Understanding inflation

The Inequities of Inflation - Positively Naperville

Inflation is a term we here very frequently in today’s world. Several economies of the world are now in the crunches of inflation. In this situation, let us read about inflation in detail.

What is inflation?

In economics, inflation is a general increase in prices of goods and services in an economy. When the general price level rises, each unit of currency buys fewer goods and services; consequently, inflation corresponds to a reduction in the purchasing power of money. The opposite of inflation is deflation, a sustained decrease in the general price level of goods and services. The common measure of inflation is the inflation rate, the annualized percentage change in a general price index. As prices do not all increase at the same rate, the consumer price index (CPI) is often used for this purpose.

Causes of inflation:

There were different schools of thought as to the causes of inflation. Most can be divided into two broad areas: quality theories of inflation and quantity theories of inflation.

Currently, the quantity theory of money is widely accepted as an accurate model of inflation in the long run. Consequently, there is now broad agreement among economists that in the long run, the inflation rate is essentially dependent on the growth rate of the money supply relative to the growth of the economy. However, in the short- and medium-term inflation may be affected by supply and demand pressures in the economy, and influenced by the relative elasticity of wages, prices and interest rates.

The quality theory of inflation rests on the expectation of a seller accepting currency to be able to exchange that currency at a later time for goods they desire as a buyer. The quantity theory of inflation rests on the quantity equation of money that relates the money supply, its velocity, and the nominal value of exchanges.

Measures of inflation

Consumers’ cost of living depends on the prices of many goods and services and the share of each in the household budget. To measure the average consumer’s cost of living, government agencies conduct household surveys to identify a basket of commonly purchased items and track over time the cost of purchasing this basket. The cost of this basket at a given time expressed relative to a base year is the consumer price index (CPI), and the percentage change in the CPI over a certain period is consumer price inflation, the most widely used measure of inflation.

Core consumer inflation focuses on the underlying and persistent trends in inflation by excluding prices set by the government and the more volatile prices of products, such as food and energy, most affected by seasonal factors or temporary supply conditions. Core inflation is also watched closely by policymakers. Calculation of an overall inflation rate—for a country, say, and not just for consumers—requires an index with broader coverage, such as the GDP deflator.

Types of inflation

Cost-Push Effect

Cost-push inflation is a result of the increase in prices working through the production process inputs. When additions to the supply of money and credit are channeled into a commodity or other asset markets and especially when this is accompanied by a negative economic shock to the supply of key commodities, costs for all kinds of intermediate goods rise.

Built-in Inflation

Built-in inflation is related to adaptive expectations, the idea that people expect current inflation rates to continue in the future. As the price of goods and services rises, workers and others come to expect that they will continue to rise in the future at a similar rate and demand more costs or wages to maintain their standard of living. Their increased wages result in a higher cost of goods and services, and this wage-price spiral continues as one factor induces the other and vice-versa.

Demand-Pull Effect

Demand-pull inflation occurs when an increase in the supply of money and credit stimulates overall demand for goods and services in an economy to increase more rapidly than the economy’s production capacity. This increases demand and leads to price rises.

All about Article 370

On October 17, 1949, Article 370 was added to the Indian constitution, as a ‘temporary provision’, which exempted Jammu & Kashmir, permitting it to draft its own Constitution and restricting the Indian Parliament’s legislative powers in the state. It was introduced into the draft constitution by N Gopalaswami Ayyangar as Article 306 A.

Under Article 370: The Constituent Assembly of Jammu & Kashmir was empowered to recommend which articles of the Indian Constitution should apply to the state,The J&K Constituent Assembly was dissolved after it drafted the state’s constitution. The article allowed the state a certain amount of autonomy – its own constitution, a separate flag and freedom to make laws. Foreign affairs, defence and communications remained the preserve of the central government.As a result, Jammu and Kashmir could make its own rules relating to permanent residency, ownership of property and fundamental rights. It could also bar Indians from outside the state from purchasing property or settling there.

On 5th August 2019, President of India in the exercise of the powers conferred by Clause (1) of Article 370 of the Constitution had issued the Constitution (Application to Jammu and Kashmir) Order, 2019. Through this, Government of India has made modifications in Article 370 itself (not revoked it).With this, the Government of India has dramatically altered the relationship between the state of Jammu and Kashmir and the Indian Union. Order, 2019 has replaced Presidential Order of 1954.Subsequently, the Jammu and Kashmir Reorganisation Bill, 2019, passed by Parliament divides the state of Jammu and Kashmir into two new Union Territories (UTs): Jammu & Kashmir, and Ladakh.This is the first time that a state has been converted into a UT.Of the six Lok Sabha seats currently with the state of Jammu and Kashmir, five will remain with the union territory of Jammu and Kashmir, while one will be allotted to Ladakh.The UT of Jammu and Kashmir will have an Assembly, like in Delhi and Puducherry.Instead of 29, India will now have 28 states. Kashmir will no longer have a Governor, rather a Lieutenant .The special status provided to J&K under Article 370 will be abolished. Jammu & Kashmir will no longer have the separate constitution, flag or anthem. The citizens of Jammu and Kashmir will not have dual citizenship. As the new union territory of Jammu and Kashmir will be subject to the Indian Constitution, its citizens will now have the Fundamental Rights enshrined in the Indian constitution. Article 360, which can be used to declare a Financial Emergency, will now also be applicable. All laws passed by Parliament will be applicable in Jammu and Kashmir, including the Right to Information Act and the Right to Education Act. The Indian Penal Code will replace the Ranbir Penal Code of Jammu and Kashmir. Article 35A, which originates from the provisions of Article 370 stands null and void. Since Presidential Order has extended all provisions of the Constitution to Jammu and Kashmir, including the chapter on Fundamental Rights, the discriminatory provisions under Article 35A will now be unconstitutional.

The Need for Changes in abolishing A370 was dire. Article 370 was added in the Indian constitution to provide autonomy to J&K.However, it failed to address the well-being of Kashmiris who have now endured two generations of insurgency and violence. It contributed to the gap between Kashmir and the rest of the nation. In the newly-formed Union Territory of J&K, the central government is trying to formulate new rules that will give domicile rights to residents over land and in government jobs. This has been a response to the perception that the unemployment rate in J&K is higher than the national average.Domicile rights have also been a long-standing demand of the Dogras of Jammu and the Buddhists of Ladakh. While most of those interviewed by this author chose to remain silent on the issue of domicile rights, a few expressed their fears that such a move will further limit the employment opportunities for the local youth and also lead to a demographic disruption in the Valley.

Possible Consequences include rise in militancy as Article 370 was seen by Kashmiris as a marker of their separate identity and autonomy. Widespread protests and violence as a reaction to the dilution of Article 370 are bound to take place .Terror elements in Pakistan would find Kashmir to be the most fertile ground for breeding terrorism. The unrest can affect the democratic progress that has been made so far. Opposition political parties could launch a legal challenge but Kashmir is an emotive issue with many Indians, and most parties would be wary of opposing the move lest they be branded anti-India. All in all, Kashmir and the people there are reaching towards normalcy after 2 years of removing article 370, but for how long will peace prevail? India is hoping for a long one.

Low-Maintenance Houseplants to grow

There are endless varieties of indoor plants to choose from, and if you’ve never cared for a plant before, you might have no idea which one to choose. Factor in that some plants are much harder to care for and require a lot of attention, and it’s even more of a challenge. If you want to spruce up your home with a little greenery but you’re new to plant parenthood and want to stick to plants that are more forgiving and low-maintenance, here’s what you need to know, from which plants to buy to how to keep them alive and happy

You don’t need a ton of time, space or even light to grow your own indoor garden, either. In fact, some plants prefer a low level of light and infrequent watering. If you live in an apartment or home with little natural light or just want something a bit more low maintenance, there are many houseplants for you to choose from.

Jade Plant

Succulents are always an indoor houseplant go-to thanks to their sturdiness and ability to survive with little to no water. This one has a defined look with plush oval leaves and a substantial height In fact; a jade plant can grow to be 3-6 feet tall. It’s a slow grower, though, so this won’t happen overnight. Like many succulents, jade plants need a lot of bright, indirect sunlight.

Aloe

As long as it gets a lot of really bright light, the Hedgehog Aloe is pretty resilient. Aloe plants grow in nutrient-poor conditions, so they’re very good at assimilating and holding onto their nutrients.Aloe is happiest in the brightest windows, so stick it in a space that faces the sunset.

Snake Plant

snake plants are tall, dark, and handsome. In addition to being able to withstand pretty much any living conditions, snake plants are also really powerful air purifiers.they can pretty much take whatever you throw at them, so they’ll be fine in slightly darker and more humid rooms.

Parlor Palm

Bright filtered light is best for this lush palm plant, but it can adapt to low light if necessary. In terms of watering, make sure you avoid over-watering your parlor palm. Keep it in a warmer spot and give it the occasional misting for good measure.

Bamboo

Like air plants, that can actually grow without soil. Simply place the stalks in a vase full of water with pebbles or marbles at the bottom. And if your bamboo starts to get too big for its container, just upgrade to a new one with a similar set-up—no actual reporting required.

The lights that don’t lie- The case of the radium girls

With war declared, hundreds of working-class women flocked to the studio where they were employed to paint watches and military dials with the new element radium, which had been discovered by Marie Curie a little less than 20 years before. Dial painting was “the elite job for the poor working girls”; it paid more than three times the average factory job, and those lucky enough to land a position ranked in the top 5% of female workers nationally, giving the women financial freedom in a time of burgeoning female empowerment. Radium’s luminosity was part of its allure, and the dial painters soon became known as the “ghost girls” — because by the time they finished their shifts, they themselves would glow in the dark. They made the most of the perk, wearing their good dresses to the plant so they’d shine in the dance halls at night, and even painting radium onto their teeth for a smile that would knock their suitors dead.

What’s more, the painters ingested the radioactive substance as part of their job. Because some of the watch dials on which they worked were extremely small, they were instructed to use their lips to bring their paint brushes to a fine point. When they asked about radium’s safety, they were assured by their managers that they had nothing to worry about.Of course, that wasn’t true. Radium can be extremely dangerous, especially with repeated exposure. Marie Curie suffered radiation burns while handling it, and she eventually died from radiation exposure.

It wasn’t long before the “Radium Girls” began to experience the physical ravages of their exposure. Among the first was Amelia (“Mollie”) Maggia, who painted watches for the Radium Luminous Materials Corp. Maggia’s first symptom was a toothache, which required the removal of the tooth. Soon the tooth next to it also had to be extracted. Painful ulcers, bleeding and full of pus, developed where the teeth had been. Maggia died on September 12, 1922, of a massive hemorrhage. Doctors were puzzled as to the cause of her condition. In growing numbers, other Radium Girls became deathly ill, experiencing many of the same agonizing symptoms as Maggia. For two years their employer vociferously denied any connection between the girls’ deaths and their work. Facing a downturn in business because of the growing controversy, the company finally commissioned an independent study of the matter, which concluded that the painters had died from the effects of radium exposure.

In 1925 a pathologist named Harrison Martland developed a test that proved conclusively that radium had poisoned the watch painters by destroying their bodies from the inside. The radium industry tried to discredit Martland’s findings, but the Radium Girls themselves fought back. Many knew that their days were numbered, but they wanted to do something to help their colleagues still working with the deadly substance. Ingested radium had subsequently settled in the women’s bodies and was now emitting constant, destructive radiation that “honeycombed” their bones. It was literally boring holes inside them while they were alive. It attacked the women all over their bodies.

In 1927, a smart young lawyer named Raymond Berry accepted their case, and Grace (along with four colleagues) found herself at the canter of an internationally famous courtroom drama. The women had been given just four months to live, and the company seemed intent on dragging out the legal proceedings. The New Jersey radium girls’ case was front-page news, and it sent shockwaves across America.

It was the mid-1930s: America was in the grip of the Great Depression. Catherine and her friends , victims of this heinous poisoning, were shunned by their community for suing one of the few firms left standing. Though close to death when her case went to court in 1938, Catherine ignored her doctors’ advice and instead gave evidence from her deathbed. In doing so, and with the help of her lawyer, Leonard Grossman, she finally won justice not only for herself, but for workers everywhere.

The radium girls’ case was one of the first in which an employer was made responsible for the health of the company’s employees. It led to life-saving regulations and, ultimately, to the establishment of the Occupational Safety and Health Administration, which now operates nationally in the United States to protect workers. . The women also left a legacy to science that has been termed “invaluable.”

Healthy snacking to switch to.

Snacking refers to the intake of foods during the day other than your main meals. Snacks typically consist of smaller food portions distributed between meals. While research on whether snacking aids weight loss is mixed, some evidence suggests that increasing your meal frequency through snacking may help manage hunger and improve blood sugar regulation. By planning ahead and focusing on nutrient-rich foods, snacks may support your weight management goals by managing hunger and keeping you satisfied between meals. Think of a healthy snack as a mini-meal. It should be more than just a handful of popcorn or a bag of chips. Like a meal, it should contain some protein, carbs, and healthy fats. Bonus points for fibre, as that helps fill us up and slows digestion leaving you feeling fuller longer. Here are some options for healthy snacking you can switch to-

1. Mixed nuts

Nuts are an ideal nutritious snack, providing the perfect balance of healthy fats, protein, and fiber.Aside from being tasty; they’re linked to numerous health benefits and very filling. There are plenty of nuts you can choose from, including walnuts, almonds, Brazil nuts, hazelnuts, pine nuts, macadamia nuts, cashews, and pistachios. Because they don’t require refrigeration, they’re a great choice for snacking on the go.

2. Kale chips

Kale is incredibly healthy, as it’s loaded with fiber and antioxidants like beta carotene, lutein.It’s also a good source of minerals, such as calcium and phosphorus. It has a lower level of oxalic acid, an anti-nutrient that impairs calcium absorption, than many other leafy greens .Pairing kale with olive oil not only makes more delicious and crispy chips but also a more balanced and filling snack.

3. Protein smoothie

A protein smoothie can be a filling snack for when you need something substantial until your next meal.They’re an easy and convenient way to increase your protein intake. You can add just about any other ingredient to the mix, from fruits and veggies to healthy fats like avocado, nut butter, or chia seeds, for a nutrient-rich snack.

4. Oatmeal

Oatmeal is a truly versatile snack that you can enjoy hot or cold — at home or on the go. Oats are a nutritious whole grain that provides a good amount of fiber and higher protein content compared with other cereals.What’s more, you can satisfy your sweet tooth with oatmeal topped with fruit, cinnamon, cocoa powder, and chocolate chips, or go for a savory version by adding eggs, avocado, and veggies like mushrooms or tomatoes.

5. Cucumber slices with hummus

Cucumber’s fresh flavour and crunchy texture go very well with the rich creaminess of hummus. Hummus is typically made from chickpeas, tahini, olive oil, and garlic. Thus, it provides a mix of plant-based protein, fibre, and heart-healthy fats. You can also pair them with some whole grain crackers or pretzel sticks for a heartier snack.

When your next craving hits, aim for whole foods that add nutrition to your day instead of highly processed, less nutritious options.Having some healthy choices in reach can help you stay satisfied, add more nutrients to your diet, and support weight management. Healthy snacking can be benifically in all aspects of life , so start making choices of what you intake.

BJP changes Tripura CM

BJP leader Biplab Kumar Deb after submitting his resignation as CM of Tripura to State Governor Satyadev Narayan Arya in Agartala.

BJP made Rajya Sabha MP Manik Saha the new Chief Minister of Tripura, succeeding Biplab Kumar Deb who resigned earlier on Saturday. Dr. Saha, the BJP’s State president, was elected the legislature party leader at a meeting at the Chief Minister’s official residence soon after Mr. Deb tendered his resignation to Governor S.N. Arya.

The women’s suffrage movement

The Nineteenth Amendment to the US Constitution was ratified on August 18, 1920. It declares that “The right of citizens of the United States to vote shall not be denied or abridged by the United States or by any State on account of sex. Congress shall have power to enforce this article by appropriate legislation. “The amendment, which granted women the right to vote, represented the pinnacle of the women’s suffrage movement, which was led by the National American Woman Suffrage Association (NAWSA).In their decades-long struggle for female enfranchisement, women’s rights advocates met with strong opposition from anti-suffrage activists.

The women’s suffrage movement has its origins in the Seneca Falls Convention of 1848, the first women’s rights convention ever held in the United States. Approximately three hundred activists, female and male, gathered to discuss the condition of women and to devise strategies for achieving social and political rights for women. Though women’s suffrage was a topic of debate at the convention, it was not the main goal of the movement at this early stage, and the convention’s resolution demanding women’s suffrage was the only resolution that was not passed unanimously.

The first women’s suffrage organizations were created in 1869. Susan B. Anthony and Elizabeth Cady Stanton founded the National Woman Suffrage Association (NWSA), while Lucy Stone, Julia Ward Howe, and Henry Blackwell founded the American Woman Suffrage Association (AWSA). These two rival groups were divided over the Fifteenth Amendment, which guaranteed African American men the right to vote. The AWSA supported the Fifteenth Amendment, while the NWSA opposed it because it did not include suffrage for women. In 1890, the two competing organizations were merged into the National American Woman Suffrage Association (NAWSA).

During the 1870s, suffragists (women’s suffrage activists) began attempting to vote at polling places and filing lawsuits when their attempts were rejected. This drew attention to the women’s rights movement, particularly after Susan B. Anthony was arrested and put on trial for voting in the 1872 presidential election. Suffragists hoped that the lawsuits would work their way up to the Supreme Court, and that the justices would declare that women had a constitutional right to vote. In 1875, the Supreme Court, rejected women’s suffrage, ruling that the US Constitution did not confer the right of suffrage to anyone.

After the Supreme Court ruling, leaders of the women’s rights movement adopted other strategies for securing universal suffrage. Activists began organizing a drive to pass a constitutional amendment guaranteeing women the right to vote. The National American Woman Suffrage Association launched a campaign to achieve victories at the state level, in the hopes that if enough states allowed women the right to vote, federal legislation would follow. These efforts were so successful that by the time of the ratification of the Nineteenth Amendment, over half of all states had already granted limited voting rights to women.

The Nineteenth Amendment

In January, 1878, Republican Senator Aaron A. Sargent of California formally introduced in the Senate a constitutional amendment to guarantee women the vote. The bill languished in committee until 1887, when it finally went up to a vote, and was defeated. Not until 1914 was another constitutional amendment for women’s rights considered, and again rejected, by the Senate.

Though the movement for women’s suffrage was well-organized and gaining momentum by the early twentieth century, it met with strong opposition from some sectors of US society. Brewers and distillers were opposed to female enfranchisement because they assumed that women would vote for the prohibition of alcoholic beverages, while businesses that employed children feared that women would vote to eliminate child labour. Anti-suffrage organizations sprang up all over the country to oppose the drive for female enfranchisement. Anti-suffrage activists were not just men; indeed, many upper class women joined the movement, arguing that politics was a dirty business that would sully the moral and spiritual authority of women

The National American Woman Suffrage Association in 1900, launched an effort to link the drive for female suffrage to the US war effort in the First World War. Though many of her fellow suffragists were anti-war pacifists, Catt made the controversial decision to support the war and to thereby portray the women’s suffrage movement as patriotic. The effort was a success; in his 1918 State of the Union address, President Woodrow Wilson declared his support for female enfranchisement.

On August 18, 1920, Congress ratified the Nineteenth Amendment, which guaranteed the right to vote to all US citizens regardless of sex. The Nineteenth Amendment represented a major victory and a turning point in the women’s rights movement.

Tips to help you declutter

The idea of living a simple life with less stuff sounds attractive to many but seems almost impossible to get rid of stuff you have. They begin to feel overwhelmed, anxious, and defeated around the idea of owning less. That’s too bad. Learning how to declutter your home and as a result, decluttering your life, doesn’t need to be as painful as some make it out to be. And the benefits are numerous.

The Benefits of Decluttering from time to time.

Less to clean. Cleaning is already enough of a chore, but having to clean around things you have zero emotional attachment to (or worse, actively dislike) makes cleaning the house much more stressful.
Less to organize. Finding things suddenly become easier. Things don’t just “disappear” anymore. You can actually move around your home and enjoy the space, instead of moving around things that are in the way. You start to find your tiny house more spacious.
Less stress. Looking around at the clutter is a nausea-inducing sight once your home becomes cluttered enough. Wouldn’t it be nice to be able to look around and see a home you love? You can also do cleaning leisurely and not make rigorous plans.
Less debt. Spending less time shopping for material possessions and adding to the clutter means your wallet and bank accounts remain fuller, your credit cards’ statements are lower, and your home doesn’t get filled with costly things you don’t need.
More financial freedom. Decluttering, paired with minimalism, will help you build up savings to keep you protected in case of unexpected emergencies. Or you can spend it on invisible items like crypto or travel.
More energy for your greatest passions. With less debt, more financial freedom, and a clean home, you can now focus your energy on the things you enjoy instead of worrying about “Keeping up with the Joneses.” This will ultimately make you happier.

If you’re struggling and need guidance on how to declutter, you’ll need to get creative with your plans. Here are several interesting decluttering tips to get you started on decluttering your home:

Start with 5 minutes at a time. If you’re new to decluttering, you can slowly build momentum with just five minutes a day.
Give one item away each day. This would remove 365 items every single year from your home. If you increased this to 2 per day, you would have given away 730 items you no longer needed. Increase this number once it gets too easy.
Donate clothes you never wear. To identify them, simply hang all your clothes with hangers in the reverse direction. After wearing an item, face the hanger in the correct direction. Discard the clothes you never touched after a few months.
Create a decluttering checklist. It’s a lot easier to declutter when you have a visual representation of where you need to get started. You can use our decluttering checklist.
Take the 12-12-12 challenge. Locate 12 items to throw away, 12 to donate, and 12 to be returned to their proper home.
Take before and after photos of a small area. Choose one part of your home, like your kitchen counter, and take a photo of a small area. Quickly clean off the items in the photo and take an after photo. Once you see how your home could look, it becomes easier to start decluttering more of your home.
Get help from a friend. Have a friend or family member go through your home and suggest a handful of big items to throw away or give to someone else. If you defend the item and want to keep it, your friend has to agree with your reason. If they don’t agree, it’s time to get rid of it.
Use the Four-Box Method. Get four boxes and label them: trash, give away, keep, or re-locate. Enter any room in your home and place each item into one of the following boxes. Don’t skip a single item, no matter how insignificant you may think it is. This may take days, weeks, or months, but it will help you see how many items you really own and you’ll know exactly what to do with each item.

No matter which decluttering tip you choose to get started – whether it be one of these ten or one of countless others – the goal is to take your first step in decluttering your life with excitement behind it.

Removing clutter from our homes and our lives doesn’t need to be rushed or done in a single day. It’s something that can be done over time and may even need to be done on a semi-regular basis. As long as you start the process today, you’re further along than you were yesterday. Simple doesn’t mean sparse or boring. The opposite is true. With fewer mess and distractions, your home can become more peaceful. You can view your home as a space for rest and comfort, instead of a source of stress.

RBI and credit control

RBI governor, Shaktikanth Das, on May 4 2022 revised the repo rates. On this context, let us look more about the credit control measures adopted by Reserve bank of India.

Reserve bank is the apex body to control the banking system in India. As we all know banks are the major link in money supply. Thus, RBI can control the money in the economy by controlling the banks. These policies are termed as monetary policy.

RBI could adopt either quantitative or qualitative methods.

Quantitative methods

Statutory Liquidity Ratio

Statutory Liquidity Ratio or SLR is the minimum percentage of deposits that a commercial bank has to maintain in the form of liquid cash, gold or other securities. It is basically the reserve requirement that banks are expected to keep before offering credit to customers. The SLR is fixed by the RBI and is a form of control over the credit growth in India.

The government uses the SLR to regulate inflation and fuel growth. Increasing the SLR will control inflation in the economy while decreasing the statutory liquidity rate will cause growth in the economy. The SLR was prescribed by Section 24 (2A) of Banking Regulation Act, 1949.

Cash Reserve Ratio

CRR is an essential monetary policy tool used for controlling the money supply in the economy, a regulation implemented in almost every nation by the Central Bank of that country.

CRR rate is the minimum percentage of cash deposits (as specified by RBI) that must be maintained by every commercial bank as per the requirement of the Central Bank.

Cash Reserve Ratio Rate is computed as a percentage of the net demand and time liabilities of each bank. Net Demand and Time Liability is reached with the total of the savings account, current account, and fixed deposit balances.

Bank rate

Bank rate is a rate at which the Reserve Bank of India (RBI) provides the loan to commercial banks without keeping any security. There is no agreement on repurchase that will be drawn up or agreed upon with no collateral as well. The RBI allows short-term loans with the presence of collateral. This is known as Repo Rate. Bank Rates in India is determined by the RBI. It is usually higher than a Repo Rate on account of its ability to regulate liquidity.

Open market operations

Open market operations refer to the selling and purchasing of the treasury bills and government securities by the central bank of any country in order to regulate money supply in the economy.

It is one of the most important ways of monetary control that is exercised by the central banks. Under this system, the central bank sells securities in the market when it wants to reduce the money supply in the market. It is done to increase interest rates. This policy is also known as the contractionary monetary policy.

Similarly, when the central bank wants to increase the money supply in the market, it will purchase securities from the market. This step is taken to reduce the rate of interest and also to help in the economic growth of the country. This policy is known as the expansionary monetary policy.

Qualitative methods

Margin Requirement:

Margin requirement refers to the difference between the current value of the security offered for loan (called collateral) and the value of loan granted. It is a qualitative method of credit control adopted by the central bank in order to stabilize the economy from inflation or deflation.

Rationing of Credit:

Rationing of credit refers to fixation of credit quotas for different business activities which is introduced when the flow of credit is to be checked particularly for speculative activities in the economy.

Moral Suasion:

The central bank makes the member bank agree through persuasion or pressure to follow its directives which is generally not ignored by the member banks. The banks are advised to restrict the flow of credit during inflation and be liberal in lending during deflation.

RBI and credit control

RBI governor, Shaktikanth Das, on May 4 2022 revised the repo rates. On this context, let us look more about the credit control measures adopted by Reserve bank of India.

RBI could adopt either quantitative or qualitative methods.

Quantitative methods

Statutory Liquidity Ratio

Cash Reserve Ratio

CRR is an essential monetary policy tool used for controlling the money supply in the economy, a regulation implemented in almost every nation by the Central Bank of that country.

CRR rate is the minimum percentage of cash deposits (as specified by RBI) that must be maintained by every commercial bank as per the requirement of the Central Bank.

Bank rate

Open market operations

Open market operations refer to the selling and purchasing of the treasury bills and government securities by the central bank of any country in order to regulate money supply in the economy.

Qualitative methods

Margin Requirement:

Rationing of Credit:

Moral Suasion:

Veganism in a Nutshell

Once considered a niche diet, veganism has gone mainstream — so much so that the number of people following a vegan diet has increased by 350% in the last decade. By definition, veganism is a way of living in which people exclude, as much as possible, all forms of animal exploitation and cruelty.

At first glance, a vegan diet may seem complicated or overly restrictive. Many of my clients who are considering switching over to a vegan diet are initially worried about finding suitable vegan alternatives to their favourite meals. Yet, most find that once they get a few basics down, the transition is less difficult than they initially expected.

According to the Vegan Society, the term “vegan” was coined back in 1944 by a small group of vegetarians who broke away from the Leicester Vegetarian Society in England to form the Vegan Society. In addition to refraining from eating meat, they chose not to consume dairy, eggs, or any other products of animal origin The term “vegan” was chosen from the combination of the first and last letters of “vegetarian.” By 1949, the first definition of veganism had been born. It has changed slightly over the years to become what it is known as today. Many people use the term “vegan” to refer exclusively to diet. However, by this latest definition, veganism extends beyond eating a plant-based diet.

Those who identify as vegans typically aim to exclude animal exploitation or cruelty in all aspects of their lives, including the clothes they wear, the cosmetics they use, and the leisure activities they take part in .As a result, many vegans avoid purchasing wool coats, leather furniture, or down pillows and comforters. They may also opt to visit animal sanctuaries instead of going to zoos, the circus, or animal petting farms.

Reasons people go vegan

Health-Some people choose a vegan diet for its potential health benefits. Diets high in meat — especially red meat — have been linked to cancer, heart disease, and type 2 diabetes .On the other hand, plant-based diets have been linked to a lower risk of developing or prematurely dying from these diseases. Lowering your intake of animal products in favour of more plant-based options may also improve your digestion and reduce your risk of Alzheimer’s disease .A vegan diet can also help minimize the side effects linked to the antibiotics and hormones used in modern animal agriculture .Finally, vegan diets appear to be especially effective at helping people lose unwanted weight. Several studies link a vegan diet to a lower likelihood of obesity

Moral ideals-Ethical vegans strongly believe that all creatures have a right to life and freedom. They view all animals as conscious beings that, just like humans, wish to avoid pain and suffering .Because of this, ethical vegans are opposed to killing an animal in order to eat its flesh or wear its fur or skin. Vegans are also opposed to the psychological and physical stress that animals may endure as a result of modern farming practices — for instance, the small pens or cages that animals typically live in and rarely leave between their birth and slaughter.

Environment

People may also choose to avoid animal products in an attempt to limit their environmental impact. According to recent data, animal agriculture heavily contributes to greenhouse gas emissions (GHGEs), which cause climate change.Meat eaters are thought to be responsible for 2–2.5 times more GHGEs than people following a vegan diet. Ruminant animals, such as cattle, sheep, and goats, appear to emit the largest amount of greenhouse gases per gram of protein they deliver. Therefore, diets that reduce or totally eliminate dairy also produce significantly fewer GHGEs.

Foods that vegans eat

Avoiding animal products doesn’t restrict you to eating salads and tofu alone. There’s a wide variety of delicious foods you can eat on a vegan diet.

Beans, peas, and lentils: such as red, brown, or green lentils; chickpeas; split peas; black-eyed peas; black beans; white beans; and kidney beans
Soy products: such as fortified soy milk, soybeans, and products made from them, such as tofu, tempeh, and natto
Nuts: such as peanuts, almonds, cashews, and their butters
Seeds: such as sunflower seeds, sesame seeds, and their butters, as well as flaxseed, hemp seeds, and chia seeds
Whole grains: such as quinoa, whole wheat, whole oats, and whole grain brown or wild rice, as well as products made from these foods, such as whole grain bread, crackers, and pasta
Starchy vegetables: such as potatoes, sweet potatoes, corn, squash, beets, and turnips
Nonstarchy vegetables: such as broccoli, cabbage, asparagus, radishes, and leafy greens; these may be raw, frozen, canned, dried, or pureed
Fruit: such as apples, pears, bananas, berries, mango, pineapple, oranges, and tangerines; these may be purchased fresh, frozen, canned, dried, or pureed
Other plant-based foods: such as algae, nutritional yeast, fortified plant milks and yogurts, and maple syrup

There’s a good chance that many of the dishes you currently enjoy either already are vegan or can be made vegan with a few simple adjustments.For instance, you can swap meat-based main dishes for meals containing beans, peas, lentils, tofu, tempeh, nuts, or seeds.

Transitioning to a vegan diet is easier than most people think. That said, it does require a little additional nutrition knowledge.So if you’re interested in making the switch, consider seeking advice from a registered dietitian specializing in plant-based diets to make sure you’ve got your basics covered.Depending on your knowledge, budget, and culinary skills, you may also want to consider taking certain supplements to ensure you’re providing your body with all the nutrients it need

Microfinance as a tool for financial inclusion

Traditional microfinance and borrower welfare - IGC Growth Brief

Indian economy is one of the developing economies in the world and is expected to reach new heights in the coming decades. But a sizeable population of this economy particularly the poor, underprivileged, disadvantaged and vulnerable group of people does not have access to most basic financial services. Formal lending agencies often left the poor unbanked on account of high levels of transaction cost incurred in lending to the poor. Their access to formal banking channels was constrained to their resource base as well as the nature of formal credit institutions. The demand for collateral security that a micro- borrower did not possess, the credit worthiness of the poor, high transaction cost due to difficulties in screening, and unattractive business proposition due to tiny savings and loans, were the deterrents faced by the formal lending institutions in loaning to the poor. Consequently, the poor continued to be dependent on informal sector lending, paying exorbitant rates of interest or underselling the product and their labor power to the creditor. Formal financial system was less accommodative to women.

The realization that this sort of unequitable development could not lead to the well -being of the society raised the need for financial inclusion. Financial inclusion is delivery of financial services like bank accounts, savings product, remittances and payment services, insurance, financial advisory services and micro credit to weaker sections in rural and urban areas at an affordable cost. It also involves actions to provide access to formal financial system like nationalized banks. Government of India and Reserve bank of India have taken series of measures and have experimented various alternatives to take financial services to the masses, but the task is stupendous, hence the pace of work should be accelerated and sustained. Since the formal banking system was limited to collateral based lending, there arose a need for developing a new system for financing the marginalized sections.

Microfinance by providing small loans and facilities to those who have been excluded from commercial financial services, has wider scope in the area of financial inclusion. The basic idea of microfinance is that poor people are ready and willing to pull themselves out of poverty if given access to economic inputs. The need for informality in credit delivery and easy access is denoted by the fast growth of microfinance providers in reaching out to small borrowers. The major microfinance providers in India are SHG-Bank linkage model, Non- Banking Financial Institutions and some trusts. Among these initiatives Self Help Groups have emerged out as an efficient alternative as they are uniquely positioned among the beneficiaries. Many of them operate over a limited geographical area, have a greater understanding among the rural poor, enjoy greater acceptability among the people and have flexibility in operations providing a level of comfort to their clientele. This fills the existing gap between formal financial networks and unfinanced poor weaker sections which is the intention of financial inclusion.

The SHG-bank linkage program gained extensive acceptance amongst NGO community and bankers. Establishing one million SHGs, the NABARD envisioned covering one third of the rural population in India. By the year 2002–03, promulgations were made for linking 200,000 SHGs. Visually perceiving SHG-bank linkage program emerging as a major way of banking with the poor in the ensuing years, the task force on microfinance estimated that at least 25,000 bank branches, 4000 NGOs, and 2000 federations of SHGs involving 0.10 million personnel of these institutions would scale up microfinance to a great magnitude.

For example, in Kerala, Kudumbashree Mission has emerged as one of the renowned Self-help group initiatives on a worldwide basis. Even though it was incorporated with the mission of women empowerment, it has grown out as source for economic empowerment for the marginalized sections of the society. It has outnumbered several other financial institutions in the case of provision of microfinance and has emerged out as a reliable tool for financial inclusion.

Narmada Bachao Andolan

In 1985, Narmada bachao andolan became an Indian social ,and environmental movement. Narmada Bachao Andolan is the most powerful mass movement, started in 1985, against the construction of huge dam on the Narmada river. Narmada is the India’s largest west flowing river, which supports a large variety of people with distinguished culture and tradition ranging from the indigenous (tribal) people inhabited in the jungles here to the large number of rural population. The proposed Sardar Sarovar Dam and Narmada Sagar will displace more than 250,000 people. Narmada bachao andolan was led by native tribals, farmers environmentalists and Human Rights activist. Narmada bachao andolan was against and number of large Dam projects across the river Narmada, which to the states of Gujarat Madhya Pradesh and Maharashtra. The big fight is over the resettlement or the rehabilitation of these people. The two proposals are already under construction, supported by US$550 million loan by the World Bank. There are plans to build over 3000 big and small dams along the river. This protest, to express the views against a large number of dams being contrasted near Narmada river, brought a large number of adivasis, farmers, environmentalists, and human rights activists together. The movement involved prominent celebrities and people went on hunger strikes to show their support for the cause. The decision is still pending, though the court initially ruled the decision in the Andolan’s favor, thereby effecting an immediate stoppage of work at the dam and directing the concerned states to first complete the rehabilitation and replacement process. Later the court allowed the construction to proceed.

It is a multi crore project that will generate a big revenue for the government. The Narmada Valley Development plan is the the most promised and most challenging plan in the history of India. The proponents are of the view that it will produce 1450 MW of electricity and pure drinking water to 40 million people covering thousand of villages and towns. Some of the dams have been already been completed such as Tawa and Bargi Dams. But the opponents says that this hydro project will devastate human lives and bio diversity by destroying thousand of acres of forests and agricultural land. On the other hand it will overall deprive thousands of people of their livelihood. They believe that the water and energy could be provided to the people through alternative technological means that would be ecologically beneficial.

Medha Patkar and Baba Amte together let a series of protests, some of which failed while the others achieved success. In September 1989, Amte led a 60,000-person anti-dam NBA rally in Harsud—a town of 20,000 people in Madhya Pradesh that faced submersion. In May 1990, a massive NBA five-daydharna (sit-in) at then-Prime Minister V. P. Singh’s residence in New Delhi forced the Prime Minister to agree to ‘‘reconsider’’ the project. In December 1990, Amte, along with 5,000 protestors, began the Narmada Jan Vikas Sangharsh Yatra (Narmada people’s progress struggle march), marching over a hundred kilometers from Amte’s headquarters near Barwani in Madhya Pradesh to Ferkuva on the Madhya Pradesh–Gujarat border. The government reacted by deploying the Gujarati police force and by bussing in thousands of governmentsupported pro-dam demonstrators from urban centers in Gujarat. Following the government’s announcement that rising waters from the dam would begin to submerge villages, domestic protest intensified and with it the resulting backlash from the state. On January 5, 1991, Amte began a ‘‘dharna [sit-in] unto death.’’

The most popular slogans of the NBA were Vikas Chahiye, vinash nahin! (‘‘We want development, not destruction’’) and Koi nahi hatega, bandh nahi banega! (‘‘No one will move, the dam will not be built’’).Led by one of the prominent leader Medha Patkar, it has now been turned into the International protest, gaining support from NGO’S all around the globe. Protestors are agitating the issue through the mass media, hunger strikes, massive marches, rallies and the through the on screen of several documentary films. Although they have been protesting peacefully, but they been harassed, arrested and beaten up by the police several times. The Narmada Bachao Andolan has been pressurizing the world bank to withdraw its loan from the project through media .The strong protests throughout the country not only made impact on the local people but has also influenced the several famous celebrities like film star Aamir Khan , who has made open efforts to support Narmada Bachao Andolan. He said he only want that those who have been rendered homeless should be given a roof. He pleaded to the common people to take part in the moment and come up with the best possible solutions. .

In october 2010 Supreme Court approved construction in decided that the height of the Dam to be raised 90m. This is much higher than 88m which anti Dam activist demanded but it is definitely lower than the proposed height of 130 m. As the World Bank withdrew its financing in 1933 the project is now largely financed by the state governments and market borrowings ,now the project is expected to be fully completed by 2025.

Narmada Bachao Andolan

International Nurses Day 2022: A Few Facts

On this International Nurses Day on 12 May, I offer my salute to all Nurses including Florence Nightingale as when I was born (a little more than 65 years ago) in addition to others a nurse took care of me to take a breath in this world. So, I have huge regard for all medical staff as my father completed his MBBS in the early 1950s rendered his selfless service to human beings in general and the poor in particular.

This year like the earlier two years because of the awful impact of COVID19, people of the world irrespective of rich or poor, caste, creed, religion, language, etc., have been observing the services rendered by the nurses along with other medical staff. Even a few nurses have passed away while nursing the patients and many have been infected with the coronavirus.

Anyway, every year 12 May is celebrated as International Nurses Day in commemoration of the birth anniversary of Florence Nightingale. It may be mentioned here that Florence Nightingale was born on 12 May 1820 in a wealthy and well-connected British family at the Villa Colombia. She was a British social reformer and statistician, and the founder of contemporary nursing. Moreover, she was a great human being and had feelings for sufferers, and for this reason, she came to prominence while serving as a manager and trainer of nurses during the Crimean War, in which she organized to care for wounded soldiers.

The International Council of Nurses (ICN) has announced the new theme for International Nurses Day (IND) 2022: Nurses: A Voice to Lead – Invest in nursing and respect rights to secure global health, focusing on the need to protect, support, and invest in the nursing profession to strengthen health systems around the world. According to the publication, “Nurses: A Voice to Lead Invest in nursing and respect rights to secure global health” by the INTERNATIONAL COUNCIL OF NURSES (2022)

The benefits of protecting the safety of nurses include the following:

• Reduced hospital-acquired infections

• Greater productivity, increased job satisfaction, and improved retention of nurses

• Improved workplace health and safety, which improves patient safety and patient outcomes

• Supporting stronger and more resilient health systems

• Reduction in workplace induced injury and illnesses and improved health and wellbeing

• Improved return on investment.

Also, it is evident from the publication that “WHO estimates that from January 2020 to May 2021 at least 180,000 health and care workers died as a result of COVID-19 (WHO 2021b). These deaths are a terrible tragedy. In addition to the human toll, the ever-expanding ripple effect is the growing and irreplaceable gap in the health workforce leading the world’s pandemic response”.

The President International Council of Nurses Dr. Pamela Cipriano said: “Nurses have suffered tremendously throughout the pandemic. They have been unnecessarily exposed to the virus, faced attacks from the public, suffered from extreme workloads, and continue to be underpaid and undervalued. If governments continue to put off investing in the health workforce, it will be to the detriment of health systems everywhere. There is no health without a healthy workforce!

‘The International Nurses Day case studies that we have been collecting portray the incredible work of nurses, and our IND theme for 2022 will continue to promote nursing work and fight for nurses’ rights to a safe working environment, decent wages, and full participation in decision-making.”

Florence Nightingale although has passed away on 13 August 1910 but will remain alive in the hearts and memories of millions in the world for her humanitarian service.

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Reasons people go vegan

Foods that vegans eat

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