JANUARY <strong>15</strong>, <strong>2018</strong> 12 Viewlink The English Fortnightly (Since November 1999) ISSUE 384| JANUARY <strong>15</strong>, <strong>2018</strong> Some thoughts and trends for <strong>2018</strong> <strong>Indian</strong> <strong>Newslink</strong> wishes its readers, contributors, correspondents, advertisers, sponsors and well-wishers a Happy and Prosperous New Year. We hope that <strong>2018</strong> will see you and those around you healthier, safer and happier. New Zealanders ushered in the New Year with usual gaiety and fun. Private parties accounted for a major part of the celebrations, while those in the mood to drink and dance to the tunes of DJs gathered in hotels and restaurants. The World Economy The dawn of the New Year is also time to take a panoramic view of the World Economy and see what is in store. A recent World Bank Report has warned politicians, economists and planners to be aware of downside risks in <strong>2018</strong>, although the global economy, expected to have grown by 2.7% in <strong>2018</strong> is projected to strengthen to 2.9% in <strong>2018</strong> and 2019. The Report cites increased protectionism, heightened policy uncertainty, possibility of financial market turbulence, and, over the longer run, weaker potential growth as possible risks in the New Year. “These risks highlight the urgency for policymakers in emerging markets and developing economies to rebuild macroeconomic policy space and implement policies that support investment and trade,” the World Bank Report said. The New Zealand Economy Contrary to fears expressed in some quarters, the New Zealand Economy should expand, with growth projected to rise by more than 3% in the <strong>2018</strong>-2019 fiscal year, reflecting stronger investment and exports. An OECD Report released in November 2017 said that capacity constraints, high profitability, low financing costs, housing shortages and government demand should support investment, while agricultural exports should recover following adverse weather and temporary price weakness. Inflation is projected to rise to 2.4% by late 2019. “Fiscal policy is to become expansionary in <strong>2018</strong>-19, reflecting both measures retained from the May 2017 Budget and the new government’s plans to increase government consumption, investment and transfer payments. Although monetary tightening is projected to begin in late <strong>2018</strong>, policy will remain highly accommodative,” it said. The Report warned that house prices and household debt have soared in recent years to high levels in relation to incomes. “Households are highly exposed to interest rate risk. Macro-prudential regulation should be tightened if there is a resurgence of debt-fueled house price inflation. A maximum debt-to-income ratio should be considered if expected benefits exceed costs,” it said. Likely trends The world is changing. This cliché is likely to be more pronounced in <strong>2018</strong> with several aspects of economic and social factors influencing the way we think, act and live. Not all of them would be for the better, but until the cycle moves back to erstwhile living habits, change would be inevitable. Here are just a few examples. Pocket Living “Cities are bursting in their seams and villages are getting deserted.” This is a common hearing in many countries, including India where ten cities, with a total of more than 100 million people, account for a tenth of the country’s population. Urbanisation is on the increase in New Zealand, with Auckland leading the race, making housing one of the most formidable challenges. The old concept of single houses has almost vanished, although the unit system is still in vogue. But the ‘Unitary Plan’ and continued rise in demand for houses has begun to see more and more apartments in the Central Business District and suburbs of Auckland. ‘Pocket Living,’ and Gated Communities are fast becoming the norm in major cities. Data Domination According to the Economist, Data has become more dominant than Oil in the world. “Smartphones and the internet have made data abundant, ubiquitous and far more valuable. Whether you are going for a run, watching tv or even just sitting in traffic, virtually every activity creates a digital trace, more raw material for the data distilleries. As devices from watches to cars connect to the internet, the volume is increasing: some estimate that a self-driving car will generate 100 gigabytes per second,” the publication said. Bitcoins Regime Some months ago, <strong>Indian</strong> <strong>Newslink</strong> ran articles on ‘Bitcoins’ and how they are emerging as dominating alternatives for currencies. Many read them but did not believe that Bitcoins would make such an impact as they did in the latter half of 2017. As the Economist said, “Put the word ‘Bitcoin’ into Google and you get (in Britain, at least) four adverts at the top of the list: ‘Trade Bitcoin with no fees,’ ‘Fastest Way to Buy Bitcoin,’ ‘Where to Buy Bitcoins’ and ‘Looking to Invest in Bitcoins.’ Fake News The world is likely to face the increased risk of Fake News in <strong>2018</strong>. Fake news stories have been around for as long as reported news has - hysteria-inducing hoaxes spread in the early days of printed media and today’s tabloids and gossip magazines still frequently publish stories later found to be untrue - but its online form gained momentum during the most bizarre US election in recent memory, proliferating on Facebook and Twitter feeds. There is more to come. <strong>Indian</strong> <strong>Newslink</strong> is published by <strong>Indian</strong> <strong>Newslink</strong> Limited from its offices located at Level 1, Number 166, Harris Road, East Tamaki, Auckland 2013 and printed at Horton Media Limited, Auckland. All material appearing here and on our web editions are the copyright of <strong>Indian</strong> <strong>Newslink</strong> and reproduction in full or part in any medium is prohibited. <strong>Indian</strong> <strong>Newslink</strong> and its management and staff do not accept any responsibility for the claims made in advertisements. Managing Director & Publisher: Jacob Mannothra; Editor & General Manager: Venkat Raman; Marketing & Sales Manager: Ronny Kumaran; Production Manager: Mahes Perera; Assistant Editor: Ratna Venkat; Financial Controller: Uma Venkatram CA; Phone: (09) 5336377 Email: info@indiannewslink.co.nz Websites: www.indiannewslink.co.nz; www.inliba.com; www.inlisa.com Mandatory Insurance Scheme for migrant workers from India Venkat Raman venkat@indiannewslink.co.nz Citizens of India going overseas on work visas are covered under a special insurance scheme called, ‘Pravasi Bharatiya Bima Yojana.’ The <strong>Indian</strong> government has made it mandatory for all migrant workers going overseas to be insured under this Scheme, a revised version of which was published by the External Affairs Ministry on December 20, 2017. The latest version sets out a number of issues favourable to the insured. Conditions of Cover However, insurance companies provide cover under this Scheme only to <strong>Indian</strong> citizens who have proper employment contracts, either from reputed companies or from authorised recruitment agents. The insurance policy, limited to <strong>Indian</strong> Rupees 1 million (about $22,210) covers bodily injury, permanent total disablement resulting in loss of employment within 12 months of the bodily injury, death, transportation and airfare for attendant, hospitalisation expenses, employment contingencies and repatriation expenses and legal expenses. Editor’s Note: The above is only a broad statement of policy. Insurability, premium and other factors may differ from person to person. Although the Insurance Scheme has been in existence for more than 13 years, it has been strengthened and increased to Rs 1 million in 2008. Most employers employing migrant workers may not be aware that their overseas employees are protected, if they have obtained insurance cover under ‘Pravasi Bharatiya Bima Yojana.’ Skills Training Programme Last year, the <strong>Indian</strong> government set up the ‘Pravasi Kaushal Vikas Yojana’ to upskill <strong>Indian</strong> workers going abroad for employment. “This is a short-term programme, ranging from two weeks to one month to prepare candidates holistically to take up challenging assignments in different countries with confidence and meet transnational skill requirements,” anotification said. “The Programme could be of great help to blue collar workers who get an opportunity to acquire professional skills and be able to communicate in a foreign language, besides getting skilled in particular trades,” it added. The Programme, managed by the Ministry of Skill Development and Entrepreneurship also aims to train <strong>Indian</strong> youth to become skilled workers and entrepreneurs in India. Prime Minister Narendra Modi announced the Scheme at the 14th Pravasi Bharatiya Divas held on <strong>January</strong> 9, 2017 in Bengaluru, stating that the vision is to make India the ‘Skill Capital of the World.’ Photo Caption: India’s Prime Minister Narendra Modi announcing the ‘Pravasi Kaushal Vikas Yojana’ initiative at the 14th Pravasi Bharatiya Divas held in Bengaluru on <strong>January</strong> 8, 2017. (Picture Source: Prime Minister’s Office, Government of India) ‘Billion Trees Programme’ gets Cabinet nod Shane Jones Iwelcome a renewed mandate for Crown Forestry to enable it to kick-start the Government’s tree planting programme. The Cabinet has given the green light to allow Crown Forestry to enter into new commercial arrangements to plant trees on privately-owned land and to provide $14 million of funding to support the planting of trees next year and the purchase of seedlings for 2019. Regional Development The ambitious one billion trees planting programme is one of the Government’s cornerstone policies. It will help encourage regional economic growth, create sustainable, high-quality jobs, provide opportunities for Māori to develop their land, help meet our climate change targets and support more sustainable use of land, water and other natural resources. Initial projections indicate that the planting of one billion trees over 10 years could lead to between 10 and 30 million tonnes of additional carbon dioxide removals. Quick action has been required by the Government to ensure Crown Forestry can purchase seedlings from nursery stock and get planting during the winter season. Nurseries’ capacity While there are limited surplus radiata pine seedlings available for <strong>2018</strong>, discussions with members of the New Zealand Forest Nursery Growers Association have indicated that nurseries have the ability to scale up significantly for the 2019 planting season. In addition to the trees that Crown Forestry will plant, work is under way to determine the potential to boost the number of native trees planted as well as ensuring that the number of trees being planted can be accurately counted. Crown Forestry has the capability and connections with landowners in the regions to get new forestry plantings underway immediately. Work is also under way to develop a comprehensive afforestation programme that takes various issues into account, including the supply of labour, improving the Emissions Trading Scheme for forestry and afforestation and incentivising land use. Establishing Forestry Service This is the first in many milestones in the tree planting programme. As further work is progressed to establish a Forestry Service, I will take proposals back to Cabinet covering the more fundamental considerations on future funding for Crown Forestry, its role and governance structure. Crown Forestry is a business unit and administers the Crown’s residual interest in a range of commercial forestry assets, primarily Crown land that is subject to a Waitangi Tribunal Claim or leased Maori-owned land. Crown Forestry manages 16 forests with a combined value of $172 million, six afforestation leases and three registered Forestry Encouragement Loans. Shane Jones is Forestry Minister of New Zealand.
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