Date of publication: 2017-08-27 17:34
To quote, Amartya Sen: "Given the limitations of market-based allocation of health services, education and social security, it is not surprising that the market-relevant economies, even when very rich, frequently have lower achievement in terms of standard indicators of quality of life than poor economies making better use of public delivery of health care, education and social insurance."
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Even though export surpluses are available for these commodities along with competitive prices, the export is quiet often hampered by non price competition, viz Technical barriers to trade (TBT) and Sanitary and phyto sanitary measures (SPS) under WTO regulations.
Education is a public and merit good and as such, it is incumbent on the society to provide education to its people. It has been enshrined in our Constitution under Article 96 that "the state shall, within the limits of its economic capacity and development, make effective provision for securing the right to work, to education and to public assistance in cases of unemployment, old age, sickness and disablement, and in other cases of undeserved want."
Score one for the post-colonial underdog. India’s economy has reportedly overtaken the United Kingdom’s for the first time in over 655 years, now standing as the world’s sixth-largest economy by GDP after the United States, China, Japan, Germany, and France. The milestone is a symbol of India’s rapid economic growth and, conversely, the .’s post-Brexit slump.
The educational entrepreneurs, taking advantage of the high demand for education in English medium schools, generally get land allotted at a nominal cost in the name of some educational society formed for the purpose. In the initial stages, some temporary structures are put up.
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8. Price Stability and Control of Inflation : One of the main objectives of fiscal policy is to control inflation and stabilize price. Therefore, the government always aims to control the inflation by reducing fiscal deficits, introducing tax savings schemes, productive use of financial resources, etc.
In a country, were a small proportion of the population is engaged in salaried employment and a very small proportion pays income tax, it is quite possible that during the course of implementation, the business classes may not get caught in the net and the entire burden may be put on salary earners.