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A guest lecture on “Career in Finance” was organised for students of BBA and Bcom(H) Ist Sem on 4th October, 2017. The speaker was CS Archit Agarwal, Finance Manager, Betacom. He gave an insight about the various job options students have in the field of finance like investment banking, banking and insurance, M&A etc.
Education, the meaning of this word has changed since it’s origin. It began as simply the art of learning and writing. Today, it has a whole new meaning.
Being educated does not simply mean possessing the ability to learn, read, and write. Today, a person who is well read, is well aware of the happenings around him, the extracurricular activities he/she possesses, along with a number of qualities can be called EDUCATED. From writing on small black boards with chalk, reciting lessons in unison under the shade of a tree to learning being done through projectors and laptop screens, Education system itself has come a long way. With the advancement in technology and science the way of teaching being done in schools and colleges has changed vastly, and will continue to change for the betterment of the society and future generations. More focus is now paid on the Practical knowledge and skills of a student. Education isn’t reciting lessons and notes being mouth fed to students. A student along with the teacher now has to conduct this process of education. More and more involvement of the student has become necessary so as to inculcate the habit of asking questions and have queries. To help with the practical knowledge and skills, students are now also asked to learn through and present PowerPoint presentations in class so as to bring out a new side of expressiveness in them. Due to the advancement in the industrial sector and business organizations, imparting of proper communication skills has become increasingly important. Opening up of the economy and trade has led to a whole new set of challenges put in front of employees in organizations, to cope up with those changes education system has been revolutionized.
A new way of learning has led to the massive change in the personalities and competencies of the youth. One can only imagine the changes and advancement yet to be seen in this world of rapid growth and competition.
By Assistant Professor
Ms Barkha Narang
Old items collection drive was started in JIMS, Kalkaji on 27th September, 2017. All the students were called in to donate old clothes, stationery, books, toys etc. Rotaractors also motivated their fellow classmates to contribute to the noble cause and they were successful in collecting four cartons full of items. The items were donated in Sudhar Camp area (a slum area in Kalkaji locality) on 3rd October, 2017 where a team of ten students were sent to spread smiles and happiness. Students were accompanied by Ms. Arushee Grover.
Nowadays, technology has become an essential part of everyone’s lives. Technology is progressing rapidly with each passing day. Everyone in today’s time is leading a parallel virtual life. In every sphere of life technology is changing the ways in which things are viewed and done. Technology has enabled us to lead an easy life. From shopping online to interacting with our near and dear ones we rely on internet which is the biggest contribution of technology. Undoubtedly, technology deserves commendation for bringing positive changes like paperless operations, cost cutting, ensuring financial safety, making the distances shorter, readily available information, etc.
In spite of all these achievements, technology has made us depend on it entirely. We have forgotten to live without technology. Benefits of technology seem to have overshadowed the loss of human touch. How often do we meet people to share views and thoughts, express emotions and feelings? Hardly, do we see our close ones. A decade ago, that is not very long back, people used to interact with each other by actually meeting and not just over chats. Today, people have the option to know so many new people who actually reside far apart, talk to them, share views and opinions (which is a boon) but this has also resulted in widening of distances among family members. Chit chatting over dinner, family interactions and discussions has known to become a thing of the past.
As one doesn’t step out of home without putting on shoes, one doesn’t step out without his/her cell phone. Having a mobile phone in the pocket and having clothes on the body are equally important. Mobile phones are not only used for communication but they also solve a variety of other purposes which have rather gained more importance in today’s world. Features like photography, maps,social media, banking facility; E-commerce, etc. have made mobile phones a necessity. If someone loses his/her phone he has lost all his data. Therefore, technology is a revolution combined with stress and tension.
Although technology is common with every age group but, it is specifically extremely common among the youth. This is because they are born in a tech-savvy environment and they tend to adapt to it more comfortably as compared to the older generations. Technology, for example the internet if overused can have a negative impact on the young generation. Technology reduces the effort of students it enables them to extract all information from the internet in nanoseconds. This has a bearing on the students as this makes them lazy and leads to cut-copy-paste without any expansion of their knowledge base. Most students nowadays have a laid back attitude towards education. Students hardly explore libraries for gaining knowledge unlike the past. Technology has some serious negative impacts on the society. Cyber-crimes are most common with youth because they have constant access to internet.Youth should be taught and counseled how to use technology judiciously. The youth should be taught to use technology moderately, since overuse may lead negative influence.
By Ms Rupali Vashisht
The Convocation of PGDM and PGDM IB Students of JIMS Kalkaji (2015-2017) was held in the auditorium of JIMS Kalkaji on Saturday, 23th September 2017. The Chief Guest for the occasion was Professor AP Mittal, Member Secretary , AICTE. The occasion was also graced by Dr. Amit Gupta, Chairman, JIMS, Dr. (Cdr.) Satish Seth, Director General and Prof. (Dr) J.K. Batra, Director, JIMS, Kalkaji.
Ensuring quality education is an integral part for the holistic development of a nation and therefore it further propels the development of economy. Expansion of higher education in terms of skill development not only enhances the nation’s competitiveness in the global scenario but also paves way for leading its socio economic development. In a country which is the second largest in terms of population and third largest in terms of education system. The education system is valued or rather has a market of USD 80 billion. In India 50% of the population is below the age of 25 and more than 65% of the total population is under the age of 35 which shows the need of bridging a gap between education and skill development in order to create employment. As education is of utmost importance it is necessary to focus on the youth and to provide them with a suitable impetus to reap the demographic dividend.
The Government with the Ministry for Skill Development and Entrepreneurship is working towards generation of employment through vocational education. The World Bank has referred India as Knowledge Economy in order to provide and achieve leadership in various sectors like healthcare, IT& ITes, entrepreneurship, tourism and other service driven industries.
There exists a skill gap. Skilled workforce provides the backbone for economic development of a nation. It is to be viewed that the employers are looking for individuals with technical skills. The education system must therefore try to establish a link with industry and employers in order to ensure quality of education and employability. With a population of 1.1 billion in the working age group of 15 to 59 years, there is a pressing need to address the skill development in India. The policy framing should put greater impetus on skill development and vocational institutes for the growth of the economy. Vocational Training has been so far associated with Government led till recently many private players have set up the private sector players who have set up training capacity across the country. There are various schemes along with various fee based employment training programmes. To achieve this India must be flexible in its education system. It needs to ensure the quality and accreditation is maintained by upgrading the course structure and inviting experts from the industry to contribute to skill development. By encouraging more private players to participate by providing institutes for skill development and affordable higher education institutes as well. It can be done by providing equal opportunities for higher education and addressing social and sectoral imbalances. More investments in the skill development is required. To increase employability potential by establishing Skill Development Framework is also one of the significant way in which higher education and skill development can see its growth. There should also be measures to ensure awareness among the employers to take certified skilled workers and fixing the lower limit of pay-scale. To bridge the skill gap the academia and industry should strengthen then tie ups along with policy reforms.
By Ms Aditi Joshi
The Government of India has implemented GST w.e.f. 01.07.2017. The acronym ‘GST’ Stands for Goods and Services Tax. GST is foreseen to be the biggest taxation reform after independence that has been chosen by the Government of India and that too in the field of indirect taxes. It is now being inferred that the onset of GST would lead to a situation which is best being described as – “One Tax, One Nation and One Market”
As per GST India.com – “GST is a comprehensive tax which will be levied on manufacture , sale and consumption of goods & services at a national level”
Through this and subsequent blogs on the topic, we’ll try to understand the basic concepts related to GST and will be moving forward as the law unfolds itself in the Indian Economic scenario.
The idea of moving into GST regime was first of all proposed by the then Union Finance Minister in his Budget for 2006-07 and it was proposed at that time that GST would be introduced from 1st April, 2010. The Empowered Committee of State Finance Ministers (EC) was told to present a basic framework and roadmap for GST and it then formulated the design of State VAT.
On the basis of various discussions within Joint Working Groups of officials from both State and Central Government, the Empowered Committee released its First Discussion Paper (FDP) on GST in November, 2009.
Finally, after addressing all intermediary and other issues which were brought in the notice from time to time, the Constitution (122nd Amendment) Bill was introduced in the 16th Lok Sabha on 19.12.2014. The Bill provided for levying GST on supply of all types of goods and services provided, except for Alcohol for human consumption. Alcohol for human consumption and Five petroleum products viz. petroleum crude, motor spirit (petrol), high speed diesel, natural gas and aviation turbine fuel have been considered as SIN goods, on which Governments do not like to allow free trade. So these will not be covered under the ambit of GST. GST on these SIN goods would be levied at a later date as and when it will be recommended by the GST council.
The Bill after amendment was passed in May 2015 by the lower house of Parliament, Lok Sabha. The Bill was referred to the Select Committee of Rajya Sabha on 12.05.2015. The Select Committee had submitted its Report on the Bill on 22.07.2015. The Bill with amendments was finally passed in Rajya Sabha and thereafter by Lok Sabha in August, 2016. Further the bill had been ratified by required number of States and received assent of the President on 08.09.2016 and enacted as Constitution (101st Amendment) Act, 2016 w.e.f. 16.09. 2016.
The present system of Indirect Taxes comprises of multiplicity of taxes, some of them levied at Central level and some at State Level. The Centre has the powers to levy tax on the manufacture of goods (except alcoholic liquor for human consumption, opium, narcotics etc.) while the States have the powers to levy tax on sale of goods. In case of inter-State sales, the Centre has the power to levy a tax (the Central Sales Tax) but, the tax is collected and retained entirely by the originating States.
There are several limitations and inefficiencies with each kind of tax. One of the major limitation is the cascading effect of tax in the supply chain.
GST is a destination based tax on consumption of goods and services. It is proposed to be levied at all stages right from manufacture up to final consumption with credit of taxes paid at previous stages , which is available as setoff in the subsequent stages. In a nutshell, under GST only value addition will be taxed and burden of tax is to be borne by the final consumer.
By accommodating / subsuming a large number of Central and State taxes into a single tax, it intends to reduce cascading or double taxation. From consumer perspective, the biggest gain would be – reduction in the overall tax burden on goods. Indian products would become competitive with GST in both the domestic and international markets.
By Ms Rachna Kathuria
Special Guest Lecture was held on 19th, August 2017 for IIIrd Semester students for BBA and BCom H. The Speaker was Ms. Megha Mittal, she is a well renowned image consultant .Students participated with full enthusiasm.
On the papers of our constitution India is a “Sovereign, Socialist, Secularist and Democratic republic”, but a closer look at the gargantuan and complex subcontinent reveals a blindingly clear disharmony between the dreams and aspirations of our constitution makers and the current predicaments of our country.
A country where a dynasty of politicians had firmly held the power for the better part of half a century can no more claim to be democratic than a country where capitalist-overlords get off the hook from severe offenses can call itself socialistic.
Calling ourselves a sovereign nation, when chunks of our sovereign territory, comparable in size with some European countries, are occupied by two other foreign powers, could be deemed as wishful thinking.
But our one redeeming value, which much of our intellectual circle prides itself on, is secularism. Well, at least our version of the term.
In the majority of countries that claim to be secular; secularism stands on three fundamental policies-
- Freedom of Religion
- Equal Rights to all citizens regardless of their religion or lack thereof.
- The separation of the Church and the State
- The former of these are questionable as well. But the separation of the Church and the State is unquestionably absent in our democracy, as a result the government can be called anything but secular.
Judgements such as allowing a certain demographic to carry a dagger into places, where weapons can jeopardize the safety of others, or allowing another people group to abuse their womenfolk through malpractices such as polygamy and the infamous “teen-talaq” system, in the name of religious freedom, demolish India’s claim to secularism.
My personal opinion also deems India not a secular, but a state wherein the Government appeases different demographics, passing laws that have been unanimously ridiculed and mocked for their lack of basic civil virtues.In a country where only the Hindus and Sikhs voted for the Uniform Civil Laws, and in turn are labelled non-secular and rightwing for standing up to the historical evils done to their community. While the religions of our former colonial masters, who starved millions in Kerala and West Bengal who refused to convert to their faith, and that of the stone slingers of Kashmir and of an astonishing percentage of all the terrorist groups, are labelled peaceful and democratic.
What India needs direly is a strong and ruthlessly secular, who has the decisiveness to curb unnecessary freedoms extended to different religious groups, regardless of their being a minority, aspects of such a leader could be seen in the late Indira Gandhi and can be seen, even though a bit obscurely in our current Prime Minister.
By Ms Shradha Goyal
The mathematician John von Neumann and the economist Oskar Morgenstern in 1944 proposed the revolutionary Game Theory. Game Theory helps to know about how interactions between players of the game and choices each player makes lead to different outcomes of the game. In the 1990s Adam Brandeburg and Barry Nalebuff professors in economics at Harvard and Yale University and specialist in the field of Game theory, developed their Co-Opetition model. The Co-Opetition model highlights the opportunity cost of switching over between coordination and cooperation in business world. Cooperation is required to enhance market growth by all the players and competition is required to differentiate and capture the highest market share. The new term introduced by them was “Value Net”. The value net can be used to identify and categorize the current players in the game, making strategy to bring more players in the game and diluting the power of a leading market player. The major players each firm has to face in business world are:
- Customers for whom firms produce their goods and services (for example FMCG sector) and the firm in the market which can connect to the consumers (Patanjali) can become leader by capturing higher market share. Patanjali, which is expanding its product portfolio and diversifying at such a pace, has changed the rule of the game.
- Suppliers are the players who supply resources to the firm. The packing companies like Essel Propak, Manjushree Technopack and Dynaflex are gaining business with expansion of Patanajli product category in the market despite slowdown of other leading FMCG category products.
- Competitors: The competitors’ are from customer’s perspective and supplier’s perspective. From customer’s perspective Patanjali‘s products are worth value for money. The increasing demand by consumers to express their commitment to Indian product along with low prices has further accelerated the market share of Patanajli products amongst Indian consumers. Hence HUL and Dabur and all other competitors ‘product become substitute for Indian consumer.
From supplier’s perspective, supplying its resources to Patanjali is higher profit generating then to other firms in FMCG market which are losing their market share. The supplier’s preference depends on quality, quantity and price. These three variables are governed by customer’s perspective.
- Complementors: Complementors are products or services that are in alignment with competitors’. Like HUL and others are looking for diversifying in Ayurveda product category, as Patanajli has created new appetite amongst Indian consumers for Ayurveda products.
The competitors can enhance their market share by extending its business to other games when it adds value to the other game and increases its profitability. The best example is revival of HUL product Ayush and Dabur’s strategy to introduce new category of Ayurveda products to its portfolio.
This is how we at JIMS help our students to understand difficult concept of Game theory in Economics Class.
By Dr. Neelam Tandon