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646
« on: February 02, 2018, 07:14:55 PM »

Elasticity of Demand and Supply

Elasticity is the ratio which measures the responsive or sensitiveness of a dependable variable to the change in any of the independable variables. If Y=f(X), i.e., Y depends on X, then the elasticity of Y with respect of X is:

Elasticity = Percentage change in dependable variable / Percentage change in independable variable

Elasticity of Demand:  The elasticity of demand is the measure of responsiveness of demand for a commodity to the changes in any of its determinants. The determinants are the commodity’s own price, income, price of related goods (substitutes and complements), and consumers expectations regarding future price.

The elasticity of demand can be calculated with respect to each of the determinants.

Price Elasticity of Demand: If the price of a commodity changes, then do consumers change their attitude in buying that commodity? The answer may be one of the following?

•   They do not change their attitude;
•   They slightly change their attitude;
•   They change their attitude drastically.

How much consumers respond to the price changes is measured by price elasticity of demand. In other words, the response of consumers to a change in price is measured by the price elasticity of demand. Specially, the price elasticity of demand refers to the percentage change in quantity.

Price elasticity of demand = Percentage change in quantity demand rate / Percentage change in price.

Determinants of Price Elasticity of Demand: The price elasticity of demand is influenced by all the determinants of demand. The following determinants are worth noting:

Nature of the Goods (Luxuries versus Necessities): Necessities such as food stuff are price inelastic, means they are not very responsive to change in price because people do not reduce their consumption of price even if the price is very high. People can not live without food. There, rise in price cannot influence the demand for necessities very much. On the other hand, goo such as air conditioner, decoration items, etc. are price elastic, means they are very responsive to changes in prices. People can postpone the consumption of luxury goods when their prices rise.

Availability of Close Substitutes: If consumers can easily get a good substitute Y for a product X, they will switch readily to Y if the rice of X rises. For example, if the price of Close-UP toothpaste rises, people will switch readily to any other brands such as Pepsodent, Colgate, etc. On the other hand if the substitutes of any commodity are not easily available the elasticity will be low, like the elasticity of demand for personal computer.

Fraction of the Income Absorbed: If only a small fraction on income is spent on a good, then a change in its price has little impact on the consumer’s overall budget. In contrast, even a small rise in the price of a good that commands a large part of a consumer’s budget induces the consumer to make a radical reappraisal of expenditures. For example, we can think about the elasticity of demand for textbooks and chewing gum. If price of textbooks doubles, there will be a big decrease in the quantity of textbooks bought. Thus students will share and photocopy the textbooks instead of buying new ones. If the chewing gum doubles also, there will be no change in the quantity of gum demanded. The difference is because books take a large proportion of the budget, while gum takes only a tiny portion.

Time: The demand for many products is more elastic in the long run than in the short run. Consumers may not immediately reduce their purchases very much when the price of chicken rises 10%, but in time they may shift to beef or fish. Therefore, since consumers do not reduce the demand for a commodity immediately after the rise in its price, the demand for that commodity is inelastic in the short run. But if the price of the chicken remains high for a long time, then consumers switch to any convenient or less costly substitutes for chicken, which make the demand for chicken elastic in the long run.

Alternative Uses of a Commodity: The more the uses of a commodity, the highly elastic is the demand for it. For example, if the price of milk falls, the demand of milk will increase more than the proportionate fall in its price, because milk can be used in different purposes such as in making curds, ghees, butter, sweets, etc. Therefore, the demand for milk is highly elastic.

Elasticity of Supply: The elasticity of supply measures the response of quantity supplied to the changes in any of its determinants.

Price Elasticity of Supply: The price elasticity of supply measures the responsiveness of the quantity supplied of a commodity to a change in its price. The formula used to calculate the price elasticity of supply:

Price elasticity of supply = Percentage change in quantity supplied / Percentage change in price.

Cross Elasticity: In cross elasticity, we examine the effect of the percentage change in the quantity demand rate for one product with respect to percentage change in the price of another product. For example, Econo Ball Pen and Writer Ball Pen have a high cross elasticity of demand. The producer of Econo Ball Pen is thus in competition with the producer of Writer Ball Pen. If  the If the Econo Ball Pen company rises its price, it will lose substantial sales to the Writer Ball Pen producer.

Income Elasticity of Demand: Income elasticity of demand is defined as the ratio of percentage change in quantity demand rate with respect to percentage change in income.

Income Elasticity of Demand = Percentage change in quantity demand rate / Percentage change in income.

Elasticity of Demand Analysis:

If Ed = 0; the product is perfectly inelastic, which means that when prices of such products change, there is absolutely no reaction among the consumers. Example, very luxury products.

If Ed < 1; the product is highly inelastic, which means that when prices of such products change, there is almost no or very little reaction among the consumers. Example, nearly luxury products.

If Ed = 1; the product is perfectly elastic, which means that when prices of such products change, there will 100% reaction among the consumers. Example, very essential products.

If Ed > 1; the product is highly elastic, which means that when prices of such products change, there will be huge reaction among the consumers. Example, nearly essential products.

647
« on: January 31, 2018, 09:36:36 AM »
Over the last ten years Bangladesh has made impressive gains in key human development indicators. According to the 2008 UNDP Human Development Index Statistical Update, Bangladesh ranks 147th among 179 countries with an HDI score of 0.524, placing it among countries considered to have achieved medium human development. But even as Bangladesh has taken these considerable steps towards poverty alleviation, many challenges remain. More than 63 million people live below the poverty line. The constant threat of shocks – natural, political, or economic - the uncertain impact of globalization, and an increasingly competitive international trade environment impede higher growth rates. In addition, structural changes in rural Bangladesh have spurred rapid economic migration. This exacerbates urban poverty, creates a lack of reliable work and leads to congestion and limited shelter in urban areas. Bangladesh thus faces considerable challenges to sustain and build on the achievements of the last decade, and to remain on track to meet its targets under Sustainable Development Goals (SDGs).

History
Civilization in the Bengal delta dates back more than 4,300 years. The borders of present-day Bangladesh were established during the British partition of Bengal and India in 1947, when the region became East Pakistan, part of the newly formed state of Pakistan. It was separated from West Pakistan by 1,600 km (994 mi) of Indian territory. Due to a desire for political, economic and linguistic self-determination, popular agitation and civil disobedience grew against the Pakistani state. This culminated in the Bangladesh Liberation War of 1971.

The People’s Republic of Bangladesh was founded as a constitutional, secular, democratic, multiparty, parliamentary republic. After independence, Bangladesh went through periods of poverty and famine, as well as political turmoil and military coups. The restoration of democracy in 1991 has been followed by considerable advances in economic, political, and social development.

Bangladesh straddles the fertile Ganges-Brahmaputra delta, and has a cultural heritage that is proudly intertwined with the broader civilizational history of the Indian subcontinent. It is a pluralistic nation of considerable religious and ethnic diversity. Bangladesh is the world's eighth most populous country, and is also one of the most densely populated. The elected parliament in Bangladesh’ parliamentary electoral system is called the Jatiyo Sangshad. Bangladesh is a founding member of SAARC, the Developing 8 Countries, the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) and the Bangladesh–China–India–Myanmar Forum for Regional Cooperation (BCIM). It is also a member of the Commonwealth of Nations, the Organization of Islamic Cooperation (OIC) and the Non-Aligned Movement. Bangladesh is also the world's largest contributor to United Nations peacekeeping missions.

Challenges
Bangladesh is undergoing substantial economic and social change, and this will intensify in the coming decades. Fundamental forces are at play, involving rapid industrialization, structural change in the economy, and substantial rural-urban migration. These processes bring a host of developmental pressures, and a range of potential inequities. As the country moves to middle-income status, the differences in income and living conditions have tended to widen. This is a by-product of the growth process, Bangladesh’s centralized economic model, and its difficult geography. It is vital these inequalities are addressed if poverty is to be further reduced, and a host of future problems associated with social exclusion avoided.

Environmental pressures, exacerbated by climate change, remain significant and could easily worsen if remedial actions are not taken at the local and global level. While the population is expected to stabilize at around 200 million, growing wealth and migration will place further strain on ecosystems and the living environment.

Bangladesh retains a deep commitment to social solidarity and to a progressive development agenda. Many MDG targets, in areas ranging from poverty reduction to infant mortality, have been secured. The Government has also shown itself able to recognize delivery weaknesses and marshal resources accordingly. This is most clear in relation to maternal mortality, where Bangladesh successfully overcame a significant challenge, securing a 30% reduction in deaths during child birth over only four years. This bodes well for future interventions to capitalize on MDG successes, to further improve access to healthcare and schooling.

Ongoing government programs have targeted disaster preparedness and recovery, with great success. Bangladesh’s vulnerability to disasters is significant, but the country’s track record has been exceptional at improving human security and saving lives. While extreme climatic events still tragically result in some deaths, numbers have fallen drastically. This provides a sound foundation for addressing other pressing questions of environmental sustainability.

648
« on: January 13, 2018, 02:49:54 PM »
Being a deliberate action by the government and that aims at controlling and influencing the cost as well as the availability of credit in order to influence the economic performance of a nation, monetary policy is conducted and controlled by the central bank. Similarly, monetary policy is one of the most used policies in macro-economics and unlike the fiscal policy, its implemented with an aim of influencing the level of aggregate economic activity. However, most of the central banks in the developing countries are faced by a number of challenges in there efforts of trying to implement monetary policy as expressed below:
i. Corruption in some of the developing countries.
If some of the developing nations experience corruption in their systems of governance and administration, it renders instruments of monetary policy such as selective credit control less effective.
ii. Knowledge deficiency regarding monetary policy instruments.
When the citizens of developing countries lack knowledge on monetary policy instruments like selective credit control and open market operation, the instruments themselves become ineffective in that the citizens will not approve them. This means that they will simply not work in the favor of these instruments.
iii. Difficulty in utilizing the traditional instruments of monetary policy in controlling money supply.
Since many citizens in developing countries do not deposit their money with commercial banks, it proves rather hard for the central banks to effectively employ their traditional tools of monetary policy to control money supply.
iv. Lack of direct linkage between lower interest rates, higher investment and expanded output.
In developing nations, investment decisions are not done using interest rate movements not forgetting that due to inflation, they experience negative real rates of interest. Instead, such decisions depend on business expectations which make it difficult for central banks to implement monetary policy.
v. The central banks lack full control over commercial banks that are branches of major foreign private banking institutions.
This is simply because such branches in developing nations are able to access liquid funds in an event of having their base squeezed by local monetary authorities like the central bank.
vi. Less sensitivity to changes in the cash bases of most of the commercial banks in developing countries.
Such a scenario appears as a result of the excess liquidity found in these commercial banks due to the rareness of credit worthy borrowers and viable projects. This makes it hard for the central banks in these nations to utilize their instruments of monetary policy effectively.
vii. Lack of developed money market and capital markets and limited quantity and range of financial assets.
With such disorganization in the money markets, the use of instruments like open market operations by the central banks in developing countries becomes extremely limited.
viii. Money supply regulation constraints caused by the openness of economies of developing countries.
Therefore, it becomes difficult for the governments of such nations to control national money supply which is done through their central banks as the accumulation of foreign currency is highly significant in availing and building their domestic financial resources.
ix. Inappropriate use of monetary policy instruments.
At times, a problem arises and the central banks of these developing countries cannot make correct decisions as to which instrument to put into use thus addressing it ineffectively. Thus, it’s vital that the central banks know when it is appropriate to use monetary or fiscal policy.
x. Volatility of the exchange rate of these developing nations’ domestic currency.
Just like Kenya, most of these developing nations work under the policies of floating exchange rate. Their economies also face increasing openness and globalization day by day thus making the exchange rate of their currencies volatile. This turns out to be a challenge to their central banks as they have to quickly come up with suitable and effective monetary measures to stabilize the exchange rates.

649
« on: November 29, 2017, 10:43:35 AM »
Economic Profile Pakistan 1947-2013

Pakistan got its independence from the British occupation on 14th August 1947. Since emergence of the state on the political background of the world, economically, it has experienced a bumpy ride all together. Many reasons for this are given by the experts and arguments are presented as to how the situation can be remedied but situation has gradually worsened over the years.
Economic and social outcomes in Pakistan over the last sixty years are a mixture of paradoxes. Pakistani economy grew at a fairly impressive rate of 6 percent per year through the first four decades of the nation's existence. A feat achieved by a very few nations. In spite of rapid population growth during this period, per capita incomes doubled, inflation remained low and poverty declined from 46% down to 18% by late 1980s, according to eminent Pakistani economist Dr. Ishrat Husain. This healthy economic performance was maintained through several wars and successive civilian and military governments in 1950s, 60s, 70s and 80s until the decade of 1990s, now appropriately remembered as the lost decade.
Politically, however, the interplay of religious fundamentalism, sectarianism, ethnic cleavages and regional economic disparities has made the country volatile and unstable. Various East Asian countries that were behind Pakistan in the 1960s have surged far ahead in most economic and social indicators. Pakistan has thus been unable to realize its potential. South Korea is a prime example of this case. In 1960’s both counties were almost at the same economic stage but owing to the inability to implement the economic plans appropriately, the gap between the two states widened with the passage of time in South Korea’s favor.
Despite sharing a common historical, cultural and social milieu, Pakistan and India have pursued different paths since independence in 1947. Both countries have done reasonably well in improving their economies and reducing absolute poverty levels. India has, however, emerged as a stable and vibrant democracy while Pakistan has spent half of its post-independence years under military dictatorships and is currently struggling to quell an Islamic insurgency in the northwest part of the country. The democracy–development nexus appears to be well entrenched in the case of India, while it is faltering in Pakistan. A great deal of recent literature has suggested that China and India are the typical representatives of authoritarian and democratic regimes, but fewer attempts have been made to resolve this puzzle in the case of India and Pakistan, two countries that are more akin to each other and share a common legacy.
In order to address these questions it is useful to revisit the essential dimensions of Pakistan’s economic and political history, a history which can be divided into six distinct periods:

•   The Flat Fifties, 1947 to 1958
•   The Golden Sixties, 1958 to 1969
•   The Socialist Seventies, 1971 to 1977
•   The Revivalist Eighties, 1977 to 1988
•   The Muddling Nineties, 1988 to 1999
•   The Reforming Hundreds, 1999 to 2007

Period I: The Flat Fifties, 1947 to 1958
Pakistan came into existence as a moth-ridden country at the time of the partition of India. The British-controlled provinces of Punjab and Bengal were each divided into two parts. East Punjab and West Bengal formed part of modern-day India; West Punjab and East Bengal, along with three other provinces, together formed Pakistan. The physical separation between eastern and western Pakistan, with Indian territory in between, put Pakistan at a serious disadvantage from its inception.
This era marked the government of Liaquat Ali Khan and initiation of First Fiver Yearly Plan. It was initiated by Ministry of Finance (MoF), studied and developed by the Economic Coordination Committee (ECC) and framed after the Russian example. The plan was based on the theory of Cost of Productoin value, and also covered the areas of Trickle-Down economic system. State Bank of Pakistan was established to kick start the economic engine of the nation and major economic infrastructural expansions took place in the process. Currency war between Pakistan and india was also a highlight of this era which started with the devaluation of pound sterling and refusal of exchange in PKR by indian authrorites in 1949. In the mid 1950, these relations were restored and trade resumed between the two nations.
This era also marked the start of the Korean War which led to economic bloom the local economy but the growth was retarded by the assassination of Liaqat Ali Khan in October 1951. In 1953 the plan collapsed althogher due to want of funds. The plan was initiated unsystematically, inadequate staff and lack of ambition is listed among few of the many causes. Also the shortage of consumer goods like food, clothes, medicines and sharp fall in production due the monsoon floods of 1951-52 and 1952-53 were a decisive force to hinder the progress of the nation. Thus, in the end, Prime Minister Khawaja Nazimuddin was forced to end the program after sending his request to provide economic assistance from the United States and other friendly counties.

In 1955, Prime minister Muhammad Ali Bogra again revived the plan and published in 1956. After reassessing, the programme was again launched with focusing (as highest priority) on agricultural development, and the strong emphasis placed on rapidly increasing the developmental effort in East-Pakistan and in the less-developed areas of West Pakistan. Prime minister Huseyn Suhrawardy of Awami League gave much priority to food development, agriculture and social development in both states. The concept of Collective farming was introduced by Suhrawardy as part of his agricultural policies and around  27.0Mn rupees were spent in order to organised the agricultural in the country. However, this programme was built entirely in the absence of much essential information and basic statistics.
In practice, this plan was not implemented because of its enormous size that lacked the physical and personnel assistance. The shortage of technical knowledge also devastated the programme. The Awami League's government also had shortage of foreign exchange to execute the plan, and was unable to find outside assistance to fulfill its commitment to the first five-year plans.
The seeds of separation were further sown when the Muslim League lost the 1954 provincial elections in East Bengal due to a growing disaffection with the ruling political elite in West Pakistan. This elite from the Punjab province, instead of coming to grips with the grievances of East Bengal, adopted a confrontational strategy to consolidate their power by merging all four western Pakistan provinces into one province. As a result, East Pakistanis were antagonized when their province, which contained the majority population, was forced to accept parity with newly-formed West Pakistan in the Parliament. The three smaller consolidated provinces—North-West Frontier Province (NWFP), Sindh and Baluchistan—also protested Punjab’s attempt to establish hegemony.
The political atmosphere was too vitiated; political instability was too acute; tensions between the different tiers of the government were so damaging; the challenge of setting up the organs of a new state was so formidable; and the influx of millions of refugees from India was too demanding. As a result, economic management took a back seat in this formative phase of Pakistan’s life.
Period II: The Golden Sixties, 1958 to 19695
Ayub Khan, the first military dictator of Pakistan, assumed complete control of the state in October 1958 and reigned over the golden period of Pakistan’s economic history. With the help of Harvard advisors, Khan vigorously implemented the Planning Commission on Economic Management and Reforms with impressive results.

Despite the failure of first five-year plans, the programmes were revived and restated by the military government. The second five-year plans gave highest priority to heavy industrial development, advancement in literature and science, and had single underlying purpose: "to advance the country as far as possible, within the next five years, along the road of these long-range objectives.
GDP growth in this decade jumped to an average annual rate of 6 percent from 3 percent in the 1950s. The manufacturing sector expanded by 9 percent annually and various new industries were set up. Agriculture grew at a respectable rate of 4 percent with the introduction of Green Revolution technology. Governance improved with a major expansion in the government’s capacity for policy analysis, design and implementation, as well as the far-reaching process of institution building. The Pakistani polity evolved from what political scientists called a “soft state” to a “developmental” one that had acquired the semblance of political legitimacy. By 1969, Pakistan’s manufactured exports were higher than the exports of Thailand, Malaysia and Indonesia combined. Though speculative, it is possible that, had the economic policies and programs of the Ayub regime continued over the next two decades, Pakistan would have emerged as another miracle economy.

However, the perception that income inequalities between the East and West had increased substantially and that wealth was concentrated in the hands of twenty-two families fuelled resentment among Bengalis who accused Ayub’s regime of reducing the East to an internal colony.
After the 1965 Indo-Pakistani War over Kashmir, FDI declined and economic constraints were imposed on Pakistan. The third five-year plan was designed along the lines of its immediate predecessor, produced only modest growth.The country had become urbanised by 1970 and 10% population lived in rural areas as compared to 1950. The third five-year plans promoted the activities of private sector investment and tend to increase the directly productive investment for the stable Financial sector development.
The third programme focused on Gross national product (GNP) growth which was increased at 122% and had focused on the enhancing the capabilities of private sector to operate in the country. The size of the third programme was determined in the light of a careful evaluation of the recent experience under the second programme. Although the third programme successfully ran for the first three years of the Third Five-Year Plan, but at the end, the third programme proved to be even more of a disappointment in terms of proclaimed production goals.The performance of the third programme was undeniable that led the economical disaster in the country. Dramatically, the agriculture growth sharply declined and desperately devastated the farming class of the country.

Authoritarian regimes devoid of legitimate political power use the instruments of state power to win or maintain coalitions, build up new alliances or take coercive measures against recalcitrant individuals and groups. Ayub’s attempt to win legitimacy, introducing the Basic Democracies system, in fact caused his regime a loss of popularity and credibility. This disaffection with the military regime was exploited by Sheikh Mujibur Rahman and his Awami League Party. The arrest and trial of Mujibur under the Agartala conspiracy case turned him into a popular leader in East Pakistan. His six-point agenda of autonomy became the manifesto of the Awami League which swept the 1970 elections in East Pakistan with a resounding majority. The reimposition of martial law and transfer of power to the Army chief, Yahya Khan, exposed the fragility of the guided democracy system.
Yahya Khan’s reluctance to transfer power to Sheikh Mujibur, the elected majority leader, reinforced Bengali suspicion and mistrust toward the Pakistani Army and West Pakistan. The post-25 March 1971 events led to a civil war that, with India’s strong backing, ended in the emergence of the independent state of Bangladesh. The break-up of Pakistan had a traumatic effect on the national psyche and negated the very concept upon which Pakistan was founded. Although East Pakistan benefited from Ayub’s economic reforms, the fact that these benefits were perceived as a dispensation from a quasi-colonial military regime to its colony—East Pakistan—proved to be lethal. According to I.A. Rehman, “[The] Central Establishment decided on a trade-off between autonomy and development but this maneuver failed in East Pakistan and it is unlikely to succeed in Balochistan and the tribal areas. The lesson is: no federating unit will surrender its rights to autonomy in exchange for any development works however huge their fall out.”
The overthrow of Ayub’s political system also reversed the economic system that had served the country so well. To outsiders, Pakistan was a model developing economy to emulate, but domestically there was a total rejection of this economic model.
The fourth five-year plans were abandoned after the successful succession of the East-Pakistan, and the brutal defeat at the hands of intense rival, India. Virtually, all fourth five-year planning was bypassed by the government of Prime minister Zulfikar Ali Bhutto. Under Bhutto, only annual plans were prepared, and they were largely ignored.
The fourth year plan was replaced by nationalization program by the then government.
Period III: The Socialist Seventies, 1971 to 1977
Zulfikar Ali Bhutto took advantage of the resentment against Ayub’s economic policies and promised to restore the principles of distributive justice and equity to the forefront of Pakistan’s development strategy under the slogan of Islamic socialism.
Bhutto’s populist policies of nationalizing industries, banks, insurance companies, educational institutions and other organizations, derailed Pakistan’s journey toward modernization and faster economic development. This setback hit Pakistan so badly that the East Asian countries that were lagging behind Pakistan in growth and economic indicators in the late 1960s not only overtook it but also became huge success stories. The oil price shock of the 1970s as well as droughts, floods and the withdrawal of external assistance did not help the situation, either. The growth rate in the 1970s fell to 3.7 percent per annum from the 6 percent recorded in the 1960s. Worst of all, the main plank on which the Bhutto government came to power social justice proved to be extremely weak. Income inequalities rose compared to the previous period while inflation accelerated, averaging 16 percent between 1971 to 1977, thereby hurting the poor.15 The large-scale manufacturing sector performed very sluggishly, netting a growth rate of only 3 percent, primarily sparked by vast public sector investment.
The idea that government control of the commanding heights of the economy can best spearhead industrial growth, allocate resources and invest in the activities that it considers a priority not only failed to materialize but antagonized the private sector. The lesson learned from this experience was that good populist politics are bad for the economy.
Period IV: The Revivalist Eighties, 1977 to 1988
The overthrow of the Bhutto government by a military coup in July 1977 and the ascendancy of a right wing military leader, General Zia ul-Haq, halted the socialist experiment. Political party activity was soon banned, thereby limiting political participation to the local level only. This small liberty, however, could not mask the centralization of political power in the hands of one man.
Zia ul-Haq used religion to provide legitimacy to his takeover and subsequent rule, asserting that Islam should be a unifying force for overcoming ethnic, linguistic and other propensities prevailing in the country. Centralization and personal control over the affairs of the state thus became easy to manage under this paradigm. The nexus between the military regime and components of the religious right, such as Jamaat-e-Islami, was extended to engulf the Islamic militant groups that participated in the Afghan war against the Soviets. The roots of present Islamic fundamentalism in Pakistan can be traced to this period.
Zia benefited from participating in the campaign to overthrow the Soviet Union in Afghanistan, as large amounts of military and economic assistance from the United States flowed into Pakistan. The long-term costs were, however, colossal. The spread of Kalashnikovs and drug culture, ethnic and sectarian violence, the smuggling of goods and the emergence ofjihadist parties can all be traced back to the 1980s.18 Madrassahs and training camps for militant groups proliferated during this period. State laws were modified, new Shariah courts were established and the educational curriculum was revised to inculcate a more hard-line or radical Islamic way of life.
Economic conditions, however, did improve:  The Fifth Five-Year Plan (1978–83) was an attempt to stabilise the economy and improve the standard of living of the poorest segment of the population. Increased defense expenditures and a flood of refugees to Pakistan after the Soviet invasion of Afghanistan in December 1979, as well as the sharp increase in international oil prices in 1979-80, drew resources away from planned investments. Nevertheless, some of the plan's goals were attained. Many of the controls on industry were liberalised or abolished, the balance of payments deficit was kept under control, and Pakistan became self-sufficient in all basic foodstuffs with the exception of edible oils. Yet the plan failed to stimulate substantial private industrial investment and to raise significantly the expenditure on rural infrastructure development.
The sixth five-year plans represented a significant shift toward the private sector. It was designed to tackle some of the major problems of the economy: low investment and savings ratios; low agricultural productivity; heavy reliance on imported energy; and low spending on health and education. GDP grew at 6.6 percent annually, with agriculture at 4 percent and the manufacturing sector at 9 percent. Fiscal deficits, however, widened to 8 percent of GDP despite a decline in development expenditure. Domestic borrowing to finance these deficits did not weaken growth immediately but had serious repercussions for public finances and macro-economic stability in the 1990s. As a consequence, Pakistan had to approach the International Monetary Fund (IMF) for assistance in 1988.
Period V: The Muddling Nineties, 1988 to 1999
Nine different governments (four interim-appointed, four elected and one following the military coup of October 1999) ruled Pakistan in this period. Like the 1950s, when eight successive governments were formed, this period saw heightened political instability. Despite far-reaching reforms introduced in 1991, economic indicators once again fell sharply in contrast with the 1980s for several reasons other than political instability.
The failure to implement successive agreements led to the loss of Pakistan’s credibility among the international financial community. The confidence of local investors eroded when the foreign currency deposits of Pakistanis were suddenly frozen. Foreign investors were unhappy as all the power purchase agreements were re-opened and criminal action was initiated against Hubco, Pakistan’s largest foreign-owned power generation company. The GDP growth rate decelerated to 4 percent. While the agriculture sector recorded higher output, growth of the manufacturing sector was low. The investment ratio fell to 13.9 percent during 1998 and 1999 as foreign savings, which formerly bridged the gap between national savings and investment, dried up in May 1998.

The persistence of fiscal (above 7 percent of GDP) and external deficits (4 to 5 percent of GDP) led to the accumulation of large levels of domestic and external debt throughout the decade. Development expenditures took a major hit and GDP dropped to 3 percent from 8 percent in the first half of the 1980s. Social sector expenditures were squeezed to accommodate higher debt service and defense expenditures. Total external debt levels became unsustainable, rising from \$20 billion in 1990 to \$43 billion (47.6 percent of GDP) in 1998. Exports stagnated and Pakistan lost its market share in a buoyant world trade environment. The incidence of poverty nearly doubled from 18 to 34 percent, and the unemployment rate rose as well. Social indicators lagged behind other countries in the region. The Human Development Index of the United Nations Development Programme ranked Pakistan in one of its lowest development categories.

At least four main factors determined Pakistan’s economic performance in the 1990s. First, political instability and frequent changes in the government followed by a reversal of decisions taken by the preceding government created an environment of uncertainty and a lack of predictability. Second, there was widespread mis governance by the two major political parties ruling the country during this period. Personal, parochial and party loyalty considerations dominated decision making while institutions were bypassed. Third, there was a lack of political will to make timely and difficult decisions. The cumulative effect of avoiding and postponing such decisions, coupled with the failure to correct the distortions at the right time, proved too costly. Fourth, there were unforeseen exogenous shocks, such as the nuclear testing in May 1998 that shook investors’ confidence, accelerated the flight of capital, led to the imposition of economic sanctions and disrupted external economic assistance.
An interesting paradox is that the economic policies of both major political parties, the Pakistan Muslim League (PML) and the Pakistan People’s Party (PPP), who took turns ruling during the 1990s, were similar and could not be faulted. Both parties were committed to deregulation, privatization, liberalization, greater reliance on market forces and other economic reforms. The supporters of PML and PPP argued that the dismissal of the Nawaz Sharif government in 1993 and of the Benazir government in 1996 did not allow positive trends to persist. It can only be speculated whether the economic output for the decade would have been better had these governments completed their terms in office. Poor governance would have been largely offset by the continuity in policies, programs and projects. The stop-and-go cycle faced by Pakistani economic actors imposed enormous costs in terms of macroeconomic instability.

This era marked two 5 yearly plans. The seventh plans provided for total public-sector spending of Rs350 billion. Of this total, 36.5% was designated for energy, 18% for transportation and communications, 9% for water, 8% for physical infrastructure and housing, 7% for education, 5% for industry and minerals, 4% for health, and 11% for other sectors. The plan gave much greater emphasis than before to private investment in all sectors of the economy. Total planned private investment was Rs292 billion, and the private-to- public ratio of investment was expected to rise from 42:58 in FY 1988 to 48:52 in FY 1993. It was also intended that public-sector corporations finance most of their own investment programmes through profits and borrowing.
In August 1991, the government established a working group on private investment for the Eighth Five-Year Plan (1993–98). This group, which included leading industrialists, presidents of chambers of commerce, and senior civil servants, submitted its report in late 1992. However, in early 1994, the eighth plan had not yet been announced, mainly because the successive changes of government in 1993 forced ministers to focus on short-term issues. Instead, economic policy for FY 1994 was being guided by an annual plan.
From June 2004, the Planning Commission gave a new name to the Five Year Plan - Medium Term Development Framework (MTDF). Thirty two Working Groups then produced the MTDF 2005-2010.
Period VI: The Reforming Hundreds, 1999 to 2007
In October 1999, the incoming military government was faced with four main challenges: heavy external and domestic indebtedness; high fiscal deficit and low revenue generation capacity; rising poverty and unemployment; and a weak balance of payments with stagnant exports.
The country faced a serious external liquidity problem as its reserves were barely sufficient to buy three weeks of imports and could not possibly service its short-term debt obligations. Workers’ remittances decreased by \$500 million, foreign investment flows dwindled by \$600 million, official transfers turned negative and Pakistan had no access to private capital markets. In the domestic sector, the declining tax-to-GDP ratio and inflexible expenditure structure, whereby 80 percent of revenues were preempted to debt servicing and defense, constrained the government’s ability to increase the level of public investment.
Structural policy reforms combined with an improvement in economic governance laid the foundations for accelerated growth from 2002 to 2007. The economic growth rate averaged 7 percent, up from 3.1 percent in 2001 to 2002. Poverty was reduced by between 5 and 10 percentage points, depending upon the methodology used. The unemployment rate also fell from 8.4 percent to 6.5 percent and approximately 11.8 million new jobs were created between 1999 and 2008. Gross and net enrollment ratios at the primary school level recorded upward movement. The re-profiling of the stock of debt brought down the debt-to-GDP ratio from 100 percent to 55 percent. Foreign exchange reserves increased to cover six months’ imports from a few weeks’ imports. The fiscal deficit remained below or slightly above 4 percent of GDP. The investment rate grew to 23 percent of GDP and an estimated \$14 billion of foreign private capital inflows financed many sectors of the economy. The exchange rate remained fairly stable throughout the period.
Since then, the elected government has not pursued the unfinished agenda of reforms with the same vigor and commitment. Governance issues that characterized the 1990s have begun to rear their ugly heads once more. The situation worsened after March 2007, when the government became embroiled in a judicial crisis. The preoccupation with the impending elections resulted in serious lapses in economic management as key adjustment decisions to escalating international oil and commodity prices were postponed. The assassination of the most popular leader of the country, Mohtarma Benazir Bhutto, plunged the country into a state of uncertainty while the transition from the military to the civilian-elected government was not managed properly. Lack of attention to economic issues by the incoming government further contributed to macroeconomic instability and created an atmosphere of crisis in the country. The global financial turmoil and the recession in OECD countries did not help either. So while domestic factors were mainly responsible for Pakistan's economic crisis, adverse external conditions worsened the problem; the global financial turmoil hampered foreign private inflows and the recession in OECD countries reduced the demand for Pakistani exports.
Political Instability and Economic Growth
Pakistan has seen twenty-three governments in the past sixty years, including: fourteen elected or appointed prime ministers, five interim governments and thirty-three years of military rule under four different leaders. Excluding the military and interim governments, the average life span of a politically elected government has been less than two years. If the five-year period of Bhutto is excluded, then the average span falls to 1.6 years.
The economic policy regime, on the other hand, has only changed twice in all of Pakistan’s history. The liberal private sector-led growth model that was put in place in the 1950s and accelerated in the 1960s was rolled back by Bhutto in the 1970s and became the socialist economic model. Since the rejection of this model in 1977 and the revival of the liberal model, the general thrust of economic policy has remained unaltered.
Authoritarian vs. Democratic Regimes
In Pakistan, the debate over whether authoritarian or democratic regimes have delivered better results in terms of economic performance has been quite fierce since General Khan took power in 1958. The spurts in economic growth during the 1960s, 1980s and 2000s, when the country was governed by military dictators, have led many to conclude that authoritarian regimes are better suited to bring about economic development. Parallels are drawn with China, Indonesia, Korea and Singapore.

Detractors of the authoritarian regimes, however, have skillfully torn apart the economic performance record of the Ayub, Zia and Musharraf periods. Since the legitimacy and perpetuation of these regimes were justified on the basis of good economic outcomes, those opposed to these regimes have assailed the very economic record that has been espoused as their achievement. Such detractors lay out three arguments.

First, they argue that the United States had always been more favorably disposed toward Pakistan’s military dictators, as they are relatively more obsequious and subservient to the American interests. Thus, it is the acceleration of inflows of foreign assistance to Pakistan that led to the observed higher growth rates rather than sound economic policies, better governance and the efficient utilization of resources. Although empirical evidence to substantiate this argument hardly exists, it has become popular folklore: Ayub was rewarded for his close economic and military ties with the United States in confronting the Soviet Union; Zia ul-Haq received a boost as \$5 billion was channeled through Pakistan for Afghanistan’s mujahideen; and Musharraf’s decision to openly support the United States in the war on terror brought in approximately \$10 billion of military assistance.

Second, the solid record of high growth rates under military regimes is believed to result invariably in adverse distributional consequences. The Ayub period is blamed for the widening regional disparities that led to the secession of East Pakistan. Zia ul-Haq’s policies were criticized for their failure to deal with structural weaknesses or reverse the damage done by the policies of nationalization. According to Parvez Hasan, “Zia’s economic policies represented a rather sharp contrast between reasonably satisfactory short-term economic management and an almost total neglect of long-term policy issues. The long period of political stability and sustained growth under Zia ul-Haq offered major opportunities for dealing with the underlying structural issues but these were not exploited.” Musharraf’s economic strategy, which made Pakistan one of the fastest growing Asian economies, was also dismissed on the same grounds: that consumer-led, credit-induced, service-focused growth neglected agriculture and the manufacturing sectors, making the rich richer and the poor poorer. While the World Bank and Asian Development Bank publicly acknowledged a significant decline in the incidence of poverty and International Labor Organization (ILO) experts validated the fall in the unemployment rate, the authenticity of the poverty and unemployment data has been challenged. It became the norm to practice selective acceptance of government-produced data showing negative trends and outright rejection of the data from the same source showing positive trends.
The third line of argument is quite persuasive. Economic accomplishments devoid of political legitimacy, however impressive they may be, prove to be short lived. Without the involvement and participation of the people, elegant and technically sound economic solutions developed by authoritarian regimes are quickly replaced once the regime changes, causing irreparable losses to the economy. The recent example whereby good initiatives taken by the Musharraf regime were either suspended deprived of funds or abolished completely attests to this phenomenon. Some of these initiatives, such as revitalizing higher education and expanding adult literacy and health programs have been brought to a grinding halt. The Devolution Plan of 2001, which decentralized the delivery of basic services to local levels, is at serious risk of abandonment.
The phenomenon of abandoning the previous government’s plans and policies is not confined to the military-civil transitions but also from one elected civilian government to the other. Benazir Bhutto rightly embarked upon public-private partnerships by inviting independent power producers (IPPs) from the private sector to set up electricity generation plants to overcome power shortages. The IPPs were put on hold by the new government, which alleged that corruption was involved in the awarding of contracts. In another example, the incoming Bhutto government suspended the motorway project initiated by the Nawaz Sharif government. By the time the project had resumed, time delays, cost over-runs, contract cancellations and legal entanglement had reduced the efficacy of the project.
Both the civilian-elected and military regimes have demonstrated the same characteristics and weaknesses—personality cult leadership, centralized decision-making, repression of opponents and cronyism. When one goes beyond labels and examines the actual behavior of military and civilian regimes, most distinctions appear superficial.
Pakistan has over the last sixty years been an authoritarian polity both under the civilian as well as military regimes. ‘Authoritarianism’ involves great relevance and obedience to authority and stands opposite to individualism and freedom that come with it. Both the civilian leaders coming from an agrarian and feudal social background and military leaders from the Command and Control structure of the armed forces have demanded absolute loyalty and compliance with their institutions of origin.
Policy Implications:
There has been a broad consensus among all major political parties on the general principles that should underpin Pakistan’s economic direction, namely:
•   Central planning and bureaucratic judgment are poor substitutes for the market’s judgment in the allocation of scarce resources.
•   Licensing to open, operate, expand and close business by government functionaries should be discouraged.
•   Public sector ownership and management of business, production, distribution and trade leads to inefficiency, waste and corruption.
•   Over-regulation, controls and restrictions of all kinds on the private sector hike up the cost of doing business.
•   High tax rates on individuals and corporations are counterproductive as they discourage effort and initiative.
•   Banks and financial institutions owned and managed by the public sector offering cheap credit and/or directed credit have a pernicious effect on economic growth.
•   Administered prices of key commodities are the worst possible means of insulating the poor segment of the population from the onslaught of market forces.
•   Subsidies on inputs such as fertilizers, seeds, water, etc., incur heavy budgetary costs and benefit the well-to-do classes rather than the poor.
•   Foreign investment and multinational corporations are to be encouraged as they are important conduits for the transfer of technology, managerial skills and organizational innovation.
While the government’s implementation of policies, programs and projects has seen uneven and mixed results, the initiative in driving the economy can be credited to the private sector.
The agricultural sector, representing 20 percent of GDP, is owned and managed by private farmers. Manufacturing, with a few odd exceptions, is under the control of private firms. Wholesale and retail trade, transportation (with the exception of railways and Pakistan International Airlines), personal and community services, finance and insurance, ownership of dwellings and the construction sector all fall within the purview of the private sector. Only public administration, defense services and public utilities are directly managed and operated by the government. Imports and exports of goods and services are also privately managed. A rough approximation would indicate that goods and services produced, traded and distributed by the private sector amount to 90 percent or more of the national income while the government directly or indirectly owns, manages, controls or regulates the remaining 10 percent of national income. So it is the strength of private initiative, with all its flaws, operating in a relatively liberal policy environment, that has been the main driver of long-term economic growth in Pakistan.

In Pakistan, transitions from one political regime to another have been quite difficult, causing uncertainty and short-term reductions in the speed of economic growth. The transfer of power from the military to civilian regimes in 1971, 1988 and 2008 were marked with macroeconomic instability, a slowdown in economic activities, rising unemployment and inflation and the adoption of a wait-and-see attitude by investors. But economic recovery has also been resilient; short-term losses caused by political volatility have not been large enough to offset the positive long-term secular economic movement.

650
« on: November 25, 2017, 11:41:42 AM »
BOP:
The balance of payments, also known as balance of international payments and abbreviated BoP, of a country is the record of all economic transactions between the residents of the country and the rest of the world in a particular period (over a quarter of a year or more commonly over a year). These transactions are made by individuals, firms and government bodies. Thus the balance of payments includes all external visible and non-visible transactions of a country. It represents a summation of country's current demand and supply of the claims on foreign currencies and of foreign claims on its currency[1] .[2] These transactions include payments for the country's exports and imports of goods, services, financial capital, and financial transfers. It is prepared in a single currency, typically the domestic currency for the country concerned. Sources of funds for a nation, such as exports or the receipts of loans and investments, are recorded as positive or surplus items. Uses of funds, such as for imports or to invest in foreign countries, are recorded as negative or deficit items.
When all components of the BOP accounts are included they must sum to zero with no overall surplus or deficit. For example, if a country is importing more than it exports, its trade balance will be in deficit, but the shortfall will have to be counterbalanced in other ways – such as by funds earned from its foreign investments, by running down central bank reserves or by receiving loans from other countries.
Micro credit :
Microcredit is the extension of very small loans (microloans) to impoverished borrowers who typically lack collateral, steady employment and a verifiable credit history. It is designed not only to support entrepreneurship and alleviate poverty, but also in many cases to empower women and uplift entire communities by extension. In many communities, women lack the highly stable employment histories that traditional lenders tend to require. Many are illiterate, and therefore unable to complete paperwork required to get conventional loans. As of 2009 an estimated 74 million men and women held microloans that totalled US\$38 billion.Grameen Bank reports that repayment success rates are between 95 and 98 percent.
Microcredit is part of microfinance, which provides a wider range of financial services, especially savings accounts, to the poor. Modern microcredit is generally considered to have originated with the Grameen Bank founded in Bangladesh in 1983. Many traditional banks subsequently introduced microcredit despite initial misgivings. The United Nations declared 2005 the International Year of Microcredit. As of 2012, microcredit is widely used in developing countries and is presented as having "enormous potential as a tool for poverty alleviation.

651
« on: November 24, 2017, 10:00:53 AM »
Problem of direct foreign investment in Bangladesh
Bangladesh is an over populated under develop country of the world. The peoples of Bangladesh are mostly unskilled and depend in Agriculture. The political situation of the country still depends on some groups but the people’s participation on democratic process is becoming very effective process id becoming very effective. Now the investors are facing some problems to run their business in this country. The most of the problems are not attending by the Government due to their administrative inefficiency and lack off political commitments. The problems which creating problems to the investors are;
o Low and order conditions
o Government bureaucracy
o Port situations
o General strikes and political activity to shut the economic activities
o Power, Communication and other utility services
o Trade union activities outside the EPZ areas
o Rivalry between main political parties
o Shortage of skill human resources
The above problem is present in Bangladesh. The peoples need still to investment by the foreigners. The last 10 to 15 years the Government takes many programs to accelerate the foreign investments in Bangladesh.
1)The area of Telecommunication developed rapidly in last few year and three is still some problems to be attending, and privatization in this industry in very remarkable particularly in cellular telephone.
1)   Power generation sectors are open to foreign and private investors to eliminate the bureaucracy and monopoly of Government owned powers authority. The government relaxed rules and regulation to installed power station or gas generators for industrial use
2)   2. Port facility still not full fills the requirements of the exporters and importers. In this situation government decided to give permission to establish private ports in Chittagong which is under negotiation.
3)   3. The political situation also improving and last 03 governments take after an acceptable electoral process which is a symbol of improvement in domestic process in Bangladesh. The hopes are near to the reality to eliminate the political rivalry between the main political parties. Boycotting the parliament is bed sign for our democratic process, the good thing is that the people realizing. The role of the parliament should be as a canter of all political debates.
4)   5. The role of civil society becomes effective to create pressure on political government to move in favors of public interest. To make people comments in this regard, the role of media also important. In last one decade the freedom in media improved, and printed media are enjoying a very good atmosphere than last decade. Electronic is the media which enjoying freedom at specific area of government authorization.
5)   5. Development of human resources is not up to the mark as per requirements of the country. To complete in global market a well as participation in countries internal development activities, the development of Human resource is very essential. Government, Local and international development agencies take part to develop the human resources of the country. The 50% of the population of the country is female, so the activities by the local and international Non Government organization emphasis to develop them. This is a good sign for develop Human resources of the country.
6)   6. Law and order situation if the country is very poor. The faith in law enforcement authority is very low and it hears to believe by the people that the law enforcement authority could do their job according to requirement of the people. The government main political party also realizes it, and the pressure is increasing continuously. The optimistic believed that the situation will be changed.
•   7.Trade union activity if the country basically revolves in government owned enterprise and the activated in private enterprise in an acceptable condition except in transport industries and jute mills in Bangladesh. Most of the multinational enterprise trade union activity now in a quite and peace full. The law protects the trade union activity in export processing zone area; the government has established privatization board to privatization the government owned enterprise. Through successful privatization will make the enterprise profitable and it is assumed that the good management can reduce the labor dissatisfaction.

652
« on: November 24, 2017, 10:00:15 AM »
NGOs in BD :

•   NGO activities in Bangladesh focused initially on relief and rehabilitation
works, and later on raising villager income by improving productivity (which
NGOs endeavored to bring about through developing agricultural techniques
as well as villagers' skills in sideline jobs) and by disseminating information on
public sanitation and other social problems. The premise of the NGO efforts
was that the unit of production in the village was the individual farming family.
Villager organizations were to be intermediaries passing on the skills and
information supplied by the NGOs.

•   Ideally, the structure of BRAC-PROSHIKA groups forms the basis for
collective development activities. In practice, there was considerable regional
variation in the social unity of different BRAC-PROSHIKA groups.
Rural development activities in which BRAC VO members participate encompass
an array of savings and credit programs, poultry raising, nutrition, participatory
livestock development, vegetable production, plant nurseries, social forestry,
sericulture, fishery, micro-enterprise development, tissue culture, income generation for vulnerable groups, environment protection, and a host of social developments, such as village meetings, education, health services, village society and popular theater. In addition to these activities.

•   PROSHIKA group members participate in irrigation, apiculture, housing, health infrastructure building and disaster management. A fund created with individual subscriptions provides revolving funds for several development works. Under the savings group scheme, villagers voluntarily deposit a small amount of money each month with the group, and the accumulated money is lent at low interest to members of the group.

•   For one thing, GO-NGO provide only the idea and knowhow for setting up and operating the savings groups; the monetary funding which is the basic resource of the groups is conducted wholly by the villagers.

•   For another, the management and the use of the funds are left totally to the collective decision making of the villagers themselves. In other words, the villagers promote economic and social development through the cooperative management of their own private resources. It was realized that savings groups would not succeed where villagers could not form relationships of mutual trust so organizing groups at the village grassroots level proved inevitable. Through the micro-credit programs, BRAC and PROSHIKA are playing a leading role in spearheading the collective action led growth momentum in the rural areas.

•   BRAC-PROSHIKA educational programs have greatly reduced illiteracy and empowered rural populations that had very little access to formal education. The activity of PROSHIKA is the people's cultural program, which is a tool for raising awareness of collective enterprise to gain access to resources and to combat social ills. Theater troupes are organized to bring into the open the aspirations, joys, and sorrows of the rural poor. The songs, ballads, and dramas are improvised and performed by the villagers. Through these performances, audiences not only derive entertainment but also become conscious of policy issues and proposed solutions. Issues such as social injustice, dowry, gender discrimination, illiteracy, unjust possession of public resources by the power elites, superstition in health practices, degradation of natural environment and its adverse consequences, and the positive impact of various development actions on the lives of the people constitute elements for dramatic presentation.

•    Many factors contribute to the medium's effectiveness, including the fact that the cultural troupes are formed to include villagers, who can draw lessons directly from their own life experiences. Performances take place in a familiar setting, such as the courtyard of a group member's house or a village fair; the language of the performances articulates the audiences' own life and makes it easily comprehensible.
•   PROSHIKA group members also organize folk cultural festivals every year in suitable locations;
there, people from different area development centers gather by the thousands and participate in a variety of traditional but lively cultural activities.

•   BRAC and PROSHIKA play several distinct roles in the rural development of
Bangladesh. They are: (i) consciousness raising or value introjection for working
together, (ii) setting agendas for poverty alleviation and rural development
through group formation and collective action, (iii) human resource development to have greater access to other resources, (iv) direct action to implement
individual and collective commitments, and (v) regenerating and regularly
monitoring individual and collective capacities for productive activities.

•   Through cooperative ventures, the rural poor are graduating to more secure
occupations, marking a gradual shift from uncertain and contingent agricultural
wage employment to self-employment through skills acquisition and involvement
in promotional network.

•   The BRAC-PROSHIKA training courses on organizational development and
skill formation present proxy attempts to enhance the prospects for cooperation
by providing economic incentives to cooperation and promoting understanding
of mutual dependencies.

•    Funds were also raised by utilizing personal connections and group initiatives. A number of vigilante teams were deployed to look after the embankment especially during night on a rotating basis so that the embankment remained intact.

653
« on: November 24, 2017, 09:59:51 AM »
Export :
Like many other third-world countries, Bangladesh relies quite heavily on exports to provide for the needs of its densely populated nation. The same products sold locally will generally fetch a much lower price than they would on the international market. This means that it is far more profitable for the country to engage in exportation than it is to engage in local trade. While this may mean that a large percentage of the countries GDP is sent off abroad as Bangladesh exports instead of being enjoyed by the country’s own people, it also allows for a steady influx of foreign currency.
Currently Bangladesh’s main export items are garments, jute and jute-related goods, leather, frozen fish and seafood. Just three years ago the country made over \$2,000 billion from export trade. The majority of the country’s trade is conducted with the USA but a small portion of exports also sees its way to Germany, the UK, France and Italy. However these figures should not mislead you into thinking that the country is well-off. As one of the poorest and most densely populated countries in the world, the majority of these profits will generally make their way into the pockets of a few wealthy while the rest will be thinly spread out amongst those involved in the production of these goods. To add to this, the country’s economy depends on an erratic monsoon cycle as well as drought and flooding which makes regular harvesting difficult.
Besides these Bangladesh exports, the country is also engaged in the production of rice, tea, sugar wheat, ship scrap metal, textiles, fertilizer, pharmaceuticals, ceramic tableware and newsprint. Though yields can at times be quite high, the country still faces widespread poverty and it is struggling to free itself from this. Some progress has been made, but there are still many people living below the breadline in Bangladesh.
Definition on Import:
Buying of goods & services from foreign countries for sales is considered as import. The person or organization who import the goods & services from foreign countries is known Importer and from which goods & services are imported is known as Exporter. In case of Import, the importers are asked by their Exporters to open a Letter of Credit (L/C). So that there payment against goods & services is ensured.
Animals and animal products (general)
A health certificate is required for certain animals, particularly livestock.
A sanitary certificate is required for fish and fish products.
Imports of live swine and products thereof are prohibited.
Pig and poultry fat, pig hair, eggs (except hatching eggs), lard, lard oil, tallow oil and other animal products are prohibited from import.
Animals: Live
Imports of fish and fish products require a sanitary inspection certificate.
A health certificate is required for livestock.
Imports of live swine are prohibited.
Animal products: Dairy
Eggs are prohibited.
Radioactivity tests (pre-shipment) are required for imports of milk, milk food, and milk products.
Specific packaging and labeling requirements apply to milk products, baby food products made from milk and milk products with cream.Milk and any products containing milk may be imported in cans and in bulk. The container must indicate the ingredients in Bangla and also must show the manufacturing and expiration dates in Bangla or English. For more detailed information see Import Policy Orders.
Animal products: Meat
General requirements for shipping meat and meat products (applicable to most countries):
•   For importation, meat shipped fresh or frozen requires specified inspection and health certification (e.g., a meat inspection certificate) issued by the government of the country of export. Meat must be free of filth, and must be deemed fit for consumption by health officials in the destination country before release for distribution. Meat that has been processed and packaged in such a way as to prevent spoilage during distribution, is subject to generally applicable requirements for importation of processed foods.
Animal products: Seafood
Imports of fish and fish products require a sanitary inspection certificate.
•   "In case of import of canned fish, the date of manufacture, the date of expiry and net weight shall be clearly embossed or computer printed in permanent ink in Bangla or in English on its container and printed label shall not be pasted on the container separately."
Plants and plant products (general)
A phytosanitary certificate is required for the import of most plants and plant products. Fruits and vegetables, except potatoes, are exempt from this requirement.
An additional certificate is required for leaf tobacco.
Raw sugar, poppy seeds and dried posto dana, ghas, bhang, and opium are prohibited.
Tobacco products
An additional certificate is required for leaf tobacco.

Food products (general)
All food products require a certification "from the government of the exporting country or from appropriate approved agency to the effect that the item is 'fit for human consumption', 'that it does not contain harmful ingredients', or that 'it is free from all kinds of harmful germs.' Such a certificate shall mention the age group for which the item is eligible for consumption."

654
« on: November 24, 2017, 09:58:34 AM »
Bangladesh is considered as a developing economy. Yet, almost one-third of Bangladesh’s 150m people live in extreme poverty.
In the last decade, the country has recorded GDP growth rates above 5 percent due to development of microcredit and garment industry. Although three fifths of Bangladeshis are employed in the agriculture sector, three quarters of exports revenues come from producing ready-made garments

GDP = 7.05%

GDP = 221.42 USD

GDP Annual Growth Rate  =7.11 %

GNP = 9350.98 BDT Billion

GDP Per Capita = 1029.60 USD

Unemployment rate = 4.1 %

Inflation Rate = 5.57 %

Interest Rate = 6.75 %

Balance of Trade = -76.8 BDT Billion

Government Debt to GDP -27.2 %

GDP per capita PPP= 3319.40 USD

GDP From Agriculture =9922.80 BDT Million

GDP From Construction=6172.90 BDT Million

GDP From Manufacturing = 17600.10 BDT Million

GDP From Services = 118665.00 BDT Million

GDP From Transport =9636.10 BDT Million

Consumer Price Index CPI = 237 Index Points ( monthly )

GDP Deflator =196 % Yearly

Remittances = 1116 USD Million Monthly

Government Budget = -4.7 % of GDP Yearly

Bangladesh Imports at 262.60 BDT Billion

Bangladesh Exports at 185.79 BDT Billion

Bangladesh | Credit Rating at 40.00

Bangladesh Export Prices at 182.34 Index Points

Bangladesh Employed Persons at 60.00 Quarterly

Bangladesh Gold Reserves at 13.97 Tones

Money Supply M0 =1513 BDT Billion Monthly

Money Supply M1 =2400785 BDT Million Monthly

Money Supply M2 =10161 BDT Billion Monthly

Money Supply M3=11872800 BDT Million Monthly

655
« on: November 24, 2017, 09:57:35 AM »
New prospects in Bangladesh blue economy
“Blue Economy” is marine-based economic development that leads to improved human well-being and social equity, while significantly reducing environmental risks and ecological scarcities.
The recent visits of the USA-based international luxury cruise line Silversea with tourists to Bangladesh have ushered in a new era of sea tourism in the country.
Recently, the Silver sea made a couple of trips to Sundarbans and Maheshkhali island, which could be new prospects for the country’s blue economy, according to the sector people.
“Blue Economy” is marine-based economic development that leads to improved human well-being and social equity, while significantly reducing environmental risks and ecological scarcities.
The recent Silversea visits helped local business earn a sum of Tk70 lakh while the government also earned a significant amount, the people familiar with the business said.
After fixing the maritime area at the Bay of Bengal, the policymakers started analysing the prospects of blue economy through sea resources and minerals while sea tourism has appeared as first output such specialised economy by the visits, experts said.
With the trips, sea tourism had unveiled another dimension of blue economy in the country’s maritime sector, said Civil Aviation and Tourism Minister Rashed Khan Menon, at a recent meeting in the Secretariat.
He said: “About Tk35 lakh revenue was deposited to the state treasurer by the first trip of Silver Discoverer. By this initiative, sea tourism prospect in Bangladesh will attract international companies which carry more earning for the country.”
National Oceanographic and Maritime Institute on February 7 organised a seminar on future planning of blue economy and environmental research where the research head Sirazur Rahman Khan said about 10,000 tourists visit Saint Martin’s island everyday where the number is only 3,000 in 2010.
In the seminar, he suggested making an appropriate survey on the sea to discover its all resources and prospects; initiating a well-informative database over the blue economy and introducing more international-class facilities for the tourists.
The international tourists were scared to visit Bangladesh after the Gulshan cafe attack last year.
But the trips of 162 foreign tourists by sea to Bangladesh without any untoward incident proved that Bangladesh is “safe and better place for tourists,” said sources in Bangladesh Tourism Board.
Amongst the 162 tourists, the highest 66 visitors were from the USA. Visitors from the United Kingdom, Australia, Canada and many European countries were in the trips, said Journey Plus, partner of Silversea in Bangladesh.
The cruise ships “Silver Expeditions” anchored in Maheshkhali island of Cox’s Bazar district and Sundarbans.
Tourists in small boats of the ship visited the places and expressed their joy after sight-seeing and interaction with local people, said the organiser of the trips.
Marveling at the natural beauty of Sundarbans and Maheskhali island, a sailor of the ship wrote letter to the tourism minister expressing his delighting experience.
The tourists did not disclose their names because of security concerns.
“Bangladesh is now on the world’s cruise map and this voyage will help boost future tourism of the country,” said Journey Plus Chief Executive Officer Taufiq Rahman.
Cox’s Bazar Deputy Commissioner Mohammad Ali Hossain said the tourists visit different historical places and pagoda.
Maheshkhali Upazila Nirbahi Officer Abul Kalam said such type of visits would help develop positive image of Bangladesh in tourism sector.
Chittagong Chamber of Commerce and Industry President Mahbubul Alam said the initiatives may inspire tourists from other countries to visit the world’s longest sea beach and the world’s biggest mangrove forest.
Silversea has started carrying tourists on two routes through Bay of Bengal. One is Colombo-Kolkata via Cox’s Bazar and another is Kolkata-Thailand via Bangladesh and Myanmar.
The government had announced 2016 year as the “Tourism Year” while the ruling party strongly tried to convince foreign tour companies to initiate operation in Bangladesh.  The Silver Discoverer’s visit shows the signs of a new trend.
Tiger Tours Limited Chief Operating Officer Sumala Chowdhury said: “The sea tourism has a huge prospect for our economy. But we have to flourish and nurse the sector without doing any harm to our natures, heritage and tourist environment.”
Sohel Rana, member of traveler group Oronyopremi, said the government should take more tourism-friendly initiatives to inspire many more tourists to visit the world’s longest sea beach and the world’s largest mangrove forest.
Tour Operators Association of Bangladesh urges the government to bring all bureaucratic formalities under an umbrella for tour operators so that they can easily do any formality promptly.
Prospects and challenges of Blue Economy in Bangladesh
The concept of Blue Economy has opened a new horizon for economic development of the coastal countries through utilizing sea and marine resources at national and international level. The concept has become a buzzword for sustainable development particularly in drafting the post-2015 development goals. Estimates suggest some 30 million Bangladeshi directly depend on oceanic economic activities like fisheries and commercial transportation. Coastal and Island developing countries have remained at the forefront of this Blue Economy advocacy, recognizing that the oceans have a major role to play in humanity's future.
We consider Blue Economy in the context of sustainable development and poverty eradication as one of the important tools available for achieving sustainable development. We emphasize that it should contribute to eradicating poverty as well as sustained economic growth, enhancing social inclusion, improving human welfare and creating opportunities for employment and decent work for all while maintaining the healthy functioning of the earth's ecosystem (Para 56, The future we want, UNCSD 2012). Blue Economy conceptualizes oceans as 'Development Spaces' Where spatial planning integrates conservation, sustainable use, oil and mineral wealth extraction, bio-prospecting, sustainable energy production and marine transport.
Bangladesh's economy is sea borne to a good extent and with \$130 billion GDP the country's economy stands the 44th. Sovereign rights have been established on more than 118,000 sq km of maritime territory, 200 nautical miles (NM) of exclusive economic zone, and 354 NM of continental shelf after positive verdicts in international courts. In the same way , the verdict with India declared on 7 July 2014 also allowed Bangladesh's sovereign rights on all the living and mineral resources of the Continental Shelf extending up to 354 nautical miles.
Fundamental principles of Blue Economy
1. Optimizing the benefits received from the development of their marine environments eg fishery agreements, bio prospecting, oil and mineral extraction.
2. Promoting national equity, including gender equality, and in particular the generation of inclusive growth and decent jobs for all.
3. Having their concerns and interests properly reflected in the development of seas beyond national jurisdiction, including the refinement of international governance mechanisms and their concerns as States proximate to seabed development.
Bay of Bengal partnership
The Bay of Bengal is the largest bay in the world that forms the north-eastern part of the Indian Ocean. The foreign minister last month gave an idea of the collaboration that could take place and said it must be based on certain universal principles of engagement-mutual trust, respect, mutual benefits, and equitable sharing of benefits. The collaboration will have to be research, observation, surveillance and in respect of sharing of analyses, outcomes, observations.
The role of marine resources in poverty alleviation, acquiring autarky in food productions, protecting environmental balance, facing adverse impacts of climate change and other economic possibilities are unlimited. But with the potentialities and possibilities the challenges also accompany. The following may be the challenges: i. Ensuring the sovereignty over the total coastal area. ii. Maintaining the security over the economic area. iii. Establishing marine friendly infrastructure for marine tourist. iv. Protecting the area from the international smugglers and fish pirates. v. Maintaining investment friendly environment in the awarded area. vi. Sustainable use of biodiversity. vii. Maintaining marine and coastal ecosystems. viii. Preserving mangrove and sea grass. ix. Addressing climate change and managing carbon emission. x. Maintaining sea level rise and change in ecosystem and temperatures, from coral bleaching. xi. Addressing ocean acidification and blue carbon. xii. Keeping the sea area free from pollution and marine debris. And xiii. The growing human population, intensification of agriculture.
Potentialities of Blue Economy in Bangladesh
Food security
Food security is very closely related to the sustainable use of biodiversity particularly where it pertains to the exploitation of wild fisheries. One billion people in developing countries depend on seafood for their primary source of protein. Bangladesh can have it now.
Fisheries
Globally 350 million jobs are linked to marine fisheries, with 90 per cent of fishers living in developing countries. The value of fish traded by developing countries is estimated at \$25 billion, making it their largest single trade item. Global catch rose from four million tonnes in 1900 to 86.7 million tonnes in 2000, but has stagnated subsequently.
Marine and coastal tourism
Marine and coastal tourism is of key importance to many developing countries. Despite the global economic crisis international tourism continued to grow. In 2012 international tourist arrivals increased by 4 per cent despite the global economic crisis and constituted 9 per cent of Global GDP (direct, indirect and induced impact). International tourism has grown from 25 million in 1950 to 1,035 million in 2012 and WTO forecasts of 1.8 billion further growth in 2030.
Harvesting power generation
Researchers have recently completed the first ocean tests of a system that uses a so called artificial muscle to generate power from the motion of a buoy riding up and down on the waves. Although the prototype produces very little electricity, the researchers say that wave farms based on the technology could eventually rival wind turbines in power output providing a significant source of clean energy which we can hugely benefit a power hungry nation.
Energy from waves
A new device being developed by the UK-based Checkmate SeaEnergy could help tap an important portion of this wave power. The device is a long, water-filled rubber tube closed at both ends. It will be capable of generating one megawatt of power at about 12 cents (BDT 9.30) a kilowatt-hour, which is competitive with electricity costs from other wave-power technologies.
Shipping and port facilities
Eighty per cent of global trade by volume, and over 70 per cent by value, is carried by sea and handled by ports worldwide. For developing countries these percentages are typically higher. World seaborne trade grew by 4 per cent in 2010 despite the economic recession. Coastal countries and SIDS need to position themselves in terms facilities and capacities to cater for this growing trade to optimize their benefits.
Available of crude oil
In 2009 offshore fields account for 32 per cent of worldwide crude oil production and this is projected to rise to 34 per cent in 2025 and higher subsequently, as almost half the remaining recoverable conventional oil is estimated to be in offshore fields a quarter of that in deep water.
Biotechnology
The global market for marine biotechnology products and processes is currently estimated at \$2.8 billion by 2017. Marine biotech has the potential to address a suite of global challenges such as sustainable food supplies, human health, energy security and environmental remediation.
Submarine mining & exploration of oil and gas
The world is gearing up for the exploration and exploitation of mineral deposits on and beneath the seafloor. Industry, due to rising commodity prices, is turning its attention to the potential riches of poly-metallic nodules, cobalt crusts ND massive sulphides deposits the latter a source of rare earth elements, such as yttrium, dysprosium and terbium, important in new ICT hardware and renewable energy technologies.
There would be international bidding for the exploration of oil and gas. There will be a major breakthrough to enrich our economic growth in real terms. The primary assessment indicates few trillion gas in a few zones available within our premises.
Port tax or levy
At present, around 600 ships arrive in Bangladesh per year and anchor in the ports of Chittagong and Mongla. With this new opening of Blue Economy, obviously, a huge number of ships will anchor in the ports of Bangladesh, and earning from this sector is likely to increase tremendously. There will be many shipping agencies to operate and activate with freight forwarding resulting in huge growth in our banking and insurance sector as well.
Steps to be taken
1. The prime minister said steps have been taken to strengthen Bangladesh Navy and Coast Guards to resist illegal use of animal and mineral resources in the exclusive economic zone as well as to keep international sea line open and safeguard the free movement of commercial ships.
2. Coordination agency is to be established: However, in furtherance of ensuring effective maritime security, Bangladesh Navy must be able to coordinate with other maritime forces, which include coast guards and other government agencies charged with sovereignty, security, law enforcement and constabulary functions at sea. If require we should establish one for the sake of the national prosperity and security and sovereignty.
3. Given the current global and regional security environment comprehensive maritime security is required. It includes Bangladesh ports, shipping, fishing, off-shore oil and gas facilities and shipping lanes in Bangladesh water. This needs not only Bangladesh national measures but also at concerted effort among littoral states, landlocked states, flag states and maritime industry partners.
4. Maritime space belonging to Bangladesh has to be secured from military and non-military threats. The mechanisms often employed include physical security measures, naval operations, crisis management. Preventive and protective measures against infringement of maritime boundaries and security incidents affecting ships offshore resources, crews, cargoes, port facilities and the people who work in sea areas surely demand concerted efforts by many maritime authorities besides the navy.
5. Besides national efforts, regional or global cooperation is also necessary to ensure maritime security, in particular against transnational non-maritime security, in particular against transnational non-military threats. All nations demonstrate a clear awareness of the importance of maritime security in the 21st century.
Blue economy is a relatively new jargon in Bangladesh but very common in global economy even in Indonesia. This is a hope and means of development in the near future. Experts opine that Bangladesh can rise to a middle income country by using this Blue Economy concept. The international workshop on 1st and 2nd of September last also opined like this. Now all it depends on how efficiently we can utilize it.
Blue Economy as an idea was first introduced by Professor Gunter Pauli in 1994. It achieved large amount of attention only in recent 2012 Rio+20 Conference. Blue Economy in Bangladesh is often mistaken as only the economic activities which taken place on ocean. Certainly oceanic economic activities are integral parts of Blue Economy but not all kinds of oceanic activities and not only oceanic activities are Blue Economy. Twenty six maritime economic functions can be identified from among the fishery, maritime trade and shipping, energy, Tourism, coastal protection, maritime monitoring and surveillance as integral part of Blue Economy. Blue Economy as a philosophical economic movement acknowledges that some aspects of so-called “green living”, such as buying organic food and using certain forms of renewable energy, can be economically out of reach for large sections of the population. The primary goal of the Blue Economy is to identify examples in nature where organic recycling or up cycling occurs and mimic these processes to find out where and how the waste that we generate can be innovatively used again. In other words, Blue Economy can be equated with sustainable economy. Thus Blue Economy requires a balanced approach between conservation, development and utilization of marine and coastal eco-systems, all oceanic resources and services with a view to enhancing their value and decent employment, secure productive marine economy and healthy marine eco-systems. It is needless to say that for most developing States particularly for Bangladesh, making transition to Blue Economy would entail fundamental and systemic changes in their policy regulatory–management–governance framework(s) and identification of various maritime economic functions.
This systemic change in policy-regulatory –governance framework is justifiable for potential rapid economic growth. Transforming and accelerating economic activities in oceanic areas which are also known as “Development spaces”, Bangladesh can surely jump upward on the global economy list. Rear Admiral M. KhurshedAlam in one of his writings explained the whole potential. He wrote, “The objective of the Blue Economy initiative – the maritime pillar of the future strategy – is to promote smart, sustainable and inclusive growth and employment opportunities in Bangladesh’s maritime economic activities in the short, medium and long-term time frames. The Blue Economy initiative specifically aims to promote synergies and foster framework conditions that support specific maritime economic activities and their value chains. The extensive review and analysis of Blue Growth potential have confirmed the potential of the Blue Economy as an untapped resource.” Mr. Alam categorically mentioned 26 maritime activities to be recognized as the part of blue economy. This writer also agrees with this categorization. But explaining all those activities are beyond the capacity of this op-ed. However, few crucial ventures are discussed to project the prospect of Blue Economy in the context of Bangladesh.
Fish accounts for 15.7% of the animal protein consumed globally. The value of fish traded by developing countries is estimated at U\$\$ 25 billion making it their largest single trade item. In 2009 marine capture production was 79 million tons.There are about 475 species of fish found in Bangladeshi EEZ compared to 250 species on land. Fish still provides the much needed protein of Bangladeshi people. About 57,000 artisanal mechanized and non-mechanized wooden boats and 200 industrial steel body trawlers are engaged in fishing in the coastal waters up to 60 km (within 40m depth) from Bangladeshi coastline having very limited capability in catching pelagic fishing-shoals closer to surface. A considerable amount of fish are salted and dried, mainly for human consumption. Incidentally, the use of dried fish as a source of fishmeal is gradually increasing due to intensification of fish and poultry farming. However, there are hardly any capabilities of catching demersal fishes below 50m depth of water. Long lines fishing are totally absent in deep waters. There is tremendous scope for increasing marine catch introducing technology and long line, incentives for bigger ocean going trawler, huge scope for higher end industry in venturing beyond 60 km coastline.
Opportunities do not arrive without potential threats. Researcher Krishna KR Sharma, have identified five threats to the bio-diversity of the Bay of Bengal, namely overfishing, predator loss, pollution, climate change, and habitat destruction. Overfishing depletes the stocks of fish beyond their ability to recover. This disrupts the ecosystem and eliminates a valuable source of food and income. Predator’s removal can cause a potentially-irreversible cascade of complex knock-on effects, destabilizing marine ecosystems. Pollution can poison marine life and decimate entire marine environments. Vast quantities of solid and chemical waste from human activities are continually dumped and flow into the sea thus plastics, sewage, oil and toxins accumulate in food webs. Climate change will create vast dead zones as plankton and corals – the primary producers for nearly all marine life – struggle to survive under increasingly inhospitable conditions.Habitat destruction physically limits the suitable living space available to marine life. Coastal development, trawling, and aquaculture all destroy important marine habitats vital for supporting sea health, such estuaries and mangrove systems that function as nurseries.
The following may be the challenges for the Blue Economy of Bangladesh: i. ensuring the sovereignty over the total coastal area. ii. Maintaining the security over the economic area. iii. Establishing marine friendly infrastructure for marine tourist. iv. Protecting the area from the international smugglers and fish pirates. v. Maintaining investment friendly environment in the awarded area. vi. Sustainable use of biodiversity. vii. Maintaining marine and coastal ecosystems. viii. Preserving mangrove and sea grass. ix. Addressing climate change and managing carbon emission. x. Maintaining sea level rise and change in ecosystem and temperatures, from coral bleaching. xi. Addressing ocean acidification and blue carbon. xii. Keeping the sea area free from pollution and marine debris. xiii.Growing population and intensification of agriculture.
In final words, it is suggested that Bangladesh needs to generate more awareness and broaden the horizon towards utilizing maritime resources and bring about socio-economic changes in the lives of people of Bangladesh. Bangladesh must consider Blue Economy as inclusive and people-centric.Bangladesh Navy along with other coastal security agencies must be equipped with modern and adequate platform and equipment to undertake vested responsibilities of maintaining security and safe guarding economic resources of vast maritime areas. All maritime agencies must allocate and integrate their resources so that all maritime tasks can be performed synergistically, effectively and efficiently.
Bangladesh is currently one of the most emerging world economies and it is mainly developing based on three sectors. Readymade garment industries, agriculture and foreign remittances sent by the migrants have been contributing to shape the country’s economy.
The country of 160 million people can add another sector in the list if it can maximise the potentials of blue economy. After two verdicts of International Tribunal for the Law of the Sea regarding the settlement of maritime dispute initially with Myanmar in March 2012 and then with India in July 2014, Bangladesh obtained its complete maritime territory of 118,813 square kilometers with total control over a region of 200 nautical miles across sizeable area and sovereign rights in the seabed extending as far as 354 nautical miles from Chittagong coast. It is like that we have earned another Bangladesh at the deep sea as the whole area of the country has doubled through it. It has opened up a new window of possibilities for extracting resources and enhancing existing benefits in terms of natural resources and external trade. What types of potentials actually Bangladesh has regarding blue economy? Are we prepared enough to exploit this advantage? After 50 months of achieving our full maritime area what initiatives our government has taken to evaluate the prospects and challenges related to blue economy? Let’s try to find out the answers of these questions.
Bangladesh, a unique delta, has been blessed with the sea outlet but the potentials in the Bay of Bengal have never been exploited properly. Thus it remains as a covered mystery which has many things to offer. The Bay of Bengal and coastal areas can be a powerhouse of our national economy. A sustainable marine economy, extending close to the coast, can bridge the shore and off-shore divide. The Bay of Bengal itself is the largest one among 64 bays in the world and 1.4 billion people live along its coastline in Bangladesh, India, Thailand and Myanmar. So, in terms of vast sea area and huge people living in the adjacent region of the seabed of the Bay of Bengal, it can provide immense opportunities. Taking advantage of it, people living in the coastal area can contribute in molding our progress as a nation. At least twenty six maritime economic functions can be operated including fishery, shipping, maritime trade, energy and seabed tourism as integral part of blue economy.

Fishery is an essential sector of blue economy. Fish accounts for 15.7% of the animal protein consumed globally and the value of fish traded by developing countries is estimated at USD 25 billion. There are about 475 species of fish found in Bangladesh EEZ compared to 250 species on land. Marine fisheries contribute at least 20% of total fish production in the country and 500,000 people are directly dependent on this sector. About 57,000 artisanal mechanized and non-mechanized wooden boats and 200 industrial steel body trawlers are engaged in fishing in the coastal waters. While about 800 million metric ton of fishes are caught every year in the Bay of Bengal, Bangladesh fishermen can reap only 70 million tons and the rest are taken away by the fishermen of India, Myanmar, Thailand and other countries. That is why at present Bangladesh is not in the list of top twenty marine fish producers of the world where India, Myanmar and Thailand are advancing in the ranking every year. There is an international attempt to increase the harvest of genetically engineered (GE) fish. As GE fish would adversely affect water quality and surrounding ecosystems, government has to prevent such tendencies. Improved, faster and bigger fishing ships and techno friendly fishing facilities are the demands of the time to patronise our long lines marine fishing.

Again the extraordinary beauty of the world’s longest unbroken sea beach, another unique beach from where the visitors can watch both sunrise and sunset and great cultural diversity of our coastal areas, have made them the preferred destination for the holidaymakers. Bangladesh can think about cruise ship tourism at deep sea and develop a number of spectacular sea aquariums. The activities directed towards coastal area development and creation of Marine Protected Area (MPA) can open up new avenues of coastal tourism. People would be attracted to visit these special places to enjoy their favourite coastal activities including wildlife watching, surfing and diving. Besides, increasing recreational features, night life activities and establishing separate tourist zones for the foreign tourists in the coastal area can inspire vacationers to explore the beauty of the beaches of Bangladesh. Their visits will benefit the local economy.

The role of marine resources in alleviating poverty, acquiring autarky in food productions through marine fishing and aquaculture, protecting environmental balance, facing adverse impacts of climate change and exploring other economic possibilities is unlimited. But with the potentialities there are some challenges. Ensuring sovereignty over the total coastal area, maintaining security of the economic area, establishing marine friendly infrastructure for marine tourists, preventing international smugglers and pirates, conducting gas and oil exploration, securing state interest in the agreements with different companies, developing investment friendly environment in the awarded area, ensuring sustainable use of biodiversity, preserving mangrove and sea grass, protecting marine and coastal ecosystems from coral bleaching, bringing a control over sea level rise, addressing climate change and managing carbon emission, reducing ocean acidification and blue carbon and keeping the sea area free from pollution and marine debris will not be that much easy.

Bangladesh is in the middle of a prime strategic location from where the West enters Asia and it is in the centre of a region that is going to build an economy of USD 100 trillion by 2030. But being a South Asian country with such a blessing of the sea channel and prospects of the blue economy the country has to face some risks of geopolitics. Bangladesh needs to take geo-strategic advantages and the potentials of blue economy must not turn into strategic trap, where we may fall into a shaky position due to rivalry and competition between regional and global powers. Bangladesh has to handle everything very carefully to walk smartly so that the country can take required benefits without annoying any of its international friends. If we can handle the geopolitics in a matured way by using the resilience of our people, Bangladesh can rather emerge as a strategic bridge between the superpowers for collective benefits.

In order to boost the naval power in the Bay of Bengal, Bangladesh already has bought two diesel-electric submarines. Besides, government has to equip Bangladesh Navy along with other coastal security agencies with modern and adequate arms and tools to undertake vested responsibilities of maintaining security and safeguarding economic resources of vast maritime areas. All marine agencies must allocate and integrate their resources so that all maritime tasks can be performed effectively and efficiently.

Well, Bangladesh has lack of knowledge, skilled manpower and technology to take maximum benefits from blue economy, especially for exploiting deep-sea fishes and seabed resources. That’s why the government officially launched a Blue Economy Cell to coordinate among its agencies involved in exploring offshore resources and potentials in January this year. Chittagong University has the Department of Marine Fisheries for years. In the meantime introduction of the Department of Oceanography at the University of Dhaka and Department of Marine Biology and Oceanography at Chittagong University has initiated the process of creating skilled manpower on marine sciences, which will meet the requirements of human resources for the new sector. Besides, the first National Oceanographic Research Institute is going to be established in Ramu, Cox’s Bazar, with a view to creating a marine scientific community for research.

In today’s world there is nothing more significant than the economic development of a country. Blue economy has become a part and parcel of the post-2015 development agenda. The goal 14 of the proposed Sustainable Development Goals (SDGs) by United Nations says, “Conserve and sustainably use the oceans, seas and marine resources for sustainable development.” Besides, the present Bangladesh government is also advancing with some prefixed development visions aiming to make Bangladesh a middle income country by 2021 and a developed country by 2041. If we want to achieve Sustainable Development Goals (SDGs) and materialize the visions, there is no alternative other than focusing on blue economy. We have to think about forming a master plan focusing on the entire coastal belt and targeting extra-regional players. We need a combination of visionary political leaderships, efficient bureaucracy, investors of real entrepreneurial attitude and innovative development thinkers to succeed in that plan. If we can do this, only then we can cash in on blue economy and change the fate of our people sustainably.

656
« on: November 24, 2017, 09:57:01 AM »
Budget Development
Definition of “Budget”: a detailed statement outlining estimated project costs to support the sponsored project. A budget should include all the Direct Costs and Facilities and Administrative (F&A) (or overhead) costs required to carry out the project objectives. Proposal budgets in Kuali Coeus should match the level of detail submitted to the sponsor. Specific requirements, including cost principles as defined by the federal government in the Office of Management & Budget (OMB) Circular A-21and OMB’s Uniform Guidance, must be adhered to at the proposal stage and when the funds are expended. Proposals to non-federal sponsors requesting approval of direct costs which are unallowable for federal reimbursement should clearly include and justify those costs in the budget.
•   Direct Costs – Expenses that are specifically associated with a particu¬lar sponsored project or activity and/or can be directly assigned to that project or activity with a high degree of accuracy for example graduate student stipend and tuition.
•   F&A Costs – Institute expenses that cannot be specifically identified with a particular project or activity.

Examples of Development Budget in a sentence
1.   All expenses shall be charged to the proper Budget Category in the Development Budget, and no expenses may be classified or reclassified for the purpose of avoiding an excess in the budgeted amount of a Budget Category without Owner's prior written approval.
2.   If, notwithstanding Targacepts exercise of Commercially Reasonable Efforts, in any year, the aggregate FTE Cost plus the External Targacept R&D Costs [********] FTE Costs and External Targacept R&D Costs in the applicable Targacept Research Budget (and the Total Research Budget), ARP Budget or Targacept Development Budget (as the case may be) [********] in accordance with the applicable Annual Research Plan, Additional Research Plan or Product Development Plan [********].
3.   As used in this Section 16, each of the following terms has the meaning for that term provided in the Project Administration Agreement: "Architect"; "Architect's Contract"; "Commencement of Construction"; "Construction Schedule"; "Final Construction Schedule"; "Final Development Budget"; "General Contract"; "General Contractor"; and "Project".
What Is a Revenue Budget?
Revenue budgets are forecasts of a company’s sales revenues and expenditures, including capital-related expenditures. It is essential that you establish whether you possess enough financial means to conduct operations, grow your business and ultimately make a profit. Without this planning, your company's future may be uncertain as you may not know how much money you’re taking in or spending. Revenue budgets ensure that businesses efficiently allocate resources -- and in doing so they save time, effort and money.
Determine Sales
The revenue budget helps businesses predict the amount they will earn when they sell their products and services. At times, this can be difficult for small businesses to calculate, especially for those that have just started -- and therefore have no historical data. You must formulate a business plan and maintain it. Business plans reflect the true state of an organization’s current business and help to analyze every aspect the business, including expected revenues. The sales revenue budget can be straightforward to construct. It includes the number of units you expect to sell, along with the number of customers that you expect will buy your products or services. It also includes the price you will charge for those products and services.
Determine Production Costs
The next step in the process is to form a production budget; this summarizes the costs associated to the production of your goods or services. You must include the cost of labor, material and purchases. Materials are the raw material or other items that your use when you produce your goods and services. The rate that the cost of raw materials fluctuates depends on the market in which you operate; therefore, you must keep a close eye on price fluctuations when you formulate your production budget. You pay salaries, unemployment taxes and other benefits for employees who produce your goods and services; these make up your labor costs.
Daily Expenditures
General and administrative budgets track the non-production costs associated with your business’ daily operations. These costs include rent expense, insurance and asset depreciation. Costs associated with staff members such as sales staff, clerks and other support staff that don’t directly affect the production of your goods and services come under the heading of general and administrative expense. You must calculate your depreciation costs so that you do not overrate your assets.
Capital expenditure budgets calculate costs associated with the investments that you plan to make during the year. Capital investments include buildings, machinery and other equipment that you use to increase or expand your business. You make capital purchases to replace older equipment or add new equipment to meet the demands of your business. Once you determine the equipment that you must purchase in the current year, you can compute the costs associated with your equipment.
Budget vs. Performance
The revenue budget consists of revenue receipts of the government (revenues from tax and other sources), and its expenditure.

Revenue receipts are divided into tax and non-tax revenue. Tax revenues are made up of taxes such as income tax, corporate tax, excise, customs and other duties that the government levies.

In non-tax revenue, the government's sources are interest on loans and dividend on investments like PSUs, fees, and other receipts for services that it renders. Revenue expenditure is the payment incurred for the normal day-to-day running of government departments and various services that it offers to its citizens.

The government also has other expenditure like servicing interest on its borrowings, subsidies, etc.

Usually, expenditure that does not result in the creation of assets, and grants given to state governments and other parties are revenue expenditures. The difference between revenue receipts and revenue expenditure is usually negative. This means that the government spends more than it earns. This difference is called the revenue deficit.

657
##### Football / FOOTBALL
« on: November 16, 2017, 11:27:58 AM »
FOOTBALL. The game of American football as played today by high school, college, and professional teams grew out of rugby-style football which in the mid-1870s replaced a largely kicking game known as association football. Although initially played on village greens and on college fields, the first intercollegiate game took place on 6 November 1869 when Rutgers defeated Princeton 6–4 in a soccer-style game. Five years later, Montreal's McGill University playing at Harvard introduced rugby football, which would be rapidly adopted by eastern teams.
Collegiate Development
For the first fifty years of football, college teams enjoyed a virtual monopoly of what they called the gridiron (the term applied to the football field because of the lines drawn at five-yard intervals). In 1876, students at Harvard, Princeton, Columbia, and Yale met to form the Intercollegiate Football Association, all agreeing to play by rugby rules. Of the four schools, only Yale chose to re-main an independent. Nevertheless, Yale continued to meet with the other schools and played a crucial role in the adoption of new rules and in the popularization of American football. Beginning in the 1880s, the eastern institutions led by Yale played "big games" before large crowds in the New York and Boston areas. From 1880 to 1888, changes in the intercollegiate rules led to the transformation of British rugby into American football. The possession rule of 1880, which decreed that the team with the ball would keep possession if tackled, led to a series of further changes. The result was a game of physical contact and deception that had progressively less in common with rugby and association football.
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The possession rule and the changes that accompanied it were associated with Walter Camp, a player for Yale in the late 1870s. A gifted strategist and promoter, Camp served as a coach or adviser to the Yale team from 1879 to 1910 and as the key figure on various rules committees. Through devices such as his All-America teams, he was also instrumental in making football a nationwide intercollegiate sport. Led by Camp, the handful of youthful rules-makers enacted the yards and downs rule (three downs to gain five yards), numerical scoring, interference in front of the ball carrier, and tackling between the waist and the knees (rather than above the waist). Players could move forward before the snap of the ball (momentum plays), and push and pull the ball carrier through the defense (mass play). As a result of these rules changes, football became noticeably rougher and by the late 1800s was criticized by clergy, newspaper editors, and some older college faculty and administrators for its dangers and brutality.
In the 1890s, football spread rapidly to colleges in every part of the country. Spearheaded by former players or "missionary coaches," the teams closely followed the rules and rituals of eastern colleges, including Thanksgiving Day rivalries such as Michigan and Chicago or Stanford and California. As football gained in popularity with students and alumni, criticism of the game among faculty, college presidents, and crusading journalists grew more shrill, especially at a time when several players were killed or seriously injured each year.
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On 9 October 1905, just after the beginning of the football season, President Theodore Roosevelt met with six alumni gridiron advisers from Yale, Harvard, and Princeton, including Camp and Coach Bill Reid of Harvard. Roosevelt secured their pledge to draw up a statement in which they would agree to eliminate brutal and unsportsmanlike play. Contrary to a widely held belief, Roosevelt did not issue an edict to the colleges, nor did he have a direct role in reforming the rules. In October and November 1905, football at all levels had eighteen fatalities—three in college play—and 159 serious injuries.
Following the death of a Union College player in a game against New York University, Chancellor Henry MacCracken of NYU called a meeting of nineteen colleges to consider the evils of football. That gathering in early December 1905 of twenty-four delegates led to a second, larger conference, which met in New York late in the same month. The more than sixty colleges represented appointed a reform rules committee. In addition, they organized themselves into the Intercollegiate Athletic Association of the United States (ICAA), predecessor of the National Collegiate Athletic Association (NCAA), to challenge the older, big-college football committee. Meeting together, the two committees agreed to sweeping gridiron reforms, including the ten-yard rule (ten yards to be gained in three downs), six men on the line of scrimmage and a defined neutral zone between the teams, stiffer penalties, and the forward pass. Although the number of injuries declined under the new rules, another round of deaths and injuries in 1909 led to the enactment of more comprehensive rules between 1910 to 1912.
Football in the 1920s and 1930s
After World War I, both college football and the fledgling professional version of the game prospered as a result of the booming economy and the remarkable popularity of major sports. Thousands of gridiron enthusiasts flocked to the newly constructed stadiums modeled after the Harvard, Yale, and Princeton stadiums. In October 1924, Harold "Red" Grange of Illinois became football's best-known player when he ran for five touchdowns and passed for a sixth in a game against Michigan. After his final college game, Grange signed a contract with the professional Chicago Bears of the National Football League (NFL). He immediately played to overflow crowds in Chicago and New York and agreed to lucrative deals for endorsements and movie appearances. The highly publicized and profitable entry of the "Galloping Ghost" into pro football was a precursor to the wealth of NFL players later in the twentieth century.
Just as football grew at the college level, it also took hold in the high schools. Football had been played at private secondary schools since the 1880s, and some public schools fielded teams in the 1890s and early 1900s. Promising players at private schools and high schools became the object of fierce recruiting struggles by the colleges. In the early 1900s, the emergence of the larger consolidated high schools created a need for football as a means of forging loyalties among large and diverse student bodies. Even before World War I, some coaches became known in high school football before moving up to the college level.
Football was also widely played as an unorganized, sandlot sport, or as a supervised playground recreation. By 1929, many of the serious injuries and occasional deaths in the first three decades of the twentieth century occurred during unsupervised play. Because of the need for protective equipment and adult supervision, youth leagues gradually evolved. What became the Pop Warner Leagues began as a local Philadelphia area football club in 1929. The organization was later renamed for Glenn Scobie "Pop" Warner, best known as a college coach at Carlisle Indian School, the University of Pittsburgh, and Stanford University. Beginning in 1947, the Pop Warner Leagues initiated their own national championship modeled after college and professional competitions in football and other sports.

Professional football had originated in the towns of western Pennsylvania and taken root in the smaller cities of Ohio. In 1920, a group of midwestern teams met to form the American Professional Football Association, changed the next year to the National Football League. In the 1920s and 1930s, NFL teams often went bankrupt or moved and changed names, and professional football ranked a distant second to college football in popularity

and prestige. Only after World War II, with the advent of television and air travel, did the NFL and other leagues challenge the college game.
Post–World War II Football
Television, a medium that rapidly expanded in the 1940s and 1950s, proved well-suited to the gridiron game. After setting records in the first years after World War II, attendance at college football games began to slump from 1949 on. The alarmed NCAA members ceded to their TV committee the right to control or even to ban college football telecasts. In 1951, the NCAA contracted with Westinghouse (CBS) television network to televise one game each Saturday, later broadening the agreements to include several regional games. This cartel would help to strengthen the power of the NCAA, but it would also lead to near rebellion within the association in the 1980s.
Although college football attendance revived, professional football rapidly surpassed its collegiate parent. A national audience watched a gripping telecast of the NFL championship game in 1958 when the Baltimore Colts won a dramatic sudden-death overtime victory against the New York Giants. Frustrated by the NFL's cautious approach toward expansion, the oil billionaires Lamar Hunt and Bud Adams began the American Football League (AFL) in 1959, with its first game in 1960. Bolstered by a network contract, the AFL challenged the NFL for blue-chip draft choices and TV audiences. In 1966, the AFL and NFL agreed to merge, and an annual championship known as the Super Bowl was played between the two leagues after the following season, though they would not become one league with two conferences until 1970. That year, ABC Sports innovator Roone Arledge teamed up with NFL commissioner Pete Rozelle to launch "Monday Night Football," an instant hit on prime-time evening television. Professional football franchises, which had once struggled for attendance, became businesses worth millions of dollars.
Although the players' salaries rose, they would not reach the levels achieved by major league baseball until the 1990s. Strikes in 1974 and 1987 led to victories by the owners, who effectively blocked the free agency that had resulted in soaring salaries in major league baseball. Attempts to found new professional leagues—the World Football League in 1974–1975, the United States Football League in 1983–1985, and the XFL in the winter of 2000—failed to breach the NFL cartel. Only the Canadian Football League (CFL), arena football played indoors, the World League of American Football (an NFL minor league with teams mainly in Europe), and the Women's Professional Football League (WPFL) offered an outlet for players who could not play in the NFL.
Following World War II, African American players appeared in rapidly growing numbers both in college and professional ranks. In college football, a handful of black players had participated since the 1890s in the East, Midwest, and West. In addition to being subjected to harassment and brutality, these players were by mutual consent "held out" of games with southern teams. In the postwar years, colleges outside the South refused to accept these "gentlemen's agreements" that kept blacks out of games. Except in the South, the number of African American players grew steadily in the 1950s. Southern teams were not integrated until the late 1960s and early 1970s. In 1961, Ernie Davis of Syracuse became the first African American Heisman Trophy winner.
African Americans had played professional football in the early 1900s. A handful played in the early years of the NFL. In 1934, the league's last players, Jack Lilliard and Ray Kemp, were forced out of pro football. After World War II, the Cleveland Browns of the new All America Football League (AAFL) and the Los Angeles Rams of the NFL both integrated their teams, and the number of black professional players would show a steady increase after 1950.
College Football in the Age of the NFL
In the 1960s, college football enjoyed a brief period of prosperity and relative calm. In the fall of 1966, 33 million viewers watched a fierce struggle between Michigan State and Notre Dame, the college game's version of the Giants-Colts showdown in 1958. ABC's innovations in telecasting and the advent of color television brought more revenue and recognition to big-time teams and their coaches.
Following World War II, many teams adopted two-platoon football in which teams had separate defensive and offensive units (the innovation doubled the need for scholarships and players). Unnerved by rising costs and wedded to past practice, the NCAA football rules committee attempted in the 1950s to banish two-platoon football but returned to unlimited substitution by the end of the decade. (Unlike the colleges, the NFL never tried to abolish separate offensive and defensive teams.)

In 1951, nearly fifty institutions dropped football because of rising costs and dwindling attendance (some of these such as Georgetown, Fordham, and Detroit were ranked in the top twenty in the 1920s and 1930s). In the East, eight Ivy League institutions adopted joint rules deemphasizing football. They began less costly round-robin play in 1956 and eliminated spring practice, football scholarships, and postseason contests.
After World War II, the NCAA failed in its first attempt to regulate subsidies for supposedly amateur players. The subsequent scandals created support both for deemphasis of big-time football and for a nationwide system to enforce athletic codes of conduct. Other scandals involved booster clubs that funneled illicit payments to players and recruits. Beginning in 1956, a series of pay-for-play schemes were uncovered at five institutions in the Pacific Coast Conference, contributing to the conference's demise in 1959. Stepping into the vacuum, the NCAA levied stiff penalties against offenders, including bans on TV appearances. The commercial model pursued by many college football conferences led to charges that colleges had become the minor leagues for professional football. To some extent, the charges were true. Not only did the colleges supply the training for NFL recruits, but coaches also moved easily between the professional and collegiate ranks.
The quest for revenues in college football proved both a motivator for top teams and a cause of internecine quarrels. Faced with rising expenditures in the 1970s, big-time college teams opposed sharing TV revenues with NCAA members who had smaller football teams or no teams at all. Formed in 1976 as a lobbying group within the NCAA, the College Football Association (CFA) proposed to negotiate their own TV contracts. In 1984, two CFA members, Georgia and Oklahoma, won a Supreme Court decision against the NCAA, thereby ending the association cartel. Institutions and conferences within the association would now be responsible for their own TV contracts.
Unlike professional football, Division I-A football, comprising the most prominent intercollegiate football institutions, had no playoff championship. Beginning in 1998, the NCAA initiated the bowl championship system to replace the mythical champion chosen by sportswriters and coaches. Using a variety of methods, including computer ratings, the NCAA chose the top two teams to play in one of the major bowl games, the designations of which rotated from year to year. Critics pointed out that college football still was the only college or professional sport that did not choose the champion by playoffs.
Conclusion
Beginning in the late nineteenth century, American football developed far differently from rugby football and association football (soccer, as it is referred to in the United States). Unlike baseball and basketball, American football has been largely confined to the United States and Canada. It has remained a predominantly male game, though a women's professional league has fielded teams, and female place kickers have competed at the high school and college levels. Whereas baseball was once clearly the American pastime, football has gained preeminence at the high school, college, and professional levels. In addition, football has developed a distinctive fan culture. Tailgating or picknicking in the parking lot, participating in booster clubs, and traveling vast distances for Bowl games or intersectional rivalries have become part of the football culture of dedicated spectators. Moreover, the availability of football through cable and network TV has transformed millions of television viewers who seldom attend a major contest into knowledgeable and enthusiastic football fans.
Source http://www.encyclopedia.com/sports-and-everyday-life/sports/sports/football

658
##### Fresh Graduate / Student Resume Objective
« on: November 16, 2017, 11:20:19 AM »
Student Resume Objective Examples
Why do you need an objective?
An objective is a person's future based act which enables him/her to obtain the decided task. Objective makes us efficient for having desired results. By having objectives in life, one may achieve success in his/her task.

About the job description Brief description)
Student's job contains the jobs like student assistants, student worker, and student coordinator as well as student council secretary, and student teacher etc. Student workers work in any department in the college while pursing their study. By doing so, they can use their spare time as well as earn something. A student teacher has to teach the graduate and undergraduate students.
Skills to appear in the Student Resume Objective
Should have the ability to research on things
Should have excellent communication and written skills
Should have the deep knowledge of various subjects
Should have Technical skills
Should attend some training program or lectures
Should know how to handle the class
Skills based Professional Student Resume Objective
For Experienced
I have all essential skills that need to be for a good student teacher. As I have gone through this stage, I know the needs of students. I know their psychology. I can tackle any problem regarding the students. I have deep knowledge of my subject which will help me to give the hundred percent.
For Entry Level
I will have to adopt the new concepts and things as I am a new face in this field. By doing so, I can keep myself updated. I will always learn innovative things. I will use my ideas and conceptions in order to get the fruitful results of my work.
For Internship Level
It will be better for me to know about the working scenario at this step. It will help me to realize where I should work and what plans should I have for improving my performance. However, I will seek the advice of my superiors and try to follow it.
Aim & future based Student Template Resume Objective
I would like to flourish as a student teacher. I am familiar with the various activities that form the teacher's job. I know how to teach, what to teach, and why to teach. I have an idea about how to plan a lesson. I can assist the other teachers. I know the various processes that come under this area.
For Entry Level
I have the capacity to learn things within less time. I know how to prioritize my work. Also, how to prepare myself for a particular task. I have the ability to accomplish any task within the deadline.
For Internship Level
I will learn the working culture at this step. On the other hand, I will observe the companions i.e. how they do their work and what plans they have for converting their work into fruitful results. I will examine the whole process of working.
Business & company improvement based Student Resume Objective
For Experienced
The progress of this field will be my first and foremost goal. I will always keep myself ready for completion of any task so I can contribute in the progress of the company. I will implement my plans for the sake of the development of my company.
For Entry Level
I have the qualities like devotion towards work, honesty, integrity, analytical approach, and time management. With the help of these qualities and by using them in order, I can get the expected results I can get name and fame amongst my staff. I will discuss various tasks and plans with my seniors. I will try to convince them that how my plan will be useful for them. Whatever feedback I get from them, I will implement it.
General tips for writing Student Resume Objective
If a candidate wants to flourish in his/her career in this field, they have to include the all skill sets and qualities in the Student Resume Objective. Consequently, they may get the better opportunity to work in this field as well as desired position in the related field.
source http://www.bestsampleresume.com/resume-objectives/student-resume-objective.html

659
« on: November 16, 2017, 11:18:23 AM »
Financial order is impossible without a well maintained budget. This does not just help form a visual picture of where your money goes, but makes you want to cut down on your daily expenses as well. Having lunch outside everyday may not look too significant until you add up your monthly lunch expenses, which is why you would definitely want to take lunch boxes from home.
If you do not know how to make a budget, there are numerous templates and tables available online. You can also use mobile apps, such as Money, Goobudget and Money Lover, some of which even have financial advice based on your income and expenditure patterns.
It is wise to allot certain percentages of your income for each category of your expenses after around three months of thorough observation, e.g. you could allocate 40 percent on housing and utilities, 15 percent on food, 10 percent on transport, 10 percent on clothing and entertainment, and 25 percent on savings. These obviously vary among individuals, but anything is alright as long as your expenses do not exceed your income.
However, try to allocate more for savings, especially at an early age. You will not just grow a good habit out of it, but also understand why Warren Buffet says, “Do not save what is left after spending, but spend what is left after saving.”
You might find a lot of your friends doing this already, but the smart decision is to keep savings in a high-interest savings account, as bonds or stocks, to make sure your savings are well protected from the effects of inflation.
Personal finance management may seem very intimidating and complicated at first, but just a bit of reading up, trial and error will get your money in order. It is important to invest and save, but do so wisely. You are definitely advised to spend cautiously, but a bit of self-pampering now and then does not hurt either.

660
##### Chess / History of chess
« on: October 06, 2017, 10:51:54 PM »
The history of chess goes back almost 1500 years. The game originated in northern India in the 6th century AD and spread to Persia. When the Arabs conquered Persia, chess was taken up by the Muslim world and subsequently, through the Moorish conquest of Spain, spread to Southern Europe.

In Europe, the moves of the pieces changed in the 15th century. The modern game starts with these changes. In the second half of the 19th century, modern tournament play began. Chess clocks were first used in 1883, and the first world chess championship was held in 1886. The 20th century saw advances in chess theory, and the establishment of the World Chess Federation (FIDE). Chess engines (programs that play chess), and chess data bases became important.
The exact origin of chess is a great mystery. There are few ancient texts referring to the very beginning of chess, and fewer chess pieces left as physical evidence of the game's early existence. But myths, theories and opinions abound! Most historians believe it started in India, Persia, or China.But there is much that we do know. The form of chess which finally arrived in Europe was already being played in Persia some 1,350 years ago, when that area of the world was conquered by Muslim armies in the mid 7th century. The game became very popular in the Muslim world, and it was carried back, throughout Islam, across North Africa and eventually into Europe.
hough different from the chess we play today, the ancient game has striking similarities to the modern game. It is easy to learn the ancient rules of play, and to get a feeling for chess as it was experienced by Persians and Arabs long ago.

Let's look at the old game, known throughout ancient Islam as shatranj, starting with features that are familiar to a modern chess player. The game was played on a board of 8 by 8 squares, just as our game is, but the board was not checkered. The pieces were arranged like ours are, but some of their identities were a little different.
A reproduction of the early Persian chess set, all set up and ready to play
reproduction of the early Persian chess set
the chess king and rook, from ancient shatranj and modern chess
ancient and modern kings, ancient and modern rooks

The king of the old game was a king, like our king, and had the same move. No change there in over 13 centuries. The rook was called "rukh" which meant "chariot." It's interesting that we maintain essentially the same word in English, although the meaning of "rook" or "rukh" has long been lost to us. The ancient rook also had exactly the same move as our modern rook.

The modern knight also retains its ancient move and is still depicted, as it has been for centuries, as a horse. And the ancient pawn, although it could move only one space forward (never two spaces like our modern pawn), was always considered to be a foot soldier. His forward move and forward-diagonal capture were the same then as they are today.
Source http://ancientchess.com/page/01.htm

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