Nima Emag Aug 2012

Learn

Excel

NIMA

Build

Energizing Young Minds

NIMA eMagNorth India Management Association

(J&K, Himachal Pradesh, Punjab, Haryana, Uttarakhand, Rajasthan & Chandigarh)NIMA Regd. under Societies Act 1860

July 2012Issue - 4

Virasat-e-Khalsa, Anandpur Sahib

Inside

1. Foreword 1

2. It Is a Mental Pollution 2-3TEJ K. MAGAZINE

3. Investment Story Needs to be Revived for GDP Growth 4-5Dr. P. K. VASUDEVA

4. FDI in Retail will be Good for Farmers 6-7DR. MONIKA AGGARWAL

5. Our Latest Breed of “ Jamai Raja” - Air India' Pilots. 8-10S.P SINGH BHALLA

6. Supply Chain Finance (SCF) 11-12DR. A. K. VARMA

7. Key Value Creators or Destroyers! 13-14J.S.GOGIA

8. Rewalsar the Mystic Lake 15-16Dr. N.K. Sharma

9. The Mask Around Task (Part-II)* 17-19PROF PRIYAVRAT THAREJA

10 Infrastructure Development to Revitalise 20-22the Rural Economy.DINESH K. KAPILA

11 Balance of Payment in India since 1991 23-25(Synopsis of Ph.D Thesis POOJA MITTAL

Content

NIMA eMag July 2012

NIMA eMagLearn

Excel

NIMA

Build


Views expressed in the Article inside are that of the authors

NIMA may not essentially subscribeto these views

A Bi-monthly e-mag of NIMAedited by JN Vohra

PresidentDr. Gulshan Sharma

Vice PresidentAjay Gupta

Secretary GeneralJN Vohra

NIMA

SCO-1, Level III,(Opp. Reserve Bank of India),

Sector 17-D, CHANDIGARH - INDIAPhone : +91-9814556072

you can send your feedback [email protected]

Foreword

NIMA eMag -July 2012

Dear Friends,

As a part of NIMA’s endeavour to partner with other management bodies across the globe and expand services and management competencies, as informed earlier NIMA signed MOU with Management Association of Nepal and Nepal Association of ICT and Bhutan Chamber of Commerce and Industries in Bhutan. NIMA offered some scholarships to these organisations for the students to be recommended by them to take up Bachelor, Masters Studies in Chandigarh under PTU affiliated college and Ph.D Research. In coming days NIMA will expand its activities in other States and Countries and shall work continuously for professional development and prompt advanced education. We believe that an expanding job market would encourage potential candidates to upgrade their skills and mint more revenue streams for the country’s economic scenario In coming months NIMA will hold some important events and will involve management fraternity of its domain areas I congratulate all those who pro-actively participate with contribution of their experiences from diverse fields in the form of write-ups for NIMA eMag, which is circulated widely. Your experiences are indeed valuable for the society.

God bless you all

Dr. Gulshan SharmaPresident-NIMA

1

India possess only 2.5% of caused by the large number of World land area, whereas, the Scams, unhealthy political country supports nearly 17.5% manipulations, and ever of the World's 7.2 billion increasing crime & violence, in population. At the present various parts of the country.speed of population explosion, Country's metropolitans are India would add 350 million severely engulfed with all people during next 20 years, to kinds of pollution, like noise, its current 1210 million people. air, water, illegal slums and all Whereas, world's largest that which adds to unhealthy populated country China, environment. India's capital would add only 205 million Delhi is a highly polluted city. people during the same period. Over 2000 tons of pollutants

MUMBAI's worsening air India's Forest cover is are being emitted every day in po l lu t ion hav ing major d e p l e t i n g v e r y f a s t . the atmosphere. River Yamuna economic and social impact on Tremendous pressure on India' has almost become a gutter, in India's commercial capital, in natural resources have created its 48 km. flow through Delhi, terms of loss of productivity eco-imbalances. Natural 264 M. Gallons of water are a n d i n c r e a s e d h e a l t h resources, industrial and being withdrawn, whereas 328 problems. The report cites individual use materials are Mg. of sewage is added to it 2800 cases of pollution related getting scarce day by day, every day. Noise level in the premature deaths and health simultaneously with cascading city is highest @ 83 Dbl during damage costs in the region of effect of unabated price day and 77 Dbl during night, Rs. 1800 Crores. Major increases. against acceptable norm of 50 environmental crisis is caused At the same time, national Dbl.in Mumbai due to rapid environment is deteriorating A World Bank study mentions industrialization & 103% due to mental pollution, increase in vehicles over past one decade.The Queen of Hill Stations, Shimla is fast turning into a garbage dump. Nearly 26 tons of garbage including several tons of hazardous hospital waste remains to be lifted every day. The annual garbage, which remains for lifting is to the tune of over 10,000 tons, dumped into ravines in this hilly state. O n a p o s i t i v e n o t e , Chandigarh- the city beautiful has adopted the slogan: “EACH


Tej K. Magazine

Management Consultant & Corporate Trainer

IT IS A MENTAL POLLUTION

2

ONE - TEACH ONE - PLANT For example, Cluster of time to loose. We must ONE”. Net result is growth in houses in the coal mining remember that future of our green cover by 2% in last few town of Jharia in Bihar is next generation is unsafe.years. precariously standing on Ancient Indian culture had If one visits a posh Chinese land, hollowed from beneath, b u i l t i n e t h i c s f o r r e s t a u r a n t i n a n y by highly irregular mining of environment respectability metropolitan city, a choicest millions of tons of Coal, by like, worship of the Sun, menu item is - “Soup of Govt. of India's very own Trees and Rivers etc.Bamboo shoots”. Each bowl Coal mining company BCCL. “Judicial concern” is fast of this soup takes at least 10 Coal usage is a necessity. c a t c h i n g u p w i t h Bamboo saplings. In other But, let us put our thoughts environmental degradation words, one gulps 10 fully on how to reduce emission of caused by industry in the grown Bamboo trees, while carbon dioxide from coal country. Some of the judicial enjoying a bowl of bamboo usage, and how to use verdicts resulted in closure of shoots soup. Even though e nv i r o n m e n t f r i e n d l y c h e m i c a l l y p o l l u t i n g Govt. has banned use of alternate fuels in our system. Industrial units in Gujarat & Bamboo shoots for any Solid Waste Management has Rajasthan. Industrial units in purpose, yet, the soup is become a serious problem for residential areas in the available on your order. Ask various refineries across the Capital of India Delhi were

world, due to growing shifted out. Deforestation in e n v i r o n m e n t a l N o r t h - E a s t s t o p p e d . c ons c i ou snes s . G reen Supreme Court has also Petroleum Coke (GPC), a d i r e c t e d A g a r b a t i toxic & hazardous bio- manufacturers not to use p roduc t o f pe t ro leum Bamboo sticks in their refinery, is now being used as manufacturing process. fuel for power generation, in World over law is getting a limited manner, and tougher on industry causing technology is developing fast environment degradation. In for its large scale use. Japan, one of the world's your conscience, whether Giving, a bit of background, largest steel makers, NKK you would like to drink 10 about environment crisis and Corp, paid USD 27.2 million fully grown Bamboo trees for the need to be environment t o 4 3 8 p e o p l e w h o a bowl of soup?friendly, It is the basic complained of illness from air World continues to send human, social and natural pollution. China has shut millions of tons of carbon duty of every individual, down 57,000 small polluting dioxide in the atmosphere. every professional, as a good factories. In western world Humanity burns coal @ c i t i z e n , t o d e v e l o p many plants got closed in last 40,000+ tons, a minute. environment preservation decade, as these could not Indiscriminate Coal mining in practices in day to day work keep pace with environment our own country is flouting all culture. If we have to survive norms.e nv i r o n m e n t a l n o r m s

You can contact the author at e-as a human race for a long ( remember the la tes t mail: [email protected] to come, we have no scandal: COALGATE-2012) .


3

Dr. P. K. VASUDEVAFormer Professor, ICFAI University

INVESTMENT STORY NEEDS TO BE REVIVED FOR GDP GROWTH


When the US President, Mr Minister, Dr Manmohan Singh, productive capacity in a Barack Obama, lamented that needs to step in and take a number of emerging market business environment for bold political gamble of the economies, such as China, investment in India is not sort he took over the Indo-US India and Brazil, may be lower conducive, he may have nuclear deal. The FDI in retail than previously believed and exaggerated his statement but should be projected more in f u t u r e g r o w t h c o u l d factually it is not wide of the t e r m s o f p r o m o t i n g disappoint.mark as the rankings show. Earlier this year, policymakers competition, with foreign retail The World Bank's “Ease of in emerging economies were chains basically expanding the Doing Business” rankings worried about large-scale range of shopping options for available show India at 132, capital inflows and excessive consumers and also the close to the bottom, only a p p r e c i a t i o n o f t h e i r universe of buyers for ahead of Nigeria at 133; even currencies. Those fears have producers, especially farmers. Pakistan enjoys a more given way to concerns over The pro-farmer angle and the respectable ranking105. rap id deprec ia t ion and fact that the opposition to FDI

in retail is coming primarily H i s i n c reased vo l a t i l i t y i n f r o m e n t r e n c h e d comments exchange rates. Currencies intermediaries that stand to i n a n like the Brazilian real and lose from firms sourcing interview to Indian rupee have depreciated produce directly from growers' the PTI have by between 15 and 25 percent fields is something that can turned the in less than a quarter, the IMF actually be used to turn the h e a t o n n o t e d . " I n e m e r g i n g tables on the Opposition. I n d i a economies, policymakers

further. He In a mid-year health check of should be ready to cope with h a s the work economy, the trade declines and the high reportedly International Monetary Fund volatility of capital flows," it

permitted himself to observe: (IMF) also cautioned the said.“It is still too hard to invest in The IMF cut its 2012 growth India. In too many sectors, forecast for China 8.0 percent, such as retail, India limits or down from 8.2 percent, and p r o h i b i t s t h e f o r e i g n said it now expected growth of investment which is necessary 8.5 percent next year, down for India to continue to grow.'' from 8.8 percent.Mentioning the concerns of the It also sharply revised down its business community over the growth projections for India to deteriorating investment 6.1 percent this year from 6.9 climate in India, he has said percent, and chopped its 2013 “There appears to be a growing forecast to 6.5 percent from consensus in India that the 7.3 percent.time may be right for another For those, including RBI, who wave of economic reforms to is still looking for more proof make India more competitive that India's investment-led in the global economy.” growth, is shrinking, the latest This is where the Prime import data is revealing. Non-

4

oil imports for June have growth is to come back to 8%- Policy (NELP) will lead to an declined by 25%, on top of a plus over the next three years exodus of foreign companies 16% negative growth in May. If or so. who were invited with the this trend continues, India will Of late, key economic assurance of a conducive surely end up with a GDP policymakers l ike Dr C investment environment.

The total investments in growth of around 6% or even Rangarajan and Montek Singh exploration have fallen 90% in less in the current fiscal as Ahluwalia have begun to 2011 compared with what they compared with 6.5% in 2011- emphasise more on pushing were in 2007. A global 12. investments already in the company with expertise in Prime Minister Manmohan pipeline, waiting for various deep-sea exploration made a Singh's reference to animal clearances. Many of these p r e s e n t a t i o n t o t h e spirits is really about rescuing investments, in coal mining, g o v e r n m e n t r e c e n t l y the investment story. The railways, ports, airports, roads suggesting India had 100 Economic Survey of 2010-11 and energy are in the public-t r i l l i o n c u b i c f e e t o f calculates the contribution of private partnership (PPP) recoverable gas in its deep-sea investments to the GDP growth mode where government has a basins. The gas itself is worth during the boom period of big role as a facilitator. about $1.5 trillion, which could 2003 to 2007. When India's The promise of facilitating 20 get extracted over a period of GDP growth peaked in 2007- km of road building every day 10 to 15 years. In effect, for 08 at about 9.3%, over 60% of is far from being achieved. The about 15 years, India's energy this growth was contributed by NHAI is struggling at 7 km per import bill could potentially be new investments and the rest d a y o f r o a d s g e t t i n g reduced annually by about was driven by consumption. In $100 billion from $140. the GDP growth of 9.3%, Conclusively, the media, the roughly 3.5% came from rating agencies, the business consumption and 5.8% from community and, to a certain investment. e x t e n t , t h e r u l i n g Thus, it is clear that the boom establishments themselves in period of 8%-plus growth is Western countries are bent on characterised by investments indulging in pressure tactics contributing more to the GDP without realising that India has than consumption. However, every right to adopt policies as GDP growth dropped to

constructed that needs to be that suit its best interest and is below 7%, as in 2011-12, enhanced to 14 km. Similarly; capable of doing so.investment's contribution much-needed port capacity shrinks to about 3% to the GDP can also be enhanced very number. The contribution of fast.consumption remains more or The writer is Former Another sector crying for less steady at 3.5-4% even Professor of ICFAI University, attention, and where pipeline during a down cycle in the GDP He can be approached at investments are waiting to growth. So, as growth rate "Pran Vasudeva" happen, is gas exploration, drops to below 7%, it is the [email protected] in deep sea. A big investment-led GDP growth warning has been sounded that shrinks, as it is happening that that the non-clearance of now. So, it goes without saying blocks already awarded under that the investment story the New Exploration Licensing needs to be revived if GDP


5


6

DR. MONIKA AGGARWALGOVT. COLLEGE, PANCHKULA

FDI IN RETAIL WILL BE GOOD FOR FARMERS

The FDI move has caused a lot organized retail is estimated at in India, more than half of the

o f guesswork f rom a l l 20 per cent of the total retail top 50 global retailers such as

segments. It may be said here sales, Indonesia at 30 percent, Wal Mart, Carrefour, Tesco and

that the organized retail Thailand at around 40 per Metro, will enter India and set

growth is driven naturally by cent, and in Malaysia as high up stores in States who will

the contemporary and aspiring as 55 per cent. At present the allow them. The world's largest

middle-class Indian consumer. share of organized retail vis-à- retailer Wal Mart has termed

With the increase in population vis the total retail business in India's decision to allow 51 per

from over 1.21 billion people to India stands at a miniscule 4 cent FDI in multi-brand retail

1.6 billion by 2050, India will per cent. as important step and will

be world's most populous Like India, China's economy is decide to do business in India

a mixture of agriculture and after studying the details of the

manufacturing but is the new policy. It is estimated that

second largest recipient of FDI foreign players will roll out in

globally reaching to $185 53 cities out of 190 ranked

billion in 2010 in combined cities in India with more than 1

sectors. Over 25 of the world's million and above populations.

l a r g e s t r e t a i l e r s a r e In smal ler c i t ies the i r

conducting business in China. operations may not be viable.

Besides foreign investments in India's FDI policy in retail country by 2025, surpassing retail it has FDI in Service m a n d a t e s a m i n i m u m China. One can imagine that to S e c t o r , h i g h - e n d investment of $100 million meet the consumption level of manufacturing including high- with at least half the amount to the growing population, technology, alternate-energy be invested in back-end distribution of goods through sources, energy reduction and infrastructure. This is expected retail outlets has to grow and environmental protection. to considerably reduce post-become efficient. As per While China initially restricted harvest losses because food, estimate retail will be required foreign investment to 49% which per ishes due to to grow at 30% in order to equity for foreign-invested inadequate infrastructure, will meet the consumption level of retail chains with more than 30 not be wasted. Parties and increased working population. outlets, later allowed for equal individuals favoring this policy Can one say that this ownership and permitted feel that huge investments in expansion in retail is possible foreign investors or individuals the retail sector will see at without the participation of to set up retail enterprises in least 10 million jobs in the next global players? partnership with domestic t h r e e y e a r s i n a g r o -In fact, organized retail share entities in China. processing, cold chains, in countries of comparative With the start of a liberalized marketing, logistics, in-store development is much higher. f ramework f o r f o r e i gn merchandising and front-end For instance, in China, the investment in the retail sector retail management. This will

h e l p f a r m e r s e c u r e big players Government can p r ob l ems and pa r k i ng

remunerat ive pr ices by think of a regulation authority constraints. Out-of-city Centre

e l iminat ing explo i tat ive to oversee that big retailers do reta i l fac i l i t ies wi l l be

middlemen and retail majors not sell below the cost price to accessible primarily by car and

will ensure supply chain kill the small retailers. Since constrain shopper's mobility

efficiencies. Government global retailers can sustain due to time and distance.

maintains that the FDI in retail their losses for a long time with Large numbers of shoppers fall

is an enabling policy to the their financial strength. under this category. In tier-II

extent that excess food is Parties and people not in and tier-III cities and in rural

utilized, since at present 40% favour of this policy feel that areas, clearly retail outlets

gets perished. there will be job losses since located nearby and in the city

Also, sourcing of a minimum of small retailers will be displaced centers shall continue to be

30% from Indian micro and by big retailers and quote the catchment areas for those who

small industry is mandatory. experience of US and Europe shop provisions on daily basis

Destructive prices by foreign where small retail has virtually or to meet their emergent

retailers will not be allowed. been wiped out. Some feel that requirements and as time-

Any small retailer, who is there will be redistribution of saving shopping.

licensed, can buy from big Jobs accommodating those In such a situation both small

retailers at discounted prices. who will lose jobs or ownership and big retailers will coexist.

They can sell at reduced price, of kiranas rather than actual This has happened in many

even lesser than big retail augmentation in jobs. countries. In fact, rehari

prices since they don't have The Indian industry will benefit markets, city center bazars

overheads. One of the since global retailers will and street corner shops;

advantages of allowing FDI in source products from local grocery, stationary, book

the retail sector is to free manufacturers, particularly stores, sweet sellers, cloth

supply bottlenecks, which was from sectors like handicrafts, retailers, garment shops, shoe

said to be causing high garments, textiles, and food shops, hardware sellers,

inflation. stuffs. SMEs can enter into kitchen wares, furniture shops,

In order to ensure fair play by deals with multi brand retailers chemists, fruit and vegetable

under signed contract for their sellers and other small

regular off-take and for timely retailers already have some

payment. They can learn more competitive edge in the form of

from them for product low overhead costs and are

development, packaging and largely owner managed. Big

supply chain management. retailers can be a supply

Big retailers have stocking source for them at discounted

n i che , v i sua l d i sp lays , prices. City center and street

imported products, and a cold corner retailers will continue as

storage unit for fruits and the first consumer choice for

vegetables and require huge shopping across India due to

f loor space. Obviously, handiness, easy credit, and

availability of such a space m a i n t a i n i n g p e r s o n a l

may not be possible within city relationships. The presence of

centers. With the result these these shops is a part of age old

stores will be set up outside the Indian culture and it is not

city peripheries as within the possible to dislocate their

cities there will be congestion existence.


7


8

S.P Singh BhallaConsultant HR/Industrial Laws/Management of Disciplinary systems

OUR LATEST BREED OF “ JAMAI RAJA” - AIR INDIA' PILOTS.

Our so-called 'workman' period of a couple c ou r t e s y un imp re s s i v e of years or so. presentation and outdated Resorting to 'strikes' for any interpretation of Industrial plausible cause, deceptively Disputes Act, 1947, our 'Jamai camouflaging behind any Rajas' - 'Air India' pilots National issue l ike the drawing lakhs of rupees as "corruption', as espoused on monthly income are again at it. the 'front screen' last year for This time they have struck the their vested interests is not thought to the consequences work against Air l ines' some thing new. More or less, the Nation will suffer, other decision, inter-alia, to also p a s s e n g e r c o m m u n i t y, stake-holders wi l l have allow pilots of erstwhile Indian Management and Govt. Circles harrowing times. Airlines training for piloting have become 'used to' the Hardly storm raised by their D r e a m l i n e r s u p e r i o r deceptive and obstructive previous strike a year back had technological plane. It tactics of our pilots - a settled when they have again appears - nay rather facts bear 'pempered' lot akin to 'jamai resorted to strike whimsically it Air India pilots have raja' a syndrom they severely and irrationally on the d e v e l o p e d a s o r t o f suffer from. Their 'egoistic' fallacious demand that pilots 'metabolism' which can't allow approaches to extract , from the erstwhile Indian them to be at rest, peace and squeeze and arm twist, on one Airlines should not be trained

or the other pretext, too on new Boeing Dreamliner as frequently on the drop of hat this would hurt their career behaving like blue collared prospects. Deputing for workers with least concern for training or not is entirely the Society is too well known Management ' s doma in . to be lost sight of. They need Demand is itself illogical. Pilots only a 'trifle' to resume of erstwhile Indian Air Lines pactising the art they have are also integral part of the Air mastered to blow out of India, then why to deny them proportion any issue and hit opportunity of learning tranquility even for a short the soft belly of their own Dreamliner. Later could also period of a year or so. After a Airlines which almost remains have resorted to Industrial b r i e f l u l l , t h e i r b o d y p e r m a n e n t l y i n t h e i r unrest on the issue; thankfully metabolism becomes restless 'captivity'. they did not. and start resorting to one or One only recalls late Prime Pilots' habitually resorting to the other mode of agitation, Minister, Mrs. Indira Gandhi's strike calls for introspection reminiscent of 'Wrestlers' who bold and clear vision to deal and re-visiting the situations must continue periodically with these 'monsters' of the and complexities involved wrestling to maintain their Society during her days. Fed objectively in a quest for stable 'metabolism'. 'Striking' the up with the too frequent 'mis-and harmonious Industrial work has almost become a adventures' of the then Indian Relations in the National 'past time' for them with no Airlines' pilots, she handed Carrier at least for some stable compunction of feeling or

over the 'reins' of the Airlines C e n t r a l P u b l i c S e c t o r the Pilots to monoplise the to then Air Marshall, Mr. P.C. Undertakings including Govt Trade Union Activites and 'cue' Lal. who agreed to undertake and Corporate houses have taken by other multi craft trade the 'cleansing' operation on their PR to let the public know unions too, subsequently. This stipulation of getting a 'free on important business and ill-conceived advice rendered hand', brooking no 'non- Management informations as a b y b u r e a u c r a t s s a n s sense' interference from any system. It is not that any professional business acumen quarter, whatsoever. Mrs. 'tom, dick and harry' employed spelt further 'doom' for the Gandh readily consented to in the establishment with least 'Maharaja'. this justified demand of Air or not at all concerned with the There does not appear to be Marshal Lal who did not fail 'subject', will start issuing any cohesive, reasoned, well a n d w o n d e r f u l l y press releases which will only thought of uniform approach accompalished the 'task' in result in d isseminat ing in the Govt Policy on the about a year putting over a distorted and concocted merger or non-merger of multi dozen multi craft trade unions information to the public while locational units of its Public including 'Pilots' guild at the issue was then still 'sub- s e c t o r I n d u s t r i a l places they deserved. That is judice' under the Inquiry establishments. While the what was needed in the 'flash committee. Govt has merged these two strike' of May, 2010 and in the Recent strike costing the entities under one banner of current turmoil created by national carrier Rs. 600 Crores 'Air India' on one hand but in their 58 days' illegal strike, too was resorted to by the the case of BSNL, another thanks to the resolute stand pilots on flimsy grounds. Public Sector undertaking, taken by the Management and Start l ing facts of mis- Central Govt has decided to Govt. not to be taken for ride demeanor of the Pilots split it in four zonal competitive this time. emerging reveal:- business houses on the lines Revisiting the 'flash' strike of a. Many pilots have not and style of Private Sector May, 2010 after the tragic flown even for an hour a month which makes some sense for crash of Indian Airlnes at but earned fixed salaries i n j e c t i n g c o m p e t i t i v e

ranging from Rs. 2,10,000/- to enterprise and performance in Rs. 8,72,000/- p.m. this global fierce competitive

b. One Pilot had era. Surely, the left hand does been caught flying not know what the right hand for another airline. is doing. One can cite

c. A senior pilot pe r f o rmances and t he had pocketed a cool discipline of Oil Sector Central R s . 2 . 2 c r o r e Public Sector undertakings despite having been having multiple locational g r o u n d e d o n units employing lakhs of medical grounds. employees which all are

Manglore Airport, there was no Professional Management performing much better and cause for Pilots and other craft systems require multiple units, professionally managed too unions to resort to 'flash strike' establishments, different compared to l imp ing m e r e l y o n g r o u n d o f entities to manage themselves 'Maharaja'. Management having issued independently without being Problem has no less been 'Gag order ' which was 'clubbed' or 'herded' into un- aggravated by the Judicial 'justifiedly' merited so that one managable 'crowded' unit. fallacy too having declared responsible press reporting is This applies to Air India and "Pilots' as 'workmen' which by done for public awareness the then Indian Airlines as no stretch of imagination can i n s t e a d o f m u l t i p l e well. There was no 'sane' be so held. Judiciary was contradictory voices coming reason to merge these two mis led by a fa l lac ious from un-authorised and self a i r l i n e s w h i c h h a s argument that 'Pilots' have no styled 'spokesmen' of various compounded problem all the 'supervisory' functions when

ndcraft unions who had no more for the Management and they fly the 2 limb of the business to do press reporting the Government too. This on requirement of definition of on behalf of the Air lines. the other hand emboldened 'workman' as per Section 2(s)


9


10

Disputes Act, 1947 but to no aircaft capital and fuel avail. Neither Govt nor the expenses. It has to take more private carriers/NGOs/public loans at higher interest rate to spirited consumer bodies have pay salaries to it's 32,000/- gone to Courts for review of e m p l o y e e s a n d o t h e r outdated judgments in the expenses. It earns 36 crores context of contemporary against daily expenditure of Global era with the result that Rs. 62 crores like to 'rob peter Pilots take the 'strikes' as their to pay pal'. annua l add i t i ona l pa id One can only rue for the bold of the Industrial Disputes Act, 'holidays' or whenever they opportunity missed by the 1947. Factual stark reality is whimsically wish to 'strike' the Govt to deal with the erring that Pilots are 'Commanders' work at their convenience pilots suffering from 'Son- in- of the Aircraft and not only leaving the Govt and the law' syndrom. Is there no Air each member of the crew is p a s s e n g e r c o m m u n i t y Marshal P.C. Lal left in the over bound to obey Commander's 'fumbling'. What a rue, what a billion population? He was an orders in the sky and ground loss of opportunity by the Institution. Again wondering if too lest the disobediance Govt. to have the f i n a l the current phase is 'lull' invites disciplinary/law and clarity from the Judiciary at the before another storm? Let us order action affecting the highest level. Even if required, tighten our belts till then? Of safety of the flight and the Govt could have gone for late, this time the resolute passengers as well as physical legislative amendment in the refusal by the Airlines and the assets of billions of dollars. So definition of 'Workman' in Govt not to succumb to the where is the point to hold the

nd section 2 (s) of ID Act, 1947 'black mailings' by the pilots 'Pilot' as a workman. The 2 promptly the last word never surely deserves to be welcome part of the definition on the found in the dictionary of as a happy departure from ceiling of remuneration Rs. bu reauc ra t s who work their earlier 'weak kneed 1,600/- pm causes no problem leisurely in orthodox way albeit p o l i c y ' . H o p e f u l l y , as it has become out of the recent strike has now Management of the Airlines context, irrelevant now, awakened Govt circles when and the Govt. will stick virtually 'defunct', discarded their own 'boat' has started consistently to their stand by the efflux of time and dead burning. particularly when they are provision for all purposes i.e. As the skyline of this bleeding armed with the Delhi High no more valid . national carrier is, it is in the Court ruling the strike 'illegal'. During Jet Airlines' Pilots' worst debt trap never before strike in 2010, it's Chairman, heard of in the Aviation Author can be contacted at Mr. Naresh Goyal fought Industry in the World. It's all #9815985273. 0172-bitterly with the Govt for taking earn ings a re spent in 4659675, off 'Pilots' from the definition of repayment of interest on [email protected]'.the 'Workman' in the Industrial aircraft loans, working capital,


11

Supply Chain Finance (SCF)

DR. A. K. VarmaPrincipalContinental Group of InstitutesJalvehra, Distt. Fatehgarh Sahib

Driven by the cost reductions, trading partners, through the the efficiency of working Maximization of profits range use of a technology platform capital and enhance their of pressures, organizations and a third-party financial relat ionships with their explored to source and sell institution or otherwise.” This suppliers. The company gets globally. The movement from form of finance “productizes” extended payment terms; the regional to global sourcing had SCF from a bank's perspective supplier receives advance a negative effect on these and typically refers to post- payments discounted at rates organizations' working capital shipment finance programs considerably lower than their and supply chain performance. that permit Suppliers to sell normal funding margins. The Consequently, banks were their invoices “approved” for lender, in turn, gets the benefit approached to optimize their payment by their Buyer before of a margin higher than the financial supply chains, the Payment due date. r isk prof i le commands, inc lud ing o f fe r ing new Principal industries benefiting somewhere between the technologies, bank-assisted from the growing range of supplier's and the buyer's Open Account instruments, Supply Chain Finance are normal level.and new payables and Automotive, Logistics, Food & The reduction in the supplier's r e c e i v a b l e s f i n a n c i n g Drink, Heavy Plant, Retail working capital cost results solutions. Although it had been Multiples, Electronics, hi-tech, into price reductions to the a new experience for trade P h a r m a c e u t i c a l s a n d buyer's satisfaction. The banks, yet it represented a Manufacturing Industry. More success of a SCF program unique opportunity for them to than two-thirds of these hinges on the real time transform their role from companies are investigating or visibility of invoice data, providers of only a fraction of putting in place the Supply enabling all parties and the their customers' trade needs to Chain Finance programs to lender above all, to track each full partners that provide improve financial metrics and invoice, its advance payment s o l u t i on s a c r o s s t he i r lower end-to-end costs. New and final settlement. If the customers' entire supply innovations in trade finance, process were not automated, chain. supplier payment terms, and the key efficiencies of lending Supply Chain Finance (SCF) invoice automation are helping against the eligible invoices has emerged as one of the early adopters to gain a would be lost in the time it most exciting and promising strategic advantage. would take to process new products in industry over Methodology of SCF m a n u a l l y . T h e w h o l e the last five years. Since SCF SCF is a solution that is methodology is depicted in has become an industry injected into the supply chain Figure 1.buzzword, thus a common process that helps the Supplier SCF creates a true win-win for definition of SCF is, “Supply be paid for his invoice sooner all the parties involved and can chain finance is a buyer-led than the payment terms therefore be considered the initiative that facilitates established with the Buyer. The biggest financial innovation favorable financing for the principle is that a company's since the invention of the L/C. supplier in order to achieve “payables” are used to SCF may be one of the most mutual benefits for both leverage credit to maximize attractive tools for companies

interested in improving cash flow--and the supply chain p resents a number o f opportunities in this area. Specific benefits include lowered costs of goods sold, reduced costs of trade finance, r e d u c e d d a y s s a l e s outstanding (DSO), improved working capital, lower supply chain risk, and improved business continuity. Table 1 shows the benefits of SCF to to diversify funding sources, the reasons for the growing various parties: enrich and solidify their interest in the financial side of

relationships with Suppliers supply chain management is and their core Banks. One of that CFOs are becoming more


12

Fig-I

Table-I


13

J.S.GOGIAEX- GENERAL MANAGER, C.F.C.L

Key Value-Creators or Destroyers!

One monkey came to our retired in the same rank in government with the outside factory premises during last which he joined after serving support of congress in year as an adventurer to 20 years from the same office. seventies. He knew his days explore the new surroundings. He used to keep one 'Ropari are numbered but was He was so much impressed by Tala' (strong desi lock) in his determined to do something o u r l a n d s c a p i n g a n d cabin and used to say to his solid for which the people environment that he did not staff, “I have opened this would remember him after his like to go back and started office; I will make sure that death. He gave slogan “You do living in CFCL colony. He gets this office is closed before I enough to eat by stealing leave it.” His prophecy came vegetable and fruits from our true when the management kitchen gardens. He has won decided to wind up their many friends who voluntary operation from Chandigarh offer him delicious food on t w o y e a r s l a t e r. T h e certain celebrations. One day, management failed to identify some birds asked him why you this monster, when the most don't arrange for your shelter brilliant group of young for odds and rains as you are executives left the company roaming idle here and there. one by one because of him.The next day he destroyed the Contrary to this, Mr. T.R.

Kapoor joined Bank of India as earth work of rural link roads; A g r i c u l t u r e O f f i c e r i n we will metal it” to the village seventies. He established the panchayats. The vil lage best agriculture set up at panchayats mobilized man Ludhiana within two years power for 'Kar Seva' (free single handedly and moved to service) for this gigantic task. the zonal office at Chandigarh. The earth work worth rupees After another two years when several billions was completed he left for Delhi, there was a within short span of time and nice agriculture cell in the the roads were metalled by the zonal of f ice generat ing government connecting all the business of several crores. He tweleve thousands villages repeated the same at Delhi and with the main roads. What a Mumbai subsequently and huge infrastructure was retired as top ranked executive created with the joint efforts of form the Bank leaving a legacy the people participation and

beautiful nests built by them behind as a man who laid the the government wh i ch instead of arranging for his foundation of Agriculture changed the quality of life in own shelter. banking. villages. Mr. P.L.Seth (not a real name) Mr. Lashamn Singh Gill became Two phrases have impressed got opportunity to establish the Chief Minister of Punjab me the most in the modern one divisional sales office. He h e a d i n g t h e d e f u n c t management. One is “The Key

Value Creators” and the other factory comprising shops of values and ideals. Several “The Key Value Destroyers”. In g r o c e r y , r e p a i r a n d wa r s we re f ough t f o r simple words to understand; m a i n t e n a n c e , c l o t h safeguarding of such ideals. you take a loan of RS.1000 merchants, hotels and so on. They all were the key value millions to put up an industry. The factory did not produce creators.You earn enough to pay back enough of finished goods. The I borrow the quote from Jack the loans & interest and make huge over staffing became the Canfield and Hansen: profit out of it. You invest the burden on the plant for getting “We drink everyday from profits and establish another salary by producing nothing. the wells we have not dug,

When the PSU was running we warm up from the fire into the losses, the politicians we have not kindled. We and bureaucrats were busy in live by liberties we have sucking its blood. It became a not won. We are protected big corruption center. The by the institutions we wealth was being created have not set up. We are outside on the road where under obligation to share the re was fu l l - f l edged the world grief, my share merchandise. At the same time of opportunities” the wea l th was be ing destroyed inside the plant. We o f ten c r i t i c i ze the

industry. You are a 'key value All great people believe in 'key institutions, which we have not creator', creating wealth for values' of the institutions; they created. You have not built the nation. Contrary to this, if created to serve mankind. school in which you got you are not earning anything Guru Gobind Singh and Shivaji education. You have not built by massive investment or you fought for the ideals to shake hospital from where you are are deliberately destroying the the slavery of the bad rulers. getting medical care. You have institution, which is meant for We are really disgusted to see not built up road and dames, the development, you are a the monkey business by the which you are utilizing. 'Key Value Destroyer'. I politicians and the bureaucrats Someone else has created remember, the government with utter disregard to the key these institutions. Therefore, it laid the foundation of one value of life. They don't have is your duty to contribute some gigantic PSU by making huge any vision to take the thing for the next generation. investment. When the plant leadership of the country on Choice is yours, whether you was being constructed, there the right path. They are want to be a 'Key Value Creator was one 'Dhaba' on the proving the 'Key Value or Destroyer'. roadside to feed the truck Destroyers' for the nation. drivers. By the time the plant All freedom fighters were the was completed, there was a strong believers of certain key full fledged bazaar outside the


14


15

Dr. N.K. Sharma

Professor in Tourism Management

REWALSAR THE MYSTIC LAKE

Rewalsar, a sprawling village, in Tibet. p r e a c h i n g V a j r a y a n a

nestling in the foothills of the Padma Sambhava (also known Buddhism.

Himalayas, at an altitude of as Guru Rinpoche) resided in Every year, thousands of

about 4460 feet, above seas the territory of Mandi. The tale T i b e t a n s a n d

level, is equally sacred to says that Vihardhara, the King LadakhisvisitRewalsar on

Hindus, Buddhists and Sikhs. pilgrimage. It is believed that

It is 24 kilometers from Padma Sambhva is also

Mandi,one of the principal o m n i p r e s e n t t h o u g h

towns of Himachal Pradesh. imperceptible tothe human

Situated at the junction of eye. The Buddhists worship

Kangra andKullu valleys and is their guru on the tenth of every

known fo r i t s anc i en t day of the month is considered

temples..Rewalsar (also called auspicious.

Tsopema) is a town and a A few of them narrate another

nagarpanchayatMandi district version about their guru of Mandi heard that the Saint in the Indian state of Himachal Padma Sambhava. They was teaching his daughter, Pradesh. The local name for believed him to be the Mandarava the Buddhist Rewalsar is Trisangam. . Lying incarnation Lord Buddha and religion. He was outraged at in the Southern Himalayan the Absolute Reality. To the this act of the Saint and belt, winters in Rewalsar can wor ld at large, Padma without any investigation he be freezing, while summers Sambhava exhibitshimself in h a d M a n d a r a v a a n d are generally pleasant. many forms.Padmasambhava were burnt It is said that in the late It is also believed that Padma alive. The pyre burned for a eighteenth - nineteenth S a m b h a g a i n e d t h e whole week and the clouds century, Rewalsar was purely a highestsidhi in Nepal where he were full of black smoke. It was Tibetan settlement due to its p r a c t i c e d e i g h t so surprising for everyone that importance as a Buddhist commandments. It is believed after a week, a lake appeared pilgrimage centre Tibetan that Padma Sambhava was at the site where they were traders set themselves up in born from a lotus which burnt. In the middle of the Rewalsar and to this day accounts for his name. To the Lake there was a Lotus flower trading continues. It was from that sheltered Mandarava and here that, that Guru Padma Padma Sambhava. The king Sambhava, a zealous teacher was so sorry and shameful of and a missionary left for Tibet his act and he married his in 747 AD to preach the d a u g h t e r w i t h doctrine of “The Enlightened”. PadmaSambhava. He later Padma Sambhava is credited went to Tibet and started to have introduced Buddhism

world he preached the doctrine Seven mythological lakes to consult with kings of the Hill

of both the sutra and tantras. associated with the Pandavas states seeking support against

He fixed many a doctrine of Mahabharata are located Aurangzeb. He stayed at

inscribed on the slabs of stones a b o v e Ra w a l s a r. A l s o Rawalsar for a month. A

and treasurers at various associated with Rawalsar are gurudwara was built here to

places for the sake of posterity. the legends of Lord Shiva and commemorate the Guru's visit.

He emancipated the people Lomas Rishi.There is also a A fair is held in Rawalsar every

from other human beings and year to commemorate the

preached to them according to birthday of PadmaSambhava.

their capacity. In the course of There is a huge (37.5 m. or 123

time, the inhabitants of the f t . ) n e w s t a t u e o f

area became his disciples. PadmaSamabhavais still

The monastery which is u n d e r c o n s t r u c t i o n

considerably old has idols of overlooking the lake.

guru PadmaShabhva and other The lake has a depth of 6.5

Buddhist divinities. Besides it, metres and is oligotrophic in

there is also a Hindu temple nature. The forest department famous Krishna temple in the dedicated to Lomas rishi. The maintains a small zoo at town.has a few islands, which Rewalsar. Above Rewalsar, the Rewalsaris alsomentioned in according to a local legend, 'Seven Lakes' are also of SakandPuran. Rishi Lomas contains spirits of departed interest.was searching for a place to saints and keep moving from Getting There By Air : The worship. He traveled and one place to another. closest airport is at Bhuntar, 10 c l i m b e d t h e t o p o f The Buddhists from every nook kilometers before Kullu.rom Dronamountain, from the top and corner of the world gather which is around 63 km from of mountain and saw a at Rewalsar to celebrate the the town of Mandi while the beautiful lake surrounded by birthday of their Guru nearest railhead is at Kiratpur beautiful trees, flowers and PadmaSambhava, which takes which 125 km away from birds. He decided to meditate place sometimes in February- Mandi. HPTDC provides at the bank of the lake, written March. Baisakhi is also r e a s o n a b l y p r i c e d a s h r i d y a l a s h w a r i n c e l e b ra t e d w i t h g r e a t accommodation. For booking SkandPurana was blessed by enthusiasm when thousands of contact :Phone No.01905-Lord Shiva and Mata Parvatipeople take a dip in the holy 289254The tenth Guru of Sikhs, Guru waters of the lake. Gobind Singh visited Rawalsar


16


Prof PriyavratThareja

Principal Programme Coordinator,PEC University of Technology, Chandigarh,

THE MASK AROUND TASK (Part-II)*

17

Setting in cultural Change is there ever a need to have What gets forgotten is what tough. The popular idiom may learnt it?” The answers are was acquired for a selfish undergo “transformation” to- both- No, and yes. No, because purpose. The real education is The dog's tail was kept in the education must be 'leant'. not a thing to be taught. straightened position for 12 Because the future will lie in Otherwise there will be no odd years in a glass bottle. Did the hands of those who can scope or creativity and it get straightened? The new learn, unlearn and re-learn. innovation. Immortals like observation was- “Not at all. T h e r e b y , l e s s e r t h e Newton, and Einstein would Rather it “transformed” the disturbance, better it would not have found any relevance bottle into its firm and be. Oh, yes! That was a joke. here, but for this permanent incorrigible curved shape”. The answer is a big Yes! learning (with) ability. This Rightly so, we need to give a Rightly, there is always a need ' w i t h ' i n p a r e n t h e s i s t imely “transformatory” t o l e a r n , w h e t h e r i t accentuates the difference in M

2stimulus and wait for the (education) were to retain it or and C . What Education call for results. The subject would just forgotten. Why, because it is the zest for learning. Sure, a u t ogenou s l y “U t i l i s e ” only supports a process. A 'learning and developmental process of 'How to Learn, and stimulus' to grow up as become a Learning person'. managed. We need to The subject matter was inculcate the concept of essentially not permanent. conceptualization of a Mask. One trusts only God. Rest all is The student will create one, or data. Most factual, yet it is learn to create one, and adorn subject to change. It is it to seek the coveted brand. relative. One needs the Merit Sure, you can not grant a and the Culture squared. mask. That will not give Einstein Formulae of Education

2him/her individuality. When is E= MC .The Culture squared you saw many 'Sachins' in i s obv ious ly the most mask in a TV adv., little you important pursuit.were impressed. And sure you Cultural Change is not easy would be searching the real but it is FreeSachin amongst them. Let the Most people claim - Education 'real you' be evident in the new is free. Especially mahatma

d i l i g e n c e , p r u d e n c e , mask- I t has no face Gandhi did. Most people today determination, will- power, o r i e n t a t i o n - b u t t h e deny, when they have to spend motivation etc. will follow.personality. for tuitions of their wards. They Take example of Eklavya. R e g a r d i n g p e o p l e call it an investment. Is it to be When Dronacharya did not development process, Albert forgotten after the exam years take him as a disciple, he Einstein said: “Education is are over? Mostly yes. It ends h i m s e l f t h o u g h t o f what remains after one has up reiterating Einstein quote Dronacharya as a guru and forgotten what one has above. Thus this statement practiced before his idol. This learned in school.” Well, some 'Education is free' remains made him even more skillful one humorously interrupts: “if contradictory. Well! Time and than Arjuna who was the that was to be forgotten, was again it has tested its worth.


18

worlds' best archer. It was his facebook) would have been tutorials freely placed. But you pure devotion to the process of ringing the school bell if they see if and when you only want learning that continued the fire stayed any longer at their to. However it is a vast sea. So burning in his heart and schools, because the non care what you must see, if you achieves success. Though the harmonic teachers would have dare! Says Mohan Das example may seem archaic harmonized them around their Karamchand Gandhi:and obsolete the same own eclipsed stellar. ,W�LV�WKH�TXDOLW\�RI�RXU�Z RUN�Z KLFK�principle finds its relevance in Interestingly, some people Z LOO�SOHDVH�*RG��DQG�QRW�TXDQWLW\�middle as well as today ages. take pride failing multi times. 6SHHFKHV�DQG�: ULWLQJV�RI�0 DKDWP D�

*DQGKL��3��Both Arjuna and Eklavya had Like Thomas Edison (learnt Gandhi or Bill- the Brand Merit. The 'culture' of Eklavya 1000 ways of not succeeding comes with Will!was however squared. towards creating the light Well! What would you say - The history has it that people bulb). Jim Carrey carried him having dropped out of school, have “Utilised” the stimulus out of school early. Frank Bill has worked up his way to very effectively like Eklavya force a comparison here with demonstrated. Even Einstein Gandhi, with kind of a prefix did not undertake science the Mahatama the noble soul. Or formal way. He was not a MIT it is other way around. Bill- has (Massachusetts Institute of a tough job of counting his bills Technology) or a Harvard in banks, and Mahatama, Graduate. He had worked at having renounced his father's the book binding shop and riches bestowed upon him, and there continued to read from terrycots; and draped, for life, the books that came for a plane Khadiloincloth around binding. He was “Aligned” like him. Bill serves the masses Eklavya. He fought himself with operating systems, but with the stuff, and “Utilised” Gandhi enlivened systems the fluff to fill him self. One which themselves operate. Bill must maintain absorbance. had employed the worlds' Our money oriented learning is intelligentsia, and Mahatma usually dense and reflective, deployed them at the pull of his repelling, unabsorbing. For charishma. Bill thus 'managed' that was bought. Any thing Lloyd Right (the famous processes, organization and where money is/was involved, American architect), James People, but mahatma Gandhi remains only Haathonka mail Cameroon (of Titanic, Avator Managed (pulled) people 'a part of material ist ic fame), Buckminster Fuller are themselves (rememberDandi inventory', never permanent. other famous exemplars in the march)! The pulling power of So such education can be list of college dropouts. Steve people by this Mahatama was a forgotten. Jobs cofounder of Apple and result of futuristic goal setting: There are many others who did inventor of i-phone all are Swarajya. (self rule) alonwith a not get impressed at school. c o l l e g e d r o p o u t s . missionary statement “ They actually were not DhirbhaiAmbani(legendary SwarajyahamaraJanamsidhad“Aligned” to be in tune with synergist), Tiger woods (the hikarhai. (Self rule is Our their teachers. And because of highest-paid professional B i r t h r i g h t ) . We l l t h e a pre-alignment with typical athlete in the world), Tom comparison reinforces the data, because of their Hanks (makes “Forrest l a t e n t d i m e n s i o n o f “transformative” trust in God, Gump”). The best story maker management. That is to bring they remained misfit at school. however remains the world's in a harmonious change for the A school is what teachers richest man once, Bill Gates, society. The two changes construct it, akin to any who owned more money, than depict the cultural difference organization which is made by what whole America did at one education can make, even the people it supports. Names time.when all learnt at school is like Harrison Ford, Mark That was their zest for forgotten.Zuckerberg (the 21 year old learning. And in today's world It becomes implicit that there bi l l ionaire who founded of internet you have all


19

are instances when and how C h a n g e h a s a l w a y s with courage and wisdom. t o b r i ng t h i s u t op i a mattered. Be it Henry Ford, Failing which, it will be at (perfection)?Of some great who thought of line assembly level zero. Our excellence at agents like Bill and/or system, or Gandhi who such level doesnot get G a n d h i , w h o h a v e invented Satyagraha! For managed the Gandhi way, i m p l e m e n t e d t h e instance, can we think of until there is present a task unthinkable, how have they defeating the kingdom by a builder- the Gandhi way. It is differentiated the definitions process which used no a conceptual mask to be of 'management'?How do weapons? While making that enabled by holean education they maneuver thetwo a reality, a change agent (holy, holistic and lean), for 'Change's, which when n a m e l y M o h a n D a s “Education in the largest governed by wise men, Karamchand established a sense i s any ac t o r become an activity which paradigm that 'Ahmisa' is experience that has a e n a b l e s s o c i e t a l much mo r e p owe r f u l formative effect on the mind, “transformation” to better weapon, when it is used as a character or physical ability times. Possibly, for leaders it policy or tool. Education of an individual”. Amen!allows them opportunity to teaches us peace. Failing develop people. Develop which as Gandhi says "An eye Part-1 of this article was them to see change, foresee for an eye makes the whole published in June issue of change and even lead world blind", let me add here eMagchange. Or the people under “Real education is the pie, your leadership be equipped, which feeds Change to be to the extent that they would kind”. Truly, the mechanism Author can be contacted at: at least don't get surprised of Change is therefore [email protected]. o v e r a s c h a n g e i s strategic, and that It is a part Website:encountered. of the life which is fraught, www.thareja.com


20

DINESH K. KAPILAAGM NABARD Shimla Regional Office

Infrastructure Development to Revitalise the Rural Economy.

A short article such as this Based on the District / State farming in higher hilly reaches canno t summar i se the Agricultural Plans by a District / dryland areas.importance of infrastructural Level Forum, which should Training of farmers needs to be development and intimately reflect a State's agricultural stepped up in both traditional linked to it the specific sectors g r o w t h o b j e c t i v e s - s e c t o r s f o r imp r ov i n g / sub sectors areas in infrastructure needs for productivity and in newly particular requiring focused growth potential areas like emerging areas for stabilizing attention for revitalising the agriculture, horticulture, diversification.rural sector in our country. livestock, poultry and fishery A lack of effective integral S t r e n g t h e n i n g r u r a l needs to be identified. linkages between the retail infrastructure can lead to lower The potential for roads (road outlets and the farmer are a production costs, agricultural density in a district vissvis road concern as are marketing and expansion by increasing density required) needs transportation problems for yields, improve farmers' priority as also improved horticulture crops and farm access to markets and ensure communication faci l i t ies forestry. availability of institutional (telecommunication, both Rural haats / mandis need to finance. This would lead to landline and mobile). be encouraged as also modern greater economic activities The GOI / State Governments market yards inclusive of and augment the off take of needs to enhance the private sector participation. bank credit, thus leading to capability of their departments Rural godowns also need to be enhanced productivity. Rural for project formulation and facilitated, especially of lifestyles are getting upgraded execution. smaller capacity. a n d a s p i r a t i o n l e v e l s The dryland / mountainous . Seed processing / seed banks increasing and these need to areas require enhanced need to be encouraged. be catered to by improved attention as they are not in the Mechanisation of agriculture rural infrastructure in the loop of development to the needs to be stepped up as also nation.The broad identification extent required.There is a of commercial infrastructure of such sectors is as below need to evolve techniques for for enhancing productivity.

enhancing productivity of The usage of power tillers needs to be stepped up. T he D i v e r s i f i c a t i o n o f Agriculture to Horticulture will need the support of the processing and marketing infrastructure. Specialized medicinal plant nurseries are required. Cold stores / chains / cold storage units are to be encouraged to facil itate diversification. As regards the Dairy sector, data analysis suggests that

Fodder banks need to be set up that fish farmers societies be expanded and strengthened and the installing of BMCS / organized and they may be for enhanc ing capac i ty AMCS / indigenous milk supplied items of common building of the population. manufacturing units needs facilities such as deboning This has to be a core area and en cou ragemen t . M i l k machines for transportation & Nutrition rates must rise. processing unitsalongwith cold stores / refrigeration etc. Construction, Monitoring and refrigerated tankers / vans for The provision of Sewerage Supervising Organisations procurement / sale are also facilities in villages is an (CMSO) need to be appointed required. Milk cooperative evolving demand and a phased to ensure independent quality societies need to be revitalized approach to provide the same assurance in all infrastructure and animal fairs organized. may be considered as the projects being implemented.Milk routes need to be population increases in semi . Maintenance of rural assets increased as this acts as an urban / large villages. maybe catered to by the important forward linkage. In Rural Non Farm Sector, setting up of dedicated funds. Formation /Activation of Water infrastructural gaps such as U s e r s A s s o c i a t i o n f o r w a t e r s u p p l y, q u a l i t y Core Concerns & maintenance of irrigation electricity supply, internal Suggestionsstructures needs priority. The roads, road / rail links, etc To summarise, the main maintenance of irrigation would be facilitators. Agro / concerns could be as follows - infrastructure and its upkeep Food processing industrial Issue One - The market for needs prior ity and the units and infrastructure needs agricultural land is under-command area of irrigation to be stepped up. Common developed on account of lack of projects needs comprehensive facilities such as effluent proper land revenue records, development. treatment plants, servicing lack of property rights, etc.Source management plans of centers etc at industrial Issue Two - There is uneven river systems need to be estates in rural areas would be development of big dams and formulated by the states to facilitators. Common service irrigation projects without cater to the increasing demand centers and skill development much complementarities with from the industrial and need to be stepped up. small and micro irrigation.domestic sector. A drive for encouraging Issue Three - There are Flood prone areas require entrepreneurship is required c o l l u s i v e a n d o t h e r protection to save rural assets coupled with access to skill anticompetitive practices in and cropped areas. Drainage development and credit. wholesale trade of agricultural facilities need to be improved Integrated farming / Producer products.in low lying areas / valleys / Companies need to be Issue Four - There is lack of agricultural fields etc. Rain encouraged for ensuring more incentives to farmers to water harvesting / check dams on farm employment to be e n h a n c e a g r i c u l t u r a l need to be encouraged where generated as at present productivity.feasible and watershed farmers are under employed. Issue Five The sheer number management projects taken Facilitating theaccess of of farmers dependent on up in suitable areas on priority. farmers to extension services agriculture results in under The Poultry sectorneeds such as Reuters Services on employment and lower infrastructure to be created weather conditions. incomes as a lso lower (within or near the main Enhancement of the role of the productivity by distorting centres in the concerned private sector by sharing economies of scale. districts) for hatcheries, egg f i n a n c e s a n d r i s k i n grading, packing and cold infrastructure projects through T h e f i v e m a i n c o r e storages. the public-private partnership suggestions are as follows -The Fisheries Sector requires (PPP) model, specially for Suggestion One - The States measures where appropriate c o m m e r c i a l l y o r i e n t e d need to p r io r i t i se the on rivers / streams / canals i n f r a s t r u c t u r e c a n b e i m p l e m e n t a t i o n o f dams for stocking with fish considered to step up the pace upgradation of land revenue seed and Hi-tech regional of investment. records, amendments to land laboratories with mobile units Health including drinking tenancy law, development of to cater to the needs of the fish water supply and educational the market for land lease, etc.farmers. It is also suggested infrastructure needs to be Suggestion Two - Public


21


22

investment in irrigation by allowing the private sector the Rural Non Farm sector to should be complemented to build, own and operate absorb manpower and to with private investment such markets and the state fac i l i t a te emp loyment (through small and micro g o v e r n m e n t s ( w i t h generation. This needs i r r i g a t i o n s u c h a s conditions to pass those s t e p p e d u p s k i l l drip/sprinkling irrigation) by i n c e n t i v e s t o l o c a l development, f inancial o f f e r i n g governments) will have to be literacy and infrastructural incentives/disincentives incentivised to take care of support. s u c h a s expected revenue loss.continuation/withdrawal of Suggestion Four - There The author is Assistant tax on agricultural income. should not be any restriction General Manager at NABARD Suggestion Three - The on internal movement and Shimla. The views expressed Agricultural Produce Market external trade of agricultural are his own and do not reflect Committee Act should be products except subjecting the views of his employer in a m e n d e d t o i m p a r t them to well-defined price any manner. competition in wholesale and quantity triggers.trade of agricultural products Suggestion Five Focus on


POOJA MITTALAsstt. Prof. & HOD PlacementsPanchkula Engineering CollegeMouli ( Barwala) Panchkula

Balance of Payment in India since 1991*

Introduction foreign investments, by To meet such a broad A Balance of payments running down reserves or by challenge, each IISD program (BOP) sheet is an accounting receiving loans from other includes economic as well as record of al l monetary countries. environmental and social transact ions between a While the overall BOP sheet will inquiry. This interconnected country and the rest of the always balance when all types endeavor requires the use of world. These transactions of payments are included, mu l t i p l e me thod s and include payments for the imbalances are possible on analytical tools and the field of country 's exports and individual elements of the BOP, economics provides many of imports of goods, services, such as the current account. these. Moreover, economics is and financial capital, as well This can result in surplus increasingly informed by other as financial transfers. The countries accumulating hoards fields of inquiry thus providing BOP summarizes international of wealth, while deficit nations fertile ground for research on transactions for a specific become increasingly indebted. how environmental and social period, usually a year, and is Historically there have been issues are affected by our prepared in a single currency, different approaches to the economic choices and vice typ i ca l l y the domes t i c question of how to correct versa.currency for the country imbalances and debate on In many countries rich and concerned. Sources of funds whether they are something poor this is often because of a for a nation, such as exports or governments should be perception that sustainability the receipts of loans and concerned about. With record is expensive to implement and investments, are recorded as imbalances held up as one of u l t imate ly a brake on positive or surplus items. Uses the contributing factors to the development. Poor countries of funds, such as for imports or f i n a n c i a l c r i s i s o f for their part usually lack the to invest in foreign countries, 20072010, plans to address physical infrastructure, ideas are recorded as a negative or global imbalances are now and human capacity to deficit item. high on the agenda of policy integrate sustainability into When all components of the makers for 2010. their development planning. BOP sheet are included it must The pursuit of sustainable Besides, they are often quite balance - that is, it must sum development requires that skeptical about rich countries' to zero - there can be no attention be paid to the r e a l c o m m i t m e n t t o overall surplus or deficit. For interact ions among the sustainable development and example, if a country is environment, society and the demand a more equitable importing more than it economy. As such, IISD sharing of environmental costs exports, its trade balance will explores how the environment and responsibilities. Many be in deficit, but the shortfall is valued; how public policy people also believe that will have to be counter instruments can be designed environmental problems can balanced in other ways - such better; and how abject poverty wait until developing countries as by funds earned from its can be addressed sustain ably. are richer.

23

Ten years on, there is still no can lead to imbalances in deficit (which implies the widely shared vision of what between countries .Countries central bank is running down sustainable development with deficit in their current its reserves or borrowing from might mean in practice. India accounts wil l bui ld up abroad ) The term can also be sees the idea of a light increasing debt or see misused to mean just ecological footprint as part of increased foreign ownership relatively narrow parts of the its cultural heritage. More of their assets . BOP such as the trade fundamentally, which the It is essential to learn the def ic i t , wh i ch means B B C , a n d m u c h o f environment contribution to excluding parts of the current mainstream fail to recognize, the economy and ways to account and the entire capital o u r m a i n e c o n o m i c conserve vital ecosystems by account. Another cause of m e a s u r e m e n t , G r o s s developing better economic confusion is the different Domestic Product (GDP), or and non-economic valuation naming conventions in use. Gross National Income (GNI), methods and tools for Before 1973 there was no generally fails to measure sustainable development. standard way to break down env i ronmenta l impacts Various instruments such as the BOP sheet, with the because they are “external pollution taxes, subsidies, separation into invisible and costs” borne by society m a r k e t a b l e p e r m i t s , visible payments sometimes instead. performance bonds and so being the principle divisions. If the cost of production onto re-align market signals The IMF have their own included environmental so that they promote standards for the BOP sheet, impacts, the cost of safe environmentally responsible at high level it's the same as disposal of many products behavior by all. These the standard definition, but it and their waste, etc, that may instruments often operate in has different nomenclature, in help businesses think more tandem with mandated particular with respect to the about environmental factors regulations, and greatly meaning given to the term in their products and services. i m p a c t s u s t a i n a b l e capital account.In market-based economies deve l opmen t . I ISD i s Murray Rothbard and (and with globalization always investigating how to improve Milton Friedman arguing spreading, this increasingly the design of economic that there was no great need implies most of us), this would ins t ruments and the i r to be concerned about BOP be crucial. application to benefit the issues.RATIONALE OF THE STUDY environment and society. According to Rothbard, Manmohan Singh, at present Poverty reduction and human Fortunately, the absurdity of PM of India, showed that the development are central to worrying about the balance of cha l l enges caused by sustainable development. payments is made evident by imbalances can be an REVIEW OF LITERATURE focusing on inter-state trade. opportunity when he led his According to economics writer Nobody worries about the c o u n t r y ' s s u c c e s s f u l J. Orlin Grabbe the term balance of payments between economic reform programme Balance of Payments is New York and New Jersey or after the 1991 crisis. sometimes misused by people for that matter, between The need of the study since who aren't aware of the Manhattan and Brooklyn. 1991 caused that 1991 is accepted meaning, not only in because there are no custom regarded by many as the general conversation but in officials recording such trade turnaround in the Indian financial publications and the and such balances. e c o n o m y. T h e I n d i a n economic literature OBJECTIVESeconomy today is stream A c ommon s ou r c e o f 1. The impact of BOP on rolling at an astounding 8% confusion is to exclude the development & sustainable GDP growth rate matched reserve account entry which development in India .only by its closest rival China records the activity of the 2.The impact of BOP would that is growing by an even nation's central bank. Once be studied on terms of trade, better 10% GDP growth rate. this is done, the BOP can be in exports & economic growth .It is important that BOP has to surplus (which implies the 3.What are policies & balance overall, surpluses or central bank is building up deficit on its individual items foreign exchange reserves) or

programs to cure the BOP deficit .


24


25

EDUCATION WITH EMPLOYMENT

& ENTREPRENEURSHIP

ITFT COLLEGECHANDIGARH

Pioneer in Service Industry Management Degree Programs in Northern India

18Yearsof Excellence

EDUCATION GROUPC H A N D I G A R H

ITFT

Estd. 1994

www.itftindia.com

AFTER +2 & GRADUATION BACHELORS & MASTERS UNIVERSITY DEGREE COURSES

• Bachelors in Airlines Tourism & Hospitality Mgt. (B.ATHM)

• Bachelors in Media Entertainment & Film Tech. (BMEFT)

• B.Sc. in Health, Spa & Resort Management (B.Sc. HSRM)

• B.Sc. Mobile Computing & Internet (BMCI)

• BBA in Infrastructure & Real Estate Management (BIREM)

• BBA in Family Business Management (BFBM)

• BBA in Rural Development & Management (BRDM)

• Bachelors in Computer Application (BCA)

• Bachelors in Business Administration (BBA)

• B.Com Professional

• Post Graduate Diploma in Computer Application

• Post Graduate Diploma in Packaging & Distribution Mgt.

• Post Graduate Diploma in Conferences, Event & PR Mgt.

• Masters in Airlines Tourism and Hospitality Mgt.

• Masters in Service Industry Management

• Masters in Information Technology

• Masters in Mass Communication and Media Mgt.

• Masters in Education & Counselling Management

3 years

2 years

After +2

After Graduation

}}

} 1 year

Mob: 09914096707 / 708 / 709

Corporate Office : SCO 1, Level-III, Opp. RBISector 17-D, Chandigarh, Ph. : 0172-4698100 / 101, E-mail : [email protected]

Over

24,000Students

Placedby ITFT

4.Expenditure switching, policies through a (Retd. Prof.Department of expenditure changing theoretical frame work and E c o n o m i c s , P u n j a b policies & direct control applying regression as well. University, Chandigarh.) policies . Top i c o f t he t he s i s : METHODOLOGY OF THE This is a part of the Development & Deficit in the STUDY: S Y N O P S I S F O R P H . D Balance of Payment in India We would study the SUBMITTED BY POOJA RANI Since 1991: A Theoretical & expenditure switch on and (UNDER THE SUPERVISION Empirical Approachexpenditure changing OF DR. M.R AGGARWAL

Dedicated towards Skills Development, Employment & Entrepreneurship

NORTH INDIA MANAGEMENT ASSOCIATION

SCO-1, Level III,(Opp. Reserve Bank of India), Sector 17-D, CHANDIGARH - INDIAPhone : + 91-172-2720302, 9814556072, E-mail : [email protected]

nimachd.blogspot.com

www.nimachd.org

Learn

Excel

NIMA

Build


Knowledge Partner ITFT EDUCATION GROUP-CHANDIGARH

Nima Emag Aug 2012

Documents

Transcript of Nima Emag Aug 2012