Open Economy - A Progressive Economic System

 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:

The book ‘The Wealth of Nations' which was written by a great economist, ‘Adam Smith’ explains that encouraging export and discouraging imports can reduce the current account deficit and the industries are automatically motivated to perform well in the country. Honorable President of United States, Sh. Donald Trump just after taking the charge started to do the same. The United States started a trade war by imposing higher import duties for the importers of the United States and also warned the countries not to restrict exporters to export commodities in the United States. The signal of making the United States restrict and improve the financial cash flows in the United States through raising taxes on imports. However, there is a threat that may create problems for the United States that the BRICS countries may decide to restrict trade with the United States. China being a powerful economy started to oppose the policies of the United States by restricting its trade. The foreign minister of China in March 2018 asked India to shake hands in trade. He asked if India and China known as Elephant and Dragon respectively be clubbed for trade then the countries can fight with the United States in the trade war and the power of united India-China will be Eleven instead of Two. 

Threat to open economies:

An open economy doesn't restrict its producers and traders to import and export products and services. The Chinese President Xi Jinping supports an open economy and China has emerged as a nation with maximum liberalization in trade. But there are a few initiatives that have been taken recently but are against the concept of the open economy like shutting down access to Google and Facebook in Beijing, restrictions, and removal of foreign TV shows on online portals in China, new rules for online news websites, etc. The control over online media in China and India; is really a new concern. The developing nations sometimes find disruptions from online media like in India, during the 'Jat stir' in North India, Whatsapp had been deactivated by restricting Internet connectivity for a few days. 

Role of open economies in economic progress:

Controlling online media and restricting foreign investments with targeting nations cannot be considered fair for the countries that opted to remain open economy. India and China both are leading to success due to liberalization and openness to the whole world i.e. globalization. Both economies are actively maintaining stock markets and attracting foreign investment by creating a comfort zone for the investors. The Punjab National Bank Scam through misusing SWIFT by Nirav Modi and Scam by Rotomac's Vikram Kothari again raised the concerns of corruption in the Indian economy. 

China's progress in other countries:

The claim of China's Ministry of Industry and Information Technology to clean up domestic internet, the introduction of new cyber security law, shutting down online services of video services, are the steps that are moving Facebook and Google to invest more money in India, and indirectly the benefits are coming to Indian citizens. 

India's initiatives for economic growth:

The Note-Ban, implementation of GST, and controlling inflation through increasing foreign investment, made India stand firm for getting more growth rate in coming years. The countries are competing to survive and grow faster in coming years and the concept of the open economy can be added advantage in it. It's required to utilize the technologies with safety and security because misuse of technologies can also add to corruption.

Capitalism and Trade War by the United States is a threat for the whole world:

Being an economist and expert in Financial Matters, I can predict the consequences of the present policy of the United States, on the whole world. The developing nations and underdeveloped nations would be facing great economic problems due to the trade war of the United States. The professionals, talented people, experts, of developing and underdeveloped nations are being offered lucrative packages to work in the United States and other developed nations of the world. The scientists who are great researchers and innovators are flying to developed nations to serve them and poverty is taking place with more speed in the developing and underdeveloped nations. Today, more than 40% of the doctors of developed nations like the United States, United Kingdom; are from overseas and the percentage will rise further in the coming years because it will become hard to afford the cost of medical services, professional services, and the services relating to professionals. The Asian Countries, Eastern Europe, and African countries are facing the problem of talent crunch and it will grow further. The result will be adverse for the poor countries.

What can poor countries do to defend the trade war of the United States and other Developed Nations?

It is fact that the United States and other Developed Nations are ruling poor countries through their policies and the poor countries which had adopted capitalism like India, are facing critical problems. The current account deficit and devaluation of currency are the results of it. The major point is, how such nations like India can defend the trade war of the United States and grow on their own?

The answer is to develop their own industries, their own talent to work in their countries, giving lucrative packages at par with the developed nations to the professionals by linking with their performances. The poor countries should enrich the entrepreneurship skills and give incentives to the individuals coming ahead for optimum use of resources and the taxes should be imposed on Multi-National Companies (MNCs) related to developed nations for working in the poor countries. However, it is very difficult but the only resort to defend the trade war from the United States and other developed nations are to adopt such policies. In case, the employment opportunities are increased in poor countries and it is ensured that the talented people should not escape to the rich countries; definitely, the economies will proceed on the path of prosperity and can easily ensure a higher rate of economic growth.

*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 in 2019 and last updated on 18th November 2021. The writer can be contacted on lalitkumarsetia@gmail.com 

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Post-Covid Indian Economic Development

Post-Covid Indian Economic Development

-Dr. Lalit Kumar

Covid-19 Pandemic and Indian Economy

The Indian economy was affected by more than 25 Million Covid Cases in the first and second waves of the Covid-19 pandemic and this affected the economic development of India also.  During the financial year 2020-21, the first quarter GDP Growth Rate was negative 24.4% and this was due to the crisis and pandemic situations of Covid-19. The lockdown to contain the spread of the Covid-19 pandemic impacted very adversely and factories, trains, transportation, and construction everything was stopped. Definitely, the demand in these sectors was waiting for the opening of lockdown.  

In the second quarter of the year, the economy recovered, and the GDP Growth rate was negative 7.4% and during this quarter the recovery was in the construction and manufacturing sectors due to demand in these industries. The recovery further expanded up to 20.1% in the second quarter of 2021-22. The bounce back in GDP Growth Rate showed the whole world the potential of the Indian Economy to fight the Covid-19 pandemic.

Strategy for Economic Development:

No doubt, India is committed to improving its brand position and with the help of the Start-Up initiative, it is gaining popularity around the world. The innovation mindset is the need of the hour to improve its brand position. The challenges to tackle the problems such as Non-Performing Assets (NPAs), Expenditure on Defence, Expenditure on containment of Covid-19 pandemic, and Vaccination; may be considered both a threat and an opportunity. It depends upon the strategy of India for its Economic Development to grow in the post-covid times. The biggest plan, India is focusing on today, to promote Artificial Intelligence and the Internet of Things (IoT) in its approach to boost the whole economy.

Digital Transformation in Each State of India:

The State Governments under the guidance and directions of NITI Ayog promote digital transformation initiatives with the flow of data and information at a higher speed among the economic sectors. The increasing number of incubation centers, tech start-ups, and re-engineering of Government processes to serve public services at a higher speed; not only improve the economic status of each state of India but also increase the potential of effective and efficient use of public financial resources.

Preventing Businesses and Safeguarding Jobs:

The countries around the world including the United States and Russia; prevented businesses and tried to safeguard the jobs of citizens in the companies with the announcement of relief packages. The United States announced a package of around 10% of its GDP to prevent the businesses suffered from Covid while the United Kingdom announced almost 15%.

The Indian businesses also require tax rebates, holidays, cheaper loans to invest money in purchasing raw materials, and payment of salaries of the employees. The rebuilding economy in the future requires a strategically planned approach for improving the supply of goods and services and containing inflation due to scarcity of resources. How to save jobs and make a business self-sufficient to meet its requirements, is a great challenge.

*Copyright © 2021 Dr. Lalit Kumar. All rights reserved. 

This article 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 18th September 2021 and last updated on 21st September 2021. The writer can be contacted on lalitkumarsetia@gmail.com 

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Organizing Unorganized Sectors of India

 Organizing Unorganized Sectors of India

-Dr. Lalit Kumar

Both organized and unorganized sectors play a crucial role in the economic development of a nation. In Government, the Ministry of Labour ensures services to the unorganized sector and for making persons of unorganized sectors live a comfortable life, various reforms are implemented. India, one of the countries with the highest development of Information Technology (IT), is now organizing its unorganized sectors by using a portal i.e. ‘e-Shram’. The portal will connect the workers of unorganized sectors and ensure their accessibility to the social security schemes.

What is required to organize the people working in unorganized sectors?

Generally, the persons who qualify for the Indian Administrative Service (IAS) or other national level examinations come from the families associated with the unorganized sector. In India, I have seen a lot of headlines in the newspapers that a laborer’s son or daughter qualified IAS examination or a farmer’s son or daughter qualified and settled Abroad. I, myself belong to a family of Tailors and when I qualified UGC examination to become Professor, there was a new ray of happiness on the faces of my family. The people in unorganized sectors such as Mechanics, Auto Drivers, Taxi Drivers, Small Shopkeepers, etc.; always dream to look their children in an organized sector either in Government Job or repute Job in Private Sector Multinational Companies or to send their children in Foreign Countries after making them qualified enough to settle down in abroad successfully. Why do they dream to be part of the organized sector? Definitely, because they know how a regular income on monthly basis, can make their dreams true.

The fire of inflation is highly felt in the unorganized sector because they don’t realize any dearness allowance as provided to the Ministers and Government Employees. The prices of vegetables and things of daily use, whenever go upside, the real income of people of unorganized sector in terms of purchasing goods and services, went down. The Government of all countries should ensure the benefit of social security schemes to the people of the unorganized sector. India took a golden step to issue a Universal Account Number to each person associated with the unorganized sector.

How e-Shram portal is beneficial for Indian Youth?

Whenever any person (Indian Youth) associated with an unorganized sector requires to enroll in the social security schemes of the Government, there are a lot of formalities be completed and the people generally stay far from making rounds of the Government offices to get the benefit of social security schemes. Even they become the victim of corruption and the people who are from well-known established families exploit by charging money or commission for making them access to such schemes. The get rid of corruption and identify the people of the unorganized sector it is required to register them on a portal. The Government of India is already serving the people with a lot of schemes such as Prime Minister Suraksha Bima Yojana, Prime Minister Jivan Jyoti Bima Yojana, Prime Minister Shram Yogi Mandan Yojana, Aasushman Bharat, etc. All the security schemes can easily be accessed after registration and even it can easily be checked whether a registered person of the e-Shram portal is getting the benefits of such schemes or not.

Pension to the people of Unorganized Sector:

The government of India ensures Rs. 3000 per month pension to the people of the Unorganized Sector under its scheme of Prime Minister Shram Yogi Mandhan Yojana. The registered workers of e-Shram are included in the National Database of Unorganized Workers (NDUW), the portal for this registration is https://eshram.gov.in/

What is required for registration on the e-Shram Portal?

In India, each citizen is provided with the Aadhaar Number and also their Aadhaar Number which is a biometric identity linked with their mobile number. The e-Shram portal requires both the Aadhaar Number and associated mobile number for registration and it keeps the details of Name, Profession / Work, Address, Educational Qualifications, Skills, etc. of the registered worker. The portal also asks for the banking details and passport size photograph of the worker. In case of any problem related to registration on the e-Shram portal, the toll-free helpline number is 14434. 

Registration Process

The steps of registration are:

Go to https://eshram.gov.in/ and click upon ‘Self Registration’. It will ask for the Aadhaar number and then send an OTP to the mobile number associated with the Aadhaar number. After entering the OTP, the portal asks for personal details, residential details, and qualifications. After that, it is required to select the nature of work classified under codes, and the worker becomes associated with a particular code. Thereafter, the portal asks for the banking details.

It is must that the workers should be in the age group of 16 to 59 years and such workers if already associated with the membership of EPFO or ESIC, then the portal will not register such workers. Because the person who is a member of EPFO or ESIC, has already access to the social security schemes and they don’t require any additional benefit related to social security schemes of e-Shram portal. There is Rs. 2 Lacs Insurance Cover for each e-Shram registered worker and the family of the registered person can claim the amount in case of death or being completely handicapped due to any incident of work. In case, any registered worker becomes partially handicapped then Rs. 1 Lac can be claimed.

Compensation to the families of Workers:

Whenever any person works under any employer, generally, he/she is registered in ESI (Employees State Insurance) Scheme. This scheme protects the employee from financial distress arising due to sickness, maternity, disablement, or death due to injuries during employment. However, the employees whose monthly remuneration is less than Rs. 21000 per month, is eligible for being covered in the ESI scheme. In case of death, the family entitles to compensation under the Employees Compensation Act 1923; such an amount is to be paid by the employer in compensation only if the employee completed a tenure of six months. The employees covered in ESI also get the benefit of Employee Deposit Linked Insurance (EDLI), the family of the deceased employee gets a lump sum payment of Rs. 7 Lacs in case of death of a member during the service period.

The employees or workers who are not covered in ESI / EDLI / EPFO will be provided benefits after being registered in e-Shram. 

Hindi Version:

भारत के असंगठित क्षेत्रों का आयोजन

-डॉ. ललित कुमार

संगठित और असंगठित दोनों क्षेत्र किसी राष्ट्र के आर्थिक विकास में महत्वपूर्ण भूमिका निभाते हैं। सरकार में, श्रम मंत्रालय असंगठित क्षेत्र को सेवाएं सुनिश्चित करता है और असंगठित क्षेत्रों के व्यक्तियों को एक आरामदायक जीवन जीने के लिए, विभिन्न सुधारों को लागू किया जाता है। भारत, सूचना प्रौद्योगिकी (आईटी) के उच्चतम विकास वाले देशों में से एक, अब एक पोर्टल यानी 'ई-श्रम' का उपयोग करके अपने असंगठित क्षेत्रों को व्यवस्थित कर रहा है। यह पोर्टल असंगठित क्षेत्रों के श्रमिकों को जोड़ेगा और सामाजिक सुरक्षा योजनाओं तक उनकी पहुंच सुनिश्चित करेगा।

असंगठित क्षेत्रों में काम करने वाले लोगों को संगठित करने के लिए क्या आवश्यक है?

आम तौर पर, भारतीय प्रशासनिक सेवा (आईएएस) या अन्य राष्ट्रीय स्तर की परीक्षाओं को उत्तीर्ण करने वाले व्यक्ति असंगठित क्षेत्र से जुड़े परिवारों से आते हैं। भारत में, मैंने अखबारों में बहुत सारी सुर्खियाँ देखी हैं कि एक मजदूर के बेटे या बेटी ने IAS परीक्षा उत्तीर्ण की है या एक किसान का बेटा या बेटी योग्य है और विदेश में बस गया है। मैं खुद दर्जी के परिवार से ताल्लुक रखता हूं और जब मैंने प्रोफेसर बनने के लिए यूजीसी की परीक्षा पास की तो मेरे परिवार के चेहरों पर खुशी की एक नई किरण छा गई। असंगठित क्षेत्रों के लोग जैसे मैकेनिक, ऑटो ड्राइवर, टैक्सी ड्राइवर, छोटे दुकानदार, आदि; हमेशा अपने बच्चों को सरकारी नौकरी या निजी क्षेत्र की बहुराष्ट्रीय कंपनियों में प्रतिष्ठित नौकरी में एक संगठित क्षेत्र में देखने का सपना देखते हैं या अपने बच्चों को विदेशों में सफलतापूर्वक बसने के लिए पर्याप्त योग्यता प्राप्त करवा कर विदेशों में भेजने का सपना देखते हैं। वे संगठित क्षेत्र का हिस्सा बनने का सपना क्यों देखते हैं? निश्चित रूप से, क्योंकि वे जानते हैं कि मासिक आधार पर नियमित आय कैसे उनके सपनों को सच कर सकती है।

महंगाई की आग असंगठित क्षेत्र में अत्यधिक महसूस की जाती है क्योंकि उन्हें मंत्रियों और सरकारी कर्मचारियों को प्रदान किए जाने वाले किसी भी महंगाई भत्ते की तरह कोई आर्थिक सहारा नहीं मिलता। सब्जियों और दैनिक उपयोग की चीजों की कीमतें, जब भी ऊपर जाती हैं, असंगठित क्षेत्र के लोगों की वस्तुओं और सेवाओं की खरीद के मामले में वास्तविक आय कम हो जाती है। सभी देशों की सरकारों को असंगठित क्षेत्र के लोगों को सामाजिक सुरक्षा योजनाओं का लाभ पहुंचाना, सुनिश्चित करना चाहिए। भारत ने असंगठित क्षेत्र से जुड़े प्रत्येक व्यक्ति को एक सार्वभौमिक खाता संख्या जारी करने के लिए एक सुनहरा कदम उठाया है।

भारतीय युवाओं के लिए ई-श्रम पोर्टल कैसे फायदेमंद है?

जब भी किसी असंगठित क्षेत्र से जुड़े किसी व्यक्ति (भारतीय युवा) को सरकार की सामाजिक सुरक्षा योजनाओं में नामांकन की आवश्यकता होती है, तो बहुत सारी औपचारिकताएँ पूरी की जाती हैं और लोग आमतौर पर सरकारी कार्यालयों के चक्कर लगाने से दूर रहते हैं। सुरक्षा योजनाएं में, यहां तक ​​ कि वे भी भ्रष्टाचार के शिकार हो जाते हैं और जाने-माने स्थापित परिवारों के लोग ऐसी योजनाओं तक पहुंच बनाने के लिए पैसे या कमीशन वसूल कर शोषण करते हैं। भ्रष्टाचार से छुटकारा पाने और असंगठित क्षेत्र के लोगों की पहचान करने के लिए उन्हें एक पोर्टल पर पंजीकृत करना आवश्यक है। भारत सरकार पहले से ही प्रधानमंत्री सुरक्षा बीमा योजना, प्रधान मंत्री जीवन ज्योति बीमा योजना, प्रधान मंत्री श्रम योगी मंडन योजना, आयुष्मान भारत जैसी बहुत सी योजनाओं से लोगों की सेवा कर रही है। पंजीकरण और यहां तक ​​कि यह आसानी से जांचा जा सकता है कि ई-श्रम पोर्टल के पंजीकृत व्यक्ति को ऐसी योजनाओं का लाभ मिल रहा है या नहीं।

असंगठित क्षेत्र के लोगों को पेंशन:

भारत सरकार ये सुनिश्चित करती है कि प्रधानमंत्री श्रम योगी मानधन योजना के तहत असंगठित क्षेत्र के लोगों को 3000 प्रति माह पेंशन मिले। ई-श्रम के पंजीकृत श्रमिक राष्ट्रीय असंगठित श्रमिकों के डेटाबेस (NDUW) में शामिल हैं, इस पंजीकरण के लिए पोर्टल https://eshram.gov.in/ है।

ई-श्रम पोर्टल पर पंजीकरण के लिए क्या आवश्यक है?

भारत में, प्रत्येक नागरिक को आधार संख्या और उनके आधार संख्या के साथ प्रदान किया जाता है जो कि उनके मोबाइल नंबर से जुड़ी एक बायोमेट्रिक पहचान है। ई-श्रम पोर्टल पर पंजीकरण के लिए आधार संख्या और संबंधित मोबाइल नंबर दोनों की आवश्यकता होती है और यह पंजीकृत कार्यकर्ता के नाम, पेशे / कार्य, पता, शैक्षिक योग्यता, कौशल आदि का विवरण रखता है। पोर्टल कर्मचारी का बैंकिंग विवरण और पासपोर्ट साइज फोटो भी मांगता है। ई-श्रम पोर्टल पर पंजीकरण से संबंधित किसी भी समस्या के मामले में टोल फ्री हेल्पलाइन नंबर 14434 है। पंजीकरण के चरण हैं:

https://eshram.gov.in/ पर जाएं और 'सेल्फ रजिस्ट्रेशन' पर क्लिक करें। यह आधार नंबर मांगेगा और फिर आधार नंबर से जुड़े मोबाइल नंबर पर एक ओटीपी भेजेगा। ओटीपी दर्ज करने के बाद, पोर्टल व्यक्तिगत विवरण, आवासीय विवरण और योग्यता के लिए पूछता है। उसके बाद, कोड के तहत वर्गीकृत कार्य की प्रकृति का चयन करना आवश्यक है, और कार्यकर्ता एक विशेष कोड के साथ जुड़ जाता है। इसके बाद, पोर्टल बैंकिंग विवरण मांगता है।

श्रमिकों के परिवारों को मुआवजा:

जब भी कोई व्यक्ति किसी नियोक्ता के अधीन कार्य करता है तो सामान्यतया वह ईएसआई (कर्मचारी राज्य बीमा) योजना में पंजीकृत होता है। यह योजना कर्मचारी को बीमारी, प्रसूति, अपंगता, या रोजगार के दौरान चोट लगने के कारण मृत्यु के कारण उत्पन्न होने वाले वित्तीय संकट से बचाती है। हालांकि, जिन कर्मचारियों का मासिक पारिश्रमिक रुपये 21000 प्रति माह से कम है वो ही ईएसआई योजना में शामिल होने के लिए पात्र है। मृत्यु के मामले में, परिवार कर्मचारी मुआवजा अधिनियम 1923 के तहत मुआवजे का हकदार है; नियोक्ता द्वारा मुआवजे में ऐसी राशि का भुगतान केवल तभी किया जाता है जब कर्मचारी ने छह महीने का कार्यकाल पूरा किया हो। ईएसआई में शामिल कर्मचारियों को कर्मचारी जमा लिंक्ड बीमा (ईडीएलआई) का भी लाभ मिलता है, मृतक कर्मचारी के परिवार को रुपये 7 लाख का एकमुश्त भुगतान मिलता है यदि सेवा अवधि के दौरान सदस्य की मृत्यु हो जाती है।

जो कर्मचारी या कर्मचारी ईएसआई/ईडीएलआई/ईपीएफओ में शामिल नहीं हैं, उन्हें ई-श्रम में पंजीकृत होने के बाद लाभ प्रदान किया जाएगा।

*Copyright © 2017 Dr. Lalit Kumar. All rights reserved. 

This article 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 firstly published on 28th August 2021 and last updated on 30th October 2021. The writer can be contacted on lalitkumarsetia@gmail.com 

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