What innovative strategies and policies should India implement to ensure it becomes a fully developed country by 2047, and how can citizens contribute to this vision?
The main difference in accrual based accounting and cash based accounting is in the timing of when revenues and expenses are recognized. In accrual based accounting, revenues and expenses are recorded when they are incurred, and before the cash transaction happens. This method follows the matching cRead more
The main difference in accrual based accounting and cash based accounting is in the timing of when revenues and expenses are recognized.
In accrual based accounting, revenues and expenses are recorded when they are incurred, and before the cash transaction happens. This method follows the matching concept, which ensures that the revenues and their expenses are recorded in the books of accounts in the financial period. Accrual accounting provides an accuracy of a company’s financial position and performance because it involves accounts receivable and accounts payable. For example, if a company delivers goods in December but receives payment in January, the revenue is recorded in December under accrual accounting.
In Cash based accounting, revenues and expenses are recognized only when the cash is actually received or paid. It is simpler and often used by sole proprietorship and individuals because it gives a clear view of cash flow. For example, Under cash accounting, the revenue would be recorded in January when the payment is received, not when the goods were delivered.
Both the methods have their own pros and are chosen to their specific needs and requirements of the business.
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To start with the most evident fact which entails India to be the fastest growing economy in modern times. The average growth rate of the GDP of the Indian economy is 6.33% with its current standing at 8.2%. It has already surpassed the United Kingdom by becoming 5th largest economy in the GDP rankiRead more
To start with the most evident fact which entails India to be the fastest growing economy in modern times. The average growth rate of the GDP of the Indian economy is 6.33% with its current standing at 8.2%. It has already surpassed the United Kingdom by becoming 5th largest economy in the GDP rankings.
There are several reasons why India can become a developed nation. First and foremost is the population structure of India, though we stand at a grand 1.45 billion surpassing China, there is a point to be noted that more than 50% of its population is below the age of 25 and more than 65% is below the age of 35 showcasing increased productivity further having a positive impact on its GDP.
The current advent of new businesses and start ups have further increased job opportunities. In addition to this the New Education Policy that is being implemented will transform the education sector, helping students learn actual valuable skills rather than rote learning through field projects focusing on a more holistic developmental approach.
The most basic thing the citizens of India can do to haste the developmental process is inculcating discipline in every aspect of their life. Be it traffic rules, safety rules, abiding by the law, stopping bribery or living a disciplined life even in terms of maintaining good health to increase the production capacity of the economy. The second aspect being maintaining peace and harmony and living by the morals of unity in such a vastly diverse country. These aspects will surely impact the developmental process procell of India to become a leading economy and superpower soon.
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