Latest news with #Post-WorldWarII
Economic Times
13 hours ago
- Business
- Economic Times
Era of multilaterals over; in this era of bilaterals, India will be counted: Ashish Chauhan
Ashish Chauhan, MD & CEO, NSE, says India's growing economic importance is reshaping global geopolitics, marking a shift from a multilateral era where it was often overlooked. Now the fourth largest economy with technological prowess, India demands recognition. Post-World War II systems are becoming less relevant as India asserts its influence. If you look at a 20, 30, 50 years' time horizon, there is nothing better than India. On an average, we have given a growth of 6.5-7%. In rupee terms, we have given CAGR of almost 12-13%. In dollar terms we are 1% higher than S&P 500 in those 30 years. So, we have done wonderfully well in the last 30 years. ADVERTISEMENT Everything comes with its share of ups and downs. And that is exactly what the market is. When I met you earlier, at the National Stock Exchange, you said that like in a love relationship, markets also experience fights, ups and highs. Where do you think the market is headed next? There are question marks on when the rural recovery will come about even though the RBI has fired all guns. Where do you think the economy is headed? Ashish Chauhan: In a way, there are reasons why things happen and overall, the world is softening for a variety of reasons including the tariff war. But the tariff war is an outcome of a long drawn movement away from manufacturing in China and services in India from the rest of the world. In that context, the rich countries of the west are feeling slightly poorer and they are saying that if you want to access our markets, you need to pay tariffs which is, of course, in a way recessionary because it brings down demands and increases prices. So there is going to be an impact of that longer-term trend. The second trend which we have not discussed is because it happens over 20-30 years. Life goes through a lot of other noise, and we often do not look at that signal. It is the demographics. The world is becoming old. Other than India, Pakistan, Bangladesh, broadly the rest of the world is getting older. From Japan to China to Europe to the US, it is decisively older demographics, bringing down demand. But it will bring demand up for the hospitals and healthcare and many other things. We need to understand where life is going to go. The third long-term trend is technology. Technology is the only thing which changes the world. And the technology that has changed over the last 30 years has also changed India decisively. It has made India what it is today. The world power in services, information technology, and it is also going to take India up because of the same reason that the changes in technology are going to come even faster and India is the youngest, highly technology-oriented country compared to our neighbours or other younger course, we are a very large market ourselves. Overall on a scale of 25, 30, 50 years, India has a glorious future. I will say that in a thousand years, when the technology race was run, we were not even in the stadium. Now, we are at the front line and today we have a chance to become rich before we become old because we will also become an older society by 2100. But before that, we should all work hard to become rich. Within that, there are geopolitics issues. People who have a lot of money are feeling slightly poorer and have started coming after poorer countries. Those things will continue. We have to mend our ways. We have to ensure that we are good with people who have money, who need us. We learn from them. We bring ourselves up and of course, maintain our dignity in terms of negotiations. In that context, today what we call the era of bilaterals has started with Donald Trump. ADVERTISEMENT Before that, in the last 50, 60, 70 years, it was the era of multilaterals and multilaterals had given very little importance to India. The bilaterals are now a situation where we are being given importance because we are important. Now, we are the fourth largest economy. We are also an up and coming economy. We are a highly technology-oriented economy. So, people will have to give us importance and many times I say that when the new geopolitics is defined, India will be counted. We were not. When World War II got over and the Bretton Woods was called, our economists also went, but as a part of the British Empire because we had not become independent then. So, for me, the post World War II multilateral systems of World Bank and UN and WTO and every other thing, WHO is now becoming irrelevant in a way because of the way the new situation has evolved. ADVERTISEMENT You were part of the prime minister's contingent to the UK. Ashish Chauhan: That tells you that now India is able to kind of ask for each pound of flesh. If you look at a 20, 30, 50 years' time horizon, there is nothing better than India and we have seen it in the last 30 years. So many times, the markets have gone up and gone down, but on an average, we have given a growth of 6.5-7%. In rupee terms, we have given CAGR of almost 12-13%. In dollar terms we are 1% higher than S&P 500 in those 30 years. So, we have done wonderfully well in the last 30 years. But in the next 30 years or by 2047, as Modi says as as Viksit Bharat (developed India) we would be doing immensely well compared to the rest of the world. ADVERTISEMENT But what is the message for retail investors because they get affected by the noise, by all the headlines, and also the lofty valuations. In the long term, there is a reason why India will continue to command that premium, but in the near term, does that work well for retail participants? Ashish Chauhan: For me, retail participants are of two types – retail traders and retail investors. The retail investors would be investing for the long-term and if they do not have time because they have other jobs and they have savings, they would rather invest through mutual funds or portfolio managers or advisers and things like that because those are experts and they should go through them and not trade in derivatives. There is a class of people who are basically retail traders who would try to take every signal like what Donald Trump has said about China many times, and they will try to sell or buy. For me, it is not only retail guys who do it, there are professionals also who do it. There are algorithms which pick up all those things now and start trading. But that is what I call trading on the noise. (You can now subscribe to our ETMarkets WhatsApp channel)
Time of India
13 hours ago
- Business
- Time of India
Era of multilaterals over; in this era of bilaterals, India will be counted: Ashish Chauhan
Ashish Chauhan , MD & CEO, NSE , says India's growing economic importance is reshaping global geopolitics, marking a shift from a multilateral era where it was often overlooked. Now the fourth largest economy with technological prowess, India demands recognition. Post-World War II systems are becoming less relevant as India asserts its influence. If you look at a 20, 30, 50 years' time horizon, there is nothing better than India. On an average, we have given a growth of 6.5-7%. In rupee terms, we have given CAGR of almost 12-13%. In dollar terms we are 1% higher than S&P 500 in those 30 years. So, we have done wonderfully well in the last 30 years. Everything comes with its share of ups and downs. And that is exactly what the market is. When I met you earlier, at the National Stock Exchange , you said that like in a love relationship, markets also experience fights, ups and highs. Where do you think the market is headed next? There are question marks on when the rural recovery will come about even though the RBI has fired all guns. Where do you think the economy is headed? Ashish Chauhan: In a way, there are reasons why things happen and overall, the world is softening for a variety of reasons including the tariff war. But the tariff war is an outcome of a long drawn movement away from manufacturing in China and services in India from the rest of the world. In that context, the rich countries of the west are feeling slightly poorer and they are saying that if you want to access our markets, you need to pay tariffs which is, of course, in a way recessionary because it brings down demands and increases prices. So there is going to be an impact of that longer-term trend. Explore courses from Top Institutes in Please select course: Select a Course Category MBA MCA Public Policy Degree CXO Artificial Intelligence Technology PGDM others Data Science Others Finance Product Management Healthcare Project Management Cybersecurity Management Digital Marketing Design Thinking Operations Management Data Analytics Data Science healthcare Leadership Skills you'll gain: Financial Management Team Leadership & Collaboration Financial Reporting & Analysis Advocacy Strategies for Leadership Duration: 18 Months UMass Global Master of Business Administration (MBA) Starts on May 13, 2024 Get Details Skills you'll gain: Analytical Skills Financial Literacy Leadership and Management Skills Strategic Thinking Duration: 24 Months Vellore Institute of Technology VIT Online MBA Starts on Aug 14, 2024 Get Details The second trend which we have not discussed is because it happens over 20-30 years. Life goes through a lot of other noise, and we often do not look at that signal. It is the demographics. The world is becoming old. Other than India, Pakistan, Bangladesh, broadly the rest of the world is getting older. From Japan to China to Europe to the US, it is decisively older demographics, bringing down demand. But it will bring demand up for the hospitals and healthcare and many other things. We need to understand where life is going to go. The third long-term trend is technology. Technology is the only thing which changes the world. And the technology that has changed over the last 30 years has also changed India decisively. It has made India what it is today. The world power in services, information technology, and it is also going to take India up because of the same reason that the changes in technology are going to come even faster and India is the youngest, highly technology-oriented country compared to our neighbours or other younger nations. Of course, we are a very large market ourselves. Overall on a scale of 25, 30, 50 years, India has a glorious future. I will say that in a thousand years, when the technology race was run, we were not even in the stadium. Now, we are at the front line and today we have a chance to become rich before we become old because we will also become an older society by 2100. But before that, we should all work hard to become rich. Live Events You Might Also Like: NSE is still the first achievement and probably the largest I will ever have: Ashish Chauhan Within that, there are geopolitics issues. People who have a lot of money are feeling slightly poorer and have started coming after poorer countries. Those things will continue. We have to mend our ways. We have to ensure that we are good with people who have money, who need us. We learn from them. We bring ourselves up and of course, maintain our dignity in terms of negotiations. In that context, today what we call the era of bilaterals has started with Donald Trump . Before that, in the last 50, 60, 70 years, it was the era of multilaterals and multilaterals had given very little importance to India. The bilaterals are now a situation where we are being given importance because we are important. Now, we are the fourth largest economy. We are also an up and coming economy. We are a highly technology-oriented economy. So, people will have to give us importance and many times I say that when the new geopolitics is defined, India will be counted. We were not. When World War II got over and the Bretton Woods was called, our economists also went, but as a part of the British Empire because we had not become independent then. So, for me, the post World War II multilateral systems of World Bank and UN and WTO and every other thing, WHO is now becoming irrelevant in a way because of the way the new situation has evolved. You were part of the prime minister's contingent to the UK. Ashish Chauhan: That tells you that now India is able to kind of ask for each pound of flesh. If you look at a 20, 30, 50 years' time horizon, there is nothing better than India and we have seen it in the last 30 years. So many times, the markets have gone up and gone down, but on an average, we have given a growth of 6.5-7%. In rupee terms, we have given CAGR of almost 12-13%. In dollar terms we are 1% higher than S&P 500 in those 30 years. So, we have done wonderfully well in the last 30 years. You Might Also Like: There is more scope for Indian investment in the UK than the other way around: Swaminathan Aiyar But in the next 30 years or by 2047, as Modi says as as Viksit Bharat (developed India) we would be doing immensely well compared to the rest of the world. But what is the message for retail investors because they get affected by the noise, by all the headlines, and also the lofty valuations. In the long term, there is a reason why India will continue to command that premium, but in the near term, does that work well for retail participants? Ashish Chauhan: For me, retail participants are of two types – retail traders and retail investors. The retail investors would be investing for the long-term and if they do not have time because they have other jobs and they have savings, they would rather invest through mutual funds or portfolio managers or advisers and things like that because those are experts and they should go through them and not trade in derivatives. There is a class of people who are basically retail traders who would try to take every signal like what Donald Trump has said about China many times, and they will try to sell or buy. For me, it is not only retail guys who do it, there are professionals also who do it. There are algorithms which pick up all those things now and start trading. But that is what I call trading on the noise.
DW
11-06-2025
- General
- DW
Avant-garde nail art creator, Günther Uecker, dies aged 95 – DW – 06/11/2025
Günther Uecker was a prominent figure in postwar German art and a key member of the contemporary ZERO art movement. Nails. Thousands of completely normal nails, each one driven into a wooden board covered with linen. Some straight, some slanted, but none hammered in all the way. Sewing machines, chairs, record players and grand pianos have also borne the brunt of those little shafts of steel. Artist Günther Uecker, who has died on June 10 at the age of 95, became famous in Germany and beyond through his nail reliefs. Hardly any other artist has equally dedicated his work to the craft of simple physical labor. Even during the last years of his life, he was still hammering nails into backdrops and objects with force and precision. Günther Uecker created reliefs that he termed "nail fields." The works achieve their full effect in the play of light and shadow. Over 50 years of nail fields: Günther Uecker in 1965 Image: dpa/picture-alliance A life of war and peace Born in the of town of Wendorf near Schwerin in northeastern Germany on March 13, 1930, Günther Uecker found himself boarding up doors and windows of his family house at age 15 in an effort to protect his mother and sister from the Russian army at war's end. It was the beginning of a life-long preoccupation with hammers and nails. Post-World War II, he studied pictorial arts from 1949 until 1953 in Wismar, then in East Germany. In 1955 he fled to West Berlin and eventually found himself at the Art Academy in Düsseldorf, studying under Professor Otto Pankok from 1955-57. During his studies he encountered the artists Heinz Mack and Otto Piene and joined their artists' conglomerate named ZERO in 1961. Together they represented a "zero hour" of art untouched by the horrors of the Second World War, marking a new beginning in art history. Timeless art, nailed and painted The avant-garde artists' group made waves far beyond Germany and their time. ZERO's ideas have undergone a renaissance in the new millennium, with ZERO retrospectives staged regularly worldwide since 2004. Back in 1966, no one could have anticipated the group's future popularity. It dissolved soon afterwards, and the artists went their separate ways. Meanwhile, Günther Uecker's abstract art has been shown in over 60 countries and frequently been considered pioneering. In 2012 he became the first Western artist to be exhibited in the Iranian capital Tehran since the 1979 revolution. In 2007 came an exhibition in Beijing originally scheduled for 1994. On invitation from the Chinese government, Uecker had prepared the conceptual artwork "Letter to Beijing." In this work, the UN Declaration of Human Rights was reproduced on 19 large, freely-arranged screens, but the words were partially rendered unrecognizable by black paint. However, on short notice, the Chinese culture ministry cancelled the show in 1994, explaining that the people were not yet ready for his art. Uecker was permitted to exhibit in China 18 years later. Humanist artistic ideals "Letter to Beijing" isn't the only work in which Uecker addressed human rights violations. In "Verletzungsworte" (Words That Hurt), on display in various cities of the world since 1993, 60 words like "hitting," "despising" and "gassing" that describe physical and psychological abuse are translated into local languages and painstakingly added by Uecker to the artwork. Günther Uecker's art is understood — and esteemed — worldwide and in the most diverse cultures. Asked what makes it so universal, Uecker once volunteered his own explanation: "I'm often told that the humane character recognizable in my work stirs peoples' feelings." This article was originally written in German and is an updated version of a profile of the artist for his 90th birthday.
Qatar Tribune
10-05-2025
- Business
- Qatar Tribune
Germany's new leadership inherits a legacy of economic struggles
Post-World War II, Germany stood as the economic powerhouse of Europe during extended periods of time. However, over the last two decades, fundamental headwinds began to accumulate. These included negative demographic trends, excessive regulatory and tax burdens, and the omission to upgrade leading sectors to adapt to the digital age and a rapidly changing global landscape. As a result, Germany's economy has underperformed, with real GDP remaining unchanged in the last 5 years. This compares poorly with the 12.2% expansion for the US, or even the 5% growth for the rest of the Euro Area during the same period. The incoming administration led by Chancellor Friedrich Merz could mark a turning point in economic policy and performance. For decades, Germany has been committed to fiscal discipline and austerity. In contrast, the new government enters the scene with a massive fiscal expansion package that could reach EUR 1 trillion, including infrastructure and defense, together with plans for tax and labor market reforms. The economic package marks a paradign shift from Germany's traditional fiscal conservatism, and will stimulate growth in the medium term. However, the new administration inherits considerable challenges that call for aggressive reforms to sustainably boost the stagnant German economy. In this article, we discuss three key factors that describe the challenges faced by the government and support our outlook. First, significant structural challenges continue to erode competitiveness and productivity. The World Competitiveness Report provides a useful assessment on this dimension across countries. Just a decade ago, Germany was ranked 6th in the world. However, the country has dropped markedly to the 24th position, reflecting regulatory burdens, onerous tax policies, rigid employment laws, and administrative complexity. Excessive bureaucracy costs Germany up to EUR 146 Bn a year. The loss of competitiveness is starkly reflected in productivity statistics: since 2017, output per worker has dropped 2.5%. Business leaders point to the amount of red tape and a glacial pace in moving towards the digitalization age. This is particularly damaging in the case of startups, where bureaucratic delays can make the difference between survival and failure of a project. Because of this, companies are increasingly relocating their business to other European countries, such as Holland, Sweden, Portugal or Poland. Therefore, structural problems will continue to weigh on economic growth and need to be addressed by the new administration with measures that go beyond fiscal stimulus. Second, upgrading outdated infrastructure is critical if Germany aims to achieve a new economic growth phase. Germany's highly conservative fiscal policy has led to an underfunding in key infrastructure areas. Public investment averaged 2.8% of GDP during 2023-2024, compared to 4.3% in France, for example. As a result of low public investment, aging infrastructure for transportation and energy, and lagging digital technology are hindering long-term economic growth, underscoring the importance of substantial upgrades. In previous experiences, procurement and planning have taken more time than actual construction, and there are abundant examples where spending funds have gone unutilised. In 2023, EUR 76 Bn in fiscal resources went unused due to bureaucratic and regulatory hurdles. Thus, an infrastructure upgrade should be one of the priorities for the new government. Furthermore, a plan to reduce corporate taxes would only be gradually implemented starting from 2028. Third, the manufacturing sector, a key sector of the German economy, continues to extend a sustained period of decline that drags on overall growth. Between 2000 and the peak in 2017, the industrial component of real GDP grew at an annual rate of 1.9%. This robust pace reversed dramatically afterwards, as the sector faced a successive series of negative shocks, including global trade tensions, a slowing world economy, theCovid-pandemic, the energy crisis due to the Russo-Ukrainian war, and the decline of the automotive industry. Since its peak in 2017, industrial production accumulates a contraction of 18% in Germany. This year, the new trade wars initiated by President Trump's administration, together with the high levels of geopolitical uncertainty, will put further pressure on Germany's export oriented industries. Although manufacturing should benefit from larger infrastructure investment and defense spending, the new administration will need to secure a more stable environment to offset major headwinds and support growth. All in all, the government inherits a heavy legacy posing significant challenges to growth. The paradigm shift in fiscal policy will contribute to a much-needed upgrade in infrastructure and likely jumpstart a recovery, providing a boost to medium-term growth, but deeper reforms are also needed. — By QNB Economics
Business Journals
05-05-2025
- Business
- Business Journals
Panelists: Manufacturing could resurge in powerful boost for regions
Post-World War II, manufacturing employed nearly a third of U.S. workers and accounted for a similar portion of GDP. Today, those figures are near 8 percent and 10 percent, respectively. Yet Jeff Korzenik, chief economist for Fifth Third Commercial Bank, says manufacturing holds significant potential. 'Every dollar added in manufacturing creates about $3 in GDP,' he said. 'Each manufacturing job generates five to seven additional jobs in the economy. It's a powerful multiplier effect that benefits the entire economy." Boosting U.S. manufacturing by 50 percent poses a promising and even reasonable goal, and strategies employed by some manufacturers already show potential, Korzenik said. At a discussion hosted by the Kansas City Business Journal, sponsored by Fifth Third Bank, and moderated by the bank's Kansas City president, Taylor Dunn, panelists talked about why manufacturing makes such a difference in regional economies, manufacturing myths and realities, and the battle for workers — as well as efficiency. Assembling an economic boost Kansas City-based Orizon Aerostructures, which builds large complex subassemblies for the aerospace industry, opened a facility in Chanute, Kan., in 2016. It began with 30 people and a starting wage of $13 an hour. Less than a decade later, that facility employs nearly 500, with a starting wage close to $22 an hour, said Orizon President Henry Newell. Meanwhile, unemployment in the county went from 7.6 percent to less than 3 percent, he said. In addition, that facility buys many of the smaller components it uses from hundreds of suppliers — a prime example of the multiplier effect of manufacturing on an economy, Newell said. 'Our Chanute facility is a great case study,' he said. If U.S. manufacturing were to grow by 50 percent, Korzenik said, it would mean 5 million direct jobs but 30 million new jobs through the multiplier effect. 'It makes manufacturing so important to a regional economy versus, say, retail jobs, which have virtually no add-on impact,' he said. Kristie Keast, CEO of steel company BlueScope North America, said manufacturing also helps establish a strong community through tangential support services, economic resilience through good jobs, increased consumption and prosperity, and innovation. BlueScope has invested in housing, child care and support services to help bring people back to some of the rural areas in which it operates. expand Steve Sanders A big manufacturing myth Manufacturing suffers from a slew of misunderstandings, panelists said. Among the most prevalent: That it lacks career potential. 'Manufacturing has had a poor perception as quite a dark age, dirty, heavy, heavy industry, which has been a challenge to attract the younger generation,' Keast said. 'So we've done a lot of work in changing that perception, and authentically through cleaner and brighter factories, through progression with technology.' Manufacturers recognize the need to work on their branding, even educating parents and school districts about the realities of modern manufacturing. Partnerships with high schools and colleges help. Through a relationship with Neosho County Community College in Chanute, Newell said, an Orizon-branded room offers training for mechanics in aerospace and defense, without the need to attend a four-year school. The manufacturing workforce also has diversified from the stereotypical rural white man, particularly in attracting more women. 'Manufacturing pay is pretty good, and … it offers a great pathway for people for whom a four-year traditional college degree is not a good fit,' Korzenik said. Aircraft manufacturing, for example, pays better than $55 an hour. Many young people go into retail and leisure/hospitality, but that sector typically offers lower earnings potential, as well as a lower multiplier effect in terms of GDP, Korzenik said. Economies in flux Global shifts likewise have shifted the economics of manufacturing. Over the past couple of decades, manufacturing costs in other countries have risen and their workforces have shrunk. 'The bottom line is, it's not as cheap as it once was to manufacture abroad,' Korzenik said. That boosts the appeal of domestic manufacturing. Similarly, natural disasters and the COVID-19 pandemic have jolted supply chains sufficiently that geographically diversifying or reshoring — bringing manufacturing back to the United States — became important concerns for many businesses. And the United States boasts low and relatively steady energy costs, a key factor for manufacturers. However, the case for U.S. manufacturing isn't perfect, Korzenik said: a labor shortage, lag in adopting automation, significant regulatory burden, and strong dollar pose obstacles, though not insurmountable ones. Automation may lag other countries, but it's growing. Newell said that Orizon now spends its time on upfront engineering processes to create automation so production can run continuously, completely hands off. The company employs artificial intelligence, augmented reality, virtual reality, a classroom with Meta-style glasses, and other technological tools to maximize efficiency. 'This has just really happened in the last two to three years,' he said. Likewise, BlueScope has implemented AI sensors for applications such as sorting or painting, algorithms that make product decisions, predictive analytics, robotics, and other measures, Keast said. 'Some of these trades, like welding, are quite a dying trade, so we have to overcome that,' she said. BlueScope also has altered its prerequisites and expanded its searches for workers, recruiting from a broader array of sectors, such as others that work in shifts — nursing, food processing, food services, the military. 'Rather than expecting people to come with a forklift or a crane certificate, we actually train that in,' Keast said. 'What we were looking for was more people that are safety focused, can problem solve, and that want to be part of a team.' Still, U.S. manufacturers need more workers, and the labor shortage is expected to worsen in the coming years, largely due to immigration policy. 'There's tremendous vulnerability to our labor shortage,' Korzenik said. 'We think that's going to start being felt.' Panelists pointed to countries such as Japan and Australia, which already have had to deal with labor shortages and have tried strategies the United States could consider. Those include encouraging more female labor force participation, facilitating reentry of retirees into the workforce, and establishing guest worker programs.
