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impact of russia ukraine war on global economy

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Essay on Impact of Russia-Ukraine War on World Economy

Essay on Impact of Russia-Ukraine War on World Economy

Introduction :

“Peace cannot be kept by force, it can only be achieved by understanding.” This is a quite famous statement of Albert Einstein that denotes the importance of peace. The invasion of Russia on Ukraine is the largest conventional military attack and have caused economic crisis for this world. The ongoing conflict between Russia and Ukraine has major ramifications for the global economy, which is just recovering from the stress of the covid-19 pandemic.  

  • The International Monetary Fund (IMF) indicated that both Russia and Ukraine are major commodity producers and disruptions there have resulted in increasing global prices, especially that of oil and natural gas. 
  • Ukraine and Russia accounting for around 30% of the global exports for wheat that’s why food prices too have hiked. The IMF pointed out that the entire global economy would feel the effects with slower growth and faster inflation.
  • Inspite of India’s limited direct exposure, the combination of supply disruptions and the ongoing terms of trade will definitely impact the growth of Indian economy that can also result in rise in inflation.
  • The World Bank’s projection pointed out Ukraine’s poverty, will increase from 1.8% in 2021 to 19.8% in 2022. It added that models developed by from the United Nations suggested that a more severe and protracted war could lead to poverty affecting nearly 30% of the population. 
  • The poor countries are likely to suffer most from high food prices because they tend to spend a large proportion of their income on food. The problem of high food prices compounded by high oil prices and expensive fertilizer represent a threat to future crop yields.

Conclusion :

The automobile sector is also expected to be hit hard by the war. Rise in oil prices, continued shortage of semiconductors and chips and other rare earth metals is likely to add to the industry’s problems. Besides, Ukraine is also home to many companies which manufacture such components. The ongoing war between Russia and Ukraine is constantly impacting financial markets, exchange rate, crude and natural gas prices. It is expected that inflation will further worsen and will result in the reduced purchasing power of the common man.

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Essay on Russia Ukraine conflict in english

Introduction :

“Peace is not absence of conflict, it is the ability to handle conflict by peaceful means.“ This statement can be directly connected with the on going war between Russia and Ukraine. The invasion of Russia on Ukraine in February is the largest conventional military attack and can cause economic crisis for the whole world. Although, India has taken a neutral stance because of its historic partnership with Russia. This alliance is making Russia a pivotal part of India’s nation-building process, especially during its early days of independence.

  • The main cause of concern is Ukraine’s accession to NATO that would cross Russia’s red lines, and poses a continuing security threat to Russia. Russia wants an assurance from the West that Ukraine will never be allowed to join NATO. 
  • The Russia-Ukraine crisis has caused uncertainty in global trade and is impacting oil and other commodities prices to a great extent. Though, India doesn’t have a significant trade with Russia but it stands to lose economically due to supply disruptions caused by western countries.
  • Inspite of India’s limited direct exposure, the combination of supply disruptions and the ongoing terms of trade will definitely impact the growth of Indian economy that can also result in rise in inflation.
  • In reaction to the US’s ban on all oil and gas imports from Russia, Crude oil prices increased to nearly 43% from the beginning of February.
  • This is a huge setback for global economic growth because Russia is one of the largest exporters of crude oil of the world. However, India’s trade consist of only 1% oil imports from Russia, but there can be a great impact in the form of high inflation and slow growth.

Conclusion :

It can be said that more risks could arise if global growth conditions deteriorate further, which would hamper India’s export and capital expenditure as well. The ongoing conflict between Russia and Ukraine may impact financial markets, exchange rate and crude prices. In the short-term, however, this moment will not have any lasting impact on the Indian economy. It is expected that inflation will further worsen and will result in the reduced purchasing power parity of common people.

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Impact of Rising prices on common man

Introduction :

“Inflation is like toothpaste once it’s out you can hardly get it back in again” This statement indicate the impact of inflation on our economy. The rampant increase in prices is causing anxiety among the people of India. Price rise is a world wide phenomenon and India is no exception to it. Prices of everything are hiking even of the essential goods like gas, pulses, sugar, edible oils, tea, food grains and petrol. When the total demand is greater than total supply of goods and services, it causes prices to rise.

  • The factors such as increase in disposable income, consumer spending, public expenditure, black money are responsible for increasing demand. Price-rise affects different people differently.
  • Although it may not have much affect on the flexible income group. However, maximum hardship is faced by the fixed income groups.
  • It is so because their salaries remain the same but the prices continue to rise. The impact of rising prices can be seen as unfulfillment of basic needs, increase in the prices of petrol and diesel leads to increase in transportation cost,
  • It also causes hunger and malnutrition, no access to healthcare services, migration and much more. India ranks 101st in Global Hunger Index which shows the real condition of poor people in India.
  • The condition of women is not every good as 7 out of 10 women are suffering from anemia in India.
  • In order to curb the problem of price rise there should be the joint effort of the government and the public to control it.
  • There should be more fair price shops, Kendriya Bhandar where the common man can shop for quality goods at low prices.

Conclusion :

The Government and banks must keep a check on hoarding and black marketing. As far as general public is concerned, they must reduce unnecessary expenditure and increase savings. This will reduce disposable income with the people and hence personal consumption expenditure. Government should focus on lowest income group, promote startups, provide skills to youth and try to control the inflation so that the gap between the rich and poor can be reduced as much as possible as it is truly said “growth is possible where there is no difference.”

Essay on Virtual Currencies in India

Introduction :

Bitcoin is a digital currency that is widely known for its creator’s anonymity. It is a kind of virtual currency which was launched as an open source software in 2009. Its creator whose identity to this day remains unknown, goes by the name Satoshi Nakamoto. Since its inception, virtual currency, has grown in both its popularity and its use. It is the first decentralized digital currency, as the system works without a central bank or single administrator. Bitcoin is often referred to as a “virtual currency” or “cryptocurrency.”

  • All transfers of bitcoin are verified and recorded on a public ledger known as the block chain. It is an electronic or digital currency that works on a peer-to-peer basis.
  • Like currency notes, it can be sent from one person to another. The beauty of this cryptocurrency is that if you receive a bitcoin from another, you can be as sure of the payment as you would on receiving physical currency notes, with the same anonymity ascribed to it.
  • This anonymity is lacking in other forms of digital payment such as online banking or e-wallets. You can send bitcoins digitally to anyone who has a bitcoin address anywhere in the globe.
  • One person could have multiple addresses for different purposes. Receivers can get to spend them within minutes of receiving the coins.
  • It is to be noted that cryptocurrency transactions are settled immediately without any third-party approvals.

Conclusion :

With recognition at universal level, cryptocurrencies can be accessed by everyone. As India moves to digitize much of its financial services and parts of its consumer market, cryptocurrencies offer a new, dynamic addition to the Digital India project.

Cashless Economy – Making Indian economy Digital

Introduction :

A cashless economy means the liquidity in the system is exchanged between two parties through either plastic currency or through digital currency i.e online payments. With the advent of blockchain technology, bitcoins have given a whole new meaning for a cashless economy. The concept of bitcoin talks about a decentralized system of finance, but that is not the point of discussing in this particular essay on cashless India.

  • Hence, let us come back to the crux of this essay on cashless India, which are the pros and cons of the digital payment system.
  • Cashless Economy promotes electronic payment methods which improves transparency and accountability.
  • Tax collection increases as all the transaction takes place through bank accounts. It can also mitigate corruption and black money as all transactions can be traced easily.
  • It also saves time and prevents theft and burglary of cash and endorses paperless environment friendly as it will save a huge amount of money spent on printing and maintenance of currency.
  • With so much technological revolutions happening around, it will be impossible to find someone without a smartphone in this 21st century.
  • Almost every Indian has a smartphone. Hence the ease of transaction through fintech platforms such as Paytm, google pay or phonepe are easier than ever before.
  • The hassles of carrying hard cash( with possible viruses on it) is eliminated. The government of India has produced platforms such as UPI (Unified Payments Interface) for hassle-free cashless transactions.
  • But it is seen that the small businesses still use cash as they cannot afford digital infrastructures. Hackers and Cyber Crimes are a huge threat to cashless economy.
  • There is lack of internet connectivity in rural areas in our nation which makes it difficult to commence the concept of the cashless economy in every region
  • India is lacking robust and widespread internet connection in all parts of the country which becomes a huge hurdle in practicing cashless economy.

Conclusion :

The cashless economy has its own sets of merits and demerits. The concept of cashless economy is very useful for eliminating black money from the nation. The lack of sufficient infrastructure and illiteracy is one of the major hindrances in the path of the cashless economy. It is important for the government to address the issues related to achieving a proper cashless economy by providing financial education to the people along with better internet services.

Technological Development in India

Introduction :

India is emerging as a superpower in the world. Being a fast-developing nation, the country is making its way through the hurdles to gain a bright future in terms of science and technology. Indian society is quite eager to accept technology into their day-to-day life. The modern age is the age of science, technology, knowledge and information.

  • New inventions in the field of science and technology are emerging from Indian students and experts, making the country to gain limelight in the world.
  • Modern gadgets are introduced in every walk of life, making life easier and solving many problems. The growth of technology today is sure to experience a boom for the country in future in almost all the sectors such as education, infrastructure, electricity, aviation, medicine, information technology and other fields.
  • They are well equipped and staffed to secure the people of the nation. But there is no room for complacency in this field and we are yet a developing country.
  • In the field of agriculture, our scientific and technological researches have enabled us to be self-reliant and self-sufficient in food grains. In the field of defense also our achievements have been quite laudable.
  • The successful production of such missiles as Prithvi and Nag testify to the high capabilities and achievements of our scientists.
  • Science and technology are inter dependent, these are two completely distinct fields of study. Science contributes to technology in several ways.
  • It is the knowledge of science that gives way to new and innovative ideas to build different technological tools.
  • The research and experiments conducted in science laboratories lead to the designing of various technological techniques and devices.
  • Knowledge about science also helps in understanding the impact of technology on the environment and the society. Technology on the other hand extends the agenda of science.

Conclusion :

When the ideas are put to use, the scientists are inspired and motivated to research and experiment further to come up with newer ideas. We have been successful in producing night-vision devices required for our indigenous tanks. Obviously, technology has been used effectively as a tool and instrument of national development and yet much remains to be achieved in order to make its benefits reach the masses.

Cyber Crimes in India

Introduction :

In technically driven society, people use various devices to make life simple. Globalization results in connecting people all around the world. The increasing access to and continuous use of technology has radically impacted the way in which people communicate and conduct their daily lives. Cyber-crime is a crime in which computer is used as an object of crime to commit an offence.

  • It may range from hate speeches, child pornography, accessing personal information, bank frauds, credit and debit card information thefts to spreading different kinds of viruses and worms throughout the world.
  • In cyber-crime a computer is used as a weapon of crime by an individual, an organized group or even a country. The most common types of cyber-crimes are hacking, spanning and infecting computers with virus and worms.
  • Hackers access a person’s personal information over the internet such as his credit card and bank account numbers. A person may lose his whole bank balance in a second and may fall into heavy debt instantly. Cyber Crime are categorized into four major types.
  • These are Financial, Privacy, Hacking, and Cyber Terrorism. The financial crime they steal the money of user or account holders. Likewise, they also stole data of companies which can lead to financial crimes.
  • Also, transactions are heavily risked because of them. Every year hackers stole lakhs and crores of rupees of businessmen and government.
  • Privacy crime includes stealing your private data which you do not want to share with the world. Moreover, due to it, the people suffer a lot and some even commit suicide because of their data’s misuse.
  • In, hacking they intentional deface a website to cause damage or loss to the public or owner. Apart from that, they destroy or make changes in the existing websites to diminish its value.
  • Another type of cyber-crimes is theft. Artistic works like books, music and movies are downloaded and circulated thereby infringing upon a person’s copyright materials.

Conclusion :

Cyber bullying has become a common practice causing serious repercussions, insanity and even deaths. Another typed of serious crime is defamation. It takes a whole life to earn respect but a dirty mind and an internet connection to wipe it away in a second. In this great world, virtues and vices march hand in hand. With every boon comes a bane. the numerous advantages of every inventions shouldn’t be marred by its abuses and misuses. Why not be a little vigilant both in the world and web?

Digital India – Empowerment & Safety Issues

Introduction :

Digital India is a campaign launched by the Government of India to ensure that Government services are made available to citizens electronically by improved online infrastructure and by increasing Internet connectivity in the field of technology. The digital economy refers to an economy that is based on digital technologies, including digital communication networks, computers, software, and other related information technologies.

  • The motto for the campaign is “Power to Empower” and it was launched on 1 July 2015 by PM Narendra Modi.

Information is easier to produce and harder to control in this dynamic era. Digital India consists of three core components they are-

  • Development of secure and stable digital infrastructure.
  • Delivering government services digitally.
  • Universal Digital Literacy.
  • The facilities which will be provided through this initiative are Digital Locker, e-education, e-health, e-sign and national scholarship portal. Digi Locker is an initiative under Digital India program.
  • Digital Locker facilities will be provided to citizens to store their important documents like PAN card, Passport, Mark sheet and Degree certificates.
  • The term digital economy also refers to the convergence of computing and communication technologies on the Internet and other networks.
  • This convergence enables all types of information (data, audio, video) to be stored, processed, and transmitted over networks to many destinations worldwide.
  • Digital India wants to enlighten all types of people in India digitally and to provide the citizens with the best public services.
  • The commercial broadband and IT Indian companies also supported it. It also helps bridge the gap in the employment of youth between developed and undeveloped areas.
  • The domestic e-government system is reliable as it prevails fiber optic road, public interest access, mobile connectivity everywhere, electronics revolution, e-government, job information, IT, post-harvest management program, and electronic devices.
  • Digital India initiative aims to enhance the process and delivery of different government services through e-Governance and payment gateways, UIDAI, EDI (Electronic Data Interchange) and mobile platforms.

Conclusion :

The main objective was to improve the country’s people’s access to technology. The government has worked to enhance accessibility to the internet and to make it much easier for regional and underserved parts of the country to connect. A plan to communicate countryside to high-speed Internet was one of the initiatives. Government intends to make all information easily available to the citizen through online hosting of data. Digital India campaign is a great initiative to integrate digital technology for better future. 

Internal Security Challenges in India

Introduction :

Internal security is the security that lies within the borders of a country. It ensures the maintenance of peace, law & order and protection of sovereignty within territory of a country. Internal security is different from external security. External security is considered as the security against aggression by a foreign country. Maintaining the external security is the responsibility of the armed forces of the country such as the Indian Army, Indian Navy and Indian Air Force in India.

  • While internal security comes under the purview of the police, which can also be supported by the Central Armed Police Forces (CAPF) as per the requirement.
  • In India, the internal security matters are governed by Ministry of Home Affairs (MHA). If we look at the past, India’s internal security problems have multiplied because of linguistic riots, inter-state disputes and ethnic tensions.
  • Our country was forced to redefine its inter state boundaries due to linguistic riots in 1956. After that, the rise of Naxalism was also seen as a threat to internal security in India.
  • At the time of independence, our country was under-developed. The country adopted the equitable and inclusive growth model for growth and development.
  • This situation was exploited by various people or groups to pose a very dangerous challenge to the country’s internal security in the form of Naxalism and Left-Wing Extremism.
  • Cyber security is the latest challenge that our country is facing these days. We could be the target of a cyberwar which can harm our security at any time.
  • The growth in the use of internet has also shown that social media could play a vital role in spreading fake news and violence and thus can become a threat to our internal security. 
  • Border management is also important in reducing the threats to our internal security. A weak border management can result in infiltration of terrorists, illegal immigrants and smuggling of items like arms, drugs and counterfeit currency.

Conclusion :

In the Global Terrorism Index 2020, India has been ranked at 8th place in the list of countries most affected by terrorism. India continues to deal with terrorist activity on different fronts like terrorism related to territorial disputes in J&K and secessionist movement in Assam. India needs to implement all of its national powers in a coordinated manner to address its security issues and this will happen only when we give national level importance to internal security in India.

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