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Ever since the new government assumed office at the Centre, the market is looking for directions and hopefully the Union Budget slated to be presented on July 5 as a norm will provide one.
On broader terms, the market is looking for the much needed support from the government both in terms of fiscal and monetary steps. To a greater extent, the rate setting committee of the Reserve Bank of India (RBI) has set the monetary policy ball rolling by not only cutting the policy rates third time in a row but also changing its stance from “calibrated tightening” to accommodative.
By doing so, the central bank has also become the most dovish among its peers. With no more rate hike on the table, it is safe for the market to consider that the interest rate cycle has peaked thus signalling flow of fresh liquidity into the market.
Further, the RBI has used its open market operation (OMO) tool to infuse approximately Rs 1.5 lakh crore into the system during the year and the purchase of additional securities is well underway. This is in sync with the global trend of most of the central banks including the US Federal Reserve changing their stances to neutral while dropping enough hints to turn accommodative in the near-term.
The European Union (EU) is looking for new ways to push liquidity through a fresh wave of quantitative easing (QE) by cutting interest rates in spite of the policy rates touching the lower band. (The current 10-year yield of euro area bonds stands at -0.2 per cent). The EU is also looking at fresh round of bond purchases to boost liquidity.
In terms of fiscal support, the domestic market is waiting for signals from the new government. During the past few weeks, the equity market has been roiled after a raft of gloomy domestic and international macroeconomic data… It is true that the pre-election rally was positive with key indices like Nifty50 and Nifty Small caps returning 10 per cent returns in three months.
However, the rally lost its legs due to lack of clarity about policy measures. The sentiments are further dampened by rainfall data which forecast deficit monsoon showers during the current cropping season. Market may have to wait till the full budget is presented.
Globally, the ever-worsening US-China trade tensions are hitting the market sentiments. Equity performance of important economies like China, South Africa, Mexico, South Korea and Europe are bad with an average negative return of -11 per cent in a year, while the US market has been flat and showing increased volatility.
But Indian markets remained relatively resilient by returning an average 10 per cent year-on-year (Nifty50 index). It is said that the market always had a hope that economy would benefit from previous reforms and the new government would build on the positives of past policy steps in a bid to accelerate growth and private investment. This explains premium valuation of Indian market.
Also, according to latest research by the Ministry of Commerce and Industry, India is likely to benefit from the bilateral trade tensions between US-China by exporting more to both the countries.
The Sino-US trade standoff may also open opportunities for India to boost exports of over 350 products. Around 151 domestic products including diesel, X-ray tubes and certain chemicals have an outright advantage to replace the US exports to China. Similarly, 203 Indian goods like rubber and graphite electrodes have the advantage to replace Chinese exports to the US. Increasing exports would help India narrow the widening trade deficit with China, which stood at $50.12 billion during April-February 2018-19, the study noted.
It looks like the market has a very high expectation on the first budget of the new government due to a bigger mandate. However, economic factors like fiscal constraints and commitments to continue the social expenditures as well as cut in direct tax announced in the interim budget will limit the ability of the government.
At the same time market also hopes that fiscal deficit is maintained in the long-term while in the short-term support is provided with minor dilution in FY20 and non-budgetary resources like RBI reserves, divestment and Public Sector Units. Therefore, rather than near-term measures, we can expect a budget with long-term vision and ideas. Broadly speaking, we think the overall mid and small caps are likely to outperform the market while select bottom up stories and sectors like finance, infrastructure, chemicals, cement and industrials may do better. (IANS)
The symbol of Swastika is known to signify peace, prosperity, and good fortune in the religious cultures of Eurasia. In fact, this symbol is considered very significant in Hinduism, Buddhism, and Jainism. But, at the same time, it has become one of the most misunderstood religious symbols and has been globally banned in many countries.
The reason why the symbol of Swastika is banned in many countries is because of its association with Adolf Hitler's extreme political ideology, Nazism, as Swastika as its official symbol.
Austria, France, Latvia, Spain, Germany, and Russia are amongst the many countries that have banned the display and use of the Swastika.
Moreover, last week Victoria in Australia is preparing to become the first-ever state to ban the public display of the Swastika. This is a step towards an expansion of anti-vilification laws in the state.
Representation of the Swastika on the flag of Adolf Hitler's Nazi Movement.Photo by Flickr.
Now, we must know and understand what went wrong with this symbol, which is sacred and signifies all-good things.
For a very, very long time, in India, the Swastika is the first emblem that is worshipped or even drawn before any sacred and auspicious ceremonies as this symbol in Sanskrit represents 'well-being'. But, the Swastika lost all its credibility when it was wrongfully used by Adolf Hitler.
In fact, it is believed that if this symbol is worshipped properly, then it gives positive results. But if it is abused, then it gives negative results. So, when Adolf Hitler rotated the Swastika at 45 degrees, it slowly and steadily brought misery not only to Adolf Hitler and his theory of Nazism but also to all the people who were associated with him.
Therefore, in order to give the kind of respect and credibility which the Swastika deserves, World Interfaith Harmony Week which was held in New York in February this year, interfaith groups appealed to the United Nations to recognize and acknowledge the Swastika as an important and peaceful symbol. In fact, they also differentiated it from the Hakenkreuz or "Hooked Cross" of Adolf Hitler.
India celebrated a historic day on August 7, as 23-year-old Neeraj Chopra became the first Indian to win an Olympic gold medal in athletics. In the men's javelin throw event, he achieved his greatest triumph, throwing the javelin 87.58 meters on his second try.
Neeraj Chopra was born on December 24, 1997, in Khandra village in Haryana's Panipat district. He grew up in a Haryanavi family of farmers. He is the brother of two sisters. He graduated from Dayanand Anglo-Vedic College in Chandigarh and is now enrolled in Lovely Professional University in Jalandhar, Punjab, pursuing a Bachelor of Arts degree. Chopra was bullied due to his obesity as a kid, which prompted his father to enroll him in a nearby gym. He then joined a gym in Panipat, where Jaiveer Choudhary, a javelin thrower, noticed his potential and coached him. When the 13-year-old Chopra finished training under Jaiveer for a year, he was enrolled at the Tau Devi Lal Sports Complex in Panchkula, where he began training under coach Naseem Ahmed.
In 2018, he broke the world record in the javelin throw and became India's first-ever gold medalist in the javelin throw. He is also a laureate of the Arjuna Award for 2018. | Wikimedia Commons
Chopra's first international medal came in 2014, as he took home a silver medal at the Youth Olympic Qualification Tournament in Bangkok. In 2015, he set a world record in the junior category of 81.04 meters in the 2015 All India Inter-University Athletics Meet.
Since emerging into the public eye with a historic gold medal at the junior world championships in 2016, he has maintained a high level of performance, setting an Under-20 world record of 86.48m, which still stands. Gold medals in both the 2018 Commonwealth Games and the 2018 Asian Games are among his other accomplishments, including a first-place in the 2017 Asian Championships. In 2018, he broke the world record in the javelin throw and became India's first-ever gold medalist in the javelin throw. He is also a laureate of the Arjuna Award for 2018.
Chopra has also had his share of bad events in life. In 2019, he underwent surgery on the elbow of his right throwing arm, which kept him out of the game for almost a year. However, he returned more robust than ever. In November 2019, he went to South Africa to train from Klaus Bartoneitz. He spent the following year in India training at the NIS Patiala because of the COVID-19 pandemic. He was allowed to go to France with his coach after weeks of trying to get a travel visa.
Neeraj Chopra made history in the 2020 Tokyo Olympics by becoming the first Indian to win a gold medal in athletics. Also, it is worth mentioning that after Abhinav Bindra, Chopra is only the second Indian to win an individual gold medal.
Keywords: Neeraj Chopra, Olympics, Tokyo2020, Gold medal, javelin, India, Haryana
The emergence of the Industrial Revolution in Victorian England brought with it many apprehensions and fears that translated into a new genre in literature: the gothic. Today, the idea of the gothic does not have to much with literature as much as it is associated with fashion.
The Victorians began to wear black more often during the Industrial Revolution to hide the stains of soot on their clothes. Many of the working class were employed in factories. They were newly introduced to technology, the idea of coal as fuel, and the working of machines to serve a certain purpose. This kind of work was hard and messy. Wearing light colours burdened the tired folk when the stubborn stains did not get washed away.
The steam engine was invented to make locomotion easier for the masses, but it brought fear to the people. They had led quiet and simple lives till now, and suddenly their world was infiltrated with loud noises and smoke. Dark places became synonymous with evil deeds and mysteries. It was from this time that horror gained a place in the imaginations of people and artists.
A man sporting gothic clothes and shock coloured hair Image source: wikimedia commons
The gothics of today are those who have held on to these practices. There is no need to fear smoke and noise anymore, but the goths wear black clothes all the time, paint their skin a pale shade, to contrast their clothes, and wear bright shades of red. The traditional gothics decorated themselves with jewellery bearing religious significances, as the belief in Dracula and vampires emerged in the Victorian period. Today, it is a trend to wear studded crosses, or crosses made of black metal either as neck chokers, or earrings.
Modern goths also wear bright monotones to show their patronage of a certain style or order of the goths. They can be seen in neon shades of green, pink, and yellow, often sporting piercings, and matching hair. Their tastes are metallic, and they have an uncanny love for tattoos.
Designers consistently include gothic tastes and styles in their clothing lines to create inclusivity for this subculture. Being gothic, or identifying with them is somewhat a concern even in today's society, and such people are often stigmatised to the extent that it is considered a mental illness associated with the dark arts. The phenomenon is mostly observed in teenagers, and often phases out when they reach adulthood, depending on their sphere of influence.
Keywords: Gothic, Fashion, Victorian, Black, Jewellery