India’s Economic System
The type of Economic System of India is a Mixed Economic System.
About half of the people who work in India rely basically on agriculture, which can be attributed to a traditional economy, and about one third of the workers in India are employees in the services industry, which amounts to two-thirds of India’s output. In addition to this, India has privatized many enterprises fully state-owned, gives opportunity to foreign direct investment, and also deregulated various industries. (Amadeo, 2015) in “about news”
Furthermore, there had been more primacy of the public sector. According to “hubpages.com,” this act had been adopted after the independence and since 1956; diverse industries in the public sector were classified into three categories, which they inferred as schedule A, schedule B, and schedule C. Where, schedule A and B incorporated all the major and basic industries, and schedule C included the other industries and the private sectors were allowed to function in this category.
However, there had been global changes that took place relative to this economic system. There were reduction in trade barriers, a better atmosphere for the flow of capital between other countries, and a reduced obstruction to flow of labor, as well as technology. Therefore, the Indian government moved with this trend and there were several reforms in the different industrial sectors in the country.
Fiscal and Monetary Policy
It is well known that the major reason for fiscal policy is to specifically deal more with the expenditure and taxation decisions of the Indian government. Some of which include expenditure policy, tax policy, investment or even disinvestment techniques, and also surplus or debt management. (De, 2012) While the reason for monetary policy specifies how the Indian central bank controls the use of instruments to regulate the cost, availability, and use of credit and money. (“Reserve Bank of India”)
Indian fiscal and monetary policies utilize three key instrument of policy, including reverse repo rate, the repo rate, and the cash reserve ratio. (“thehindubusinessline, 2015) The policies affect price stability, economic growth, payment equilibrium, full employment, and equal income distribution. The control of these factors is based on the various phases, including the cash reserve ratio (CRR) – a direct instrument that influences the money supply into the Indian economy, the bank’s time and demand liabilities, and rate changes.
The implications of these policies are geared toward the inferences subjected to the rigorous tests that are being practically put together. Since monetary easing and tightening impacts the growth and WPI inflation related to a lag, any involvement of the consumer price index (CPI), which is can be amenable to external and supply shocks, would need to endure the supply responses of any related wage goods and improvements in distribution.
Competition policy is a factor that makes many businesses operate under constant pressure in order to provide the best possible limit of goods at the most suitable prices, because if they don’t take this into consideration, the users or final consumers can decide to buy elsewhere. It is necessary that businesses should be a game of competition with consumers being the major beneficiaries.
The consumers are the major beneficiary of the competition policy because, there are rules applied to make sure the companies and businesses compete reasonably with one another, thus encourages efficiency and enterprise, and also develop a wider avenue for consumers to make choices and hence reduce prices and enhance the quality of the products or services delivered.
The same goes for the businesses too. A competitive market will make organizations and businesses want more consumers to buy their products or services, thus, giving the lowest possible prices for all. Furthermore, they would try to improve the quality of their goods and services in order to also expand their market share. Therefore, motivating them to make their products different from others. In addition to this, there are high possibilities of innovation amongst businesses. Each business will develop new strategies to make their business highly ranked in the marketplace. Finally, competition also motivates businesses to try to hit the global market competition, thus making them renown and stronger out of their local market.
Major Factors Affecting a Business
There are several external factors affecting a business asides financing, staff, location, and other potential issues that can affect a business. There are other factors that must be taken into consideration which could go beyond a business control. Although, some businesses try to provide business disaster or recovery plan when such factors arise. These factors include terrorism, global warming, natural calamities, economic crisis, and spreading disease.
Terrorism has been a factor affecting Indian businesses for many years ago. According to “times of India,” India is the fourth country in the world faced with a large number of terrorist attacks in a 2013 survey. An example of one of the terrorist attacks is the Mumbai attack that resulted in about 150 people died, including the Indian citizens and other foreigners. (Sengupta & Bradsher, 2008) Such terrorism attack tends to affect business operations in such areas that were affected, and thus hinders profit for the periods such attack could have occurred.
Terrorism has so many impacts on businesses. According to Bruno S. Frey, terrorism affects trade, insurance, foreign direct investment, defence, and macro-economy negatively. When terrorism occurs in any country, prices of goods, and services will halt, thereby leading to scarcity and inflation. (Frey, 2009) Furthermore, terrorism is seen as a factor that can be lifelong lasting on a business. There are possibilities that some organizations or businesses that do not have a recovery plan will sink forever.
Global warming had been declared as India’s economy top’s threat. According to Krishnan & Beniwal, India’s junior finance minister said that the erratic monsoon rains are a major disaster to the economic sector of the country considering the high population in India. This is because there is a high dependency on the monsoon. Over the years, there had been so much strategy to fight the harmful effects of this climate change against the economy, and even Prime Minister Narendra Modi is still on the challenge. (Krishnan & Beniwal, 2015)
An example of global warming that has affected the economy in past times is related to how much greenhouse gas had been emitted in the energy sector. According to the environment minister Prakash Javadekar on the times of India, about 58% of the overall emissions is contributed by the greenhouse gas emissions. Global warming is majorly caused by these emissions and they have an adverse effect on the business economy in India. Other results of global warming include floods, wildfires, droughts, and extreme storms.
The negative effects of global warming include the damage it causes to infrastructure and properties. This is so because the result of global warming can cause extensive and expensive repairs of the damage it could cause to homes, businesses, bridges, roads, airport runways, dams, seawalls, and power lines. (“Union of Concerned Scientist, 2011”)
Global warming also affects productivity. There would be a disruption in daily life activities, thus leading to harm in trade, agriculture, transportation, fisheries, tourism, and energy production. Thus, result into scarcity and inflation of goods and services since people will still have to live.
People will begin to migrate massively from one place to the other. Global warming causes mass migration and security threats. People will be forced to leave their houses because of flooding, drought, and other related climate disasters. This would also result into civil unrest, and also spur military intervention and unexpected consequences. (“Union of Concerned Scientist, 2011”)
Natural calamities are generally known as natural disasters. They may be caused by rising population, environmental degradation, and climate change. (Hastley, 2011 in Business Pundit). Natural calamities include drought, floods, hurricane, volcano, tsunami, earthquake, etc. In past times, the Indian economy had experienced earthquakes, tsunami, drought, and floods. The severity and extent of these natural calamities determine the nature of impact they pose on the Indian economy. For example, the drought condition that occurred during fiscal 2013 in India affected the growth of the agricultural sector in which a negative record of about 5.2%.
Additionally, the occurrence of flood affected property prices. A post by Meera Siva on Hindi Business Line highlights the cyclone Hudhud that hit Vizag precisely in October, 2014. Many investors had to migrate from where they were due to this disaster. Also, as this flood hit the market and home areas, buyers were unable to reach where they have to purchase whatever they needed.
The negative effect of natural calamities affects the economy, mental health, instigate electric storms and wildfires, and infectious diseases. It affects the economy when earthquakes and hurricanes becomes a threat to the prices of gas since there may be damage to some refineries, and stopping the process of the supply of running oil. It also affects mental health when people affected are in psychological trauma and lots of stress. People are also susceptible to traumas and therefore develop anxiety disorder or become depressed. Furthermore, when there are electrical storms, wildfire can occur, which would result in the destruction of animals’ habitat. Finally, infectious diseases that are airborne or related, can affect people. This is because, dead animals may be seen in different areas, mosquitoes will breed in stagnant and sewage water and people would be susceptible to other contagious virus. (Arellano, 2015)
This is an important factor that affects businesses in India. According to Denyer in Washington post, a global economic crisis in 2011 fell 2%. Economic crisis can be caused by the operation of banks being able to create too much money too quickly, which then result in inflation in the financial markets. However, during this period, banks refuse to lend out money, thereby shrinking the economy.
An example of economic crisis in India was caused by the steady tightening of monetary policy in the country. This caused a rise in the cost of goods and services and then depresses investment and growth. (Denyer, 2011)
The negative effects of economic crisis include the following:
- Increased unemployment
- Deceleration of economic contraction and growth
- Adverse effects on balance of payments and trade balances
- Growing budget deficits, reduction of fiscal space and falling tax revenue
- Increasing volatility and falling prices for some primary commodities
- Abrupt reduction in revenues from tourism
- Massive reversal of private capital flows
- Reduced access to credit and trade financing
- Collapse of housing markets
- Reduced public confidence in financial institutions
People’s lives are kept at risk with respect to infectious diseases that are contagious in the marketplace. According to ‘AON risk services,’ infectious diseases can be spread in the workplace and when this is spread amongst employees, the efficiency of such business will be affected negatively. Moreover, it is important to note that infectious diseases are not just spread, but they emerge intensively quickly than ever before. So many epidemic diseases are more contagious and can be spread faster. Most especially when an organization’s communicable-illness policy is inadequate, spread of diseases becomes a great concern.
For example, there are contagious cancers just discovered in India. Although, many of these cancers are transmissible cancers and they can be transferred between individuals. Also, the yellow rust, which is a fungal disease that was spotted on wheat crop in Punjab is another issue to be considered. It is a major destruction of the agricultural business and can be spread through weather conditions. (“Business Standard, 2015”)
The negative effect of spreading diseases affects employees. When employees are faced with contagious diseases, they may not be able to come to work, because they may be sick or quarantined. If the sickness also affects their children, they may have to stay out of work to take care of their children. And when employees are out of work, there will be reduced efficiency in the operation of businesses. Spread diseases in crops will affect agricultural yield and therefore lead to poor productivity and income revenue.
The European Union is a union of 28 countries in Europe with goals that affect a large part of the continent. It was created after the second world war, then bearing the EEC, that is, European Economic Community, but gained its present name, European Union, in 1993. The EU was made to nurture the cooperation between countries that trade together to avoid the existence of disagreements and oppositions. It, thus, has just one official currency, which is the Euro. (“European Union, 2015”).
The trade agreements between the European Union and India
India is one of the EU’s best trade partners because of its ever increasing market of over one billion people. The trade agreements between the EU and India include:
- Access to one another’s business sector, for products, administrations and to open obtainment contracts,
- The structure for speculation
- The tenets that improve trade, for example, protected innovation and rivalry
- A sustainable growth. (“European commission, 2015”)
Trade union between the European Union and UK
As a result of discrimination and other trade barriers, the operation of British companies outside the UK may be impossible. This is what brings about Trade agreements. Trade agreements create a kind of avenue whereby UK can trade conveniently with other countries. This implies that the EU countries trade with non-EU countries. Some of the trade agreements between the EU and UK include the Economic Partnership Agreements (EPAs), Generalised System of Preferences (GSP), Generalized System of Preferences Plus (GSP+) Scheme, and the Everything but Arms (EBA). The EU intends giving cheaper prices to UK shoppers, making trading between UK and US easier, safer and more reliable. (“GOV.UK, 2010”)
Factors that Determine Demand and Supply in India
The demand and supply of goods and services in India is as a result of the changes in the prices. The other factors Economic System of Indiathat affect demand and supply relate to consumer desires with respect to the goods supplied by the businesses. The supply of products and services is influenced by many factors that are regarded as the determinants of supply. Some of the factors that affect demand include:
The Desires and Preferences of the Consumers
One of the motivations for which many consumers will demand for a good in India is the desire or preference they have for it. When a good has a high consumer taste and preference, the demand for such good will be very large, and the demand curve of that good will be at a very high level. Although, people’s desires and preferences change with respect to time and the demand for the goods.
The Income of the People
There have been a great disparity in the income of the rich to those of the poor. According to the post by Subodh Varma in the times of India, a survey shows that the income disparity between the poor and rich is growing at a rapid clip. The expenditure and consumption of the rich zooms from 5% to over 60% between year 2000 and 2012 in rural areas, while the same goes for the poor which zooms from 5% to 30%.
When the income of people are low, there will be a reduction in the demand of goods, and this would limit the expenditure and consumption of people. But when there’s a rise in people’s income, there would be an increase in demand, and the demand curve will shift upward.
Changes in the Prices of Goods
The change in the prices of goods can reduce the demand for it, especially when the goods are substitutes or complements. When these prices move higher, there will be a shift in the demand curve.
The Number of Consumers in the Market
It is important to know that the higher the number of consumers for a good, the higher the market demand for it. When the people who consumes a particular good is on a high statistics, it is therefore possible for the demand to either increase for that good, or remains stale.
Factors affecting Supply Include:
For every goods manufactured, there are always raw materials used. If the prices of the raw materials increases, there are possibilities that the end product of the product increases. Also, the speculation in the future change in price can affect the supply of a good. This may be caused by external factors such as political crisis or a ban on importation. This could adversely affect the prices of products to be supplied.
Cost of Production
When the cost of production is on the high side, it will definitely affect the quantity of the supply of a product. This is because the cost of production and the supply of a product are inversely related to one another. The factors that could make the cost of production rise include loss of fertility of land, increase in raw material prices, high wage rates of labor, tax rate, and transport cost.
Climatic condition is one of the major factors that can affect the supply of certain products. Most especially the supply of agricultural products increases when the monsoon comes earlier. On the other hand, the supply of some of these products could decrease during drought.
Without the right and advanced tools, the manufacture of products to be supplied may not be possible. This is because, a better and advanced technology increases the supply of the product.
There are many policies in India today that affects the importation and exportation of products, this implies that government policies affect supply. Such policy includes fiscal and industrial policy.
A good transportation facility will help the supply of goods to the consumers effectively. Transport is a major limitation to supply of products, because when goods are not readily available on time to where it is needed, there would be less demand for such products. In India, sellers prefer to use road transport to supply products, and they have to manage the poorly maintained road, which makes it difficult to arrive at the respective destinations.
The Real Responsibility of Some Organizations
There are different sectors within an organization and each department is saddled with different responsibilities. The responsibility of every organization is determined by the purpose of that organization, the core value of the organization, the importance of the product or service they offer the general public, the problems they solve, the trusts and guarantee they demonstrate, and the customer service they offer. (Simmons, 2011) Some expectations are expected from the stakeholders, some legal responsibilities and related ethical issues.
Expectation of Stakeholders
Since stakeholders are anyone who has an interest in an organization, then we can say that stakeholders are those who benefit or gives benefit to an organization. There are different stakeholder groups, and what they desire from any organization may be different. This is explained below:
- Stakeholders want good governance, transparency, and competitive performance from managers, as well as good value for their investment, be it now or the future.
- Managers want empowerment, authority, visibility and recognition that is attached to the job they do.
- Employees desire steady income, job security, career and recognition advancement.
- Suppliers desire timely payment and regular orders.
- Customers desire easy access to great quality products and services at different competitive prices.
- Associates want constant cooperation and the related benefits.
- Lenders desire their interest from the loans and capital repayment.
- The government wants their taxes to continue and there must be opportunities for employment in the country, as well as the accessibility and availability of products and services in the marketplace.
- The competitors are also stakeholders, since they try to know what their competitors do, and the better they compete, the greater the stability of the market.
It is important that organizations be subjected to the law, which must impact the planning process of such organizations. There are external factors that every organization should familiarize themselves with in order to operate effectively, these govern the industry that the organization operate within. (Doucet, 2009)
Consumer legislation is referred to as consumer rights and protection law. These laws provide a means for consumers to fight back against any unacceptable and abusive business practices. One of the major purposes of these laws is also to hold sellers of goods and services accountable when all they desire is to make profit by taking advantage of the individuals’ lack of bargaining power or information. (“HG Legal Resources”)
This legislation addresses the employment rights act of any employee. It governs the rights of employee relations in the workplace. In a simpler sense, the employment legislation is simply a body of laws that govern or regulate the relationship that exists between the employers and employees. Some parts of the law are specified to protect employees, while some parts impose strict regulation on them. When these laws are violated, it is often treated in a civil court or through administrative procedures. (“Wise Geek”)
These are principles or laws that guide everybody to stop discrimination in relation to opportunities in education, employment, benefits, advancement, and resource distribution, as well as other related areas, in which people should be free irrespective of their race, age, sex, political association, religion, ethnic origin, or other characteristics of human relationship. (“Business Dictionary”) Unless such is explicitly stated for criteria or requirement sake.
This is simply a collection of several laws and regulations focused on protecting the environment from any harmful actions or operations. These laws are put together to regulate the human interaction with the natural world for the reduction of threats to the environment in order to increase public health. (“Study.com”)
Health and safety legislation
These are laws that enforce health and safety in the workplace. This legislation provides advice on health and safety issues, as well as guidance on related legislation. The laws depend on the local authority and the business sector. The principles also provide safety practices, operation, and maintenance in the working environment, systems, and plant. (“Healthy working Lives, 2014”)
These are problems or situations that arise when a person or organization choose between the alternatives that can be assessed as right (ethical) or invariably wrong (unethical). Ethical issues can be environmental, fair trade practice, global warming, and bank code of conduct.
Environmental, ethical issues
These are philosophical discipline that takes into consideration the ethics and moral relationship and interaction of humans to the environment. It helps clearly define humans’ moral and ethical duties and obligations toward the environment they live in. (“Study.com”)
Fair trade practices
These focuses on protecting the rights of workers throughout the supply chain. These practices emphasize on the behavior of purchasing companies – brands, retailers, and their suppliers – and the fundamental steps taken to make sure that supplier companies respect the rights of workers. Fair trade practices were brought together to protect poor developing country farmers from significantly low international market prices of goods such as cocoa, coffee, and tea. (“Ethical Trade Initiative”)
Banking code of conduct
The code of conduct of any bank, are regulations that guide behaviors in a bank or the banking sector as a whole. This code of conduct represents the standards that mains good communication, interaction, and the relationship between the banking organization and its customers.
Economic System of India and Inflation
It is something not out of the extraordinary when inflation and deflation arises. Inflation occurs when the prices of goods and services are increased by a large margin. Inflation affects one very seriously since it does not just occur in just one aspect of living but in virtually all. The causes of inflation include the instability of exchange rates, cost-push effect, demand-pull effect, the national debt and money supply, which is the primary cause of inflation. (Pat, 2015)
Balance of payments
The balance of payments (BOP) is an account that has every single financial transaction made between consumers, organizations and the government in one nation with others recorded. The BOP consists of the Current account, the Capital account, and the Official financing account. (Riley, 2015)
Balance of trade
Balance of trade is the difference in the value, over a time frame, between a nation’s imports and exports of goods and services. A trade surplus occurs when the exports of a country are more than its imports while we have the trade deficit when the imports exceed the exports. The developing countries find it difficult to maintain surpluses because the prices they pay for the importing finished goods are more than the prices they receive for exporting unfinished goods. (“Encyclopedia Britannica, 2015”)
Elasticity of Demand
The term elasticity of demand is a unit that measures the responsiveness of a product’s quality demanded to a change in its price. Basically, it is the percentage change in the quantity of goods demanded in response to a one percent change in the price when all other factors of demand are held constant. (“Boundless.com”) The formula for the elasticity of demand is given by:
Elasticity of Demand = % change in quantity demanded / % change in price
Elasticity of Supply
The elasticity of supply measures the responsiveness in the quantity of a good supplied to a change in the price for the specific good. Basically, it is the measure of responsiveness in the quantity of goods supplied (QS) to a change in the price of that particular good. (“Boundless.com”) The formula is given by:
Elasticity of Supply = % change in quantity supplied / % change in price
Economics of Scale
These are factors that cause a reduction in average and marginal costs that arise from an increase in the size of an operating unit. Basically, it causes the average cost of the production of a product or good to fall when the volume of its output increases. (“The Economist”)
Role and Function of World Trade Organizations
The World Trade Organization, which is a replacement of General Agreement on Tariffs and Trade (GATT), was created on the first day of January, 1995 (1-1-1995). Its main aim is to increase the availability of job by increasing world trade. The following are the roles of the WTO:
- Monitoring of the administration of agreements
- Monitoring of the execution of reduction of trade barriers
- Checking of the performances of member’s trade policies regularly to make sure these policies don’t digress from WTO’s prospectus
- Collation of export and import trade information and statistics
- Giving amicable solutions to conflicts among member nations
- Provision of consultancy services to member nations
- Serves as a table of discussion of member states.
- Provision of assistance to IMF and IBRD for the building up of cognizance in general monetary arrangement organization.
The BRICs economies, initially consisting of Brazil, Russia, India and China, are the potentially biggest future market economies. These countries’ potentials of being the biggest market in the nearest future were observed by Jim O’Neil in 2001. He was not wrong as, over the last fifteen years, these countries have grown faster than most developed countries. Its first summit took place in 2009 and BRICs was changed to BRICS in 2010 when South Africa joined the body.
BRICS has not disappointed the world as they have achieved some things, though not so obvious, over the years. The only ‘but’ is, they are not yet properly united. The difference in each country is very large and proves itself at various instances, hence, the dispersion.
China seems to be the one with the loudest voice as BRICS’ new leader, which is also from China, has recorded some improvements, one of which is the New Development Bank(NDB) which has its headquarters in Shanghai. Hopefully, this issue of ‘disagreement’ and lack of one voice by the member countries will be over soon.
Trading bloc refers to a type of intergovernmental agreements, most especially a regional intergovernmental organization, in which the regional barriers to trade are either reduced or eliminated among the states that are involved. (“Boundless.com”) Trading blocs follow a form of economic integration, a form that increasingly shape the pattern of world trade between different countries. It is important to note that trade blocs can be regarded as stand-alone agreements between various countries, for instance North American Free Trade Agreement (NAFTA) or can be part of European Union (EU) which is a regional organization. The types of trading bloc are:
- Preferential trade area
- Free trade area
- Customs union
- Common market
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