Still, how is it that some people have all the answers? How do the rich keeping getting richer while the poor keep getting poorer? Is the game actually rigged against us? Are we, in fact, doomed to live ordinary lives, merely controlled by our hedonistic desires and pleasures, forced to succumb to our animalistic urges, never able to actually get ahead in life, let alone get rich? Or, is there some solution? A way out, if you will?
Clearly, these are questions posed by the masses. But not everyone can pull it off. What separates those who seem to have all the answers from those that are constantly jumping from one ship to the next, never able to truly find their gravy train? Well, the answers are far simpler than most would imagine.
Don’t spend more money than you make.
Not many people follow this advice. Many are focused on spending as much as possible. Whether it’s to revel in the perception of being more well-off than they actually are, or some other purpose, this is the truth across much of the developed world.
Keep a Diary of your Expenses.
Benjamin Franklin once said, “Beware of little expenses. A small leak will sink a great ship.”
As easy as it might seem to ignore the little stuff, so to speak, the more you sweat the details, the better off you’ll be. Cancel that gym membership you haven’t used in six months. Eliminate that costly cable television plan. Stop buying expensive lattes and eating out when you know you can’t afford to do it. Download an app or purchase a small notebook and track every expense no matter how small or how big.
Quit all the Bad Habits- drinking, smoking, gambling, etc.
Bad habits hold us back from achieving many kinds of goals. They stop us from losing weight, making more money, saving, investing and everything in between. The only way you can actually get ahead in life is to decimate those bad habits. You need to quit the bad habits before they lead you down a deathly spiral.
It’s hard to achieve something that takes so much of your energy, such as getting rich, without eliminating your bad habits first. I’m not just talking about poor financial habits; I’m also talking about any other habit that eats away at you, physically, emotionally or mentally.
Save 20 % of your Income every Month.
In order to get rich, you need to save at least 20 percent of your income off the top. Everyone has heard this before, but how many people actually follow this advice?
The term “pay yourself first” holds major weight here. While some don’t find the importance in this, others realize that this not only provides a rainy-day fund in case of emergencies, but also moment-of-the-opportunity cash. When the right opportunity comes by, you need cash to seize it. If you don’t have the cash, you just missed the proverbial boat.
Pay-Off your Debts.
When you’re debt-free from the bad debt (not the good debt like mortgages for investment properties and loans to grow you business, for example), take that money and put it towards your savings. The trick is not to go spending cash and splurging on a vacation or a new car once you’re debt-free. Stay focused.
Don’t Rent but Own your House.
No matter what it takes, even if you have to downgrade your living situation, you should do what it takes to purchase a home. Sit down with a mortgage broker and assess your situation. Set some goals and create a plan of action.
Even if you don’t have enough money saved for a down payment right now, figure out what it’s going to take to buy your home. We’re not talking about your dream home here. However, over time, the money spent on your mortgage is far better invested than money spent paying rent.
Invest, but only after Researching the hell out of it.
Many people invest for the sake of it. If you don’t have proper knowledge about the plans your investment offers then you might never really grow your money in it. The better you know an industry or niche, the more likely you’ll be able to spot ideas that could possibly create massive amounts of income for you in the future. No one else is going to do this for you. And when you do invest in something that you know, be sure to track it vehemently.
Multiple source of income but not mainstream.
Anyone who’s serious about getting rich needs to build multiple streams of passive income. Passive income is incredibly important when it comes to amassing wealth. Simply put, you to need to generate your income on autopilot if you want to create a considerable net worth.
There are a number of passive income generating ideas that you could implement. Some of the most popular involve real estate and dividend income for those that can afford the often high-cost barrier of entry into those fields. Others opt for generating passive income by starting a blog, creating digital products such as e-books or courses, and even creating online tutorials, just to name a few examples.
Time Value of Money.
We all have the same amount of time in this world. You don’t have more than the next person and that person doesn’t have more time than another. No matter if they’re a powerful politician, a business magnate or a famous athlete, they don’t have more time than you do. Time is life’s greatest equalizer.
It all depends on how you utilize your time. Every second is precious. Become lazy or procrastinate and lose your dream of being rich.
Romewas notbuiltin a day.
Daily goal setting provides milestones on your way to your bigger goals. Break the big goal down to achievable daily goals that won’t seem so overwhelming. For example, if you want a $10 million dollar net worth in the next five or 10 years, figure out what it’s going to take on a daily basis to move closer to that goal.
The Code was enacted in 2016 following decades of recommendations suggesting improvements to the previous insolvency regime, which was fragmented, fraught with delays and resulted in poor recoveries for creditors. [1]
The insolvency resolution process in India has in the past involved the simultaneous operation of several statutory instruments.
These include the Sick Industrial Companies Act, 1985, the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, the Recovery of Debt Due to Banks and Financial Institutions Act, 1993, and the Companies Act, 2013.[2]
Broadly, these statutes provided for a disparate process of debt restructuring, and asset seizure and realization in order to facilitate the satisfaction of outstanding debts. [3]
As is evident, a plethora of legislation dealing with insolvency and liquidation led to immense confusion in the legal system, and there was a grave necessity to overhaul the insolvency regime.
All of these multiple legal avenues, and a hamstrung court system led to India witnessing a huge piling up of non-performing assets, and creditors waiting for years at end to recover their money. [5]
The Bankruptcy Code is an effort at a comprehensive reform of the fragmented regime of corporate insolvency framework, in order to allow credit to flow more freely in India and instill faith in investors for speedy disposal of their claims. [4]
The Code consolidates existing laws relating to insolvency of corporate entities and individuals into a single legislation.
The Code has unified the law relating to enforcement of statutory rights of creditors and streamlined the manner in which a debtor company can be revived to sustain its debt without extinguishing the rights of creditors[5]:-
1) The scheme of the Code marked a sea change from the previous regime. In respect of corporate entities, the Code introduced a creditor-in-control regime (with a focus on empowering financial creditors), a time-bound resolution process and reduced scope for judicial intervention, and established institutions such as the Insolvency and Bankruptcy Board of India, insolvency professionals and information utilities.[6]
Since the implementation of this new regime, the constitutional validity of various provisions of the Code has been challenged before various High Courts, and the Supreme Court.
Applicability
The Code provides creditors with a mechanism to initiate an insolvency resolution process in the event a debtor is unable to pay its debts. The Code makes a distinction between Operational Creditors and Financial Creditors. [7]
A Financial Creditor is one whose relationship with the debtor is a pure financial contract, where an amount has been provided to the debtor against the consideration of time value of money (“Financial Creditor”).
Recent reforms have sought to address the concerns of homebuyers by treating them as ‘financial creditors’ for the purposes of the Code. [7]
By a recently promulgated ordinance, the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2018 (“the Ordinance”), the amount raised from allottees under a real estate project (a buyer of an under-construction residential or commercial property) is to be treated as a ‘financial debt’ as such amount has the commercial effect of a borrowing.[7]
The Ordinance does not clarify whether allottees are secured or unsecured financial creditors. Such classification will be subject to the agreement entered into between the homebuyers and the corporate debtor.
In the absence of allottees having a clear status, there may be uncertainty about their priority when receiving dues from the insolvency proceedings. [7]
An Operational Creditor is a creditor who has provided goods or services to the debtor, including employees, central or state governments (“Operational Creditor”). A debtor company may also, by itself, take recourse to the Code if it wants to avail of the mechanism of revival or liquidation. [7]
In the event of inability to pay creditors, a company may choose to go for voluntary insolvency resolution process – a measure by which the company can itself approach the NCLT for the purpose of revival or liquidation. [7]
What was the judicial approach to the Insolvency and Bankruptcy Code?
SERIES OF JUDICIAL PRONOUNCEMENT
With almost more than two years since the introduction of the Code, there have been various challenges in the effective implementation of the Code. However, constructive interpretation by the judiciary coupled with effective amendments to the Code has helped in eradicating most of these teething issues. [8]
Some of the key judicial pronouncements are discussed below:
The Insolvency and Bankruptcy Board of India which is the regulatory and supervisory body in charge of the IBC, has done a commendable job in proactively spreading awareness and regulating the space. [9]
Many important judgments were pronounced throughout the year, including certain landmark cases, where in the Supreme Court has tried to ensure that the spirit of the Code is given primacy over procedural requirements. [9]
Suspended Board of Directors of Corporate Debtor Entity are entitled to access the resolution plan and other related documents:-
In a significant judgments delivered on January 31, 2019, the Hon’ble Supreme Court of India decided on an important aspect with respect to the rights of the suspended board of directors of the Corporate Debtor Entity to receive and access the resolution plan and other related documents, whose case has been admitted by the Adjudicating Authority under the relevant provisions of the Code. [10]
Facts of the Case:
In respect of Mr. Vijay Kumar Jain, Director of Corporate Debtor (‘Appellant’) vs. Standard Chartered Bank and Ors. (As ‘Financial Creditors’), the NCLT had approved the appointment of Resolution Professional (‘RP’) to conduct Corporate Insolvency Resolution Process of Corporate Debtor Company i.e. Ruchi Soya Industries Limited (‘RSIL’). [10]
The appellant, being a member of the suspended board of RSIL, was given notice and agenda for the first meeting of Committee of Creditors (‘CoC’) and was permitted to attend the meeting of CoC. The appellant alleged that he was not granted permission to participate in subsequent meetings of CoC. [10]
As a result, the appellant filed a miscellaneous application before the NCLT to allow his participation in the subsequent meetings of CoC. The appellant also executed a Non-Disclosure Agreement (‘NDA’) to keep information received through participation in the CoC meeting strictly confidential and even undertook to indemnify RP. [10]
However, NCLT vide its order dated August 1, 2018 dismissed the said application of appellant with liberty to the appellant to attend the COC meetings, but not to insist upon the CoC or RP to provide information which is considered as confidential by the CoC or RP. [11]
Against the said order of NCLT, the appellant filed an appeal before the Appellate Tribunal, which recognized the right of appellant to attend and participate on the CoC meetings but Appellate Tribunal vide its order dated August 9, 2018 [12] denied the prayer of the appellant to have access to certain documents including sensitive resolution plan.
The appellant aggrieved by the order of the NCLAT, filed an appeal before the Hon’ble Supreme Court of India. [13]
Apex Court Observations and Findings:
On advertising relevant provisions of the Code and arguments of parties to the dispute, the Supreme Court opined that notice of each meeting of the CoC will have to be given to the suspended board of directors of the corporate debtor entity. [14]
The Supreme Court further noted that the statutory scheme of IBC makes it clear that though the suspended board are not members of the CoC, yet, they have a right to participate in each and every meeting held by the CoC and also have a right to discuss along with members of the CoC, resolution plan that are presented at such meeting. [14]
The Supreme Court further observed that Section 31(1) of the Code make it clear once the resolution plan is passed by the Adjudicating Authority, it shall be binding on the corporate debtor together with guarantors and other stakeholders. [14]
This being the case, it is clear that the erstwhile board of directors, which consists of persons who may have given personal guarantees for the debts owed by the corporate debtor, will be bound by the resolution plan, and therefore, have a vital stake in what ultimately gets passed by the CoC’s.[14]
The Supreme Court also made it clear that so far as confidential information is concerned, RP can take an undertaking in the form of NDA from suspended board of directors of the corporate debtor entity with an objective to maintain strict confidentiality in regard to resolution plan and other related documents. [14]
Further, according to Regulation 39(5) of IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, the RP shall forthwith send a copy of the order of the Adjudicating Authority approving or rejecting a resolution plan to the participants and resolution applicant. The term ‘Participants’ includes members of the erstwhile Board of Directors of Corporate Debtor. [14]
Thus in view of the above, the Supreme Court allowed the appeal and set aside the impugned order of the Appellate Tribunal. [14]
What was the result of Insolvency and Bankruptcy Code in the present scenario? Also cite relevant case laws.
IBC came into being repealing SICA (Sick Industrial Companies Act), SICA was repealed with effect from 1 December 2016. [15]
To know the background of IBC, it is important to know more about SICA and why it failed to prevail as a law. [15]
This is the exact rationale for the existence of The Insolvency and Bankruptcy Code in India which has been into effect since 2016. [15]
To know the background of IBC, it is important to know more about SICA and why it failed to prevail as a law. [15]
The journey from SICA to IBC
The SICA, 1985:-
The name SICA, itself connotes the reason for its actuality. India witnessed an atmosphere of rampant industrial sickness in the 1980s in furtherance of which the Government of India came up with key legislation i.e. the Sick Industrial Companies Act to combat the issue. [15]
Widespread industrial sickness affects the economy in a number of ways, thus The Act came into being to spot the sick or potentially sick companies owning industrial undertakings and take speedy remedial measures for their revival or in a scenario where there is no such measure, close such units. [15]
This was an action to get the locked up investment in such industrial units released and use them in a more productive manner. SICA was repealed and replaced by the Sick Industrial Companies (Special Provisions) Act of 2003, which diluted certain provisions of SICA and filled certain gaps. [15]
One of the main changes to the new law was that, in addition to combating occupational diseases, it also aimed to reduce the growing incidence by ensuring that companies do not use a medical certificate simply to evade legal obligations and access concessions granted to financial institutions to receive. [15]
The comprehensive performance of the Act did not live up to the expected results and thus, IBC was notified as on 28th May 2016 and the repeal of SICA came into full effect from December 1, 2016. [15]
IBC Kicks In
Mistakes of the past were taken in view and The Insolvency and Bankruptcy code came into being with a wider scope and aiming to resolve the issues via more effective provisions and implementation. It is an act to consolidate and amend the laws having reorganization and insolvency resolution issues as the subject-matter. [15]
The provisions of the Act shall apply to the following in case of insolvency, liquidation, voluntary liquidation or bankruptcy; [15]
“An Act to consolidate and amend the laws relating to reorganisation and insolvency resolution of corporate persons, partnership firms and individuals in a time bound manner for maximisation of value of assets of such persons, to promote entrepreneurship, availability of credit and balance the interests of all the stakeholders including alteration in the order of priority of payment of Government dues and to establish an Insolvency and Bankruptcy Board of India, and for matters connected therewith or incidental thereto.
Whether the expression “and” occurring in section 8(2)(a) may be read as “or”?
The Court held that the expression “and” occurring in section 8(2)(a) may be read as “or” in order to further the object of the statute and/ or to avoid an anomalous situation – once the operational creditor has filed an application, which is otherwise complete, the adjudicating authority must reject the application under Section 9(5)(2)(d) if notice of dispute has been received by the operational creditor or there is a record of dispute in the information utility – So long as a dispute truly exists in fact and is not spurious, hypothetical or illusory, the adjudicating authority has to reject the application – A “dispute” is said to exist, so long as there is a real dispute as to payment between the parties that would fall within the inclusive definition contained in Section 5(6). [16]
2) Surendra Trading Company Vs. Juggilal Kamlapat Jute Mills Company Ltd. & Others- Supreme Court:
The time limit prescribed in IBC, 2016 for admitting or rejecting a petition or initiation of CIRP under proviso to sub-sec. (5) of Sec. 9, is directory. [17]
The question before the NCLAT was to whether time of fourteen days under section 9(5) given to the adjudicating authority for ascertaining the existence of default and admitting or rejecting the application is mandatory or directory. [17]
NCLAT hold that the mandate of sub-section (5) of section 7 or sub-section (5) of section 9 or sub-section (4) of section 10 is procedural in nature, a tool of aid in expeditious dispensation of justice and is directory. [17]
Further question (with which supreme Court is concerned) was as to whether the period of seven days for rectifying the defects under proviso to sub-section (5) of Section 9 is mandatory or directory. The aforesaid provision of removing the defects within seven days is directory and not mandatory in nature. [17]
3) Essar Steel India Ltd. Vs. Reserve Bank of India-
RBI is authorized to direct any banking company to initiate insolvency resolution process- Gujarat High Court. [18]
A long-drawn legal battle for Essar Steel ends with this Supreme Court judgment. In one of the most discussed cases under IBC i.e. the case of Essar Steel Limited, the Supreme Court delivered its judgment which would probably be the final judgment of the case. Key highlights of the Essar Steel Supreme Court judgment are as follows: [19]
The requirement of completing the corporate insolvency resolution process within 330 days from the insolvency commencement date as introduced by the 2019 Amendment Act was held as non-mandatory. [19]
CoC can delegate its administrative powers or power of negotiation with the resolution applicants to a smaller committee (sub-committee) since such acts would be ultimately required to be approved and ratified by the CoC. [19]
Prospective resolution applicant has a right to receive complete information as to the CD, debts owed by it, and its activities as a going concern and as such it cannot suddenly be faced with “undecided” claims after the resolution plan submitted by it has been accepted. [19]
To put an end to uncertainty, parameters were laid down for limiting the scope of interference of Adjudicating Authority and Appellate Authority with the commercial decision taken by the requisite majority of CoC. [19]
The Supreme Court has re-emphasized the primacy of the commercial wisdom of the CoC in relation to resolution of the corporate debtor as well as difference in treatment of unequally placed creditors based on its earlier decisions in Swiss Ribbons and K. Sashidhar cases. [19]
Why are the judgments of the Insolvency and Bankruptcy cases pending with court?
The judgments of the cases are pending with the Court due to the Causes for the delays which range from frivolous challenges by operational creditors and promoters to basic issues like shortage of judges. [20]
There is no stipulated time-line for operational creditors to challenge the rejection of their claim, shortage of members at the bench, allowing intervention by promoters at the admission stage and long gaps between conclusion of hearing and passing of written orders are all causing delays,” said Sapan Gupta, national head banking and finance practice at Shardul Amarchand and Mangaldas. [20]
To be fair, delays are not a peculiarly Indian phenomenon. Many advanced countries struggle to provide quick, high-quality justice to citizens. But in India the scale of the problem is unprecedented. Focusing on capacity alone won’t reduce delays. [21]
A pervasive reason for the delays is adjournments. Many advanced countries struggle to provide quick, high-quality justice to citizens. But in India the scale of the problem is unprecedented.[21]
Conclusion
In conclusion, the Insolvency and Bankruptcy Code, 2016, is a progressive legislation that is intended to improve the efficiency of insolvency and bankruptcy proceedings in India. The new legislation provides for the early detection of financial distress and a time bound process for resolution. [22]
However, many details on the IBC’s implementation need to be worked out in the regulations, and its success will depend to a large extent on how quickly a high quality cadre of insolvency resolution professionals will emerge and on whether the time bound process for insolvency resolution will be adhered to in practice. [22]
The IBC has taken its first steps to regularize the insolvency process in India. It has amended over 11 legislations in India, bringing about one of the most significant changes to commercial laws in India in recent times. However, the 22 months of this nascent legislation have been ridden with controversies and speedy resolutions. [23]
It has also become a very important tool for banks to regularize multitudes of non-performing assets plaguing the country’s economy. Within 7 months of the enactment of the IBC, the Reserve Bank of India released a list of 12 companies which held about 25% of the gross non-performing assets of the country.[23]
With more than 11% of all loans in India being terms as bad loans, the IBC has become the need of the hour. The IBC has brought a plethora of changes to insolvency laws in India and aims to reduce the amount of bad loans that has saddled the economy over the last few years. [23]
We are beginning to see this through various companies successfully concluding their insolvency process. The first successful case of a CIRP was that of Bhushan Steel wherein TATA Steel agreed to purchase Bhushan Steel for Rupees Thirty-Two Thousand Five Hundred Crores. [23]
With many more insolvency resolution processes in the pipeline, only time will tell if the IBC will prove to be a successful tool with its objective of streamlining the insolvency process in India. [23]
1) Bankruptcy Law Reforms Committee, The Interim Report of the Bankruptcy Law Reforms Committee (2015).
2) Rule 2.1.1. of RBI Master Circular – Prudential Norms on Income Recognition, Asset Classification and Provisioning – Pertaining to Advances defines an NPA as ‘An asset, including a leased asset, becomes non-performing when it ceases to generate income for the bank. A ‘non-performing asset’ (NPA) was defined as a credit facility in respect of which the interest and/ or installment of principal has remained ‘past due’ for a specified period of time.
3) It must be noted that creditors having outstanding debts continue to have the right to approach an appropriate forum like civil courts or arbitral tribunals for recovery of debts which would be a contractual right of recovery.
4) As cited in the “Abstract” of “Emerging Jurisprudence on Corporate Insolvency” by Shipra Sayal Institute of Law, Nirma University, Ahmedabad, Gujarat, India.
5) As cited in the “Introduction” Para of “A Primer on the Insolvency and Bankruptcy Code, 2016” by Nishith Desai Associates:- The Legal and Tax Counseling Worldwide.
6) As cited in the “Introduction” para of “Understanding the Insolvency and Bankruptcy Code, 2016:- Analysing the developments in jurisprudence” by “Vidhi Bankruptcy Research Programme” at the Vidhi Centre for Legal Policy and the Legal Division of the Insolvency and Bankruptcy Board of India.
7) As cited in the “Applicability” Para of “A Primer on the Insolvency and Bankruptcy Code, 2016” by Nishith Desai Associates:- The Legal and Tax Counseling Worldwide.
8) As cited in the “4th Para ,viz, Series of Judicial Pronouncement” of “Series of Judicial Pronouncement – Insolvency and Bankruptcy Code, 2016” written by Rushabh Ajmera on TaxGuru.
9) As cited in the “Introduction” Para of “Insolvency and Bankruptcy Hotline:- ANALYSING 2018 THROUGH THE LENS OF THE INSOLVENCY CODE” written on January 17, 2019 by Nishith Desai Associates.
10) As cited in the “4th Para” viz, Series of Judicial Pronouncement” of “Series of Judicial Pronouncement – Insolvency and Bankruptcy Code, 2016” written by Rushabh Ajmera on TaxGuru Website India 11 months ago.
11) As cited in “NCLT pronounced order on August1, 2018”.
13) As cited in “Facts of the Case Para” of “Series of Judicial Pronouncement – Insolvency and Bankruptcy Code, 2016” by Rushabh Ajmera 11 Months ago on TaxGuru India Website.
14) As cited in ” Apex Court Observations and Findings Para” in “Series of Judicial Pronouncement – Insolvency and Bankruptcy Code, 2016” by Rushabh Ajmera 11 Months ago on TaxGuru India Website.
15) As cited in “IBC (Insolvency and Bankruptcy Code, 2016) – The Bankruptcy Law of India” written by Vidushi Trehan, LL.M from Symbiosis Law School, Pune , Intern at Khurana & Khurana, Advocates and IP Attorneys.
16) As cited in “Brief about decision para” in ” “and” occurring in section 8(2)(a) may be read as “or”- Mobilox Innovations (P) Ltd. Vs. Kirusa Software (P) Ltd.- Supreme Court” written by IBC LAWSon September 21, 2017.
17) As cited in “Case Name: M/S. Surendra Trading Company Vs. M/S. Juggilal Kamlapat Jute Mills Company Limited and Others” written by IBC LAWS on September 18, 2017
18) As cited in “RBI is authorised to direct any banking company to initiate insolvency resolution process- Essar Steel India Ltd. Vs. RBI- Gujarat High Court” written on July 17, 2017 by IBC LAWS.
19) As cited in “The Insolvency And Bankruptcy Code In 2019 : Recent Amendments And Key Judgments” written by Mayur Shetty and Chintan Gandhi of Rajani Associates on 12th March 2020.
20) As cited in “Delay becomes the norm in insolvency & bankruptcy cases” by Joel Rebello & Saikat Das, ET Bureau on Aug 15, 2019 at 11:25pm.
21) As cited in “Hidden factors that slow our courts and delay justice” written by Arghya Sengupta.
22) As cited in “Insolvency And Bankruptcy Code” written on 12 September 2017 by Samvad Partners.
23) As cited in “2016: Overview Of The Insolvency And Bankruptcy Code, 2016” written by Namrata Bhagwatula , Senior Associate on 20 September, 2018.
Reservation is a fiend that is present in the Indian system for ages now. Right from the education sector till jobs and recruitment, reservation is everywhere. In simple terms, reservation in India is all about reserving access to seats in the government jobs, educational institutions, and even legislatures to certain sections of the population.
Also known as affirmative action, the reservation can also be seen as positive discrimination. Reservation in India is a government policy, backed by the Indian Constitution (through various amendments).
What is the principle of reservation in India?
The two main motives to provide reservation as per the Constitution of India are:
1. Advancement of Scheduled Castes (SC) and the Scheduled Tribes (ST) OR any socially and educationally backward classes of citizens (E.g.: OBC) OR economically weaker sections (EWS) – Article 15 (4), Article 15 (5), and Article 15 (6),
2. Adequate representation of any backward class of citizens OR economically weaker sections (EWS) in the services under the State. – Article 16 (4) and Article 16 (6)
The extent of Reservation in India
In India, reservation is provided in:
1. Government Educational Institutions (like IITs, IIMs etc.) – as per Article 15 – (4), (5), and (6)
2. Government Jobs (like IAS, IPS etc.) – as per Article 16 – (4) and (6)
Before 2019, the reservation was provided mainly based on social and educational backwardness (caste). However, after the 103rd constitutional amendment in 2019, economic backwardness is also considered.
Apart from the reservation quota, additional relaxations like upper-age relaxations, additional attempts, and lower cut-off marks are also provided for various reservation categories.
A vacancy reserved for SCs or STs or OBCs cannot be filled by a candidate other than an SC or ST or OBC candidate, as the case may be.
As seen from the above table, about 60% of seats are reserved in India – for various sections like ST, SC, OBC, and EWS – for Government jobs and Higher Education Institutions. 3% of seats are also reserved for differently-abled persons across all categories.
This also means that only 40% of seats are available under merit. In the merit seats, not only the general category candidates but all other categories like SC, ST, OBC, and EWS can also compete.
History of Reservation System in India – Rectifying the Historical Injustice
To an extent, reservation as a policy is pursued by the State to correct the historical injustice done to certain castes by the so-called “upper castes”. The caste system prevailed in India had alienated many “lower castes” from the mainstream – hindering their development. To a great extent, the repercussions are still felt.
Original Constitution of India has provided reservation only for quota in legislatures – that too only for 10 years until 1960 (article 334). Subsequent amendments to the constitution extended the period of reservation for quota in legislatures.
Provisions of reservations in Educational Institutions and Government Jobs – article 15(4) and Article 16 (4) – were too created employing Constitutional Amendments later. No period is given for the validity of the reservations mentioned in article 15(4) and Article 16(4).
The initial reservations were only for SC and ST [article 15(4) and Article 16(4)]. OBCs were included in the ambit of reservation in 1991 [Article 15(5)]. In 2019, Economically Weaker Sections are also included [article 15(6) and Article 16(6)].
SC/ST Reservation
The objective of providing reservations to the Scheduled Castes (SCs), Scheduled Tribes (STs) in services is not only to give jobs to some persons belonging to these communities. It aims at empowering them and ensuring their participation in the decision-making process of the State.
Besides, the state is also keen to end practices such as untouchability.
Scheduled Castes (SC) are given 15% quota in jobs/higher educational institutions while Schedule Tribes (ST) is given 7.5% quota in jobs/higher educational institutions.
Reservation is provided not only concerning direct recruitment but also for promotions for SC/ST category (Article 16(4A)).
There is no concept of ‘creamy layer’ for SC/ST reservation. This means that irrespective of the income status or the government posts held by the parents, children of SC/ST parents will get SC/ST Reservation.
OBC Reservation
Reservation for Other Backwards Classes (OBC) was introduced based on the Mandal Commission Report (1991). The quota for OBCs is 27% in government jobs and higher educational institutions.
However, there is a concept of ‘creamy layer’ to the OBC reservation. Only those from OBC who comes under Non-Creamy Layer would get OBC reservation.
The creamy layer concept brings income and social status as parameters to exclude some of the privileged members of OBC from the extent of reservation. This concept also keeps a check to ensure that the benefits of reservation do not get extended to subsequent generations.
EWS Reservation
The Central Government of India recently introduced the EWS Reservation. 10% quota is provided for the Economically Weaker Sections (EWS) among General Category candidates in government jobs and educational institutions. This is done by adding clauses for the same in the Indian Constitution (103rd Constitution Amendment Act, 2019).
Reservation is one of the tools against social oppression and injustice against certain classes. Otherwise known as affirmative action, reservation helps in uplifting backward classes.
However, reservation is just one of the methods for social upliftment. There are many other methods like providing scholarships, funds, coaching, and other welfare schemes.
The way the reservation is implemented and executed in India is largely governed by vote-bank politics.
Indian Constitution allowed reservation only for socially and educationally backward classes. However, in India, it became a caste-based reservation instead of class-based reservation.
Initially, the reservation was intended only for SC/ST communities – that too for 10 years (1951-1961). However, it got extended ever since. After the implementation of the Mandal Commission report in 1990, the scope of the reservation was widened to include Other Backward Communities (OBCs).
The benefits of the reservation were successively enjoyed only by a few communities (or families), excluding the truly deserving ones. Even 70 years after independence, the demand for reservation has only increased.
Now, with the introduction of economic criteria for reservation, in addition to the caste-criteria which already existed, things have become more complicated.
Unequal’s should not be treated equally, but is reservation the only solution?
There is no doubt that unequal’s should not be treated equally. However, is the current system of unequal treatment perfect? Is it creating more injustice? Is it the only way out in a welfare-nation? It’s time to introspect.
Reservation based entirely on economic criteria is not an all-in-one solution, though family income can be one of the parameters. Also, it’s time to fix a period for the reservation system – rather than extending it to eternity.
Denying India, the service of the meritorious candidates, who see them being overtaken by others with lesser academic performance or brilliance, is also a crime and injustice.
Aren’t there any alternative mechanisms to uplift the marginalised so that everyone gets equal opportunities? How is affirmative action done in other countries?
A reform in the reservation system of India is the need of the hour. However, as the subject of reservation revolves around a lot of votes, parties are reluctant to disrupt the existing system.
Implications of the Judgement of the Supreme Court:
After this judgement, the members of the SC and ST communities, as mentioned in the Presidential List under Article 341 and 342 of the Constitution of India, will be presumed to be backward on account of their castes.
Such communities will be given reservation in job promotions without the need of any data to act as a proof of their backwardness.
• M Nagaraj vs Union of India, 2006: In this judgement, the Supreme Court ruled that if the state wishes to make a provision for reservation in promotions for SCs/STs, it must:
Collect quantifiable data showing backwardness of a particular class.
Prove inadequacy of representation of that class in public employment.
Prove that such a reservation in promotion would not affect the overall efficiency of public administration.
There is no second question that all castes/classes should be adequately represented in government services. However, which percentage can be called adequate – without compromising the merit or efficiency of the administration?
Is the current level of reservation adequate? Or is it less? Or has it already compromised the merit? What do you think?
Newspapers are one of the most important documents. They can be said to be the powerhouse of information. Moreover, they offer us other benefits as well which helps us in our lives. You become better informed through newspaper reading and it also broadens your perspective. However, newspaper reading is becoming a dying habit. As the world is moving towards digitalization, no one really reads the newspaper. At least not the present generation. The readership is maintained mostly because of the older generations only.
Benefits of Newspaper Reading
Newspaper reading is one of the most beneficial habits. It helps us get acquainted with the current affairs of the world. We get to know about the latest happenings through a reliable source. Similarly, we also get an insight into the different domains including politics, cinema, business, sports and many more.
Furthermore, newspaper reading also results in opening doors to new employment opportunities. Reliable companies post their ads in the newspaper for business and employment opportunities so we see how it is a good place to seek jobs.
Furthermore, we can easily promote our brands and products with the help of newspapers. The consumers learn about the latest deals and launch which connects them to businesses.
Most importantly, it also improves the vocabulary and grammar of a person. You can learn new words and rectify your grammar through newspaper reading.
In addition, a person who reads a newspaper can speak fluently on various topics. They can socialize better as they are well aware of the most common topics. Similarly, it also saves us from getting bored. You won’t need any company if you have a newspaper in hand.
The Dying Habit
Unfortunately, despite having so many benefits, newspaper reading is becoming a dying habit. As people are getting instant updates on their mobile phones and computer systems, they barely read the newspaper. Moreover, electronic gadgets are more convenient for them so they don’t bother to pick up the newspaper.
Moreover, we see that everything has become very convenient and instant now. You can learn about what is happening in the other part of the world as it is taking place. People do not wait for newspapers anymore, as they feel it only states what they have already been informed about. In addition, they do not wait for the next day to read the newspaper about current affairs, as they get it instantly thanks to the internet.
Most importantly, people are themselves running out of the habit of reading itself. Everything has become so visual now that no one bothers to read newspapers, books, novels or more. The internet has made it worse as now there is a video for everything. People won’t mind watching a five-minute video, but will however not prefer to read a five-minute-long article.
It just shows how we’re becoming so inactive and lazy. Everyone just needs things to be served on a platter. Therefore, we must not let this become a dying habit as newspapers are very reliable sources of news. In the absence of these, there will be hardly anyone left to verify the data and information we’re being fed.
If anyone manages to come to Kolkata during the upcoming festive months of Durga Puja, one would definitely feel very lucky to watch tall brightly coloured idols with crowds dressed in their best attire and swarming through the streets. But it is all gone now, at least for this year.
Usually for each year, all the orders for idols used to come during Rath-yatra and the days following that. And there existed a countdown for the final day. And not to forget about the markets, which always remained overcrowded for at least three months before the actual occasion. There was a feeling of joy and celebration in the air with people in extremely good mood. But this year is going to markedly very different from all the previous years. As per the sources, orders to Kumartuli have slashed by a great percentage this year. At the same time, the delay in the orders is quite noticeable. This year, even the big budget Durga Puja clubs have not yet placed the orders and even if some of them did, the height of the idols have reduced drastically. Previously, the normal height used to range from 12 to 15 feet and that too added with expensive clothes and ornaments. But this year, sources verify that the height ranges somewhere between 8 and 10 feet, with none exceeding 10 feet. Many clubs who usually hosted such big budget idols are very much sceptical whether they should go for it considering the financial stress and social isolation issue. Some are outright enough to cancel the celebrations and others who are hopeful that the situation will subside eventually have gone for placing the orders.
But this is not just all. The Forum of Dugotsab which is a committee of 350 Durga Puja Committees have passed certain rules to make this a safe festive season. Some recommendations which are passed include thermal screening of visitors, wearing of masks is mandatory, regular sanitisation of structures and finally there should be only 25 people inside a marquee at any point of time. But just to ensure that every devotee gets to enjoy the festival, the authorities have also ensured to place screens outside or podiums so that the devotees can at least view the idols. As per the Puja committees, they have specified that they will strictly adhere to the safety guidelines and that that they will celebrate keeping in mind the safety and livelihood of thousands of individuals.
But recent concern is that due to such economic constraints, the Kumartuli artisans have asked for the advance payment of 50% of the total idol making cost at the time of booking the idol. They are fearing that they will incur heavy losses owing to the lockdown and the destruction caused due to the Amphan Cyclone. Kumartuli artisans are sceptical because they have made the idols for Basanti Puja, but because of the onset of lockdown they could not sell those and thus had to suffer huge losses. So according to them they want to be sure for this time.
Durga Puja which is the most quintessential celebration of the Bengalis, will be celebrated in a completely different way. But whatever it is, we just wish for our Ma Durga to abode on this earth with her children and demolish the COVID-19 Rakshash with her Trishul.
A co-operative society is a voluntary association of individuals having common needs who join hands for the achievement of common economic interest. Its aim is to serve the interest of the poorer sections of society through the principle of self-help and mutual help. The main objective is to provide support to the members. Nobody joins a cooperative society to earn profit. People come forward as a group, pool their individual resources, utilise them in the best possible manner, and derive some common benefit out of it. A Co-operative Society can be formed as per the provisions of the Co-operative Societies Act, 1912. At least ten persons above of 18 years, having the capacity to enter into a contract with common economic objectives, like farming, weaving, consuming, etc can form a Co-operative Society. Cooperative Societies Act is a Central Act. However, ‘Cooperative Societies’ is a State Subject (Entry 32 of List II of Seventh Schedule to Constitution, i.e. State List). Though the Act is still in force, it has been specifically repealed in almost all the States and those States have their own Cooperative Societies Act. Thus, practically, the Central Act is mainly of academic interest and as per preamble to the Act, the Act is to facilitate formation of cooperative societies for the promotion of thrift and self-help among agriculturists, artisans and persons of limited means.
If object of the society is creation of funds to be lent to its members, all the members must be residing in the same town, village or group of villages or all members should be of same tribe, class, caste or occupation, unless Registrar otherwise directs. The provision of minimum 10 members or residing in same town/village etc. is not applicable if a registered society is member of another society.
The Statement of Objects and reasons states as follows:
(a) Cooperative Society can be established for purpose of credit, production or distribution. (b) Agricultural credit societies must be with unlimited liability. (c) Unlimited society is not best form of cooperation for agricultural commodities. (d) Unlimited society can distribute profits with permission of State Government.
Introduction
The need for shelter is one of the elementary human necessities in a civilized society. Over the past few decades, housing finance has become an increasingly attractive business proposition for various players in the financial market of the country. Among the various institutional arrangements made by the Central and State Governments for housing development, Co-operative Housing Society plays a dominant role in improving the housing stock. In India, Co-operative housing has emerged as a strong, well-organized and significant movement. Over the years, co-operative housing has grown from strength to strength and presently there are about 92,000 co-operative housing societies spread across the length and breadth of the country. This has enabled it to make a noticeable impact on the housing situation in the country.
Origin of Housing Co-operative society
The origin of the co-operative housing movement in the country dates back to the beginning of the present century. The first co-operative housing society was set up in the year 1909 in the former Mysore state (now Karnataka) and was known as the Bangalore Building Co-operative Society.
Maharastra also took the initiative in this field by forming a non-official body in the year 1913. This was known as the Bombay Co-operative Housing Association. This association framed a set of model bye-laws which later became the guiding factor for the organizational set up of many housing co-operatives in other parts of the country.
There has been continuous growth in the number of housing co-operatives, their membership and house construction activities. Since 1959-60 and up to March, 2001 the number of registered co-operative housing societies in the country has increased from 5564 to 92000. Their local membership has considerably increased from 0.32 million to 6.60 million and their working capital has also gone up by more than 94 times from Rs.550 million to Rs 52000 millions.
Need For housing Co-operative society
The co-operative sector has an important role to play in housing development in India. The housing co-operatives support the Government in implementing their social housing schemes especially for the rural area. Poor members are able to get houses at a relatively lower cost. They have the facilities to become owners by paying the cost in easy instalments. Co-operative housing estates and townships endeavour to provide modern amenities such as roads, street lights, parks, post office, library, school and recreation centres. Thus, housing co-operatives also facilitate community living.
Some of the important activities of housing co-operatives are discussed a) Housing Cooperatives and National Development Housing cooperatives have contributed to national development through national housing development in not only quantitative but also in qualitative terms. The housing stock created by housing co-operatives is qualitatively superior to that created by other supply sub-systems catering for lower and middle-income groups. b) Co-operative Housing for the Weaker Section- Members from the more affluent sections of the society are able to construct houses of their own without recourse to co-operative housing. But through co-operative action considerable economy is effected in land development, purchase of building material, technical consultancy, efficient architectucture, planning and providing other infrastructure facilities like sewerage, water supply, electricity and approach roads to bring down the overall cost of housing so as to be within the reach of poor families.
Conclusion
A Co-operative society is a form of voluntary organization. It enables people to attain effective realization of higher and more prosperous standard of living, better living, better business and better Farming. In essence, Co-operation is self-help made effective by the organization. It naturally relies on honesty and integrity of members for the economic amelioration of the weaker sections of the population. It follows democratic management and solves common problems for all, particularly the housing problem in the country.
A few days back, I was casually chatting with my cousin sister discussing about how the pandemic is altering our life. While discussing she cited a very interesting incident which happened to her daughter, Tanaya a couple of weeks back. Tanaya is currently promoted to fifth standard and she has been attending her classes in online mode since June end. My cousin said that they have created WhatsApp group among themselves where they discuss about their ‘school-affairs’. A few days passed by, she noticed that Tanaya was feeling very low and she almost stopped communication with her fellow mates. Distressed, she questioned her if something is bothering her, since it is a very new thing for Tanaya. After a lot of pestering, she opened her unofficial WhatsApp group of their class and she says that she was shocked reading the conversation. She noticed that there were a lot of slangs for fifth standard students. The most oppressive thing that she understood was that Tanaya was completely ignored when she asks or say something, or laughed at or completely victimised her. She was so outrageous that she took the matter up to the Principal and finally after a heated discussion that volunteer parents will be a part of those group and banned the creation of any other unofficial WhatsApp groups. Upon listening, I just saluted her for what she did and how she stood up to it.
WhatsApp is the only source of communication among us right now. That is the platform where everyone, from students to professionals, converse among themselves, trying to keep up with the changing world. That said, now when we all are chatting in a public forum, we usually tend to oversee the boundaries and limitations. Students who have been programmed to attend classes in offline mode were under a lot of restrictions and discipline and so such random conversations were easily avoided. But they have started attending their classes online, where there is no restriction, no rules and especially there is no such ingrained discipline. Well, I have particularly experienced that seeing my cousin’s daughter. Considering her age, it is very well perceived that freedom of such kind in unexpected and very often, such freedom bears its own consequences. They tend to say everything, thinking that it is cool and very often they tend to exhibit groupism. At times, they say something to a particular person, out of ‘longing for acceptance’, without giving it a second thought. This is what constitutes bullying. Repeated avoidance, being laughed at or made mockery of, posting ridiculous and insulting messages as WhatsApp status, sending offensive memes or caricatures in the public groups are some forms of mental harassment in online mode, otherwise known as WhatsApp Bullying.
What I believe is that people, especially such young ones, are going through a massive change. Schools and other such institutions need to understand that just initiating classes in the online mode can make someone ‘educated’ but it will completely erode the ‘mental’ and ‘civilized’ part of our character. Parents and teacher should make them understand that everyone is feeling excluded at this hour and we should take the responsibility of making someone feel inclusive.
While leaving my cousin’s house, Tanaya came to bid me good-bye. I looked at her eyes and remembered about my past too. I smiled, and then left.
I receive more than 50 E-mails a day from people all over the world asking me for “TIPS” on becoming a WRITER. Didn’t you justwrite me a mail ? That makes us all writers. But people think of writing as an ART which only few possess, WHY? Because they write everyday. However there are some who simply want to get better at writing just like you and me.
Here are some tried and tested steps on how to become a writer specifically a better one:
STEP 1:
Pick up a pen and a paper without thinking too much. Nowadays, I write on my mobile phone by typing whatever comes to my mind. So pick up the writing tools of your choice and sit in a comfortable place.
STEP 2:
There is no style of writing or rules to what not to write. You are your own rule-maker so instead be the rule-breaker. Write your own style.
STEP 3:
DO NOT start writing for the trend of it. Write what you feel connected to. Become the trend setter by pouring your heart into those words.
STEP 4:
If the purpose of your writing is to publish the work then write what you will read as an audience.
STEP 5:
It is okay to take inspiration from other Writer’s work. BUT don’t copy the entire content. Ideas can be shared but thoughts should be your own.
STEP 6:
There is no Language of Writing. My thoughts occur in my mother tongue-Tamil– and my regional language- Hindi/Marathi-; however, my education was in- English; hence I find comfort in it. Never feel embarrased about the language of your writing, it is your greatest super power.
STEP 7:
Write Everyday or at least every alternate day. Writing was an art in the past but today it is a skill which can be developed by practice and habitual scribbling of thoughts and opinions.
STEP 8:
Be relatable in your writing. Readers like to read articles which relate to them and hence they feel hostile and comfort in your words. I often portray myself as the character in my stories, the one who got to gain the experiences that life threw at me. Chances are all humans face similar challenges in life. Relatable AF!
STEP 9:
Let your writing be creative and free-flowing. You can always edit it later with but your initial draft should be fresh. To put it more easily- WRITE DRUNK BUT EDIT SOBER.
STEP 10:
Send your works to people who always motivate you – friends, family or even professional writers like me and many others. This will motivate you to write more regularly and also to feel validated and improve yourself in the process. Learn and grow fellow WRITERS!
Hope these tested steps qualify as practical tips to anybody in need. Do COMMENT your steps, to becoming a better writer in the comments below or leave a comment if you need more TIPS.
The very concept of Mid-Day Meal scheme was introduced on the year of 2000 by Akshaya Patra Foundation and was later passed as a mandate by Supreme Court of India on the year 2001. The sole purpose of the scheme is to provide wholesome freshly cooked hot lunch to all the students in the government and government aided schools in India. Usually the meal should be a whole mix of carbohydrates, proteins and various vegetables as per the bodily requirements of the children. The goal of such a scheme was to encourage the parents to send their wards to schools, to increase the school attendance and to do away with the norm of child labour, to prevent the child from being hungry at the time of attending the classes and thus to avoid malnutrition, and finally to improve the socialisation among the castes and last but not the least, to promote women empowerment.
The ultimate goal – to provide at least one of the three daily meals required for the proper growth of the children.
The scheme was institutionalized by the designated states and the schools and things were going fine until the pandemic hit the world. During the month of March, the lockdown was declared by the nation and there rose comprehensions among the low wage workers. They were worried about one of the most important thing on earth – what will happen to our mid-day meal and how can we arrange food for our children? The reason being the mid-day meal was one of the main reason as to why their parents sent their wards to school and they were worried about how to relinquish their daily requirements. But, like a godsend, the Government of India declared that even though the schools will be closed owing to the social distancing, the schools will still have to arrange the benefit of mid-day meal or any other substitute of equal value to the children and their families. Not only that, the Government also passed that if and when necessary, required assistance will be rolled out for the underprivileged.
Mid-Day Meal Scheme
The Government of India rolled out various schemes under which various states had to provide the mid-day meal scheme to the students. Some of such initiative are:
West Bengal – Ensured the distribution of the meals to their wards’ home amidst the curfew.
Odisha – Facilitation of Public Distribution System (PDS).
Chhattisgarh – Provision of mid-day meal to the parents of the children for about 40 days, with the difference in quantity by the primary and higher secondary school.
Kerala – Delivery of meal supplies to homes of their children.
Bihar – Transfer of the monetary amount of the mid-day meal, as a substitute of the food, to the accounts of their parents.
Maharashtra – Provision of the meals only to rural children.
Assam – Provision of mid-day meals to about 40 lakhs students.
Each and every state has taken the initiative to make sure that the meal reaches their students at times of distress. There also exists an underlying fear among the administration that if the meal is stooped, then it will automatically lead to the un-enrolment of the students whose attendance is already irregular and this will definitely push up the levels of illiteracy and unemployment.
States are putting in continuous efforts to make this journey smooth for the students. For instance, West Bengal has announced the decision to provide masks, sanitizer, as well as basic protein items such as pulses, soya bean which will be handed to the parents. They are going an extra length by providing stationery items to those students affected by Amphan.
It is very responsible on the part of Government of India to ensure the provision of mid-day meal and this help will definitely go a long way to build the future of India.
Millions across the world, rich and poor, younger and older, does not matter where, we are always facing the lurking danger of coronavirus infection. It is causing a tumultuous effect on the day to day lives of people, with increasing healthcare costs, decreasing accessibility to the proper healthcare facilities, rising prices of commodities and the ever increasing number of deaths every day. Poverty has hit its record in India and with time, there is a rising inequality in the provision of treatment, thus leading to preferential treatment.
But what is most astonishing is the fact that this diseases which was, at first, more common among the higher ranks of the society is spurring troubles among the lower ranks. Over the past few weeks, I could see a stark difference in the mode of treatment among the various ranks of the society. Consider the low wage or daily wage and the migrant workers. On the event of such a pandemic, they lost their sole earning potential, had to be transported back to their roots in ways that was unimaginable and even back at their home, poverty has reached the zenith of their lives. They basically had to pay their own fairs, which was multiple of the usual fares and they have to arrange for their own sanitation kit at the time, when they could not even afford the basic kit required for their survival. They are facing great uncertainties in their lives owing to stoppage of income, lost employment opportunities, educational hurdles of their children and many more. There were instances when the migrants tried to return to their homes walking on foot from the working locations and then losing their lives. It is very heart wrenching to see that how the lower sections of the society have to wait for uncountable hours just to get the basic treatment in the hospitals, and most of the times they succumb to their lives. Even for medical reasons other than COVID, they are being kept in isolation and the doctors do not even care to provide the basic treatment necessary to keep that patient alive. Such is the pathetic condition, not just for them but for all the common public.
And I am simply amazed to see how our own Bollywood is treating the entire pandemic. It seems like it’s a kind of spring break for them where they have been asked to do whatever they can. Many such pompous and self-centred Bollywood actors resorted to making videos such as washing the dishes when the bai is unable to come or when they are cooking some dish, which apparently we do it almost every day and then there are others who make their son playing an instrument while she teaches him how to do classical dance. And the worst part of it all is that, they all chant the same thing as to stay inside, wear mask, frequent sanitisation and doing things at home to keep mental stress at bay, but what they are forgetting is that they might have the opportunity to stay away at Disneyland, but others have to go out of their safe haven and do something to survive. Recently, a top notch Bollywood actor was tested positive for COVID and he and some of his ‘beloved’ family members had to be admitted to the hospital. He was tested on a regular basis for COVID and his family was getting the best medical care possible. The most surprising element of this news is that, first, it was broadcasted as a breaking news almost on all the national news channels and second, all the people were desperately praying for him and his family. Such is the disparity.
My only concern is in the fact that where is the praying when it comes to the ordinary people? People who are actually working for us, where are we when we need them? Why such disparity, even when the soul is not labelled?
Alas, our society still thinks actors are ‘heroes’.
We all work right from graduating till retirement for five days a week -sometimes six days – only to spend what we have earned. In the midst of this daily hustle, how much time do we actually devote to plan for financial independence? Hardly any! Is financial independence a plan only for retirement? The answer is NO.
The first step towards financial independence is to not procrastinate it. A single drop of penny today will contribute to an ocean of financial resource. Then comes the below mentioned road map to a start of a great solo journey of life.
Financial planning – First, define clear and realistic financial goals like child’s education or a comfortable retired life. It is critical to factor in inflation while drawing up your financial plan. If you are planning your child’s education, you should be aware that a professional degree that costs Rs.4 lakhs today, is likely to cost around Rs.20 lakhs, 10 years from now.
Personal research – While a qualified financial planner can give you investment advice, the importance of doing your own research cannot be undermined. You can rely on credible websites to understand the pros and cons of each financial instrument.
Personalized financial plan – A common mistake is to opt for a particular plan simply because others are doing so. An investment plan must be customized according to personal factors such as your risk appetite, financial goals and life-stage needs.
Adequate time horizon – It is necessary to align the investment plan and the expected time frame for getting returns out of it. It is irrational to expect immediate returns from long term products like insurance, PPF etc.
Risk diversification – A smart investor would always ensure that the risk is distributed over a variety of instruments. A high risk instrument such as, an equity should ideally be balanced with a stable one such as bonds. Your investment portfolio should be a judicious mix of equity, debt, life insurance, real estate etc.
Planning for unforeseen events – Along with the current assessment of your future needs, risk of unexpected events must also be factored in. As a woman, it is crucial to be financially prepared to deal with unfortunate events like death, divorce etc.
Regularly track your investment – It is common to become complacent and expect the returns to flow in, once the investments are done. However, it is every investor`s responsibility to keep a tab on the performance of their portfolio.
Proper paperwork – There have been several instances where an investor is unable to claim returns from a bona fide investment simply because of misplaced or wrongly-filled documents. Proper documentation is a must to safeguard your investments. Also, ensure that someone other than yourself is fully aware of all your investments.
Securing your future: As a working member of the family, it is crucial for you to have adequate insurance to ensure that in your absence, your family does not go through any financial stress. Investing in a simple term insurance plan will ensure financial continuity.
Plan and execute – Last, but most important is to begin planning for all your financial needs from an early stage. The cost of postponement will weigh heavily on you in the later years when investing will become a compulsion rather than a choice.
In this world of instant gratification, have patience and watch as your pot fills with money one sweat and hard work at a time. Kudos to being financially independent!
Mike Pompeo, the U.S. Secretary of State, has said that the country is contemplating to ban Chinese apps which include the majorly popular app, TikTok. Having said that, he also has mentioned how TikTok has caused security breaches by sharing information with the Chinese government. The app has experienced massive growth all over the world and now this statement by the Secretary of State could cause a major blow to the app.
On being asked a question which was on the lines of recommending users to download TikTok, Mike Pompeo replied saying, ‘ Only if you want your private information in the hands of the Chinese Communist Party. ‘
This is definitely not the first time the TikTok has received a backlash on how this particular app is responsible for relaying information of a particular country back to China, India too has made the same allegations recently.
The ban may be seen in coming week after India had raised questions against The Chinese apps for sharing information with other servers located outside India. This can be huge blow to TikTok company after its ban in India.Now, U.S. lawmakers are also of the same opinion that the app definitely has some serious security concerns that should not be overlooked at any cost. Chinese laws also need domestic companies ‘to support and cooperate with intelligence work controlled by the Chinese Communist Party.’ The U.S government has now made it very clear that the citizens of the country should be wary of the app.
The Chinese based app, which is owned by ByteDance, was asked to clarify the statements that stated the security concerns, to which it had completely denied the same. ‘We have no higher priority than promoting a safe and secure app experience for our users. We have never provided user data to the Chinese government, nor would we do so if asked,’ TikTok has mentioned in the email it has sent.
It has now created a safe distance from its Chinese roots hoping to calm the global uproar it has created. In the case of the U.S., it is still unclear if the sole reason behind the thought of banning this app is purely based on security concerns.
Deliberate practice refers to a special type of practice that is purposeful and systematic. While regular practice might include mindless repetitions, deliberate practice requires focused attention and is conducted with the specific goal of improving performance.
The greatest challenge of deliberate practice is to remain focused. In the beginning, showing up and putting in your reps is the most important thing. But after a while we begin to carelessly overlook small errors and miss daily opportunities for improvement.
This is because the natural tendency of the human brain is to transform repeated behaviors into automatic habits. For example, when you first learned to tie your shoes you had to think carefully about each step of the process. Today, after many repetitions, your brain can perform this sequence automatically. The more we repeat a task the more mindless it becomes.
Mindless activity is the enemy of deliberate practice. The danger of practicing the same thing again and again is that progress becomes assumed. Too often, we assume we are getting better simply because we are gaining experience. In reality, we are merely reinforcing our current habits—not improving them.
Claiming that improvement requires attention and effort sounds logical enough. But what does deliberate practice actually look like in the real world
Deliberate practice always follows the same pattern: break the overall process down into parts, identify your weaknesses, test new strategies for each section, and then integrate your learning into the overall process.
Consider the following example:
Basketball: Consider the following example from Aubrey Daniels, “Player A shoots 200 practice shots, Player B shoots 50. The Player B retrieves his own shots, dribbles leisurely and takes several breaks to talk to friends. Player A has a colleague who retrieves the ball after each attempt. The colleague keeps a record of shots made. If the shot is missed the colleague records whether the miss was short, long, left or right and the shooter reviews the results after every 10 minutes of practice. To characterize their hour of practice as equal would hardly be accurate. Assuming this is typical of their practice routine and they are equally skilled at the start, which would you predict would be the better shooter after only 100 hours of practice?
The Unsung Hero of Deliberate Practice
Perhaps the greatest difference between deliberate practice and simple repetition is this: feedback. Anyone who has mastered the art of deliberate practice has developed methods for receiving continual feedback on their performance.
The Promise of Deliberate Practice
Humans have a remarkable capacity to improve their performance in nearly any area of life if they train in the correct way. This is easier said than done.
Deliberate practice is not a comfortable activity. It requires sustained effort and concentration. The people who master the art of deliberate practice are committed to being lifelong learners—always exploring and experimenting and refining.
Deliberate practice is not a magic pill, but if you can manage to maintain your focus and commitment, then the promise of deliberate practice is quite alluring: to get the most out of what you’ve got.
A thing to remember always is that if you don’t climb the cliff you won’t ever be able to see the view from top up there all you can see would be a view from the ground and the key to climb that tree is only through practise, the longer you persist it the more you would grow in terms of success.
Instagram’s new feature Reels were in testing for some time now and now as the TikTok took an exit from India, Facebook-owned Instagram has rolled out their new Reels feature which allows user to shoot 15-second videos. The feature now arrives in India. This is good opportunity for reels to attract short video lovers as its demand has grown in the country.
many short video apps such as Roposo, Mitron, Chingari, Sharechat, and others are becoming more popular among users and seeing millions of downloads every day.Facebook is also all set to use this opportunity to attract 200 million TikTok users to Reels.
Reels is just a new feature on Instagram and users in India are loving this new feature which is just like TikTok.
Memers doing memes on instagram reels against tiktok
How to use Instagram Reels?
Step 1: Update your Instagram on Google Play
Step 2: Open the Instagram Camera
Step 3: Reels option is available next to boomerang, Superzoom, hands-free, and layout.
Step 4: Click on Reels and select audio from the Instagram Music library.
Step 5: Reels also come with an option to record original voice besides lip-syncing.
Step 6: Reels also let users add AR effects and provide options like Timer, Speed to edit videos as required before sharing. Reels also let users re-record a video and even delete it if needed.
Step 7: After creating their Reel, users can choose to share it with either their followers or everyone on Instagram. Reels can be shared to Feed as well as Explore so everyone on Instagram can view it.
Reels also feature several AR effects allowing users to add a custom touch to their videos. To put AR effects in their videos, users can open Reels camera and go to effects and then AR effects.
Users will also be able to record multiple 15 seconds Reels – it can also be recorded at once and the different effects can be added to each clip post the shoot. The Reels can also be reviewed, deleted, and re-recorded.
Deliberate practice refers to a special type of practice that is purposeful and systematic. While regular practice might include mindless repetitions, deliberate practice requires focused attention and is conducted with the specific goal of improving performance.
The greatest challenge of deliberate practice is to remain focused. In the beginning, showing up and putting in your reps is the most important thing. But after a while we begin to carelessly overlook small errors and miss daily opportunities for improvement.
This is because the natural tendency of the human brain is to transform repeated behaviors into automatic habits. For example, when you first learned to tie your shoes you had to think carefully about each step of the process. Today, after many repetitions, your brain can perform this sequence automatically. The more we repeat a task the more mindless it becomes.
Mindless activity is the enemy of deliberate practice. The danger of practicing the same thing again and again is that progress becomes assumed. Too often, we assume we are getting better simply because we are gaining experience. In reality, we are merely reinforcing our current habits—not improving them.
Claiming that improvement requires attention and effort sounds logical enough. But what does deliberate practice actually look like in the real world
Deliberate practice always follows the same pattern: break the overall process down into parts, identify your weaknesses, test new strategies for each section, and then integrate your learning into the overall process.
Consider the following example:
Basketball: Consider the following example from Aubrey Daniels, “Player A shoots 200 practice shots, Player B shoots 50. The Player B retrieves his own shots, dribbles leisurely and takes several breaks to talk to friends. Player A has a colleague who retrieves the ball after each attempt. The colleague keeps a record of shots made. If the shot is missed the colleague records whether the miss was short, long, left or right and the shooter reviews the results after every 10 minutes of practice. To characterize their hour of practice as equal would hardly be accurate. Assuming this is typical of their practice routine and they are equally skilled at the start, which would you predict would be the better shooter after only 100 hours of practice?
The Unsung Hero of Deliberate Practice
Perhaps the greatest difference between deliberate practice and simple repetition is this: feedback. Anyone who has mastered the art of deliberate practice has developed methods for receiving continual feedback on their performance.
The Promise of Deliberate Practice
Humans have a remarkable capacity to improve their performance in nearly any area of life if they train in the correct way. This is easier said than done.
Deliberate practice is not a comfortable activity. It requires sustained effort and concentration. The people who master the art of deliberate practice are committed to being lifelong learners—always exploring and experimenting and refining.
Deliberate practice is not a magic pill, but if you can manage to maintain your focus and commitment, then the promise of deliberate practice is quite alluring: to get the most out of what you’ve got.
A thing to remember always is that if you don’t climb the cliff you won’t ever be able to see the view from top up there all you can see would be a view from the ground and the key to climb that tree is only through practise, the longer you persist it the more you would grow in terms of success.
Eduindex News 
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