Inflation refers to a sustained rise in the general price level in the economy and a fall in purchasing power of money over a period of time. The various factors influencing inflation in India are: Demand Pull factors: These are those set of factors due to which there may be an increase in the demand of goods and services in the economy. Some of them are:

• Increase in government expenditure: It results in increased demand for goods and services and consequent increase in prices. If the production capacity is not able to meet the increasing demand it results in inflation.
• Deficit Financing through minting: The Government may print new money to meet its expenditure, however this may also have inflationary effect. Increased money supply, leading to increase in purchasing power of the people, pushes the aggregate demand upwards and contributes to price rise.
• Rising population: Increased demand by the rising population can act as an important factor in pushing up prices, especially when the supply is unable to meet the demand.
• Black Money: It increases the demand for commodities, leads to extensive hoarding and black marketing in essential goods. This tends to raise the price level further.
• Changing consumption patterns: Inflation problem in India has its roots in a sharp increase in demand for certain food items that people eat more frequently as income rises. One example is the increase in consumption of protein-rich food like pulses, eggs, fish etc.

Cost- Push Factors:

• Rise in wages: At times rise in wages. if greater than rise in productivity, increases the costs therefore increasing the prices too.
• Increase in indirect taxes: It also leads to cost side inflation. Taxes such as custom and excise duty levied on commodities raise the cost of production.
• Increase in administered prices: Such as the MSP (Minimum Support Price) for food grains, petroleum products etc. also leads to inflation as they have a huge share in the budget of citizens.
• Infrastructural bottlenecks: Infrastructural bottlenecks such as the lack of proper roads, electricity, water etc. raise per unit cost of production.
• Fluctuation due to seasonal and cyclical reasons: Owing to events such as failed monsoons, there is a drop in agricultural productivity, which results in inflation at times.

Miscellaneous Factors:

• Rise in price of international commodities such as edible oil, crude oil etc.
• Large number of middlemen and large amounts of money siphoned off as profits by them.
• Cartelization practices as adopted by some traders in the Indian economy thereby harming the interests of the consumers.
• Prolonged industrial unrest, which results in reduction of production capacity and decrease in supply of goods.

India has formed an institutional Monetary Policy Committee to target inflation and maintain price stability in the economy. The government fiscal policy works in tandem with the target determined by the Monetary Policy Committee.

Positive impacts:

1. Tax incentives: The budget introduced tax incentives for start-ups, small and medium-sized enterprises (SMEs), and individual taxpayers, which could boost economic growth and job creation.
2. Infrastructure development: The budget allocated significant funds for infrastructure development, which could lead to increased demand for construction materials, engineering, and infrastructure-related stocks.
3. Digitalization: The focus on digitalization and digital payments could benefit technology and fintech companies.

Negative impacts:

1. Increased taxes on high-income individuals: The budget introduced a new surcharge on high-income individuals, which might affect their disposable income and consumer spending.
2. Rationalization of tax exemptions: The government’s decision to rationalize tax exemptions might lead to a negative impact on certain industries, such as real estate and pharmaceuticals.
3. Increased costs for businesses: The budget’s emphasis on making India a more business-friendly environment might lead to increased costs for businesses, such as higher compliance costs and taxes.

As for the bull market or bear market prospects:

• Short-term volatility: The budget-induced volatility might lead to short-term fluctuations in the market. However, it’s essential to remember that the Indian economy is expected to grow at a moderate pace in the coming years.
• Long-term outlook: The budget’s focus on infrastructure development, digitalization, and job creation could lead to a sustained bull market in the long term.
• Sector-specific performance: Some sectors, such as technology, pharma, and consumer goods, might continue to outperform in the coming months due to their inherent strengths and growth prospects.

India has made significant progress in recent years to improve women’s safety, but there is still much work to be done. Here are some additional laws and measures that could help improve women’s safety in India:

1. Stringent laws for sexual harassment: Strengthen the existing laws on sexual harassment, such as the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013, to ensure greater accountability and punishment for perpetrators.
2. Harsher punishment for crimes against women: Increase the severity of punishments for crimes like rape, acid attacks, and domestic violence to serve as a deterrent.
3. Proper implementation of existing laws: Ensure that laws already in place, such as the Dowry Prohibition Act, 1961, and the Domestic Violence Act, 2005, are properly implemented and enforced.
4. Increased police presence and response: Increase the number of women police officers and ensure they are adequately equipped to handle cases of violence against women.
5. Improved reporting mechanisms: Establish a user-friendly reporting mechanism for women to report cases of harassment or violence, with guaranteed anonymity and confidentiality.
6. Sensitization and training for law enforcement: Provide regular sensitization and training programs for law enforcement officials to handle cases of violence against women with empathy and professionalism.
7. Community-based initiatives: Promote community-based initiatives that encourage men to take responsibility for preventing violence against women and promote gender equality.
8. Education and awareness campaigns: Launch public awareness campaigns to educate people about the importance of gender equality, consent, and respect for women’s rights.
9. Safe public spaces: Ensure that public spaces, including public transportation, parks, and markets, are safe and accessible for women.
10. Economic empowerment: Implement policies to empower women economically by providing equal opportunities in education, employment, and entrepreneurship.
11. Protection from cyber harassment: Enact specific laws to protect women from cyber harassment, including online stalking, bullying, and sexual harassment.
12. Increased funding for women’s organizations: Allocate more funds to organizations working on women’s issues, such as those providing support services for survivors of domestic violence or providing education on women’s rights.

The natural resources of the Arctic are the mineral and animal resources within the Arctic Circle, which include major reserves of oil and natural gas, large quantities of iron ore, copper, nickel, zinc, phosphates and diamonds.
Potential of the Arctic natural resources:

• Marine resources: The Arctic has a a significant stock of living marine resources and is one of the most productive fishing grounds in the world. For example, the Bering Sea contains numerous fish including shrimp, scallops and many more.
• Oil and gas reserves: The Arctic supplies the world with roughly 10 percent of its oil and 25 percent of its natural gas mostly from onshore sources. It is also estimated to hold 22 percent of the Earth’s undiscovered oil and natural gas reserves.
• Rich minerals: The Arctic is rich in minerals, such as coal, iron ore, nickel and copper ore. Mineral resources also include gemstones and rare earth elements, which are key to the electric vehicle and renewable energy revolutions.
• Ecosystem services: The Arctic region supports a wide array of ecosystem services that are necessary for the well-being of people living in the Arctic as well as globally. For example, the Arctic tundra supports reindeer populations, which in turn provide food and income for hunters and their families.

Due to the availability of vast natural resources, the economic potential of the Arctic is enormous. If exploited and utilised optimally, it could create significant economic opportunities for the nations having access to the Arctic as well as the local communities of the region. It would further enhance job creation owing to the development of infrastructure as well as industries such as mining. However, exploitation of these resources can lead to various impacts, such as:

• Environmental impacts:
  • Oil exploration, mining and deep-sea drilling are cost-intensive and may pose environmental risks, such as air and marine pollution, particularly from oil spills, Persistent Organic Pollutants (POPs), heavy metals, radioactive substances, etc.
  • Increase in economic activities in this region will further speed up the process of melting of the Arctic ice. This will lead to release of GHGs stored under permafrost regions resulting in more extreme weather, flooding, drought and poor health.
• Social impacts:
  • Indigenous populations of the Arctic heavily depend on the resources provided by their environment for their subsistence. The receding ice sheets may impact the livelihood and food security of the region.
  • Economic development will generate increased competition between the outsiders and the indigenous population for access to resources, as well as geo-political conflicts among the Arctic nations. For example, there is competition between subsistence fishing and offshore oil and gas extraction in Alaska.

On a positive aspect, Arctic trade routes will decrease global GHG emissions from shipping because these routes would be much shorter than the current routes. However, the sustainability factor would depend on the actual choices made by the Arctic countries and industries for economic development.

Migration is a truly global phenomenon, with movements both within nations and internationally across borders. As per the 2011 census, India had around 45 crore migrants in 2011 (38% of the population) compared to 31.5 crore migrants in 2001 (31% of the population). Migration in India has often been considered as an expression of the human aspiration for dignity, safety, and a better future due to its multidimensional nature as given below:

• Economic dimension: It includes factors like the labour market of a place, the employment situation, and the overall state of the economy. Favourable economic conditions at the destination and the desire to escape the domestic social and political situation of their home region can draw migrants to their destination.
• Socio-political dimension: Factors like family conflicts, the quest for independence, ethnic, religious, racial, and cultural parameters, political instability, warfare, or the threat of conflict in the area of origin contributes to migration.
• Ecological dimension: It includes environmental factors, such as climate change and the availability of natural resources etc. that cause individuals to migrate in search of more favourable ecological conditions.

These dimensions play a key role in deciding the pattern of internal migration in India. Apart from this, migration also has an inherent relationship with development, which is given below:

• Economic development:
  • Internal migration results in a more efficient allocation of human resources to sectors and regions where they are better utilized.
  • Migration boosts the working-age population. Migrants arrive with skills and contribute to human capital development of the receiving area.
  • Migration leads to economic development of both origin and destination areas. While migrants spend most of their wages in their destination areas, boosting demand there, they also tend to send money to support families back home.
• Socio-cultural development:
  • Migrants make the destination place more culturally diverse as they bring new languages, new foods, new religions, new styles of music etc.
  • The tendency to live among one’s own group is pronounced and responsible for establishing enclaves within cities. Enclaves offer advantages of community and social support, greater availability of ethnic goods and food, centres of worship and other community institutions.

Despite these development implications of migration, there are some issues, which compromise people’s aspiration for dignity, safety, and a better future as follows:

• Migrant workers at the destination area live in a deplorable condition, mostly in slums, open spaces, or makeshift shelter.
• Migration is perceived negatively, with locals fearing loss of jobs to migrants. This often leads to social tension and migrants face issues like xenophobia and discrimination and are subjected to harassment/violence in workplaces etc.
• Migration of women is associated with various kinds of exploitation like low wages, gender-based violence like trafficking, sexual exploitation, forced prostitution or forced marriage.
• Migrants are also deprived of their access to political participation as they stay away from their home and hence are unable to practice their voting rights leading to a concern of political voicelessness.

Like urbanization, migration is a trend and forms an integral part of economic development and social transformation. By dealing with and encouraging the diversity inherent in migration, development can be ensured for both the places of origin and the destination. So, there is an imperative need for a coherent and holistic migration policy in order to address the aforementioned challenges and reap the benefits of migration.