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Recent financial news headlines have seen some concern with India’s gold imports and the fact that a significant component of domestic savings is “exported” abroad, which could probably be utilised to spur investments and growth in India. The idea of reducing gold imports is important, but suggestions ranging from raising import duties further to imposing bans need to be reassessed urgently. Regardless of the economic situation, utilising savings of the country for investments and thereby creating growth and jobs is a commendable and much-required objective. However, policies employed to do so must be ones that positively incentivise savers to park their savings in investment options linked to the capital markets than in gold.
To facilitate the growth of the financial sector, the financialisation of savings further, if done well, can help the situation in many ways. Besides channelling investments into businesses through the capital markets, the assets can yield much needed social security through income-generating retirement funds as a generation of workers retires over the next few decades. But, to do so, one must look at structural factors that can induce savers to park their money in the capital markets over and above gold.
Over the last several years increased taxation through a steady rise in the dividend distribution tax, long-term capital gains tax, short-term capital gains tax and securities transaction tax has to some extent slowed down the long-term aim of capital markets being a point of interaction between the savings of investors and capital required by companies. It is essential that going forward policymakers look to address these issues to ensure that markets can operate with as low friction as possible.
The importance of a steady flow of savings into the capital markets is essential not just from an equity perspective, but more so from a debt perspective. The focus must be much beyond only the listed markets. Financial instruments traded in the private markets must be made attractive from a tax perspective to increase capital availability for Indian businesses. Essentially, the vital question the capital markets authorities must ask is are we making investing into companies through both debt and equity attractive enough for investors?
Additionally, perceptions are critical to capital flow. Investment options will be viewed by market participants not just in terms of current regulations, but also in terms of the participants’ perception of future regulations. While incentives are the way forward, imposing controls on price and volumes will not lead to the desired outcome. Instead, with increased controls, a higher distortion in the market may be observed.
While there have been calls from a few quarters for imposing controls of some type on the gold market, what is needed now is to frame policies that channel savings into domestic assets through incentives. It is also essential to be aware of global trends that affect commodity markets. In an age of unprecedented quantitative easing, robust demand for gold is to be expected. While predicting the future path of global interest rates is difficult, an appreciation of global trends and policies that cater to the same will be essential.
The policy debate between utilising effective regulations versus controls to channel capital is one that has ramifications much beyond the discussion on gold. Given the need India has in terms of both domestic and foreign capital to finance new businesses, distressed assets, and the general credit markets, a reassessment of the incentive mechanism is essential now. Deregulation and stable policy on the supply side, especially taxation policy, are going to be the biggest drivers of both domestic and foreign capital into India.
Capital availability for a country is incumbent upon the three main pillars: (i) of adequate financial instruments and vehicles that investors can utilise, (ii) taxation policies that determine returns from the aforesaid instruments and vehicles, and (iii) most importantly, a stable policy regime. The government and stakeholders must continually evaluate how to improve upon the three pillars of capital availability to become rich.
As India looks to source capital, a relook at the policy frameworks is critical to incentivising savings into channels that can help create capital for investment and growth. The focus must be on incentivisation, as opposed to further controls that may distort the market. (IANS)
OṀ KALMASHARAHITABHŨMYAI NAMAH:
OṀ (AUM) -KAL-MA-SHA-RA-HI-TA-BHOO-MYAI— NA-MA-HA
ॐ कल्मषरहितभूम्यै नमः
(Kalmasham: Tainted, blemish, dirty, sinful, wicked, foul, dosha, opprobrium, stigma; Rahita: Absent, devoid of)
Kalmasham is the opposite of purity; it means impure, contaminated and defective. The word is used in several senses such as: defective, fault, sin, dosham, tainted, vice, crime, disrespect, abuse, evil and contamination. However, it is also used in a technical sense in certain fields of knowledge. In Vedic literature we see words like pavitram, and pavitrata in the opposite sense of kalmasham. We, as Hindus, see everything as pure and equitable with God in an implied meaning that every atom at the microscopic level is part of the Supreme Power (Bhagavān). Having this knowledge and understanding, Hindus see the presence of God in living as well as non-living objects and have a pavitra meaning- kalmasharahita bandham.
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In Vedas and Purāṇās, Lord Shri Ramachandra Murty is portrayed without any defects and His marriage with Sīta was described as kalmasharahitam. He was glorified as the one who strictly observed the 'ekapatnī vratam' meaning-'one wife as a life partner'. Even when Sīta was abducted by the demon- Rāvaṇa and he kept her in his palace for a year, Rama did not look at another woman. The same credit goes to His consort and wife Sīta, who came out of Agni (pyre of fire) as a shining diamond proving her chastity and kalmasharahitam to the world. Our sacred literature is full of these incidents. Our dharmaśhāstrās explain that what is kalmasham is that which brings defection to one's purity. They advise purity in our thought, speech and actions.
God Ram and Goddess SitaGetty Pictures
There are many relationships we have as an individual. Some are pure and kalmasharahitam, as opposed to other relationships, like extramarital affairs. The relationship between husband and wife; brother and sister; father and daughter; parents and children; between siblings; teacher and student; among friends; and last but not least, between a devotee and his desired, beloved and personal god are considered kalmasharahitam.
As a country, we have never waged war against another country with the intention of occupancy and robbing their wealth, or to convert them to our religion. We do not have that kalmasham on our hands or in our hearts.
Our land is 'Kalmasharahita Bhūmi'.
Xander Schauffele held off the late challenges from the chasing pack, none more so than Rory Sabbatini of Slovakia — who got without a single stroke of the American — to win a gold medal in the men's individual golf tournament at the Summer Olympic Games in Tokyo.
It was a huge victory for the 27-year-old at this point of his career. Despite often being amongst the favorites in the latest golf odds, the San Diego-native is yet to win one of golf's four majors — The Open, The Masters, The USPGA and The US Open — and he will certainly be hoping that he can use this triumph in Tokyo to push on next season.
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With nine top-10 finishes in 18 appearances at the majors, six of which have been inside the top five (including finishing second at the 2018 Open and 2019 Masters), Schauffele is making a bit of name for himself as a nearly man in the sport's biggest tournaments, and that it is a duck he will certainly be hoping to break sooner rather than later.
Whilst not a major, winning an Olympic gold medal in golf is not to be sniffed at, and it is the kind of victory that the 27-year-old might just have needed to give him that boost to kick on and finally get his hands on one of the major trophies — even though he will need to wait until next year as the recent Open at Royal St. George's in Kent marked the end of this year's major schedule.
Some golfer's may have played down winning the men's tournament at the Olympics, but for Schauffele, whose grandparents live in Tokyo, taking the gold medal back to the United States with him was at the very top of his priority list.
Olympic GameGetty Pictures
"I really wanted to win for my dad. I am sure he is crying somewhere right now. I kind of wanted this one more than any other," Schauffele said after his one-stroke victory.
"You are trying to represent your country to the best of your ability and then you add family stuff on top of that. I'm probably going to have a nice call with my grandparents tonight.
"Everyone is back home watching. I was feeling the love from San Diego and Las Vegas this whole time. I'm a little speechless right now, quite honestly."
Form and momentum are key in the game of golf, and whilst this is a victory that has come somewhat late in the season, when there are no majors left to vie for, if Schauffele can just carry on playing at the top of his game for the remaining month or so, perhaps even landing a second TOUR Championship in the last tournament of 2021, which he will now likely be tipped to win on the best golf predictions sites, then there is no reason why he can't bring his current form with him into next season.
The Masters is up first, taking place in mid-April, and the prestigious Augusta National hasn't been too bad to the American over the last couple of years, as he finished second in 2019 before scuppering the same position late on to finish tied for third this year. If he can keep up the form that resulted in him winning gold at the Olympics, then he may just find himself being fitting into that sought-after Green Jacket.
It's fair to say that it's only a matter of time before Schauffele lands his maiden major triumph, and there's no doubt that scooping a gold medal at the Olympics will have only helped his cause!
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Today, e-learning is one of the best alternatives for studying despite quarantine restrictions. Still, it has its own flaws, which are noticeable during the long-term experience. From one point, students learn to be independent and prepare their homework without extra help. Usually, everyone can buy essays for sale online and prepare for classes efficiently. And from the other point, online learning demands the highest responsibility. Let's find out why the face-to-face educational process is still more productive.
1. Too many distractions.
Needless to say that staying at home and learning are the biggest incompatibilities. When you get ready for your class, you often forget about how clean your house is or whether you have enough food for the day. In e-learning, the reality is that students should take care not only of the studying process but housekeeping as well.
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2. Not enough help from teachers.
The teacher's work during e-learning is to present the material and make it easy to understand. Still, this might be challenging for both sides. When the teacher sees that most students can get along with it, it is easier to pay attention to one or two from class who hasn't progressed much. Otherwise, while the subject is difficult for most of the class, it is almost impossible to dedicate attention to each while explaining the material better.
3. Less communication.
That feeling that you are far away from your friends can't leave you. Even if you don't have enough time to build strong friendships, studying in class helps students gain better results. Healthy competition plays a significant role in education, and everyone who stands for e-learning only should consider this aspect.
4. Access to online materials only.
When students write their texts or work on other assignments, they need to have more than Wikipedia. Studying in campus libraries is much more fun than sitting in one place to look for necessary information. Beside the traditional references, you can get feedback on your drafts.
Less movement with e-learning brings both positives and negatives in students' lifestyles.Getty pictures
5. Lack of individual approach.
E-learning is all about individual learning. Indeed, you can connect to your teacher or classmates online, but still, the schedule makes strict boundaries that you can't text or call them in late at night. When students are in class, a teacher can spread their attention to the whole audience and see how every student perceives material simultaneously.
6. Staying mostly at home.
Less movement with e-learning brings both positives and negatives in students' lifestyles. On the one hand, you don't need to spend hours driving on public transport or being stuck in traffic. And also, you don't have that vital time to prepare your mind for studying. On the road, we listen to audiobooks or read traditional ones, observe life, and think about further studies. This is the way our brain gets ready for classes, so it is less stressful for students to learn when they arrive at class.
7. Higher electricity bill.
Yeah, paying more for internet and electricity consumption is one more disadvantage of e-learning. When you study in class, you can use a public school Wi-Fi connection and charge your laptop in there as well. And while staying at home, you need to think about how much time you spend studying not to increase your electricity bill. Even if you pay for an Internet connection even when you don't study at home, electricity use significantly increases while you start e-learning.
Due to current epidemic measurement restrictions, many schools consider e-learning as one of the best variants to make education available for everyone. Still, e-learning can be a challenging affair for most students and teachers. To cope with it, they need to achieve new skills and apply them to the new reality.
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