every year people conduct Maruthu Pandiar Guru Puja at the Kalayakoil temple in October

Tamil Helmsman- Part-2

You can refer here for more details

Vulaganathan Othapidaram Chidambaram Pillai or V.O.C was born on 05 September 1872 to an eminent lawyer Vulaganathan Pillai and Paramyee in Ottapidaram, Tirunelveli district of Tamil Nadu state in India. After completing schooling in Othapidaram and Tirunelveli he worked for a few years in the Othapidaram district administrative office. Later following his father’s footsteps he completed law.

As a lawyer he often pleaded for the poor, at times appearing against his father, who appeared for the affluent. Among his notable cases, he proved corruption charges on three sub-magistrates. In the Kulasekaranallur Asari case he proved innocence for the accused.

V.O.C., drawing inspiration from Ramakrishnananda, a disciple of Swami Vivekannanda, resorted to Swadeshi work. Following requests by local citizens, he initiated steps to break the monopoly of British shipping in the coastal trade with Ceylon.

On 12 November 1905, V.O.C. formed the Swadeshi Steam Navigation Company, by purchasing two steamships ‘S.S. Gaelia’ and ‘S.S. Lawoe’, thanks to the assistance and support of Lokamanya Bal Gangadhar Tilak and Aurobindo Ghose. The ships commenced regular service between Turicorin and Colombo (Srilanka), against the opposition of the British traders and the Imperial Governmetn. V.O.C. was thus laying the foundation for a comprehensive shipping industry in the country, more than just a commercial venture.

Until then the commerce between Tuticorin and Colombo was a monopoly enjoyed by the British India Steam Navigation Company (BISN). This was later to be merged with P&O lines and its Tuticorin agents, A & F. Harvey.

His efforts to widen the base of the Swadeshi movement, by mobilizing the workers of the Coral Mills (also managed by A. F. Harvey) brought him into increasing conflict with the British Raj. On 12 March 1908, he was arrested on charges of sedition and for two days, Tirunelveli and Tuticorin witnesses’ unprecedented violence, quelled only by the stationing of a punitive police force. But newspapers had taken note of VOC. Autobindo Ghosh, acclaimed him in Bande Mataram (March 27, 1908)

“Well Done, Chidambaram! A true feeling of comradeship is the salt of political life; it binds men together and is the cement of all associated action. When a political leader is prepared to suffer for the sake of his followers, when a man, famous and adored by the public, is ready to remain in jail rather than leave his friends and fellow workers behind, it is a gign theat political life in India is becoming a reality. Srijut Chidambaram Pillai has shown throughout the Turicorin affair a loftiness of character, a practical energy united with high moral idealism which show that the is a true Nationalist. His refusal to accept release on bail if his fellow-workers were left behind is one more count in the reckoning. Nationalism is or ought to be not merely a political creed but a religious aspiration and a moral attitude. Its business is to build up Indian character by educating it to heroic self-sacrifice and magnificent ambitions, to restore the tone of nobility which it has lost and bring back the ideals of the ancient Aryan gentleman. The qualities of courage, frankness, love and justice are the stuff of which a Nationalist should be made. All honor to Chidambaram Pillai for having shown us the first complete example of an Aryan reborn, and all honor to Madras which has produced such a man”.

The British had assumed the Indian venture would collapse like a house of cards, but soon found the Indian company to be a formidable challenge. To thwart the new Indian company they resorted to the monopolistic trade practice of reducing the fare per trip to Re.1 (16 annas) per head. Swadeshi company responded by offering a fare of Re. 0.5 (eight annas). The British company went further by offering a free trip to the passengers plus a free umbrella, which had ‘S.S. Gaelia’ and ‘S.S. Lawoe’ running nearly empty. By 1909 the company was heading towards bankruptcy.

To widen the Swadeshi base and to create awareness of British Imperialism V.O.C. became instrumental in mobilizing the workers of Coral Mills (also managed by A. & F. Harvey) (now part of Madura Coats) in Tirunelveli. This brought him into increasing conflict with the British Raj. On 12 March, 1908, he was arrested on charges of sedition and for two days, Tirunelveli and Tuticorin witnessed unprecedented violence, quelled only by shooting four people to deah (a Muslim, a Dalit, a baker and a Hindu temple priest). Punitive police forces were brought in from neighboring districts.

But newspapers had taken not of V.O.C. Sri Aurobindo’s nationalist Bengali newspaper Bande Mataram (splet and pronounced as Bonde Matorom in the Bengali language) acclaimed him (March 27, 1908) with “Well Done, Chidambaram”. Apart from the Madras press, Ananad Bazaar Patrika from Koldata (Calcutta) carried reports of his prosecution every day. Funds were raised for his defence not only in India but also by the Indians in South Africa.

Apart from the Madras press, Ananad Bazaar Patrika from Koldata (Calcutta) carried reports of his prosecution every day. Funds were raised for his defence not only in India but also by the Indians in South Africa. Bharathy gave evidence in the case which had been instituted against him. V.O.C was confined in the Central Prison, Coimbatore from 9 July 1908 to 1 December 1910.

Man vs Machine

Human beings and machines work differently as machines are the creation of Human. Machines were created to make human life easier. A machine is only a motorized gadget consisting of different parts. When it comes to artificial intelligence vs human brain then there are some people who believe artificial intelligence is more efficient than the human brain. As time passed by humans became dependent on machines. Humans have a need to interact with each other because communication is not possible with machines. We feel comfortable in expressing, probing and getting our problems solved with humans.Our history and our literature show us that for most of human history machines were seen as tools to help people do more than they were capable of on their own. From simple stone tools to the inventions of the Iron Age and Bronze Age, technology augmented human capability for survival, competitive advantage and convenience. The ancient Greek legend of Icarus and Daedalus told the story of augmenting humans with wings so they could fly like the birds. For thousands of years life and art mirrored each other in a story of man AND machine, working together for the betterment of humanity.Over the years, man has come up with countless inventions, each more resourceful than the last. However, as the computer age continues, mankind is threatened. Ridiculous, some may say, but I say look around! The computer has already begun to control so many of the vital functions that man has prided himself upon before. Our lives are now dependent on a computer and what it tells you. Even now, I type this essay on a computer, trusting that it will produce a result far superior to what I can do with my own to hands. Humans are creative and imaginative. They can create and invent new things but machines cannot do such types of work because they use artificial intelligence. Machines are operated and guided by humans. Humans are blessed with intelligence and emotions while machines have artificial intelligence. Humans have many diverse abilities in several things such as language, pattern recognition, and creative thinking.

As jobs are automated we again see people in the labor force striking back against the machines in an effort to maintain their livelihood. The fight itself evolved during this time as workers were now represented by unions and many companies are no longer led by a single individual but rather faceless shareholders creating an depersonalized, institutional “us versus them” dynamic.We see the conflict play out in a wide range of stories, but especially in science fiction as writers imagine how new technologies can be used evil as well as good.A person can work with a wide variety of methods, seeing new, more efficient ways of handling problems. It can come up with infinite ways of getting around problems encountered in day to day life, while a computer has a limited memory of new tricks it can come up with, limited by its programming. Should improved programming be introduced, it is the human brain that figures out the programming that will allow any improvements for the computer. The human brain can learn to understand anything, it can grasp the central concept of anything. Also, emotions are not capable in a computer. It allows the human brain to have evolved beyond a problem-solving machine. Emotions open the mind to an endless realm of possibilities.Machines and technology are replacing manpower for certain jobs and this is the big reason for unemployment and which is also a drawback of the machines. As humans are being replaced by machine hence certain jobs are disappearing. The industrial revolution has also led to unemployment, as a result, there is a loss of medium skill jobs in various sectors.

The reason why computers cannot create is because of the lack of emotions. For example, anger allows the imagination to roam, inventing concepts of new, ever more powerful weapons of destruction. Puzzlement causes the mind to think of solutions. Curiosity leads to attempts to satisfy it, producing new discoveries and ideas. Some effects of a machine on humans are competency, wars, and destruction, The radiation released from smartphones is absorbed by human bodies which can cause tumor, and also the power consumption has increased.

Technology is advancing faster than ever. Even new business and economic models, from the gig and sharing economies to crypocurrencies and initial coin offerings, are both creating new opportunities for those who know how to take advantage of them as well as threatening long established business and jobs. Threats no longer come head on from known competitors but can come from any direction, including companies that seemingly pop out of nowhere. To be successfully you need to not only understand the environment you are in but also to understand who you are. You cannot be an expert in all the new technologies, including the technologies in your own field.

On the other hand, the computer is clearly superior in many other aspects. In sheer speed of computation and retrieval of data, the computer is obviously by far the stronger. Machines have become a very important part of our lives and are helpful in many ways. Though it also has a negative impact on our lives as well. There is no competition between humans and machines because humans are the creators of the machine. Humans have created machines for various purposes and it is also important to know the purpose of developing artificial intelligence and its impact on human life. Machines are used for creation as well as destruction by the power of human intelligence.

Interim Extension of Rashtriya Uchchatar Shiksha Abhiyan

The second phase of the Centrally Sponsored Scheme of Rashtriya Uchchatar Shiksha Abhiyan (RUSA) was approved by the Cabinet Committee for Economic Affairs for a period of three years i.e. 1st April 2017 to 31st March 2020.

The Ministry of Finance vide their O.M. no. 42(02)/PF-II/2014 dated 10th January, 2020 has given an interim extension of the schemes beyond 31st March 2020 till 31st March 2021 or till the date the recommendations of 15th Finance Commission come into effect, whichever is earlier. Further, according to this O.M., the approval for continuation of the scheme for the 15th Finance Commission cycle would be based on an evaluation report and outcome review.

This information was given by the Union Minister for Human Resource Development, Shri Ramesh Pokhriyal ‘Nishank’ in a written reply in the Rajya Sabha today.

NEP to create a new system that is aligned with the aspirational goals of 21st century education : Education Minister

Ministry of Education has announced the National Education Policy 2020 (NEP 2020) on 29.07.2020 after obtaining approval of Cabinet which is available at Ministry of Education’s website at https://www.mhrd.gov.in/sites/upload_files/mhrd/files/NEP_Final_English_0.pdf. NEP 2020 is the first education policy of the 21st century and aims to address the many growing developmental imperatives of our country. This Policy proposes the revision and revamping of all aspects of the education structure, including its regulation and governance, to create a new system that is aligned with the aspirational goals of 21st century education, including Sustainable Development Goal (SDG) 4 of ensuring free, equitable, and quality primary and secondary education for all children, while building upon India’s traditions and value systems.

The NEP 2020 has been finalised after detailed consultation process with all stakeholders including State/UT Governments. This Ministry has communicated to all States/UT Governments for implementation of NEP 2020 in letter and spirit. Ministry of Education is also organising ‘Shikshak Parv’ from 8th September to 25th September, 2020 to deliberate on various themes and implementation of NEP 2020 aimed at eliciting suggestions. Ministry has also organised a Conference of Governors on “Role of National Education Policy in Transforming Higher Education”. In the conference, Governors and Lt. Governors of State and Union Territories, Education Minister of State and UTs, Vice Chancellors of State Universities and other dignitaries participated. There has been wide publicity with a positive and overwhelming response from stakeholders on NEP 2020.

This information was given by the Union Education Minister, Shri Ramesh Pokhriyal ‘Nishank’ in a written reply in the Rajya Sabha today.

Steps taken for Training of teachers for online classes

DIKSHA has been leveraged to deliver online courses to teachers on multiple competencies. Till now, 6 states, NCERT and CBSE have already started their programs and have uploaded more than 200 courses and have collectively trained 12 Lakh teachers. This has led to 8 crore learning sessions for these teachers.

CBSE has uploaded 20 courses on competencies like Experiential learning, pedagogical competencies, ICT etc. and have trained more than 1 Lakh teachers already. NCERT has also started leveraging DIKSHA and has uploaded 2 courses and NISHTHA training modules are being uploaded with the goal of training 40 Lakh teachers across the country.

States such as UP has launched 88 courses, Gujarat has launched 30 courses, Madhya Pradesh has uploaded 11 courses and both Haryana and Rajasthan have launched 5 courses which are relevant to the needs of their teachers leading to high enrolment and completion rate.

The courses are available on https://diksha.gov.in/explore-course

This information was given by the Union Education Minister, Shri Ramesh Pokhriyal ‘Nishank’ in a written reply in the Rajya Sabha today.

Provision of Multi Disciplinary Study Options in Rural Areas Under NEP

On the issues of multidisciplinary options, the National Education Policy, 2020 has stated that teacher preparation will also be done in integrated and multidisciplinary manner. The policy also states that to ensure an adequate number of teachers across subjects – particularly in subjects such as art, physical education, vocational education, and languages – teachers could be recruited to a school or school complex and the sharing of teachers across schools could be considered in accordance with the grouping-of-schools adopted by State/Union Territory Governments.

The National Education Policy, 2020provides that to prepare an initial cadre of high-quality Early Childhood Care and Education (ECCE) teachers in Anganwadis, current Anganwadi workers/teachers will be trained through a systematic effort in accordance with the curricular/pedagogical framework developed by the National Council of Educational Research and Training (NCERT). Anganwadi workers/teachers with qualifications of 10+2 and above shall be given a 6-month certificate programme in ECCE; and those with lower educational qualifications shall be given a one-year diploma programme covering early literacy, numeracy, and other relevant aspects of ECCE. These programmes may be run through digital/distance mode using DTH channels as well as smartphones, allowing teachers to acquire ECCE qualifications with minimal disruption to their current work. The ECCE training of Anganwadi workers/teachers will be mentored by the Cluster Resource Centres of the School Education Department which shall hold at least one monthly contact class for continuous assessment.

This information was given by the Union Education Minister, Shri Ramesh Pokhriyal ‘Nishank’ in a written reply in the RajyaSabha today.

Selection of candidates for 2019-20 under the MANF Scheme has been made through JRF-NET examination conducted by National Testing Agency: Sh Mukhtar Abbas Naqvi

The Ministry of Minority Affairs implements Maulana Azad National Fellowship (MANF) Scheme for educational empowerment of students belonging to six notified minority communities i.e. Buddhist, Christian, Jain, Muslim, Sikh, Zoroastrian (Parsi). Selections under the MANF Scheme are done as per the approved guidelines.

The MANF Scheme is implemented through the University Grants Commission (UGC) and no waiting list is prepared under the Scheme by UGC.

Candidates belonging to the Six centrally notified minority communities’ viz., Buddhist, Christian, Jain, Muslim, Sikh, Zoroastrian (Parsi) are considered for award of fellowship under the MANF Scheme.

The selection of candidates for 2019-20 under the MANF Scheme has been made through JRF-NET (Junior Research Fellow- National Eligibility Test) examination conducted by National Testing Agency and the merit list has been prepared by UGC on the basis of all India ranking of candidates. Prior to 2019-20, the merit list was prepared on the basis of marks obtained by the candidates in their Post Graduate examination. However in 2018-19 only the candidates who had qualified CBSE-UGC-NET/JRF or CSIR-NET/JRF were eligible to apply.

This information was given by Shri Mukhtar Abbas Naqvi, Minister of Minority Affairs, in a written reply in the Lok Sabha today.

Government Schemes/programmes for welfare and development of minorities

Ministry of Minority Affairs implements various programmes/schemes across the country for the welfare and development of the six (6) centrally notified minority communities namely, Buddhists, Christians, Jains, Muslims, Parsis and Sikhs as under:-

(1) Pre-Matric Scholarship Scheme, Post-Matric Scholarship Scheme, Merit-cum-Means based Scholarship Scheme – For educational empowerment of students, through Direct Benefit Transfer (DBT) mode.

(2) Maulana Azad National Fellowship Scheme – Provide fellowships in the form of financial assistance.

(3) NayaSavera – Free Coaching and Allied Scheme – The Scheme aims to provide free coaching to students/candidates belonging to economically weaker sections of minority communities for preparation of entrance examinations of technical/ professional courses and competitive examinations.

(4) PadhoPardesh – Scheme of interest subsidy to students of economically weaker sections of minority communities on educational loans for overseas higher studies.

(5) Nai Udaan – Support for students clearing Prelims conducted by Union Public Service Commission (UPSC), State Public Service Commission (SPSC) and Staff Selection Commission (SSC) etc.

(6) Nai Roshni – Leadership development of women belonging to minority communities.

(7) SeekhoAurKamao – Skill development scheme for youth of 14 – 35 years age group and aiming at improving the employability of existing workers, school dropouts etc.

(8) Pradhan Mantri Jan Vikas Karyakram (PMJVK) – Implemented for the benefit of the people from all sections of the society in identified Areas for development of infrastructure projects with emphasis on education, skill , health sectors etc.

(9) Jiyo Parsi – Scheme for containing population decline of Parsis in India.

(10)USTTAD (Upgrading the Skills and Training in Traditional Arts/Crafts for Development) – Launched in May 2015 aims to preserve rich heritage of traditional skills of indigenous artisans/craftsmen. Under this scheme HunnarHaats are also held all over the country to provide nation-wide marketing platform to Minority artisans & entrepreneurs and to create employment opportunities.

(11) Nai Manzil – A scheme for formal school education & skilling of school dropouts

launched in Aug. 2015.

(12) HamariDharohar- A scheme to preserve rich heritage of minority communities

of India.

(13) Maulana Azad Education Foundation (MAEF) implements education and employment oriented related programmes as follows (a) Begum Hazrat Mahal National Scholarship for Meritorious Girls belonging to the economically weaker sections of Minorities under which scholarship is awarded to minority girl students (b) Gharib Nawaz Employment Scheme started in 2017-18 for providing short term job oriented skill development training to youth. (c) Bridge Course for madarsa students & school dropouts.

(14) Equity to National Minorities Development and Finance Corporation (NMDFC) for providing concessional loans to minorities for self-employment and income generating ventures.

In addition to the above, the Ministry also implements schemes for strengthening State Waqf Boards and coordinates arrangements for annual Haj pilgrimage.

Details of the schemes and its achievements in the country are available on the website of the Ministry ( www.minorityaffairs.gov.in) and on the website of MAEF (www.maef.nic.in) and NMDFC (www.nmdfc.org.) respectively).

This information was given by Shri Mukhtar Abbas Naqvi, Minister of Minority Affairs, in a written reply in the Lok Sabha today.

Webinar on “Examination and Assessment Reforms” under Shikshak Parv Initiative

A webinar on Examination and Assessment Reforms organised under Shiksha Parv, a series of Webinars to highlight the salient features of the New Education Policy (NEP 2020) on 21st September, 2020. Prof. Sridhar Srivastava, Joint Director, NCERT was the coordinator. Prof Yagnamurthy Sreekanth, Principal Regional Institute of Education, Mysuru; Dr Joseph Emmanuel, Director Academics, CBSE and Shri Surrender Singh, National Teacher Awardee were the key speakers. The webinar witnessed some great presentations from the speakers.

The major recommendations of NEP 2020 regarding assessment reforms were highlighted in the presentation of Prof. Shridhar Srivastava. He began by tracing the timeline of assessment practices in India from Pre-independence era to today. In terms of assessment, while National Policy on Education (NPE) 1968 recommended a shift in the focus of evaluation from certification to improvement in learning, NPE 1986 suggested elimination of excessive element of chance and subjectivity, de-emphasizing memorization, introduction of Continuous and Comprehensive Evaluation (CCE), use of grades in place of marks and introduction of semester system from secondary stage in a phased manner. Today, the New Education Policy 2020 (NEP-2020) emphasizes on transforming assessment for optimizing learning and development of all students.

Prof. Srivastava explained that NEP-2020 focuses on – regular, formative and competency-based assessment, promoting learning and development of students and testing higher-order skills (analysis, critical thinking and conceptual clarity etc.). The goal of NEP-2020 is to transform the culture of assessment.

He appreciated the provision in NEP-2020 regarding support for Gifted Students. Gifted/Talented students will be encouraged to pursue realm beyond the general school curriculum.

Prof. Srivastava concluded his presentation by calling on all stakeholders to work together for the successful implementation of NEP-2020 to fulfil the aspirations of 260 million students, their parents, teachers and the school system.

Prof. Yagnamurthy Sreekanth started his presentation by quoting the recommendation of Radhakrishnan Commission (1948-1949)- “If there is one thing to be reformed in education, it is the examination system”. He acknowledged that over the time India has moved from examination to evaluation and now to assessment. Still, more work needs to be done. He explained that research shows that students learning improve through active participation. Retention is significantly higher when learning involves discussion, practice by doing and teaching others.

Prof. Sreekanth detailed the benefits of formative assessment. ‘Assessment for learning’ and ‘assessment as learning’ are critical. He said that, formative assessment is an important tool for integrating teaching-learning and assessment. It also minimizes the load on teachers of documentation and encourages child- centred and activity based pedagogy. The focus is on competency development rather than content memorisation, which makes the assessment non-threatening and stress free for the students. Formative assessment is useful for broadening the scope of assessment by way of including self-assessment, peer-assessment besides teacher assessment, focusing on learning rather than evaluation of achievement, reposing faith on teacher leads to motivation and enhancing self confidence in pupils.

Dr. Joseph Emmanuel’s presentation focused on the Plan of Action for assessment reforms from the perspective of an implementing agency, namely CBSE.

Dr. Emmanuel acknowledged that the present Board Examinations have become high stakes with a lot of emphasis on marks. He highlighted the steps CBSE is taking to change this. Internal Assessment is conducted in all subjects and given due weightage of 20% in final examination to distribute the burden. CBSE has also incorporated different sets of questions such as objective type questions (MCQs and other types), source- based and case-based questions etc. to focus on higher level competencies beyond recall and understanding. He specified that CBSE has started two levels Mathematics Examination –Basic and Standard in 10th class to cater to different kinds of learners and reduce overall student stress levels. A similar model will be replicated in 12th class as well

Furthermore, Dr. Emmanuel informed the audience that CBSE has come out with handbooks and manuals as steps towards Competency-based education. CBSE has started handholding school leaders to kickstart transformation of assessment practices. It has come out with a Handbook for Principals, where principals are guided in their role of pedagogical leaders. Recently, CBSE has released a Handbook on 21st Century Skills, he added. There are also handbooks for teachers and students available such a as ‘Cogito’ and ‘The Question Book’–A series on Thinking skills for students and Teacher Energized Manuals (TERM) of Science and Mathematics.

Shri Surrender Singh shared the practitioner’s perspective on assessment. He mentioned that the pattern of examination has remained unchanged for a very long time. The main aim for students has become getting good marks. Society too gives preferential treatment to those who attain high marks. He opined that it is time that the main aim of examination should shift towards all-round development of students. He stated that assessment should facilitate attainment of competencies specified in terms of learning outcomes in a holistic manner during teaching learning process. The focus should be on holistic child development and assessment of all the related areas should go hand in hand.

Development in MSME Sector

As a measure to help the MSMEs grow, the Government, vide notification no.S.O. 2119 (E) dated 26.06.2020, has notified composite criteria of classification of MSMEs based on investment in plant and machinery or equipment and turnover of the enterprise. The new criteria is effective from 1.7.2020. However, to provide hassle free transition from old system of Udyog Aadhaar Memorandum to Udyam Registration, 31.03.2021 has been fixed as deadline. The New criteria provides that the turnover with respect to exports will not be counted in the limits of turnover for any category of MSME units whether micro, small or medium. There is no difference between manufacturing and service sector enterprises. The actual figures for Turnover with different investment limits depend upon a variety of socio-economic factors such as demand from consumers, Inflation, availability of labour and raw materials, price fluctuations, etc., in different cases. There is no uniform investment / turnover ratio. The new composite criteria is expected to bring about many benefits. This will also help in attracting investments and creating more jobs in the MSME sector. Moreover, the Udyam registration portal developed by this Ministry has facilitated MSMEs by providing the MSMEs to link themselves with (i) GeM portal for ensuring their participation in Government procurements, (ii) linkages with TReDS platform for helping the MSEs in realizing their delayed payments (iii) In case of change in status as a result of re classification due to changes in investment or turnover, the benefit associated with the status would be effective from 1st April of the financial year following the year in which such change took place.

This information was given by Shri  Pratap Chandra Sarangi, Minister of State for Micro, Small and Medium Enterprises in written reply to a question in Lok Sabha today.