Laughs. Reliving memories. Sharing sorrows. Planning a trip together — that's what the family conversations were all about. Over the years, a lot has changed when it comes to family conversations. No? Do you remember when was the last time you had a 'healthy' talk with your family members, and the topic of discussion was NOT politics?

As I write this, I feel the only topic people discuss, or a majority of people tend to discuss, are politics and religion. It is said "charity begins at home," but so is "hatred". Hatred for other religions, hatred for a person not having the same thoughts as yours, hatred for a particular political party, hatred for countries and so on and so forth.

For Indians, politics and religion go hand-in-hand. This year in March, India's Supreme Court said that the "moment politics and religions are separated, and politicians stop using religion in politics, hate speeches will go away." But unfortunately, we hated this statement too.

Also read |&nbsp;<a href="https://www.wionews.com/india-news/indians-believe-its-important-to-respect-all-religions-pew-research-394944">Indians believe it's important to respect all religions: Pew research</a>

Whom should we blame? Politicians? The media? WhatsApp forwards? Families? Or all of them? It's very hard to point fingers at one as everything is interlinked.

Are we too scared of disagreements? I do believe that family discussions are important and much-needed.&nbsp; 
A report by the International Journal of Psycho-Educational Sciences stated, "when the family is considered as a social factor affecting political attitudes and behaviour, the structure of the families affects the political attitude and behaviour of the individual."

Also watch |&nbsp;WION Fineprint | Free Speech vs Right to Non-Discrimination

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While I am talking about families here, it brings me to another point. Children. How, you would ask? Well, while the adults are discussing politics and religion, a child sitting in the room is the one who is grasping things. The negativity. The hatred towards one religion.&nbsp;

Solution? You will say the best solution is not to involve kids in family conversations. Or one would argue that it will help the child to 'shape views.' But whose 'views' are thos? Other adults. Not of the child's, for sure.

Another relevant issue is if course the issue of &nbsp;'Dharm' over 'Karma' as we Indians like to say. Has 'dharm' (religion) taken over 'karma' ( where your deeds shape the outcome of your life)? The minute both ideologies are interlinked, it becomes a concern for society. How would you teach a kid to differentiate between religions or the good religion and the bad religions? You cannot tell your child to ask about the person's religion before making them friends. Children make friends without thinking about religion, caste, or gender.

More to come. While I was talking with a colleague, who is a GenZ, he shared something heartbreaking. He highlighted how these political and religion-based are affecting his friendships, just because his thoughts are different from other friends.

I am sure you must have experienced how your 'different' thoughts are creating a gap in your relations with your relatives too. Are political thoughts or religious beliefs above your bond with your family?

Moving forward, I know everybody has their opinions and views, but how do you justify a crime? Like for example, a rapist. It doesn't matter what religion the criminal is of. If someone has committed a crime, he should be punished. Why is it that the criminal is always linked with his religion and makes it look like one religion is above another one? This is India-specific, I feel.

A doctor doesn't ask the patient about his/her religion before treatment. For them, it is just a patient. Why can't we all have the same thought process? At least try not to plague the mindset.

Even technology is equally to be blamed for spreading such thoughts. Yes, I am talking about the WhatsApp forwards. Spreading fake news is just a click away. The amount of fake content available on the platform is enough to destroy the mindset of a whole generation.

These fake messages look so real that a user starts believing in them. It will quote "data and research" and even the "holy books" that users will start thinking in the same manner. Blaming just the politicians or media is not enough; people don't make an effort to even fact-check that news before forwarding it to hundreds of people.

The same forwarded messages then become part of family conversations, inciting hatred and spreading negativity. What are we leaving for the next generation, apart from climate change horrors and unemployment? Hatred?

Think about it.

(Disclaimer: The views of the writer do not represent the views of WION or ZMCL. Nor does WION or ZMCL endorse the views of the writer.)

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Laughs. Reliving memories. Sharing sorrows. Planning a trip together — that's what the family conversations were all about. Over the years, a lot has changed when it comes to family conversations.

Laughs. Reliving memories. Sharing sorrows. Planning a trip together — that's what the family conversations were all about. Over the years, a lot has changed when it comes to family conversations. No? Do you remember when was the last time you had a 'healthy' talk with your family members, and the topic of discussion was NOT politics? As I write this, I feel the only topic people discuss, or a majority of people tend to discuss, are politics and religion. It is said "charity begins at home," but so is "hatred". Hatred for other religions, hatred for a person not having the same thoughts as yours, hatred for a particular political party, hatred for countries and so on and so forth. For Indians, politics and religion go hand-in-hand. This year in March, India's Supreme Court said that the "moment politics and religions are separated, and politicians stop using religion in politics, hate speeches will go away." But unfortunately, we hated this statement too. Also read | Indians believe it's important to respect all religions: Pew research Whom should we blame? Politicians? The media? WhatsApp forwards? Families? Or all of them? It's very hard to point fingers at one as everything is interlinked. Are we too scared of disagreements? I do believe that family discussions are important and much-needed. A report by the International Journal of Psycho-Educational Sciences stated, "when the family is considered as a social factor affecting political attitudes and behaviour, the structure of the families affects the political attitude and behaviour of the individual." Also watch | WION Fineprint | Free Speech vs Right to Non-Discrimination × While I am talking about families here, it brings me to another point. Children. How, you would ask? Well, while the adults are discussing politics and religion, a child sitting in the room is the one who is grasping things. The negativity. The hatred towards one religion. Solution? You will say the best solution is not to involve kids in family conversations. Or one would argue that it will help the child to 'shape views.' But whose 'views' are thos? Other adults. Not of the child's, for sure. Another relevant issue is if course the issue of 'Dharm' over 'Karma' as we Indians like to say. Has 'dharm' (religion) taken over 'karma' ( where your deeds shape the outcome of your life)? The minute both ideologies are interlinked, it becomes a concern for society. How would you teach a kid to differentiate between religions or the good religion and the bad religions? You cannot tell your child to ask about the person's religion before making them friends. Children make friends without thinking about religion, caste, or gender. More to come. While I was talking with a colleague, who is a GenZ, he shared something heartbreaking. He highlighted how these political and religion-based are affecting his friendships, just because his thoughts are different from other friends. I am sure you must have experienced how your 'different' thoughts are creating a gap in your relations with your relatives too. Are political thoughts or religious beliefs above your bond with your family? Moving forward, I know everybody has their opinions and views, but how do you justify a crime? Like for example, a rapist. It doesn't matter what religion the criminal is of. If someone has committed a crime, he should be punished. Why is it that the criminal is always linked with his religion and makes it look like one religion is above another one? This is India-specific, I feel. A doctor doesn't ask the patient about his/her religion before treatment. For them, it is just a patient. Why can't we all have the same thought process? At least try not to plague the mindset. Even technology is equally to be blamed for spreading such thoughts. Yes, I am talking about the WhatsApp forwards. Spreading fake news is just a click away. The amount of fake content available on the platform is enough to destroy the mindset of a whole generation. These fake messages look so real that a user starts believing in them. It will quote "data and research" and even the "holy books" that users will start thinking in the same manner. Blaming just the politicians or media is not enough; people don't make an effort to even fact-check that news before forwarding it to hundreds of people. The same forwarded messages then become part of family conversations, inciting hatred and spreading negativity. What are we leaving for the next generation, apart from climate change horrors and unemployment? Hatred? Think about it. (Disclaimer: The views of the writer do not represent the views of WION or ZMCL. Nor does WION or ZMCL endorse the views of the writer.) WATCH WION LIVE HERE

Family conversations today: Political polarities, mocking religions or sharing laughs

Another week, another teenage drama. Netflix seems to be obsessed with this genre. But, are people done with these "cliche, high-school romances"?

This week, not so much-awaited 'XO, Kitty' was released on Netflix. Created by Jenny Han, the 10-episode&nbsp;series is a spin-off of the famous film series 'PS: To All The Boys I've Loved Before'.

 
The Plot

The story revolves around Kathrein Song Covey, aka Kitty, played by Anna Cathcart, who is eager to shift to South Korea to meet her long-distance&nbsp;boyfriend, Dae, played by Choi Min-young.

 
After convincing her father and stepmother, Kitty moves to South Korea to attend K.I.S.S. (Korean Independent School of Seoul). It is the same school her late mother once went to and where Dae also goes.

Kitty is excited to explore her new relationship and to also learn more about her mother.&nbsp;Enthusiastic&nbsp;and very much in love, Kitty reaches Seoul to surprise Dae&nbsp;but gets her heart broken after finding out that Dae is cheating on her with Yuri, played by Gia Kim.

Meanwhile, The&nbsp;school confuses the latter part of her name, Song Covery,&nbsp;to be a guy's name, putting her up with three boys in a dormitory-- Dae and his friends Q and Min Ho.

Yuri comes from a rich family and her mother is the head&nbsp;of the school. Kitty finds out that her mother and Yuri's mother were best friends during their school days in 1993. However, when Kitty introduces herself, Yuri's mother refuses to recognise Kitty's mother.

The story moves forward, and Kitty, the matchmaker,&nbsp;tries to help her schoolmates by matching them up with&nbsp;their soulmates. Later in the show, it is revealed that Yuri is in a fake relationship with Dae, something Kitty had long suspected. Yuri had been keeping Dae by her side due to pressure from her parents, who wanted to portray a nice image of themselves in front of the media, considering Dae's father is the driver of Yuri's dad.&nbsp;Her primary reason though is to&nbsp;hide the&nbsp;fact that she is in love with a girl, something she doesn't openly speak about until much later in the show.

During all this, Dae still has feelings for Kitty and tries to explain the situation. While Kitty is angry about Dae cheating on her, she has made peace with the situation and has moved&nbsp;on with her life.

Yuri later finds out that her mother had sent Juliana away since she suspected they were together. An angry Yuri then refuses to play along with her parents'&nbsp;wishes and breaks up with Dae. She also comes out to her mother as gay.&nbsp;&nbsp;

 
While everything is going 'dreamy' in K.I.S.S, Kitty is not happy being back with the Dae. The reason? She is falling for Yuri. Yes, you read that right.

Is Kitty gay? Not sure, neither is she.&nbsp;

 
Should you watch it?

The series is very complex. A lot is happening in everyone's lives. But that's what teenage is all about. The beautiful thing about this series is, they have kept the characters relatable irrespective of your age. Whether it’s the character of Yuri's mother or Kitty's friends, every character has unique behaviour.

 
While there are other series like Never Have I Ever, which is also based on finding love and finding yourself, this series doesn’t add anything new. Having said that, what is unique about this show is the South Korean connection. If you are a K-series fan, then this show should not be missed. From showing Korean culture to Korean dialogues, the show has brought America to Seoul. 
&nbsp;

Another week, another teenage drama. Netflix seems to be obsessed with this genre. But, are people done with these "cliche, high-school romances"? This week, not so much-awaited 'XO, Kitty' was released on Netflix.

Another week, another teenage drama. Netflix seems to be obsessed with this genre. But, are people done with these "cliche, high-school romances"? This week, not so much-awaited 'XO, Kitty' was released on Netflix. Created by Jenny Han, the 10-episode series is a spin-off of the famous film series 'PS: To All The Boys I've Loved Before'. The Plot The story revolves around Kathrein Song Covey, aka Kitty, played by Anna Cathcart, who is eager to shift to South Korea to meet her long-distance boyfriend, Dae, played by Choi Min-young. After convincing her father and stepmother, Kitty moves to South Korea to attend K.I.S.S. (Korean Independent School of Seoul). It is the same school her late mother once went to and where Dae also goes. Kitty is excited to explore her new relationship and to also learn more about her mother. Enthusiastic and very much in love, Kitty reaches Seoul to surprise Dae but gets her heart broken after finding out that Dae is cheating on her with Yuri, played by Gia Kim. Meanwhile, The school confuses the latter part of her name, Song Covery, to be a guy's name, putting her up with three boys in a dormitory-- Dae and his friends Q and Min Ho. Yuri comes from a rich family and her mother is the head of the school. Kitty finds out that her mother and Yuri's mother were best friends during their school days in 1993. However, when Kitty introduces herself, Yuri's mother refuses to recognise Kitty's mother. The story moves forward, and Kitty, the matchmaker, tries to help her schoolmates by matching them up with their soulmates. Later in the show, it is revealed that Yuri is in a fake relationship with Dae, something Kitty had long suspected. Yuri had been keeping Dae by her side due to pressure from her parents, who wanted to portray a nice image of themselves in front of the media, considering Dae's father is the driver of Yuri's dad. Her primary reason though is to hide the fact that she is in love with a girl, something she doesn't openly speak about until much later in the show. During all this, Dae still has feelings for Kitty and tries to explain the situation. While Kitty is angry about Dae cheating on her, she has made peace with the situation and has moved on with her life. Yuri later finds out that her mother had sent Juliana away since she suspected they were together. An angry Yuri then refuses to play along with her parents' wishes and breaks up with Dae. She also comes out to her mother as gay. While everything is going 'dreamy' in K.I.S.S, Kitty is not happy being back with the Dae. The reason? She is falling for Yuri. Yes, you read that right. Is Kitty gay? Not sure, neither is she. Should you watch it? The series is very complex. A lot is happening in everyone's lives. But that's what teenage is all about. The beautiful thing about this series is, they have kept the characters relatable irrespective of your age. Whether it’s the character of Yuri's mother or Kitty's friends, every character has unique behaviour. While there are other series like Never Have I Ever, which is also based on finding love and finding yourself, this series doesn’t add anything new. Having said that, what is unique about this show is the South Korean connection. If you are a K-series fan, then this show should not be missed. From showing Korean culture to Korean dialogues, the show has brought America to Seoul.

XO Kitty review: American series trying to be Korean, yet remains boring

The 'I' and "R" words - inflation and recession - came back haunting many countries, already impacted by the pandemic. After two years of economic slowdown, the year 2022 saw matters worsen.

The 'I' and "R" words - inflation and recession - came back haunting many countries, already impacted by the pandemic. After two years of economic slowdown, the year 2022 saw matters worsen. It was the year when the real impact of COVID-19 could be assessed on the global economy, further slammed by the war in Ukraine. While countries like the United States witnessed the fear of recession, the United Kingdom was reeling under two-digit inflation. But have you ever thought about why some countries are going into recession, while some are into inflation? Simply put, inflation is when the prices of commodities rise, while a recession is when the overall economic activities are down for two consecutive quarters. Just days before the year ends, the Centre for Economics and Business Research released a report which cautioned that the world economy is heading for a recession in 2023. Higher borrowing costs, which are intended to tackle inflation, will cause several economies to shrink. The biggest concern of 2022 was high inflation. It began with the Russia-Ukraine war. On February 24, Russia invaded Ukraine while the world economies watched the developments closely. It had a far-reaching impact on the whole world as prices for essential goods, from food grains to oil and natural gas, soared across the globe. In 2022, Zimbabwe witnessed record inflation at 269%, Lebanon at 158%, and Venezuela at 156%. Economists and experts made use of the 'cost of living crisis' concept to monitor and register economic activities. Central banks of many countries were forced to hike the interest rates to bring inflation down. Many countries broke their record of high inflation. Pakistan touched a peak at 42.30% in 2022, which was the highest in 47 years. Even developed countries like the US and UK broke four-decade records on inflation. India's wholesale price index touched a high of 15.80%, the highest in 30 years. The Federal Reserve in the US issued policies to combat inflation but the crisis continues to loom. On the other hand, many people in the UK are struggling to pay electricity bills as rising prices impacted household budgets. Moreover, the global debt crisis has worsened in 2022 with developing nations likely to face debt distress and a growing borrowing burden. Government debt levels as a share of GDP increased in over 100 developing countries between 2019-2021. Amid all these, a word that created a buzz in the economy was 'polycrisis', which means "the simultaneous occurrence of several catastrophic events". Hence, Collins English Dictionary declared 'permacrisis' as the word of the year 2022. Apart from the economy, the year witnessed a meltdown of two key sectors-- tech and cryptocurrency. For these sectors which were once blooming, the year 2022 showed them the mirror. While many companies shut down, a lot of tech companies started laying off employees to keep their businesses running. Microsoft, Amazon, Twitter, Facebook and every big tech company ran to cut the cost. If you look at the stocks, the shares of Indian IT companies fell the most since 2008. Topping the list is MPhasis with a 44% loss in share value. Big companies like Infosys fell 20%, Wipro was down 41% and Tech Mahindra sank 42%. Cryptocurrency too lost its charm. What was once considered a 'lucky coin' saw a huge downfall? Even so, it was also hit by a scam-- FTX scandal. Crashes, contagion and collapses came in such quick succession that investors are now on the verge of asking some serious existential questions. The most famous crypto, Bitcoin fell about 65% from around $46,000 in January to about $16,800 now, according to a report. The second-biggest cryptocurrency, Ethereum, touched a high late last year, and then crashed below $900 in June, its lowest level since the start of 2021. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

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From agrarian crisis to privatisation; demonetisation to the introduction of Goods and Service Tax (GST), from stock markets touching new highs to digitisation; independent India has seen many an economic upheaval.

Was it for good? Did the decisions taken by various governments really help the Indian economy grow? Did India manage to become the golden nation its freedom fighters had dreamt of? The answer to these remains locked in history books and research papers. &nbsp;

In 1947, when India became independent, its Gross Domestic Product was just 2.7 trillion rupees, accounting for 3% of the world's total GDP. According to the latest data by National Statistical Office, "the GDP at current prices in the year 2020-21 is estimated to attain a level of Rs 195.86 lakh crore, as against Rs 203.51 lakh crore in 2019-20, showing a growth rate of -3.8%". [1 lakh crore = 1 trillion]

Here is a look at some key events that changed the shape of the Indian economy. &nbsp;

<h2>1969: Why is this year important? &nbsp;</h2>

1960s were a decade when the country was going through its worst droughts. This led the nation to depend on western countries for food and grain supplies. It was in this period that Prime Minister Indira Gandhi realised the importance of making the country self-sufficient in food grains. Hence, the Green Revolution came into being.

Apart from that, the period holds significance as, during this phase, Mrs Gandhi had nationalised 14 biggest commercial banks "with deposits of over Rs 50 crores nationalised to serve better the needs of development of the economy in conformity with national policy objectives". &nbsp;

As per the Reserve Bank of India, on February 10, 1970, the Supreme Court held the Act void mainly on the grounds that it was discriminatory against the 14 banks and that the compensation proposed to be paid by the government was not fair. Hence, a fresh Ordinance was issued on February 14 which was later replaced by the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970.

<h2>1991: Liberalisation, privatisation and globalisation</h2>

The journey of the Indian economy is incomplete without this chapter. India had touched rock bottom and was in serious trouble. With the devaluation of the currency, rising fiscal deficit of the government (from 9% of GDP in 1980-81 to 10.4% in 1985-86 and 12.7% in 1990-91), India’s external debt nearly doubled from some $35 billion at the end of 1984-85 to $69 billion by the end of 1990-91.

The country's foreign exchange reserves had dried up to the point that India could barely finance three weeks worth of imports. The situation was so grim that the Indian government had to mortgage some 20 tonnes of gold for $240 million, just to keep the economy afloat.

On the political front, the Chandra Shekhar government gave way to another Congress government, as the party made a comeback after two years. Enter &nbsp;PV Narsimha Rao as prime minister and Manmohan Singh as finance minister. &nbsp;

Within weeks of assuming power, Rao and Singh announced a series of policies that changed the face of Indian economy-- liberalisation, privatisation and globalisation.

These reforms helped the country get freedom from the tough bureaucratic system and opened the doors for more opportunities and foreign financial inflows. Moreover, it led to the boom in stock markets. As per the official yearly data available from the Bombay Stock Exchange (BSE), Sensex ended at 1048.29 in 1990 and jumped to 1908.85 by 1991-end.

While India was celebrating the rise of its economy, there was someone who was benefitting from the loopholes. Enter Harshad Mehta. India's stock market history is incomplete without the story of this man. Mehta changed the whole liquidity market. India's biggest scam of around Rs 4,000 crore led to a market crash of nearly 13% in one day. &nbsp;

<h2>2007-2008: The global crisis: How India reacted</h2>

It was an epic financial and economic collapse that had cost many people their jobs, homes, and savings. The “Great Recession” had brought the whole of Wall Street to its knees. The period marked the largest bankruptcy in U.S. history-- the collapse of Lehman Brothers. While the other countries were facing the worst, how was India reacting to the global pressure? Economic growth in India during FY2008-09 stood at 6.7%. Reportedly, India was less impacted because the exports accounted for just 15% of the GDP.

But, what came in as a surprise was the stimulus package announced by the Manmohan Singh administration. In December 2008, the government decided to seek approval for an additional plan expenditure of Rs 200 billion. "The government also infused about Rs 3 trillion into the system for public spending through a range of measures such as lowering tax and reduction of key rates by the Reserve Bank of India", stated an Economic Times report.

Moreover, this package did not go well for the government. "My government was punished in the 2014 elections after we spent more money in 2009 as part of a stimulus package. Due to this, we had to violate fiscal consolidation norms. The inflation went up to 14% and the rupee lost its value. Finally, people rejected our government", P Chidambaram, the finance minister at the time, was quoted as saying.

Apart from the economy, the Sensex tumbled from more than 20,000 points in Dec 2007 to a little over 9,000 (lowest) in mid-early 2009, before bouncing back to 17,000 in the same year.

<h2>2016: Demonitisation</h2>

After eight years, the word "demonetisation" was introduced in the annals of India’s economic history. Prime Minister Narendra Modi on November 8 of that year declared that Rs 500 and Rs 1,000 notes would not be legal tender. The announcement shook the country, almost everyone from a small vendor to a high-profile businessman was affected. Sensex crashed nearly 1,689 points and Nifty plunged by over 541 points due to the government’s move to withdraw notes of higher denominations.

Just months after demonetisation, the Rajya Sabha (Upper House) passed a crucial bill on Goods and Services Tax (GST). However, at that time, the markets didn't react much and remained mostly flat on the upper side.

<h2>2020: Virus hits the economy</h2>

But, after nearly three years, the country witnessed another jolt: the coronavirus pandemic. According to a report by Azim Premji University, the first wave of COVID-19 pandemic pushed 23 crore people below the poverty line (below the national minimum wage threshold of Rs. 375 per day as recommended by the Anoop Satpathy Committee). The report said there has been a rise of 15% in poverty in rural India and a rise of 20% in urban India during the last one pandemic year.

However, after the second wave, it is still unclear how deep the impact of the pandemic would be on the country's economy. Despite that, the Sensex touched an all-time high of 55,000 and Nifty at 16,529, giving hopes for better and improved days ahead. &nbsp;

From agrarian crisis to privatisation; demonetisation to the introduction of Goods and Service Tax (GST), from stock markets touching new highs to digitisation; independent India has seen many an economic upheaval.

From agrarian crisis to privatisation; demonetisation to the introduction of Goods and Service Tax (GST), from stock markets touching new highs to digitisation; independent India has seen many an economic upheaval. Was it for good? Did the decisions taken by various governments really help the Indian economy grow? Did India manage to become the golden nation its freedom fighters had dreamt of? The answer to these remains locked in history books and research papers. In 1947, when India became independent, its Gross Domestic Product was just 2.7 trillion rupees, accounting for 3% of the world's total GDP. According to the latest data by National Statistical Office, "the GDP at current prices in the year 2020-21 is estimated to attain a level of Rs 195.86 lakh crore, as against Rs 203.51 lakh crore in 2019-20, showing a growth rate of -3.8%". [1 lakh crore = 1 trillion] Here is a look at some key events that changed the shape of the Indian economy. 1969: Why is this year important? 1960s were a decade when the country was going through its worst droughts. This led the nation to depend on western countries for food and grain supplies. It was in this period that Prime Minister Indira Gandhi realised the importance of making the country self-sufficient in food grains. Hence, the Green Revolution came into being. Apart from that, the period holds significance as, during this phase, Mrs Gandhi had nationalised 14 biggest commercial banks "with deposits of over Rs 50 crores nationalised to serve better the needs of development of the economy in conformity with national policy objectives". As per the Reserve Bank of India, on February 10, 1970, the Supreme Court held the Act void mainly on the grounds that it was discriminatory against the 14 banks and that the compensation proposed to be paid by the government was not fair. Hence, a fresh Ordinance was issued on February 14 which was later replaced by the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970. 1991: Liberalisation, privatisation and globalisation The journey of the Indian economy is incomplete without this chapter. India had touched rock bottom and was in serious trouble. With the devaluation of the currency, rising fiscal deficit of the government (from 9% of GDP in 1980-81 to 10.4% in 1985-86 and 12.7% in 1990-91), India’s external debt nearly doubled from some $35 billion at the end of 1984-85 to $69 billion by the end of 1990-91. The country's foreign exchange reserves had dried up to the point that India could barely finance three weeks worth of imports. The situation was so grim that the Indian government had to mortgage some 20 tonnes of gold for $240 million, just to keep the economy afloat. On the political front, the Chandra Shekhar government gave way to another Congress government, as the party made a comeback after two years. Enter PV Narsimha Rao as prime minister and Manmohan Singh as finance minister. Within weeks of assuming power, Rao and Singh announced a series of policies that changed the face of Indian economy-- liberalisation, privatisation and globalisation. These reforms helped the country get freedom from the tough bureaucratic system and opened the doors for more opportunities and foreign financial inflows. Moreover, it led to the boom in stock markets. As per the official yearly data available from the Bombay Stock Exchange (BSE), Sensex ended at 1048.29 in 1990 and jumped to 1908.85 by 1991-end. While India was celebrating the rise of its economy, there was someone who was benefitting from the loopholes. Enter Harshad Mehta. India's stock market history is incomplete without the story of this man. Mehta changed the whole liquidity market. India's biggest scam of around Rs 4,000 crore led to a market crash of nearly 13% in one day. 2007-2008: The global crisis: How India reacted It was an epic financial and economic collapse that had cost many people their jobs, homes, and savings. The “Great Recession” had brought the whole of Wall Street to its knees. The period marked the largest bankruptcy in U.S. history-- the collapse of Lehman Brothers. While the other countries were facing the worst, how was India reacting to the global pressure? Economic growth in India during FY2008-09 stood at 6.7%. Reportedly, India was less impacted because the exports accounted for just 15% of the GDP. But, what came in as a surprise was the stimulus package announced by the Manmohan Singh administration. In December 2008, the government decided to seek approval for an additional plan expenditure of Rs 200 billion. "The government also infused about Rs 3 trillion into the system for public spending through a range of measures such as lowering tax and reduction of key rates by the Reserve Bank of India", stated an Economic Times report. Moreover, this package did not go well for the government. "My government was punished in the 2014 elections after we spent more money in 2009 as part of a stimulus package. Due to this, we had to violate fiscal consolidation norms. The inflation went up to 14% and the rupee lost its value. Finally, people rejected our government", P Chidambaram, the finance minister at the time, was quoted as saying. Apart from the economy, the Sensex tumbled from more than 20,000 points in Dec 2007 to a little over 9,000 (lowest) in mid-early 2009, before bouncing back to 17,000 in the same year. 2016: Demonitisation After eight years, the word "demonetisation" was introduced in the annals of India’s economic history. Prime Minister Narendra Modi on November 8 of that year declared that Rs 500 and Rs 1,000 notes would not be legal tender. The announcement shook the country, almost everyone from a small vendor to a high-profile businessman was affected. Sensex crashed nearly 1,689 points and Nifty plunged by over 541 points due to the government’s move to withdraw notes of higher denominations. Just months after demonetisation, the Rajya Sabha (Upper House) passed a crucial bill on Goods and Services Tax (GST). However, at that time, the markets didn't react much and remained mostly flat on the upper side. 2020: Virus hits the economy But, after nearly three years, the country witnessed another jolt: the coronavirus pandemic. According to a report by Azim Premji University, the first wave of COVID-19 pandemic pushed 23 crore people below the poverty line (below the national minimum wage threshold of Rs. 375 per day as recommended by the Anoop Satpathy Committee). The report said there has been a rise of 15% in poverty in rural India and a rise of 20% in urban India during the last one pandemic year. However, after the second wave, it is still unclear how deep the impact of the pandemic would be on the country's economy. Despite that, the Sensex touched an all-time high of 55,000 and Nifty at 16,529, giving hopes for better and improved days ahead.

Independence Day: Events that transformed India’s economy

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Zee News Rajasthan

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Hitisha Jain

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