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Artha 2 0 1 9 ARTHA 2 0 1 9 T H E A N N U A L E C O N O M I C S J O U R N A L S H R I R A M C O L L E G E O F C O M M E R C E 1 ARTHA 2 0 1 9 T H E A N N U A L E C O N O M I C S J O U R N A L S H R I R A M C O L L E G E O F C O M M E R C E 2 PRINCIPAL'S PRESIDENT'S hrihri Ram Ram College College of of Commerce Commerce has has achieved achieved several sev- he fact that Economics is ubiquitous in the world milestoneseral milestones in academic in academic eminence eminence and extracurricu and ex-- SS is conveyed to us the moment we sketch our first lartracurricular performances. performances. Through the Through academic the and academic extra- T demand and supply graph. This belief is further re- curricularand extracurricular pursuits of pursuits the institution, of the institution, we encourage we inforced over subsequent years through teaching studentsencourage to studentsharness theirto harness creative their skills creative and emerge skills and experience. And yet, this widespread pervasion asand future emerge thought as future leaders. thought The Economicsleaders. The Society Eco- is lacking in both structure and substance. Students hasnomics been Society committed has been to providing committed the to students providing of akin to us who have access to quality teaching, fail to thethe collegestudents with of thean collegeintellectually with anchallenging intellectually en- recognise our intrinsic responsibility to promote the vironmentchallenging and environment capacitating and them capacitating to become them pro to- foundbecome thinkers. profound Artha thinkers. is a platform Artha is for a platform the curious for unfettered growth of ideas and robust institutions. andthe curiouswell-known and well-knownminds of the minds country of whothe country wish to Being students of the foremost institution of its kind, exhibitwho wish their to exhibittalents theirand engage talents inand public engage discourse in pub- we are cognisant of the the ramifications arising out onlic adiscourse wide array on of a issues.wide array The magazineof issues. aimsThe tomaga not- of a nonchalant attitude towards the development onlyzine aimsenrich to thenot reader’sonly enrich knowledge the reader’s but alsoknowledge stimu- of the society. Hence, through the myriad ventures latebut alsounique stimulate perspectives unique and perspectives ideas to raiseand ideasthe bar to of the society including this magazine, we have at- forraise intellectual the bar for discourse. intellectual I thank discourse. all the I contributhank all- tempted to place SRCC as a formidable stakehold- torsthe contributorsfor their articles for their and articleswish the and team wish all the the team best er in the global network of discourse and dialogue, forall thetheir best future for theirendeavors. future endeavors. Arnab Dutta aligned with the institution’s vision of emerging as a Prof.Prof. SimritSimrit KaurKaur ‘College of Global Choice’. FACULTY ADVISOR'S EDITOR'S crosscross a spectrum of activities, the EcoEco-- AAnomicsnomics Society has become a symbol ofof s a child, I would often be left wondering studentstudent initiativeinitiative and eeffort.ffort. GoingGoing beyondbeyond thethe Awhenever my mother would remind me of conconfinesfines of of the the classroom, classroom, thethe EconomicsEconomics SoSo-- the universal truth: ‘No one person can know ev- cietyciety hashas organizedorganized lectures by scholars withwith erything about the world’. This lesson gained a lot variedvaried ideologicalideological leanings, widened studentstudent of prominence as, growing up, I saw people (from horizonshorizons throughthrough collaborations in short relrel-- journalists to politicians, from teachers to college evantevant coursescourses and held paper writing compecompe-- seniors) claiming to know the truth. It is indeed titionstitions toto structurestructure thought and ignite imagiimagi-- in this context that our theme, Knowledge of the nation.nation. ThTheireir magazinemagazine, ‘Artha’ Artha, epitomizes epitomizes thethe World is Knowledge of All, becomes relevant. spiritspirit ofof stretchingstretching boundaries. On behalf ofof This in no way means that I, or our magazine, thethe EconomicsEconomics department of the ShriShri RamRam claim to know it all. Rather, the opposite. We College,College, II would like to applaud their effortsefforts recognize the existence of a Universal truth, and toto co-optco-opt bothboth students and teachers overover thethe our inability (just like everyone else’s) to coursecourse ofof thethe year. know it. It is in this quest, rather thirst, for knowl- edge that we present to you Artha 2019. RajivRajivRajivRajiv JhaJha JhaJha Tushar Singh 33 4 PRINCIPAL'S PRESIDENT'S hri Ram College of Commerce has achieved several he fact that Economics is ubiquitous in the world milestones in academic eminence and extracurricu- S is conveyed to us the moment we sketch our first lar performances. Through the academic and extra- T demand and supply graph. This belief is further re- curricular pursuits of the institution, we encourage inforced over subsequent years through teaching students to harness their creative skills and emerge and experience. And yet, this widespread pervasion as future thought leaders. The Economics Society has been committed to providing the students of is lacking in both structure and substance. Students the college with an intellectually challenging en- akin to us who have access to quality teaching, fail to vironment and capacitating them to become pro- recognise our intrinsic responsibility to promote the found thinkers. Artha is a platform for the curious unfettered growth of ideas and robust institutions. and well-known minds of the country who wish to Being students of the foremost institution of its kind, exhibit their talents and engage in public discourse we are cognisant of the the ramifications arising out on a wide array of issues. The magazine aims to not of a nonchalant attitude towards the development only enrich the reader’s knowledge but also stimu- of the society. Hence, through the myriad ventures late unique perspectives and ideas to raise the bar of the society including this magazine, we have at- for intellectual discourse. I thank all the contribu- tempted to place SRCC as a formidable stakehold- tors for their articles and wish the team all the best er in the global network of discourse and dialogue, for their future endeavors. Arnab Dutta aligned with the institution’s vision of emerging as a Prof. Simrit Kaur ‘College of Global Choice’. FACULTY ADVISOR'S EDITOR'S cross a spectrum of activities, the Eco- Anomics Society has become a symbol of s a child, I would often be left wondering student initiative and effort. Going beyond the Awhenever my mother would remind me of confines of the classroom, the Economics So- the universal truth: ‘No one person can know ev- ciety has organized lectures by scholars with erything about the world’. This lesson gained a lot varied ideological leanings, widened student of prominence as, growing up, I saw people (from horizons through collaborations in short rel- journalists to politicians, from teachers to college evant courses and held paper writing compe- seniors) claiming to know the truth. It is indeed titions to structure thought and ignite imagi- in this context that our theme, Knowledge of the nation. Their magazine ‘Artha’ epitomizes the World is Knowledge of All, becomes relevant. spirit of stretching boundaries. On behalf of This in no way means that I, or our magazine, the Economics department of the Shri Ram claim to know it all. Rather, the opposite. We College, I would like to applaud their efforts recognize the existence of a Universal truth, and to co-opt both students and teachers over the our inability (just like everyone else’s) to course of the year. know it. It is in this quest, rather thirst, for knowl- edge that we present to you Artha 2019. RajivRajiv Jha Jha Tushar Singh 3 4 I AM AN IDIOT 09 13 29 49 55 72 Should De- Minimum Abbu, Why do What’s in a Sovereign Economists veloping Income they Fight? Gender? GDP Linked do what they Countries Guarantee Bonds do Host the 32 16 African 50 Olympics? The Dharavi Tragedy What goes 57 75 Paradox left must Kitty Parties Less can be 10 34 come back More Income 18 One Country, right 59 Support Incredible Two Systems The 77 India 2.0? 51 Consumption Animalia 37 Tax Economicus 11 21 The Sino-Amer- Economics of Is the Bretton Football Can Mining ican Hertiage 61 80 Woods Sys- Bring People Dilemma of Death, Rebirth tem Coming on its Side? 39 Trilemma and Evolution to an End? The Lankan 52 of Homo Eco- 24 Lions Rise of Existen- 63 nomicus Gurcharan tialism The Trolley Das 41 Problem 82 China, Ban- 53 Illicit Finan- gladesh & BRI What can cial Flows possibly be 65 GAFA 43 more Import- ant than your 87 US Debt 68 Shadow Pizza? Earth. Parth Shah Economy 5 THE FIRING LINE 93 100 107 116 121 Quest for Indian Technolo- Book Review: Project finding Sus- Banking gy Feuled Anthropolo- Jaankari tainable Sector: Healthcare gy for Devel- Solutions Challenges Reforms opment and 125 Shri Ram 96 Opportunities 110 118 Economics Income K Srinath Saffron Summit Support 103 Reddy Saviour Gurbachan 128 11 SIngh 113 Discourse: Is the Bretton Dr. C. Laha- An Archive Woods Sys- riya of Ideas tem Coming to an End? 130 Editorial Board 2018- 19 6 THE FIRINGUESTG LINE CONTRIBUTORS ➢ Mr. Jonathan Hongsha Chevening Scholar; Developmental Professional ➢ Diwakar Acharya Managing Director Uranium Corporation of India Ltd. ➢ Prof. Patrick Mendis Distinguished Professor Perking University, China ➢ Abhijeet Sinha National Program Director Ease Of Doing Business, India ➢ N Sriparna Pathak University Lecturer Gauhati University ➢ Mr Rajendra Shende Chairman TERRE Policy Centre ➢ Ms.
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