Dr. Sreeram Chaulia is a social scientist and an opinion maker on international issues. He holds a Doctorate (Ph.D.) and a Master of Arts (M.A.) in Political Science and International Relations from the Maxwell School of Citizenship and Public Affairs, Syracuse University, USA and a Master of Science (MSc.) degree in History of International Relations at the London School of Economics and Political Science, UK. He was a Radhakrishnan British Chevening Scholar at the University of Oxford, UK, where he obtained a Bachelor of Arts (B.A.) in Modern History. He also has a Bachelor of Arts Honours (B.A. Hons.) from St. Stephen’s College, University of Delhi, India.

Founded in 2011 with the objective of imparting insights on the latest issues and trends in Global Affairs and International Affairs, Jindal School of International Affairs (JSIA) is India’s first global policy school. The school is amongst the 12 schools of 91̽�� (JGU) provides a wide range of interdisciplinary degree programmes at both undergraduate and postgraduate level.

JSIA has carved for itself a position of pride of place among world-class entities engaged in the analysis of such themes. Its journey is facilitated by its diverse Faculty – comprising academics, scholars & researchers, social scientists, authors, practitioner lawyers and diplomats and other eminent experts – drawn from both India and abroad.

Its unique pedagogy of mixing academic research with a spirited discussion on ongoing issues – political, security, defence & strategic, diplomatic, global economic and multilateral problems – confronting the comity of nations, empowers its vibrant student community with in-depth expertise and skills for engaging on such aspects in their subsequent, professional careers. It is a matter of satisfaction that for many years running now, JSIA students are regularly finding placement in reputed think tanks, MNCs, Media and PR groups, UN and multilateral bodies, diplomatic missions, NGOs, and other such organizations.

Academic Programmes at JSIA

JSIA aims to train students for international careers and offers a 3-year degree in B.A. (Hons.) Global Affairs, B.A. (Hons.) Political Science and B.A. (Hons.) Diplomacy and Foreign Policy. At the postgraduate level, JSIA offers M.A. in Diplomacy, Law and Business which is intended to be neither a totally academic nor a fully vocational one. It stresses theoretical research but insists on relating it to empirically rich phenomena from the social world.

Jindal School of International Affairs offers both Full time and Part time Ph.D. programmes. The school places strong emphasis on geo-politics and global studies that are largely affecting international relations in the age of globalization. JSIA has also collaborated with the globally acclaimed online education platform Coursera to provide the Master of Arts in International Relations, Security, and Strategy programme.

It is certainly understandable, even today, that some people experience stress and anxiety, characterized by feelings of nervousness, worry, or unease. People remain concerned about becoming infected, the health and safety of loved ones, economic disruptions, instability in family routines, and other disruptions to daily life. People may feel overwhelmed and unable to deal with day-to-day activities when stress and anxiety are extremely intense or persistent. Mental distress can also weaken the immune system, making individuals more susceptible to the coronavirus and all manner of physical illness. 

Fortunately, a return to normalcy seems to be finally upon us. By way of illustration, 91̽�� (JGU) welcomed back students this past March, reopening the main campus. While a departure from mandated quarantine is welcomed by most—allowing people to return to work or study, engage in outside activities, and socialize—it can also be a source of concern or dread. Post-quarantine anxiety may occur, for example, when one finds themselves surrounded by large crowds of people after such a prolonged period of limited social exposure. While returning to normalcy can be challenging, it is an important step toward the restoration of one’s mental health. Not to say such changes are easy. A 2021 survey by the American Psychological Association found nearly half of all survey respondents (49%) felt anxious about a return to person-to-person interactions.

Stress, especially chronic or prolonged stress, can have profound effects on the body. Stress is known to activate the so-called HPA axis, involving the Hypothalamus, Pituitary gland, and Adrenal glands. The end result is the release of adrenaline and a stress hormone called cortisol. Prolonged elevations in cortisol, due to chronic stress, exerts deleterious effects on the gastrointestinal system and many other parts of the body. Cortisol, for example, drives an elevation in both heart rate and blood pressure—preparing individuals for fight-or-flight—which is tied to a variety of cardiovascular issues. As such, long-term stress can increase an individual’s risk for hypertension, heart attack, or stroke. A less severe, but no less disruptive consequence of chronic stress involves muscle tension—imagine someone gritting their teeth. Musculoskeletal pain is also associated with both tension- and migraine headaches which can be highly disruptive in a person’s day-to-day living.

Of course, there is no single approach for dealing with stress and anxiety. However, a proactive approach to self-care and mindfulness will go a long way toward healing and repairing the physical and psychological toll of covid-19. It is important, when possible, to not do it alone—mental health is a collective responsibility and requires sustained efforts by individuals, families, and communities. To that end, it is well established that the use of appropriate precautionary behaviour, including face masks and social distancing, can ease one’s anxiety, allowing individuals to feel more confident in their ability to effectively manage social interactions. Such behaviour should be encouraged, not disparaged. Maintaining, or reestablishing, social connections with family, friends, and colleagues—whether online or in person—can help ease social anxiety. Relaxation techniques such as meditation or deep breathing exercises have also been shown to effectively reduce muscle tension and increase one’s psychological well-being. Alterations in sleep, including insomnia, are common symptoms of anxiety. It is imperative, therefore, to maintain a normal sleep-wake cycle and attain proper rest each night. It is also vital to stay physically active and exercise—maintaining a healthy body is one of the best ways to sustain a healthy mind. Finally, excessive consumption of licit or illicit substances, such as alcohol, nicotine, cannabis, or narcotics, should be avoided. Such substances may provide short-term stress relief, but they typically prolong and exacerbate anxiety in the long run.

Providing guidance and counsel on mental health issues is one goal of the Jindal School of Psychology & Counselling (JSPC) at the 91̽�� in Sonipat, India. Offering a three-year B.A. (Hons.) programme in Psychology, JSPC has quickly established itself as a premier programme in undergraduate education. This August, JSPC and our academic partner, the Jindal Institute of Behavioural Sciences (JIBS), will initiate a Master’s degree in Applied Psychology. The two-year programme offers three specializations: Community Psychology, Forensic and Investigative Psychology, and Industrial and Organizational Psychology.

The undergraduate and postgraduate programmes are designed to provide the means and opportunities for students to stretch themselves intellectually and reach their full potential in psychology and beyond. The mission of JSPC is to nurture and educate the next generation of psychologists to assist those in need and to better prepare the country for future mental health crises.

The article is written by Prof. (Dr.) Derick H. Lindquist, Professor and Dean, Jindal School of Psychology & Counselling (JSPC).

Dr. Sahni is the second person from India to be elected as the Vice President of WSV. As the new Vice President, Dr. Sahni will serve a two-year tenure starting June 2022. WSV is a non-governmental organization focusing on research in victimology with members from areas such as academia, policy making, and governance. It holds special consultative status with the United Nations. Earlier, Dr. Sahni was elected as an executive member of WSV for a period of five years. Both the positions will run concurrently.

“I am elated for being elected to such a prestigious office. I will continue to promote victimology, not just nationally but internationally through various events, courses and projects in the pipeline for future endeavours,” shares Dr. Sahni, who is also Director at Centre for Victimology and Psychological Studies (CVPS) in 91̽��.

“I am confident that my candidature will help in advancing research in the field and positively contribute to the objectives of WSV,” he added.

It is pertinent to mention that Dr Sahni is contributing to international victim assistance programmes through his membership in the UN Liaison Committee with WSV. He has also been involved in promoting victimology research through his role as editor-in-chief of the journal “Global Advances of Victimology & Psychological Studies”.

Prof. Sahni is the member of the JGU Governing Body and also acts as an Advisor to the Vice Chancellor. Earlier this year in February 2022, Prof. Sahni was also appointed as ‘Professor of Eminence’ for a period of five years by the Guru Nanak Dev University.

Dr. Sahni is a distinguished scholar in the field of Psychology and his research interests span in the areas of Criminal Psychology, Cognitive and Neuropsychology, Competency Mapping, Organizational Development, and Leadership. He holds a Ph.D. degree in Organizational Behaviour and possesses an extensive and rich experience of 34+ years in Academia, Industry and the Governmental Sector.

As a Professor at JGU, Dr. Sahni has been teaching courses such as Criminal Psychology, Consumer Psychology, Competency Mapping, Organizational Behaviour, Organization Development & Management of Change, Business Communication and Etiquette, Leadership, Compensation & Benefits and Management Consulting Fundamentals to students across all schools of the university. He has taught in various universities overseas as a Visiting Faculty member, namely, China University of Political Science and Law, Beijing, and Nanjing University, Nanjing in China amongst others. Dr. Sahni is also a certified Edward de Bono Six Thinking Hats Trainer. He has trained 1.71+ lakh school principals and teachers, senior Government officials, industry professionals, besides many more in over 50 countries on topics such as competency mapping, business communication, decision making at workplace, stress management, performance enhancement, emotional intelligence, best teaching practices, inspiring leadership etc.

He has published more than 40 research articles in International and National indexed Journals, and about 25 book chapters. With 19 Books to his credit, some of the recent ones are; Criminal Psychology and the Criminal Justice System in India and Beyond (Springer Nature), Internet Infidelity: An Interdisciplinary Insight in a Global Context (Springer Nature), Piracy in the Digital Era: Psychosocial, Criminological and Cultural Factors (Springer Nature), The Death Penalty: Perspectives from India & Beyond (Springer Nature), Maximizing Human Potential Through Behavioural Competencies: 100 Core Competencies (Bloomsbury), Strategic Compensation Management & Design (Bloomsbury), and Conflict: The Police and The People (Lexis Nexis).

At JGU, Prof. Sahni also plays an active role at the Jindal School of Psychology & Counselling – India’s First Transdisciplinary Psychology School which offers two interdisciplinary degree programmes: B.A. (Hons.) Psychology and M.A./M.Sc. in Applied. The post graduate programme is jointly provided by the Jindal Institute of Behavioural Sciences (JIBS) and the Jindal School of Psychology & Counselling (JSPC) and uses the expertise and experience of both.

Dr. Sahni is one of the few Indian psychologists to have dispensed his immense knowledge towards the development of society and nation with his remarkable vision. Through his astute leadership, Dr. Sahni has been able to touch the lives of so many people in the education sector across the country and even abroad.

Know more about him and his work here:

The Student Experience in the Research University (SERU), a Consortium of Research Universities at the University of California, Berkeley, developed the SERU COVID-19 survey to analyse and understand the impact of the pandemic on the student experience.

Following the initiative, the Research Centre for Comparative and Global Education, under the aegis of the IIHEd, JGU, sought to conduct the same survey in India in collaboration with the Association of Indian Universities (AIU).

The SERU survey questionnaire was adapted and customised to suit the context of India. The survey was administered at universities and other institutions of higher education across the country.

The objective of the SERU COVID-19 survey was designed to assess student experiences during the pandemic in the following five areas:

1) Students’ transition to remote instruction;

2) The financial impact of Covid-19 on students;

3) Students’ health and well-being during the pandemic;

4) Students’ sense of belonging and engagement; and

5) Students’ graduation and future plans.

The survey questionnaire was mailed to around 850 member universities of AIU and around 1800 colleges. Here is a copy of the letter sent by AIU to the Vice-Chancellors of Universities: A total of 38 universities participated in the survey, out of which 4 were Central Universities, 20 were State Public Universities and 14 were State Private Universities. There were a total of 7688 responses from these 3 kinds of universities that are members of the AIU and accredited by the National Assessment and Accreditation Council (NAAC).

A report based on the national survey was jointly prepared by IIHEd faculty at JGU and the research division of the Association of Indian Universities (AIU). It was released virtually on 30 March, 2022 by Prof. (Dr.) C. Raj Kumar, Director, International Institute for Higher Education Research and Capacity Building (IIHEd) & Founding Vice Chancellor, JGU.

Findings & Recommendations

One of the interesting findings from the online survey is the sample of students, who took the survey. The survey findings mostly represent a sample of middleclass aspirational Indian students, who had access to digital technology in the middle of the COVID-19 pandemic and campus lockdown. Only 2.4% belonged to the wealthy section of society, and only 12% said that they belonged to the working class or lower income group. This is the major limitation of the survey.

It is understandable that the poor and working-class students could not participate in the survey because of the deep digital divide. But there is no evidence to explain why only 2.4% wealthy students participated in the survey.

The analysis of the survey provides some important findings about the student experiences. Here are some of them:

• The female and third gender students adapted well to the online transition compared to their male counterparts.
• There were no significant differences across the socio-economic status of the respondents in their adaptation to online teaching and learning.
• Lack of interaction and communication with peers in the classroom was found to be the most important obstacle faced by students during online classes.
• Students from private universities appeared to be more satisfied with management strategies adopted by their institutions in response to the COVID-19 pandemic compared to students from central and state-public universities.
• Across all the socio-economic classes, the students who took the survey have faced mental health and financial challenges.

The major recommendations based on the main survey findings are:

• Diverse approaches need to be followed to gather pan-India survey data about student experiences, rather than just an online survey, which restricts the sample size and rate of responses.
• Universities need to focus on re-designing their courses to meet the requirements of online teaching, learning, and research.
• The faculty and administration need to provide greater support to students, especially when the classes are completely online during emergencies and campus lockdowns following the COVID-19 pandemic.
• Universities need to build a corpus of emergency crisis management funds to support students during similar emergencies in the future. This could be funded from CSR investment for both private and public universities.
• Funding organisations, irrespective of government, private, or philanthropic, should be geared up to help universities by providing support without many bureaucratic or procedural impediments.
• Irrespective of the socioeconomic and gender backgrounds of students, universities need to develop a robust service for the mental health and well-being of students. Post-pandemic Universities need to work closely with the public healthcare sector.

In the special address during the report release event, Professor Kumar said, “Covid-19 has challenged our assumptions to rethink our teaching and learning, research, and university administration. Students are the main stakeholders of HEIs. It is important to systematically monitor the student experiences at HEIs to meet their learning, social, and emotional needs. In order to improve the quality of our HEIs, it is very important to improve the quality of the experiences that our students have at our institutions”.

Dr. Mittal also emphasised how student experiences play an important role in enhancing the quality of education in HEIs, and it is important to conduct these kinds of surveys every year. During her speech, she also spoke about two other reports that were developed together by AIU and JGU, the NEP 2020 Implementation Document and the Covid-19 Toolkit, and how they were used by many universities in India as a guide.

Dr. Chirikov explained the work of the SERU consortium and the kind of work that the consortium does in the USA, specifically about the findings of the SERU survey in the US. The SERU Consortium regularly runs a survey at ten large public universities in the US to record and analyse student experiences to inform institutional policies. Even in the middle of the pandemic, they received around 50,000 responses, including undergraduate, graduate, and professional students, which is indeed a large and good sample size for the survey. Issues related to mental health challenges of students came to the forefront in the US survey.

During the discussion about the responses received for the SERU-India COVID-19 survey, Professor Varghese said the survey report has brought forward important findings, which needs further multivariate analysis, despite limitations of the data demographics. He further stated that since survey responses are generally quite low in India compared to the US, the SERU-INDIA COVID-19 survey did get a large enough sample of over 7000 responses for the report to be considered authoritative.

Click here to read the report online: ’

Watch the launch event LIVE on YoutTube:

In addition to the success of the UPI system as showcased through its widespread adoption and the rapid pace of growth, the recently concluded financial year (FY 2021-22) also saw strides being made in the adoption of the UPI platform at an international level. The Reserve Bank of India and the Monetary Authority of Singapore announced plans in September 2021 to link the UPI system with Singapore’s PayNow system, enabling seamless, low-cost transfers between bank account holders in the two countries. This linkage is expected to go live in July 2022. Nepal became the first foreign country to adopt the UPI platform for “the digitalisation of cash transactions”. Going ahead, Nepal’s adoption of the UPI platform could potentially act as a precursor step to opening up cross-border real-time peer-to-peer payments between India and Nepal. These developments – a consistent growth in the number and volume of domestic UPI transactions, adoption of the UPI platform by other countries, and launching cross-border peer-to-peer transaction services with other countries – provide further evidence of the promise of the UPI platform. This promise was recognised early on when tech giants like Google had recommended the UPI as an example that the US Federal Reserve should emulate in its effort to build the FedNow, a new interbank real-time settlement system for the USA.

However, despite all the accolades that UPI has received so far, there are still some drawbacks to the platform which need to be overcome. One of the main challenges to the broader adoption of UPI was the inability of users without smartphones or mobile internet access to access the system (although users could utilise USSD based services to make UPI transactions, this feature was not very popular). NPCI (the organisation that developed the UPI platform) and RBI recently launched the UPI Pay123 system for users without access to a smartphone, mobile internet, and USSD based services in March 2022. This initiative is expected to provide the subsequent surge in new users’ adoption of the UPI platform.

Another concern is the large number of low-value transactions made through the UPI platform. NPCI estimates that 75% of the retail transactions in India are below the value of INR 100 each. When it comes to UPI transactions, this number is equally high, with over 50% of the offline transactions (transactions conducted in physical stores) being less than INR 200 in value (). The low value of these transactions combined with the MDR (Merchant Discount Rate) charges on UPI transactions being reduced to zero doesn’t incentivise the market to develop innovative solutions to meet challenges.

The final concern is about the nature of NPCI itself. NPCI is the organisation operating retail and settlement systems in India. All payment systems like NEFT, ECH, RTGS, IMPS, UPI, etc., are managed by NPCI. This has raised concerns that NPCI may have become too big to fail and business continuity challenges in case of any systems issues facing the payments systems. RBI had recently invited applications from interested banks and companies to form a New Umbrella Entity (NUE) – an exercise which saw active interest from several large Indian banks, Payment aggregators like VISA and Mastercard, and corporates like the Tata group and Reliance group. However, these plans were put on hold for the time being. Given the rapid increase in transaction volume and value of retail digital payments, it may be time for RBI to restart the process of issuing an NUE license (the RBI Governor has recently announced that the NUE applications are under consideration).

The article is written by Dr. Keerti Pendyal, Assistant Professor and Assistant Dean (Outreach & Promotion), Jindal School of Banking & Finance.

We are often caught contemplating the volatility of the stock market or the patterned rise in the prices of petrol, for instance, without factoring in the volatility of the very force that influences them, i.e. the force of human behaviour. Not that understanding the fundamental and technical aspects of finance are unimportant; it rather forms the core, but without interpreting the human reactions, emotions, and cognitive biases, this study is incomplete and defective.

It is not a challenge to assess why studying human behaviour’s impact on finance is vital. After all, our decision as a customer ultimately frames different financial aspects of a product at the micro level and the total market at the macro level. Everything regarding money and the economy is determined by how humans act in the market, which is, in turn, dependent on our behavior as individual consumers and collectively as a society.

To better comprehend the significance of human psychology in finance in the context of academic programs, one must examine how it is taught in educational institutions. As previously said, we study economics and finance using models and theories that are always founded on certain assumptions. We do not consider the consumers’ human behaviour in these models for the sake of convenience and linearity. This is because we humans do not all behave in the same way, and each individual is unique in terms of how they act and make judgments.

When studying economic models, it’s nearly impossible to consider the diversity of human behaviour. As a result, among many assumptions we make, we merely presume consumer rationality, but it doesn’t stand its ground at a societal level. While these models based on such assumptions can help grasp various concepts, the lack of information about human behaviour in them leaves our comprehension of economic and financial ideas incomplete.

Behavioural Finance is dedicated to addressing this gap in our understanding of how we, as people, influence the financial decisions of market participants. Also, it helps assess how our market actions affect the economy of our society in the longer run. Our choices, while often well-intentioned, are not necessarily reasonable. We may make a decision simply based on our feelings and intuition. Such a step can lead to a slew of bad investments, poor resource allocations, as well as erroneous risk estimates, and so on.

No matter how deeply we delve into these decisions’ financial nuances and repercussions, they are all influenced by distinct human characteristics. This is to say, that without the study of decision-making and more broadly, human behaviour, the study of finance is incomplete. This is precisely where the know-how of the field of ‘Behavioral Finance’ should come in handy. Thus, I firmly believe that greater integration of these two disciplines the need of the hour.

To achieve this end, we at 91̽�� have introduced the M.Sc. programmes in Finance. I believe the course offer a fresh approach, where psychological knowledge serves as the foundation for making informed financial decisions. To re-assert, a psychologically informed lens into finance is the very catalyst we need to step into a financially rewarding future.

Daniel Kahneman, a professor of Psychology at Princeton is someone whom I often quote as a pioneering example. He dedicated his life to research that revealed deep-rooted biases that often interfere with our ability to make sound decisions. While he came from the field that investigates human behaviour, his work generated an impact on the world of finance so significant that he was awarded the Nobel Prize in Economic Sciences in 2002. Kahneman, while the most widely known, is not the only psychological scholar to create ripples in the waters of the financial world. No less than five Nobel Prizes have been awarded to behavioural research that reshaped our approach to finance.

Diving deeper into this ever-evolving lens, it is essential to acknowledge that perhaps our conventional understanding of money-matters, both at the micro and macro levels, rarely intersects with our understanding of human behaviour. And that is what precisely has to change!

The article is written by Prof. (Dr.) Sanjeev P. Sahni, Principal Director, Jindal Institute of Behavioural Sciences (JIBS).

It is important to put these numbers in perspective. There are 23 National Law Universities (NLUs) in India. The first Indian NLU on this list is 35 years old and the top four/five NLUs were established in the 1980s and the 1990s. An analysis of the SCOPUS database managed by Elsevier publishing house reveals that, for the same period, Jindal Global Law School’s record 280 Scopus-indexed publications are twice the number of Scopus-indexed publications listed by all the 23 NLUs combined. On average, one NLU can be credited with 6 SCOPUS publications in 2020-21. 

Professor (Dr.) C. Raj Kumar, Founding Vice Chancellor, 91̽�� & Founding Dean, JGLS, extending his compliments to all faculty members who contributed to this significant accomplishment, stated, “This is an extraordinary feat by the Jindal Global Law School. 280+ articles in reputed journals and edited books is an outstanding achievement for a young law school that is just 12 years old. Of course, a large body of research work is published in reputed journals that may not be indexed in SCOPUS. This is a remarkable sign of the strength and resilience of the law faculty of JGU and legal scholars and practitioners in general. I feel this is an important day in Indian legal research and education where the overall Indian knowledge ecosystem stands to benefits greatly from this achievement. I congratulate the faculty members of JGLS and the Office of the Research Dean of JGLS for their committed, continuing, and commendable efforts”.&�Բ�����;

Professor (Dr.) Sreejith S.G., Executive Dean, JGLS stated that, “Faculty members of JGLS, who are also outstanding scholars in their respective fields, turned the conditions created by the COVID-19 Pandemic into ‘perspectives’ to study the state of play and the new normal. Many of the publications responded to the questions the world had on the sustenance during the Pandemic and rediscovering the post-Pandemic world. Their research hence has the spirit of reimagination, recovery and redemption and has the story of courage, confidence, and capacity”.&�Բ�����;  

This achievement is the result of consciously evolved policies and practices that have systematically prioritized faculty research, created an enabling environment for research and carefully guarded research space and time of JGLS faculty members. JGLS has also set up a dedicated Research Deans’ Office under the leadership of Prof. Dipika Jain, Vice Dean (Research) and Prof. Shivprasad Swaminathan (Associate Dean, Research) and Albeena Shakil (Associate Dean, Research), which has organized several faculty research seminars and faculty research colloquia for discussing the working papers of faculty members, and workshops on the process of publishing throughout this difficult pandemic period. They consulted over 200 faculty members to create comprehensive policies on research and put in place robust processes and enduring institutional structures for propelling research at JGLS. The Office created a framework of mentoring faculty members in their  early-career and enabled them to publish in high impact journals. The importance of SCOPUS publications in the context of a university’s benchmarking to international standards cannot be overstated. 

Professor Dipika Jain, Vice Dean (Research), JGLS explained the School’s efforts during the period. “As a research centric University, we identified research initiatives which brought together scholars presently at different points of their intellectual journey into the collegial enterprise of supporting each other’s research. The approach of the School towards research has been ‘publish and flourish’. This motto became a hope during the murkier phase of the Pandemic. This hope drove us to build an ecosystem of collaborative knowledge creation, as we sensed that world which would recover from the Pandemic would need ideas for restoration. Mindful of this, we motivated our colleagues to unfold their thoughts and enabled the younger ones by collaborating and deliberating on the art and joy of critical reading, thinking, and writing”.&�Բ�����; 

Professor Dabiru Sridhar Patnaik, Registrar, JGU observed, “With this stellar achievement of JGLS, all schools of JGU will encourage its faculty members to redouble their efforts towards further sustaining a vibrant culture of research that has been fostered over the last decade or so at JGLS — a culture in which scholars thrive and along with it. JGLS continues to build on its position as a premier institution for research not just in India, but globally. I would like to extend my heartiest congratulations to the faculty members of JGLS and wish them the very best in scaling even greater heights in the time to come.”

One of the policy announcements which gained a lot of attention was the proposed amendments to the Income-tax Act relating to virtual digital assets. There were a series of amendments concerning virtual digital assets which were proposed. Budget 2022 proposed bringing cryptocurrencies (which were defined as one of the forms of virtual digital assets) and other forms of digital currencies included in the definition under the ambit of taxation. The Budget proposed that income generated by a resident from the transfer of cryptocurrencies and other virtual digital assets be taxed at a rate of 30 per cent. It also proposed a mechanism for tax to be collected at source in transactions involving the transfer of a virtual digital asset.

There has been a lot of debate that such an amendment proposing taxation of income from virtual digital assets amounts to conferring legal status on cryptocurrencies and other forms of virtual digital assets. However, I would like to caution the readers that this is not yet clear from the reading of the Budget since it only mentions the taxation treatment of transactions involving virtual digital assets (cryptocurrencies included).

But perhaps the most consequential announcement with respect to digital currencies was a small amendment proposed to the Reserve Bank of India Act, 1934. Tucked away in the Miscellaneous section of The Finance Bill, 2022 is the proposed amendment to introduce a clause defining a “bank note” as “a bank note issued by the Bank, whether in physical or digital form, under section 22” ^{* $}. Delivering the Budget speech, the Hon’ble Finance Minister announced, “It is, therefore, proposed to introduce Digital Rupee, using blockchain and other technologies, to be issued by the Reserve Bank of India starting 2022-23”. The proposed amendment, along with the announcement of the Hon’ble Finance Minister, marks a big step forward by the Central Government and RBI in the adoption of digital currencies and blockchain in India (and consequently for the global economy).

This measured approach taken by the Central Government towards the adoption of digital currencies is a more welcome approach as opposed to the adoption of non-sovereign backed digital currencies as legal tender.

* – the Bank refers to The Reserve Bank of India

$ – section 22 refers to section 22 of the Reserve Bank of India Act, 1934

Written By Prof. (Dr.) Keerti Pendyal, Assistant Professor and Assistant Dean (Outreach & Promotion), Jindal School of Banking & Finance

Students of economics are familiar with the above national income identity. Conventional economic wisdom suggests that during times of economic downturn, the variable “��” that is ‘private consumption’ should be given a direct stimulus to get the economy back on a growth path. This is generally done by putting more money in hands of the citizens and encouraging private consumption spending.

But, budget 2022 in continuation with the rationale of previous year’s budget 2021, provides a rather indirect economic stimulus via the unconventional counter-cyclical fiscal policy, wherein the concentration of the Indian dispensation has been on the variables “��”& “G” that is ‘private investment’ and ‘government expenditure’. Budget 2022 continues to focus on strong capital formation in the economy and puts in place the incentive structure to stimulate private investment in the production sector of the economy. The rationale may be to create a strong multiplier-accelerator effect and put India’s economy on a growth trajectory.

India’s Finance Ministry has given credence to the idea of increasing government spending through the massive INR 20,000 crore Gati Shakti project which envisages developing the critical connectivity infrastructure in the country. Such infrastructure projects do have the highest multiplier effect if implemented in an efficient manner. Budget 2022 promises an intent to strengthen India’s social infrastructure by announcing an increase in budget outlay towards the National Health Mission, by over 8 per cent in comparison to budget 2021, and about 28 per cent increase in the outlay for National Education Mission vis-à-vis budget 2021. To magnify the benefits of ICT towards ensuring a better-skilled workforce, Finance Minister announced India’s first Digital University, virtual labs and skilling e-labs for ensuring access to education for all in the challenging COVID times. The stimulus for private investment in the budget continues with the announcement of extending the credit lines by INR 50,000 crore to a total cover of INR 5 lakh crore for the two worst-hit sectors during the pandemic- the hospitality and the travel sector.

Recognising start-ups as the key drivers of growth, budget 2022 provides an impetus to entrepreneurial ventures by securing an enabling start-up ecosystem, with an announcement of the extension of the tax exemption to start-ups by another financial year; in addition to previously announced of three years tax exemption. To ensure an upbeat animal spirit, budget 2022 announced an increase in the outlay for Aatmanirbhar Bharat Yojana by about 28 per cent vis-à-vis budget 2021.

As India reels out of the coronavirus pandemic, budget 2022 continues to adopt a nimble approach to support India’s economic recovery. During the global unprecedented times, economies witnessed an adverse demand shock and breakdown of the supply chains. Supply-side bottlenecks weaken the fundamentals of any economy, which may give rise to inflationary tendencies. Before the pandemic India was facing a slowdown, during the pandemic demand further plummeted. But as lockdowns began to ease, demand in the Indian economy bounced back, a significant part of this demand was pent-up demand. But as employment levels have bounced back the demand recovery could be real. India’s growth trajectory has always been discussed to be driven on the back of strong domestic demand that is “C” in our national income identity. Ensuring strong supply-side fundamentals which the current budget focuses on will confirm a strong multiplier-accelerator effect allowing India to unleash the US$5 trillion economy dream. Investment in business activity and impetus to the animal spirit in the economy could also help create jobs for India’s massive workforce.

Budget 2022 appears to be an abridgement of the measures taken by the Government of India to combat COVID induced slump and not a populist stimulus budget that usually one expects before the election cycle. Generally, populist pre-election budgets tend to be inflationary in nature. All-in-all, budget 2022 is prudent, promising a sustained growth strategy. It intends to provide an economic stimulus while ensuring strong fiscal prudence. It envisions building India’s productive capacity and easing the supply bottlenecks. The success of India’s growth story will be conditioned on how well the intent of the budget is executed, and how efficiently and effectively each rupee of the India treasury is spent and accounted for.

The article is written by Prof. (Dr.) Chavi Asrani, Assistant Professor, Jindal School of Banking & Finance, 91̽��

Gender Studies is an interdisciplinary area of study that analyses gender and its intersections with other categories like class, race, ethnicity, sexuality, nationality, and so on. Gender cannot operate in isolation and is integral in the study of every discipline. It allows us to blend knowledge across various academic disciplines and understand gender in historical as well as contemporary contexts. It provides tools to develop approaches to investigate, analyze, and critically examine the complex nature of gender and how it is intertwined in every aspect of our lives. It sheds light on how the systems of power and oppression function. It enables individuals and organizations to bring about meaningful social change.

Amartya Sen, an internationally acclaimed Nobel Laureate in economics, has correlated Gender with economics. He is of the view that we can achieve greater economic growth through gender equality. He has laid special emphasis on analyzing issues through a gender lens as gender underpins the very social fabric in our world. Gender Economics is an emerging area of study that builds on the theories of diversity and promotes the significance of gender parity, especially in the field of innovation and creativity. Gender and sexuality are guarded, reinforced, and celebrated in every society of the world. This is a matter of universal importance as it empowers us to analyze and bring about a change in gender regressive societies. For example, the policing of gender and sexuality serves as the foundation of innumerable inequalities in India.

In 2021, keeping this purview in mind, the Jindal Global Law School (JGLS) at 91̽�� (JGU) launched an exceptional, unmatched, and unique full-time bachelor’s programme in Gender Studies. Pursuing gender studies benefits the students in myriad ways. The B.A. (Hons.) in Gender Studies programme aims to offer a profound understanding of the nuances related to gender in addition to exposing and familiarizing the students with diverse investigative methods and other disciplines. The course proposes to study how gender is defined and the reconstruction of these definitions over the years. Gender is a social construct that has to be examined with race, class, culture, and history for a comprehensive understanding. All these factors shape and inform gender roles and experiences.

The B.A.(Hons.) in Gender Studies programme at Jindal Global Law School will be practice-based learning for students that will empower them to make rigorous inquiries into the complex forms of sexual difference and the impact of feminist research and its intersection with other disciplines. It is a stimulating academic programme that connects the classroom with the world and transcends the theoretical knowledge into practice for activism and social change.

JGLS provides a platform for education, intersectional research, and activism by developing skills in intersectional communication, inter-linking and cross-linking gendered subjects and communities, production and dissemination of gender-based research outputs, counselling and mentoring, prevention of gender-based violence, building accountability frameworks, campaigning and fundraising, and gender sensitization among communities and social clusters.

The subject of Gender Studies has the power to create a better tomorrow by analyzing the historical and contemporary constituents that underlie the diverse individuals’ current statuses from all across the world and reflecting upon the measures by which people have sought equality as well as social change. It informs policy decisions at every level and promotes access to justice. Gender experts are needed both in academia and in policy. Every institution is required to have a dedicated Gender Office for the welfare of employees.

If you want to know more about this Undergraduate Degree in B.A. (Hons.) Gender Studies, join us for an interactive session with Mr. Abhay Ojha, Deputy Director of Law School Admissions along with Stuti Lal, Manisha P. Bhagat, and Priyanka Nair, Managers for Law School Admissions at the Jindal Global Law School and get to know more about the programme and how the interdisciplinary approach helps shape the future of several young minds.

Date & Time: 29th January, 5PM

Click here to now.

The article is written and curated by the Admissions Team of Jindal Global Law School, 91̽��.