Friday December 15, 2017
Home Business India ranked ...

India ranked 123rd in Economy freedom score

0
124
Economy of India

Washington: India ranked 123rd in 2016 Index of Economic Freedom by conservative US think tank Heritage Foundation on Monday, with an improvement of 1.6 points in its overall score.

Though still rated as “mostly unfree”, India with a score of 56.2 out of 100 was among 32 countries which achieved their highest economic freedom scores ever in the 2016 Index.

India scored its best scores on government spending (78.1), fiscal freedom (77.1), monetary freedom (72.8) and trade freedom (71.0).

But on freedom from corruption India scored 38, while it was rated 40 on financial freedom, 35 on investment freedom and 55 on property rights.

With the exception of India, progress among the other BRICS nations Brazil, Russia, India, China, and South Africa has stalled, according to the index which analyzes economic policy developments related to economic freedom in 186 economies.

Russia plunged 10 places in the rankings to 153rd, with its score deteriorating by 1.5 points. The rankings of South Africa, Brazil, and China declined to 80th, 122nd, and 144th, respectively.

According to the Index which rates countries as “free” (scores above 80), “mostly free” (70-80), “moderately free” (60-70), “mostly unfree” (50-60) and “repressed” (below 50), global economic freedom has advanced for the fourth year in a row.

The US continues to be mired in the ranks of the “mostly free,” the second-tier economic freedom category into which the US dropped in 2010.

Worse, with scores in labour freedom, business freedom, and fiscal freedom notably declining, the economic freedom of the US plunged 0.8 point to 75.4, matching its lowest score ever

As many as 97 countries, the majority of which are less developed, gained greater economic freedom over the past year.

The global average economic freedom score of 60.7 is the highest recorded in the 22-year history of the Index.

Of the 178 economies ranked in the 2016 Index, only five (Hong Kong, Singapore, New Zealand, Switzerland, and Australia) earned the designation of “free” with scores above 80.

Others in the top ten but rated “mostly free” were Canada, Chile, Ireland, Estonia and United Kingdom.

As many as 97 countries, the majority of which are less developed, gained greater economic freedom over the past year.

Declining economic freedom was reported in 74 countries, including 19 advanced economies such as the United States, Japan, and Sweden.(IANS)

Next Story

Veerappan: India’s most wanted

Veerappan was hunted by the police for over four decades, making it the longest man-hunt in India

0
0
Veerappan was a smuggler, poacher, murderer and extortionist who was killed in Operation Cocoon
Veerappan in his heyday, He was killed via Operation Cocoon
  • Veerappan was a smuggler of ivory and sandalwood in the southern states of India.
  • He killed government officials and civilians alike when they tried to stop his illegal activities.
  • He died in October 2004 during ‘Operation Cocoon’, which was carried out by a Special Task Force.

Poaching, smuggling, extortion, smuggling, brigandry, murder — these are some of the few charges against Koose Munisamy Veerappan Gounder, popularly known as Veerappan, for whom was constituted India’s largest manhunt, on which the government spent around 1.5 million Rupees. From his childhood, narratives about the elusive dacoit were laced with fiction, as he became an object of myth when he was only ten years old, and had infamously shot his first tusker elephant for ivory. His notoriety became a national concern when the government banned ivory trade in India, and he began felling trees for precious sandalwood, thus beginning a period marred by Veerappan killing government officials and locals alike when they became an obstacle.

Veerappan unleashed a reign of terror on the southern states of India from the early 1980s till his death in 2004; during which Veerappan killing police officers and civilians alike caused a nationwide uproar. In 1990, the notorious smuggler had beheaded a forest officer K. Srinivas, which wasn’t recovered until three years later. In 2000, he had kidnapped the Kannada actor K. Rajkumar, whose release was negotiated through Nakkeeran editor Gopal, to whom the infamous poacher admitted to murdering as many as 120 people. Matters came to a head when   abducted the former Karnataka minister H. Nagappa in 2002, and killed him when his demands were not met.

Operation Cocoon:

Veerappan leading his gang in moily forest,
Veerappan leading his gang in Moily forest. Wikimedia

A Special Task Force or STF was constituted for the capture of Veerappan in 1991, which, headed by K. Vijay Kumar, launched Operation Cocoon in 2004, which finally resulted in Veerappan’s death. Kumar, aided by his previous experience with Veerappan, based Operation Cocoon on human intelligence and interaction, during which multiple STF personnel blended in with the locals in areas frequented by Veerappan. The initial stages of Operation Cocoon consisted of gaining the trust of Veerappan’s associates, till they started divulging details about his failing health. In the years before his death, the elusive outlaw seemed to have lost much of his vigour and vitality, as he suffered from diabetes, and a cataract had almost blinded him in one eye.
On 18th October, 2004, the police lured Veerappan out of familiar terrains in an ambulance, and apprehended him at a roadblock, where he was killed in the crossfire between his team and the STF, via three bullets. The photographs after Veerappan’s demise show him in a pathetic light, bereft of his signature handlebar moustache, and the agility which had facilitated his escape for over four decades.

There have been a lot of controversies regarding his death, as many media houses and activists have claimed that Operation Cocoon has derived Veerappan of a fair trial by law. Some have even claimed that he was tortured to death in police custody. The facts regarding the elusive sandalwood smuggler remain inconclusive even after a decade of his death, due to the lack of concrete evidence.

 

Next Story

Submarine INS Kalvari Commissioned by PM Modi : Best Example of Make in India

INS Kalvari is the first of the six Scorpene-class submarines handed over by shipbuilder Mazagon Dock Limited, real boost to Make in India project

0
0
INS Kalvari, Indian Army
INS Kalvari, Indian Navy (Photo: Twitter/Indian Navy)
  • “INS Kalvari is a great example of ‘ Make in India ‘. I would like to congratulate everyone associated with this submarine,” PM Modi said. PM Modi also thanked France for its co-operation

    In Mumbai PM Modi has commissioned scorpene-class submarine INS Kalvari into the Indian Navy. INS Kalvari has been named after the maritime force’s first-ever underwater craft.

The commissioning ceremony was attended by Prime Minster Narendra Modi, Defence Minister Nirmala Sitharaman, Chief of Naval Staff Admiral Sunil Lanba, Maharasahtra Governor Ch Vidyasagar Rao, Maharashtra Chief Minister Devendra Fadnavis, other senior Indian Navy officers, and delegates from France.

The Scorpenes are being built by the Mazagaon Dockyard Ltd under Project 75 with transfer of technology from a foreign collaborator — DCNS of France.

INS Kalvari
INS Kalvari is named after the dreaded tiger shark (Photos: Twitter/Indian Navy)

INS Kalvari : Proud Moment for Indian Navy and Entire Country

It is a proud moment for the the entire country as the submarine is a prime example of flagship program of PM Modi government’s ‘ Make in India ‘ project. The special combat features of the Scorpenes include superior stealth and ability to launch crippling attacks with precision-guided weapons. The attacks can easily be carried out with torpedoes while submerged or on the surface, making it a deadly weapon.

Facts about INS Kalvari

  • The submarine has a length of 67.5 metre and a height of about 12.3 metres. The hull form, fin and hydroplanes are specifically designed to produce minimum underwater resistance.
  • The boat has 360 battery cells, each weighing 750 kg, to power the extremely silent Permanently Magnetised Propulsion Motor. The stealth of the boat is further enhanced through the mounting of equipment inside the pressure hull on shock absorbing cradles.
  • This is first of the six Scorpene-class submarines to handed over by MDL. The six submarines are being built as part of the Rs 23,652 crore “Project-75” of the Indian Navy.

“The technology utilised in the Scorpene has ensured superior stealth features such as advanced acoustic silencing techniques, low radiated noise levels, hydro-dynamically optimised shape and the ability to launch a crippling attack on the enemy using precision-guided weapons,” an official of the MDL said.

It is really very positive to see Make in India boosting the defence sector. INS Kalvari will surely add more strength to mighty Indian Navy.

– by Shaurya Ritwik, Shaurya is Sub-Editor at NewsGram and writes on Geo-politcs, Culture, Indology and Business. Twitter Handle – @shauryaritwik

Next Story

Bhai Boolchand-the Indian who launched trade with Ghana

The first Indian to arrive in the Gold Coast (Ghana's colonial name) in 1890 , Bhai Boolchand launched trade in India with Ghana

0
17
Ghanian flag, Bhai Boolchand launched trade in India with Ghana.
Ghanian flag, Bhai Boolchand launched trade in India with Ghana. pixelbay
  • Bhai Boolchand, the anonymous Indian, is credited with starting trade between Ghana and India
  • The year was 1890.

Not much is known about him, but it has now emerged that trade relations between Ghana and Indiawere started by Bhai Boolchand, the first Indian to arrive in the Gold Coast — Ghana’s colonial name — in 1890. That’s some 67 years before the British colonial government granted the country independence, research by the Indian Association of Ghana has found.

“As far as our records show, Bhai Boolchand (of the Bhaiband Sindhworki trading community), landed on the shores of the Gold Coast in western Africa in 1890. Nearly twenty years later, in 1919, the first Sindhi company was established by two brothers — Tarachand Jasoomal Daswani and Metharam Jasoomal Daswani,” the Indian Association said.

The duo opened a store — Metharam Jassomal Brothers — in the then capital city of Cape Coast in 1919.

“Their business flourished and branches were opened in Accra and Kumasi. A few years later, the two brothers separated and whilst Bhai Metharam Jasoomal continued the business as Metharam Brothers, Tarachand Jasoomal operated his business as Bombay Bazaar. These were the first two Indian companies that were established in the Gold Coast,” the Association said.

Boolchand’s arrival, therefore, pre-dates the historical links between the two countries that were always thought to have started between Ghana’s first President, Kwame Nkruman, and India’s first Prime Minister Jawaharlal Nehru. Boolchand can thus be described as the one who paved the way for the arrival of other members of the Sindhi community, initially as traders and shopkeepers.

The Indian Association said more of this group arrived in the 1950s and 1960s, with a few venturing into manufacturing industries such as garments, plastics, textiles, insecticides, electronics, pharmaceuticals and optical goods.

The Association said two more Indian firms were established under the names of Lilaram Thanwardas and Mahtani Brothers in the 1920s. This trend continued in the 1930s and 1940s with the creation of several more Indian companies like T. Chandirams, Punjabi Brothers, Wassiamal Brothers, Hariram Brothers, K. Chellaram & Sons, G. Motiram, D.P. Motwani, G. Dayaram, V. Lokumal, and Glamour Stores.

Glamour Stores, which was stared by Ramchand Khubchandani who arrived in Ghana in 1929, has grown — after changing its name to Melcom Group — to become the largest retailing business in the country. The Melcom Group, headed by Ramchand’s son Bhagwan Khubchandani, is now in its 60th year and about 40 stores all over the country.

Ramchand and his brother later went into garment manufacturing in 1955 and once employed over 1,200 Ghanaians. They later opened the first Indian restaurant, Maharaja, in Ghana. Bhagwan followed in his father’s footsteps and in 1989 established the Melcom Group with his sons-in-law, Mahesh Melwani and Ramesh Sadhwani.

Another Indian-owned company that has survived through the years is the Mohanani Group, which is currently in its 51st year. At the first-ever Ghana Expatriate Business Awards, the Ministry of Trade and Industries recognised the work of one of the thriving Indian-owned B5 Plus Steel Company and awarded it the Best Expatriate Company in the metal and steel category.

As these companies brought in new expatriate staff, some left their employers to venture out on their own — resulting in more companies opening up.

“After 1947, the Gold Coast attracted the attention of some Indian multinational companies, and big names like Chanrai, Bhojsons, K.A.J. Chotirmal, Dalamals and A.D. Gulab opened branches in Ghana,” the Association said.

“The employment of Ghanaians by these founding companies also helped to lessen the burden of unemployment in the country. This amply demonstrates the level of commitment India has in the developmental agenda of Ghana,” it said.

Indians are not only investing in the manufacturing and commercial sectors of the country; they are also investing in the financial sector. Bank of Baroda, one of India’s biggest and most reputable banks, recently established a branch in Ghana and hopefully it will expand its operations in other parts of the country very soon. (IANS)