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SpaceX Falcon9 a 2stage rocket with NASA astronauts Robert Behnken and Douglas Hurely, started their 19 hours voyage to ISS(International Space Center).
In the Kennedy Space centre launchpad 39A human space rocket successfully launched, the first crewed of human space rocket project from US soil in 9 years i.e in 2011 it was ended again now in 2020,May 30th became a historical day in the american history that makes feel proud of America and rest of the world.
President Trump and Vice president pence attended and witnessed this historical launch.
Why SpaceX Falcon-9 Launched?
Reliable and safe transport of Satellites and Dragon Spacecraft in to the Orbit.
SapceX Falcon 9 is the 2stage and first orbital class rocket which can reflight.
To enable LEO(Low Earth Orbit), GTO (Geostationary Transfer Orbit).
Launch private Moon Lander in 2021.
Due to stormy weather conditions, tornado warning and lightning by weather reporting agencies of America program was disrupted on Wednesday (27th may,2020), but on Saturday 30th May,2020 weather also fine enough to launch the historical SpaceX rocket, and finally NASA succeeded in launching.
World No Tobacco Day declared by World Health Organisation. Member countries of WHO observed yearly 31st May as No Tobacco Day that indicates the danger by consuming tobacco.
Since 1987 World health Organisation has been campaigning against tobacco and its effects. Every this anti tobacco campaign follows a theme that elevates objective of the member countries. Anti Tobacco Campaign themes 2017: "Tobacco - a threat to Development". 2018: " Tobacco and Heart Diseases Cardiovascular Health". 2019:"Tobacco and Lung Health". 2020: "Protecting Youth from Industrial Manipulation and preventing them from Tobacco and nicotine use".
World no Tobacco day Campaign theme for 2020 aimed on youth de-addiction.
More than 8 million people deaths noted world wide every year by tobacco effecting diseases. Out of this 8 million deaths 1.2 million deaths noted by passive smoking effects.
Epidemiology of Tobacco Use:
Deaths due to tobacco affected diseases greater than the the combined deaths of TB,Malaria and AIDS.
1 in 2 smokers die due to cardiovascular diseases,Lung cancers and other effects by consuming tobacco.
80% of male population and 50% female population of the world addicted to smoking.
In 25 countries more female smokers than male worldwide.
In US 83% smokers belongs to before 18 years.
40%children and 33% of adults exposed to passive smoking.
10% of deaths due to smoking consists of second hand smoking in this 28% children.
Cigarette consumption per
China-2.3trillion
Russia-390billion
USA-316billion
Indonesia-261billion
Japan-235billion
India-100billion, inculdind bedees 1trillion.
Total revenue of tobacco products globally $346.2billion in 2010. Profit was $35.1billion. This profit excess the combined profit of Microsoft, Coca cola, Mc Donalds.
Particularly during this pandemic situation in developing countries, densely populated countries like India has to take care of the steps to control tobacco products.
South Africa, India already banned Tobacco products during Covid-19 lockdown period as this ban directly indicates that how much danger the combined effect of tobacco and COVID-19.
There is Progress towards tobacco control get supported by Countries like China and Indian banned smoking in public area, if anyone violate this, govt will impose fines.
In Japan also govt. passed a law on smoking in bars and restaurants.
World health Organisation has been implementing since 1987, the measures so far taken not enough and by keep going ahead we can see Tobacco free world.
Olympics-2020 also planned Tobacco free bars and restaurants, banned public smoking but events Postponed due to COVID-19.
Any way in such gatherings anti tobacco measures gives good results we hope so.
Lung cancers by smoking, mouth cancers by chewing tobacco,Chronic Obstructive Pulmonary Disease (COPD) by combined effects of smoking and chewing tobacco, cardiovascular diseases and other disorders in intestine by combined consumption smoking and alcohol.
One in ten deaths by tobacco consumption worldwide.
Final Word: World No Tobacco day by World Health Organisation and its anti tobacco campaign are good enough as the campaigns achieved significant results that some countries banned tobacco and issued strict guidelines to control tobacco consumption. But every individual has to think of this. Most of the smokers want to quit smoking but they don't know how to quit. Government has to take steps of arranging de-addiction centers and kept aside of revenue on tobacco products.
NASA planned SpaceX Falcon-9 launch on 27th May,2020 but postponed due to stormy weather conditions. This is the first astronaut launch from Florida, i.e from US soil.
What Happened to your Body when you Stop Smoking Tobacco:
World No Tobacco day by World Health Organisation and organises Anti Tobacco Campaign, every year WHO releases theme of anti tobacco campaign on 31st May.
59th Quadrennial Presidential Elections of US, entire world keen interest on Predictions. US presidential elections 2020 became more viral because of COVID-19.
Delaware Predictions was correct in 2008,2012. As per Delaware Predictions 2020 Joe Biden Vs Doanld Trump.
Allan Lichtman Predictions:
History professor in American University. He has been predicting US election results since 1984. Last 9 elections were correctly predicted by Allan Lichtman. In 2016 also predicted electoral college victory for Donald Trump and who lost popular vote to Hillary Clinton. Predictions based on the following Factors:
Coronavirus disease 2019, became pandemic, death bell rings globally, it is quite common that several questions raised in our minds regarding treatment, prevention and eradication.
World Health Organisation(WHO) and Food and Drug Administration (FDA) Officially not announced any drug or vaccine to prevent COVID-19.
Being human, curious questions revolves around us like:
What happening in Quarantine room?
How the doctors treat COVID-19?
Which drug can cure Coronavirus Disease?
If I get infected, can I stay alive?
For shot while forget about above questions.
Do you know How drug works on human
body?
If you take a pill with glass of water it enter to stomach, small intestine,Liver and then blood.
One funny thing is, drug don't know the infected part, but there exists a bond between drug and infected part, like lock and key. Liver release the drug dosage and concentration in to the blood flow. Drug circulates every cell of the body and search for its matching lockset i.e infected part.
In order to find formula of the Drug to eradicate specific virus we have to study the following:
Incubation period
Life time
Climate conditions that the virus can bare
Medium of transfer
Paracyte that carry the virus etc.
To study the virus and to find anti dote it tooks time, that's what happening in current situation of COVID-19. That is why World Health Organisation (WHO) and Food and Drug Administration ( FDA) have not declared any drug regarding Coronavirus disease 2019.
Drugs currently used in various countries for treating COVID-19 patients are:
Hydroxychloroquine- cure Malaria
Azithromicin-- cure lung infections.
Paracetamol--- control fever
Lopinavir and Ritonavir--- usally prefered for HIV patients.
Note: The above drugs not allowed to use orally. Under doctor observation dosage can be prescribed, according to the patient age,weight and symptoms of Coronavirus disease.
How COVID-19 patients treated?CASE STUDIES:
A 54 year old man get recovers in South Korea when treated by HIV curable drugs Lopinavir and Ritonavir.
Death rate due to COVID-19 in India is less compared to Italy because the following reason are also play crucial role in the death rate of Coronavirus disease 2019:
Vaccination history
Genetical immunity
Health history
Most of the Italians not prefer vaccines and 60% of the Italy population are above 50 years old , where as an in India Vaccination starts from infant stage and also 40% of India's population are in between 20-40 years old
Which drugs have significant results?CURRENT FACTS:
Out of 205 COVID-19 suffering countries mostly believes that Hydroxycholoroquine anti malaria drug can significantly reduce Coronavirus disease 2019.
President of USA Donald Trump stated that Hydroxychloroquine is a Game changer also asked India to send the drug.
President Jair Bolsonaro(Brazil) stated Hydroxychloroquine as an ideal drug for all diseases.
Currently Hydroxychloroquine has top priority among all the drugs in the treatment of COVID-19.
FINAL WORD:
There is no Hydroxychloroquine until lakhs of people died of Malaria. Lopinavir and Ritonavir not formulated till thousands of people suffer from HIV. Always there is a challenge by virus. Hope very soon the drug will formulate to cure COVID-19. Take necessary measures to prevent corona and Stay healthy and remind that Health is wealth.
Eid Mubarak is an Arabic term that means “Blessed festival”. The term is used by Muslims all over the world. Eid al-Fitr , Eid Mubarak and Eid-al-Adha inthe month of Dhul Hijjah the last Islamic month.
Holy Ramadan month ends with Eid al-Fitr, Islamic prayer meetings largely restricted in Ramadan 2020 due to lockdown. Before sunrise meal during Ramadan termed as Sehri and after sunset meal Iftar. Timings of these meal will vary day by day and place by place. Globally approx 25% of population follows Islam(1.8 Billion) in this Sunni's 1.5 billion(80%-85%) and Shia's 240-340 million(15%-20%) celebrating and follow the tradition of Ramadan. But COVID-19 affects gatherings and their freedom of worshiping Allah (God). Eid-ul-Fitr is one of the most important festivals for Muslims all over the globe.
Long fasting custom and prayer which is considered to be the holy time. After sighting the first crescent of the new moon they ended fasting.
Eid-ul-Fitr 2020 a festival of ending holy month Ramadan. Eid ul- Fatir 2020 will be celebrated on Saturday May 23, or Sunday, May 24, depending on the sighting of the moon. Eid Mubarak Greetings:
Eid Mubarak greetings of what app status, Facebook posts text messages, videos, Gig images, phone call play dominant role in 2020 because of COVID-19. Social distance maintaining by people of the world affects heartly greetings of Eid Mubarak. Some eye feasting status and video greetings for you are below:
Ramadan Songs:
Ramadan and Eid songs of you tube and websites became popular as live concerts and performances not possible due to COVID-19. Eid and Ramadan songs gets place of playlists of more people of music lovers not only for Muslim. Music has no language or religion every one can feel and enjoy this has proved again by listening Eid songs and YouTube views.
Missing Hyderabadi Haleem:
Key ingredients of Haleem are Ghee, Dry fruits,pounded wheat,saffron,lentils, goat meat/chicken/beaf. These ingredients make the dish delicious and rich in energy. Antioxidants provided by dry fruits works as anti ageing agents. Meat consists of protein will helps to health.
Haleem serving also have tremendous look by mint leaves, lemon juice/piece,coriander leaves, golden yellow color fried onions makes the dish great.
Haleem a delicious dish that mostly preferred one in the month of Ramadan.
Hyderabad Haleem famous all over the world and has been supplying by special courier service.
Due COVID-19 Haleem lovers really missed it. Traditional cooking method using valuable tremendous ingredients make the dish tasty and delicious. Hyderabadi Haleem Recipe.
Especially in the holy month of Ramadan most of the people definitely taste this mouth watering dish, not only the muslim also the peoples also eagerly awaiting to eat it. This Ramadan 2020 we really missed it.
Final Word: Eid al-Fitr 2020 excludes the routine customs followed by Muslim world.
Prayer gatherings, Iftar meetings,delicious food, freedom of worshiping are the main restrictions that really hurts the Muslim people all over the world Ramadan 2020 a holy month ending with little dissatisfaction. Any way we need to follow strict guidelines stated by government during this pandemic situation.
coronavirus vaccine status has given by Sowmya Swaminathan, chief scientist of WHO( world Health Organisation) within 1 year COVID-19 Vaccine will come. 7 vaccines under advanced stage of development (US-2, UK-2, China-2, Germany-1). These are under human trails called clinical trails the advanced stage of vaccine development.
Coronavirus vaccine status is the current awaiting topic to know the details, corona vaccine news also going viral now, why because COVID-19 prevented by universal immunization only, by following lock down, maintaining physical distance not enough to prevent this noval Coronavirus.
Generally vaccine development takes 10years of time, this much lengthy process and stages are there in the vaccine development. But WHO chief scientist Sowmya Swaminathan said within one year corona vaccine will come out, means the development is going fadevelopmentsarch and development of EBOLA vaccine tooks 5years to come, and for ZIKA virus vaccine tooks 2years.
Hopes on Covid Vaccine:
After the development of COVID vaccine there may be patent rights and added commercialism.In 1955, Jonas Salkdiscover polio vaccine, he announced patent rights of this polio vaccinefor mankind. Companies may think commercially as they invest money and time, they may expect. If reasonable cost or free of cost the vaccine should avail soon this lead to COVID free world. Research and development of Coronavirus Vaccine:
As per corona virus vaccine news by Times Now University of Oxford conducted 1st trail in Europe.
Pre-clinical trails of COVID vaccine conducted in Australia, in that vaccine injected to animals observed results.
Status of corona virus vaccine given by CNBC , defence minister of Israel, Naftali Benett announced officially that they developed 'passive vaccine' i.e the vaccine develops antibodies against corona virus. This passive vaccine developed by IIBR (Israel Institute of Biological Research).
Italian scientists developed vaccine that neutralises noval Coronavirus vaccine. Italian news agency ANSA declared, covid vaccine testing at Rome's Spallanzani institute. Based on DNA protein called SPIKE, vaccine will be injected intramuscularly, followed by brief electric impulse. It is generating functional antibodies especially in lung cells.
Covid vaccine News by Hindustan times30 COVID-19 vaccines in different stages of development - prime minister Narendra Modi( India).
UK trails and research on COVID-19 Vaccine and Plasma Therapy, enrolled 510 healthy participants, 187 volunteers, age between 18-55. University of Oxford's Jenner Institute developed Vaccine named as ChAdox1nCov-19.
COVID Vaccine development Stages: Generally there are two main stages in developing any vaccine, these stages not ment for only coronavirus vaccine.
Pre-clinical development Stage: vaccine formulation, conducting research, virus study, concluding the behavior of virus all these comes under 1st stage. Clinical development stage: This consists of 4 phases of trails. Phase-1: primary and small range trails come under this. Phase-2: Human trails, testing against artificially injected virus in the human body comes under this. Phase-3: observing hundreds of studies by age, sex, genetical hystory,vaccine history of the person, stage of virus infection etc.. Phase-4: post licence stage, people thought that after getting licence virus will come out, but scenario is no like so. It will take some time in this stage too. Safety and efficacy are the main factors we need to consider in vaccine development.
As per the statement of Sowmya Swaminathan, the chief scientist of WHO 7 vaccines are under clinical trails but in which of clinical trails not yet cleared any way hope soon. Type of Vaccine - COVID-19:
There are 4 types of vaccines exist. 1.Live-attenuated: Vaccines used for Measles, Mumps, Rubella, Rota virus, Smallpox, yellow fever, Chickenpox are comes under type-1. 2.Inactivated:Hepatitis flue, Polio virus, Rabies are the examples of type-2 vaccines. 3.Subunit, recombinant, poly-saccaride and Conjugate Vaccines:Hemophilus influenza type-B, Hepatitis, Whooping Cough, Pneumonic disease vaccines exist under type-3. 4.Toxic vaccines: Diphtheria, Tetanus vaccines are type-4. Under research vaccines:
Recombinant vector vaccines
DNA vaccines
RNA vaccines
Type-5 Vector based recombinant COVID-19 vaccine named as Ad5-n Cov
Final Word:
Early vaccine formulation not only depends on how effective research is going on, also the cooperation among countries. Competitive spirit in the research of Coronavirus vaccine makes a mistake that that same research under goes more than one country, rather than different research in several countries. Maintaining Physical distance, lockdown not enough to eradicate COVID-19. Universal immunization by Coronavirus vaccine is the only way ahead, to eradicate.
Make in India is a good program, started by BJP govt under the leadership of Narendra Modi. Corona virus epicenter Wuhan located in China, this made a change that world is looking for alternative to China. In that race first country rises in every mind is India.
Because literate work force and young man power possibility, to developed world top class industrial infrastructure, availability of minerals and resources, cheap availability of goods, all these factors owned by India made to think every country. Every crisis gives an opportunity but only opportunities can't change the country strategy and implementation plays key role.
Former RBI governor Raghuram Rajan rised a slogan of Make for India means manufacturer makes products according to the necessities of the country. In order to develop manufacturing sector in India, first we need to manufacture the necessary goods of country requirements i.e decrease the dependency of other countries on China. Means to achieve self reliance.
World run after protective economic policies during crisis, there will exists huge trade barriers in such situations India can't dominate China. Foreign manufacturing units in China are looking for relocation. China's global supply domination will not continue. World suspected China, and neighboring countries like Vietnam attracts companies who are willing to leave China. Previously US was did this. American companies 40%shifted to Vietnam. How India can attract such companies?
Most of the people believes that service sector best suitable for India not manufacturing. This is not true because manufacturing is not new to India. How China become Manufacturing Hub?
Started as export hub, currency fall supported this. Currency fall of China facilitate cheaper availability of goods, attracts foreign companies. Then after attracting the foreign companies China's industrial policies, regulations made to grow it as Manufacturing hub.
Industrial zones with international standard infrastructures, airways, rail ways, road ways,skilling, wages generation work force development. Industrial needs and requirements deeply digested by China government and facilitate as per the company needs.
China allowed foreign companies under strategic conditions that their manufacturing hub has to be in China. The policies followed by China made a strong bond with the companies and helps in transferring knowledge along with economic growth of the country.
Product should manufactured in China and marketed other than China. This type of regulations play a role in increasing foreign exchange reserves of China and stabilizes its economy. Why Companies Starts Disinvest in China? Foreign companies started disinvestment in China not due to the COVID-19 Crisis. For last 2years companies has been disinvesting, due to US - China trade war and to decrease the global dependency on China.
Global supply chain formation was effectively utilized by China, 20% of US consumption of goods depending on China also in pandemic situation pharma industries depends on China to formulate the needed drugs. Countries trying to derisking and decentralise the dependency that is why started disinvestment. How Make in India makes India as Manufacturing Hub?
Manufacturing consists of two types 1.Real manufacturing and 2.Assembling. If we started manufacturing of a product then every component at least majority of components should be manufactured in India.
Assembling means components of product imported by the country and only assembling done by India. This is not enough to grow, the real manufacturing can be followed by India then only the sustainable value addition makes India as Manufacturing hub. i.e from stage-1 to Final stage of manufacturing should be done in India.
Sustainable Value addition leads to increase the employment and self reliance.
Attracting MNC's( Multi National Companies) is good but not the better choice because MNC's can't generate employment compare to MSME and also MNC can concentrate on particular location can't decentralise the industry so there is a chance of many inequalities in the country.
Promoting MSME sector is the better choice as it contributes 28% ofthe GDP industrialisation also can generate employment.
Identifying our Strengths of India and utilizing rural work force and shifting the clan power from income less sector to industries by developing skilled semi skilled labor. India can become manufacturing hub.
India has already made policies like SEZ(Special Economic Zone),EEZ(Exclusive Economic Zone),EPZ(Export Processing Zone),NHZ(National Highway Zone) due to lack of proper infrastructure and industrial plots given to already existing entrepreneurs and not utilized by fresh entrepreneurs. This due to the improper governance and system.
Final Word:
Make in India program and opportunities after COVID-19 can't alone do any thing for India. Implementation of strategies by redesigning industrial policies of India can make it as manufacturing hub.
3rd Nov,2020 59th quadrennial presidential elections of America will be a big fight between Democratic party and Republican party. Joe Biden represents Democrats and Donald Trump for Republican party.
Joe Biden candidature has finalized and in the month of August,2020 Democratic National Convention will officially announced. Joe Biden was 47th Vice president of US (2009-17),at the time of Barrac Obama was president. Democratic pre2nd place after that Elizabeth Warren. Bernie Sanders was 2016 faces competition between Hillary Clinton . There was some negative statements on Sanders by Hillary after finalisation of Hillary's candidature. Strength of Joe Biden:
Anti Trump wave become advantage for Joe Biden, this negative wave on Trump may become an opportunity to weaken Republicans and focus falls on anti Trumpism in the campaign.
Politics of accommodation: Democrats with the different ideologies like socialism, liberalism and some communist. As a party they respect all ideologies but in practical differences exists among the members.
Joe Biden succeeded in taking all the members to one bench, this political accommodation allotted by Biden makes his candidature Strong.
Political distances among the members erased by Biden this become a strengthen point.
Unity in democrats and there is no political distances among the Democrats.
Progressive thought people coloured, Spanish,Blacks, supporting Joe Biden. Except high class entrepreneurs and working class remaining people supporting Joe Biden's candidature and this vote bank become strengthen point.
Bernie Sander's support: In presidential candidature selection of Democrats Sanders rank is 2 and also giving support Biden' Candidature, Sanders followers and supporters definitely support to Biden this become advantage.
Barrac Obama support: Former president Obama supports Biden, as Obama has following and his favourable vote bank become an strong point to Joe Biden
Donald Trump Strong Points:
White American Working class support to Trump this was the previous election vote bank of Trump and he succeeded in attracting them till now. This became one of the strongest point of Trump.
Ultra Nationalism of Us become strong voting to Trump. Some percent of US people believe in ultranationalism, these people are supporting Trump.
Donald Trump's recent steps towards election makes him strengthen.
Activities like Moon mining, 6 month immrigation rules,as these statements are irrelevant to this COVID-19 situation but the inner objective of these decisions to represent elections and make him strengthen.
Trump statements on China as enemy, of course there is some issue of competition between these two, Trump using this issue as election stunt. This way Trump succeeded in getting attention of ultra-nationalist people of US by these statements.
Bernie Sander's Strength and support to Joe Biden:
Anti Trumpism: Activities of Trump as a president, his unmatured and poor decision making. His arrogant attitude on govt officials made him developing negative wave termed as Anti Trumpism. Bernie Sanders strongly believe in this, his statements on Trump make this clear.
Bernie Sanders strongly opposing statements on Trump are:
"US can't tolerate a president like Trump." "History of America can't tolerate Trump." "The prime objective of US is to dethrone Trump from presidential chair." "Trump is the most dangerous president in the modern history of America."
The above statements of Bernie Sanders make to unify anti Trump people and become strength of Joe Biden Candidature.
Bernie Sanders is the 1st leader in the history of US in expressing ideologies of health care, free education, liberal internationalism, inequalities.
Though Sander's candidature of presidential elections not finalised but his legacy will continue, his policies has life to live as these principles adopted by presidential candidate Joe Biden.
Democrats learned from Failure in 2016 : Internal war between Hillary Clinton and Bernie Sanders was one of the reasons of Hillary's failure, she criticism on Sanders can't digested by people of America who were supporting Sanders.
Democrats failed in expressing unified ideologies of their party, this bipartism became a disadvantage to Democrats.
Now democrats realized and posses a nature that they don't to make same mistakes, which they did in previous 2016 election.
Wrong steps by Donal Trump:
Didn't care of intelligence report on COVID-19,China announcement in January 2020. If he cared of these report definitely US may not suffer about COVID-19 ,to this extent of present situation.
Immature statements, Hydroxychloroquine, bleaching powder statements makes him in unpopular.
Slogan of America first and world Next, this was accepted by some percent of US but supporters of Democrats and migrants, and US settlers of foreign origin may not support him. This is also making difference.
Final Word:
Unity in democrats, anti Trumpism, covid situation, ideologies of Bernie Sanders Obama Support, politics of accommodation followed by Joe Biden, strengthening his candidature. We can't underestimate Trump too. So there will be a big fight we are going to see.
IMF(International Monetary Fund)received requests from 102 Countries Out of 189 members. Global financial Stability report by IMF, report given IIF, measures of IMF keen observation is helping us in understand COVID crisis. This situation shows how big the recession is. Objectives of IMF are maintaining secure financial stability, international trading, execute its activities towards Sustainable economic growth.
During this crisis dollar denominated assets are going back to US, means FDI ( Foreign Direct Investments). Scarcity of foreign exchange reserves in emerging economies like India, Brazil, South Africa etc. Currencies are falling. Though US is the highly effected country by COVID-19, economy is strengthening because of the above reasons. In 2008 crisis also all the countries send dollars to US the same picture is showing again. Measures taken by IMF:
Emergency financing requests by 102 countries to IMF leads to take quick decisions, for this IMF formed RFI (Rapid Financing Instrument), RCF (Rapid Credit Facility).
Enhancing liquidity needed globally as lack of cash in hand drives to liquidity crisis that is why IMF took measures to enhance liquidity.
Adjusting existing lending arrangements have done by IMF as countries required to reconstruct their economy.
IMF provides lending capacity of $1trillon to overcome the recession by COVID-19 crisis.
Issuing SDR(special Drawing Rights) and providing currency Swap facility.
Global Financial Stability report April 2020 - IMF:
Central banks have cut rates to ease the economic fallow and protect financial stability.
Currency swap lines extended.
Plans designed and announced to expand liquidity provisions by at least $6 trillion.
Restore market confidence by supporting vulnerable countries also needed close,continuous international coordination needed.
International transactions possible if the country having US dollar, Gold or SDR (Special Drawing Rights).
Currency SWAP Facility - IMF:
A temporary reciprocal currency arrangement between two central banks of the countries.
IMF handle these lines like suppose India wants US dollars to maintain exports, means to overcome foreign exchange crisis.
For example if India wants dollars the equivalent Indian rupees should be given to US.
These Swap Lines applicable for different countries with rules and regulations.
Simple and casual rules for the following countries like Central banks of England, Canada, Japan, Switzerland and Europe.
If the rules and regulations are different little tough, termed as caped swap lines.
Caped Swap lines for the countries Denmark, Norway, Newzland, Mexico, Singapore and South Korea, the same strategy used in 2008 also.
Now in 2020 Reservation Bank of India seeking US for swap facility.
IMF - Issuing SDR(Special Drawing Rights):
A supplementary foreign exchange reserve assets defined and maintained by IMF.
SDR has some value determined by IMF and its value declined and reviewed after 5 years.
SDR reviewed in 2015, and in 2020 now. Based on the average of 5 currencies SDR value determined in 2015, the Currencies were US dollar, Japan - yen, European - Euro, Britan - pound, China - yuan.
In 1969 SDR's started, no partiality, no supremacy in issuing SDR to the countries.
Allocation of SDR according to the share in IMF of the particular country.
IIF Report (Institute of International Finance):
By March,2020 $83 billion ran away from emerging economies.
Increasing dollar denominated debts.
External commercial borrowings increased In 2009 non banking debts were $6trillion according to Bank of international settlements. Now in 2020 non banking debts are $12 trillion. IIF report reflects how big crisis is going to face by world.
US dominance over IMF:
70% of votes in IMF belongs to rich countries in this leading is US, so here the conditions, rule and regulation authority indirectly goes to US though IMF is a global iconic body.
Liberal Swap facility for US favour countries and Caped swap lines for other countries this type of partiality makes the world difficult to overcome the recession.
Quantitative easing performed by US in 2008 crisis. The same step US ready to take in COVID-19 crisis too.
US opposing SDR as it has beneficial measure of Currency Swapping.
In issuing SDR also US hand 70% of IMF voting belongs to US and its friendly countries.
Final word: IMF have the rights to issuing SDR and using SDR most of the countries overcome the crisis if they used in right way. But here the situation is US dominating IMF and opposing issue of SDR. If Swap facility used by countries US get benefits as US dollar is international reserve currency. Global cooperation needed among the countries, supremacy, competition, partiality may not useful to overcome recession.
International labor day celebrates world wide on 1st May, also called May Day. European countries celebrate May Day as 'Spring festival' and in US labor day celebrated on 7th September. Present scenario states that global cooperation needed among the countries to come out from unemployment crisis going to face by labor. COVID-19 Lockdown throws labor into poverty especially labor from informal economy, people working for daily wage are comes under Unorganized labor.
Skilled and unskilled labor also comes under Unorganized labor when they works in un registered organisations.
Manpower in construction, production, street vendors,contract labor, some classes of service sector consists of Unorganized labor. Developing countries like India and technically termed as emerging economies will consists of Unorganized labor. Globally 200crores of people loosing their opportunities based on "University of Oxford Government respond Stringency Index"ILO (International Labor Organization) released a report. World is moving fast towards recession. This is the Biggest crisis in the history of capitalism. Global crisis management leadership needed.
Countries follows protective economic policies then inequalities reaches at it's peak. For 34 decades global supply chains has been running global economy, but now there will be a chance of supply disruption.
Job security. Unemployment in figures:
In India 40 million migrant workers, inter state migrants within the country and migrants of foreign countries. Due to this unemployment rate increased by 23%. On the other hand Unorganized labor from informal economy , migrant workers and less secure jobs in formal economy also facing risk. By summarizing all these , total 400millionpeople thrown to poverty in India alone.
US inbuilt have some unemployment insurance, benefits provided in the recession time. 6 million people in US filed unemployment benefit applications. So we can understand what was the situation in US.
Same as US, in UK also designed unemployment policies for this 6.5 million in UK are asking unemployment benefits.
Like US and UK, 2.13million people needed job claiming in Canada.
Including all the sectors of economy 59 million jobs are under threat in Europe
ILO chief stated 195 millions people become jobless globally.
FAO(Food and Agriculture Organisation):
World faced two crisis 1930 great depression and 2008-09 crisis , present situation more than the two, COVID-19 crisis gives following affects:
Zero Growth or Negative Growth: Investments under pressure in addition to this crude oil crisis, drives economy in to -ve growth. Under these pressures investors are not ready involve in the business, leads to zero growth in economy.
Scarcity of food grains: Due to less foreign exchange reserves countries unable to import food grains, countries not having food security,will depends on other countries, as a result scarcity of food grains occurs. 30million people will die due lack of food grains.
Liquidity crisis: To avoid food scarcity imports needed, in the form of imports currency shortage occurs. Exports not possible, leads to foreign exchange crisis, currency devaluated, money circulation disrupts this situation of the country called Liquidity crisis.
Steps to be taken:
Needs debt moratorium globally, to reconstruct economy and postponement of loans. IMF (International Monetary Fund) play a role in implementing measures like debt moratorium, issuing SDR(Special Drawing Rights)
Promoting local production and local consumption, don't depends on global exports and supply chains. Exports and imports not fine while the country struggles with scarcity food grains and liquidity crisis.
Encouraging mass employment sector: In India 30% of the GDP contributed by MSME ( Micro Small and Medium Enterprises) and 11core of employees contains in this. 96% of the employees in MSME sector having Single propertied organisations. And most of the employees comes under Unorganized labor. As Oxford Stringency report 40crores of Unorganized labor loosing opportunities so Indian Govt. has to promote MSME sector then around 9 to 10 crore of labor got opportunities. This step should be application cable to not only for India also for other developing economies too.
Need global crisis management leadership: In order to face crisis, cooperation is needed among countries but currently competition among countries. Global leadership missing now.
Final Word:
International labor day is not simple celebration, the real significance of the day will fulfill. whenever the government implement the policies to empower unorganized and migrant labor. In the formal sector also job security is volatile in nature but they can survive.
In the Kennedy Space centre launchpad 39A human space rocket successfully launched, the first crewed of human space rocket project from US soil in 9 years i.e in 2011 it was ended again now in 2020,May 30th became a historical day in the american history that makes feel proud of America and rest of the world.
