Markets in India

                                       Markets in India




Farmer market

India essentially being an agricultural based economy has a huge farmer market spread across the length and breadth of the nation. This market operates at various levels and has products to take care of every farmer's needs. The farmer market not only trades the seeds and harvests, but also all tools and equipment required by farmers.
Some of the farmer markets are run by the local Government. This is of immense value as then products required for farming are usually available at a subsidized rate for the member farmers. In fact, the Government-run farmer market is a great boon for those in the agricultural sector, as the Government subsidizes all products required for farming, and assures returns for the harvest. They also provide various other benefits for the farmers.
The farmer market is also a meeting place for farmers from various areas. Here, the farmers gather to sell their harvest. They usually first barter with each other to take care of their domestic needs and then sell the rest in the open market.



Foods market

The foods market operate largely at three levels being:

• The retail foods market
• The wholesale foods market
• The export-import foods market

Every city in India has all three types of foods markets.
The retail foods market combines of those areas earmarked in the city as market places for the local market. Some of these markets are large enough to cater to all consumer needs. The unorganized retail food markets consists of the open air ones where vendors sell their food stuff stock in baskets or on moveable carts. Another form of the retail foods market is the departmental stores or what are known as 'food bazaars'.
The wholesale foods market comprises of those zones where manufacturers and bulk distributors sell their food stuff to the retails and others. Consumers can also make bulk purchases from such markets and avail of the wholesale prices. They just need to make the effort to travel the distance to these markets.
The export-import foods markets are the most organized of all the markets. Here the orders are also large, definitely not catering to the local needs. This market is meant for the international trade of food products.



Forex market

If you are traveling abroad then you need to purchase the foreign currency. There are a number of touts that are available all over the place, carrying stacks of foreign currency. However, preferably one should avoid dealing with touts when it comes to foreign exchange. This is because you may, without realizing, come across a crook who gives you counterfeit currency notes in exchange for all that you have paid. Another factor is that if the currency is genuine the touts charge you a marked up exchange rate. This is known as black-marketing in the forex market.
The forex market is actually an organized sector of foreign currency exchange, or foreign currency buying. There are authorized forex dealers, who set up shop for those seeking foreign currency. They are registered with the Reserve Bank of India and sell foreign currencies at the actual rate announced officially.

Some dealers in the forex market may also charge an additional fee for their services. They also charge extra for the tax imposed on foreign exchange trades. The advantage of dealing with official forex dealers is that one is assured genuine currency at actual exchange rate. This is better than taking a risk with a forex tout.

Money market
The money market largely functions on the basis of what is known as the debt instrument, which is of varying types. In the ancient days whenever someone would borrow money from a moneylender there would be an agreement between the borrower and the lender. This agreement is known as the debt instrument.

As per the technical definition of money market: It is the market where short-term money requirements are met. And the instruments of the money market are classified as those with a maturity period ranging to any time span that is less than or equal to a year.
The largely traded instruments in the money market are:

• Commercial Papers - CP
• Certificates of Deposit - CD
• Treasury Bills - T-Bills

The key features of all money market instruments are:

• Can be easily liquidated
• Are easy to trade
• There is no tax deducted at source, as far as the interest is concerned

Stock market
 
The stock market is one place where one can buy and sell companies in a single day. No, not literally as owner; but in the form of the stocks and shares. Each share that one buys on the stock exchange makes them a part owner of that particular company. For instance a person buys 500 shares of xyz company, becomes a part owner of that company as long as he/she owns the shares. The purchase is validated by the issuing of what is known as share certificates.

As owner of the shares the person will earn profits on his investments, which is given in the form of dividends if the company has earned profits in that financial years. And as long as the individual owns the shares of the company he/she is entitled to the dividends.

Trading on the stock market is a matter of risk-taking. This is because when the going is good the company's share value keeps increasing. On the other hand if things swing the other way and the rate falls below that at which the purchase was made then losses are incurred.

When the stock market in general faces an upward swing then it is known as a bullish market or market for the bulls, which implies the best time to buy in anticipation that the market will further rise to increase profits. On the other hand when the market is swinging downwards then it is known as a bearish market or market for the bears, which means it is the best time to sell in anticipation that market will further fall to curtail losses.

History of Indian Flag

‘Sister Nivedita flag’ was the first ever flag of India in 1904. It was square shaped and red in colour with a yellow inside. The Vajra symbol or the thunderbolt and a lotus in white is mentioned in the middle. ‘Bonde Matorom’ or ‘Vande Mataram’ or ‘I bow to my motherland’ is inscribed in the Bengali language. Red for struggle, white for purity and yellow for winning is symbolizes in the colours.

 The Calcutta flag by Schindra Prasad Bose was hoisted in 1906 in Calcutta. This was done as a protest at a rally, protesting the partition of Bengal. Orange, Yellow and Green are the three colours as top, middle and bottom of the flag. The sun and moon were symbols in the bottom and the half bloomed eight lotuses depicted on the top orange colour. In Devanagri ‘Vande Mataram’ was inscribed.

 Bhikaji Cama came up with another flag in Germany in 1907. The flag had green on top, saffron in the middle and a red bottom width. The flag had 8 lotus on the green width meaning the 8 provinces of the old India. Devanagari inscription of ‘Vande Mataram’ was in the middle. There was a crescent shape in the last band and a sun at the end. This flag was designed by Veer Savarkar, Shyamji Krishna Varma and Bhikaji Cama. The green colour stood for Islam faith whereas saffron was represented by saffron colour. The Berlin committee adopted this flag after the first world war. Later it was represented in the United states by the Ghadar party. In the first world war Mesopotamia included this flag.

 In 1916, P Venkayya from Andrhra Pradesh presented his design of the Indian flag to Mahatma Gandhi who suggested that the ‘charkha’ the spinning wheel be incorporated in the national flag. The spinning wheel was a great symbol of the nations independence and hence represented the economy of the old India. Venkayya improvised further with the red and green colour flag with the charkha. As this flag was not featuring all the relgions in India this flag did not gain prominence. The Indian National flag mission was formed by Umar Sobani and SB Bomanji.

 The Saptarishi constellation was shown in the Union flag owing to the formation of the Home Rule movement which was pioneered by Aniie Besant and Tilak in 1917. This flag somehow did not gain much popularity. The colour was five red and four green horizontal stripes. The upper left carried the Union flag glorifying the Dominion status of the movement.

 Ireland was then under the control of British hand hence the Irish flag inspired the Indian flag. Mahatma Gandhi’s urge to implicate the communal harmony in India was essential in the new flag. The white colour was on top, green in the middle and red at the last with the charka featuring in all the bands was unfurled in Ahmedabad at the meeting of the congress party. This flag became famous in all the types of freedom movement.

 As the stage for a perfect design of the national flag was aggressively being undertaken many suggestions came up to shape the final symbol.
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 The All India Sanskrit Congress in 1924 wanted the saffron colour and the gadha/mace of the Hindu God – Vishnu. The geru or earthy toned colour of the Hindu sadhus and Muslim fakirs was also suggested. The Sikhs came up that yellow be included.

 In 1931. a seven member committee was developed by the Congress Working committee. The saffron colour dominated by the Indian National Congress rejected this communal dominance depicted in the colour.

 In 1931 P Venkayya took the initiative to design the tricolour in a courageous saffron, a white for peace and truth and green mentioning faith and prosperity. The charkha surely depicted the economic independence.

 The flag hoisted in Manipur by the armed struggle propagated by Subash Chandra Bose was used by the army with the words Azad Hind and a tiger instead of the charka.

 A flag committee was set up a few days before the Indian independence in 1947. With increased effots the Indian National Congress adopted the National flag of India with a major depiction of communal harmony. The Dharma Chakra was used replacing the Charkha. Thus the Indian tricolour flag came into a full fledged existence.

Child Labour Policy in India

The main legislative measures at the national level are The Child Labor Prohibition and Regulation Act -1986 and The Factories Act -1948. The first act was categorical in prohibiting the employment of children below fourteen years of age, and identified 57 processes and 13 occupations which were considered dangerous to the health and lives of children. The details of these occupations and processes are listed in the schedule to the said Act.

 The factories act again prohibits the employment of children less than fourteen years of age. However an adolescent aged between 15 and 18 can be recruited for factory employment only after securing a fitness certificate from a medical doctor who is authorized. The Act proceeds to prescribe only four and and hour’s work period per day for children between 14 and 18 years. Children are also not allowed to work in night shifts.

 Moreover, in the year 1996 the Supreme Court of India came out with a judgment in court that directed the State and Union government to make a list of all children embroiled in hazardous occupations and processes. They were then told to pull them out of work and asked to provide them with proper education of quality. The judiciary also laid down that Child Labor and Welfare Fund is set up. The contribution for this was to be received from employers who contravened the Child Labor Act.

 India is also a signatory to the UN Convention on the Rights of the Child, ILO Abolition of Forced Convention – No 105 and ILO Forced labor Convention – No. 29. A National Labor Policy was also adopted in the year 1987 in accordance with India’s development strategies and aims. The National Policy was designed to reinforce the directive principles of state policy in the Indian constitution.