Insights

The global human population has crossed the 7 Billion mark today. Significantly, it has taken just over 2 centuries for the global community to grow 7 times of their size from around 1 billion at the beginning of the 19th century to over 7 billion in 2011, and we may well double ourselves over the next century. We at India are inching closer to the 18% of the total world population. While the human population has made remarkable strides, poverty, malnutrition, high infant death rates still plague considerable members of the population. Many countries are dealing with internal discord and external strife. Terrorism and war between nation states have considerable impact on the lives of the people for decades and generations to come. Wars have considerable impact on the economies of all countries involved. Several countries may not reach the desired United Nation's Millennium Development Goals by 2015. Ensuring proper healthcare facilities remains a challenge. The damage caused to t...

Thomas J. Sargent and Christopher A. Sims share this year's Sveriges Riksbank Prize in Economic Sciences. Unlike other Nobel Prizes, the Prize for contributions in the field of economic sciences was established by Sveriges Riksbank, the Central Bank of Sweden in memory of Alfred Nobel. The duo are known for incorporating people's expectations in  empirical research. If we see in hindsight, and recent developments, people's expectations matter a lot, and play a crucial part in policy making of the Central Banks. The award would certainly encourage further interest in empirical research worldwide. Watch and hear the Nobel Laureates speak on the Princeton University Website.

Lack of balanced regional development is one of the major reasons for inter-state or regional disputes, and demand for creation of new states. The development model could be designed based on the geographic, socioeconomic and ethnic environment of a particular region. For instance, promotion of handicrafts, handlooms and tourism industry may help in the development of areas with considerable tribal population. Eco-friendly power generation projects could help in the development of the hilly region, without causing environmental damage. Innovative schemes such as agri-tourism projects may aid in the development of  major food producing destinations. Many countries across the world such as Italy, Philippines and Australia, among others are promoting agri-tourism. One such scheme is being implemented in the state of Maharashtra in India. However, the success of such scheme depends on proper planning and creation of awareness among farmers and visitors. Delays in the completion of pr...

India is fourth largest economy in the world and is poised to overtake Japan in the near future. However,  the benefits of developments has not reached every Indian. Indian economy has performed well even during the periods of recession over the last decade. The world is facing a similar scenario again. Therefore, it is imperative for the government to strengthen the fundamentals of the Indian economy. The country has a federal system of governance, but we still face problems in implementation of welfare schemes and development programs. Issues and disputes remain unresolved for years and decades. The time has come to leverage the federal structure and make efficient use of the Panchayats, municipal bodies and district administration to implement welfare programs, and introduce new development schemes at the village and district level. State governments can create a district development model. To begin with, they can develop a pilot scheme for the development of each village or t...