New Era

A new era has begun. 

The world has bravely faced the pandemic and now there is geopolitical tension caused by the war between Russia and Ukraine.

The pandemic brought death to millions and also exposed our unpreparedness to any pandemic-like situations. 

We were lacking in our healthcare infrastructure with a lack of medical staff, oxygen, beds, etc. This situation also showed how tough it is to bring in any behavioral change in people. 

But as a human being resilient, adaptive, and innovative bravely fought with pandemic by bringing in new lifestyle measures. Our pharma industry proving its capabilities and innovating new vaccines to eradicate the virus. Our medical sector showed selfless and never give up attitude to save the lives of millions. 

The pandemic also brought the world economy to a halt living millions jobless. The government and its various administrative departments successfully maintained the law and order and provided rations to the needy. 

As the world economy was recovering from the pandemic and inflation, Russia declared war against Ukraine in the pretext of destabilizing their military bases as they were a potential threat to them. 

The war has created a humanitarian crisis killing thousands and making millions of Ukrainian refugees.

The war has also risen the commodity prices and if the war doesn't stop immediately the world economy could face a rise in inflation and the potential of bringing recession. 

How these problems will be tackled by the federal and reserve banks of the countries will be known in the coming months. 

But one thing that the countries have learned from these situations is to be self-reliant.  

To become self-reliant Indian government has made various policies and production-linked incentive schemes.

These initiatives aim to increase large-scale manufacturing capacities, decrease imports and increase export and generate employment.

To become less dependent on fossil fuels Indian government has made a National hydrogen policy for creating an ecosystem for the green hydrogen and ammonia sector. India also aims to become the largest exporter of green hydrogen fuel.

Sectors that come under production linked incentive scheme are white goods, food products, textile manufacturing, specialty steel, medical devices, electronic or technology products, telecom and networking products, automobiles and auto components, active pharmaceutical ingredients and pharmaceuticals drugs, solar photovoltaic modules, advanced chemistry cell battery, drone and drone components. 

I hope the Indian government also brings policies to develop their human resource better and to provide opportunities so there is no brain drain. 

Indian government should also encourage female human resources to join the workforce as studies have shown that gender gaps cost the economy some 15% of the GDP.

With such schemes and policies, India will become a self-reliant and export hub of the world.