A Decade of ‘Make in India’
As India marks the tenth anniversary of the ‘Make in India’ initiative, it is only fitting to reflect…
As India marks the tenth anniversary of the ‘Make in India’ initiative, it is only fitting to reflect…
“Cleanliness is next to Godliness”. This timeless proverb embodies the essence of the Swachh Bharat Mission (SBM), launched on 2nd October 2014…
Ratan Tata, a name synonymous with industrial leadership, will forever be etched in India’s annals of economic development….
In the past decade, the appeal for integrating technology into education has seen a meteoric rise. The Education Technology (Ed-Tech) …
The finalisation of the ‘Implementation Plan’ for the execution of projects under the Belt and Road Initiative (BRI) has remained the central…
Trump is in the Oval Office again, and the global economy bracing itself for round two. If you felt the impact of his first term, buckle up. Trump has his playbook ready, filled with trade tariffs, deregulation, and a preference for “winning” big deals—even if it means shaking things up (again). Here is what might be on the table and how it could play out for global markets, businesses, and just maybe your favourite imports. The “America First” agenda was Trump’s defining move, making trade partners wary while boosting some local industries. In round one, tariffs and sanctions became Trump’s go-to tools, like a chef who only uses salt and pepper but really, really loves pepper. Take China, for example. Tariffs on Chinese goods spurred U.S. companies to rethink where they source parts and products, but they also led to higher prices in the short run. Now, imagine if Trump re-escalates the U.S.-China standoff, armed with a fresh mandate and a penchant for a trade rumble. But why stop at China? Trump has expressed his interest in tweaking trade relationships worldwide. He may want to renegotiate deals with the European Union and Mexico, potentially to create more “wins” for American industries. This could spark trade disputes, price hikes, and supply chain shifts, making things interesting for anyone who enjoys, say, German cars or Mexican avocados. Experts have already warned that Trump’s protectionist policies—designed to bolster domestic production—could be the kind of blow that global trade doesn’t recover from quickly. The IMF, that ever-optimistic body, is predicting that Trump’s second term could knock global GDP by 0.5% by 2026. Now, before you go thinking it is all doom and gloom, there is a silver lining—particularly for countries like India. Trump’s hardline approach to China could be just the opening India needs to step in and steal a little of that U.S.-China business. As Trump puts up tariff walls against Chinese imports, U.S. businesses might start eyeing India as the next great manufacturing hub. Let’s face it: India’s young, tech-savvy workforce and lower labour costs make it an attractive alternative for companies seeking to reduce their dependence on China. So while Trump slaps tariffs on Chinese-made gadgets, India could be busy filling the gap. But hold up, before India starts celebrating its new role as America’s best friend, there’s a catch. If Trump’s tariffs bite deep, India’s key exports to the U.S., like textiles, IT services, and pharmaceuticals, could get tangled in his tariff web. So, while some Indian sectors might get a leg up in the global race, others could face higher costs if the U.S. decides to impose restrictions on them. And if you thought it couldn’t get worse, Trump’s anti-immigration stance might make it harder for Indian professionals to get those oh-so-coveted H1-B visas. You know, the ones that keep India’s IT sector humming along in Silicon Valley? Yeah, those might get more elusive under Trump 2.0. Moreover, Trump has hinted he might push for policies that could shift currency values. A weaker dollar would make American products cheaper abroad, which sounds good in theory. But in reality, it could cause a little turmoil in foreign exchange markets, as countries with dollar-denominated debt struggle to keep up with higher repayment costs. As for India, the weaker dollar could mean a boost for its exports—so long as the rupee doesn’t shoot up in retaliation. But, as always with currency, things could get messy. One day you’re benefiting from a cheaper dollar, and the next day, you’re on the wrong side of the exchange rate battle. On the topic of energy, Trump’s approach is pretty clear – he is a fan of fossil fuels. Forget about the Paris Agreement or emissions targets; Trump’s focus tends to be on drilling, mining, and maximising America’s energy independence. In fact, a second term might supercharge the oil and gas industry in the U.S., making life interesting for both energy markets and climate activists worldwide. Green energy advocates might groan, but U.S. oil producers could benefit, potentially lowering energy prices domestically while raising eyebrows globally. Now let us talk about regulations—or rather, the absence of them. Trump’s deregulation spree during his first term was a win for businesses that wanted fewer rules and red tape. Financial markets saw this as a green light for growth, but it also left room for controversy around environmental and worker protections. On the one hand, U.S. businesses might benefit from fewer restrictions, leading to higher profits and lower costs. On the other hand, global markets that have grown accustomed to U.S. rules and norms could face a bit of a shock. Countries that have made strides in areas like climate change, worker rights, and environmental protections may find themselves at odds with a U.S. administration that’s all about “cutting red tape” and “draining the swamp” of regulations. So if a second term means more deregulation, Wall Street might cheer, but the EU and other economic partners could be on edge, especially with the focus on sustainable investments and ethical sourcing. One word sums up what Trump’s potential return could mean for markets: volatility. Investors may remember the wild swings from the Trump years, when one tweet could send stocks soaring or tumbling. If we’re in for four more years of Trump-induced market drama, it’s likely investors will tread carefully, with eyes on policies that could affect trade, taxation, and corporate profits. Big corporations may adapt by investing more in U.S.-based operations to avoid trade issues, while smaller, export-reliant businesses might feel the squeeze. Trump’s economic focus could also inspire other nations to pursue a more self-sufficient approach. If America dives back into a protectionist mindset, other countries might look inward as well. This could lead to a new era of regional trade agreements, where groups like the EU or ASEAN strengthen internal ties and even look for non-U.S. markets to balance out the effects of an American shift. Some experts suggest that Trump’s win could ultimately push the world economy
In 2014, during the Central Foreign Affairs meeting in Beijing, Chinese President Xi Jinping advocated for strengthening China’s soft power globally by improving how the country communicates its message. In the subsequent years, Chinese state-controlled media focused on cultural investments and international cooperation, establishing marketing networks and expanding the reach of quality cultural assets abroad, particularly in Africa. China’s African outreach China’s information campaigns in Africa are subtle, focusing on economic issues and promoting a positive narrative around its investments, mainly in the Belt and Road Initiative. State-controlled media outlets like Xinhua, China Daily, China Radio International (CRI), and CGTN (formerly CCTV International) play a vital role in this narrative. Meanwhile, StarTimes, a Chinese-owned media company, has become Africa’s second-largest digital TV provider, with over 13 million digital TV and 20 million streaming subscribers. It has invested over US$2 billion in digital TV infrastructure across 30 African countries.
After generating days of excitement in the media, the Shanghai Cooperation Organisation (SCO) summit finally concluded with External Affairs Minister S. Jaishankar making a quick visit to Islamabad. For all the speculation about India and Pakistan, in the end, what the 23rd meeting of the Council of Heads of Government (CHG) of the SCO will likely be remembered for is perhaps Jaishankar’s sunglasses. In this age of intense social media scrutiny, a small clip, now viral, of Jaishankar sporting his sunglasses in style became symbolic of India’s confidence in dealing with Pakistan. Hilarious though this might seem, all that is left of Pakistan in Indian foreign policy imagination today is decoding our diplomats’ style and body language. But, of course, in sending Jaishankar to Islamabad for the SCO summit, New Delhi was also sending out a message about keeping its engagement with its SCO partners intact. Last year, when Bilawal Bhutto Zardari visited Goa to participate in the SCO meeting, he became the first Pakistani foreign minister to visit India since 2011. And now, Jaishankar was the first Indian foreign minister to visit Pakistan in around a decade. These visits though were largely inconsequential in the wider scheme of bilateral ties between the two neighbours. Terrorism Continues To Upset Things Established in 2001 and including Russia, China, India, Pakistan, Kazakhstan, Kyrgyzstan, Tajikistan, Uzbekistan, and Iran, the SCO is a Eurasian grouping that started out as a platform to deal with regional security challenges like extremism and terrorism. It later expanded to facilitating trade and investment and strengthening economic ties.
In a recent felicitation ceremony organised by the Bamboo Society of India (BSI) and Vidarbha Bamboo Development and Promotion Committee (VBDPC), Union Minister of Road, Transport and Highways, Mr. Nitin Gadkari, made a compelling offer to farmers: “You (farmers) grow Bamboo, I will give you a market” [Times of India, 2023]. The statement serves as an acknowledgement by the government about the policy shortcomings being faced by the Indian bamboo industry for the last two decades. The piece will try to position these shortcomings through a central problem and provide direct and indirect policy measures to address and actively engage with the solutions. Approximately two decades ago, the planning commission envisioned the Indian bamboo industry as a potential 25,000-30,000 crore industry (estimated in the year 2004). This figure has also been reiterated by the central cabinet minister in a bamboo virtual conference in 2021, while providing assurance to the farmers for the support in product development and promotion from the Ministry of MSME [Economic Times, 2021]. The National Bamboo Mission (NBM), initiated in 2006, was meant to be a catalyst for the industry’s growth. It is a central institution embedded as a sub scheme under the Mission for Integrated Development of Horticulture (MIDH) to allocate financial resources, set priorities & goals, and formalise the national institutional structure for the development of the bamboo value chain. Fast forward to the present, the industry is still striving to develop and stands at a curious crossroad. Despite undertaking dedicated reforms in 2018 by the central government to address potential policy gaps by restructuring NBM, India’s bamboo industry has still failed to match the growth witnessed by its Chinese and global counterparts [NBM Revised Guidelines] [UNCTAD]. For context, the Restructured National Bamboo Mission (RNBM) refocused its strategy on product development, market creation, and waste utilisation, extending well beyond the existing priorities of cultivation and plantation of bamboo. So, how effective has the NBM been for the growth (or not) of the bamboo industry over the past two decades? Examining international trade provides a uniquely troubling scenario. India, despite having the world’s largest bamboo cover [ISFR 2021] and being the second-largest bamboo producer with nearly 14.6 million MT of harvest in 2019 [NBM Operational Guidelines 2019], still imported 88% of its bamboo raw materials in 2021 [INBAR 2021]. This glaring dichotomy highlights the industry’s dismal condition on both the supply and demand fronts domestically as well as globally. Due to lower productivity and gaps in the supply of raw materials, imported bamboo is being used to cater to the domestic demand as well as manufacture exportable goods. In addition to that, India’s integration in the global value chain of bamboo is also very minimal indicating a vivid supply-demand gap. After a detailed and careful assessment, it is theorised that the domestic bamboo industry grapples with four intertwined challenges, each one hampering its growth potential and needs to be addressed holistically. First, the bamboo productivity in India is extremely low, indicating low yield cultivation, compared to China which stands at 30-40 tons/ha, in India, it ranges between 1-3 tons/ha with figures only as high as 6-9 tons/ha [NBM Concept Note] [NEDFI Action Plan 2020]. One among many issues are the legal ambiguities on the governance of upstream segments of bamboo across states that have yielded inefficiencies [CCS n.d] [CCS 2013]. These regulatory inconsistencies between states and between states and the central government have further hindered progress. These discrepancies are bamboo species specific and range from transit tariff collection to imposing royalties [MoEFCC 2017]. Second, a significant portion of funds, amounting to more than 50%, allocated to state bamboo missions goes unutilised, within which 55% of the funds are directed solely towards planting and cultivation related activities [NBM Annual Action Plan 2021]. Ironically, despite increased investment in bamboo cultivation, the average annual plantation area has decreased significantly and has gone down from 10,417 (before 2018) to 5,939 (after the restructuring of NBM) [MoA&FW Annual Report]. Third, as the value chain ends up becoming a low policy and funding priority over the years, the development of midstream and endstream segments received limited support and focus, with a majority of sectors still involved in manual labour work for product development [NBM Annual Action Plan]. The industry has primarily focused on low-value-added products with labour-intensive work, resulting in limited profitability, and lower interests from farmers. Additionally, there is a distinct supply-demand gap in the domestic bamboo economy. Estimates suggest that domestic bamboo supply is half the demand in the finished product market. The production figure for bamboo was 14.6 million metric tonnes in 2019, whereas the demand projected was more than 30 million metric tonnes [NEF 2023]. The interesting point is that even by utilising India’s vast bamboo resources, the net output of novel productivity (assuming a yield of 6 tonnes/ha) would still be low, primarily due to limiting non-forest bamboo land and lower yield. Finally, high waste generation persists due to non-mechanized processing methods and an unskilled labor force, which is further exacerbated by cheap imported raw material from China. Some estimates points the number as high as 40% with 70-80% in sectors like incense sticks [Bamboonomics] [NCDC DPR]. In 2019, The ITC reported that its share of Indian bamboo for its agarbatti manufacturing operations is limited to 5%, implying the majority is sourced through imports [NBM MoM 2019]. Nevertheless, what is the way out of this dichotomy and solutions towards substantially reducing our import dependence from China, which costs us more than 64 million USD annually [INBAR 2021]? And how can the National Bamboo Mission proceed with planning strategic reforms for the industry? The National Bamboo Mission has been instrumental in curating and crafting the bamboo industry in India since its inception in 2006. Though several factors have influenced the positionality and nature of imaging bamboo as a product, the central goal of reducing import dependence remains consistent. It is crucial to build on this inherent perspective and radically propose reforms in the way the bamboo industry is structured
Happiness, traditionally considered to be a positive emotion or experience, has now evolved into a scientific term capable of being quantified and measured according to set parameters. This evolution of happiness has been propelled by extensive research in various fields, regarding the importance of happiness as an objective of legislation and policy. This unusual correlation between happiness, law and policy stems from the realisation that economic prosperity doesn’t necessarily translate into increased individual happiness and consequently, national happiness. Contrarily, reliable data shows that in many wealthy nations an increase in per capita income has not led to a concomitant increase in happiness levels; thereby leading to a skewed model of national development. In an attempt to rectify this and to advocate for a more inclusive growth, researchers have been promoting a transition to the happiness approach. This happiness approach primarily puts forth a model wherein happiness parameters are a part of policy-making, and since any change in policy has to be driven by a corresponding change in law; it becomes pertinent to review the relationship between happiness and law. MEANINGS OF HAPPINESS It is important to delve into the different meanings of happiness to gauge the inherent attributes of the concept and how different disciplines view it. “In her 2007 book The How of Happiness, positive psychology researcher Sonja Lyubomirsky elaborates, describing happiness as “the experience of joy, contentment, or positive well-being, combined with a sense that one’s life is good, meaningful, and worthwhile”.” The Stanford Encyclopedia of Philosophy defines happiness from two perspectives: Philosophers who write about “happiness” typically take their subject matter to be either of two things, each corresponding to a different sense of the term: A state of mind A life that goes well for the person leading it In the first case our concern is simply a psychological matter…What is this state of mind we call happiness? Typical answers to this question include life satisfaction, pleasure, or a positive emotional condition … In the second case, our subject matter is a kind of value, namely what philosophers nowadays tend to call prudential value—or, more commonly, well-being, welfare, utility or flourishing. Ruut Veenhoven states, “When used in a broad sense, the word happiness is synonymous with ‘quality of life’ or ‘well-being’. In this meaning it denotes that life is good, but does not specify what is good about life.” Edward Diener goes a step further and introduces the concept of Subjective Well-Being (SWB) within the happiness paradigm. He asserts: Philosophers debated the nature of happiness for thousands of years, but scientists have recently discovered that happiness means different things. Three major types of happiness are high life satisfaction, frequent positive feelings, and infrequent negative feelings (Diener, 1984). “Subjective well-being” is the label given by scientists to the various forms of happiness taken together. Thus, happiness for the purpose of quantification is subdivided into three types: Evaluative (life satisfaction), Affective (positive or negative feelings) and Eudaimonic (sense of purpose). It is the sum of all the above which is taken together to measure a nation’s happiness levels. HAPPINESS AND LAW Happiness as a goal of the Government is not a new theory. From ancient times the legitimate objective of monarchy has been to enhance the happiness of its citizens. Kautilya wrote in Arthashastra that a King is as happy as his people and so the King’s foremost duty (Dharma) is to his people. Bentham stated , “ the greatest happiness of the greatest number is the foundation of morals and legislation”, more popularly known as the theory of Utilitarianism. Kautilya and Bentham are a few of the many philosophers who have time and again stressed upon the principle of happiness as the guiding force of any Government, rather than economic objectives. However, this emphasis also led to the fear of interventionist policies by the authorities under the garb of promoting happiness; and this very fear became the bedrock for modern nations to adopt economic parameters such as the Gross Domestic Product for measuring their progress. The dependence on GDP as the sole and true marker of a country’s progress, led to a lopsided view of development. Despite pre-existing constitutional guarantees regarding happiness and its pursuit thereof, in written constitutions around the world, the concept of happiness took a backseat in legal and policy debates globally. It was in 1972 that Bhutan became the first country to introduce Gross National Happiness as its primary indicator of the country’s progress. “The phrase ‘gross national happiness’ was first coined by the 4th King of Bhutan, King Jigme Singye Wangchuck, in the late 1970s when He stated, “Gross National Happiness is more important than Gross Domestic Product.” The concept implies that sustainable development should take a holistic approach towards notions of progress and give equal importance to non-economic aspects of wellbeing and happiness.” In this way, Bhutan became the first country showcasing administered happiness. Bhutan’s departure from the norm propelled an era of happiness and well-being research, which led to two major findings: a) Increased economic wealth did not necessarily translate into increased happiness, also known as the Easterlin paradox and b) A happiness based approach towards law and policy had the potential to provide more comprehensive outcomes. Based on these findings, nations across the world are slowly incorporating legislative and policy measures to enhance the happiness levels of the citizens alongside the already established economic objectives. Law has long been considered as a tool of social change and engineering. In addition to its coercive role, law has also been attributed with the ability to uplift the quality of life of citizens; and orient the nation towards a safer, happier and more prosperous existence. Researchers argue that happiness studies have the potential of positively affecting all areas of legislation. “Gruber & Mullainathan (2005) analyze U.S. and Canadian General Social Survey happiness data to find that increased cigarette sales taxes are associated with higher self-reported well-being levels of those having a propensity to smoke.” From proportionality of punishment to levying of taxes, happiness studies have the potential to provide a deeper insight into the human perspective; thereby leading to a more informed law-making process. Happiness studies have garnered a lot of