NEW DELHI: Manmohan Singh will be remembered as the statesman who saved the Indian economy from going over the edge. When he took over as finance minister in the minority government of Narasimha Rao in 1991, the Indian economy was very close to sovereign default. Foreign exchange reserves were barely enough to cover a month of imports and the country had to suffer the ignominy of having to ship its gold reserves to England. The looming economic disaster was a result of fiscal and trade profligacy in the 1980s when the Indian economy, both public and private arms of it, had been spending beyond their means. The crisis was a result of a deeper economic malaise in the economy where the post-independence State-led planning model had failed to deliver and private enterprise had become shackled in what was infamously referred to the Licence-Quota Raj. All of that would change with the famous 1991 Budget which Manmohan Singh presented, and the industrial deregulation which accompanied the Budget. More than three decades later, there is as big a consensus for reforms in India just as there was opposition to it when the process started. Having said all this, what have the economic reforms done for India? Here are five charts which try and answer this question as briefly as possible. India is on its way to becoming the third-largest economy in the world in a couple of years, and the seeds of India’s growth story were sowed during the economic reforms. World Bank data on India’s share in global GDP (in current dollars) shows this clearly. India’s weight in the global economy declined steadily from the 1960s (the earliest period for which this data is available) and reached a trough in 1991. Since then, this number has been on an upward trajectory even though the pace of this has varied in the last three decades. That the reforms delivered growth in India is pretty much an undisputed fact now. The more controversial question is whether this growth has reached the proverbial last person in the line or been hogged by a smaller clique. On this count, one can say that the glass is half full. World Bank data on various measures of poverty shows that India has had significant success in eradicating extreme poverty – as captured by its $2.15 poverty line – even as poverty rates are significantly higher for poverty lines with higher income levels. Here, there is still a lot to be done. To be sure, it is unlikely even the extreme poverty eradication would have happened had post-reform growth not generated the revenue to launch welfare programs. Concerns about poverty and inequality aside, the reforms unleashed an unprecedented virtuous cycle of wealth creation in the Indian economy as deregulation allowed private enterprise to exploit the new opportunities in both domestic and external markets. This is best seen in a rise and rise of Indian stock market almost a decade after the reforms were launched. For instance, replacing the Controller of Capital Markets with the more contemporary SEBI, and relaxing IPO norms, allowed Infosys to list in the early 1990s, sparking India’s equity culture. The strengthening of sentiment vis-à-vis the Indian economy also attracted a lot of foreign capital into India which along with a stock market boom has also provided a much-needed stability on the external account despite Indian imports being significantly larger than they were in the pre-reform period. Does all this mean economic reforms have succeeded in everything they wanted to achieve in the Indian economy? There are important areas where things have not moved, the biggest being India’s failure to give a big boost to its manufacturing sector. The share of manufacturing in India’s GDP has largely been stagnant in the post-reform period even as countries such as China have benefited from export tailwinds via the manufacturing route. With the US and the developed world becoming more protectionist, there is some merit in the scepticism that India might have missed the best period to exploit this opportunity. As irony will have it, the blame for the lack of India’s manufacturing progress is often attributed to less reforms rather than reforms per se. But the fact also remains that some states have managed to do much better than others on this front in a similar national policy environment. Even as some economists who have praised reforms argue that India should focus more on services than manufacturing, it is difficult to imagine a bigger source of remunerative non-farm mass employment generation than a robust manufacturing sector. This is one area where the next generation and political and economic policy leaders will have to carry forward the work which started in 1991.The Christmas tradition has become nearly global in scope: Children from around the world track Santa Claus as he sweeps across the earth, delivering presents and defying time. Each year, at least 100,000 kids call into the North American Aerospace Defense Command to inquire about Santa’s location. Millions more follow online in nine languages , from English to Japanese. On any other night, NORAD is scanning the heavens for potential threats , such as last year’s Chinese spy balloon . But on Christmas Eve, volunteers in Colorado Springs are fielding questions like, “When is Santa coming to my house?” and, “Am I on the naughty or nice list?” “There are screams and giggles and laughter,” said Bob Sommers, 63, a civilian contractor and NORAD volunteer. Sommers often says on the call that everyone must be asleep before Santa arrives, prompting parents to say, “Do you hear what he said? We got to go to bed early.” NORAD’s annual tracking of Santa has endured since the Cold War , predating ugly sweater parties and Mariah Carey classics . Here’s how it began and why the phones keep ringing. It started with a child’s accidental phone call in 1955. The Colorado Springs newspaper printed a Sears advertisement that encouraged children to call Santa, listing a phone number. A boy called. But he reached the Continental Air Defense Command, now NORAD, a joint U.S. and Canadian effort to spot potential enemy attacks. Tensions were growing with the Soviet Union, along with anxieties about nuclear war. Air Force Col. Harry W. Shoup picked up an emergency-only “red phone” and was greeted by a tiny voice that began to recite a Christmas wish list. “He went on a little bit, and he takes a breath, then says, ‘Hey, you’re not Santa,’” Shoup told The Associated Press in 1999. Realizing an explanation would be lost on the youngster, Shoup summoned a deep, jolly voice and replied, “Ho, ho, ho! Yes, I am Santa Claus. Have you been a good boy?” Shoup said he learned from the boy’s mother that Sears mistakenly printed the top-secret number. He hung up, but the phone soon rang again with a young girl reciting her Christmas list. Fifty calls a day followed, he said. In the pre-digital age, the agency used a 60-by-80 foot (18-by-24 meter) plexiglass map of North America to track unidentified objects. A staff member jokingly drew Santa and his sleigh over the North Pole. The tradition was born. “Note to the kiddies,” began an AP story from Colorado Springs on Dec. 23, 1955. “Santa Claus Friday was assured safe passage into the United States by the Continental Air Defense Command.” In a likely reference to the Soviets, the article noted that Santa was guarded against possible attack from “those who do not believe in Christmas.” Some grinchy journalists have nitpicked Shoup’s story, questioning whether a misprint or a misdial prompted the boy’s call. In 2014, tech news site Gizmodo cited an International News Service story from Dec. 1, 1955, about a child’s call to Shoup. Published in the Pasadena Independent, the article said the child reversed two digits in the Sears number. “When a childish voice asked COC commander Col. Harry Shoup, if there was a Santa Claus at the North Pole, he answered much more roughly than he should — considering the season: ‘There may be a guy called Santa Claus at the North Pole, but he’s not the one I worry about coming from that direction,’” Shoup said in the brief piece. In 2015, The Atlantic magazine doubted the flood of calls to the secret line, while noting that Shoup had a flair for public relations. Phone calls aside, Shoup was indeed media savvy. In 1986, he told the Scripps Howard News Service that he recognized an opportunity when a staff member drew Santa on the glass map in 1955. A lieutenant colonel promised to have it erased. But Shoup said, “You leave it right there,” and summoned public affairs. Shoup wanted to boost morale for the troops and public alike. “Why, it made the military look good — like we’re not all a bunch of snobs who don’t care about Santa Claus,” he said. Shoup died in 2009. His children told the StoryCorps podcast in 2014 that it was a misprinted Sears ad that prompted the phone calls. “And later in life he got letters from all over the world,” said Terri Van Keuren, a daughter. “People saying ‘Thank you, Colonel, for having, you know, this sense of humor.’” NORAD’s tradition is one of the few modern additions to the centuries-old Santa story that have endured, according to Gerry Bowler, a Canadian historian who spoke to the AP in 2010. Ad campaigns or movies try to “kidnap” Santa for commercial purposes, said Bowler, who wrote “Santa Claus: A Biography.” NORAD, by contrast, takes an essential element of Santa’s story and views it through a technological lens. In a recent interview with the AP, Air Force Lt. Gen. Case Cunningham explained that NORAD radars in Alaska and Canada — known as the northern warning system — are the first to detect Santa. He leaves the North Pole and typically heads for the international dateline in the Pacific Ocean. From there he moves west, following the night. “That’s when the satellite systems we use to track and identify targets of interest every single day start to kick in,” Cunningham said. “A probably little-known fact is that Rudolph’s nose that glows red emanates a lot of heat. And so those satellites track (Santa) through that heat source.” NORAD has an app and website, www.noradsanta.org , that will track Santa on Christmas Eve from 4 a.m. to midnight, Mountain Standard Time. People can call 1-877-HI-NORAD to ask live operators about Santa’s location from 6 a.m. to midnight, mountain time.Best 6 Cryptos to Watch as 2025 Approaches: Early Investments with Big RewardsBOISE, Idaho, Dec. 20, 2024 (GLOBE NEWSWIRE) -- As the official credit union of the Boise State Broncos, Mountain America Credit Union continues its support of BroncoLife through the First Down donation program. Through this unique program, the credit union committed a donation to BroncoLife for every first down completed by the BSU football team in 2024. This year, those first downs added up to $15,000, which will help BroncoLife continue its mission of empowering student-athletes to reach their full potential both in school and on their future career paths. A Media Snippet accompanying this announcement is available by clicking on this link. “Community service is integral to our core values, and Mountain America is proud to participate in the First Down donation program,” said Nathan Anderson, executive vice president and chief operating officer at Mountain America. “We value the lasting contributions BroncoLife makes to the lives of families and students in the Treasure Valley and beyond.” During the November 29, 2024, game, Mountain America presented a check for $15,000 to Associate Athletic Director Sara Whiles, Buster Bronco, and fellow Boise State Athletics associates. Since 2019, Mountain America has donated over $90,000 to BroncoLife. "We are so grateful Mountain America Credit Union continues to recognize and support the BroncoLife program,” Whiles said. “With investments like theirs we can provide opportunities that assist in the development of student-athletes and ultimately prepare them for life after sports.” For more information about Mountain America’s community involvement activities, visit macu.com/newsroom . About Mountain America Credit Union With more than 1 million members and $20 billion in assets, Mountain America Credit Union helps its members define and achieve their financial dreams. Mountain America provides consumers and businesses with a variety of convenient, flexible products and services, as well as sound, timely advice. Members enjoy access to secure, cutting-edge mobile banking technology, over 100 branches across multiple states, and more than 50,000 surcharge-free ATMs. Mountain America—guiding you forward. Learn more at macu.com . Contact: publicrelations@macu.com , macu.com/newsroom
Simple Hacks to Make the Holidays Merrier (and Cheaper)There is nothing Taylor Swift does better than a surprise song. And fans at the Nov. 21 Eras Tour concert in Toronto —marking the Grammy winner’s second weekend in the city—were treated to a particularly special mashup of two songs that fans have long believed to be about one of Taylor’s famous exes, Joe Jonas . Indeed, when it came time for the acoustic section of the three-hour long concert, Taylor stepped up to the mic with her guitar in hand to sing “Mr. Perfectly Fine," a song from the vault released in 2021 on Fearless (Taylor’s Version) . Taylor then transitioned to “Better Than Revenge” from Speak Now , teasing the audience with , “Time for a little revenge.” That particular track fans believe to be about Joe’s relationship with Camilla Belle , which began shortly after Taylor and Joe’s months-long romance in 2008. “The story starts when it was hot and it was summer and / I had it all, I had him right there where I wanted him,” Taylor sings in the song’s first verse. “She came along, got him alone, and let’s hear the applause / She took him faster than you can say ‘sabotage.’” But those aren’t the only songs inspired by her relationship with the Jonas Brothers member—"Forever & Always,” “Last Kiss” and “Holy Ground” are also believed to be about the summer romance. After all, getting broken up with in a 27-second phone call isn’t something easily shaken off. Yet, in the many years since the pair parted ways, they’ve long buried the hatchet . As Joe—who was married to Taylor’s BFF Sophie Turner until their Sept. 2023 split—told Armchair Expert host Dax Shepard in May 2023, “I'm cool with Taylor. We're cool." The 35-year-old also expressed his hope that he’s back on the good side of Swifites, too. After all, he knows Taylor’s fans remember it all too well. "I hope to think they like me," he added of Taylor’s loyal fan base. "No one f--ks with the Swifties, you know?" But, as he noted, his and Taylor’s parting is now “many, many years removed." For her part, Taylor, too, has noted she maybe needed to calm down following their split. Because in May 2019, when asked what her most rebellious teenage act was, Taylor told Ellen DeGeneres , "Probably when I, like, put Joe Jonas on blast on your show. That was too much. I was 18. We laugh about it now but that was mouthy." Yet, despite the 15 years separating the drama, fans in Toronto were still thrilled to hear the mashup—if the screaming in videos shared to social can be believed. But the Eras Tour hasn’t always been smooth sailing in the year-and-a-half since Taylor embarked on the epic journey. For all the times the 34-year-old has handled onstage malfunctions like a pro, keep reading. A Tech Issue? She's Ready For It It’s cool—that’s what Taylor Swift basically tells ‘em after experiencing a technical difficulty during her show in Stockholm, Sweden. As seen in a video shared on TikTok , the "Cruel Summer" singer told concertgoers to “talk amongst yourselves” as she dealt with an issue with her mic pack. And when she noticed things still weren’t perfectly fine with the device, she unfastened her blue dress—unveiling underneath the gold bra and black shorts she wears elsewhere in her performance—to figure out what was wrong. After a crew member helped her out, Taylor swiftly tied up her dress and resumed the concert like a pro. Bad Blood With a Boot Call it what you want, but it looks like Taylor experienced a bit of a shoe debacle when the heel of one of her bejeweled boots broke during a concert in Rio de Janeiro. But instead of leaving a blank space as to what she’d do next, Taylor simply tore off the bottom of her footwear and tossed it into a crowd —leaving one lucky fan enchanted by the souvenir. Knowing All Too Well How to Solve the Problem And that’s how it works, that’s how you get back on track after an audio issue. As seen in a video shared on social media , Taylor was singing “Love Story” in Mexico when she had a problem with her earpiece that affected her ability to hear where her band was in the song. Instead of jumping into a getaway car, she headed to her guitarist and was soon able to follow along by apparently watching the chords being played. Never Going Out of Style This night was sparkling, and Taylor wasn't going to let it go because of a broken garter. Fans captured the moment The Tortured Poets Department artist noticed the accessory mishap during her concert in Tampa (sing it all together now) Florida!!! So as she was performing “Anti-Hero," she walked over to her backup singers—who were the heroes of the day and helped her get it back on correctly. The Great War With the Bug To the insect that interrupted her Chicago show: Taylor knew you were trouble when you walked, or rather flew, in her mouth. Still, she played it off and didn’t let it bring down the buzz of the evening. “I swallowed a bug. I’m so sorry,” Taylor told the crowd after she began coughing on stage, per a clip shared on social media . “It’s totally fine. It’s just stupid. Oh, delicious. Oh god, is there any chance that none of you saw that?" Long Live That Piano Predicament When Taylor’s piano started mysteriously acting up during her concert in Foxborough, Mass., she probably thought, I can fix it (no really I can) . But after it kept making noises without her even striking a key, she figured the torrential downpour from her earlier show had caused a problem and she knew she wasn't out of the woods. “This has clearly broken my keyboard,” Taylor said, as seen in a video shared on X . “‘Cause it was like literally underwater. I didn’t know how any of the instruments were working last night. So this is broken. I’m just going to get the guitar.” Long Story Short, Her Mic Cut Out You could hear it in the silence—Taylor trying to get her microphone to work. After it cut out during her Chicago show, the music mogul playfully screamed into the microphone to see if anyone could hear her. And while she could’ve stayed, stayed, stayed upset over the malfunction, a video showed her laughing along and poking fun at the incident as the crowd cheered her on. Stage Problems Not Champagne Problems Betty, I won’t make assumptions about why there was a delay in Taylor’s stage dive during her Tampa show. But we think it’s because the floor opening didn’t appear right away— at least according to this video. Still, the stage eventually parted so Taylor could perform her epic stunt. Fearless Moves After Taylor finished performing “Look What You Made Me Do” at her Cincinnati show, she expected a floor door to open and for a platform to lower her beneath the stage. But after the “Love Story” artist hit her mark and nothing happened, she got tired of waiting, wonderin' if it was ever comin’ around. And because her faith in it was fading, she ran off with her dancers to prepare for the next song. Taylor even joked about it on TikTok after footage of the moment spread on social media—writing alongside a video of the moment, “Still swift af boi.” Enchanting Jokes Taylor once sang she was never good at telling jokes, but the punchline for this one was certainly funny. While experiencing a technical difficulty with her earpiece at an Atlanta show, she filled the time gap with a little cat humor. “A cat walks into a library, and the cat says, 'Um, yes I'll have some tuna fish please,'” Taylor told the audience as seen in a video shared by People . "And the lady at the counter says, 'Sir this is a library.' And the cat says, 'Oh, I'm sorry. [And whispers,] I'll have some tuna fish please.'" Not long after, the earpiece issue was fixed. “I'm so sorry,” she continued. “My ears are back. Just at the perfect time because that was like a dad joke from hell."
Article content Look, we know it’s a hard time for everyone. Making today’s dinner out of yesterday’s leftovers is not just a sustainable way to reduce food waste, but also something of a necessity in this age of hyperinflated food prices. But what we don’t wish to see is the approach used for concept cars in the automotive sector. It isn’t unusual for a brand to trot out the same concept vehicles numerous times on the auto-show circuit; after all, it only makes sense to get as much mileage as possible out of an expensive prototype before moving on to the next one. Trying to hype the same car as something different is a whole ‘nuther kettle of fish, though. In what’s being billed as an unveiling of two dramatic new EV prototypes, Honda late December released a shadowy image of a pair of machines facing away from the camera — one a wedge-shaped car-like figure with a halo taillamp, the other an SUV-esque vehicle taking its rear styling cues from a red boomerang. Set to be called the Honda 0 Series Prototype models, they are promised to bow at CES 2025, which is scheduled for January. This is all well and good until one looks at the Honda 0 Series Concept models that debuted one year ago at CES . In the absence of better illumination, we are forced to opine the rear ends of today’s prototypes look all but identical to the concepts of yesterday. True, the SUV-like machine does have a different rear light signature and its roofline seems a little bit more grounded in reality — but it’s not like these vehicles will be as alien and surprising as last year when they first appeared. Of far more interest is the notation that Honda will, at CES 2025, introduce a new vehicle operating system and automated driving technologies that will be featured in the Honda 0 Series models. These rigs are also set to be built using a Honda platform, unlike today’s Prologue EV which uses GM bones. Honda is promising the Honda 0 Series will be coming to the global market in 2026. Sign up for our newsletter Blind-Spot Monitor and follow our social channels on Instagram , Facebook and X to stay up to date on the latest automotive news, reviews, car culture, and vehicle shopping advice.NEW YEAR, NEW LOOK: HYATT CENTRIC SOUTH BEACH MIAMI DEBUTS ELEVATED STYLE AND LUXURYHaliburton scores 23 points as the Pacers beat the Bulls 132-123
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SEOUL, South Korea , Dec. 26, 2024 /PRNewswire/ -- SOLVIT System, a recognized leader in innovative technology, will participate in CES 2025, taking place January 7–10 in Las Vegas . The company's iSARTM (intelligent Search and Rescue) has been honored with the prestigious CES Innovation Award in the "Smart Cities" category. At CES, SOLVIT System will showcase its groundbreaking technology to dramatically reduce search areas for individuals lost in radio shadow zones. Javascript is required for you to be able to read premium content. Please enable it in your browser settings.
Body of girl found near Platteville identified 50 years later using forensic genealogyAP Sports SummaryBrief at 5:23 p.m. EST
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Chandigarh, Dec 26 (PTI) Shiromani Akali Dal (SAD) leader Sukhbir Singh Badal on Thursday recalled the close personal relationship and constructive political equation former prime minister Manmohan Singh shared with Akali stalwart Parkash Singh Badal. Singh, the architect of India’s economic reforms and a consensus builder in the rough world of politics, died at the All India Institute of Medical Sciences, Delhi, on Thursday night. He was 92. Sukhbir Badal, a former deputy chief minister of Punjab, said that Singh, a democrat to the core, transcended the political party to which he belonged and ensured that the office of the prime minister remained above and beyond partisan politics. “With the passing away of Dr Manmohan Singh, an era of statesmanship and civilised values in public life sadly comes to a close. Dr Sahib combined simplicity in personal life with decency, civility and uprightness in politics,” Sukhbir Badal said. “I recall the close personal relationship and constructive political equation which Dr Singh shared with my father and Akali stalwart, Sardar Parkash Singh Badal,” he posted on X. “It was a tribute to Dr Singh’s approach to the problems facing our country that he remained committed as Prime Minister to India’s religious, cultural, linguistic and regional diversity and regarded the federal structure as the core and defining feature of our constitution and our national polity,” Badal wrote. He added that Singh regarded the safeguarding of the sentiments and interests of the minorities as crucial to strengthening the unity and integrity of the country. “He firmly opposed any governmental interference in their religious affairs,” Badal said. “He respected the autonomy in the functioning of the religious institutions of the minorities and firmly opposed governmental interference in the SGPC as he considered such interference as dangerous for the future of the country’s strong federal structure and democratic values,” he said. Former Union minister and SAD leader Harsimrat Kaur Badal said the passing away of Singh is an irreparable loss to the value-based politics in the country. “Till his very last breath, Dr Sahib remained completely untouched by the falling standards in India’s public life. He remained quietly but firmly committed to the democratic values and the federal structure of our country, with an uncompromising stand against any govt interference in the religious affairs of the minorities,” Harsimrat, who is also Sukhbir Badal’s wife, posted on X. She said the ex-PM’s life was an ode to unimpeachable personal honesty and uprightness. PTI SUN IJT IJT This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content. var ytflag = 0;var myListener = function() {document.removeEventListener('mousemove', myListener, false);lazyloadmyframes();};document.addEventListener('mousemove', myListener, false);window.addEventListener('scroll', function() {if (ytflag == 0) {lazyloadmyframes();ytflag = 1;}});function lazyloadmyframes() {var ytv = document.getElementsByClassName("klazyiframe");for (var i = 0; i < ytv.length; i++) {ytv[i].src = ytv[i].getAttribute('data-src');}} Save my name, email, and website in this browser for the next time I comment. Δ document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() );
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