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Open Economy - A Progressive Economic System
Free Trade and Capitalism:
Around the world, most of the economies are following capitalism i.e. no restrictions on the promotion of trade and use of ‘ease of doing business'. As the demand for goods and services is growing, capitalism is the best way to fulfill the demand and provide opportunities to traders, contractors, service providers in the economic growth of the economy. The world of today is best known for its ‘Free Trade’, also known as ‘Globalization’. India with its new industrial policy open trade for the whole world in 1991 and it nurtured technological innovations and today Indians are known around the world for their technological skills. No doubt, capitalism is the best way to ensure a high rate of economic growth. In ‘Free Trade’, the economies or markets balance the demand and supply of goods and services and as per the demand, the entrepreneurs are motivated to use the resources.
The era of Globalization promoted Privatization and fixed the inefficiencies of the public sector by incorporating the Public-Private Partnerships (PPPs). However, the major drawback, capitalism, and globalization brought, is the domination of economically powerful nations upon weaker countries of the world.
Why ‘Free Trade’ is best for Economic Growth?
It is fact that money is a great tool for motivating people for doing more work, due to greed the workers, laborers, entrepreneurs, executives work more and earn rewards or bonuses from the increase in revenues. The competition is increased and the people performing well are awarded high-paying jobs and assignments. The same had happened during the last three decades in India. However, the biggest concerns which are coming today, are environmental concerns. Due to the over-exploitation of economic resources, the developing economies are facing environmental concerns with the rising levels of various types of pollution.
Development of India:
India meets its capital and technology transfer requirements from developed nations including America, Russia, Japan, etc. Every year most Indian citizens get employment opportunities from these developed nations. Due to the support of these nations, India stays protected from terrorism and uplifts its standards of defense on the national boundaries. The Prime Minister of India visits the developed nations to strengthen the relationships and further seek the support of these nations for the upliftment of Indian citizens. The industrial policy was implemented in 1991 to increase liberalization and opened the Indian market to Multinational companies. The policy was implemented due to the pressure of sustaining good relationships with the developed nations. Due to plenty of resources, India is still growing instead of being exploited by foreign companies.
Development of China:
China is the second-largest economy in the world and is known for its competitiveness in offering products and services around the world. The political stability in China and promotion to socialism than capitalism made the nation stand separate from the other nations of the world. The major economic problem of China is poverty and with the help of reforms, it is continuously targeting the economic problem. The poverty alleviation programs of China are helping people to uplift themselves and get rid of the vicious circle of poverty.
By improving the exports of the nation, China is providing opportunities to the rural poor people to generate opportunities for self-employment. The high-quality and cost-efficient products are prepared and exported by China. The second critical problem is the large population of China. Around one-fifth of the world’s population resides in China. Instead of such critical problems of population and poverty, China is doing remarkable work in ensuring the rate of economic growth by taking necessary initiatives.
Trade War by the United States of America:
Threat to open economies:
Role of open economies in economic progress:
China's progress in other countries:
India's initiatives for economic growth:
Reinventing Uses of Energy
Reinventing Uses of Energy
-Dr. Lalit Kumar Setia
To reduce emissions and control global warming, every country expressed its commitment to reinvent the uses of
energy in life. There is a need to research the efficient methods of using
energy, brainstorm the ideas, and imagine beyond existing uses of energy in
primary, secondary, and tertiary sectors of the economies.
Economic Development with Labour-intensive Businesses
The use of machines generates more emissions
than the use of human resources. The skilled manpower with minimum wastage can
reduce the waste and e-waste with effective and efficient use of resources.
There is a need to work upon ‘zero-defect outputs’ so that wastage of resources
can be minimized.
Promoting Alternate Sources of Energy
The dependence on oil, coal, and gas
and the increasing use of these items is also a major source of carbon emissions.
The promotion of alternate sources of energy can reduce the dependence on fossil fuels. The solar capacity can be increased, for example, at present
India has 40 Gigawatts of energy generated and used from solar sources while
the potential is more than 5600 Gigawatts, therefore it is need of the hour to
work upon it and promote the solar energy resources to the extent possible.
New opportunities for Employment
The paradigm shifts from conventional
to alternate sources of energy will create huge opportunities for employed
youth to work upon. The funding of such projects in developing and
underdeveloped economies will boost economic growth and will also improve
the availability of land and water around the world.
Electrification with Wind and Solar Energy Sources
The reforms in the power sector for re-electrification
of villages, cities, and metro cities around the world will increase the rate
of economic growth. The replacement of coal and gas-based power generation with
wind and solar-based plants in a systematic way; will make the countries vibrant
and the level of pollution in the air will reduce significantly. Like
digitalization using information technology and demonetization using
e-currencies, the shift to non-conventional energy sources will make the
future bright for the whole of mankind.
Sustainable and Continuous Development in Eco-friendly mode
Till today, the world touched new heights of development but at the same time, the level of carbon emissions also increased with the level of economic development. The reinventing of uses of energy will give us a way to develop the economies in sustainable ways by keeping the pollution levels in control. The new tools of technology will be promoted around the world and cleanliness will also increase the health of the whole mankind. The mining activities for obtaining coal, oil, and gas will be decreased year after year and clean sources of energy will be promoted to meet the increasing energy requirements of the countries.
Conclusion
With the increase in the
quantum of clean energy on the earth, the global warming and climate change
problems will definitely be sorted out.
*Copyright © 2021 Dr. Lalit Kumar. All rights reserved.
This content is written by Dr. Lalit Kumar Setia; a renowned author and trainer. He completed his Doctorate in Commerce from Kurukshetra University Kurukshetra and MBA in Information Technology from GJU, Hisar. He also wrote two books, 15 research papers, and organized more than 200 Training Courses during his working period since 2006 in Haryana Institute of Public Administration, Gurugram. The article was published on 7th November 2021 and last updated on 7th November 2021. The writer can be contacted on lalitkumarsetia@gmail.com
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