India’s trade deficit hit a record high in October, with the country’s exported goods worth $33.57 billion and imported goods worth over $65 billion.
While both import and export growth rates have either been negative or muted, October saw a massive divergence between the two trend lines, with the country’s trade deficit at a monthly level having grown to $31.5 billion this month.
Though it is a monthly spike, a high trade deficit deserves monitoring.
Given the fact that the trade deficit weakens the strength of domestic currency, its impact on the growth trajectory cannot be overlooked.
Sholavandan (Tamil Nadu)
Women and credit
With reference to the ‘Microfinance industry added as many as 80 lakh women clients in FY23’ (November 16). The growing microcredit delivery to women by RBI-regulated entities is facilitating women to become self-reliant.
As credit is an indispensable input, it is imperative to understand the various aspects to avoid its misuse and prevent women from getting dis-empowered.
So it is essential to eliminate financial ignorance prevailing among the marginalised and nudge them to learn about new techno-economic activities to optimise the benefits and enable them to support society in nation-building.
Microcredit lenders have a greater responsibility to ensure visibility in the utilisation of funds so disbursed, besides continuing actions to escalate the level of financial literacy. Empowerment of women is a sine qua non to create a robust human capital and for that microfinance must flow uninterrupted.
It is good to see that the direct tax collections so far in this year is robust and a growth of net tax collection at about 21 per cent augurs well for government’s finances.
The reasons primarily are increased income of individuals and corporates. Other important reason may be improved compliance by individuals. The enhanced controls by income tax department and effective collection and tracking of income as well as investment has resulted in improved compliance. The increased number of returns filed, even though many were with nil taxable income, is a result of such effective tracking.
With reference to report ‘Invest $1 billion every year to train teachers: Narayana Murthy’ (November 16). One of the reasons for the pathetic condition of the Indian Education system is the lack of committed teachers.
A teacher imbibes values and other good qualities in children. We should develop an education system where leadership qualities, entrepreneurship, and rational thinking should be encouraged at the school level.
Teachers shape our future leaders and citizens and hence teachers who are well-trained with high integrity and commitment should be appointed.
To encourage more people to take up teaching, we should set up institutes on the lines of IIMs where committed youngsters should be trained to take up teaching jobs. Finally, it is the duty of the parents to hold their children’s teachers in high esteem, so that the child develops a bonding with the teachers.