Ever wondered why countries put taxes on stuff coming from other places? Yeah, it’s a bit confusing, but it actually makes sense when you look at it from their perspective. Tariffs are basically taxes that governments slap on goods coming from other countries. The reasons behind it aren’t as random as they seem—there’s a whole logic to it! Protecting Local Businesses One big reason countries use tariffs is to protect their own industries. Imagine local businesses trying to sell their stuff while cheaper products are flooding in from abroad. It’s tough to compete! By adding a tariff, the government makes imported goods more expensive, so people are more likely to buy local. Take the U.S. putting tariffs on imported steel and aluminum—they did it to keep their own steel industry from getting buried by cheaper alternatives. Fixing Trade Deficits Sometimes countries are buying way more than they’re selling to other places, which messes up their trade balance. To fix that, they might a...
India is a vast country with diverse regions, stretching almost 3,000 km from east to west. Yet, it follows just one time zone—Indian Standard Time (IST). This means that regardless of how far east or west you are, everyone follows the same clock. While this may seem practical, it actually creates several economic challenges. Let’s explore how having multiple time zones could benefit the Indian economy. Why One Time Zone is a Problem The biggest problem with a single time zone in India is the difference in sunrise and sunset times across regions. For example, in the northeastern states, the sun rises and sets much earlier than in western parts like Gujarat. This mismatch forces people in the east to start their day late and work well past daylight, increasing energy consumption and affecting productivity. A study by the National Institute of Advanced Studies found that a separate time zone for the eastern part of India could save up to 2.7 billion units of electricity every year. This ...