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 In simple terms, inflation is a measure of general increase in prices across the economy. Usually denoted in percentage (%), inflation keep fluctuating over the time. Contrary to common perception, a mild inflation is quite necessary for the growth of an economy. However, beyond a certain limit, the higher inflation rate could lead to hyper-inflation or stagflation. Inflation is a quantitative measure of the rate at which the average prices of a basket of goods and services in an economy.   What is Hyperinflation? When inflation rate keep rising at a faster rate, a period of hyperinflation can occur. Usually, when inflation rate keep rising at more than 50% continuously for months, the economy can grip under a period of hyperinflation.  For example, the German inflation rate reached 30000% per month during 1920s and people started to use currency notes as a fuel in winters.  What is Stagflation? When an economy starts to stagnate but a higher inflation persists...

India and Israel both countries have some similarities in their foreign policy objectives. Israel faces hostile neighbors and India too is surrounded by competitive rivals, China and Pakistan.  India had a troubled relationship with Israel for almost four decades due to several factors. India didn’t have diplomatic mission in Israel before 1992, the rivalry between USSR and the USA prevented India to pursue any independent relationship. How India’s stand as anti-Israel policy changed to friendly relations is a story, worth to tell. Let’s start with Indian Freedom Struggle During Indian freedom struggle period, Indian leaders especially Mahatma Gandhi and J L Nehru vehemently supported Arab countries. The Congress party was facing an opposition from Muslim League who were demanding a separate state for Muslim population. The Congress Party needed the support from everyone, thus without assessing the Israel issue with merit, they held anti-Israel and pro-Arab posture. As Gandhi w...

 After the Indian independence in 1947, India embarked on a journey of planned economy until 2014 under Planning Commission. Afterwards, NITI Aayog replaced Planning Commission on 1 Jan 2015. It is much debatable whether Five Years planning system really worked or not. If India could have aligned itself more with the USA or adopted capitalist system earlier, the Indian economic picture could/might have been different. But there is no denying that it was not as easy choice as it seems today. Topics Covered: Why Planning? Types of Planning Historical Background: Planning Commission Five Year Planning Overview Why Planning? As long as the state-system exists in the world, there will always be some short of planning. Because not everything can be produced under market system. For example, infrastructure, schools, defense and others. That's why, Indian leaders after the independence took the road to plann...

  Whether you are preparing for competitive exams or just want to understand the Indian Economy, you  need books which makes you understand the micro and macro economic concepts. Most of the competitive exams mostly focus on Macroeconomy. But Microeconomy shouldn't be completely discarded as it helps to understand the logics behind the macroeconomy. So studying and making notes from NCERT books from IX to XII should be your founding stone. Once you become accustomed with concepts, you can study any of the five books given below: 1. Indian Economy by Shankar Ganesh  If you want to understand the basic concepts of Indian Economy, then this book should be your first choice. Every economic concept is provided with relevant examples which makes it easy to read . However, it shouldn't be treated as one stop solution, you need to supplement this book with either any of the other four books.  2. Indian Economy by Sanjeev Verma  If you want to read only one book for Indi...

The common perception among Indian public is that India and Russia shares a friendly relations. This perception has been build upon the stories about Russia helping in Indo-Pak war 1971; Russians helping in building various plants; supplying arms, and others. But the reality is something different often discarded in Indian media. I will try to summarize the Indo-Russian ties from Indian independence to present. USSR and India during Cold War The beneficial and reliable relationship didn't take off until Stalin died in 1953. Till that time, Soviets viewed Indian state as bourgeois-landlord dominated. USSR was in an ideological war against the US-led capitalist system. So they also wanted to spread communism to India, but Indian leaders were skeptical about Soviet intentions. However, once Nikita Khrushchev came to power, the relations started to improve.  Soviet premiered made a visit to India in 1955 which was highly publicized event that time. India as world's second largest d...

 The world, today, will soon be a past in the future. We are obsessed with the future although we live in the past. We are not alone, people all around the world have predicted a world that never came into being.  Here are the top 7 predictions made by famous personalities that proved wrong: 1. Nikita Khrushchev (1958): We Will burry you. Soviet Premiere Khrushchev once predicted that Soviet Communism will win over the US capitalism. 2. Albert Einstein (1932) There is not the slightest indication that nuclear energy will ever be obtainable. It would mean that the atom would have to be shattered at will.    3. Margaret Thatcher (1969) It will be years - not in my time - before a woman will become Prime Minister.  4. Herman Goering (German Commander) 1942 The Americans are good about making fancy cars and refrigerators, but that doesn't mean they are any good at making aircraft. They are bluffing.   5. Tommy Franks (The US General) 2003 There is no doubt...

 After 27 years when Samuel P Huntington's article titled "Clash of Civilizations published in the Foreign Affairs magazine, there are people (mostly liberal) who completely refute to acknowledge any cultural clashes, and conservatives who believe in everything that is argued in the article. The truth lies in between, thus I will try to answer objectively in the question-answer format. Q. What is all about Clash of Civilization? A. The crux of Huntington's article is that future conflicts will mostly occur on the line of culture and civilization. According to Huntington, "world-politics is entering a new phase" in which "the fundamental source of conflict will "occur between nations and groups of civilizations".  Q. How many civilizations did Samuel Huntington see in the world? A. Huntington identifies eight major civilizations in the world: 1. Western  2. Confucian 3. Japanese 4. Islamic  5. Hindu 6. Orthodox  7. Latin American 8. African Q. How ...