Reading Time: 8 mins The Reserve Bank of India on 6th February 2020, had released the 6th Bi-Monthly Monetary Policy Statement 2020. After looking into the current macroeconomic situation, RBI’s Monetary Policy Committee had decided not to change the policy repo rate, which is at 5.15%, in accordance with its plan to maintain the accommodative stance until the economic growth is revived, and the inflation rate is within the target. Apart from this, several other steps were taken by the MPC to boost economic growth and demand. The accommodative stance taken by the RBI is a step in the right direction as it can support economic growth and reduce inflation exponentially.
Reading Time: 5 mins
The Central Government is planning to implement India Enterprise Architecture (IndEA), a concept that promises a single-window digitisation solution for its citizens. This is similar to the Andhra Pradesh Government’s e-Pragiti project that treats the state as an enterprise-of-enterprises. The National e-Governance Division, under the Ministry of Electronics and Information Technology (MeitY), is entrusted with the mandate to form a division called India Enterprise Architecture (IndEA) to drive the initiative across government ministries, states and other agencies.
Reading Time: 7 mins
Prime Minister Narendra Modi’s first foreign visit in his second term to Sri Lanka and the Maldives shows the Indian government’s traditional diplomatic emphasis on the “Neighbourhood First” Policy. It is necessary for India to maintain an amicable relationship with its immediate neighbours to achieve its aspiration as a global power as these nations are economically and strategically important. However, for the past few years, India has faced challenges while maintaining bilateral relations with the neighbouring nations. Now, the government is taking measures to address these challenges to obtain a strategic advantage in the region.
Reading Time: 7 mins
To India, the Persian Gulf plays a vital role in its economy as it supplies nearly two-thirds of India’s total oil import. The bilateral trade with the nations present in this region is also flourishing in recent years. Over the years, millions of Indians have also migrated to the Persian Gulf region in search of jobs and they account for a sizable share in the total remittance received from abroad. Indian External Affairs Ministry refers to this region as West Asia and not as the Middle East which is a more popular attribution in Western countries. India’s policy in West Asia has, in recent times, have become highly cordial despite the numerous differences between various nations within this region. This is because of India’s neutral and flexible approach while interacting with these nations. However, it still faces challenges due to the external influences from major powers like the US. India’s Look West Policy has been enhanced to deal with this complicated issue. This policy has enabled India to maintain strategic autonomy while also pursuing its economic interests.
Reading Time: 8 mins
Several changes were made in the foreign policy of India in 2014 when the new government was formed. Act East Policy was one of them. Since its enactment, it has come a long way in improving India’s ties with various nations in East and Southeast Asia and Indo-Pacific. However, since its enforcement, circumstances have changed. China’s influence is challenged by various aspects like the trade war, regional tensions in China, an increase in protectionist policies, etc. India needs to make use of this situation to enhance the Act East Policy to its advantage to counter China and improve its economy through trade with East and Southeast Asian nations.
Reading Time: 5 mins
India is one of the fastest-growing economies in the world. However, it is consuming the limited natural resources at an unsustainable rate. India’s resource extraction is estimated to be more than three times the world average. Also, India’s material productivity is much lower than the global average. Material productivity is the ratio of output achieved compared to the inputs used. Low material productivity means the inefficient use of natural resources. It is evident that India’s economic growth is at the cost of the natural environment. National Resources Efficiency Policy seeks to solve the problem of the inefficient use of natural resources and promote recycling and reusing of available resources. With the growing demands and the increased strain on the environment, a solid policy to ensure sustainable economic growth is a need of the hour.
Reading Time: 4 mins
Economic Survey 2019 has brought in the Behavioural Economic Theory that provides insights to “nudge” the people to make economically and socially desirable choices. This is in contrast to the stringent economic and political policies to change the social behaviour of the people.
Reading Time: 6 mins Recently, the draft of the New National Education Policy has been submitted by the Dr. Kasturirangan Committee on Education Policy. The draft has invited criticism and protests due to the provision of three language formula. The controversial provision was hence revised by Dr. Kasturirangan-led committee.