ECONOMICS MAG (1)_merged

ECONOX ' 21 XVIII EDITION Painting by: Yashvi Kumar 12M

Thhe purpose of studying economics is not to acquire a set of ready made answers to economic questions but to learn how to avoid being deceived by economists

I 01 02 N D Principal's Desk Articles: E Vice principals' Desk Digital Economics X Economics The Covid War Department Environmental Meet the team Pg. 01-16 Economics Economics and the 03 Mind Fun segment: Fresh perspective Puzzles, Pg. 17-84 Crosswords, Quizzes, External Interviews, and 04 more. Paving the way Pg. 85-113 Club Activities Club Appointees Pg. 114-136

FROM THE PRINCIPAL'S DESK Q: Give one word that according MS. PADMA SRINIVASAN to you best describes economics as a subject. A: Engrossing Q: According to you, the state of the Indian economy is alarming or optimistic? A: Optimistic Q: What would you choose - a high fiscal deficit which means the government is overspending or underdeveloped infrastructural facilities? A: High fiscal deficit Q: What does economic development mean to you? A: Improvement in quality of life for individuals and Q: Which is the lesser of the two evils - inflation or unemployment? A: Inflation Q: Which is a bigger problem - poverty or illiteracy? A: Poverty Q: Would you rather be a consumer or a producer? A: Producer Q: Would you rather be the Governor of RBI or the Finance Minister of India? A: Finance Minister Q: Would you rather study economics or teach it? A: Teach it 01

Q: You have just received a ₹100 cr cash prize. Would you rather invest or lend it? A: Invest it in an upcoming startup full of potential that believes in taking its Corporate Social Responsibility (CSR) seriously. Q: Would you rather be 100% debt-free or have a good credit score? A: Have a good credit score Q: Would you rather buy a government bond or invest in a mutual fund? A: Government bond Q: Would you rather live in a developed country having a high standard of living, poor human rights, and restricted civil liberties, or a developing country having a low cost of living and progressive society which values all individuals equally? A: A developing country has a low cost of living and a progressive society that values all individuals equally. Q: Would you rather study economics or teach it? A: Teach it Q: What advice would you give to students studying economics? A: Economics helps us better understand the world in which we live. It has been evolving with changing times and that makes it very relevant to these pandemic times where we are all trying to come to terms with the various turns and bends that COVID has been urging us to make. More than just a barometer of economic life, it is a study of how everyday decisions are made at both the micro and macro levels. My advice to economics students is to always try and apply the theories and concepts they learn in class to solve real-world problems. Not only will this enhance their understanding of the subject, but it would also further motivate them to keep their curiosity for the subject alive. 02

FROM THE VICE PRINCIPAL'S DESK DR. RENU NAYAR Q: Which of the following would be the leading industry in the next ten years? A: Artificial Intelligence Q: Which global trends will shape the world economy in the next five years? A: Shift towards digital across industries specially health, banking, clean energy. Q: How can the government be more transparent in its functioning? A: Regular updates on government strategy to tackle socio- economic issues. Q: What makes economics a unique subject? A: It is a theory that can be applied in real life. Only subject with a good mix of qualitative and quantitative aspects. Q: What is your favorite economics book (if any)? A: The Psychology of Money by Morgan Housel. It gives timeless lessons on wealth, greed, and happiness. Q: Would you like to share any insightful experience from your days as an economics student? A: The ability to take lessons of economics and apply it in my daily life. Also, to be able to understand and read business and economic news better. 03

Q: Define economics as a subject in one word. A: Practical Q: Cryptocurrency’s future outlook is still very much in question. Proponents see limitless potential, while critics see nothing but risk. What’s your take on the same? A: One needs to assess their own risk tolerance and ability to take on risks. Both are different parameters and will be different for each one of us. One needs to view it as any other asset class and allocate the proportion that aligns with their long-term and short-term objectives. The allocation could be 0% or as high as 30%. But a 100% allocation in my view would be risky. Q: How is economics connected to your life? A: Economics is the study of how people, firms, or institutions choose to allocate resources. Resources are not always money – time, skill and land are all resources. People make economic decisions with the intention of maximizing their returns. For example, a college student might allocate his time and substantial amounts of money to earn a degree. In return, that degree will ideally yield him numerous job opportunities and an increased income. Before making any decisions, any individual does what economists call a “cost-benefit analysis.” Simply put, the pros are weighed against the cons. If one choice provides more utility or personal satisfaction than another choice, a decision is made. Q: Do you think that the economy will be able to bounce back to its pre-Covid level of growth? A: Yes—over the long term, mass consumerism and technological advancements will drive future growth. As we have also seen with new variants being milder, restrictions are less severe which also helps in re-opening of economies sooner. 04

MR. NARESH KUMAR MIGLANI Q: Which of the following would be the leading industry in the next ten years? A: Green Energy Q: Which global trends will shape the world economy in the next five years? A: We are currently facing a dire environmental situation, so the advancement of green energy and artificial intelligence will become extremely important and should help us keep pollution in check. Q: How is economics connected to your life? A: Economics is everywhere. It plays a part in every financial decision I make and helps me understand the effect of new laws Q: Cryptocurrency’s future outlook is still very much in question. Proponents see limitless potential, while critics see nothing but risk. What’s your take on the same? A: I personally think that in the coming years cryptocurrency will be widely used if new policies and regulations are introduced by governments around the world. Q: Do you think that the economy will be able to bounce back to its pre-Covid level of growth? A: Oh yes, the pandemic has been a huge setback for our economy but I’m certain that our economy will grow back to pre-Covid levels after the pandemic passes. 05 .

MR. ANIL KUMAR Q: Which of the following would be the leading industry in the next ten years? A: Artificial Intelligence Q: Cryptocurrency’s future outlook is still very much in question. Proponents see limitless potential, while critics see nothing but risk. What’s your take on the same? A: As an outsider, it is very difficult to take one side over the other. Cryptocurrency is useful because it is decentralized but the disadvantage being there is no regulatory body, leading to huge scams. We have to be careful while entering its market in the early days. However, it definitely has the potential to become a reliable medium of exchange in the future. Q: How is economics connected to your life? A: Economics plays a crucial role in my life. From the allocation of my savings to the opportunity cost of buying a new car. A lot of decisions I take are based directly or indirectly on economics. Economics helps me analyze different situations and make a more advantageous choice. I can’t imagine my life without economics. Q: Define economics as a subject in one word. A: Practical Q: Do you think that the economy will be able to bounce back to its pre-Covid level of growth? A: It is difficult to say anything right now because we gain momentum, then a new wave comes around, and we are back to square one. The damage dealt with the economy in the past 2 years will be difficult to overcome in the short run. 06

However, I am optimistic because the country is slowly recovering and the role of vaccines has played a major role in the recovery. In the long run, the economy will obviously surpass the pre-Covid level of growth, but in the short run, it will be a challenging task. MR. JASWINDER SINGH VIRDI Q: Which of the following would be the leading industry in the next ten years? A: Artificial Intelligence Q: How can the government be more transparent in its functioning? A: Openness and transparency are key ingredients to build accountability and trust, which are necessary for the functioning of democracies and market economies. Posting government spending online and making it machine-readable can help us use analytics to weed out fraud. Q: Define economics as a subject in one word. A: Equilibrium Q: Cryptocurrency’s future outlook is still very much in question. Proponents see limitless potential, while critics see nothing but risk. What’s your take on the same? A: Even though cryptocurrency has become a global phenomenon. In recent years, there are many concerns and worries swirling around its technology and capacity to disrupt the traditional financial system. It does have a lot of potential but even I feel, it is more cost than worth. 07

Q: How is economics connected to your life? A: Economics is connected to all of our lives, sometimes obvious and otherwise in subtle ways. It frames many of our choices about work, leisure, and management. Our lives are also influenced by economic growth, inflation, etc. Also, we make our decisions to maximize our economic welfare. Hence, we are deeply connected to economics and use it unawarely in our daily life Q: Do you think that the economy will be able to bounce back to its pre-Covid level of growth? A: Definately, caliberated unlocking of is increasing and industrial production is back on track. Economic reforms implemented by the government have provided some push and strength to the economy. these reforms range from digital transactions to banking reforms, combatting corruption and controlling inflation. I believe that in the next two quarters, our economy would be even better than it was pre covid 08

ECONOMICS DEPARTMENT MS. SHELLY MALHOTRA Economics as a subject has been a popular choice among students for further studies and continues to be so. What according to you motivates this decision? The beauty of Economics lies in its ability to evolve with changing times. From its birth in 1776 with the publication of Adam Smith’s ‘An Inquiry into the Nature and Causes of the Wealth of Nations' to its inclusion in the Nobel Prizes in 1968, as a discipline, Economics has indeed come very far. It is this adaptability of Economics, its resilience in the face of the toughest situations faced by mankind that keeps it very relevant to the times. And, any subject that can evolve at such a fast pace will always be greatly sought after by students. Do you think the pandemic affected the role of economists in our country? If yes, in what ways? How can you as an economics teacher accommodate these changes when teaching the subject in the purview of the pandemic? While there are innumerable jokes about how economists can never agree on a single course of action, one of the most fascinating developments during the pandemic years has been the similarities observed in economic policies adopted by governments/central banks all over the world - generous stimuli to boost falling demand, incentives to producers and low-interest rates. 09

This obviously means that economists and economic advisors to governments/central banks all over the world were united in their stance. I think now, more than ever, there is a need for classroom teaching to be less theoretical and more experiential so that students can understand the relevance of theories learned to real life. What led you to choose economics as a future prospect and further pass on your teachings in the same? Interestingly, Economics just happened to me by chance and without realizing it, slowly I fell in love with it. As the subject grew on me, I got thrown in the teaching arena, and the rest, as they say, is history. I’ve always tried to gently nudge my students in the direction of Economics, and then let them decide on their own if they love it enough to make it their career choice. I do it by letting them see the beauty in mundane and ordinary, by helping them understand the practical relevance of the theories that they study in class, and most importantly, by letting them make choices by laying down all cards for them to see and choose from - the very basis of Economics. MS. SURBHI GAUR Economics as a subject has been a popular choice among students for further studies and continues to be so. What according to you motivates this decision? Economics as a subject is unique in that it combines science like application of formulae and logical deduction on the one hand and heuristic driven perception on the other. Furthermore, economics has most direct and comprehensive relevance for policymaking that has the potential to improve the lives of the whole society. This is why students who are interested in policy relevant jobs or social improvement, choose economics for further and higher education. 10

Additionally, economics prepares students for careers in highly diversified fields such as Indian economic services, Indian administrative services, research agencies working in economic, financial market and sociological areas just to name a few. These are all highly remunerative and fulfilling careers and attract students. MS. RICHA AGGARWAL Economics as a subject has been a popular choice among students for further studies and continues to be so. What according to you motivates this decision? I firmly believe in the quote “ Economics is a subject that does not greatly respect one’s wishes.” Economics flows widely across all streams of students in grades 11 and 12. Be it science or commerce or humanities, most of the students prefer economics as it plays an important role in our everyday life. It’s a good trade-off for them. Long-term success and lifetime earnings motivate the decision of the students. From the micro to macro level, it enhances their decision- making abilities and helps them to choose the best alternatives offered. It is very aptly labeled as the most prestigious subject of instruction and study because it helps to study the world around us. Those who excel in the field of economics are well-positioned in an ever-changing world. Indeed, It is a very difficult subject but at the same time intellectually fascinating and challenging. Do you think the pandemic affected the role of economists in our country? If yes, in what ways? How can you as an economics teacher accommodate these changes when teaching the subject in the purview of the pandemic? Yes, I totally agree that amidst the pandemic, every Tom Dick and Harry is looking up to Economists for a better solution. 11

Each and every decision in the pandemic was based on the rationale given by Economists. The outbreak of Covid-19 has brought social and economic life to a standstill. Like a fast-growing, ever-changing economy, we economics teachers too have to be on our toes to keep pace with ever-changing scenarios and add some zing and flavor to our teaching. This pandemic has taught us that we can manage life with much fewer expenses. The chance to appreciate what is important, adapt to changes, and experience new ways of connecting are life-enhancing. It is the essence of resilience to grow through challenges. Indeed, happiness in life is a matter of equilibrium. So Pause, reflect and reconnect. MS. ASHIMA SHARMA Economics as a subject has been a popular choice among students for further studies and continues to be so. What according to you motivates this decision? Economics is the only social science that combines several other subjects, including psychology, sociology, history, and even mathematics and statistics to model and predict human behavior. This attracts many students as it opens paths to many career choices for their future, including academia, management, banking, and finance or policy analysis, among others. Additionally, the way economics is taught in our schools makes it exciting and very relatable to the students, making it an interesting subject to continue learning. Also, Economics is a subject that is continuously evolving as a field- for example, in today’s digital age where college students learn to code Economic models and predictions, some Economists and Computer Scientists are equally qualified to apply for jobs! 12

Do you think the pandemic affected the role of economists in our country? If yes, in what ways? How can you as an economics teacher accommodate these changes when teaching the subject in the purview of the pandemic? Of course! The pandemic has highlighted the importance of economic predictions, as well as the need to understand income inequality and its consequences in an unprecedented international emergency. These issues are deep-rooted in fundamental economic concepts, and we, as teachers, can use this as a real-life example of how economic prowess in these concepts can assist an administrator to manage the drastic effects of unexpected shocks. First, while teaching them about business cycles, we can give the children a real- life example of an economy in recession and recovery. Secondly, while teaching them about relative poverty, we can discuss with them income inequalities within, and across countries by introducing them to different measures of inequality (e.g. Gini coefficient, Sen’s index, etc). Additionally, we can also share relevant articles/news reports about situations in the pandemic where economic forecasting correctly predicted an outcome, where it failed, or where economic packages succeeded in reviving the economy. What led you to choose economics as a future prospect and further pass on your teachings in the same? Back in the late 1980s and early 1990s, India stood at the threshold of a new beginning. Recovering from the brink of defaulting on our foreign debt and with only two weeks' worth of foreign exchange, India was coaxed by international donors to open up its hitherto isolationist economy to the world, which led to its liberalization, privatization, and globalization. 13

It was an exciting time to be studying and teaching Economics, to understand not only what was happening, but also why it was happening, to witness the impact of the most far-reaching changes undertaken in the Indian economy since independence. It has never been my aim to just pass on my knowledge or teachings to my students, but rather to pique their interest in the subject so that they learn to start asking questions and looking for the answers themselves. If they are moved enough by India's problems and global issues to try and find solutions, I would have done my job as a teacher. MS. JAGMEET BABBAR Economics as a subject has been a popular choice among students for further studies and continues to be so. What according to you motivates this decision? Economics is a subject that can be seen in every facet of life. Be it a person trying to manage the day-to-day expenditure of his/her household, or be it the management of material and human resources on a national level, economics is something that everyone uses knowingly or unknowingly. The connection that students are able to make with the real world while studying economics is what makes them relate to the subject. Apart from this, there is a wide range of career choices for people having an economics degree. All corporate firms need to manage their resources in the most efficient way, and this is where knowledge of economics comes in handy. A person with an economics degree is hence a great asset to organizations. 14

Public administration jobs with government and nonprofit organisations also provide many openings to those with economics degrees. This is what makes economics a popular and, according to me, a very good choice to pursue for further studies. MS. VIJAYALAKSHMI MARWAH DR. ANUBHA GOPAL 15

MEET THE TEAM Shelly Malhotra Teacher Incharge Aarushi Gupta 12M Eva Aggarwal 11K Editor and Designer Editor and Designer Yashvi Kumar 12M Udhita Shankar 12R Graphic Arts Designer Sachit Kumar 12R Aditya Mathur 12M Amal Tharikh 12M Designer Editor Editor 16

Painting by Yashvi Kumar 12M 1071

DIGITAL ECONOMICS 1081

CRYPTOCURRENCY A passport to the future What is Cryptocurrency? With the increasing trend of online transactions, there is also a significant rise in online payments as technology is evolving towards contactless payments. Companies and consumers don’t prefer cash anymore, which can be seen by the sudden surge of Paytm and RazorPay users. When consumers can make payments at the click of a button, why would they prefer to go through the lengthy process of making physical payments? This emerging payment system, called Cryptocurrency, is a digital or virtual currency that serves as a medium of exchange. It uses cryptography to secure and verify transactions as well as control the creation of new units of a particular cryptocurrency. There have been several failed attempts at creating a digital currency during the 90s like DigiCash, Flooz, and Beenz owing to fraudulent transactions and financial difficulties. Due to the failure of these companies, the creation of a digital money system was considered futile until the Introduction of BitCoin. In early 2009, Satoshi Nakamoto, an anonymous programmer or group of programmers under the pseudonym, introduced BitCoin- ’A Peer-to-Peer E-Cash System’. 19

It is viewed as the first modern cryptocurrency, a medium of exchange that combines decentralized control, user secrecy, record keeping on a blockchain, and built-in scarcity. Bitcoin offers lower transaction costs than traditional online payment mechanisms and, unlike government-issued currencies, is operated by a decentralized authority. All transactions are checked by a huge amount of computing power. Tips to keep in mind while investing 1. Proper Research Before investing, do thorough research on cryptocurrency exchanges and how they work. Get in touch with experienced investors, gain their knowledge and check their applicability before proceeding. 2. Storing Digital Currency When you buy cryptocurrency, you can store it on an exchange or in a digital \"wallet\". Carefully weigh the pros and cons of all types of wallets or exchanges before storing your cryptocurrency in them. 3. Making Diverse Investments Like investing in shares, one must maintain a diversified portfolio, similarly, while you’re investing in cryptocurrency, try and regulate between BitCoin and Altcoin till you find the right combination of both. 20

4. Being prepared for losses Cryptocurrency is always fluctuating, therefore one must be mentally and financially prepared to handle the ups and downs. If you can’t handle the dramatic changes in the prices and prefer stability, chances are, cryptocurrency might not be the right choice for you. Cryptocurrencies are here to stay and to change the world. Globally, people are investing in it to protect themselves against the devaluation of their national currency. While cryptocurrency seems like a passport to our future, we must note that currently, cryptocurrencies have a long way to go before they are recognized as a legitimate currency on par with the U.S. dollar, the Euro, or the Pound. -Aarushi Aggarwal 12T 21

CENTRAL BANK & DIGITAL CURRENCY Adapting to a new age The rise of cryptocurrencies strikes at the core of our modern monetary system. With the emphasis being placed on decentralization of our financial system and the increasing controversies surrounding the SWIFT system due to attempts by the US to use it to strongarm rival nations, it is important to consider a world with a single crypto-currency. Among the less discussed threats that a single decentralized currency would pose is that it would make our world more vulnerable to recessions. The Greek Debt crisis is a great example of what happens when a nation’s currency is not able to adjust to its financial situation. Under our current monetary system in which most currencies float freely, whenever a country faces an economic crisis, the value of its currency falls, allowing the economy to recover by encouraging exports. This could not occur in Greece because its economic situation did not sufficiently impact the rest of the Eurozone countries to cause a substantial fall in the Euro’s value. Similarly, it is to be expected that in a world with a single decentralized currency, the counter-cyclical measures that central banks usually take in a recession such as reducing interest rates and increasing money supply would simply not be possible. 22

Central Bank Digital Currencies (CBDCs) are a way for central banks to adapt to the digital age. There are two major proposals for how CBDCs can work: First, the central bank can take over the role that commercial banks play by allowing people to form deposit accounts with the central bank. The actual servicing and technical maintenance of the accounts would likely be carried out by a third-party firm. Proponents of this approach argue that it would provide better protection against money laundering and make the financial system more secure. However, this would aid the rise of cryptocurrencies since it further centralizes the money supply and creates a single ledger of all transactions in a nation. The second approach is to make CBDCs similar to cryptocurrencies in that they would circulate in a decentralized way and without a central ledger. This approach would maintain the anonymity of banknotes while allowing central banks to regulate the money supply. It is some variation of this format that nearly 60% of the world’s central banks are testing. CBDCs would also fundamentally change the role of banks. Since institutions would trade using CBDCs rather than bank deposits, banks would no longer be able to create demand deposits. In addition, with the entire money supply now exclusively controlled by the central bank, banks would also not be able to create credit. 23

Economists believe that this would improve financial stability by eliminating the ‘too big to fail’ concept since banks would have to downsize to adjust to their new roles. However, to avoid such drastic structural changes, central banks are experimenting with different ideas to preserve the crucial role that banks play -Bhavya Lakhina 12T 24

NFTS Financial Assets or worthless pictures? An NFT is a digital asset that represents real-world objects like art, music, in-game items and videos. They are bought and sold online, frequently with cryptocurrency, and are generally encoded with the same underlying software as many cryptocurrencies. NFTs are one of a kind, or of a very limited run, and have unique identifying codes. Essentially, they create digital scarcity, contributing to their future appreciation in value. How do they work? NFTs exist on a blockchain, which is a distributed public ledger that records transactions, similar to cryptocurrencies. They are essentially the virtual versions of collector’s items. Once you purchase an NFT using any cryptocurrency, you get the exclusive right to ownership of that NFT. You can now choose to further resell it for a profit if the condition arises. Are NFTs worth it? Many NFTs show great appreciation in price after a while, however, they are still very risky assets. Whether an NFT increases in value depends on its demand and whether someone is willing to pay more for it. This makes it entirely speculative and based on other people’s wants. Keeping this in mind, if you wish to own a particular artwork, and have the money to spare, you may buy an NFT. 25

How to buy NFTs? To begin with you need to purchase cryptocurrency and set up a crypto wallet. Metamask is one of the most popularly used crypto wallets. You may use several online platforms such as WazirX or CoinBase to purchase cryptocurrencies. Most NFT transactions are settled using Ethereum currency. Once you have purchased the desired amount of cryptocurrencies you can transfer them to your crypto wallet and begin buying NFTs. To do that, one can use NFT trading websites such as OpenSea, Rarible or in some cases, creators’ personal websites to conclude the transaction. NFTs are an upcoming digital art form that can revolutionize art, music, and other creative fields. It would be unfair to call them “worthless pictures” because although not similar to traditional investments, they can be used for investment purposes in the modern world. However, buyers must be aware of the various risks present, and only then should they go forward and purchase them. - Krish Gupta 12R 26

Painting by Yashvi Kumar 12M 0217

THE COVID WAR 0218

WAN INDIA WORRY INDIA Over 30 million people have been infected by COVID-19 in India. In 2021, the number of cases had risen exponentially within a span of two months. Despite th e implementation of lockdown measures including travel bans in India and worldwide, there had been an increasing incidence of COVID 19. The number continued to rise as lockdown measures were being relaxed in varying capacities across states. A high percentage of healthcare in India is provided by the private sector which mostly only provided minimal services during the lockdown due to which we formulated that the immediate consequences of lockdown would have a negative impact on the general health, mental health, and social well-being of the population. IMPACT ON HEALTHCARE SYSTEM IN RURAL INDIA The health care services and systems in India are still developing and have challenges of workforce shortages, poor infrastructure, and quality of care. The healthcare system in rural India faces a chronic shortage of medical professionals which is detrimental to the rural health system in terms of the quality and availability of care for rural people. The government’s focus has been on curative care, while poor infrastructure and poor coördination between the various departments make it difficult to tackle public health emergencies such as COVID-19. 29

The health care system is not adequate or prepared to contain COVID-19 transmission in the rural areas, especially in many northern Indian States because of the shortage of doctors, hospital beds, and equipment, especially in densely populated underserved states. Public health challenges, including the elimination of persisting communicable diseases like Tuberculosis and ensuring equitable health care, add to the challenges ahead, with the emergCaredonce of the Covid 19 pandemic. IMPACT ON HEALTHCARE COMPANIES While some measures had been implemented to contain the spread of COVID-19, they had resulted in significant operational disruption for many companies including those in the Indian healthcare industry. Staff quarantine, supply chain failures, and sudden reductions in customer demand have generated serious complications for companies across a wider range of sectors. The revenue lost in that period represents a permanent loss which would take a lot of time to recover. Despite the current crisis being a healthcare issue, the private healthcare system in the country continues to reel under the negative impact of COVID- 19. There had been a significant drop in both in-patient and out- patient footfall for private hospital chains during the lockdown. The inability of new centers/hospitals to start generating cash, debt repayment obligations, and increased scheme revenues are some of the many factors impacting cash flow. 30

GOVERNMENT INTERVENTION With no immediate sign of the pandemic regressing, the situation can become tense in the future. Hospitals, whether big or small, have limited resources and require support from the government. Through faster payments for treatments under government schemes; GST rate reduction on COVID-19 related supplies such as testing kits, drugs, and consumables; cheaper credit facilities for larger hospitals; Standardisation of COVID-19 costs across the country are some of the measures that the government had done to nip the effects of the pandemic on an already fragile healthcare system. CONCLUSION The coronavirus pandemic has resulted in multiple challenges for both developed and developing countries. It is our responsibility to judiciously use healthcare resources with the aim of protecting our frontline warriors. With no hope of treatment soon, the supportive care of infected patients and various preventive strategies are going to help us to contain this pandemic - Kairav Khurana 12S 31

HEALTH VS WEALTH Poster by Manya Garg 12R The health of a mother and child is a more telling measure of a nation's state than economic indicators. -Harjit Gill 32

Poster by Shagun Srivastava 12N 33

THE PANDEMIC, ECONOMICS & ME Being cooped up in my house, my inner social being deprived of human interactions and not being able to go outside for shopping, I realized how the pandemic has hugely affected our lives and mindset into becoming more economical. The ever- prevalent motto,” saving money is the golden rule to financial success”, has now proved its point more than ever. By restricting our wants to our needs and conserving assets for an unpredictable future, we have now started to understand the essence of this discipline. I was recently introduced to the subject Economics this year in 9th grade. Growing up I had always listened to my dad’s conversations mentioning inflation, trade sanctions, and whatnot. However, it was this year that I witnessed these simple terms which were earlier stranger to me, in live-action. This pandemic taught me and my family some crucial lessons in Finance. In several areas, the total expenditure of the household was cut, on the other hand, some had increased. For example, in pre-Covid times we used to go out frequently- to eat, to shop and travel. For better or worse, in 2020-2021 that aspect got removed totally. Gratitude for all the luxuries we experienced earlier increased manifold. 34

Personally, this proved to be a blessing in disguise for me as I gained more knowledge about the world of economics this year than I ever did in the past 13 years or so. Another observation is the novel ways of earning, ones where everything is done from home. Many of my friends and family members opted for starting a cloud kitchen, where they created customized food packages and desserts according to the needs of people. Furthermore, brands started to give paid promotions to volunteers to increase their online presence. In present times, income generation has truly branched out to all disciplines. Apart from the substantial effects of the pandemic on the national economy, on a more personal level, I saw some key changes. For instance, I reduced the number of clothes I bought, partly because I have nowhere to be dressed for. I also learned the importance of minimalism and how to be financially organized. I believe one of the most valuable lessons the pandemic taught us was the management of household finances. I think it's safe to say that Economics as a whole as well as its individual aspects have gained much more widespread importance during the Covid-19 pandemic than it ever did. - Aanya Yaduvanshi 09L 35

Poster 3 -Anhad Sood 12S 36

Painting by Yashvi Kumar 12M 37

ENVIRONMENTAL ECONOMICS 38

FUTURE OF ELECTRIC VEHICLES Electric Vehicles are the future of transportation, be it four-wheel vehicles, two-wheelers, or airplanes. These vehicles are typically powered by rechargeable lithium-ion batteries and produce zero carbon emissions and hence are not harmful to the environment. While the sale of conventional passenger vehicles and two-wheelers in the country declined over 9 percent and 13 percent, respectively, in FY21, electric two and four-wheelers bucked the trend and posted impressive growth. Sales of electric two-wheelers surged over 64 percent, while four-wheelers grew over 68 percent. Yes, this is on a small base, but encouraging. In a year where nearly two months were lost due to lockdown, it is the clearest indication yet that after sputtering for years, the electric mobility story is on track towards an inflection point when it will become mainstream. To add to this, companies such as Tesla, BMW, Audi, Porsche, Mercedes Benz, etc are the leading names in today’s electric car market. Boeing, an Airplane manufacturer has successfully produced an electric passenger airplane that can travel up to 50 miles and companies like Hero Electric, Bajaj, TVS, etc are currently producing electric two-wheelers in huge numbers. 39

One of the most reputed two-wheeler manufacturers in the world, Harley Davidson, an American Motorcycle Manufacturing Company has announced its first electric bike. This explains that the most prominent and iconic automotive companies believe in an Electric Vehicle dominant future. We must understand that vehicles that run on fuels like Petrol and Diesel are continuously causing irreversible damage to the environment. Our shift to electric vehicles is overdue now. And most importantly we are running out of oil reserves which allow us to derive conventional fuels. Countries like Norway, Iceland, and Sweden are leading the change, with plug-in electric vehicles accounting for 74.8%, 45%, and 32.2% respectively in 2020 and Mercedes-Benz maker Daimler plans to invest more than 40 billion euros, or $47 billion, between 2022 and 2030 to develop battery-electric vehicles, and be ready for an all-electric car market by 2030. However, we must also note that Electric Vehicles do not come for cheap in today’s date. A lot of research and development is underway to make these vehicles more affordable and widely available to the masses across the globe. Governments are cutting down taxes and duties imposed on electric vehicles to attract the attention of the general public looking out for a new car. In India’s case, homegrown auto giant Tata Motors has said that it plans to price its green cars at “not more than 15-20% premium” to conventional petrol/diesel vehicles while offering a battery range at least above 200km on a single charge. 40

EVs are touted as a one-stop solution to many problems in India. These include those related to air pollution and steep oil import bill that depletes our foreign exchange reserves. India consumes 29.4 percent of the world’s oil and crude oil accounts for more than a quarter of its imports. It spent over $100 billion on oil imports in FY20. According to a report by Niti Aayog and Rocky Mountain Institute, a reduction of 156 million tonnes of oil equivalent worth Rs 3.9 lakh crore is possible by 2030 if EVs account for 40 percent two-wheelers, cars and SUVs, and 100 percent commercial vehicles and three-wheelers. India is also the world's third-largest emitter of carbon dioxide (CO2) at two million kilotons behind the US and China. In the national capital of Delhi, pollution due to particulate matter regularly exceeds the World Health Organisation's limits by a factor of 7-12. More EVs means fewer carbon emissions. There is no doubt that Electric Vehicles are the future. I believe that Governments across the world should invest as much as possible in the development, research, and manufacturing of electric vehicles. They should build appropriate infrastructure for the operations of electric vehicles by setting up charging points across cities and towns, promoting electric vehicles, giving incentives to the general public on purchasing electric vehicles, and setting up annual targets for the sales of electric vehicles. - Krishnna Nayyarr 12S 41

Poster by Anushka Goyal 12S 42

PETROL PRICES AND TAXATION As early as April last year, the variety of crude oil called WTI (West Texas Intermediate) was priced in the negative territory. Granted, India does not import this variety but it could be used as the bellwether for global prices of crude oil. Before the pandemic struck us and altered every economic certainty, there was some competition between Russia and Saudi Arabia to emerge as the bigger producer of the oil. Both had produced massive amounts of crude oil, thereby effectively bringing down its price dramatically. As soon as this senseless and juvenile brawl between the two nations were showing signs of abating, the coronavirus hit us and economies were impacted like they had been never before. In large parts of the world, either blanket or partial restrictions on movement were imposed, factories shut down, jobs were lost and demand was hit severely. All of this was bound to show its effect on the global crude oil market. With all kinds of economic activities, for all practical purposes, at a standstill, demand for the fuel which otherwise ran economies touched historic lows. This led to the aforementioned incident and thereafter even though prices have slightly recovered, they have never really touched pre - pandemic levels. 43

All of this is actually good news for net importers like India. Now, India had its own share of problems on the economic front. One of them was the low tax collections for both the Centre and State Governments. Economic growth had been showing signs of slowing even before the pandemic. The pandemic and the ensuing, nevertheless brought the slowdown into recession territory. This dried up the government coffers significantly as it had been deprived from almost all sources of taxes due to the standstill in economic activity the harsh nature of the lockdown had ensured. Therefore, instead of letting the benefits of the subdued crude oil prices percolate down, the government chose to increase taxes on petrol, diesel, etc. The lockdown has led to a large number of people losing their jobs. Income levels have come down heavily and there is only a fraction of the demand compared to the pre - pandemic levels. I concede that the government has its compulsions but increasing taxes and that almost by 200% would be the surest way to stunt the growth of demand at this critical phase which will, in the long run, have an effect on the tax collections themselves. Thus, the government needs to lower the taxes and allow the consumer to retain the money in order to spend it and revive demand, thereby stimulating economic growth and consequently tax collections. - Shashank Sinha 12U 44

Painting by Yashvi Kumar 12M 45

Technology fuels economy, unfortunately in today's world, it's the fuel that drags economy. -Yatin Patel 46

Painting by Yashvi Kumar 12M 47