The Impact of Infrastructure on Trade and Economic Growth in Selected Economies in Asia

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     ILG@ _nrh`do Qipjr [jr`js

    \ej @cpikt nf @dfristrukturj nd \rilj idl Jkndnc`kOrnwte `d [jbjktjl Jkndnc`js `d Is`i

    Dnrciz _idi @sci`bMic`bie Cnel Ciey`ljjd

    Dn. ::;Ljkjcgjr 719: 

     Is`id Ljvjbnpcjdt Gidh @dst`tutj

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    \ej _nrh`do Qipjr sjr`js `s i kndt`duit`nd nf tej fnrcjrby dicjl L`skuss`nd Qipjr sjr`js8tej ducgjr`do nf tej pipjrs kndt`dujl w`tenut `dtjrrupt`nd nr keidoj. ILG@‐s wnrh`dopipjrs rjfbjkt `d`t`ib `ljis nd i tnp`k idl irj pnstjl ndb`dj fnr l`skuss`nd. ILG@ jdknuriojsrjiljrs tn pnst tej`r knccjdts nd tej ci`d pioj fnr jike wnrh`do pipjr (o`vjd `d tej

    k`tit`nd gjbnw). [ncj wnrh`do pipjrs ciy ljvjbnp `dtn ntejr fnrcs nf pugb`kit`nd.

    [uoojstjl k`tit`nd=@sci`b, D. _., idl M. C. Ciey`ljjd. 719:. \ej @cpikt nf @dfristrukturj nd \rilj idlJkndnc`k Ornwte `d [jbjktjl Jkndnc`js `d Is`i. ILG@ _nrh`do Qipjr ::;. \nhyn= Is`idLjvjbnpcjdt Gidh @dst`tutj. Ivi`bigbj= ettp=//www.ilg.nro/pugb`kit`nds/`cpikt-`dfristrukturj-trilj-idl-jkndnc`k-ornwte-sjbjktjl-jkndnc`js-is`i/

    Qbjisj kndtikt tej iutenrs fnr `dfnrcit`nd ignut te`s pipjr.

    Jci`b= dw`Aupc.jlu.cy, mic`bieccAds.u`tc.jlu.cy

    Dnrciz _idi @sci`b `s id issnk`itj prnfjssnr nf jkndnc`ks idl cidiojcjdt itZd`vjrs`t` Qutri Cibiys`i. Mic`bie Cnel Ciey`ljjd `s i bjkturjr it Zd`vjrs`t` \jhdnbno`CIWI.

    \ej v`jws jxprjssjl `d te`s pipjr irj tej v`jws nf tej iutenrs idl ln dnt djkjssir`byrjfbjkt tej v`jws nr pnb`k`js nf ILG@, ILG, `ts Gnirl nf L`rjktnrs, nr tej onvjrdcjdts

    tejy rjprjsjdt. ILG@ lnjs dnt ouiridtjj tej ikkuriky nf tej liti `dkbuljl `d te`s pipjridl ikkjpts dn rjspnds`g`b`ty fnr idy kndsjqujdkjs nf tej`r usj. \jrc`dnbnoy usjl ciydnt djkjssir`by gj knds`stjdt w`te ILG nff`k`ib tjrcs.

    _nrh`do pipjrs irj sugmjkt tn fnrcib rjv`s`nd idl knrrjkt`nd gjfnrj tejy irj f`dib`zjlidl knds`ljrjl pugb`sejl.

     Is`id Ljvjbnpcjdt Gidh @dst`tutjHisuc`oisjh` Gu`bl`do 5F

    ;-7-: Hisuc`oisjh`, Ke`ynli-hu\nhyn 911-6115, Mipid

    \jb.= +59-;-;:0;-::11Fix= +59-;-;:0;-::?9ZWB= www.ilg`.nroJ-ci`b= `dfnAilg`.nro

    © 719: Is`id Ljvjbnpcjdt Gidh @dst`tutj

    mailto:[email protected]:[email protected]:[email protected]:[email protected]

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     ILG@ _nrh`do Qipjr ::; @sci`b idl Ciey`ljjd

     Igstrikt

    @dfristrukturj pbiys i hjy rnbj `d fik`b`tit`do trilj, jspjk`ibby s`dkj rjkjdt trilj b`gjrib`zit`nd`d Is`i eis rjsubtjl `d s`od`f`kidt tir`ff rjlukt`nds. \e`s stuly quidt`f`js tej `cpikts nf gnteeirl idl snft `dfristrukturj nd trilj vnbucj fnr jxpnrtjrs idl `cpnrtjrs `d tej rjo`nd is wjbb

    is nd vir`nus jkndnc`k ornwte `dl`kitnrs.Wjsubts ljcndstritj teit `cprnvjcjdts `d tridspnrt `dfristrukturj (`.j., tej rnil ljds`tydjtwnrh, i`r tridspnrt, ri`bwiys, pnrts, idl bno`st`ks) eivj rjsubtjl `d `dkrjisjl trilj fbnws.@dfnrcit`nd idl knccud`kit`nds tjkednbnoy (@K\) `dfristrukturj eis ibsn jdeidkjl trilj,is tej ducgjrs nf tjbjpendj b`djs, cng`bj pendjs, grnilgidl ikkjss, `dtjrdjt usjrs, idlsjkurj `dtjrdjt sjrvjrs irj fnudl tn eivj pns`t`vj trilj jffjkts fnr gnte jxpnrtjrs idl`cpnrtjrs `d Is`i. \eus, ibtenuoe cnrj ittjdt`nd eis tril`t`ndibby gjjd o`vjd tn eirl`dfristrukturj, tej `cpikt nf snft `dfristrukturj nd trilj fbnws cust ibsn gj cnrj tenrnuoebyjxic`djl.

    MJB Kbiss`f`kit`nd=  N95, N:;, W:;

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     ILG@ _nrh`do Qipjr ::; @sci`b idl Ciey`ljjd

    Kndtjdts

    9.  Gikhornudl ............................................................................................................... ; 

    7. 

    @dfristrukturj Ljvjbnpcjdt `d Is`i ............................................................................ 6 

    ;.  B`tjriturj Wjv`jw ....................................................................................................... 5 

    ;.9  @dfristrukturj idl \rilj ................................................................................. 5 ;.7  @dfristrukturj idl Ornwte ............................................................................ 91 

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     ILG@ _nrh`do Qipjr ::; @sci`b idl Ciey`ljjd 

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    9. GIKHOWNZDL

    Cidy jkndnc`js `d Is`i eivj jxe`g`tjl i gidlwiond jffjkt gy s`od`do trilj `dtjorit`ndiorjjcjdts idl bnwjr`do tir`ff girr`jrs tn `dkrjisj trilj. Fnr jxicpbj, cjcgjrs nf tej

     Issnk`it`nd nf [nutejist Is`id Dit`nds (I[JID) dnw jdmny tir`ff `cpnrt ritjs is bnw is 1%,idl I[JID eis ibsn rjkjdtby jxpidljl tn `dkbulj tej Qjnpbj‐s Wjpugb`k nf Ke`di (QWK), @dl`i,Mipid, idl Wjpugb`k nf Hnrji. Jxtjds`vj jv`ljdkj eis ibsn senwd teit `cprnv`do `dtjrdit`ndibtridspnrt fnstjrs `dtjrdit`ndib trilj, suke is ternuoe tir`ff b`gjrib`zit`nd (Gi`jr idl Gjrostridl711?8 Idlr`icididmiri jt ib. 711

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     ILG@ _nrh`do Qipjr ::; @sci`b idl Ciey`ljjd 

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    \igbj 9= \rilj Qjrfnrcidkj ̀ d Is`i, 7111 idl 7197

    Qjnpbj‐sWjpugb`k nf

    Ke`di

    EndoHndo,Ke`di

    Wjpugb`knf Hnrji @dl`i @dlndjs`i Cibiys`i Qe`b`pp` djs [`doipnrj \ei`bidl

    V`jtDic

    Jist Is`i NJKL

    7111 

     Ior`kubturib jxpnrts(% nf jxpnrts)

    9.9 1.< 9.1 9.; ;.6 7.6 1.6 1.: ;.; 9.0 9.? 9.0

     Ior`kubturib `cpnrts(% nf `cpnrts)

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     ILG@ _nrh`do Qipjr ::; @sci`b idl Ciey`ljjd

    :

    \rilj fik`b`tit`nd `s pirt`ibby ljf`djl is tej systjcit`k rit`ndib`zit`nd nf kustncs prnkjlurjs idllnkucjdts8 `t furtejr jdkncpissjs ibb cjisurjs teit iffjkt tej cnvjcjdt nf onnls gjtwjjdguyjrs idl sjbbjrs ibndo tej jdt`rj `dtjrdit`ndib suppby kei`d (ILG 7110, ZDJ[KIQ 7110).\rilj fik`b`tit`nd jcgnl`js gnte eirl idl snft `dfristrukturj (Qnrtuoib-Qjrjz idl _`bsnd 7197).Eirl `dfristrukturj, nftjd rjfjrrjl tn is peys`kib `dfristrukturj, rjfjrs tn rnils, i`rpnrts, pnrts,idl ri`b8 `dl`kitnrs `dkbulj quib`ty idl quidt`ty. \ej `dfnrcit`nd idl knccud`kit`nds tjkednbnoy

    (@K\) sjktnr `s ibsn rjoirljl is peys`kib `dfristrukturj, kncpr`s`do `dl`kitnrs nf tej usj,ivi`big`b`ty, igsnrpt`nd, idl onvjrdcjdt pr`nr`t`zit`nd nf @K\.

    [nft `dfristrukturj rjfjrs tn cittjrs rjbitjl tn gnrljr idl tridspnrt jff`k`jdky, idl `dl`kitnrscjisurj tej bjvjb nf kustncs jff`k`jdky idl lncjst`k tridspnrt teit `s s`od`f`jl `d tej t`cj, knst,idl ducgjr nf lnkucjdts djjljl fnr jxpnrt idl `cpnrt prnkjlurjs. @t ibsn `dkbuljs tejgus`djss idl rjoubitnry jdv`rndcjdt, idl `dl`kitnrs `dkbulj rjoubit`nds, tridspirjdky, `rrjoubirpiycjdts, fivnr`t`sc, idl cjisurjs tn kncgit knrrupt`nd.

    \e`s stuly jxic`djs `f tej typj nf `dfristrukturj pbiys id `cpnrtidt rnbj `d prncnt`do trilj idljdeidk`do jkndnc`k ornwte.9  @t sjjhs tn `ljdt`fy tej rnbj nf `dfristrukturj `d rjluk`do triljknsts, teus ri`s`do tej trilj vnbucj idl vibuj. @d ill`t`nd, `t i`cs tn prnv`lj jcp`r`kib jv`ljdkjtn `ljdt`fy tej `cpnrtidkj nf `dfristrukturj quib`ty tn ornwte jdeidkjcjdt.

    \ej spjk`f`k ngmjkt`vjs nf te`s stuly irj tn

    (`) jxic`dj tej `cpikt nf eirl idl snft `dfristrukturj nd jxpnrts, 

    (``) `dvjst`oitj wejtejr eirl idl snft `dfristrukturj cittjr fnr cidufiktur`do idlior`kubturib jxpnrts, idl

    (```) `dvjst`oitj tej jffjkts nf quidt`ty idl quib`ty nf `dfristrukturj nd jkndnc`kornwte.

    9  Is`id jkndnc`js `dkbuljl `d tej sicpbj irj tej Qjnpbj‐s Wjpugb`k nf Ke`di8 Endo Hndo, Ke`di8 @dl`i8 @dlndjs`i8

    Wjpugb`k nf Hnrji8 Cibiys`i8 Qe`b`pp`djs8 [`doipnrj8 \ei`bidl8 idl V`jt Dic.

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     ILG@ _nrh`do Qipjr ::; @sci`b idl Ciey`ljjd

    6

    7. @DFWI[\WZK\ZWJ LJVJBNQCJD\ @D I[@I

    \igbj 7 senws tej nvjribb `dfristrukturj pjrfnrcidkj `d Is`i, `cprnvjcjdt (w`te ? is tej gjstpjrfnrcidkj), idl ridh frnc 7116 tn 719;. \ejrj `s st`bb i euoj oip `d tjrcs nf `dljx idl ridh,jspjk`ibby `d [nutejist Is`i, w`te tej jxkjpt`nd nf [`doipnrj. 

    \igbj 7= @dfristrukturj Qjrfnrcidkj-[jbjktjl Jkndnc`js `d Is`i,7116, 7191, 719;

    7116 7191 719;

    Vibuj Widh Vibuj Widh Vibuj Widh

    Qjnpbj‐s Wjpugb`k nf Ke`di ;.?; :7

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     ILG@ _nrh`do Qipjr ::; @sci`b idl Ciey`ljjd

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    \igbj ;= [jbjktjl Yuib`ty nf @dfristrukturj @dl`kitnrs, 719;

    [jr`js Ittr`gutj

    Qjnpbj‐sWjpugb`k nf

    Ke`diEndo Hndo,

    Ke`di @dl`i @dlndjs` iWjpugb`knf Hnrji Cibiys`i Qe`b`pp `djs [`doipnrj \ei`bidl

    V`jDic

    Yuib`ty nf nvjribb`dfristrukturj, 9‛?

    Vibuj

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     ILG@ _nrh`do Qipjr ::; @sci`b idl Ciey`ljjd

    5

    ;. B@\JWI\ZWJ WJV@J_

    ;.9 @dfristrukturj idl \rilj

    Ndj ipprnike tn cjisurj tej `cpikt nf trilj fik`b`tit`nd nd trilj fbnws `s tej oriv`ty cnljb,we`ke issjssjs tej `cpikt nf trilj fik`b`tit`nd rjfnrcs nd g`bitjrib trilj fbnws. [ugstidt`ibjv`ljdkj b`dhs `cprnvjcjdts `d trilj fik`b`tit`nd idl trilj fbnws. Fnr jxicpbj, `d i stuly gy_`bsnd, Cidd, idl Ntsuh` (711:) nf ?: jkndnc`js, `t wis dntjl teit `cprnvjl trilj fik`b`tit`ndknubl `dkrjisj trilj gy 91%. \e`s stuly suppnrtjl id jirb`jr stuly gy _`bsnd, Cidd, idlNtsuh` (711;) nd tej Is`i-Qik`f`k, we`ke ljcndstritjl teit `cprnv`do trilj fik`b`tit`nd `dkrjisjl`dtri-Is`i-Qik`f`k Jkndnc`k Knnpjrit`nd (IQJK) trilj gy 79%. Cnrjnvjr, Ejrtjb idl C`rzi(7110) jxic`djl tej `cpikt nf trilj fik`b`tit`nd rjfnrcs `d [nute Is`i, f`dl`do teit suke rjfnrcsrjsubtjl `d i ?:% `dkrjisj `d `dtrirjo`ndib trilj idl i 77% `dkrjisj `d trilj w`te ntejr rjo`nds.[ejpejrl idl _`bsnd (7110) rjpnrtjl teit trilj `d [nutejist Is`i `dkrjisjl gy ?.:% teidhs tntrilj fik`b`tit`nd rjfnrcs, suke is `dkrjis`do pnrt quib`ty.

    Qnrtuoib-Qjrjz idl _`bsnd (7197) issjssjl tej `cpikt nf fnur `dl`kitnrs rjbitjl tn triljfik`b`tit`nd“peys`kib `dfristrukturj, @K\, gnrljr idl tridspnrt jff`k`jdky, idl tej gus`djss idlrjoubitnry jdv`rndcjdt“nd tej jxpnrt pjrfnrcidkj nf 919 ljvjbnp`do jkndnc`js. Zdb`hjprjv`nus stul`js teit usjl pr`dk`pib kncpndjdt idibys`s, te`s stuly usjl fiktnr idibys`s tnljr`vj tej ioorjoitj `dl`kitnr. Ikknrl`doby, peys`kib `dfristrukturj wis fnudl tn eivj tejorjitjst `cpikt nd jxpnrts. @d ill`t`nd, ut`b`z`do i oriv`ty cnljb ipprnike, Ejrdidljz idl\id`dokn (7191) illrjssjl gje`dl-tej-gnrljr cjisurjs teit `dfbujdkjl g`bitjrib trilj fbnws `dJist Is`i, suke is tjbjknccud`kit`nds sjrv`kjs, quib`ty nf pnrt `dfristrukturj, t`cj ljbiys `dtrilj, idl ljpte nf krjl`t `dfnrcit`nd. \ejy dntjl teit tej`r `cpikts vir`jl ikrnss sjktnrs nrprnlukt ornups.

    Ntejr stul`js teit eivj ippb`jl tej oriv`ty cnljb ibsn jcpeis`zjl tej kruk`ib rnbj nf`dfristrukturj nd trilj. [ejpejrl idl _`bsnd (7110) l`sknvjrjl teit g`bitjrib trilj fbnws `d

    [nutejist Is`i wjrj iffjktjl gy tridspnrt `dfristrukturj, ci`dby pnrts idl @K\. Enjhcid idlD`k`ti (7115) fnudl teit pnnr rnils idl pnrts, pnnrby pjrfnrc`do kustncs iojdk`js idlprnkjlurjs, wjihdjss `d rjoubitnry kipik`ty, idl b`c`tjl ikkjss tn f`didkj idl gus`djsssjrv`kjs iffjktjl trilj. _`bsnd, Cidd, idl Ntsuh` (711:), wejd jxtjdl`do tej oriv`ty cnljb tntrilj fik`b`tit`nd cjisurjs idl tn i birojr sicpbj nf ?: jkndnc`js, pns`tjl teit pnrt jff`k`jdkyidl tej prnx`js fnr `dfristrukturj quib`ty fnr tej sjrv`kjs sjktnr, suke is tej usj, spjjl, idlknst nf tej `dtjrdjt, s`od`f`kidtby iffjktjl trilj fbnws. _`bsnd, Cidd, idl Ntsuh` (711;) ibsnfnudl teit teit `cprnv`do pnrt idl i`rpnrt jff`k`jdky knubl pns`t`vjby `cpikt`dtri-IQJK trilj.

    Gnuoejis, Ljcjtr`iljs, idl Cnrojdrnte (9000), `d ljvjbnp`do i oriv`ty cnljb tn idibyzj tejjffjkt nf `dfristrukturj nd tej vnbucj nf trilj v`i `ts `dfbujdkj nd tridspnrt knsts, fnudl teit`dfristrukturj eil i s`od`f`kidt idl pns`t`vj rjbit`ndse`p tn tej bjvjb nf `dfristrukturj idl tejvnbucj nf trilj. Is i rjsubt, l`ffjrjdkjs `d tridspnrt knsts icndo jkndnc`js ciy e`oeb`oetl`ffjrjdkjs `d tej`r ig`b`ty tn kncpjtj `d `dtjrdit`ndib cirhjts. Furtejrcnrj, l`ffjrjdkjs `d tejvnbucj idl quib`ty nf `dfristrukturj ciy ikknudt fnr l`ffjrjdkjs `d tridspnrt knsts idl, ejdkj,vir`it`nds `d kncpjt`t`vjdjss. Gjttjr tridspnrt sjrv`kjs idl `dfristrukturj `cprnvj `dtjrdit`ndibcirhjt ikkjss idl `dkrjisj trilj.

    B`cin idl Vjdigbjs (7119) jcpbnyjl i oriv`ty cnljb s`c`bir tn teit ljvjbnpjl gy Gnuoejis,Ljcjtr`iljs, idl Cnrojdrnte (9000), we`ke `dkbuljl luccy vir`igbjs rjprjsjdt`dopnss`g`b`t`js nf trids`t. @dfristrukturj wis cjisurjl gy vir`igbjs `dkbul`do pivjl idl udpivjl

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    0

    rnils, ri`bwiys, idl tjbjpendj b`djs. @dfristrukturj wis fnudl tn gj id `cpnrtidt fiktnr `dljtjrc`d`do tridspnrt knsts, jspjk`ibby fnr bidlbnkhjl knudtr`js. \ejy jst`citjl teit l`ffjrjdkjs`d `dfristrukturj ikknudtjl fnr

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    91

    idl kndtrikt jdfnrkjcjdt, suoojst`do teit trilj vnbucjs wjrj iffjktjl gy tej jff`k`jdky nfkndtrikt jdfnrkjcjdt. \e`s f`dl`do wis knds`stjdt w`te teit nf Luvib idl Ztnhteic (7110), wenpn`dtjl nut teit `f lncjst`k kndtrikt jdfnrkjcjdt prnkjlurjs wjrj senrtjdjl idl s`cpb`f`jl tnteit nf tej ivjrioj nf Nroid`sit`nd fnr Jkndnc`k Kn-npjrit`nd idl Ljvjbnpcjdt (NJKL)cjcgjr knudtr`js, `t knubl ri`sj cjrkeidl`sj jxpnrts gy up tn 7?%. \ej `cpikt nf `dvjstnrprntjkt`nd nd trilj wis ibsn stul`jl gy Eur, Wim, idl W`yidtn (7116), wen dntjl teit `cprnvjl

    `dvjstnr prntjkt`nd knubl st`cubitj jkndnc`js‐ jxpnrt idl trilj gibidkjs w`te rjbit`vjby cnrj`dtido`gbj issjts.

    [jvjrib stul`js eivj tjstjl tej jffjkt nf tridspirjdky `d kustncs ilc`d`strit`nd idl triljpnb`ky. Ejbgbj, [ejpejrl, idl _`bsnd (7110), w`te tej`r stuly nd tridspirjdky `d tej tril`dojdv`rndcjdt fnr IQJK cjcgjrs, usjl prjl`ktig`b`ty idl s`cpb`f`kit`nd cjisurjs tn ljvjbnp idjw cjisurjcjdt nf tridspirjdky, kndkbul`do teit `cprnv`do tridspirjdky `d trilj pnb`ky knublrjlukj trilj knsts idl sugsjqujdtby gnnst `dtrirjo`ndib trilj. [il`hnv (711?), `d i sicpbj nf976 jkndnc`js, senwjl teit trnugbjsncj gus`djss rjo`strit`nd prnkjlurjs idl jxpnrts`oditurj rjqu`rjcjdts knubl eivj i djoit`vj jffjkt nd jxpnrts, idl tej `cpikt wis wnrsj fnrl`ffjrjdt`itjl prnlukts teid encnojdjnus onnls.

    [ncj stul`js eivj ibsn jxic`djl tej b`dh gjtwjjd tril`do t`cj idl trilj fbnws. Lmidhnv,

    Frjudl, idl Qeic (7191), `d i sicpbj nf 976 jkndnc`js nd tej bjdote nf t`cj djjljl fnrtridsfjrr`do prnlukts frnc tej fiktnry tn tej se`p, fnudl teit i ljbiy nf 9 liy rjlukjl trilj gy9%, idl tej `cpikt wis birojr fnr t`cj-sjds`t`vj prnlukts suke is ior`kubturib onnls. Luvib idlZtnhteic (7110) senwjl i djoit`vj rjbit`ndse`p gjtwjjd ljb`vjry knst idl jxpnrts, `d we`ke iljkrjisj `d :% nf i ljb`vjry knst fnr i onnl tn tej kbnsjst pnrt knubl `dkrjisj jxpnrts it bjistgy

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    ornwte `d ibb `dfristrukturj `dl`kitnrs. @d ill`t`nd, `t jxic`djl wejtejr tej rjbit`ndse`p gjtwjjd`dfristrukturj idl ornwte wis `dfbujdkjl gy f`vj vir`igbjs= tej ljorjj nf pr`vitj pirt`k`pit`nd `d`dfristrukturj, quib`ty nf onvjrdidkj, jxtjdt nf rurib‛urgid `djquib`ty `d ikkjss tn `dfristrukturj,`dkncj bjvjbs, idl ojnoripey. Ndby tjbjknccud`kit`nds idl sid`tit`nd suppnrtjl i pr`nr`eypntejs`s, we`bj i kndtril`ktnry rjsubt wis fnudl fnr rnils.

    @d i s`c`bir stuly, [triug (7115) jxic`djl tej `cpikt nf `dfristrukturj `dvjstcjdt nd Jist Is`i‐s jkndnc`k ornwte us`do i ornwte-ikknudt`do fricjwnrh idl krnss-knudtry rjorjss`nd. Ibtenuoe tej stuly usjl i s`c`bir sjt nf jkndnc`js is [jjtejpibb`, Gricit`, idl Vjrjlis(7115), tej f`dl`dos senwjl dn s`od`f`kidt `cpikt nf `dfristrukturj nd ornwte, kndtril`kt`do tejrjsubts nf [jjtejpibb`, Gricit`, idl Vjrjlis (7115) wejd us`do i prnlukt`nd fudkt`nd. _ejdus`do krnss-knudtry ornwte rjorjss`nds, tej rjsubts wjrj cuke wjihjr teid tensj nf[jjtejpibb`, Gricit`, idl Vjrjlis (7115), ljsp`tj tej usj nf `dfristrukturj stnkhs ritejr teidfbnws tn bjssjd tej prngbjc nf rjvjrsj kiusit`nd.

    [triug idl \jrili-Eio`wiri (7199) jxtjdljl te`s stuly us`do peys`kib `dfristrukturj `dl`kitnrsikrnss fnur sjktnrs= tjbjknccud`kit`nds, jdjroy, tridspnrt, idl witjr. Ornwte rjorjss`nds idlornwte ikknudt`do wjrj usjl, senw`do teit tej ornwte ritj nf stnkhs eil i pns`t`vj idls`od`f`kidt `cpikt nd tej ornwte ritj nf Jist Is`i-Qik`f`k idl [nute Is`i jkndnc`js fnr cnst

    `dfristrukturj `dl`kitnrs. Enwjvjr, tej rjsubts frnc tej ornwte-ikknudt`do jxjrk`sj rjvjibjl teitpns`t`vj idl s`od`f`kidt jffjkts nf `dfristrukturj nd tntib fiktnr prnlukt`v`ty ornwte wjrj ndbyngsjrvjl `d tej QWK, Wjpugb`k nf Hnrji, idl \ei`bidl fnr tej tjbjknccud`kit`nds idl jdjroy`dl`kitnrs.

    Kibljrûd idl Kendo (7110) prnv`ljl i kncprjejds`vj issjsscjdt nf tej `cpikt nf`dfristrukturj ljvjbnpcjdt nd jkndnc`k ornwte `d Ifr`ki gy us`do peys`kib `dl`kitnrs `d tejtjbjknccud`kit`nds, pnwjr, idl tridspnrt sjktnrs. Liti fnr 9;6 knudtr`js fnr 9061‛711: wjrjrjorjssjl gy us`do dndnvjrbipp`do :-yjir pjr`nl ngsjrvit`nds. \n illrjss jkndncjtr`k `ssujssuke is udngsjrvjl knudtry- idl t`cj-spjk`f`k jffjkts is wjbb is pntjdt`ib rjvjrsj kiusib`ty, id`dstrucjdtib vir`igbj tjked`quj wis jcpbnyjl. \ej stuly jvibuitjl tej `cpikt nd pjr kip`tiornwte nf fistjr ikkucubit`nd nf `dfristrukturj stnkhs idl nf jdeidkjcjdt `d tej quib`ty nf`dfristrukturj sjrv`kjs. \ej f`dl`dos senwjl teit ornwte wis pns`t`vjby iffjktjl gy `dfristrukturjstnkhs idl tej quib`ty nf `dfristrukturj sjrv`kjs. \ej stuly ibsn fnudl teit Ifr`ki `s b`hjby tn oi`dorjitjr gjdjf`ts frnc birojr stnkhs nf `dfristrukturj teid frnc `cprnv`do tej quib`ty nf tejjx`st`do ̀ dfristrukturj.

    Kibljrûd idl [jrvàd (7115) issjssjl tej jffjkts nf `dfristrukturj nd jkndnc`k ornwte idl`djquib`ty, ibsn w`te i spjk`f`k fnkus nd [ug-[ieirid Ifr`ki. \ej`r jcp`r`kib rjsubts wjrj gisjlnd i litisjt nf `dfristrukturj quidt`ty idl quib`ty `dl`kitnrs `dvnbv`do cnrj teid 911 jkndnc`jsknvjr`do 9061‛711:. \ejy ljcndstritjl teit id `dkrjisj `d tej vnbucj nf `dfristrukturj stnkhsidl `cprnvjl `dfristrukturj quib`ty eil i pns`t`vj `cpikt nd bndo-rud ornwte idl i djoit`vj`cpikt nd `dkncj `djquib`ty.

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    3  + +   + + + + +   + +   +  

    (7)

    3  + +   + + + + +   + +   +   (;)_ejrj  IU wis jxpnrts `d ior`kubturj, idl CU wis jxpnrts `d tej cidufiktur`do sjktnr. \ej`dljpjdljdt vir`igbjs wjrj tej sicj is `d (9). \ej `cpikt nf ior`kubturj senubl eivj gjjd ndtridspnrt `dfristrukturj ritejr teid @K\ `dfristrukturj, gut gnte sjktnrs senubl eivj eil tejsicj `cpikt nd snft `dfristrukturj.

    \ej jkndncjtr`k `ssujs nf us`do i ridlnc-jffjkt nr f`xjl-jffjkt cnljb wjrj knds`ljrjl. Iridlnc-jffjkt cnljb `s i cnrj ipprnpr`itj ipprnike `d jst`cit`do typ`kib trilj fbnws ternuoe iridlncby lriwd sicpbj nf tril`do pirtdjrs, pirt`kubirby frnc i birojr pnpubit`nd. Enwjvjr, tej

    f`xjl-jffjkt cnljb `s i gjttjr ken`kj fnr jst`cit`do trilj gjtwjjd id jx-idtj prjljtjrc`djlsjbjkt`nd nf jkndnc`js (Joojr 7111). @d tej kisj nf tej igsjdkj nf idy knrrjbit`nd gjtwjjdngsjrvigbj idl pidjb-spjk`f`k jrrnr tjrcs, tej ridlnc-jffjkt ipprnike `s prjfjrrjl. @cpb`k`tby,tej f`xjl-jffjkt cnljb issucjs teit ibb jxpbiditnry vir`igbjs irj knrrjbitjl w`te tej udngsjrvjljffjkts nr tej spjk`f`k jrrnr tjrc teit jb`c`ditjs te`s knrrjbit`nd w`te`d tej tridsfnrcit`nd. Pjt tejf`xjl-jffjkt cnljb w`pjs nff ibb t`cj-`dvir`idt vir`igbjs, suke is l`stidkj idl bidouioj.\ejrjfnrj, tn ibbnw l`stidkj idl bidouioj is prnx`js fnr tridsikt`nds idl `dfnrcit`nd knst,rjspjkt`vjby, tej ridlnc jffjkts cnljb wis usjl.

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    knjff`k`jdts gut rjstr`ktjl tej bndo-rud knjff`k`jdts is tej sicj fnr ibb jkndnc`js. \ej Eiuscidtjst (Eiuscid 90?5) wis usjl tn tjst tej dubb eypntejs`s nf encnojdj`ty `d tejbndo-rud piricjtjrs.

    Qidjb idibys`s nd tej udrjstr`ktjl spjk`f`kit`nd fnr tej iutnrjorjss`vj l`str`gutjl bio (IWLB)cnljb fnr t`cj pjr`nls t 3 9,7,…..,\8 ornups ` 3 9,7,…,D8 idl tej ljpjdljdt vir`igbj y wis=

    3  39   ,∗ + ‷,∗

    31 + +   (:) wejrj  wis i skibir ljpjdljdt vir`igbj,  wis tej h x 9 vjktnr nf jxpbiditnry vir`igbjs fnrornup `,   ljdntjl tej f`xjl jffjkts, s wjrj skibir knjff`k`jdts nf tej bioojl ljpjdljdtvir`igbjs, idl ‷s wjrj h x 9 knjff`k`jdt vjktnrs.\ej rj-piricjtjr`zjl fnrc wis fnrcubitjl is

    ∆ 3 ,∗9 + ‷,∗9 +  ∗939   ∆,∗ + ‷∆,∗∗931 + +   (:) @t wis issucjl teit tej l`sturgidkjs s wjrj `dljpjdljdtby l`str`gutjl ikrnss ` idl t, w`tezjrn cjids idl vir`idkjs 7 4 1. @t wis issucjl furtejr teit 2 1  fnr ibb  `. \eus, tejrjjx`stjl i bndo-rud rjbit`ndse`p gjtwjjd  idl  ljf`djl gy

    3 ‷  +    3 9,7, … … . 8   3 9,7, … … …  wejrj  3

     / , wis tej h x 9 vjktnr nf tej bndo-rud knjff`k`jdts, idl  wjrj stit`ndiryw`te pnss`gby dndzjrn cjids (`dkbul`do f`xjl jffjkts). Ejdkj, (:g) knubl gj wr`ttjd is∆ 3 ,∗9 +  ∗939   ∆,∗ +  ‷∆,∗

    ∗931 + +   (:) 

    wejrj ,∗9 wis tej jrrnr knrrjkt`nd tjrc o`vjd gy (:k), idl teus  wis tej jrrnr-knrrjkt`ndtjrc knjff`k`jdt cjisur`do tej spjjl nf ilmustcjdt tnwirl tej bndo-rud jqu`b`gr`uc.

    \ej QCO cjtenl nf jst`cit`nd ibbnwjl senrt-rud knjff`k`jdts, `dtjrkjpts, idl jrrnr vir`idkjs tnviry ikrnss jkndnc`js gut kndstri`djl tej bndo-rud knjff`k`jdts tn gj jquib. \e`s `cpb`jl teit

    3   fnr ibb `. \n jst`citj senrt-rud knjff`k`jdts idl tej knccnd bndo-rud knjff`k`jdts,Qjsirid, [e`d, idl [c`te (9000) ilnptjl tej pnnbjl cix`cuc b`hjb`ennl jst`cit`nd ipprnikegy issuc`do teit tej l`sturgidkjs  wjrj dnrcibby l`str`gutjl. \ejsj QCO jst`citnrs wjrjljdntjl gy=

    ∊ 3 ∙   ∊   , ̇ 3 ∙     ̇ 3 ∙     , m 3 9,…, p-9 idl 3 ∙     ,m 3 1,…, q-9, 3  

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    \ej f`dib QCO prnkjlurj wis=

    ∆ 3 ,∗9   9,  7, + ;,  ,  +9  1,

      + 9,∆  + 7,∆, + ;,∆, + ,∆,+ , 

    (6)

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    \igbj := \ridspnrt @dfristrukturj Jffjkts nd Jxpnrts `d Is`i

    Gis`kCnljb

     I`rpnr t@dfristrukturj

    Wnils@dfristrukturj

    Wi`bwiy@dfristrukturj Qnrt @dfristrukturj Fubb Cnljb

    (9) (7) (;) (

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    Knbucds 0 idl 91 prnv`lj i fubb cnljb `d we`ke ibb `dfristrukturj `s `dkbuljl `d tej jquit`nds.\ej rjsubts kndf`rc teit i`r tridspnrt idl pnrt fik`b`t`js, suke is tej ivi`big`b`ty nf kndti`djrs, irjs`od`f`kidtby `cpnrtidt tn gnte jxpnrtjrs idl `cpnrtjrs.

    :.7 @dfnrcit`nd idl Knccud`kit`nd \jkednbnoy @dfristrukturj idl

    \rilj Fbnws

    \igbj 6 ljcndstritjs tej rjsubts nf tej jst`cit`nd nf @K\ `dfristrukturj vir`igbjs nd trilj fbnws.F`vj `dl`kitnrs wjrj kensjd is prnx`js fnr @K\ `dfristrukturj= ducgjr nf tjbjpendj b`djs, f`xjlcng`bj pendjs, cng`bj pendj sugskr`pt`nds, grnilgidl, idl `dtjrdjt usjrs idl sjkurj `dtjrdjtsjrvjrs.

    \ej OLQs fnr jxpnrtjrs idl `cpnrtjrs irj pns`t`vj idl s`od`f`kidt, w`te tej jst`citjl knjff`k`jdtrido`do frnc 1.: tn 1.0 fnr jxpnrtjrs, idl frnc 1.< tn 1.6 fnr `cpnrtjrs. Ibb @K\ `dfristrukturjvir`igbjs irj stit`st`kibby s`od`f`kidt idl pns`t`vjby rjbitjl tn trilj, jxkjpt fnr tej ducgjr nf`dtjrdjt usjrs fnr jxpnrtjrs `d knbucd ?8 enwjvjr, wejd tej ducgjr nf `dtjrdjt usjrs fnr`cpnrtjr jkndnc`js `s `dkbuljl, tej rjsubt `s pns`t`vj idl s`od`f`kidt.

    \ejsj rjsubts irj `d b`dj w`te tej f`dl`dos nf D`knbjtt` jt  ib. (711;)8 F`dh, Cittnn, idl Djiou(711:)8 [ejpejrl idl _`bsnd (7110)8 idl B` idl _`bsnd (7110), ibb nf wenc ibsn rjvjibjl teittej rnbj nf @K\ `s `cpnrtidt `d `dtjrdit`ndib trilj. \ejsj rjsubts ibsn kndf`rcjl teit twn-wiyknccud`kit`nds gjtwjjd jxpnrtjrs idl `cpnrtjrs w`te onnl @K\ fik`b`t`js gjdjf`t gnte tril`dopirtdjrs. Fnr `dstidkj, i 91% `dkrjisj `d tej ducgjr nf f`xjl idl cng`bj pendj sugskr`gjrs fnrgnte jxpnrtjrs idl `cpnrtjrs gnnst trilj gy 7.6% idl 7.7%, rjspjkt`vjby. Ibtenuoe sncjknudtr`js suke is @dl`i, @dlndjs`i, idl V`jt Dic irj st`bb udljrljvjbnpjl `d tjrcs nf `dtjrdjtsjkur`ty, tej rjsubts jxjrt i pns`t`vj s`od`f`kidkj fnr gnte jxpnrtjrs idl `cpnrtjrs. Is suke, i91% `dkrjisj `d `dtjrdjt sjkur`ty `d jxpnrtjrs idl `cpnrtjrs w`bb ri`sj trilj gy 1.6:% idl1.6?%, rjspjkt`vjby.

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    \igbj 6= Jffjkts nf @dfnrcit`nd idl Knccud`kit`nds \jkednbnoy @dfristrukturj nd Jxpnrts `d Is`i

    \jbjpendj B`djs Cng`bj Qendjs F`xjl Grnilgidl @dtjrdjt Zsjrs [jkur`ty @dtjrdjt Fubb Cnljb

    (9) (7) (;) (

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    \igbj ?= Jffjkts nf [nft @dfristrukturj nd Jxpnrts `d Is`i

    Knst tn Jxpnrt nr @cpnrtLnkucjdts Djjljl tn Jxpnrt nr

    @cpnrt\`cj tn Jxpnrt nr

    @cpnrtFubb Cnljb fnr

    JxpnrtFubb Cnljb fnr

    @cpnrt

    (9) (7) (;) (

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    :.; [nft @dfristrukturj idl \rilj Fbnws

    \igbj ? senws tej rjsubts nf snft `dfristrukturj fnr gnte jxpnrtjrs idl `cpnrtjrs nd trilj.\ej terjj `dl`kitnrs nf snft `dfristrukturj wjrj knst tn jxpnrt idl `cpnrt, lnkucjdtsdjjljl tn jxpnrt idl `cpnrt, idl t`cj tn jxpnrt idl `cpnrt.

    \ej OLQ idl ntejr kndtrnb vir`igbjs (`.j., l`stidkj, knccnd bidouioj, idl luccy) fnre`oe-`dkncj jkndnc`js eivj rjsubts s`c`bir tn tej cnljb fnr eirl `dfristrukturj. \ejknjff`k`jdts fnr tej knsts nf `cpnrts idl jxpnrts irj djoit`vj w`te trilj, we`ke `dl`kitjsteit wejd tej knst nf ln`do gus`djss `s bnwjr fnr jxpnrtjrs nr `cpnrtjrs, tej pntjdt`ib trilj`s e`oejr. \ejsj rjsubts irj s`c`bir tn tensj nf [il`hnv (711?)8 Luvib idl Ztnhteic(7110)8 idl Lmidhnv, Frjudl, idl Qeic (7191), wen ibsn fnudl i djoit`vj rjbit`ndse`pgjtwjjd tej knst nf jxpnrts idl `dtjrdit`ndib trilj.

     Idntejr `dl`kitnr nf snft `dfristrukturj“lnkucjdts djjljl fnr jxpnrt idl `cpnrt“eis idjoit`vj `cpikt nd trilj. I 91.1% `dkrjisj `d tej ducgjrs nf lnkucjdts fnr jxpnrt idl`cpnrt rjlukjs trilj gy it bjist :.:%. Ikknrl`do tn Ln`do Gus`djss 719< pugb`sejl gy

    _nrbl Gidh, icndo sjbjktjl Is`id jkndnc`js, tej ducgjr nf lnkucjdts tn jxpnrt eisgjjd rjlukjl tn terjj `d Endo Hndo, Ke`di8 Wjpugb`k nf Hnrji8 idl [`doipnrj8 idl j`oetfnr tej QWK.

    \`cj tn jxpnrt idl `cpnrt `s gisjl nd tej ducgjr nf liys frnc i prnkjlurj stirts udt`b `t `skncpbjtjl. \ej fjwjr liys tn kncpbjtj tej jxpnrt prnkjlurj, tej cnrj pntjdt`ib trilj.[pjk`f`kibby, i 91% rjlukt`nd `d tej t`cj tn jxpnrt `dkrjisjs trilj gy :%, we`bj t`cj tn`cpnrt `dkrjisjs trilj gy

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    \igbj 5= \ridspnrt @dfristrukturj Jffjkts nd Ior`kubturib idl Cidufiktur`do Jxpnrts

    Cidufiktur`do Jxpnrts Ior`kubturib Jxpnrts

    (9) (7) (;) (

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    \igbj 0= @dfnrcit`nd idl Knccud`kit`nds \jkednbnoy @dfristrukturj Jffjkts nd Ior`kubturib idl Cidufiktur `do Jxpnrts

    Cidufiktur`do Jxpnrts Ior`kubturib Jxpnrts

    (9) (7)-FJC (;) (

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    irj `d b`dj w`te cidy stul`js teit jcpeis`zj tej ljvjbnpcjdt nf `dfristrukturj suke isrnils idl i`r tridspnrt. Eiv`do bndo tntib rnil djtwnrhs bjils tn jis`jr ikkjss tn tej wnrhpbikj, teus `dkrjis`do prnlukt`v`ty idl jdknurio`do jkndnc`k ornwte.

    Knbucd 7 rjpnrts tej rjsubt fnr tej quib`ty nf tridspnrt `dfristrukturj, teit `s, pivjl rnils.

     I 91% `dkrjisj `d pivjl rnils `dkrjisjs jkndnc`k ornwte cnrj teid :%. Yuib`ty, sukeis pivjl rnils, rjlukjs tej knst nf vje`kbj ci`dtjdidkj, teus `dkrjis`do wnrhjrprnlukt`v`ty. \ej rjsubts kndf`rc teit tej quib`ty nf `dfristrukturj cittjrs, is jkndnc`jspjrfnrc gjttjr `d jkndnc`k ornwte. Enwjvjr, tej quidt`ty nf `dfristrukturj ciy dnt gjsuff`k`jdt fnr Is`i, we`ke ci`dby fnkusjs nd tej cidufiktur`do sjktnrs. 

    \igbj 99= \ridspnrt @dfristrukturj Jffjkts nd Jkndnc`k Ornwte

    \ntib WnilQivjl Wnil

    (Yuib`ty) I`r \ridspnrt

    Qissjdojrs I`r \ridspnrt

    Wjo`stjrjl Frj`oetFubb

    Cnljb

    (9) (7) (;) (

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    \igbj 97= @dfristrukturj Jffjkts nd Jkndnc`k Ornwte  

    @dfnrcit`nd idl Knccud`kit`nds\jkednbnoy @dfristrukturj Jdjroy @dfristrukturj

    (9) (7) (;) (

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     Is cirhjts irj `dtjorit`do cnrj, tej rnbj nf `dfristrukturj senubl gj `cpnrtidt. Jkndnc`jsteit st`bb sknrj bnw `d rjoirl tn peys`kib `dfristrukturj senubl `dvjst cnrj `d rnil ljds`ty,ri`b, idl pnrt fik`b`t`js tn fik`b`titj ln`do gus`djss. @K\ `dfristrukturj, jspjk`ibby gis`k`dfristrukturj suke is tjbjpendj b`djs, grnilgidl ikkjss, idl `dtjrdjt sjkur`ty, senublibsn gj jcpeis`zjl fnr knccud`kit`nd gjdjf`ts idl tn jisj f`didk`ib tridsikt`nds

    gjtwjjd tril`do pirtdjrs.

    @d tej futurj, jdjroy idl f`didk`ib `dfristrukturj senubl gj stul`jl is tn tej`r `cpikt ndornwte. Cnrj snft `dfristrukturj vir`igbj `dl`kitnrs senubl gj `dkbuljl `d idibysjs, is wjbb,tn jdeidkj udljrstidl`do nf `ts `cpikt nd trilj fbnws.

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    WJFJWJDKJ[* 

     Idljrsnd, M. J., idl L. Cirknu`bbjr. 7117. @dsjkur`ty idl tej Qittjrd nf \rilj= IdJcp`r`kib @dvjst`oit`nd. Wjv`jw nf Jkndnc`ks idl [tit`st`ks 5

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    Lmidhnv, [., K. Frjudl, idl K. [. Qeic. 7191. \ril`do nd \`cj. Wjv`jw nf Jkndnc`ksidl [tit`st`ks 07(9)= 966‛9?;.

    Luvib, P., idl K. Ztnhteic. 7110. Gje`dl-tej-Gnrljr \rilj Fik`b`tit`nd `d Is`i-Qik`f`k=Knst nf \rilj, Krjl`t @dfnrcit`nd, Kndtrikt Jdfnrkjcjdt idl Wjoubitnry

    Knejrjdkj. J[KIQ \rilj idl @dvjstcjdt L`v`s`nd [tiff Qipjr [jr`js. Dn. 7 (10).Gidohnh= Zd`tjl Dit`nds Jkndnc`k idl [nk`ib Kncc`ss`nd fnr Is`i idl tejQik`f`k.

    Jistjrby, _., idl [. Wjgjbn. 900;. F`skib Qnb`ky idl Jkndnc`k Ornwte= Id Jcp`r`kib@dvjst`oit`nd. Mnurdib nf Cndjtiry Jkndnc`ks ;7=

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    Hrift, M., idl I. Hrift. 90?5. Nd tej Wjbit`ndse`p gjtwjjd Jdjroy idl ODQ. Mnurdib nfJdjroy Ljvjbnpcjdt ;=

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    Zd`tjl Dit`nds. Zd`tjl Dit`nds Knccnl`ty \rilj [tit`st`ks Litigisj.ettp=//knctrilj.ud.nro/lg/ (ikkjssjl 9: Ipr`b 719:)

    Zd`tjl Dit`nds Jkndnc`k idl [nk`ib Kncc`ss`nd fnr Is`i idl tej Qik`f`k (ZDJ[KIQ).7110. Is`i-Qik`f`k \rilj idl @dvjstcjdt Wjv`jw 7110. Gidohnh.

    _`bsnd, M. [., K. B. Cidd, idl \. Ntsuh`. 711;. \rilj Fik`b`tit`nd idl Jkndnc`kLjvjbnpcjdt= I Djw Ipprnike tn Cjisur`do tej @cpikt. _nrbl Gidh Jkndnc`kWjv`jw 9?(;)= ;6?‛;50.

     ‛‛‛‛‛‛‛‛‛‛. 711:. Issjss`do tej Gjdjf`ts nf \rilj Fik`b`tit`nd= I Obngib Qjrspjkt`vj.\ej _nrbl Jkndncy 75(6)= 5