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V V: Keynes - The Master returns
Unlike the Chicago economists under Milton Friedman who argued that the unrestricted operation of private enterprise—seen as the most efficient form of economic organisation—was essential for economic development and that prices should be determined purely by market forces and inflation controlled by means of controlling money supply, Keynes, the most influential macroeconomist of the 20th century, had argued in his classic work, The General Theory of Employment, Interest and Money, that there is uncertainty in the world—uncertainty that cannot be reduced to statistical probabilities and has come to be described as “unknown unknowns.” This irreducible uncertainty, he said, lay behind panics and bouts and the instability of market economics that we see around us today. Robert Skidelsky, in his three-volume study of Keynes (1994), reminded us that the master had warned us against relying on econometric models of his own theories:

Handset players jostle for market share
It’s a tough call for new players as entrenched ones add more services and strenghthen ties with distributors

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Handset players jostle for market share
It’s a tough call for new players as entrenched ones add more services and strenghthen ties with distributors
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Handicraft exporters to turn focus on new mkts

Indian handicraft exporters are gearing up to explore new markets in South Africa and Latin American countries as demand from major importers like the US and the European Union (EU) continue to suffer from the global economic downturn. - 150 entrepreneurs took part in mentoring camps organised by TiE - Orissa SMEs unhappy over state level banks' functioning - UP not mulling new IT policy - Jalandhar rubber industry affected by rising price - Jagdish Bhagwati: Capitalism: Myths and fallacies - II">Jagdish Bhagwati: Capitalism: Myths and fallacies - II - IBM targets Gujarat SMEs for SMSR, Cognos Express “Our focus has changed. We are trying to focus on new unexplored markets where the demand is still strong to offset the losses we are suffering due to lack of demand from major importers like the US and EU,” said RK Malhotra, chairman, Export Promotion Council for Handicrafts (EPCH) Asian Handicrafts CMD. The US is the largest buyer of Indian handicrafts and accounts for 32 per cent of total handicraft exports, followed by the EU nations, which account for 22 per cent of the exports. The Foreign Trade Policy (FTP) of 2009-14 has also encouraged handicraft exporters in the direction of new markets. In the policy, provisions have been made to allow all handicraft exports to be considered as special focus products which attract an incentive of 5 per cent duty credit scrip. Moreover, 52 items have been added in the special focus products, while the market-linked focus product scheme has been expanded to incentivise exports to countries like Algeria, Egypt, South Africa and Brazil. EPCH is set to organise exhibitions and buyer-seller meets in such unexplored markets like Argentina, Croatia and Hong Kong in the coming months. “The FTP has given a lot of importance to handicrafts and exporters have benefitted by around 5-10 per cent, which has allowed them to bring prices down. We want that through these meets the exporter is exposed to these new markets and generate business. In a year, we usually have 32 such meets but this year we will have around 40,” Malhotra added. Handicraft sector is the worst affected in the entire textile industry as people in the Western countries have steeply cut down expenditure on items that the sector has to offer. The exports declined by 48.35 per cent to about $1.8 billion in the previous financial year 2008-09 and have contracted by 24.58 per cent to $789.30 million till August 2009 of the current fiscal. Moreover, the council is gearing up to organise a fair for handicrafts and gifts in October and is expecting around 2,500 participants and 4,000 buyers from overseas. The fair is an annual event. In 2008, it had generated a business of around Rs 575 crore for exporters. EPCH expects that exporters would be able to generate business at last year’s levels, if not more.


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