Youth Power

Youth is the most precious thing in life; it is too bad it has to be wasted on young folks” -George Bernard Shaw

I liked the definition of “Youth” given in Collins dictionary which is “Youth is the quality or state of being young.”  When you are a youth you are full of energy, excitement, hope and dreams.  In India 65% of the population is youth. Imagine the reservoir of youthful power India holds. The Youth is contributing   into different areas whether it is Agriculture, Art, Science and Technology, Environment Protection, Power sector, Health, Business and building the Nation into a powerful country.

Today’s youth is well informed, aware, questions dogmatic ideas and ready to initiate.

Garvita Gulhati and Pooja Tanawade were in school when a presentation from Reap Benefits, NGO brought in the attention of water wastage in Restaurants. They took initiative and started addressing restaurants and brought attention of water wastage. Many a times they were discouraged but they did not give up. Garvita Gulhati’s efforts has been recognized and has received the title of “Global Changemaker.”

Unfortunately, today’s Youth also experiences many fears which were not there earlier like cyber bullying, fear of not getting employment due to economic instability, fear of violence, discrimination, fear of conflict, War.  It is important to address your fears and voice it otherwise it can pull you down.  You become your own advocate, make efforts to resolve your fear/fears and conquer it. Speak up, have dialogue and seek support.  Don’t live in fear!!

Augustine “Og” Mandino, an American Author and write of the bestselling book, “The Greatest Salesman in the World” said, “Obstacles are necessary for success because in selling, as in all careers of importance, victory comes only after many struggles and countless defeats. “

Recognize your fears, recognize your dreams, recognize your potential and take action now. Your life is precious and you have lot to offer to the World.

The World is waiting for you to “Rise”

Black Gold and its great fall!

Crude Oil or ‘Black Gold’ is one of the vital non-renewable fossil fuels and a major energy source of the modern world. Crude oil prices are denominated in terms of the most strongest and stable currency-US Dollar per Barrel. Price volatility of crude oil can impact economies of the world as it constitutes a major portion of the import bills of these countries. There are multiple factors which impact the prices of crude oil. Organization of Petroleum Exporting Countries (OPEC) controls approximately 61 percent of world’s supply. OPEC countries aim to maintain $100 per barrel and resort to production/supply cut in case of any change in demand across the world. Kingdom of Saudi Arabia along with other oil exporting nations formed OPEC in the year 1960. The top five countries Iran, Iraq, Saudi Arabia, Kuwait and Venezuela control the price movement and currently there are about 17 members countries in OPEC. Also, United States in last few  years has increasingly become a major producer of oil because of efficient production and use of advanced technology in oil extraction.

Crude oil prices just like any commodity is determined by demand and supply forces. China has become the largest importer of crude oil (20 percent of the total crude oil imports), followed by US (14 percent), India (9.7 percent) and Japan (6.8 percent). The recent spread of Covid-19 pandemic across more than 190 countries of the world resulted in massive lock-downs in different countries of the world. Also, restrictions and bans were imposed by countries on both domestic and international flights. The fall in consumer demand due to restricted mobility of people across the globe has decreased the demand for crude oil many folds.

Oil prices are also impacted by the Geo-political environment and political instability. Attacks on oil production facility, gulf war in the past spiraled the oil prices in the upward direction.

The novel corona virus spread from Wuhan which resulted in the complete lock-down of Chinese cities and resulted in fall in consumer demand of crude oil. The OPEC nations negotiated with Russia to reduce the supply of crude oil but the talks failed to take off. This has resulted in a price war between Saudi Arabia and Russia, bringing the crude oil price downwards. Saudi Arabia increased the production and reduced the price to $30 per barrel in order to destroy competition. The price crash may also impact the US economy which is the largest producer and second largest importer of oil after China. This price war can also be self destructive for OPEC nations specifically Saudi’s economy which is dependent on oil.  According to Fitch rating agency, the Kingdom needs to maintain oil price at $91 per barrel to sustain its economy. The analysts suggest that the crash in oil prices and looming uncertainty is also responsible for the fall of stock markets globally. The Dow Jones, S&P 500, BSE Sensex and Nifty witnessed a great fall as a result of Covid-19 and crash in oil prices post January.

The crude oil prices can only stabilize if the spread of virus is controlled and some of the lock down measures are relaxed by countries of the world.

Some of the questions to deliberate are:

-Will the price war of crude oil come at a logical conclusion?

-How the crude oil prices are related to stock market and gold prices?

-Do you think that renewable energy sources and Electric Vehicles will change the dependence of economies on crude oil and the status of Black Gold will change?

 

The Power of a Story

….the king and the queen happily lived ever after. I visualize a young person looking deep into the eyes of the narrator with amazement and joy as the story ends on a happy note. Stories from time immemorial have been one of the best ways to engage children – fairy tales and folk tales, bedtime stories, stories of Ramayana and Mahabharata have formed our childhood memories teaching us values and truths of life, early on.

Our learning through stories continued in the next phase of life when we watched those interesting and creative advertisements on television. The most memorable advertisements were the ones which depicted a story and till today we remember the joy of celebration and the ‘real taste of life’ through the advertisement of Cadbury’s or the depiction of the ‘perfect man’ through the advertisement of Raymonds. Each of these adverts that we remember till date were life’s events that framed a story for us.

Stories have had a magical way of connecting, making you believe in the unbelievable because they were stories. When we moved away from a stage of listening to Panchatantra and Ramayana, we were given facts to learn and the more we learned facts, the more we became precise and sharp in our communication. The final nail in the coffin was the PowerPoint presentations that we created burning the midnight oil, creating what we believed were strategies to win the world or action plans that would change the face of the earth. Sadly what we shared in the presentation in the expensively done up board rooms were forgotten within 7 days of the 5-day Strategy conference held at a fancy location.

This makes me wonder, why we remember what we learned in our childhood and forget what we learned a week ago. Is the learning and teaching at fault or was I a different person who has evolved to be forgetful and mindless.

I am convinced beyond doubt that it is the way the communication took place that kept the event alive in my mind.

Communication through Storytelling has emerged to be one of the most powerful tools for conveying an important message, learning or action, the length of the story has less impact on the listener’s mind. A story leaves a lot to the imagination and that perhaps creates the experience.

Stories always make an impact

Visualise a 6-word story: For Sale: Baby shoes, Never Worn – Earnest Hemingway

Or ponder about a longer one: A gentleman was walking through an elephant camp, and he spotted that the elephants weren’t being kept in cages or held by the use of chains. All that was holding them back from escaping the camp, was a small piece of rope tied to one of their legs. As the man gazed upon the elephants, he was completely confused as to why the elephants didn’t just use their strength to break the rope and escape the camp. They could easily have done so, but instead, they didn’t try to at all.

Curious and wanting to know the answer, he asked a trainer nearby why the elephants were just standing there and never tried to escape. The trainer replied; “when they were young and much smaller we use the same size rope to tie them and, at that age, it was enough to hold them. As they grew up, they were conditioned to believe they cannot break away. They believed the rope can still hold them, so they never tried to break free.”

The only reason that the elephants weren’t breaking free and escaping from the camp was that over time they adopted the belief that it just wasn’t possible. – Anonymous

Stories convey a complicated message in a manner that is simple and easy to understand

A film like Taare Zameen Par dwelled on a story that conveyed several learnings beautifully. Parenting, tapping the potential, the importance of mentoring were some of the points among others that etched a poignant tale of hope and action.

Stories denote the real and the plausible

Simon Sinek in his book – Start with Why explains his theory with a credible story. “Very few people or companies can clearly articulate WHY they do WHAT they do. By WHY I mean your purpose, cause or belief – WHY does your company exist? WHY do you get out of bed every morning? And WHY should anyone care? He writes elaborately about Apple’s WHY and goes on to explain his theory by stating what Apple’s marketing tagline could be “We make great computers. They’re user friendly, beautifully designed, and easy to use. Want to buy one?”, against what it possibly is “With everything we do, we aim to challenge the status quo. We aim to think differently. Our products are user-friendly, beautifully designed, and easy to use. We just happen to make great computers. Want to buy one?”
People don’t buy WHAT you do, they buy WHY you do it.

Stories are changemakers

“I remember a mini-paradigm shift I experienced one Sunday morning on a subway in New York. People were sitting quietly – some reading newspapers, some lost in thought, some resting with their eyes closed. It was a calm, peaceful scene.

Then suddenly, a man and his children entered the subway car. The children were so loud and rambunctious that instantly the whole climate changed. The man sat down next to me and closed his eyes, apparently oblivious to the situation. The children were yelling back and forth, throwing things, even grabbing people’s papers. It was very disturbing. And yet, the man sitting next to me did nothing.
It was difficult not to feel irritated. I could not believe that he could be so insensitive as to let his children run wild like that and do nothing about it, taking no responsibility at all. It was easy to see that everyone else on the subway felt irritated, too. So finally, with what I felt like was unusual patience and restraint, I turned to him and said, “Sir, your children are really disturbing a lot of people. I wonder if you couldn’t control them a little more?”

The man lifted his gaze as if to come to a consciousness of the situation for the first time and said softly, “Oh, you’re right. I guess I should do something about it. We just came from the hospital where their mother died about an hour ago. I don’t know what do think, and I guess they don’t know who to handle it either.”

Can you imagine what I felt at that moment? My paradigm shifted. Suddenly I saw things differently, and because I saw differently, I thought differently, I felt differently, I behaved differently. My irritation vanished. I didn’t have to worry about controlling my attitude or my behaviour; my heart was filled with the man’s pain. Feelings of sympathy and compassion flowed freely. “Your wife just died? Oh, I’m so sorry! Can you tell me about it? What can I do to help?” Everything changed in an instant.”

Stephen Covey in his book – 7 Habits of Highly Effective People mentions this story about a paradigm shift of listening to others before judging them. Changing behaviours and attitudes are as important as changing the course of our life’s journey or the organisation’s objectives.

Stories inspire purpose and action

Colin Roberson, writer of ‘The Will of Heroes’ which was a product of 5 years research on how 12 of the world’s greatest successes willed themselves to greatness wrote about his procrastination and how he overcame it.

“Think about when J.K. Rowling was writing her first Harry Potter book. Her bills were piling up much worse than mine, she had a baby girl to take care of…no one depends on me. She had to face cold rainy winters in Edinburgh…meanwhile, it’s January and here and it’s nice enough outside to go to the beach. She was in a constant battle with depression…and I’m only battling with procrastination. And she had no guarantee that anyone would even read her book, let alone have thousands of dollars in pre-orders for it. Despite all of this, somehow she managed to spend 5 years writing consistently.

If she could handle all of that, I can handle 4 hours of editing my manuscript like I planned. Let’s do this. I wanted to share this one with you to show you my hard thought process as I worked through my desire to procrastinate. I felt that I couldn’t bring myself to keep up my writing schedule, but J.K. Rowling’s story inspired me to take action. “

Stories have a mass appeal and they spread

Charismatic leaders like Mahatma Gandhi, Nelson Mandela, Martin Luther King inspired millions with their tales of freedom and hope that transcended boundaries. Whether it was Ahimsa, Apartheid or civil and economic rights, the stories/speeches of their resolve spread far and wide and these inspiring and humane individuals went down in history as few of the most respected leaders that the world had produced.

Businesses today are using storytelling and visualisation as a part of their Design Thinking process. Stories increase attention and empathy and that help the audience to open up. Studies show that stories are far more effective than statistics as 5% remember the statistics, whereas 63% remember the story and stories persuade twice as much compared to using just statistics. Progressive schools are using the services of expert storytellers for teaching and engaging young students.

Use story-telling to convey a compelling message, to educate people, to sell a product or to inspire action.

 

From the Internship Corner: Story 2

 

An upended day and a process lined up. Usual last-minute preparation with the students and there comes a question,

“Do I tell the recruiter that my dad is a business guy? He is never gonna hire me then”
A hiatus before I said “sure, you must say it out, how does that bump with your job”
“Just stay honest all of you”
“It’s your intention which will reflect it all”
And the process started. An hour down Neha(name changed) comes, she looked edgy and was almost rushing to reach out to me.
Panting she said, “ one problem, I am stuck, I told them during my internship I got a Health Insurance policy closed and the recruiter knows my Internship boss, it seemed they are great friends… he would know I have not… I have lost this job before getting one…”
Almost her fear translated into tears, “Stop, Breathe Hold.. you can’t reverse this now, And we exchanged exactly this in the morning brief to stay authentic”
“And what do you wanna do now?”
“I don’t know”
“Spell out, you lied”
She got the jilt “Whatttt??? It’s killing, darn humiliating”
“So what? Fix it for yourself, correct it, clinch your brim chance”
In this while, she tried thinking that the probability of both the friends swapping conversation on her shall be 50% and hence she should work on that optimistic 50.
But in this entire adduce she lost her spunk and charm. The thought of not being bona fide took HER away from HERSELF
She lost the final round.. much higher COST to be forfeited.
Key Takeaways
-One fine day you have to be Honest only Honest
-Fear can only be a motivator if it is in the Right Route
See you Next!

 

Stories from Internship corner!!

It was late night and I was just flipping my Facebook notifications and there I spotted a post from one of our management students, S Das (name changed for confidentiality purpose).

It took me back to the year when we were conversing how he wanted to become a photographer and his dad locked up his camera. Rest the only thing I knew about him was that he liked Blue… I mean the color!

Drenched in his fondness for Media he chose to pursue an internship in one of the Top 3 Advertising Firms. I was happy to see him get what he wanted to. But this happiness did last precisely for 8 days.

9th day he ambled his way towards the entry of Floor 2 Board Room and exactly we met there once again.

I was super glad to see him and he looked dismal… A mismatch which took a few minutes to neutralize…

“Hey! S Das, how have you been? How is your internship treating you?

“I don’t want this, I never wanted this profile” “No no no this is not me”

Worried I was though yet tried listening to him at length. All along the chat, the only bit I could think of was not to repeat what happened. Not doubting his rooted interest I thought of profiling him again. I called up an alumnus who worked in a digital start-up and anchored S Das with him. And his Energy story commenced since then. Today he works with one of the Fortune 500 Companies. A superb show of his persistence and travail to gear up.

Ahhh !! how could I forget to quote …so during these 16 months spent on campus, his acquaintanceship grew up with one of my mentees.

Monika Chibber (name veiled) was confident and soon got her first Placement offer from one of the popular companies at 5.99 LPA as fixed. She decided to revoke it. The conviction she boar was loud and out which just had to be understood right. Her demeanour reflected that she was made for a larger win.

Today she works with one of the Top 5 valued companies by recent Forbes rating index.

It’s about living with your mentee each day, not baggage them with your own experience but Observe, Learn, Profile. Repeat

 

3 Key Takeaways:

1-Know your energy well and channelize it right. Knowing is just..just not enough!

2-Believe you and only You can do it.

3-Upon joining dots, you see this Energy was so contagious to embark it’s way to close group peers too. Stay with the right energies.

Until next ..See you!

 

Explore Life within You-

” I have always believed  success, in life, is most easily measured by the number of days you are truly happy.”  Our mindset and optimistic attitude towards life decides everything we come across.

Standing at the edge of human existence, a realization dawns on us that how temporary and uncertain our lives can be. To make our lives more fulfilling we need to create the right mindset which encompasses positive thinking. Think positive and positive things will happen.

Unfortunately we block our energy fields with negative thoughts. You don’t need to know the future as it is in your own hands. There comes a time when you need to have absolute faith in oneself and be sure, destiny will unfold your true path and purpose in this lifetime.

It is therefore extremely important that we channelize our energies to create positivity around us to make our work and life more fulfilling and motivating.

The present environment if has put restrictions, it has also opened up our inner doors of self reflection ,where we need to reflect upon ourselves in ways that we can decide what can be the path of our lives, which manifests in our well- being that would impact our personal and professional relationships as we are spending maximum time these days with ourselves and our family.

When we are going through a difficult situation and feel like running away from it, all we need to think and do is to replace that thought of ‘running away’ with the thought of ‘finding a way’. Let us use this difficult situation as a platform to take an extra step of faith in our lives. Let us take off and face the situation and move towards creating a positive change.

Let’s talk about a handful of simple practices that can be helpful in being more decisive and give direction to positive thinking.

  1. Create Realistic Expectations for Yourself

The problem lies when we expect from others and somewhere hold others responsible for what we desire in life. When you set realistic expectations from yourself and fulfill them it gives you strength to be self reliant in life. Eg. Develop a skill for which you are responsible, create happiness for yourself. Don’t wait for someone to make you happy.

  1. Never compromise on Values

There should be at least one strong value that you possess that you have never compromised on. End of the day it gives you inner strength and satisfaction.

  1. Don’t accept fear as a part of life

Conquer any one fear of yours. The more you run away the stronger the fear gets. Face it and kill it.

  1. Practice mindfulness

Enjoy every moment of your existence. The way you speak to each person, what you eat, what you smell, every breath of yours enjoy it. Imagine if there was no tomorrow. Live each day as if it is your only day to give to the cosmos. You will realize a sense of enthusiasm gushing in pushing you to do so much in life.

  1. Value Relationships

This is what you have earnt in life so value your personal relationships and nurture your professional relationships. Honesty in work and loyalty in relationships take you a long way.

   “Optimism is a happiness magnet”

 See what kind of people & situations draw

      Towards you. This will be a clear indicator of how you view yourself.

“  “Be the change you wish to see in others”

Leverage: The Double-Edged Sword and Covid-19

The financial term for using others’ money is known as “leverage”. Leverage is the use of borrowed funds to increase one’s trading position beyond what would be available from the equity or personal funds alone. Leveraging is when you borrow a certain amount of money in order to expand the potential return of an investment you are intending to make. In a rising market, leverage can amplify your returns, leading to enormous gains and can make you very wealthy. However, it comes with a catch. In a flat or falling market leverage can do the opposite, by magnifying your losses. That’s the tricky bet when it comes to borrowing to invest. However, the concept will work only when the markets are bombing, businesses are producing and selling enough and are rising. Thus, leveraging involves a high level of risk. The greater the amount of leverage on the capital you apply, the higher the risk that you will assume.  You got it right! That is why we call it as a double-edged sword because it increases winning and losing positions equally. If an investor decides to rely on leverage in order to invest and the investment moves against the investor, his/her losses may appear to be far larger than they would have been, if the investment had not been leveraged. Therefore, it is convenient to say that leverage amplifies both profits and losses.

Let us go into little more details. On one hand, when financial cost of ‘fixed bearing securities’ is less than the return on investment, the financial leverage will help to increase return on equity and earning per share for investors. That is where the condition of ‘Trading on Equity’ will emerge. The firm will also benefit from the saving of tax on interest on debts etc. We’ve all heard the rags to riches property investment stories that make it all sound so easy. These tales usually have two vital ingredients, lots of leverage and a strongly rising market. Toyota, General Electronics, Walmart, CNN, British Airways, Sony, and others all displaced competitors with stronger reputations and deeper pockets. Their secret? Of course, in each case, the winner had greater ambition than its well-endowed rivals. Winners also find less resource-intensive ways of achieving their ambitious goals. This is where leverage complements the strategic allocation of resources. However, when the cost of debt will be more than the average returns for even a very successful company, it will affect the return of equity and earnings per shares unfavorably and as a result, a firm can be under financial distress. This is why this “double-edged sword” can be very difficult to handle during times of crisis as the whole world is facing today.

Can you imagine the impact of this so-called sharp weapon “leverage” would have on businesses amid the Covid-19 outbreak? Be it a small business or a large one, if they are using some borrowed funds; they are actually relying on leverage. They all need to service these debts by paying interest and principal installment. Imagine, what will happen if they do not have enough revenue to serve these debts? They will try to refinance debt, if they are unable to get refinance then they would fail in meeting up the fixed financial costs of these debt funds and then they face legal actions against them and which might lead to bankruptcy even. Yesterday, RBI Governor Shaktikanta Das said all commercial banks, regional rural banks, small finance banks, cooperative banks, and non-banking financial companies are permitted to allow a three-month on EMI payments for term loans outstanding on March 1, 2020. This elucidates the understanding of the central banks against the expected adverse effect of leverage on companies using debt funds. It goes without saying that many factors including the nature of the product or service the business deals in, the Firm’s age and ownership structure also decide the survival or fall of a firm during the time of crisis.

Well, the Central Bank of India understands the functioning, power and possible threats of this so-called sword very well.  That is why, The Governor of Reserve of Bank (RBI) of India, Shaktikanta Das on March 27’ 2020 cut repo rates by 75 basis points and allowed lending institutions to provide a three-month moratorium on EMI repayment on all term loans. This is expected to ease the pressure of EMIs on retail loan borrowers as the country fights the deadly COVID-19.  This means that no penal action will be taken against borrowers of home loans, personal loans, car loans, credit card EMIs, among others for not repaying EMIs for three months for the period March to May and thus, borrowers could get three months times to service the debt without any penalty.  Though the macroeconomic fundamentals of the Indian economy are sound, and in fact stronger than what they were in the aftermath of the global financial crisis of 2008-09. Even then Leverage, the double-sided sword remains a significant determinant of a firm’s performance amid Covid-19.

Leveraging is like dynamite- a powerful weapon in good time but deadly during a crisis like Covid-19.

Computer Assisted Assessment (CAA) for Formative Assessments

Keywords: Computer Aided Assessment, Formative Assessment, Online Assessment, Formative Feedback, E-learning


The role and scope of ICT (information and computing technology) expanded
mainly in 1990s and became a hot topic of research in education. The rationale given for using assessment through computers is that due to global development of online learning, online assessment should be used to complement it.

Computer-assisted assessment (CAA) is a broad term which describes the
application of computer technologies to the assessment process. This may include
a variety of activities which assess knowledge, understanding and skills using one
or more technologies such as the Internet, intranets, CD-ROM and optical data
capture systems.

Approaches to Computer Aided Assessment (CAA) can be divided in 2 systems:

1.  Automated marking of paper forms, using optical mark reader (OMR) e.g.,
CAT test for management courses, and

2.  Computerized marking in which questions are presented and responses
assessed entirely by the computer software, with no paper involved e.g.,
the online test and Quizzies.

CAA software can provide immediate supportive feedback for each question,
tailor the answer given, making this particularly suitable for informal self-
assessment and Formative Feedback by tutor. It is fundamentally useful in testing basic knowledge required in any subject like Terminology, and fundamental conceptual knowledge. There are a plethora of Assessment tools that can be used for assessing student’s learning capacity and knowledge gained.

This blog is sharing the experience of designing and running of online quizz that I had made using the Question-Mark Perception software in collaboration with Nottingham Trend University UK.

I had applied it for Fashion UG students in Level 2 of studies where subject of Pattern Making was tested. MCQs were reinforcing their learning in conceptual way, as students tend to ignore it in a skill based subject. It was a five minutes short quizz with ten questions (pictures and visuals were also part of questions) though some students finished it in 3 minutes. The quiz gave me an option to save the questions online that could be used for future batches as well. Gradually a teacher can start making a “question pool” ready to be implemented as when needed in a very organized and quick way. It took me a few days to design, re-think, pilot run, and saving a final copy. Students could run it anytime and at their own place. 

Students’s feedback was quite positive as the reult was immediatly sent to them as soon as they completed the test. The best part, as per student’s perception, was that it was quick and took only few minutes. One of the important piont that was noted in  students’ feedback was that they felt “Marking was fair”.

See the source image

My perception of its pedagogical advantage as a Formative Assessment is
explained below with the help of following points, though some of them
came as realizations only after the execution:
 a. Testing the knowledge gained by setting significant milestones; and
the associated loopholes/gaps in the same before the summative
assessment. One of the learning outcomes of this module is to
acquire and apply basic knowledge of the subject.
 b. Informal, timely, appropriate and correct feedback for the test
taken.
 c. Easier method of record generation when used as a means of
assessment
 d. A means of supporting the administration part and tracking of
learning
 e. And, last but not the least, as a tool for learning information
management skills – how do you manage answering questions in the limited period?

The use of CAA in universities of UK and US is growing (McKenna, 2001)
and there are at least 3 reasons why we might want to introduce ICT-
based assessment:

  • To avoid disjunction between teaching and assessment modes with e-based learning (a validity issue);
  • To save staff time in marking (an efficiency issue);
  • To enable formative feedback to students (a pedagogic issue)–(Gipps, 2005, p. 173)

In the light of what is written by an author (Fellenz, 2006), and felt by many
others, assessment is not an end in itself but a vehicle for educational
improvement. We should be taking account of our learners’ needs and design the
assessments accordingly. Also, we should be continuously recreating ourselves
and looking for new, innovative and challenging approaches for evaluation.
Hence, e-learning and CAA has an important role to play as an integral part in
today’s educational scenario.

“E-Learning is fundamentally about learning and not about technology.
Strategic development of e-learning should be based on the needs and
demands of learners and the quality of their educational experience.”
(Joint SFEFC/SHEFC e-Learning Group: Final Report 2003, p. 52).

In conclusion, I am of the view that technology, if used and understood from pedagogical point
of view, has a lot of potential and flexibility to offer in current scenario.

 

References:

1. GIPPS, C.V., 2005. “What is the role for ICT-based assessment in universities?”
Studies in Higher Education (Routledge, Taylor & Francis Group) [online]. 30 (2),
pp.171-180.

2. McKENNA, C., 2001. Introducing computers into the assessment process: what
is the impact upon academic practice? Paper presented at the Higher Education
Close Up Conference 2, Lancaster University, 16-18 July 2001. [Online]
Available from: http://www.leeds.ac.uk/educol/documents/00001805.htm

Website:

http://www.oecd.org/innovation/research/34899903.pdf

 

India certainly has an opportunity…

 

Market scenario can be challenging but opportunist can find a great juncture from these challenges. The 21 days’ lockdown will cost $120 Billion loss to the nation. India’s GDP might be further affected to 4%, work related to Operations, Sales, banking, supply chain would be disrupted. Farmers may not be able to resume the farming while India’s approximately 90% population depends on farming. There is no pollution and we could see the blue sky with no interruption of flights & factory smoke. China and America were having trade war but now the situation is different and countries are struggling to save life of their people and self, during this explosion like situation other countries might isolate the country which they feel is the cause of this trouble. Although there are many speculationson this.

But here is an opportunity for India, the lockdown is to save the lives of people and to control the spread of disease. The opportunity for us during the lockdown is that we have 125+ million English speaking population, which is the 2ndlargest in the world, just behind the USA. This comes with great IT talent, cost effective labor, hard working people, innovation and “Skill India” to further develop & support our young talent. Diversity and Inclusion of so many cultures and still remaining as one is the strength of the country. The recent example was when few days back the leadership of India suggested to get together and clap for thanking all countrymen involved in extending essential services to us, while the rest of the country was on lockdown, during “Janta Curfew” at 5:00 PM. People from all the regions, age group, caste, color and creed came forward and the entire country was one to fight back together.

The brighter side to lockdown is that most of us have started re-focusing our energies towards ourselves and understanding the value of ‘irreplaceable’ human life. This period can further be used on self-development, drafting new strategies, optimizing cost, innovative thoughts, improving services and post lockdown acting on – “how we can be number 1 in the world in coming years?” All of this comes at the cost of our countries economy running behind by a year or 2 but the same is the case for the rest of the world.

The auto parts industry and similar manufacturing unit which are recently affected, they can be further used to diversify the talent in manufacturing ventilators which may improve the health facility of the country and outside.  Some of the companies like Mahindra and Maruti are already planning to produce ventilators at its factories. Schools in India can work on innovative and interactive quiz based on-line class modules, to make it interesting points can be awarded to students for participation. Beauty product companies can diversify business line by making masks and similarly soap making companies can focus on manufacturing sanitizer. Pharma industry and entire healthcare sector can evolve further with better health facilities including vaccines. Being the great innovative IT hub, India can further leverage agriculture industry and bring automation there. More digitalization and robotic to reach the era of Technology O5 before other countries, let’s evolve the Indian industries completely and get more competitive.

 

Role of financial inclusion in achieving sustainable development goals…

What is financial inclusion?
According to world bank, Financial inclusion means that individuals and businesses have access to useful and affordable financial products and services that meet their needs – transactions, payments, savings, credit and insurance – delivered in a responsible and sustainable way.
Financial inclusion does not only include the access to and usage of financial services by individuals and businesses but also includes the dimension of quality of the products and the service delivery. It is also a key to prudent financial development and well being, both- at the individual level and for the economy as a whole. An all-inclusive approach which considers both demand side and supply side needs to be adopted to reach global goal of Universal Financial Access (UFA) by 2020, says World bank.

What are the key indicators of financial inclusion?
First and the foremost step towards broader financial inclusion is to have access to a transaction account allowing people to exchange and save money. Thus, ensuring that people have a transaction account is the most crucial dimension of financial inclusion (Universal Financial Access 2020 initiative). Financial access opens the doorway to various financial services such as managing daily monetary requirements, long term planning and even planning for future unforeseen circumstances. However, by merely having an account, the objective of financial inclusiveness cannot be achieved. It is therefore imperative that the focus should equally be levied on the usage of these financial services, which forms the second dimension of financial inclusion.
(https://databank.worldbank.org/data/download/g20fidata/G20_Financial_Inclusion_Indicators.pdf)

The current status: According to Global Findex database, 2017; about 515 million adults worldwide opened an account at a financial institution or through a mobile money provider between 2014 and 2017.
• About 69 percent of adults now have an account, Up from 62 percent in 2014 and 51 percent in 2011.
• About 65% of the women adults now have an account.
• About 52% of adults either receive or make payments.
• About 87% of SME’S have an account with a formal financial institution.
• About 30% of people worldwide have Received wages or government transfer payments directly to an account.

(https://globalfindex.worldbank.org/basic-page-overview)

The above facts reveal that the economy’s worldwide are progressing towards the goal of financial inclusion by staying committed to G20 High-Level Principles for Digital Financial Inclusion, Universal Financial Access (UFA) by 2020, Sustainable Development Goals, National financial inclusion strategies, financial consumer protection and literacy and many more initiatives taken so far in this direction.

What are Sustainable Development Goals?
A new set of development goals adopted by the United Nations General Assembly in Sept 2015, are collectively called as Sustainable Development Goals (SDGs),2030. After years of deliberation and negotiation, the agenda for these goals was put in place and has been endorsed by around 193 member nations of the General Assembly including booth developed and developing countries. The SDGs cover a set of 17 goals.(https://sustainabledevelopment.un.org/sdgs)

How does financial inclusion help in achieving sustainable development goals?
Financial inclusion offers wide range of benefits such as Improving earning potential, enhanced women empowerment by encouraging women entrepreneurs, reduction in the costs of transactions, easy accumulation of funds, increased use of digital platforms etc. While financial inclusion does not explicitly targets achieving the SDG’s, greater access to financial services has paved the way for achieving a number of sustainable development goals. Financial inclusion has been identified as an enabler for 7 out of the 17 Sustainable Development Goals, says World Bank.

The following SDG’s can be achieved via increased financial inclusion:
A better access to financial services enables the people even in the rural segments of any country to have better access to funds and other related financial services. This enables people to come out of poverty and thereby enabling the first SDG i.e Eliminating extreme poverty (SDG 1). Better and improved access to avenues for raising funds, access to crop agricultural insurance and improved credit facilities also enables the people working in the primary sector to mange their finances in the season for plantation and thereby generate higher yields. It not only improves food production in the country but also generates food security in the economy, which is the second SDG i.e. Reducing hunger and promoting food security (SDG 2).When people are able to come out of the poverty line, are ensured of their food security ,have access to various insurance facilities; achieving the third SDG i.e. Achieving good health and well-being (SDG 3), is bound to fall in place. Increased availability of funding options has removed the barrier of monetary constraints which stop people from getting educated. People are encouraged to invest in educating their children and this enables the achievement of the fourth SDG i.e. Fostering quality education (SDG 4). Financial inclusion has also encouraged women entrepreneurs to take up ventures which earlier were impossible for them. Enhanced women empowerment is the key to promoting gender equality (SDG 5), the fifth SDG. Financial exclusivity weakens up the thread between smaller goals and larger socio-economic goals. These five SDG’s acts as a strong base for achieving broader socio-economic goals such as Promoting shared economic growth (SDG 8) and Promoting innovation and sustainable industrialization (SDG 9).

Given the fact that there exists an association between Financial inclusion and overall economic development, it can be concluded that greater emphasis should be laid on financial inclusiveness.

References:
https://www.worldbank.org/en/topic/financialinclusion/overview
https://databank.worldbank.org/data/download/g20fidata/G20_Financial_Inclusion_Indicators.pdf
https://globalfindex.worldbank.org/basic-page-overview
https://sustainabledevelopment.un.org/sdgs
https://www.microinsurancenetwork.org/sites/default/files/CGAP_Working-Paper-Achieving-Sustainable-Development-Goals.pdf