newseo1-blog

[newseo1-blog]

Unseen connection between our GDP and Waste Management INDUSTRY

What Is Economy And How It Works?

The economy is defined as a social domain that emphasizes the practices,

discourses, and material expressions associated with the production, use, and management of resources. A given economy is the result of a set of processes that involves its culture, values, education, technological evolution, history, social organization, political structure, and legal systems, as well as its geography,

natural resource endowment, and ecology, as main factors. These factors give context, content, and set the conditions and parameters in which an economy functions. In other words, the economic domain is a social domain of human practices and transactions.

Economic agents can be individuals, businesses, organizations, or governments. Economic transactions occur when two groups or parties agree to the value or price of the transacted good or service, commonly expressed in a certain currency. However, monetary transactions only account for a small part of the economic domain. India Nominal GDP: $2.94 trillion-India GDP (PPP): $10.51 trillion.

India is the fastest-growing trillion-dollar economy in the world and the fifth-largest overall, with a nominal GDP of $2.94 trillion. India has become the fifth-largest economy in 2019, overtaking the United Kingdom and France. The country ranks third when GDP is compared in terms of purchasing power parity at $11.33 trillion. When it comes to calculating GDP per capita, India's high population drags its nominal GDP per capita down to $2,170. The Indian economy was just $189.438 billion in 1980, ranking 13th on the list globally. India's growth rate is expected to rise from 7.3% in 2018 to 7.5% in 2019 as drags from the currency exchange initiative and the introduction of the goods and services tax fade, according to the IMF.

India’s post-independence journey began as an agrarian nation; however, over the years the manufacturing and services sector has emerged strongly. Today, its service sector is the fastest-growing sector in the world, contributing to more than 60% of its economy and accounting for 28% of employment. Manufacturing remains as one of its crucial sectors and is being given due push via the governments' initiatives, such as "Make in India." Although the contribution of its agricultural sector has declined to around 17%, it still is way higher in comparison to the western nations. The economy's strength lies in a limited dependence on exports, high saving rates, favorable demographics, and a rising middle class.

Top 10 Countries by GDP

1. United States

2. China

3. Japan

4. Germany

5. India

6. United Kingdom

7. France

8. Italy

9. Brazil

10. Canada

The future of Indian rupee and the Indian economy is fabulous. The Make in India policy will promote the manufacturing sector and reduce import dependency, promote exports. The recent policy decisions especially the tax evasion measures will certainly Correct the rank of India in ease of doing business and thus increasing the foreign direct investment.

How Economical Growth Connects With Waste Management Industries?

A recent report released by the International Monetary Fund said that the Indian economy will be the fastest-growing economy in the world in the year 2018. The

Indian economy is composed of the three major sectors like i.e., Services sector:

53.7%, Industry sector: 31.2% and Agriculture sector: 15.2%. The "Make in

India" initiative, a multi-pillar development push launched by Indian Prime Minister

Narendra Modi in September 2014, has helped spur a building boom. The government knows that investment, innovation, and entrepreneurship are more likely to happen if the right physical and tech contexts exist. Recent times have seen a significant deviation from traditional waste management practices limited to collection and disposal, to a more scientific approach that looks at the value propositions of converting ‘waste to wealth’.

Waste Management in India Shifting Gears raises the curtains on the changing landscape in the waste management sector, dwelling on changes in the policy, regulatory and technology landscape, and the future of a market-based approach for the products and by-products emanating from waste streams such as compost, fuel, and electricity. It also offers an insight into new approaches for project development in the sector as well as capacity-building initiatives, with some interesting case studies and success stories in the domain.

India, which is the second-most populous nation in the world, comprises 17.86% of the world’s population. It is projected to be the world’s most populous country by 2022. About 32.8% of its population is urban and with the urban population increasing at 3-3.5% per annum, the per capita waste generation is increasing by 1.3% per annum. At the present rate, waste generation is projected to increase from 62 million tonnes per year to about 165 million tonnes in 2030.

According to the data from the Ministry of Environment, Forest and Climate Change, the Government of India (GoI), only about 75–80% of the municipal waste gets collected and only 22–28% of this waste is processed and treated. Waste is a valuable resource that needs to be properly treated in order to generate environmental and monetary benefits from it. Improper planning for waste management, complex institutional setup, constraints in capacity for waste management using modern techniques and best practices, and limited funds with urban local bodies (ULBs) are some of the reasons waste management in India has become an area of concern. GoI has undertaken several initiatives for waste management and in this paper, we have highlighted some of the welcome initiatives, which will provide the private sector the necessary foundation to play a critical and greater role in the management of waste in India.

A recent report on the infrastructure needs assessment of India forecast-ed an investment requirement of 1.2 trillion USD in the next 20 years, roughly 134 USD per capita per annum out of which the portion on waste management the sector has been estimated at 15 per capita USD. With the present population of 1.2 billion, the investment estimated by 2030 is almost 18 billion USD.

Similar investment requirements have reverberated in the Report on Infrastructure in India under the High Powered Expert Committee (HPEC), which projected investment of 771.65 billion5 USD (39.2 lakh crore INR)over a horizon of 20 years from 2011–12. The investment requirement under the waste management sector has been conservatively estimated at 9.56 billion USD (0.49lakh crore INR).

With the investment in the manufacturing sector, advancement in the technology, generation of the employment opportunities, and the ways to make the labor skilled, our country will be touching the sky of success in just a matter of a few years. Moreover, the way the government has been working is commendable and it justifies the need for transformation in the country.

When you talk about all the impacts that the Make in India has on the economy, the only thing that the citizens are concerned about is the country’s GDP. After all, that is the only thing that defines the accurate situation of the country. The better the GDP, the more developed will be the nation.