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South Australia embraces new Engagement Strategy towards India

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New Delhi: Minister for Investment and Trade, Martin Hamilton, launched a wholly updated Engagement strategy report; mentioning that the revisions will enhance the bilateral commercial ties between India and especially its diaspora in South Australia.

This refinement of the original strategy will prepare South Australian businesses to embrace new opportunities that stem from our evolving relationship with India,” Hamilton-Smith said.

Therefore, one of the aspects specified in the report is that there will be a further involvement taking place among the Indian diaspora in the state and that of the activation of the South Australia club in India.

“Major reforms have also occurred in India after the 2014 election of the Modi Government. We have identified a Government-to-Government approach as being effective in providing opportunities for commercial and cultural engagement,” he said.

Thus, in an attempt to strengthen their International connections, emphasis on the commercial and cultural nexus will be done by focusing on two major initiatives as provisioned by Modi and his government – ‘Skilling India’ and ‘Make in India’.

“We have listened to exporters and updated the strategy priorities to help build on existing partnerships and seize new opportunities for collaboration,” he said.

Pointing out four essential fields of aerospace and defense, energy and natural resources, educational and clean technology, the report suggests that the Government should be involved intimately in services-based exports to India.

Speaking of services and technology, the report also adds about the significance of agribusiness, tourism, culture, and health.

To examine the largely revised report of strategy, one cannot miss out talking about the decision taken to get engaged in business and a new business education program with that of the neighboring state of Rajasthan.

The policy of India Engagement strategy first came to fruition back in 2012. (Inputs from Agencies)

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The Answer to The Impending Questions On Demonetization Are Here

While it did broaden the country’s tax base, it was a nightmare for the immense, cash-dependent informal economy.

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Indian Currency. Pixabay

Nearly all of the currency removed from circulation in a surprise 2016 attempt to root out illegal hoards of cash came back into the financial system, Resever Bank of India  has announced, indicating the move did little to slow the underground economy.

Prime Minister of India, Narendra Modi’s currency decree, which was designed to destroy the value of billions of dollars in untaxed cash stockpiles, caused an economic slowdown and months of financial chaos for tens of millions of people or demonetization.

Modi announced in a November 2016 TV address that all 500-rupee and 1,000-rupee notes, then worth about $7.50 and $15, would be withdrawn immediately from circulation. The banned notes could be deposited into bank accounts but the government also said it would investigate deposits over 250,000 rupees, or about $3,700. The government eventually released new currency notes worth 500 and 2,000 rupees.

 

demonetization
An activist of Congress party hold the banned 500 and 1000 rupee notes.

 

In theory, the decree meant corrupt politicians and businesspeople would suddenly find themselves sitting on billions of dollars in worthless currency, known here as “black money.”

“A few people are spreading corruption for their own benefit,” Modi said in the surprise nighttime speech announcement of the order. “There is a time when you realize that you have to bring some change in society, and this is our time.”

But even as the decree caused turmoil for those in India who have always depended on cash — the poor and middle class, and millions of small traders — the rich found ways around the currency switch. In the months after the decree, businesspeople said that even large amounts of banned currency notes could be traded on the black market, though middlemen charged heavy fees.

demonetization
Prime Minister Narendra Modi along with mayor, flickr

The reserve bank of India report said in its Wednesday report that 99.3 percent of the $217 billion in notes withdrawn from circulation had come back into the economy. Some officials had originally predicted that number could be as low as 60 percent.

Also Read: Diverse Gathering To Be Addressed This World BioFuel Day: PM Narendra Modi

“Frankly, I think demonetization was a mistake,” said Gurcharan Das, a writer and the former head of Proctor & Gamble in India. He said that while it did broaden the country’s tax base, it was a nightmare for the immense, cash-dependent informal economy.

“You can’t overnight change that in a country which is poor and illiterate. Therefore, for me it’s not only an economic failure but a moral failure as well,” Das said. (VOA)