OCTOBER EDITION 2022 GLOBAL ASSOCIATION OF ECONOMICS EDUCATION, HANSRAJ COLLEGE GAEE CHRONICLE ENONOMICS | FINANCE | ENTREPRENEURSHIP

CONTENT A R T I C L E 1 : E N G L A N D C R I S I S A B O U T U S G A E E N E W S : C U R R E N T A F F A I R S A R T I C L E 2 : T H E S P A C E R A C E G A E E N E W S : C U R R E N T A F F A I R S A R T I C L E 3 : S A F E G U A R D I N G U P I 3 2 9 12 18 21 26 G A E E N E W S : C U R R E N T A F F A I R S 28 W H A T T H E F U N 31 M E E T T H E T E A M

countries across Asia, Africa, Europe, and America. We at GAEE Hansraj acknowledge the significance yet the dire difficulty of learning economics, finance, and entrepreneurship and wish to pioneer fullspectrum platforms to unfold opportunities. GLOBAL ASSOCIATION OF ECONOMICS EDUCATION (GAEE) ABOUT 2

A dramatic saga is unfolding in Britain. A fractured economy, political turmoil, bureaucratic embargo - Is Trussanomics failing? As England ends the period of mourning after Queen Elizabeth’s death, its economy might go into a deep slumber – a crisis is brewing hot in London. With varying ideological forays, Britain needs more than a band-aid to heal the bullet wounds of the pandemic, Brexit, and mismanagement. ENGLAND IN CRISIS By : Yamini Bhatt 3

The newly elected government of Liz Truss and the Chancellor of the Exchequer, Kwasi Kwarteng, have embarked on a radical plan for tax cuts and increased borrowing. The past few weeks have been colossal for the British economy, which is battling the rising cost of living, high inflation, and a looming threat of a recession. The basic idea behind tax cuts is to keep more money in the hands of people and companies to increase consumer spending and incentivize businesses to invest in the economy. The package involves borrowing on a bigger scale than has ever happened before – £411 billion – with very little detail about how the books will be balanced. TRUSS-KWARTENG BUDGET RESPONSE However, the financial markets responded crushingly negatively sending UK bond yields sharply higher. The pound fell to a fresh 37-year low against the dollar on Friday as traders grow increasingly worried about the economic outlook. The central bank ramped up interest rates to fight runaway inflation. 4

Economists around the world are condemning the move and have warned of dire consequences for the British economy. Former US Treasury Secretary Lawrence Summers said the budget was ‘ utterly irresponsible ’ and warned that the ensuing financial crisis in Britain will affect London ’ s viability as a global financial centre. The claim is that increased growth can pay this back – but there is no guarantee that growth will happen. - The immediate impact could be increased inflation. If people are encouraged to spend more, extra demand will push up prices, and therefore drive-up inflation. A weaker pound will make the UK’ s imports costlier and further fuel inflation because of costlier energy imports, - Tax reductions must result in an equivalent or disproportionate rise in economic activity to be selffinancing is a flawed perception. In truth, substantially larger borrowing will be required to pay for the tax cuts and fiscal stimulus at a time when the Bank of England is sharply hiking interest rates. THEORY VS REALITY 5

This has increased investor scepticism towards UK assets by causing worries about a significant rise in the budget deficit and public debt levels. Investors have sold large quantities of UK bonds as a result of the budget' s severe impact on the fixed income markets. As a result, the yield on these bonds, which represents the cost of borrowing for the UK, has significantly increased. For instance, the yield on the 10-year Gilt has increased by almost 70 basis points. With the exit of Britain from the European Union, its ambitious economy faces a seemingly intractable economic crisis, it has not only narrowed exports to the EU but has also reduced the openness and competitiveness of the UK economy as reported by Reuters. Britain has experienced a sharp decline in trade openness (total trade as a share of GDP) since 2019 – a fall of 8 percentage points Brexit has reduced the large pool of EU labourers, in 2020 around 2,00,000 European nationals left Britain on which many businesses had come to rely, with alarming implications for productivity due to staff shortages in sectors such as hospitality and retail. THE IMPACT OF BREXIT 6

As of October 2021, U.K. goods trade with the EU was 15.7% lower than it would have been had Britain stayed in the EU’ s single market and customs union, according to modelling by the Centre for European Reform, an independent think-tank. Britain surely faces the heat of the Brexit deal and it would require some time for the economy to rebound to this new normal. Fuel Poverty in the UK Millions Of people in the UK are steeling themselves for colossal rises in their energy bills for the past few months. The sanctions and supply disruptions by Russia-Ukraine War have increased Global commodity prices. Prices were high even before the war, as supply chain problems from the coronavirus pandemic caused havoc in the global economy, and safety issues at French nuclear plants have added to the energy crunch. Energy's contribution to total inflation was around 1.5% in 2021. Leaders of the UK National Health Service warned of a “humanitarian crisis. WAR AND WINTER 7

The Bank of England stepped in to stabilize financial markets after the pound plunged against the dollar and UK borrowing costs soared. Banks ’ concerns about the impact of these changes on pension funds prompted action. Concerned that financial market panic is pushing up borrowing costs in the UK at an alarming rate, the central bank hoped the announcement of its intention to intervene would bring calm. Stability in bond markets is also expected to have a stabilizing effect on the pound. It might be early to term this financial turmoil a “ crisis ”. However, it has a making of one. The past weeks have brought in a storm of criticism and emotions from various segments of the economy. If such sentiments persist and the economy remains fractured, it might bring dire consequences for the British people. If Britain needs to keep up with sustained long-term growth, it needs to move away from ‘ sensational’ political-economic measures. THE BANK OF ENGLAND INTERVENTION 8

Lorem ipsum Lorem ipsum dolor sit amet, consectetur adipiscingelit. CURRENT AFFAIRS India and California have joined hands for research and innovation on zero-emission vehicles to facilitate the EV industry and climate crisis. As per the data , California has the world's most advanced zero-emission vehicle (ZEV) policies. It has an ambition to mandate ZEV by 100 percent. 2035. As part of this recent collaboration, the University of California, research institute Davis Institute of Transportation Studies, established a new India ZEV Research Centre. This IndiaCalifornia partnership is aiming to support ZEV assimilation in India and induce the development of the EV industry. Along with that , India might emerge as a global strategic leader in the ZEV transition. California's comprehensive ZEV policies may provide India an opportunity to adopt a combination of policies that would assist the encouragement of ZEVs while spurring industrial growth. INDIA-CALIFORNIA TO COLLABORATE ON ZEV POLICY GAEE NEWS According to Dr. Sripriya Rangnathan , India is preparing to host both the Clean Energy Ministerial and the G20 in 2023 , this will present India an opportunity to accelerate ZEV transitions in other developing countries and reduce global warming. The California-Indian tying up will showcase best practices in EV adoption from India on an international level and unlock strategic dialogues on international climate finance for ZEV transition. -Kayna Arora 9

Lorem ipsum Lorem ipsum dolor sit amet, consectetur adipiscingelit. CURRENT AFFAIRS "We do not accept the sham referenda (in Russian-occupied areas of Ukraine) nor any kind of annexation...And we are determined to make the Kremlin pay the price for this further escalation; we are proposing a new package of biting sanctions" , European Commission President Ursula von der Leyen voiced. Ursula von der Leyen and HR/VP Josep Borrell announced details of the 8th package of EU sanctions on Russia following the 'sham referenda' structured in occupied territories of Ukraine and movement toward annexation of occupied regions. The European Union chiefly aims to enforce a price cap on Russian oil and further restrict commercial links with Moscow with a fresh package of sanctions announced on 28th September’22 by the EC President. The package supposedly encloses other major sharp sanctions including additional import and export bans, including on the export of services and key technologies used by the Russian military such as aviation goods, electronic items and specific chemical substances. 8TH PACKAGE OF SANCTIONS BY EU GAEE NEWS The sanctions are primarily targeted against those involved in Russia’s occupation and illegal annexation of areas of Ukraine, Defence Sector operators of the Russian Ministry of Defence, supporters and arms dealers of the Russian Armed Forces, actors who spread misinformation about the war and additional key economic operators. Indifferent Russia prepares to annex occupied Ukraine despite the uproar. -Guneet Kaur 10

Lorem ipsum Lorem ipsum dolor sit amet, consectetur adipiscingelit. CURRENT AFFAIRS Japanese startup AERWINS Technologies flying bike Xturismo made its debut in the United States at the Detroit Auto Show. The hoverbike, described as the world's first flying bike, drew direct analogies to the popular Star Wars bikes. The XX TURISMO hoverbike can fly for 40 minutes with a speed limit of up to 100 kph. It is around 290kg in weight and 12 feet long. It is powered using internal combustion and a battery with autonomous control via an electric control system. This hoverbike costs a whopping $777,000 (over 6 crore INR). However, AERWINS 'creator stated that the business is attempting to reduce the cost of a smaller, electric variant to $50,000, but that will take 2-3 years and will be available by 2025. The hoverbike uses two large central rotors powered by a 228-hp gas-powered kawasaki motorcycle performance engine for thrust. Along with the primary rotors, four smaller electric support rotors are also placed on the vehicle's outer edges for stability. The hoverbike also features an automatic control unit designed to enhance safety. WORLD's FIRST FLYING BIKE LAUNCHED GAEE NEWS Thad Szott, who rode the hoverbike for a test flight, described the experience as "pleasant" and "exhilarating, " and said it seemed like something out of a sci-fi movie. While netizens are elevated and thrilled at the thought of flying vehicles, the rules of driving and traffic would need to be rewritten. Though it is a great invention and exciting for everyone, it will be a challenge for the government to make rules for flying bikes and the future of flying bikes looks great and wide too. -Rishabh Jain 11

T H E SPACE RACE From Elon Musk’s SpaceX to Bezos’s Blue Origin, billionaires are racing up for space. With aspirations straight out of a sci-fi movie – interplanetary species, flying hotels in the dark void - what explains such a craze for space? By: Shashank Singhal 12

Richard Branson and Jeff Bezos have become the first billionaires to travel into space. Whatever one may feel about this, it marks a significant turning point in human history. In the past, the space race was solely a contest or collaboration of nations. But now, private businesses are beginning to get involved. The billionaire space race is a rivalry between billionaires who have transitioned from other sectors, particularly computing, to the space industry. The 21st-century private business space race includes suborbital tourist spaceflights, orbital launch rockets, and rockets that reach the ionosphere (mesosphere and thermosphere). Why such a major shift? And now that businesses are starting to turn to the stars, what does this mean for the future of space exploration and travel? What does it suggest for the future of humanity? While it is too early to predict what the future will bring, we can gain more insights into these questions by looking at why some of these companies and individuals are reaching for the stars. Commercialization of space is not a new phenomenon. Satellites have been a part of modern life for many years, enabling internet connections and assisting us with navigation via tools such as Sat Navs (among other things). What differentiates these recent flights is the fact that it is the first time that private companies have built their rockets and flown their founders into space, representing a turning point in space exploration and the beginning of the space tourism industry. 13

Beginning with Virgin Galactic, its founder Richard Branson became the first billionaire to fly into space in their rocket on the 11th of July in 2021. Its foundation was laid much earlier in 2004 when Branson convinced Scaled Composites which was developing their own rocket SpaceShipOne to make Virgin Group their sole customer of future spacecraft if they succeeded. With a successful flight to 112km in altitude and a safe return to Earth with a crew, Scaled Composites and Virgin Galactic began working together to create a whole fleet of new spaceships – ‘SpaceShipTwo’. They designed the rocket with one aim in mind – Space Tourism, getting six passengers and two pilots into space allowing them to behold incredible views of Earth and experience weightlessness in a trip taking roughly two hours in total. With the success of Branson getting into space, Virgin Galactic will be looking to start flying passengers into space starting from 2023. Thinking of going on this once-in-a-lifetime trip? You may want to think again as this space travel will cost you a *quarter of a million dollars* for a single trip! MUSK AND PEERS Let’s look into each of these ventures individually 14

Well, to make space travel accessible to everyone, Jeff Bezos, the founder of Amazon, created his own company - Blue Origin. At the age of 18, in his high school graduation speech, Bezos expressed his desire to “build space hotels, amusement parks, yachts and colonies for 2 million or 3 million people orbiting around the earth”. Bezos explained that this was a way to preserve the Earth by moving a certain amount of the population of the planet as it might reduce the strain on the environment. To make his dream a reality, Bezos founded Blue Origins - funding it with his own money. The company’s first commercial rocket, the New Shepard was a tourism rocket but Bezos did not intend to stop there. In 2016, he compared the space industry now with the aviation industry back in its infant days.Bezos has stated that he expects much of the Earth’s heavy industry to one day be done in space,although he doesn’t expect to see it in his lifetime. 15

Our last billionaire, however, has eyeseven further. Elon Musk’s company Space X is a bit different from the other two, focusing more on Commercial Ventures than Space Tourism.Musk intends to see a colony on Mars one day Thanks to the success of Space X, Musk has the fundsnecessary to further this dream. THE SPACEX MODEL • Space X has two main customer segments: The U.S. Government and Telecommunications companies, both of which need to transport something into space. ·Space X's USP lies in its cost-effective and reliable access to space through reusable rocket systems. • SpaceX’s revenue streams are contracts for commercial cargo and crew transportation to space that are based on the supply of rockets and satellites. • According to Forbes, in 2020, SpaceX signed 15 commercial missions for an estimated $80 million per launch, for a total estimated revenue of $1.2 billion in 2020. 16

In 2021, venture capitalists invested $17.1 billion alone (source Statista). There has been always a general criticism of governmental space agencies, like NASA, and the colossal budget assigned to them at a time when government budgets are drenched in debt. With the advent of private companies, that use private funds, such concerns can be decimated. However, global regulatory frameworks are weak. With excessive money being pumped into the sector, Scientists worry about the impact of space tourism on earth’s atmosphere.A 2010 study published in Geophysical Research Letters raised concerns that the growing commercial spaceflight industry could accelerate global warming.Thus, any potential of humanity needs to be taken with a bit of cynicism rooted in reality. Space tourism, Lunar landings, orbitingfacilities,refueling stations, and Shipping to Mars –all these are the stated goals of the commercial interests in space. Although these visionaries are a long way from realizing their dreams, the progress they are making presents those future goals as all the more plausible.This is why witnessing these billionaires travelingto the edges of space in their rockets is exciting. This is only a beginning but it could lead to humanity truly being an interplanetary species. 17

Lorem ipsum Lorem ipsum dolor sit amet, consectetur adipiscingelit. CURRENT AFFAIRS The Commerce Ministry (on Monday) announced the extension of the existing fiveyear foreign trade policy (2015-20) by six months. A notification in this regard was delivered by the Directorate General of Foreign Trade (DGFT). The ministry also stated the unsuitability of a long-term foreign trade policy due to the prevailing geo-political situation. The rationale behind the decision is reported to be currency volatility and global uncertainty. Foreign Trade Policy provides a framework by DGFT for increasing exports of goods and services as well as generation of employment and increasing value addition in the country. Earlier this month, Commerce Minister Mr Piyush Goyal held a meeting that focused on export target setting, the new Foreign Trade Policy (FTP) (2022-27), and the strategies and measures for advancing domestic manufacturing and exports. The Board of Trade in the meeting opined the government on policy measures connected with the Foreign Trade Policy to achieve the objectives of boosting India’s trade. FTP 2015-20 EXTENDED BY 6 MONTHS GAEE NEWS However, presently, uncertainties of a slump in major economies like the US and Europe have escalated a panic among investors causing foreign investors to pull back their money from equities. Alongside foreign funds outflow, the geo-political tension in Ukraine coupled with inflationary pressures and monetary policy tightening has forced further weakening of the rupee against the US dollar. Concerning this, the Government and all the stakeholders have decided to extend the FTP 2015-20, valid till 30 September, for an additional period of six months. -Guneet Kaur 18

Lorem ipsum Lorem ipsum dolor sit amet, consectetur adipiscingelit. CURRENT AFFAIRS Gautam Adani becomes the world's second richest person with a net worth of over $155 billion taking over Jeff Bezos. He started this year with a net worth of around $85 billion and gained around $70 billion to reach this place.Gautam Adani strives to be the world's major producer of green energy and earlier said that he would invest upto $70 billion on renewable energy projects. Currently, he is a 75% stakeowner in Adani Enterprises, Adani Power and Adani Transmissions, according to March 2022 stock exchange filings. He also owns 37% of Adani Total Gas, 65% of Adani Ports & Special Economic Zone and 61% of Adani Green Energy. But what led to this augmenting Adani era? This rise in the net worth is due to an increase in the share prices of various companies owned by Adani such as Adani Transmission, Adani Ports, Adani Wilmar which are closest to their all time high. ADANI's UPSWING GAEE NEWS Another reason for it is the wide diversity Adani business have, his business empire extends from infrastructure to airports management and FMCG to cements,thus he remains a notable player for World's richest person. Adani is the first Indian (and Asian) to break into the top 3 list. Though the real time net worth keeps Fluctuating due to the change in the share prices, Gautam Adani is considered as one of the biggest competitors for all other affluents in the world. -Rishabh Jain 19

Lorem ipsum Lorem ipsum dolor sit amet, consectetur adipiscingelit. CURRENT AFFAIRS In a bid to connect India's emerging startups with investors in the US, Commerce and Industry Minister Piyush Goyal recently launched an initiative called SETU (Supporting Entrepreneurs in Transformation and Upskilling). In a meeting with venture capitalists in the San Francisco Bay Area, Goyal explained SETU would offer guidance and mentorship to Indian startup leaders on issues such as funding, market access, and commercialization. SETU was founded to bridge the gap between mentors based in the US and those based in India who are willing to invest in entrepreneurship. Interaction between stakeholders will be supported through the mentorship portal of the Startup India initiative MAARG (Mentorship, Advisory, Assistance, Resilience, and Growth), which offers a single tunnel of contact for startups in India. Through the MAARG initiative, applications are invited from all over the world in order to build an external connection . Over 200 mentors have been onboarded on MAARG so far. SETU- AN INDIAN-US STARTUP INITIATIVE GAEE NEWS "There were suggestions about mentorship. We have launched the SETU programme where we are looking at supporting entrepreneurs through transformation and upskilling initiatives. We are also looking at a programme that the startup advisory council had initiated in India in which mentorship is being initiated particularly in tier-2, 3 and 4 towns and remote areas, " Goyal said. In their early years, 90% of startups fail and more than half of well-funded startups fail. A lack of experience in running a business is a crucial issue, and founders need guidance and moral support to make decisions. -Manjari Kedia 20

Unheard or unbelieved before April 2016, United Payment Interface (UPI) is now the standard-bearer of India's ongoing financial revolution. Who could have predicted that a large influx of digital payments would occur in a country with a strong cash-based economy like India? But this very family jewel is now susceptible to quadrupoly. Let us find out how can we protect the same. SAFEGUARDING BY: SYLVIA MALLICK 21

The Reserve Bank of India launched a version of UPI that can be used on feature phones in March 2022, making a dramatic leap in India ' s payments ecosystem. The decision would pave the door for greater financial inclusion and will open up digital payments to more than 40 crore feature phone users. India has made incredible advancements in the global digital payments environment via innovation and steadfast dedication. India surpassed all other nations in the world in terms of the volume of real-time online transactions in 2020. According to the most recent market studies, digital wallet transactions are now predicted to overtake cash as India ' s most popular point of sale by 2023. These are the macro-level benefits of the Digital India initiative, which has been propelling a wave of change across the nation. 22

THE UPI FACTOR: The United Payments Interface (UPI), which was introduced in 2017 and has since spread throughout the world, has been a major factor in our growth specifically in the area of digital payments. According to the comprehensive Digital Payments Index and Financial Inclusion Index kept by the RBI, since the debut of UPI in 2017, India has improved financial inclusion at a CAGR of 5% or more, and since 2018, the country has more than doubled the amount of payment digitization. The UPI technology has established itself as the family-jewel of payment systems in India due to its effectiveness, adaptability, and promise. However, the technology ' s potential and importance also make it crucial to support and safeguard it. The worry of market concentration at an early stage, with a few digital payment platforms gaining dominance over UPI transactions due to network effects and first-mover advantages, has been one of the main concerns in the technological industries, and notably in UPI. The National Payments Corporation of India issued a regulation in March 2021 that stated that no single Third-party payment app could account for more than 30% of all UPI transactions. These were some of the worries that led to this regulation. According to NPCI, established players who were over the Volume Cap as of December 2020 will have two years to comply, or by December 2022, while new entrants will be required to abide by the 30% cap starting in 2021. A few digital payment companies held a market share of more than 75% in UPI payments at the time the NPCI announced the regulation. 23

Payment settlements are a crucial sector of the economy that have a significant impact on society, the world, and the country. Payments enablement plays a crucial function, thus it is crucial that it has a healthy and diversified participation and resists market concentration or domination. Impact of such dependence has been felt forcefully, leading to accusations against top app shops that they are abusing their power to charge app creators excessive commission fees for payment settlements. To address these issues in the context of UPI and prevent a few players from seizing control of the nation ' s high-potential proprietary technology, Analysis of the market trajectories of technology platforms across geographies has clearly demonstrated that it is difficult for new entrants to gain a healthy market share due to network effects and early-mover advantages. THE IMPERATIVES TO PROTECT UPI: 24

This is also applicable to UPI payments, where a small number of digital payment applications continue to control the majority of the market even after there were over 60 UPI payment enablers in the nation as of February 2022, accounting for more than 78% of volume and more than 80% of value. Ironically, it might be a recurrence of the marketconcentration problem with card payments that India attempted to address with the UPI. As a result, the NPCI' s decision to set a limit on individual player UPI payments is a positive step. It is crucial for NPCI to have visibility into and high trust from digital-payment enablers regarding their strategies for ensuring compliance with the threshold-cap as UPI continues to expand. In fact, under the 30% cap and with the present market trajectory, a quadropoly may very well be able to grab the Indian UPI market. Therefore, it' s crucial to make sure that the high-potential UPI technology doesn 't succumb to a quadropoly and that there is adequate market space for Indian digital-payment enterprises to flourish in this Indian-payments technology as it scales up. India must adhere to compliance regulations and set aggressive UPI market share thresholds in order to safeguard the family-jewel of its payment infrastructure. 25

Lorem ipsum Lorem ipsum dolor sit amet, consectetur adipiscingelit. CURRENT AFFAIRS Seamless movement of goods and services compliments the solid foundation of any country. With a vibrant logistics backbone, India too can aim to be an economic superpower by 2047, Keeping that in mind the Government has unveiled the National Logistics Policy to provide an overarching vision for India’s logistics sector, after the Gati Shakti programme for holistic last year. India's logistics industry is highly fragmented, and by 2022, it intends to lower the cost of logistics from 14% of GDP to less than 10%. 12 million people are employed in it, with 200 shipping companies, 36 logistics providers, 129 ICDs, 168 CFSs, 50 IT ecosystems, banks, and insurance companies. For EXIM, an additional 81 authorities and 500 certifications are needed. In addition, it is predicted that this market would be valued approximately USD 215 billion in the next two years as opposed to USD 160 billion now. The Commerce and Industry Ministry's National Logistics Policy will increase India's trade competitiveness, generate more jobs, boost its standing in international rankings, and pave the road for India to become a logistics powerhouse NATIONAL LOGISTICS POLICY GAEE NEWS .In order to lower costs for the logistics industry, the policy calls for the government to establish a single point of contact for all logistics- and trade-related issues. By streamlining the logistics industry, indirect logistics costs will drop by 10%, increasing exports by 5 to 8%. The initiative, which Prime Minister Narendra Modi introduced on September 17, aims to reduce transportation costs by encouraging the smooth movement of commodities throughout the nation. -Ayendrila Mitra 26

Lorem ipsum Lorem ipsum dolor sit amet, consectetur adipiscingelit. CURRENT AFFAIRS "This is for the first time in the country that drones are going to be used to check tall towers for smooth power supply, ” MPPTCL Managing Director Sunil Tiwari claimed. The state-run Madhya Pradesh Power Transmission Company Limited (MPPTCL) helms power from the electricity generation units to distribution companies, which in turn source electricity for households and business purposes. Currently, the inspection and examination of towers is being done manually. This binds the employees to climb the towers for checking the equipment, resulting in the process to be arduous and inefficient in terms of cost and time. To tackle this prevailing problem, MPPTCL came up with the ‘drone technology’. It is going to arrange drones to monitor 10,000 (of the 80,000) high voltage power transmission line towers that are reportedly to be covered in the first phase. DRONES DEPLOYMENT BY MPPTCL GAEE NEWS From 1st October 22, the drones would be deployed to take videos and close range pictures of equipment installed on the towers closely from all sides. A private firm is specially hired to oversee the drone monitoring of towers. -Guneet Kaur 27

A.Identifythejumbledwordsusinggivenclues: 1.Pointwhereanindividualhasnopreferenceforeitheronegood oranother DFNECIFNIREE 2.Theverybestpossiblesituationorstateofaffairsaccording tosomeexplicitobjectivethatprovidesprecisestandardof evaluation. MMITPOU 3.Totalsumofincomegeneratedbysaleofgoodsorservices relatedtocompany’sprimaryoperations VNERUEE 4.Theonewhocameupwiththebusinessideaandactedonit. RDUOFNE wwhhaatttthheeFFUUNN!! 28

wwhhaatttthheeFFUUNN!! 1. Thepractice offundingaproject byraising money from manypeople who eachcontributea relatively small amount. F D C W O N N G IR U D A. MCQs: 1.Whichcurrency went throughthe worst hyperinflationever recorded? a)Yugoslav dinar b)Zimbabwean dollar c)Hungarianpengő d)Polishzłoty 2. Who was “thefather of Germaneconomic miracle” ? a)Willy Brandt b)LudwigErhard c)Konrad Adenauer d)Helmut Kohl 29

wwhhaatttthheeFFUUNN!! 3. The Securities and Exchange Board ofIndia (SEBI) wasestablished in? a)1992 b)1987 c)1990 d)1982 C.Solvetheriddles: I.Youanswer me, althoughInever askyou questions. What am I? II.Whathas two banks butno money? III.Whoever makes it, says itnot. Whoever takes it, knows itnot. Whoeverknows it, wants itnot IV.Ihaveseas without water,coasts without sand, towns withoutpeople, and mountains without land. What am I? V.Whathasfourfingers and a thumb, but isn’t alive? 30

MANAGEMENT TEAM MANJARI KEDIA GUNEET KAUR TECHNICAL TEAM GAURAV JAIN REET PAPNEJA 31

EDITORIAL TEAM RESEARCH TEAM KHUSHI BHANSALI KAYNA ARORA YAMINI BHATT RISHABH JAIN SHASHANK SINGHAL AYENDRILA MITRA SYLVIA MALLICK 32

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