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South Asia Growth: A Closer Look Beyond the Numbers
South Asia's economic horizon glows with promise as 2024 forecasts herald it as the world’s fastest-growing region. Driven by the robust engines of India, Pakistan, and Sri Lanka, the region seems poised to stride confidently forward. This expected growth of 6.0%, an impressive figure in the global context, paints a picture of vitality and progress. Yet, beneath this veneer of prosperity, challenges simmer, hinting at a complex narrative that awaits unpacking. The World Bank’s "Jobs for Resilience" report provides a crucial lens through which to view this landscape, blending optimism with a dose of reality. It reveals a region at a crossroads, where vibrant growth meets structural vulnerabilities. As South Asia juggles these dynamics, the focus sharpens on the need for strategic reforms and resilience-building measures, framing a storyline that is as much about caution as it is about celebration.
Robust Growth Amid Structural Challenges
South Asia is on a trajectory to maintain its status as the world's fastest-growing region through 2025, with an impressive growth rate of 6.0% projected for 2024, spearheaded by India's dynamic economy and promising recoveries in Pakistan and Sri Lanka. Yet, the World Bank's latest regional outlook, "Jobs for Resilience," casts a shadow on this bright forecast, revealing deep-seated structural challenges that could dampen the region's economic vigor. The Dichotomy of Growth and Employment Despite this promising growth, a closer examination reveals a region grappling with pre-pandemic growth levels and an over-reliance on public spending. The stark slowdown in private investment growth across South Asian countries is a red flag, signaling a need for a strategic pivot to ensure sustainable economic expansion. Moreover, the burgeoning working-age population—a potential demographic dividend—is met with insufficient job creation, posing a significant hurdle to harnessing the region's full economic potential.
Navigating Fiscal Fragility and Climate Concerns
Martin Raiser, the World Bank's Vice President for South Asia, underscores the importance of bolstering private investment and employment growth to fortify the region against fiscal fragilities and the ever-looming threat of climate shocks. The current growth, though strong, is tethered to shaky foundations that require robust policy interventions to secure a resilient future. The Employment Conundrum A striking revelation from the World Bank report is the declining employment ratio in South Asia, now standing at 59% compared to 70% in other emerging markets. This decline, especially pronounced among working-age men and even more so among women, underscores a missed opportunity to leverage the demographic dividend for economic upliftment. Franziska Ohnsorge, World Bank Chief Economist for South Asia, estimates that aligning the region's employment share with that of other emerging markets could potentially boost output by 16%. Unlocking Growth Through Firm Expansion and Job Creation The path to vibrant, competitive firms—and by extension, robust private investment and job growth—lies in overcoming institutional and economic hurdles. The report advocates for a multi-faceted policy approach focusing on trade openness, access to finance, and the removal of barriers to women's economic participation, among others. Such measures promise not just to spur firm growth and job creation but also to enhance the region's capacity to adapt to climate change.
Country-Specific Outlooks Paint a Mixed Picture
- Bangladesh and Bhutan both anticipate growth rates of 5.7% in FY24/25, though Bangladesh faces challenges from high inflation and trade restrictions. - India continues to lead the region's economy, expected to achieve a 7.5% growth rate in FY23/24, with sustained activity in services and industry. - Maldives sees a slight downgrade to 4.7% growth in 2024, reflecting a shift in tourist preferences. - Nepal looks forward to a 4.6% growth rate in FY24/25, buoyed by hydropower exports, while Pakistan and Sri Lanka are poised for recovery, with growth rates of 2.3% and 2.5% respectively in FY24/25. The World Bank's analysis not only highlights South Asia's impressive economic trajectory but also emphasizes the critical need for policy reforms to navigate the region's complex challenges. As South Asia strides toward continued growth, the focus must remain on creating a resilient and inclusive economy that can weather both fiscal and climate-related shocks. Table With Historical Data Real GDP growth at constant market prices (percent) Revision to forecast from October 2023 (percentage point) Country fiscal year Calendar year basis 2022 2023(e) 2024(f) 2025(f) 2024(f) 2025(f) South Asia region (excluding Afghanistan) 5.7 6.6 6.0 6.1 0.4 0.3 Maldives Jan. to Dec. 13.9 4.0 4.7 5.2 -0.5 -0.3 Sri Lanka Jan. to Dec. -7.3 -2.3 2.2 2.5 0.5 0.1 Fiscal year basis 21/22 22/23(e) 23/24(f) 24/25(f) 23/24(e) 24/25(f) Bangladesh July to June 7.1 5.8 5.6 5.7 0.0 -0.1 Bhutan July to June 4.8 4.6 4.9 5.7 0.9 1.1 India April to March 9.7 7.0 7.5 6.6 1.2 0.2 Nepal mid-July to mid-July 5.6 1.9 3.3 4.6 -0.6 -0.4 Pakistan July to June 6.2 -0.2 1.8 2.3 0.1 0.0 Sources: World Bank Macro Poverty Outlook and World Bank staff calculations. Note: (e) = estimate; (f) = forecast. GDP measured in average 2010-19 prices and market exchange rates. Pakistan is reported at factor cost. National accounts statistics for Afghanistan are not available. To estimate forecasts for regional aggregates in the calendar year, fiscal year forecasts are converted to the calendar year by taking the average of two consecutive fiscal years for Bangladesh, Bhutan, Nepal, and Pakistan because quarterly GDP forecasts are not available. The World Bank’s development updates for Bangladesh, Nepal, Pakistan, and Sri Lanka were also released today. Sources: THX News & The World Bank. Read the full article
#climateshocks#Demographicdividend#Economicresilience#Jobcreation#policyreforms#privateinvestment#regionaloutlook#SouthAsiagrowth#structuralchallenges#WorldBankReport
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Companies Next offers expert assistance in ensuring compliance with FEMA regulations for Foreign Direct Investment (FDI) in India. From navigating complex reporting requirements to liaising with regulatory authorities, we streamline the compliance process, ensuring accuracy and timeliness. Trust us for comprehensive post-compliance support and peace of mind.
#FDI#ForeignDirectInvestment#India#EconomicGrowth#InvestmentOpportunities#PolicyReforms#RegulatoryChallenges#SustainableDevelopment#SectoralPreferences#EmergingMarkets
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#FDI#ForeignDirectInvestment#India#EconomicGrowth#InvestmentOpportunities#PolicyReforms#RegulatoryChallenges#SustainableDevelopment#SectoralPreferences#EmergingMarkets
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प्रधानमंत्री मोदी का यशोभूमि एक्सपो में बड़ा ऐलान
पीएम विश्वकर्मा योजना प्रधानमंत्री मोदी ने ‘पीएम विश्वकर्मा योजना’ की शुरुआत की है, जिसके तहत विश्वकर्मा साथियों को बिना गारंटी के 3 लाख रुपए तक का कर्ज़ मिलेगा। प्रधानमंत्री मोदी ने इस योजना को लांच करते समय बताया कि ब्याज़ के दर को काफ़ी कम किया गया है। प्रधानमंत्री मोदी ने युशुभामि इंडिया इंटरनेशनल कन्वेशन … Read more
#ModiAnnouncement#YashobhoomiExpo#PMModiSpeech#KeyAnnouncement#IndiaDevelopment#ExpoHighlights#GovernmentInitiatives#EconomicBoost#NationalProgress#PolicyReforms
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The Soaring Tomato Prices in India: Factors, Consequences, and Potential Solutions
Introduction: In recent times, the skyrocketing prices of tomatoes in India have become a cause for concern among consumers, traders, and policymakers. This blog post aims to delve into the reasons behind the surge in tomato prices, analyze its impact on various stakeholders, and explore potential solutions to address this issue.
Factors Influencing Rising Tomato Prices:
Seasonal Variations and Weather Conditions: Fluctuations in tomato production due to seasonal changes, adverse weather conditions, and natural disasters can disrupt the supply, leading to price spikes.
Transportation and Storage Challenges: Inadequate infrastructure, inefficient logistics, and lack of proper storage facilities contribute to post-harvest losses, which further impact the supply and prices.
Demand-Supply Imbalance: A surge in demand, especially during festive seasons and periods of high consumption, coupled with insufficient supply, can drive up tomato prices.
Impact of Rising Tomato Prices:
Household Budgets and Inflation: Rising tomato prices can have a direct impact on consumers' monthly expenses and overall inflation rates, as tomatoes are a staple ingredient in Indian cuisine.
Farmer Income and Livelihoods: Higher prices may benefit tomato farmers in the short term, but long-term price volatility can impact their income stability and farming practices.
Food Processing and Restaurant Industry: Rising tomato prices can affect food processors, restaurants, and street food vendors, potentially leading to increased menu prices and reduced profit margins.
Potential Solutions and Mitigation Strategies:
Improved Agricultural Practices: Encouraging farmers to adopt modern agricultural techniques, use high-yielding tomato varieties, and implement proper crop management practices can enhance productivity and minimize losses.
Strengthening Supply Chain Infrastructure: Investments in transportation, cold storage facilities, and better market linkages can reduce post-harvest losses, improve supply efficiency, and stabilize tomato prices.
Diversification and Crop Planning: Promoting crop diversification by supporting farmers to cultivate alternative vegetables and implementing effective crop planning strategies can help manage supply-demand dynamics.
Government Interventions: The government can intervene by implementing price control measures, providing subsidies, and supporting farmer cooperatives to stabilize tomato prices and safeguard consumer interests.
Conclusion: The rising prices of tomatoes in India pose significant challenges for consumers, farmers, and the food industry. Understanding the underlying causes, assessing the impact, and exploring effective solutions are crucial for addressing this issue. Collaborative efforts between farmers, policymakers, and stakeholders across the supply chain are necessary to ensure a more sustainable and affordable tomato market in India.
Disclaimer: The information provided in this blog post is based on available knowledge up to September 2021. The tomato market is subject to dynamic changes, and the situation may have evolved since then.
#TomatoPrices#IndianAgriculture#FoodInflation#SupplyChain#CropProduction#WeatherImpact#PostHarvestLoss#DemandSupply#ConsumerImpact#FarmersLivelihood#FoodProcessingIndustry#InfrastructureDevelopment#CropDiversification#GovernmentInterventions#PriceStabilization#SustainableAgriculture#MarketLinkages#RuralDevelopment#AffordableFood#PolicyReforms
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Is the Argentine economy okay as it is?
Argentina's economy
Argentina is grappling with a severe economic crisis characterized by soaring inflation rates, currency depreciation, and dwindling employment opportunities. As of October 2018, the country's consumer price inflation rate stood at 45.9%, the highest since 1991.
Some of the factors contributing to Argentina's inflation problem include
Devaluation of the Argentine peso: This is mainly due to the government's fiscal policy and foreign currency borrowing issues. Lack of employment: A lack of jobs can increase demand, which can drive up prices. Inflation itself: Inflationary expectations contribute to higher inflation rates. Decline in agricultural output: Climate change has led to a decline in productivity, which in turn has led to a decline in agricultural output.
What can I do?
To mitigate the ongoing economic crisis, the Argentine government and central bank have implemented a number of measures, including raising interest rates and announcing price stabilization measures. However, these efforts may not be enough and additional actions are needed.
Focus on reducing the inflation rate: Policy reforms in agriculture, transportation, energy, and other industries can help increase productivity and stabilize prices for products and services. Take steps to stabilize prices: Governments should monitor the rate of inflation and adjust prices when necessary to protect consumers. Transparent information: Providing citizens with accurate information about economic conditions can help them understand the situation and take action.
#ArgentinaEconomy#InflationCrisis#ArgentinePeso#EconomicReform#PriceStabilization#EmploymentIssues#AgricultureCrisis#ClimateChangeImpact#PolicyReforms#FinancialRecovery
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An open letter to the U.S. Congress
Stop overfunding Medicare Advantage!
597 so far! Help us get to 1,000 signers!
At tremendous cost to taxpayers and people with Medicare, the government has overpaid Medicare Advantage plans tens of billions of dollars for more than a decade and is projected to overpay them more than $1 trillion in the next decade. Just as the government recoups overpayments to individuals it should be recouping Medicare Advantage overpayments, not rewarding them with greater revenues. In addition to driving up costs for everyone with Medicare, it is eroding the Medicare Trust Fund. I urge you to reduce MA rates to a level commensurate with Traditional Medicare and recoup all overpayments. Thanks!
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The Cost of Marijuana Prohibition: Examining Criminal Justice Reform
Disproportionate Incarceration: The criminalization of marijuana has led to a significant number of individuals, particularly from marginalized communities, being incarcerated for non-violent marijuana offenses. This has contributed to the issue of mass incarceration and strained the criminal justice system.
Economic Implications: Enforcing marijuana prohibition incurs substantial costs, including law enforcement resources, court proceedings, and incarceration expenses. Legalizing and regulating marijuana can create new revenue streams through taxation, job creation, and economic growth.
Racial Disparities: Marijuana prohibition has disproportionately affected minority communities, leading to racial disparities in arrest and conviction rates. Criminal justice reform aims to address these disparities and promote equity by reevaluating marijuana policies and implementing fair and just alternatives.
To read the full article and delve deeper into the cost of marijuana prohibition and the need for criminal justice reform, click the following link
#MarijuanaProhibition#CriminalJusticeReform#WarOnDrugs#DrugPolicy#JusticeSystem#SocialJustice#DrugReform#LegalizeMarijuana#EndingProhibition#PolicyReform
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The Convergence of Economic Interests and Drug Trafficking: Lessons from Prohibition and the U.S. War on Drugs
The prohibition of drugs in the United States, a policy widely contested for its social and economic consequences, finds historical parallels in the Prohibition era (1920–1933). During Prohibition, the production, distribution, and sale of alcoholic beverages were banned in the U.S. Like today’s drug prohibition, Prohibition was driven by moral and public health arguments but resulted in a parallel economy of illegal activities and an increase in organized crime. This economic history essay aims to draw parallels between Prohibition and current drug policy, highlighting how prohibition simultaneously benefits large corporations, organized crime, and ultimately shapes global geopolitics and economic structures.
1. Prohibition: A Moratorium and the Growth of the Black Market
Prohibition in the United States was enforced by the passage of the 18th Amendment and the creation of the Volstead Act. Its declared purpose was to improve public health, reduce crime, and boost societal morality by eliminating alcohol consumption. However, the economic effect of Prohibition was the opposite of what its proponents envisioned. Far from eradicating alcohol, the ban fostered the creation of a lucrative black market, managed by mafia groups that saw opportunities to enrich themselves through the illegal sale of alcohol.
Entrepreneurs of the illegal market, such as Al Capone, quickly amassed fortunes by exploiting the continuous demand for alcohol, demonstrating that the criminalization of widely demanded products tends to create highly profitable underground markets. The rise of organized crime, the bribery of politicians and law enforcement, and the violence associated with territorial control among gangs were some of the most visible consequences. The black market became an essential part of the parallel economy, moving significant amounts of money and directly influencing politics.
Similarly, the international drug trade that flourished under drug prohibition has replicated many patterns established during Prohibition. Today, drug cartels operate in ways comparable to the organized crime bosses of the 1920s, profiting immensely from prohibition while perpetuating networks of corruption, violence, and political instability.
2. The Dual Benefit: Corporations and Organized Crime
During Prohibition, large corporations were not directly involved in the illegal alcohol trade, but other sectors of the economy benefited from the ban. A notable example was the pharmaceutical industry, which retained exclusive access to alcohol for medicinal purposes. Medicinal alcohol, legalized under medical supervision, was widely sold in pharmacies and distributed by doctors who prescribed "alcohol treatments" for a range of ailments.
Thus, the pharmaceutical industry found a way to profit from Prohibition by controlling access to a still-demanded substance that was now heavily regulated. The monopoly these companies held on medicinal alcohol offered them a chance to profit through exclusivity at a time when recreational alcohol consumption was outlawed.
This model is clearly reflected in today’s drug policy. The prohibition of recreational drugs, such as cannabis or even cocaine derivatives, provides large pharmaceutical corporations with a monopoly over controlled substances that might otherwise be produced more cheaply and widely. Through patents and stringent regulatory processes, these companies dominate the market for legal treatments for pain, anxiety, and other conditions, often utilizing opioid derivatives and anxiolytics that are sometimes more dangerous and addictive than the recreational drugs targeted by legislation.
This convergence of interests—between corporations that benefit from prohibition and criminal organizations that profit from the black market—creates a complex economic structure resistant to reform, as both sides have economic incentives to maintain the status quo.
3. Drug Trafficking and the Control of the Drug Market
In the absence of government regulation and competition in a legal market, international drug trafficking emerged as the primary supplier of recreational drugs to the United States and other global markets. Prohibition creates artificial barriers that drive up the prices of these substances, generating disproportionately high profit margins for those who control supply.
In the case of cocaine trafficking, for instance, growing coca in Latin American countries such as Colombia and Peru is extremely inexpensive. However, prohibition and the risks associated with international trafficking inflate the price of cocaine in consumer markets like the U.S. and Europe. Just like the crime bosses during Prohibition, drug cartel leaders have become powerful figures, controlling territories and wielding influence over local politicians and law enforcement.
The economic model of drug trafficking is, therefore, similar to that of organized crime during Prohibition, with a lucrative parallel economy based on illegality. Violence and territorial control are essential to securing market access and ensuring the continuity of illegal operations. Moreover, just like in the 1920s, political corruption and the complicity of local authorities are key elements that facilitate the persistence of these activities.
4. Trump, Drug Prohibition, and Economic Interests
Amidst this scenario, Donald Trump’s position against the legalization of drugs is a clear example of how the prohibition economy benefits both large corporations and criminal organizations. Although Trump has adopted tough rhetoric on combating drug trafficking and illegal drugs, his resistance to legalization or decriminalization policies reflects deeper economic interests.
On the one hand, Trump’s stance protects the profits of large pharmaceutical corporations, which rely on the exclusivity of controlled substances. The legalization of drugs like cannabis could threaten these profits by opening the market to new competitors who might provide natural, more affordable alternatives. On the other hand, by keeping the black market intact, his "law and order" policy ensures that drug trafficking profits remain high, much like the profits of organized crime during Prohibition.
The economic logic behind these policies suggests a "double game" in which the interests of different groups are protected at the expense of a more effective and socially beneficial solution. Drug law reform, focusing on legalization and regulation, has the potential to drastically reduce drug-related violence, dismantle corruption networks, and open the market to new businesses that could provide safer and more affordable alternatives for consumers.
Conclusion
Prohibition and the current drug ban share many similarities in terms of their economic and social consequences. Both periods witnessed the rise of lucrative black markets, the strengthening of organized crime, and the protection of large corporate interests that control legal markets. Prohibition, in both cases, creates artificial barriers that benefit those who hold monopolies over controlled substances, whether in the pharmaceutical industry or in drug trafficking.
Donald Trump’s stance against drug legalization, far from being a mere reflection of moral or public health concerns, can be seen as a manifestation of broader economic interests. Both large corporations and international drug traffickers benefit from maintaining prohibition, creating a vicious cycle that resists reform and perpetuates a system of violence, corruption, and inequality.
The economic history of Prohibition offers valuable lessons for today’s debate on drug legalization. Just as the repeal of Prohibition reduced the power of organized crime and created a regulated market for alcohol, drug policy reform has the potential to weaken drug cartels and create a legal market that benefits society as a whole.
#EconomicHistory#DrugProhibition#ProhibitionEra#DrugPolicy#OrganizedCrime#BlackMarket#PharmaceuticalIndustry#DrugTrafficking#LegalizationDebate#PublicHealth#EconomicInterests#SocialImpact#CriminalEconomy#TrumpAndDrugs#DrugWar#HistoricalParallels#PolicyReform#CriminalJustice#GlobalEconomics#RegulatoryImpact
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Trump's Second Term - Transition Planning in Full Swing?
With AFPI stepping up to potentially smooth out the transition plan for a second Trump White House, it seems the groundwork is already in motion. From the deep connections to Trump’s core team to extensive research on Biden-era policies, AFPI is making strides in creating a detailed roadmap for 2025 and beyond. What do you think of such meticulous planning for a potential administration? Are these efforts to preemptively undo current policies a smart move, or should there be broader considerations? Share your thoughts!
#Trump2024#TransitionPlanning#AFPI#SecondTerm#WhiteHouse#Politics#Election2024#TrumpAdministration#PolicyReform
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🚨 Sweden's Untold Crisis Unveiled! 🇸🇪🔍 Watch Now!
🌐 Dive deep into Sweden's shocking transformation! From celebrated safety to gun violence surge - the stats are jaw-dropping! 😱
🔥 Violence, Gang Wars, Right-Wing Surge - this is not your average story. Click the link, join the conversation, and let's explore together! 🚀
📺 Watch the video:
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#sweden#migration#asylum#SwedenDilemma#MustWatch#EyeOpeningVideo#immigration#socialchallenges#multiculturalismo#PolicyReform#RightWingSurge#FutureOfSweden#stayinformed#stayengaged#Youtube
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Foreign Direct Investment (FDI) in India
Foreign Direct Investment (FDI) has long been recognized as a key driver of economic growth, technology transfer, and job creation in emerging economies like India. Over the past few decades, India has increasingly opened its doors to foreign investors, aiming to attract capital inflows and bolster its industrial base. This article explores the current landscape of FDI in India, highlighting its opportunities, challenges, and implications for the country's economic development.
FDI Trends in India:
India has witnessed a significant surge in FDI inflows in recent years, reflecting its attractiveness as an investment destination. According to data from the Ministry of Commerce and Industry, India received a total FDI inflow of USD 81.72 billion during the financial year 2020-21, despite the challenges posed by the COVID-19 pandemic. The government's liberalized FDI policy, coupled with ongoing reforms aimed at improving the ease of doing business, has contributed to this positive trend.
Key Sectors Attracting FDI:
Several sectors in India have emerged as magnets for FDI, driven by factors such as market size, growth potential, and policy support. The information technology (IT) and telecommunications sector continues to be a major recipient of FDI, with multinational corporations (MNCs) investing in software development, business process outsourcing, and digital infrastructure. Additionally, sectors such as pharmaceuticals, renewable energy, e-commerce, and manufacturing have also witnessed substantial FDI inflows, fueled by government initiatives like "Make in India" and the National Infrastructure Pipeline.
Opportunities for Foreign Investors:
Foreign investors eyeing the Indian market can tap into a myriad of opportunities across various sectors. India's young and dynamic workforce, coupled with its expanding consumer base, presents immense potential for companies seeking to establish a presence in the country. Moreover, the government's emphasis on infrastructure development, smart cities, and digital transformation opens up avenues for investments in areas such as urban infrastructure, clean energy, and technology-driven solutions. Additionally, strategic partnerships and joint ventures with domestic firms can facilitate market entry and mitigate operational risks for foreign investors.
Challenges and Regulatory Hurdles:
Despite its attractiveness, India also presents challenges and regulatory hurdles that foreign investors must navigate. Complex bureaucratic procedures, regulatory inconsistencies across states, and lingering concerns over policy uncertainty pose barriers to FDI inflows. Land acquisition issues, labor market rigidities, and infrastructure bottlenecks further compound the challenges faced by investors. Additionally, geopolitical tensions, trade disputes, and fluctuations in global commodity prices can impact investor sentiment and investment decisions.
Policy Imperatives for FDI Promotion:
To sustain and enhance FDI inflows, policymakers in India must focus on implementing reforms aimed at improving the investment climate and addressing structural bottlenecks. Streamlining bureaucratic processes, enhancing transparency, and ensuring policy stability are crucial steps to instill confidence among foreign investors. Furthermore, investment promotion agencies can play a proactive role in facilitating investor outreach, providing market intelligence, and offering tailored assistance to prospective investors. Collaboration between the government, industry stakeholders, and international organizations is essential to foster a conducive environment for FDI and realize India's economic potential.
Conclusion:
Foreign Direct Investment continues to play a vital role in India's economic development journey, driving innovation, fostering industrial growth, and creating employment opportunities. While India offers abundant opportunities for foreign investors, addressing regulatory challenges and improving the ease of doing business are imperative to sustain FDI inflows and unlock the country's full growth potential. By fostering a conducive investment climate and nurturing strategic partnerships, India can position itself as a preferred destination for FDI, contributing to its aspirations of becoming a global economic powerhouse.
#FDI#ForeignDirectInvestment#India#EconomicGrowth#InvestmentOpportunities#PolicyReforms#RegulatoryChallenges#SustainableDevelopment#SectoralPreferences#EmergingMarkets
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Policy reform takes time. Finding my purpose took time.
With time, things can change.
And we are making history every single day.
More on that next week. ✊🏽 …
🎶 As a kid in the Caribbean I wished for a war I knew that I was poor; I knew it was the only way to Rise up If they tell my story I am either gonna die on the battlefield in glory or Rise up…🎶 …
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An open letter to the U.S. Congress
Upgrade the security of electronic benefit cards and protect families in need!
118 so far! Help us get to 250 signers!
I understand that a bipartisan and bicameral group of lawmakers have introduced the Enhanced Cybersecurity for SNAP Act to upgrade the security of electronic benefit cards and protect families in need. I support this bill! To date, tens of millions of dollars in Supplemental Nutrition Assistance Program (SNAP) benefits have been stolen by criminals exploiting lax security of SNAP electronic benefit cards. Congress has spent years pressing the U.S. Department of Agriculture to require states to issue cards with secure chips rather than magnetic strips that can be easily cloned by criminals. Despite those requests, USDA has failed to update security regulations for benefit cards. This bill would remedy that. The Enhanced Cybersecurity for SNAP Act addresses fraud by directing the U.S. Department of Agriculture (USDA) to update its cybersecurity regulations to ensure SNAP benefits cannot be easily stolen by criminals. It’s a no-brainer—Congress must pass this legislation. Millions of Americans use SNAP to support themselves and their families. With outdated card technology, we are leaving their benefits vulnerable to cybersecurity theft and leaving families at risk of being unable to put food on the table every day. This must change. Thanks.
▶ Created on March 13 by Jess Craven
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