An Example Of Transition Economy Economics Essay

An Example Of Transition Economy Economics Essay Around 1.21 billion people currently living in India, which is about 17.4% of the global population or one, can say 2.4 per cent of world GDP in US dollar terms and 5.5 % in PPP terms. The universal wellbeing too is linked to progress in India as reflected in the eager global interest in India. But, India seems to instigate and disappoint at the same time. Where some countries raced ahead in the development process, India lagged behind. It took 40 long years for Indias real per capita GDP to double from 1950-1951 to 1990-91. But, for India 1991-92 was a significant moment in modern economic history because of a severe balance of payments catastrophe prompted far accomplishment economic reforms, unlocking its growth potential, and the result was that in only 15 years, Indias per capita income doubled again by 2006-07. If India will maintain its current growth rate then, Indias per capita income could definitely double by 2017-18 in next some years. The key policy reforms since 1991-92, reviewing the economic progress made so far Policy Reforms before 1991 Macroeconomic crisis of 1991 discernible a turning point in Indias economic history for two reasons. First, fiscal arrears driven external payment mishap with a dip in foreign exchange reserves to below US$ 1 billion in 1991. Second, concurrently efforts were made towards wide ranging structural reforms surrounding areas of trade, management of exchange rates and industry, public finance as well as financial sector. The main objective was to create a competitive environment to improve output and efficiency. New industrial policy fostered competition by Abolishing monopoly restrictions Terminating the phased manufacturing programmers 100% foreign direct investment Import of foreign technology De-reservation of sectors till then reserved for the public sector. Only five industries are under licensing presently, mainly on account of environmental, health, safety and strategic consideration and two industries are reserved for the public sector and those industries are: ATOMIC ENERGY RAILWAY TRANSPORT Reservation of industrial products for the small scale sector is still an enduring issue. FDI i.e. Foreign Direct Investment up to 100% is allowed under the automatic route in most sectors, but with a few exceptions. The infrastructure sector is being in the hands of private sector. Because of the large requirements of funds for infrastructure, 100% FDI has been allowed in all infrastructure sectors. There are unmitigated tax holidays to encourage the business of development, operation, and maintenance of infrastructure facilities. The monetary policy framework and its operating procedures in India have evolved over time with the changes in the macroeconomic structure and financial markets development. After the deregulation of the financial sector, the stability of money demand became deduce. Because of that, Reserve Banks switched from monetary targeting framework, to a multiple indicator approach. In this approach, many indicators available on a high frequency basis. The various indicators are: Rates of return in different markets Movements in currency, credit, fiscal position, inflation rate, exchange rate etc Refinancing and transactions in foreign exchange The objective for the financial sector was to provide operational litheness and functional self-sufficiency to all the financial institutions so that they could allocate resources more efficiently. Some of the important initiatives in the financial sector were: Reduction in statutory preemptions so as to release greater funds Interest rate deregulation to enable price discovery Allowing new private sector banks to create a more competitive environment The trade policy reforms comprised withdrawal of the quantitative restrictions on exports and imports phasing out of the system of import licensing Lowering the level of nominal tariffs and its dispersion as well. India embarked on a well sequenced opening up of the capital account. Its framework was based on a preference for non-debt creating capital inflows like foreign direct investment and foreign portfolio investment. Economic Progress after 1991 After 1990, India saw gradually breaking free of the low growth trap which was known as the Hindu growth rate of 3.5% p.a. Real GDP growth was increased from 5.7% p.a. to 7.3% p.a. in 1990 to 2000s. The main reason of this growth acceleration was that the growth rate of industry and services increased. Till the end of 1990, the green revolution had died down. The growth patterns altered the structure of the Indian economy with a decline in the share of agriculture from 28.4% to about 15 per cent in 2009-11. There was an increase in services, including construction, from 52% to 65%. The share of industry has remained unchanged at around 20 per cent of GDP. Real economy Items 199-2000 2001-2010 2004-2008 Share in GDP Agriculture 28.4% 19.4% 18.9% Industry 20.1% 20.0% 20.1% Services 51.5% 60.6% 61.1% The growth acceleration was accompanied by a sharp lift up in the rate of growth of gross fixed capital formation which had more than doubled from an annual average of 7.2 per cent in the 1990s to 15.7%. The structure of Indian economy also underwent a change. Exports and imports of goods and services have more than doubled from 23% of GDP to 50 per cent in 2011. The high growth was achieved in an environment of price stability as headline wholesale price index inflation dropped to an annual average of 5.5% in the 2000s from 8.1 per cent in the 1990s. Subsequently, in the post-crisis period the inflation trend has reversed with the headline WPI inflation averaging over 7% and the consumer price inflation crossing double digits during 2009-11. The uptick in food price inflation was particularly sharp during 2009-11. Inflation Item 1991-2000 2001- 2010 2004-2008 2009-2011 (Annual Average Percentage change) Wholesale Price Index 8.1 5.4 5.5 7.1 Food Articles 10.2 5.8 5.2 13.3 Fuel Group 10.6 8.9 7.3 7.2 Non-Food Manufactured Products 6.8 4.0 5.0 4.0 CPI- Industrial Workers 9.5 5.9 5.0 10.6 CPI- Industrial Workers Food 9.8 6.2 5.5 12.5 No power on earth can stop an idea whose time has come. India has launched wide ranging structural reforms and has made noteworthy economic progress over the past two decades. Some of them are: Indias industrial environment has become more competitive and open Infrastructural gaps have been sought to be bridged through public-private initiatives with both domestic and foreign sources of funding Current account has become fully convertible while capital account which is virtually free for non-resident. As interest rates deregulated, banks gained operational autonomy for commercial lending. If India could maintain the current pace of growth it will elevate millions out of poverty and augment the global economy. While India has come a long way, maintaining the current pace would itself be challenging and require continued reform efforts. India will continue to face stagflation-type situation for some more time. The main reason for this are: the governments loose fiscal policy and persistent strong rise in real rural wage growth without an increase in productivity growth Stagflation means when economic growth of a country stagnates while inflation is rising. RBI lowered the economic growth projection for the current fiscal to 6.5 percent from its earlier estimate of 7.3 percent, stating rising government expenditure poses risks to economic stability. Its inflation forecast for the fiscal ending March, 2013 has also been raised to 7 percent from earlier projection of 6.5 percent. According to reports, monetary policy has a limited role in this stagflation-type environment. Moreover, the inflation outlook remains challenging. Indeed, given the poor progress of the monsoon, in reality food and overall inflation will likely accelerate in the coming months. Measures to control Indian stagflation: India may have progressed on paper and on screen but do we see the progress on the streets of India? There are millions of people still surviving in India on an income of less than one dollar a day. India can never be considered a developed country unless and until the poverty, hunger and pain of the poor on the streets and those living in the slums is curbed. Lately the government of India has come up with several developmental plans and no doubt it has helped boost the economy of the Country in some ways. But the long term impact of these plans do not seem to serve the purpose, or what should be the purpose of any government, that is, prosperity of the common man. Investment is pouring in from within the Country and abroad, but the poor man is getting poorer. In order to be considered a developed Country, India needs to focus on the common man. It is not only the Governments role to make India a developed nation. People of the country should also take responsibility. Improve infrastructure Liberalize financial markets Increase agricultural productivity Increase quality and quantity of universities More importance to rural household Proper health facilities in rural and urban areas Raise educational achievement Citizens must do charity with enough disposable income Job creation Raise educational achievement Introduce a credible fiscal policy Improve governance

Arguments For ‘Invitation To Treat And An Offer’

The English Law on the formation of contracts generally requires there to be an offer and a matching acceptance. The offer must set out and refer to the object for sale and all the important terms of the contract. The acceptance must indicate agreement to all the terms of contract. If it does not do so, the acceptance will be regarded as a counter-offer which is capable of rejecting the original offer, thereby making it incapable of acceptance later (Hyde v Wrench (1840) CC 49 ER 132).There are two offers, the one made by Susan through the advertisement on the 1st of March and that of Alice in response to the initial offer on the 27th of March that amounted to a counter-offer. There is also the issue of the application of the postal rule and its limitations in the case of Tahir, the issue of instantaneous communications and when the revocation of an offer becomes effective in the case of Emma and its rules.In Tahir’s case, the letter and enclosed Cheque he sent on the 27th of March would have been the most preferable choice of acceptance because the general postal rule would have applied easily which allows the effectiveness of a posted acceptance to start right from when it was posted, so as to enhance the effectiveness of businesses, if they can start working farther on the assumption that there is a binding contract between both parties as in Adams v Lindsell (1818).But, the fact that Susan defined the terms of the contract by stating the modes of acceptance and payment that was acceptable, which does not include a letter or a cheque makes the postal rule ineffective on Tahir’s letter, as it is unacceptable. Although, sending a letter as a form of acceptance was reasonable; there is no binding contract between Susan and Tahir because of the definition of terms and conditions of the offer. 2 Alice’s letter on the 27th of March is a counter-offer which is capable of rejecting the original offer.If Alice had not altered the terms of the off er, which resulted in an offer of her own, The letter would have been an acceptance, and the usual rule when a letter of acceptance is sent in reply to an offer is that the acceptance takes effect on posting, ensuring there is a binding contract. However, this postal rule has no application here, since; the case of Holwell securities v Hughes (1974) makes it clear that the rule can be avoided by a specific request in the terms of the offer according to LAWTON L. J â€Å"Now in this case, the â€Å"notice in writing† was to be one â€Å"to the intending vendor.†It was to be an intimation to him that the grantee had exercised the option: he was the one who was to be fixed with the information contained in the writing. He never was, because the letter carrying the information went astray. The plaintiffs were unable to do what the agreement said they were to do, namely, fix the defendant with knowledge that they had decided to buy his property. If this construction of the option clause is correct, there is no room for the application of any rule of law relating to the acceptance of offers by posting letters since the option agreement stipulated what had to be done to exercise the option.On this ground alone I would dismiss the appeal†. Considering, the email Alice sent on the 28th of March, which would have been the most suitable form of acceptance as at that time, although it was sent on Friday, it was out of office hours and so Susan is unable to read it, therefore the acceptance was not communicated as the instantaneous communications rules requires as in Entores v Miles East Corp. It is generally agreed that the instantaneous communications will cover the email, and so the time of communication, rather than the time of sending, is the relevant time.Applying this rule to Alice’s email, the email has no effect because as at the time it was communicated the offer was no longer capable of acceptance. Alice has no binding contract with S usan because her letter was a counter-offer and the email was communicated when the offer was already withdrawn. The case law on revocation of offers establishes that offers can be withdrawn at any time prior to acceptance (Payne v Cave (1789)), provided that the withdrawal is communicated to the offeree.The latter point is reinforced by the decision in Byrne v Van Tienhoven (1880), which concerns the revocation of an offer by telegram. Applying this to the dealings of Emma and Susan, If Susan received Emma’s email before the revocation was published in the papers, the revocation will be ineffective, and there will be a binding contract. This assumes, however, that the advert is deemed to be  communicated to Emma as soon as it was published and available to read on the 29th of March, because the information in the advert is sufficient notification to Emma that Susan has withdrawn the offer.Although, Emma may want to argue that the offer was open until the 31st of March, the refore they have a binding contract. This is not so, using the case of Routledge v Grant (1828), in which it was held that a promise of this kind will not generally be binding. The reason is that the promise will generally not have provided any consideration for the promise.If Susan had been given any amount of money or valuable in return for keeping the offer open until the 31st of march, then consideration would have been provided, and she would be bounded to her promise but in the absence of such she is free to withdraw the offer anytime. Therefore, Emma’s email has no effect because, she bears the responsibility of reading the revocation in the paper as Susan has taken the most reasonable form of communicating the revocation in this case. In conclusion, there is no binding contract between Susan and the other parties.

Benefit Types and Services of Lakeland Police Department

The duty of the Lakeland Police Department is to ensure peace and order as well as to enhance the standard of living of the citizens they serve. They are committed to the values of respect, integrity, teamwork and excellence. Theirs is the immense responsibility of being a protector to countless lives while endangering themselves in the process. Putting themselves in line, making themselves their last priority is their belief. Benefits One of the benefits that an officer accumulates is a life insurance.In case of an officer’s death, financial support will be given to his loved ones, to be more specific it can be his children, spouse or relatives. It is to ensure that once he disintegrated on this earth, his loved ones can enjoy the fund as a form of compensation. Another type of benefit is the medical fee. In case an officer is injured, pharmaceuticals, hospital rooms, physician fees and fee for a surgeon are available. Dentals may or may not be included it all depends on the arrangements. This type of benefit, with their jobs as an officer may be the most used one of all.Once an officer is retired he can enjoy the fruits of his years of labor by means of a retirement fee. It is to guarantee that he can still receive funds without having to work and he will have a means a capital in case he wants to forego on a particular business. In their hazardous job, it is bound that one is to suffer from a disability while ensuring the safety of others. A disability benefit is in order so that it can perform as an income replacement in case an officer cannot perform his duties anymore.It is also subdivided into two types, the long term and the short term disability benefits. Another type of classification is the paid time off benefit where he can still earn income while spending his holidays with family, suffering from sickness or enjoying a vacation. The Services Apart from protecting civilians, the Lakeland Police Department offers a lot of services to their citi zens in accordance with their mission and vision. First they give vital information on how to protect homes, oneself, children and neighbors from being a victim of a crime.They visit public and private, knocking in houses, distributing leaflets, posting in posters and the like that contains the necessary precautions needed. They host in awareness programs on the unsafe places like railroad crossings to prevent unnecessary accidents. They also attend vigils for the diseased, held programs for street children and orphans as well as distribute awards for the outstanding performances of certain individuals. The one they held in December 2007 was entitled â€Å"Do the Right Thing† award that was given to 5 children in Lakeland.In addition, they ensure the health of the citizens by providing first aid for minor injuries, rescue squad support for emergency situations, immunization, literature on health issues, semi-annual tuberculosis screening program, confidential blood pressure a nd weight screening and they provide information on community and health programs including a low-cost student health insurance plan designed for Lakeland students. They patrol on communities, make the necessary traffic controls and gives room for lost and found properties.They give importance to children by establishing Juvenile programs that is targetted to make them happy and healthy youth of the nation. Lakeland Police Department is not only intent punishing law-offenders but also to make sure that the visctims of such crime is safe, menatlly and hysically. They created programs to help them in making a new, if not a better life. It is through these services that mekes Lakeland Police Department become indespensible to the community and the people of Lakeland. References www. insidelakelandpd. org

The Revolutionary War ( 1775-1783 ) - 1593 Words

The Revolutionary War (1775-1783) was an event in history that played a significant role in the way in which the world is structured in modern times. This nine year long war assisted in the establishment of one of the world’s greatest powers, the United States of America. To understand how such a seemingly simple event lead to the development of a grand nation, one must acquire in depth knowledge of the Revolutionary War. This paper will focus on delivering said knowledge which includes the various causes and purposes, the events that occurred within the conflict itself, and the results of the war. To understand the way in which this country became a world power, one must first understand exactly what led to the Revolutionary War. Before†¦show more content†¦Tension between Britain and Colonial America escalated when Britain, whose debt has doubled to 32 million euros, refused to compensate the Americans for the 2 million euros that they accumulated in debt. Britain went as far as implementing various revenue measures in the colonies in an attempt to stabilize their own government. Among these various revenue measures were the writ of assistance, the Sugar Act of 1764, and the Stamp Act of 1765. Through the use of the writ of assistance, which was a general search warrant that permitted officials to search and enter any ship or building with no evidence for suspicion required, the British government aimed to cease colonial trade/ smuggling with the enemy. The use of the writ, which was seen as unconstitutional in the British Parliament, demonstrated the belief that Parliament could alter the constitution at will. This created tension because many colonist believed that Parliament did not have the right to authorize illegal investigations and seizures in private houses. Another revenue measure that sent negative cogitations to the colonists was the Sugar Act of 1764. The Sugar Act placed new tariffs and restrictions on colonial trade. One such restriction was that colonists had to export certain materials through Great Britain and not directly with foreign count ries. The Sugar Act discarded the right to a fair trial and placed