Major Challenges Facing the Indian Economy | Indian Economy| Indian Economics Problems |Indian Economy major challenge after lockdown Major ...
Major Challenges Facing the Indian Economy | Indian Economy| Indian Economics Problems |Indian Economy major challenge after lockdown
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| Major Challenges Facing the Indian Economy |
Major Challenges Facing the Indian Economy
Terrorism
Corruption
Hoarding
Black market
Environmental damage
The financial consequences of this
Terrorism
Terrorism is a major challenge facing many nations. The problem of terrorism has become a terrible crisis for humanity. Terrorism is a form of fear that creates fear in the minds of the people. Some organizations use it to achieve their political and social goals. Terrorism is an illegally powerful organization that uses its power and unity for a specific cause and draws the attention of the government and the world to us. In their opinion, their work and thinking is right (valid).
Terrorists use a variety of techniques to create fear, such as air strikes, bombings, human bombings, chemical warfare, poisoning, computer crime, and so on.
Terrorists create maximum fear and unrest in the minds of the people. There is an urgent need to take preventive measures against this. Understanding the plans and actions of terrorists requires the formation of anti-terrorism squads and immediate measures of a modern nature. To solve this problem, it is imperative for a nation like India to use military tactics and weapons to be used in war.
Corruption
According to the dictionary, corruption means 'illegal financial transactions'. Corruption is taking money from one person in the form of financial or other benefits and giving them more benefits than others. It is a kind of immoral act or sin that we do not expect.
Corruption is rampant in all sectors in India. It has become a way of life. Corruption is now rampant in all walks of life. Corruption has also increased among big political leaders. Corruption has also had a profound effect on bureaucracies, manufacturers and non-governmental organizations (NGOs). Economically, corruption deprives the common man of his basic rights. Corruption causes unequal distribution of the nation's income and wealth. Therefore, the people are divided on the issues of 'Ahere and Nahire'.
Corruption is also largely responsible for social crimes such as theft, embezzlement, land mismanagement and other crimes as well as creating unrest among the people. There is a need for legislation that can eradicate corruption as it is opposed by all. She can punish any corrupt person regardless of his power and influence.
Hoarding
Stockpiling is the act of hoarding goods to take advantage of rising prices. This type of hoarding is done deliberately by the merchant class. So that there will be an artificial shortage of goods in the market. Stockpiling is unfair and deprives consumers of their rights. This is a form of unethical trade. This creates a monopoly of the seller in the market and leads to financial exploitation of the common consumer. The government should investigate such illegal and unethical trade. E.g. Onions are stockpiled to increase prices.
Black market
Black market is an economic activity in which goods or services are illegally sold or bought. Such illegal buying and selling is called black market. This is because these transactions are done in the dark or in secret, not in the open. These transactions are done under the law. E.g. Tickets are sold at a higher price when the movie is crowded.
Environmental damage
We get many economic factors from nature. Ever since humans began to interfere with nature, we have begun to receive a wide variety of natural products. Natural elements include the environment, rainfall on the land, forests, mineral resources and natural resources.
Damage to natural resources is excessive and widespread. Excessive use of these natural ingredients for production and consumption has adversely affected almost all natural ingredients. As a result, the quality and quantity of these natural components have been severely damaged.
Land is an economically large productive component; But due to continuous erosion and overuse of water, the quality (productivity) of the land has been greatly reduced. Environmental damage has caused so much damage to the economy that it is not possible to measure the damage in economic terms.
The financial consequences of this -
1. Terrorism creates fear in the minds of the people and has an adverse effect on trade, commerce and industry in that nation.
2. Terrorism adversely affects foreign trade. This has a huge impact on trade in goods and services. This has a particularly bad effect on the tourism industry.
3. Corruption creates economic inequality. It affects social and political justice. Corruption leads to poverty, unemployment, economic exploitation, crime and social inequality.
4. Hoarding is an illegal and unethical trade carried out by the merchant class. It creates a feeling of anger about hoarding in the minds of the consumers as it leads to financial exploitation.
5. Stockpiling creates an artificial shortage of goods and services and results in inflation.
6. Stockpiling and the black market consolidate more power into the hands of a few, and these few take advantage by influencing the nation's economic policy and actions.
7. Due to the availability of cheap chemical fertilizers, they were widely used in agriculture. This resulted in reduced soil fertility.
8. The pattern of increasing production is largely detrimental to the natural environment.
9. Environmental degradation has led to global warming and the imbalance of the atmosphere, leading to an increase in the number of natural disasters.
10. Environmental disasters adversely affect the physical and mental development of the population. E.g. Bhopal gas tragedy.
11. All these challenges have eroded human values and are hampering the process of human development.
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