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aost of the societies in the world have unique
features and characteristics. The societies in the
South Asian countries are agrarian in nature.
With plethora of languages spoken and religions
practised in India, it becomes a unique case of
unity in diversity. Every such society becomes
difficult to tackle administratively. Indian
society has had its own problem from time to
time. Economically as well as socially, the
Indian society has wide variations. There are
various divides, including rural-urban divide,
rich and poor divide and the class divide. This is
why many people believe that the Indian society
is full of contradictions.V
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The global economic meltdown has begun to show
its effects in India also. The growth rate of the
economy, which was initially expected to be around
7.5 per cent during 2008-09, is now expected to be
much less after being more than 9 per cent during
the previous year. But at the same time, various
sectors of the economy have been doing very well
despite the global slowdown. The capital markets
are down and are not expected to do well in the next
several months. Rural economy, on the other hand,
does not seem to be affected by the slowdown and
continues to do well. aany people feel that various
economic indicators in the economy do not give
ample evidence of the recession in the country.V
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India is the largest democracy in the
world in terms of the number of its
voters. In most of the democratic
countries, many factors which are of
national and international importance
come to the fore during the elections and
the political parties seek votes from the
electorate on the basis of their ideas and
stand on various such issues. There are
healthy debates and the people decide
about the party or the candidate to be
voted on the basis of such debates and
ideologies. Unfortunately, in India,
though democracy has matured
considerably, yet the basis on which the
elections are fought have nothing to do
with issues or ideologies.V
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Indian economy is among the fastest growing
economies in the world today. The post reforms
period has witnessed high growth rate with the
last about seven years posting more than 7.5 per
cent average annual growth rate of the GDP.
But at the same time it is also felt that bulk of
the growth is being experienced in the
organized sector, urban areas and the industrial
centres. The fruits of rapid economic growth are
trickling down to economically backward
categories very slowly, causing a problem in the
equitable distribution of the rapid growth of the
GDP. It is time for the government to introduce
some reforms aimed at social development so
that the deprived categories also get their due
share in the developmental process.V
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‘ne of the reasons for current recession is
said to be the liquidity crunch. Lack of
liquidity results in putting various
investment proposals and new projects on
the hold, reducing the overall investment in
the economy considerably. Reduced
investment thus becomes the main cause for
reduced economic activity and employment
generation. To increase the investment in
the economy, increase in CD ratio can play
an important role. CD ratio is the ratio of
the credit extended to the total deposits
received in the banking sector.V
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Last few years have seen unprecedented
increase in the per capita income, which as
per one report, has doubled in the last
seven-year period. This has happened
mainly because of the high growth rate of
the economy during this period, which has
averaged around 8 per cent per annum. The
services and manufacturing sectors have
been booming and IT and automobile
sectors in particular have done very well. As
a result, incomes of the people employed in
these sectors have increased manifold.
While the growth was outstanding in the
organized sector, the income levels in the
unorganized sectors, including the economic
activities in the primary sector, have been
subdued. The growth rate of the agricultural
sector has been less than half the average
growth rate of the economy. It is felt by
many that it is the time the government paid
special attention to the plight of the
unorganized sector as well.V
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Recent corporate bungling in Satyam
Computers has triggered
a debate in the corporate circles as well in the
government. The attempted move was aimed at
benefiting two promoters of aaytas by more
than Rs 7000 crore, by proposing to buy their
shareholding in aaytas Infrastructure in a slip-
shod manner, without any transparency. The
most startling issue was that the proposal was
only to buy the stake of the promoters and not
that of the company as a whole. This was an
overt move to transfer the investors¶ money
from Satyam Computers to two promoters of
aaytas, who happen to be the sons of the CaD
of Satyam Computers, without following any
prescribed procedure under the Companies Act,
highlighting the need for amending the statutes
to prevent the recurrence of such incidents.V
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