What is Cryptocurrency A new word emerged in our lives two months after the beginning of the recession of 2008 and gradually transformed from a vague expression ("virtual coin") to the vocabulary used to characterize the new economy. On June 9, 2009 the first bitcoin was released by an anonymous person called Satoshi Nakamoto. For different reasons like the sub-prime crisis, Nakamoto, claimed he is a Japanese man in his 30's, said he gave the open protocol in 2007. Today the new coin is called a "Digital Asset" and decentralization is the principal idea behind it: there's no main institution responsible for regulating it. The most familiar and traded form of Blockchain's technology, Bitcoin, who has crossed the $15,000 lines way back and has shows an image of exponential increase in the past few months. The great advantage of blockchain technology is that it doesn't have to keep records for a large central computer or big managing company. With this ...
Necessary Reforms for Future
As the novel coronavirus, COVID 19, spreads quickly around the globe, health systems in many countries are being overwhelmed by an ongoing recession in the global economy. When we approach the growth limits in a new world era, it is obvious that we do not know what is going on. This has recently been demonstrated in the wake of the COVID-19 pandemic. Witness how we reacted to the pandemic of COVID-19.
But this crisis also shows that governments and individuals are capable of acting strongly and quickly in the face of a major challenge. When India is seeking to shore up its economy, the other systemic actions necessary to move to a sustainable and more resilient economy are worth reflecting.
The International Monetary Fund states that global growth will bounce to 5.8 percent if policy measures taken around the world prevent large-scale firm bankruptcies, increase job losses and system-wide financial strains. Post-COVID, India, will face a situation in which global umpires sound real and false alarm about the corner disasters.
What India Needs
India needs to liberalize and expand its financial markets and take policy measures to address the banking and agricultural sectors. An imminent economic crisis triggered by the pandemic of coronavirus gives India the opportunity to undertake comprehensive reform in order to settle distressing areas and to attract more foreign investment
This is a call from a former central banker and ex-government official, as well as financial market participants, who say that India needs to liberalize and deepen its financial markets and to take policy steps to fix the banking and agricultural sectors. Early signs of this are already emerging, with the central bank giving foreign investors greater access to its sovereign bonds, allowing local banks to tap offshore currency markets and companies to choose more complex hedge tools.
The crisis in India is the greatest of the decades and the locking down for three weeks is likely to lead to economic contraction, millions of job losses and potential malnutrition among the poor in a nation of 1.3 billion people.
In the course of the crisis, India has a history of reform. In 1991-1992 the private sector for example freed itself of an excess of government controls, deregulated financial markets, reduced import tariffs and opened the economy to more foreign investment in order to avoid a crisis of balance of payments.
Since he came to power first in 2014, Prime Minister Narendra Modi has championed a range of reforms including the introduction of a national sales tax and a law on insolvency, reducing tax rates and kick-starting state asset sales. He has increased import duties concurrently and dithered on trade agreements to reverse development.
Fiscal measures also need revision because public finances are stretched, and are expected to worsen through the lock, Arvind Subramanian, former Chief Financial Adviser said. In the year to March 2021, the government forecasted budgetary deficits of 3.5% of its gross domestic product, though some projections that this could hit 6.2%.
Many analysts found India's deep distrust of debt capital in recent years and its failure to acknowledge the presence of even an offshore currency market which is trading the rupees, unthinkable in recent steps to open up Indians' bond market and enable them to trade currencies abroad.
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