international journal of multidisciplinary research (ijmr...

International Journal of Multidisciplinary Research (IJMR) ISSN: 2277-9302

Vol. IV, Issue 9 (VI), January 2016 1

A STUDY OF FUTURE OF ONLINE TRAVEL IN INDIA

Dr.P.M.Deshmukh Associate Professor Bar.R.D.I.K.College, Badnera

Abstract: Tourism has become an important sector which helps immensely in the development of the nation. Tourism in India is growing rapidly and is very important economically. This sector accounts for more than 7% of the nation’s GDP and supports more than 40 Million jobs in India. According to the World Travel and Tourism Council (WTTC), this sector is growing at an average annual rate of 8%.Tourism sector accounts for more than 7% of the nation’s GDP and supports more than 40 Million jobs in India.At present, 70% of India’s e Commerce market is travel related and is doing more than $15 Billion annually. Travel industry has faced many challenges over the past decade. But thanks to the technology and various ventures, this domain has adapted and evolved according to the need of the market and has reached where it is today. The study presents the future of online travelin India. Keyword:- travel , online , future Introduction Electronic Commerce, commonly written as e-commerce, is the trading or facilitation of trading in products or services using computer networks, such as the Internet. Electronic commerce draws on technologies such as mobile commerce, electronic funds transfer, supply chain management, Internet marketing, online transaction processing, electronic data interchange (EDI), inventory management systems, and automated data collection systems. Modern electronic commerce typically uses the World Wide Web for at least one part of the transaction's life cycle, although it may also use other technologies such as e-mail. E-commerce businesses may employ some or all of the following: Online shopping web sites for retail sales direct to consumers Providing or participating in online marketplaces, which process third-party business-to-consumer

or consumer-to-consumer sales Business-to-business buying and selling Gathering and using demographic data through web contacts and social media Business-to-business electronic data interchange Marketing to prospective and established customers by e-mail or fax (for example, with

newsletters) Engaging in pretail for launching new products and services Objective:-

To study travel Past, Present and Future

To study the future of online travel in India E-commerce in India India has an internet user base of about 375 million (30% of population. Despite being the second largest user base in world, only behind China (650 million, 48% of population), the penetration of e-commerce is low compared to markets like the United States (266 M, 84%), or France (54 M, 81%), but is growing at an unprecedented rate, adding around 6 million (0.5% of population) new entrants every month. The industry consensus is that growth is at an inflection point. Market size and growth India's e-commerce market was worth about $3.8 billion in 2009, it went up to $12.6 billion in 2013. In 2013, the e-retail segment was worth US$2.3 billion. About 70% of India's e-commerce market is travel related. According to Google India, there were 35 million online shoppers in India in 2014 and is expected to cross 100 million mark by end of year 2016. Key drivers in Indian e-commerce are: Large percentage of population subscribed to broadband Internet, burgeoning 3G internet users, and a recent introduction of 4G across the country.

https://en.wikipedia.org/wiki/Trade

https://en.wikipedia.org/wiki/Internet

https://en.wikipedia.org/wiki/Mobile_commerce

https://en.wikipedia.org/wiki/Electronic_funds_transfer

https://en.wikipedia.org/wiki/Supply_chain_management

https://en.wikipedia.org/wiki/Online_advertising

https://en.wikipedia.org/wiki/Online_advertising

https://en.wikipedia.org/wiki/Online_transaction_processing

https://en.wikipedia.org/wiki/Electronic_data_interchange

https://en.wikipedia.org/wiki/Inventory_management_software

https://en.wikipedia.org/wiki/Inventory_management_software

https://en.wikipedia.org/wiki/Data_collection

https://en.wikipedia.org/wiki/World_Wide_Web

https://en.wikipedia.org/wiki/Online_shopping

https://en.wikipedia.org/wiki/Online_marketplace

https://en.wikipedia.org/wiki/Business-to-business

https://en.wikipedia.org/wiki/Electronic_data_interchange

https://en.wikipedia.org/wiki/Pretail


2 Vol. IV, Issue 9 (VI), January 2016

Explosive growth of Smartphone users, soon to be world's second largest Smartphone user base. Rising standards of living as result of fast decline in poverty rate. Availability of much wider product range . Competitive prices compared to brick and mortar retail driven by disintermediation and reduced inventory and real estate costs. Increased usage of online classified sites, with more consumer buying and selling second-hand goods Travel e Commerce: Past, Present and Future Tourism has become an important sector which helps immensely in the development of the nation. Tourism in India is growing rapidly and is very important economically. This sector accounts for more than 7% of the nation’s GDP and supports more than 40 Million jobs in India. According to the World Travel and Tourism Council (WTTC), this sector is growing at an average annual rate of 8%.Tourism sector accounts for more than 7% of the nation’s GDP and supports more than 40 Million jobs in India.At present, 70% of India’s e Commerce market is travel related and is doing more than $15 Billion annually. Travel industry has faced many challenges over the past decade. But thanks to the technology and various ventures, this domain has adapted and evolved according to the need of the market and has reached where it is today. Early 2000’s.. The Rise of Travel e Commerce in India! In the early 2000, when the Indian audience was much less tech savvy, IRCTC brought the wave of e Commerce in India by launching its first transactional website. The second key factor was the introduction of Airline e tickets. This was the time when the market dynamics started changing from traditional offline travel agencies towards OTA’s. This was the first time when Indian Audience got the convenience of booking their train tickets, airline ticket and hotels with just a few clicks. Since then there is no stopping and the online travel industry has seen many ups and downs. Where Do we Stand Today? Over the years the travel Industry has evolved and so has the e Commerce market. Today, in a country, which now has the world’s second largest number of internet users (after China), online booking of travel plans have become more convenient now. The traffic and transactions from mobile apps and mobile websites are on the rise. Many OTA’s are now observing more than 50% of their bookings through Mobile Apps and Mobile websites. The main drivers of this growth are:

Better Technology Increase in Internet Penetration and Mobile users Growing Credit/ Debit card penetration Increasing disposable income of the middle class Introduction of Mobile Wallets

While the Airline and Hotel markets are now organized with the help of GDS, many OTA’s & hotel booking portals, the third and one of the most important segment which is still highly fragmented is the In Destination Tours and Activities market. With no online established brand in India & Asia Pacific, this segment still has a vacuum with no transparency and very limited options. The travelers are now growing experimental and are ready to spend on unique experiences. This sector still holds the potential and still needs to be worked upon. The tours and activities market is still looking for a Big Star. The Future of Online Travel!! There’s still space for expansion in the near future owing to the penetration of Smartphone & internet. The future of Online travel industry can be defined as ‘Personalization and Convenience’. The travelers are ready to pay more for their convenience and personalized experience. This can be achieved using Data analytics and Big data. By analyzing the data one can know that where a traveler might like to travel or what the traveler might want do in the destination and hence offer the services more suitable to the traveler. The technology will be playing a major and a crucial role in the advancement of the industry. Right now, at this moment people are working on complex technologies and it is very much possible that 5 – 10 years down the line the e-commerce focus would start shifting from Smartphone to a newer technology like Google Glass or a similar tech.



B2C e-commerce in Indian travel & tourism industry In the past few years India has seen the emergence of e-tourism in a big way. The days when one had to stand in a queue to buy railway tickets or go to a taxi stand to book a taxi are almost gone. e-tourism has been highly driven by innovation targeted to provide more convenience to the customers. In no time has it seen a lot of players and has become a very competitive area. It is because of the online revolution and its utility that the tourists are demanding more information on destinations, facilities, prices, geography & climate. Tourists can now easily make comparisons and decide for themselves. This has led to the development of e-commerce strategies in tourism industry and more services in online hotel booking, flight booking, car booking, bus booking etc. A lot of companies have integrated all these services on their websites to provide a complete package to the customer. These online companies have also developed Apps for mobile phones to further provide more convenience to the customers. Conclusion : From the above study we concluded that The technology will be playing a major and a crucial role in the advancement of the tourism industry. Right now, at this moment people are working on complex technologies and it is very much possible that 5 – 10 years down the line the e-commerce focus would start shifting from Smartphone to a newer technology like Google Glass or a similar tech Reference Dr. Rajendrakumar C., Research Methodology , APH Publishing,.

Kothari C.R.(2004), Research Methodology – Methods & Techniques, New Age International Publishers, New Delhi.

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DEVELOPMENT AND EMPLOYMENT IN INDIA

Dr. Prashant Haramkar Assistant Professor, Shri Shivaji Arts And Commerce College, Amravati.

Introduction : Unemployment is normally found in all economics, irrespective of their level of development. It does not remain confined only to unskilled workers often a sizable number of skilled workers, sometimes even they who have good training in sophisticated technological fail to get job for long period. Even if these workers are willing to accept jobs at the prevailing wage rates. Their services are not required by those who have control over productive resources. From the society point of view this involves a colossal waste of the nations human resource. From an entirely personal angel, unemployment is very painful for the unemployed.In common parlance one who is not gainfully employed in any productive activity is called unemployed. However, for any scientific treatment is necessary to distinguish between voluntarily unemployed and involuntary unemployed persons. In all modern treatment the term unemployment refers to involuntary unemployment. Nature of unemployment : The problem of unemployment in underdeveloped countries basically different from that in developed countries. In developed countries, unemployment generally assumed two forms. The type of unemployment as keynesian involuntary unemployment and temporary frictional employment. This type of unemployment as keynes argued, result from lack of effective demand for eliminating involuntary unemployment, effective demand has to be increased. In most of the developed countries this is done by providing various incentive to investors. A rise in investment and public spending generally raises the effective demand and thereby solves the problem of involuntary unemployment. In developed countries because of the quick learning process workers quickly adjust themselves with the new technology and thus the period of frictional unemployment is generally short. The demand for labour is less and employment opportunities limited in underdeveloped countries on account of agriculture backwardness, underdevelopment of industries and small size of service sector. Hence, a large number of people who will be too happy to certainly not what we call the keynesian unemployment. Unemployment in underdeveloped countries is both open and disguised like all other underdeveloped countries. India presently suffers mainly from structural unemployment which exists open and disguised forms. Employment and right to work : Unemployment is permanent and chronic features of developing economics. Government is in position neither to provide employment to all nor unemployment opportunities to the maximum in the process of development.Every society aims to ensure at least life sustenance to its members. Right to work is one of most effective way to do so. The work performed to earn income is termed labour. But right to work is not necessarily interpreted as right to employment. Purpose of work is to earn income hence, right to work is generally interpreted as right to given minimum income. Developed capitalist economies have given right to work in the form of social security. Some socialist economics try to provide employment as a right to work. But in core, it is help to people to make them capable for employment. Educational and training facilities, information and guidance for recruitment as also developed with stability enable people to get work. Right to work is mentioned in directive principle of Indian constitution. Accordingly right to work is right on adequate means of livelihood and right to help in crisis. It is also a right to such working condition as to ensure good living, leisure and full employment of cultural life. Development and employment : Development is usually taken into account in terms of growth. Normally increasing in production is expected to result in additional employment. But relationship between production and employment need to be analysed and verified.The first reference to unemployment which is the result of underdevelopment of economy is found in report of United Nations Committee of experts appointed to report on measure for full employment. Another committee was appointed go into questions of unemployment in



underdeveloped countries. The committee concluded "new employment must be created rapidly to solve the problem of unemployment. This is the task of development. Report therefore, emphasized upon development rather than employment.Economic development consists of more and more fruitful utilization of unused man power and unexploited material resources. Economic development and increasing volume of employment were thus suppose to be two aspects of the same social process. Gradually economic growth was taken as answer all social evils. It remain not the mean but end in itself. Employment slowly departed form growth in its imported sense.Employment departed from development in yet another way. It was statement that full employment output will be lower than a output with less than full employment. It follows to maximise output employment must increase at a lower rate than investment. Developing countries are advise to treat employment goal as subordinance to the higher goal of maximum growth rate. Maximum employment and maximum growth thus become conflicting goal. Jobless growth in recent year is its profile. To conclude, the way development is defined and the path to development followed, development may generate job opportunities but it is no solution to unemployment problem. Supreme importance to growth to solve problems continued in economic reforms, inspite of experience country to the trickled down theory. Eleventh Five Year Plan and Employment Generation : The eleventh five year plan viewed the generation of productive and gainful employment with decent working condition on a sufficient scale to absorb our growing labour force as a critical element in the strategy for achieving inclusive growth. Specifically the Eleventh plan (2007-2012) aimed at generating 58 million work opportunities against aggregate employment generation of 47 million work opportunities during period 1999-2000 to 2004-05. The data on total employment come from the result of the quinquennial surveys conducted by NSSO of which the last survey was for 2004-05. The next is for 2009-10 the result of which will be available only in 2011. It is, therefore, not possible to provide reliable estimate at this stage of the peace of employment creation beyond 2004-05. An assessment of the performance on the employment front in the mid-term assessment, therefore, has to be based on indirect indicator, which have a bearing on employment growth. Employment creation in various scheme : While the bulk of the employment generated in the economy comes from the normal growth process, since the employment strategy included several schemes aimed specifically at promoting employment. It would be useful to review the contribution of specific employment generation schemes and their impact. A] Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) : The scheme was launched on 2nd Feb. 2006 and was initially limited to 200 of the most backward district. It was expanded to 330 districts in the second phase during 2007-08. The remaining 266 districts were notified on 28th September 2008, and the scheme has now been extended to all district of the country.The main points relevant for employment generation are 4.51 crore household were provided employment in 2008-09. Marking significant jump over the 3.39 crore household covered under the scheme during 2007-08. An allocation of Rs. 39,100 crore has been made for MGNREGA in Budget for 2009-10 as against 30,000 crore in 2008-09. B] Swarnajayanti Gram and Shahari Rozgar Yojana : (SGSY and SJSRY) : SGSY scheme was launched in April 1999 after restructuring the Integrated Rural Development Programme (IRDP) and allied programme. It is a self-employment programme for the rural poor. The allocation of fund under SGSY is on the basis of existing BPL families in the district. Upto December 2009, 36.78 lakh self-help group had been formed and 132.81 lakh swarozgaris assisted with a total outlay of Rs. 30,896 crore. SJSRY scheme provides gainful employment to the urban unemployed and underemployed poor by encouraging self-employment ventures undertaken by the urban poor and also by providing wages employment and utilizing their labour for construction of socially and economically useful public assets. Which seeks to assist the urban poor in organizing themselves into self manage community stature to gain collective strength to address the issue of poverty facing them and to participate in the effective implementation of urban poverty alleviation programme. In 2008-09, 1.8 lakh urban poor were assisted in setting up individual enterprises, 13,453 urban poor women had been assisted through a revolving fund for thrift and credit activities and skill training was provided to 85,185 urban poor.



Conclusion : Improved training and skill development has to be a critical part of the employment strategy. Both the Tenth and the Eleventh plan noted the large gap between the number of new entrants to the labour force and inadequate availability of seat in vocational and professional training institute. The eleventh plan also identified various sector with prospects for high growth in output and for generation of new employment opportunities. Accordingly, the Eleventh plan aimed at launched National Skill Development Mission which would bring about a paradigm change in handling skill development programmes and initiatives. Subsequently, union cabinet approved a coordinated action plan for skill development, which envisaged a target of 500 million skilled persons by 2022. References : 1) Planning Commission (2012) : Eleventh Five Year Plan Report, Vol I, II and III. 2) Dasgupta Ajit (2009) : Development with dignity, National Book Trust. 3) Jahagirdar Mukta and Deshmukh Sushma (2003) : Post-reform scenario in India. 4) MGNREGA Report (2012) : MGNREGA Report, Govt. of India, New Delhi.

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EFFECTS OF E-BANKING ON TRADITIONAL BANKING SERVICES

Asst. Prof. Anup G. Sharma Dept. Of Commerce Smt. R.D.G College For Women, Akola

Abstract

Internet banking is changing the banking industry, having the major effects on banking relationships. Banking is now no longer confined to the branches were one has to approach the branch in person, to withdraw cash or deposit a cheque or request a statement of accounts. In true Internet banking, any inquiry or transaction is processed online without any reference to the branch (anywhere banking) at any time. Providing Internet banking is increasingly becoming a "need to have" than a "nice to have" service. The net banking, thus, now is more of a norm rather than an exception in many developed countries due to the fact that it is the cheapest way of providing banking services. This research paper will introduce you to e-banking, giving the meaning, functions, types, advantages and limitations of e-banking. It will also show the impact of e-banking on traditional services and finally the result documentation.

Keywords: E-Banking, Functions, Advantages, Limitations, Traditional banking services.

Introduction

Internet banking (or E-banking) means any user with a personal computer and a browser can get connected to his bank’s website to perform any of the virtual banking functions. In internet banking system the bank has a centralized database that is web-enabled. All the services that the bank has permitted on the internet are displayed in menu. Once the branch offices of bank are interconnected through terrestrial or satellite links, there would be no physical identity for any branch. It would be a borderless entity permitting anytime, anywhere and anyhow banking. The network which connects the various locations and gives connectivity to the central office within the organization is called intranet. These networks are limited to organizations for which they are set up. SWIFT is a live example of intranet application. E-banking provides enormous benefits to consumers in terms of ease and cost of transactions, either through Internet, telephone or other electronic delivery. Electronic finance (E-finance) has become one of the most essential technological changes in the financial industry. E-finance as the provision of financial services and markets using electronic communication and computation. In practice, e-finance includes e-payment, e-trading, and e-banking.

Meaning of e-banking E-bank is the electronic bank that provides the financial service for the individual client by means of Internet. Functions of e-banking At present, the personal e-bank system provides the following services: - A. Inquiry about the information of account

The client inquires about the details of his own account information such as the cards / accounts balance and the detailed historical records of the account and downloads the report list. B. Card accounts’ transfer

The client can achieve the fund to another person’s Credit Card in the same city. C. Bank-securities accounts transfer

The client can achieve the fund transfer between his own bank savings accounts of his own Credit Card account and his own capital account in the securities company. Moreover, the client can inquire about the present balance at real time. D. The transaction of foreign exchange

The client can trade the foreign exchange, cancel orders and inquire about the information of the transaction of foreign exchange according to the exchange rate given by our bank on net. E. The b2c disbursement on net

The client can do the real-time transfer and get the feedback information about payment from our bank when the client does shopping in the appointed web-site.



F. Client service The client can modify the login password, information of the Credit Card and the client

information in e-bank on net. G. Account management

The client can modify his own limits of right and state of the registered account in the personal e-bank, such as modifying his own login password, freezing or deleting some cards and so on. H. Reporting the loss if the account

The client can report the loss in the local area (not nationwide) when the client‟s Credit Card or passbook is missing or stolen.

IV. Types of e-banking A. Deposits, withdrawals, inter-account transfer and payment of linked accounts at an ATM; B. Buying and paying for goods and services using debit cards or smart cards without having to carry cash or a cheque book; C. Using a telephone to perform direct banking- make a balance enquiry, inter-account transfers and pay linked accounts; D. Using a computer to perform direct banking- make a balance enquiry, inter-account transfers and pay linked V. Advantages of e-banking A. Account Information: Real time balance information and summary of day‟s transaction. B. Fund Transfer: Manage your Supply-Chain network, effectively by using our online hand transfer mechanism. We can effect fund transfer on a real time basis across the bank locations.

C. Request: Make a banking request online. D. Downloading of account statements as an excel file or text file. E. Customers can also submit the following requests online: Registration for account statements by e-mail daily / weekly / fortnightly / monthly basis.

1. Stop payment or cheques 2. Cheque book replenishment

3. Demand Draft / Pay-order 4. Opening of fixed deposit account

5. Opening of Letter of credit F. Customers can Integrate the System with his own ERP G. Bill Payment through Electronic Banking H. The Electronic Shopping Mall I. Effecting Personal Investments through Electronic Banking J. Investing in Mutual funds K. Initial Public Offers Online VI. Limitation of e-banking A. Safety situations around ATMs. B. Abuse of bank cards by fraudsters at ATMs. C. Danger of giving your card number when buying on-line. VII. Impact of e-banking on traditional services

E-banking transactions are much cheaper than branch or even phone transactions. This could turn yesterdays competitive advantage - a large branch network - into a comparative disadvantage, allowing e-banks to undercut bricks-and-mortar banks. This is commonly known as the “beached dinosaur” theory. E-banks are easy to set up, so lots of new entrants will arrive. „Old-world‟ systems, cultures and structures will not encumber these new entrants. Instead, they will be adaptable and responsive. E-banking gives consumers much more choice. Consumers will be less inclined to remain loyal. Portal providers are likely to attract the most significant share of banking profits. Indeed banks could become glorified marriage brokers. They would simply bring two parties together e.g. buyer and seller, payer and payee. The products will be provided by monolines, experts in their field. Traditional banks may simply be left with payment and settlement business even this could be cast into doubt. Traditional banks will find it difficult to evolve. Not only will they be unable to make acquisitions for cash as opposed to being able to offer shares, they will be unable to obtain additional capital from the stock market. This is in contrast to the situation for Internet firms for whom it seems relatively easy to



attract investment. E-banking is just banking offered via a new delivery channel. It simply gives consumers another service (just as ATMs did). Experience in Scandinavia (arguably the most advanced e-banking area in the world) appears to confirm that the future is clicks and mortar banking. Customers want full service banking via a number of delivery channels. The future is therefore Martini Banking (any time, any place, anywhere, anyhow). Traditional banks are starting to fight back. The start-up costs of an e-bank are high. Establishing a trusted brand is very costly as it requires significant advertising expenditure in addition to the purchase of expensive technology (as security and privacy are key to gaining customer approval). E-banks have already found that retail banking only becomes profitable once a large critical mass is achieved. Consequently many e-banks are limiting themselves to providing a tailored service to the better off. E-Banking transaction needs some interface to communicate with banking customer. All the electronic transaction performs through some interfaces. The electronic devices which perform interact with customers and communicate with other banking system is called electronic banking delivery channels. Conclusions E-banking is a borderless entity permitting anytime, anywhere and anyhow banking. This facilitates us with all the functions and many advantages as compared to traditional banking services. During this step of the process, controls that could mitigate or eliminate the identified risks, as appropriate to the organization’s operations, are provided. The goal of the recommended controls is to reduce the level of risk to the IT system and its data to an acceptable level.

References

[1] Allen, F., McAndrews, J., & Stratran, P. (2002). E-finance: An introduction. Journal of Financial Services Research, 22, 5-28.

[2] Berkowitz, J.&P.,O‟Brien,(2002). How accurate are Value-at-Risk models at commercial banks? Journal of Finance 57 (3) 1093-1112.

[3] Banks for International Settlements (2003a). Management and supervision of cross border electronic banking activities.

[4] Bank for International Settlements (2003b). Risk management principles for electronic Banking.

[5] Embrechts, P., Kluppelberg, C.& Mikosch, T. (1997). Modeling External Events for Insurance and Finance, New York: Pringer Verlag

[6] Estrella, A., Park, S., & Peristiani, S. (2000). Capital ratios as predictors of bank failures. Federal Reserve Bank of New York Economic Policy Review 6 (2), 33-52.

[7] Lin, H.-J. (2004), „Information technology and cost and profit efficiencies in commercial banks and insurance companies: a global comparison‟, Unpublished Dissertation, the State University of New York at Buffalo.

[8] Financial integration across border and across sectors: implication for regulatory structures, Working Paper, Stern School of Business, NYU. Wiese, C. (2001).

[9] Paperless society and its effects on the sales tax audit. Journal of State Taxation 19(4), 47-53.

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A PARADIGM SHIFT IN SERVICE SECTOR IN INDIAN ECCONOMY– A REVIEW

Miss Shradha B. Tripathi Research Scholar Department Of Business Administration Smt K.L Mahavidyalaya, Amravati.

ABSTRACT The rising India has a very strong service base that contributes more than 50% to national Gross Domestic Product (GDP). It resulted out of paradigm shift that has taken place with the major structural changes in Indian economy since 1991. This was the watershed year in Indian economic history when major economic changes in terms of liberalization, privatization and globalization (LPG) were brought in Indian economic regulations by the ‘the then finance minister’ (Dr. Manmohan Singh). The revolution brought new technologies, new companies, new concepts and new customers to Indian market. India’s unilateral liberalization and deregulation and shift in economic paradigm towards integration with the world economy have contributed to a favorable environment for the boom in service sector. It is now equipped with better technologies, better reach to overseas market and improved methods and processes. The study advocates the paradigm shifts in the service sector with new perspectives. The general objective of this paper is to provide an overview of the Indian Services sector. However, to be specific this paper provides an overview of the growth of Services sector and its components in India, focusing on its contribution to Gross Domestic Product (GDP)

Introduction: Services sector is the lifeline for the socio-economic growth of a country. It is today the largest and fastest growing sector globally contributing more to the global output and employing more people than any other sector. In alignment with global trend, the Indian Services sector has witnessed a major boom and is one of the major contributors to both employment and national income in recent time. Services sector in India today accounts for more than half of India’s GDP. Since independence, there has been a marked acceleration in Services sector growth in India. In India, growth in services sector has been linked to the liberalization and reforms of the 1990s. In the first three decades (1950s to 1970s) after India’s independence in 1947, GDP grew at an average decadal growth rate of less than four per cent. India was largely an agrarian economy. The share of services sector was small and a large number of services were government monopolies. Services sector started to grow in the mid-1980s but growth accelerated in the 1990s when India initiated a series of economic reforms after the country faced a severe balance of payment crisis. Reforms in the services sector were a part of the overall reform process, which led to privatization, removal of FDI restrictions and streamlining of the approval procedures, among others. Existing studies show that liberalisation and reforms is one of the important factors contributing to the growth of services sector in India. With economic growth and rise in per capita income, there is a change in demand pattern from necessary to discretionary consumptions like education and personal and health care services. High income elasticity of demand for services has contributed to the high growth of this sector. Technological progress and availability of high skilled manpower has led to growth of services like information technology (IT) and IT enabled services. Developed countries outsource its services to developing countries like India leading to a rise in demand for services from the developing market. High government expenditure on certain services like community, social and personal services has also led to high growth of services.

Reasons For Growth in Service Sector India’s service sector is the 12th largest in the world by nominal GDP and 4th largest when purchasing power is taken into account. The service sector provides employment to 27% of the population. Let us look into the factors that have led to the growth of the service sector in India:



Economic Affluence The Indian society is characterized by an increasing middle class. In addition the liberalization of the Indian economy has had a positive impact on the Indian households. Their income and expenditure has been pushed up fostering the demand for goods and services; Changing Role of Women Earlier women were a neglected lot, who only had to carry out household chores. But with time there has been a change in the way of thinking. Women are educated and allowed to work. They are employed in several erstwhile male dominated services such as defense services, police services, postal services, software services, health services etc. An increase in the number of working women has led to the creation of a market for a number of products and services. Changing Culture The traditionally common joint family system is slowly disintegrating and making way for a nuclear family way of living. This has been accompanied by an increased demand for a number of services like education, health care, entertainment, tourism etc. There has also been a marked change in a person’s way of thinking with respect to investment, recreation and time perception leading to increased demand for services. Growth of IT Sector In India information technology and business outsourcing are amongst the fastest growing sectors having a cumulative growth rate of revenue. The growth of IT sector can be attributed to several factors such as increased specialization and availability of a large pool of low cost, highly skilled educated and fluent English speaking workers. This supply is matched by increased demand from foreign customers who are interested in India’s service exports or those looking to outsource their operation. Development of Markets Both the urban and the rural areas have witnessed wide spread retailing and whole selling. In fact retailing has even extended to remote rural areas. Health Care Consciousness The present generations are becoming more and more diet and health conscious. They are resorting to services of gymnasiums and fitness clubs to maintain their physical and mental health. Economic Liberalization The opening up of the Indian economy in 1991 was followed by a policy of disinvestment. This facilitated the entry of multinational Corporations leading to its accompanying increase in demands. This acted as a spurt for the development of the service sector. Migration from Rural to Urban Areas With rapid industrialization and other developments in this era of globalization, there takes place large scale migration from the rural to the urban areas. This changes the life-style and enhances the demand for services. Export Potential The services offered by India to various parts of the world include banking, insurance, transportation, company data services, education, software services, tourism etc. In fact tourism and software services are among the major foreign exchange earners of the country. Service Tax The coverage of this tax has been extended. The tax net covers hotels and restaurants, transport, storage and commercialization, financial services, real estate, business services and social/personal services. India has the second fastest growing services sector with its compound annual growth rate at nine per cent, just below China’s 10.9 per cent, during the last 11-year period from 2001 to 2012, the Economic Survey for 2013-14 said. Russia at 5.4 per cent is a distant third. Among the world's top 15 countries in terms of GDP, India ranked 10th in terms of overall GDP and 12th in terms of services GDP in 2012, it said, adding that services share in world GDP was 65.9 per cent but its share in employment was only 44 per cent in 2012. As per the survey, in India, the growth of services-sector GDP has been higher than that of overall GDP between the period FY 2001- FY 2014. Services constitute a major portion of India’s GDP with a 57 per cent share in GDP at factor cost (at current prices) in 2013-14, an increase of 6 percentage points over 2000-01.



(Source: The Hindu- Business-budget-New Delhi July 9, 2014) In fact the growth rate of 6.8 per cent for the sector is marginally lower than in 2012-13. “This is

due to deceleration in the growth rate of the combined category of trade, hotels, and restaurants and transport, storage, and communications to 3 per cent from 5.1 per cent in 2012-13,” the survey said. On the other hand, robust growth was seen in financing, insurance, real estate, and business services at 12.9 per cent. FDI inflows to the services sector (top five sectors including construction) declined sharply by 37.6 per cent to USD 6.4 billion compared to an overall growth in FDI inflows at 6.1 per cent. India’s share in world services exports, which increased from 0.6 per cent in 1990 to 1.1 per cent in 2000 and further to 3.3 per cent in 2013, has been increasing faster than its share in world merchandise exports, according to the survey. While exports of software services, accounting for 46 per cent of India’s total services exports, decelerated to 5.4 per cent in 2013-14 from 5.9 per cent in 2012-13, travel, accounting for a nearly 12 per cent share, witnessed negative growth of 0.4 per cent. However, moving in tandem with global exports of financial services, India’s exports of financial services registered a high growth of 34.4 per cent in 2013-14.

Sector-wise contribution of GDP of India Indian economy is classified in three sectors — Agriculture and allied, Industry and Services. Agriculture sector includes Agriculture (Agriculture proper & Livestock), Forestry & Logging, Fishing and related activities. Industry includes Manufacturing (Registered & Unregistered), Electricity, Gas, Water supply, and Construction. Services sector includes Trade, repair, hotels and restaurants, Transport, storage, communication & services related to broadcasting, Financial, real estate & professional services, Community, social & personal services.Services sector is the largest sector of India. Gross Value Added (GVA) at current prices for Services sector is estimated at 61.18 lakh crore INR in 2014-15. Services sector accounts for 52.97% of total India's GVA of 115.50 lakh crore Indian rupees. With GVA of Rs. 34.67 lakh crore, Industry sector contributes 30.02%. While, Agriculture and allied sector shares 17.01% and GVA is around of 19.65 lakh crore INR.At 2011-12 prices, composition of Agriculture & allied, Industry, and Services sector are 16.11%, 31.37%, and 52.52%, respectively.According to CIA Fackbook sector wise Indian GDP composition in 2014 are as follows : Agriculture (17.9%), Industry (24.2%) and Services (57.9%). Total production of agriculture sector is $366.92 billion. India is 2nd larger producer of agriculture product. India accounts for 7.68 percent of total global agricultural output. GDP of Industry sector is $495.62 billion and world rank is 12. In Services sector, India world rank is 11 and GDP is $1185.79 billion. Contribution of Agriculture sector in Indian economy is much higher than world's average (6.1%). Contribution of Industry and Services sector is lower than world's average 30.5% for Industry sector and 63.5% for Services sector. At previous methodology, composition of Agriculture & allied, Industry, and Services sector was 51.81%, 14.16%, and 33.25%, respectively at current prices in 1950-51. Share of Agriculture & allied sector has declined at 18.20% in 2013-14. Share of Services sector has improved to 57.03%. Share of Industry sector has also increased to 24.77%

0

2

4

6

8

10

12

Percent Growth in Service Sector Globally

Percent Growth in ServiceSector Globally

http://statisticstimes.com/economy/countries-by-gdp-sector-composition.php



(Source : Planning Commission, Government of India) FUTURE PROSPECTS Indian economy which was growing at an accelerated rate from 1998 to 2010 had a setback of sorts in 2012. The economy however is gradually picking up and moving in the right path. This will lead undoubtedly to increase the Per Capita Income of the high and middle income groups, while simultaneously striving to reduce the number of people below the poverty line.The entire process would have stimulating effect with an increase in the literacy level. India has to her credit one of the youngest populations in the world. The cumulative effects of all this will be an increase in the demand for services like education, health, hotels, restaurants etc.According to the Planning Commission India’s service sector is expected to grow at the rate of 10% per annum in the period between 2012 and 2017.India also ranks high in international trade accounting for 3.34% of exports and 3.31% of imports of services. It is in addition among the top 10 rankers of WTO members as regards export and import of services.

CONCLUSIONS As we have discussed the service sector is the fastest growing sector in India, contributing significantly to the GDP and is projected to rise even further. However, the increase in employment is not in keeping with the share of the sector in the GDP and even among those employed the big question is how many of these work in the organized service sector?India has a number of problems which are socio economic in nature. Poverty and accelerated population growth are major constraints, thereby depriving several people of access to basic health and education.A number of obstacles hamper the progress of this sector and its contribution to inclusive growth. Bureaucratic inertia, multiple government bodies having their own sets of rules and regulations, rampant corruption and absence of a uniform concrete policy have an adverse effect on the system.Slow reform process, restrictions on foreign direct investment, poor infrastructural facilities, absence of uniformity in the quality and standard of education, in spite of having renowned Brain Power and the existence of unemployable educated youth are all limiting factors.India, however, has vast potential for promotion of service economy. This is attributed to factors such as emergence of a new middle class with increasing aspirations, opening of the economy leading to the availability of a wide range of goods and services, growing retail and improving domestic and international market for Information Technology. With just the right policy mix, propelled further by the revival of the US economy and the potential for India’s IT

http://planningcommission.gov.in/data/datatable/data_2312/DatabookDec2014%202.pdf



and Business Process outsourcing sectors in different parts of the world together with increased domestic demand will no doubt take our country to greater heights.

References:

1. Bhattacharya, B.B. and Arup Mitra. (1990). Excess Growth of Tertiary Sector in Indian Economy: Issues and Implications, Economic and Political Weekly, Vol. 25 (44), 2445-2450.

2. Chandrasekaran, B. and M. Saravanam. (2011). Growth trends in Services Sector, Yojana. Vol. 55, pp.8-13.

3. Dhanashekaran, P. (2002) Employment potential of services sector in India. Delhi: Deep & Deep Publication.

4. Government of India, Economic Survey (various issues), Ministry of Finance, New Delhi. Government of India, National Accounts Statistics (various issues), Ministry of Statistics, New Delhi.

5. Todaro, Michael. (1974) Economics for a developing world. London: Longman Group Ltd. 6. Statistics.com; Planning Commission, Government of India 7. http://www.thehindu.com/business/budget/india-has-second-fastest-growing-services-

sector/article6193500.ece 8. http://business.mapsofindia.com/sectors/service.html 9. Gurudev Singh Thakur, Supreet Sandhu Babrah and Balram Dogra- Kalyani Publishers- Service

Marketing (A major stimulant to national and global economy). 10. Christopher Lovelock, Jochen Wirtz and Jayanta Chatterjee- Pearson- Services Marketing-m

People, Technology, Strategy. 11. Economic Survey, (2014): “India has second fastest growing services sector”, Times of India, July, 9. 12. IBEF,(2014): “Service Sector in India, Service Industry in India, Service Sector”, Snapshot,

November.

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http://planningcommission.gov.in/data/datatable/data_2312/DatabookDec2014%202.pdf

http://www.thehindu.com/business/budget/india-has-second-fastest-growing-services-sector/article6193500.ece

http://www.thehindu.com/business/budget/india-has-second-fastest-growing-services-sector/article6193500.ece

http://business.mapsofindia.com/sectors/service.html



A NEW MANTRA FOR YOUNG ENTREPRENEURS IN INDIA

Dr.Gaikwad Arun H Associate Professor And Vice Principal S.N.Arts,D.J.M.Commerce & B.N.S.Science College,Sangamner,Dist.- Ahmednagar(M.S.)

Abstract. Entrepreneurship needs dynamism and risk taking. In India entrepreneurship has come a long way. Youth is adding fuel in the development of Entrepreneurship as youth is taking up challenges and giving conventional entrepreneurship a facelift. Young achievers are worth mentioning as stagnant economy, rising inflation and unfruitful economic policies need torch bearers who should be role models of present times.Young ignited minds are proactive and not merely reactive. Young minds look for passion, interest and creativity in their work. The terms employment and salary are no more attractive if it doesn’t involve innovation according to youth. Most of entrepreneurs start early and transform risk into rewards. Government also supporting such spirit by providing advances entrepreneurships training centers. The present study is an attempt to understand the concept, entrepreneurship. The researcher also analyzed the encouraging factors to young entrepreneurs and innovative ideas adopted by young entrepreneurs Keywords: Entrepreneurship, entrepreneurs, youth, innovation. Introduction: Big business has a loud voice, so there is a lot of bad news. But across the country, there are hundreds of young people who are striving to create new businesses from scratch every day. Becoming an entrepreneur is not an easy choice for them. Many have professional qualifications and could find safer, lucrative employment elsewhere. Yet, they take the risk. Young Indians are bubbling with innovative ideas and slowly turning them into viable, even profitable business ventures. Some of the ideas may seem too small to ever become big. But remember that India's telecom tycoon Sunil Mittal began life by manufacturing bicycle parts. Many of the young men and women featured on the list are tapping into new markets-in rural areas and the less affluent segments that will grow the fastest. Youngsters in this city are full of optimism they have seen many success stories. They know that it takes time to build a business and they should start early. Though there are road blocks but young wave is turning them into opportunities. They know their strength and they are risk takers. Objectives:

1) To study the term entrepreneurship. 2) To study the encouraging factors to young entrepreneurs. 3) To understand innovative ideas adopted by young entrepreneurs.

Research Methodology:- This research is a descriptive type of research in which innovative ideas adopted by young entrepreneurs. The research paper is based on secondary sources. Researcher has used secondary sources of data due to nature of research paper. The data is collected through website, reference books, magazines and published articles Concept of Entrepreneurship National Knowledge Commission defines Entrepreneurship as, “Entrepreneurship is the professional application of knowledge, skills and competencies and/or of monetizing a new idea by an individual or a set of people by launching an enterprise de novo or diversifying from an existing one (distinct from seeking self employment as in a profession or trade), thus to pursue growth while generating wealth, employment and social good.”Drucker’s view on Entrepreneur,“An entrepreneur is the one who always searches for change respond to it and exploits it as an opportunity for a different business or different service.” From the perspective of economic functions, three crucial characteristics of entrepreneurial activities are: risk taking, innovation and venturing into new business activity for profit. Review of Literature: Renowned economist T.N.Srinivasan,‘India has been an entrepreneurial society….we had the entrepreneurial skill but suppressed it for too long a time….and now it is thriving.’ Amar Bhide ‘There is no ideal profile; entrepreneurs can be gregarious or taciturn, analytical or intuitive, cautious or daring.’



Scope for young entrepreneurs: Entrepreneurship and innovation are key drivers for generating wealth from knowledge, Supported by the availability of skilled human resources, access to finance and the ability of the state to create an enabling environment. The following are the significant areas that are divided according to country’s economy sectors

1) Agriculture and other activities- Crop production, Plantation, forestry, live stocks, fishing, mining and quarrying. 2) Trading services- Wholesale and retail trade, Hotels and restaurants. 3) Old economy or traditional sectors- Manufacturing, electricity, gas and water supply 4) Emerging sectors( including knowledge intensive sector)- IT, Finance and Insurance, Business

services, Construction, community, social and personal services, Supply chain, Transport, Storage, Communication etc.

5) Financial institutions are given guidelines to boost the development of entrepreneurship in India.

Characteristics of Next Generation: 1) Today’s youth know the business well & they like it. 2) They know themselves: their strength& weakness. 3) They have had necessary education &experience. 4) They are guided by previous generations & advisors. 5) They have good interpersonal relationship with other family members in business. 6) They earn respect of employees, suppliers, customers & other family members. 7) Their skills & abilities fit the most of the business. 8) They want to lead & serve.

Challenges for Youth Entrepreneurs: 1. Young entrepreneur in India needs motivational factors as young mind without motivation can

become liability than an asset for the society. In India youth are driven towards joining entrepreneur career because of majorly two reasons a) Necessity: Economic necessity in order to provide themselves and their family’s income even if

jobs are not available. b) Opportunity: Opportunity motivates individuals who have alternative options for employment,

but choose to be self-employed. 2. Financial problems among youth in India are worst as they don’t possess collateral for getting

loans. 3. Discouraging attitude of society members make the task of entrepreneurship almost impossible.

Youth needs attention from social leaders to help them. Factor influencing development of entrepreneurship

The development of entrenuership in a particular era depends not on a single overriding factor but rather on a constellation of factors at the individual societal and national levels. Entrepreneurship depends on following:

1) Individual motivations 2) Individual experiences. 3) Socio- Cultural (including family) 4) Traditions 5) Educational opportunities 6) Availability of relevant skills and attitudes 7) Supporting financial institutions and access to credit 8) Existence of commercial trading centers 9) Supporting infrastructure including trade routes with efficient transport and communication

facilities 10) Macroeconomic environment 11) Overall political stability



Conclusion: 1) For youngsters starting a venture out of passion does not bother whether the times are good

or bad. 2) Economy may be in doldrums many young entrepreneurs are using this time to turn their

passion into a living 3) Young entrepreneurs are ditching cushy corporate jobs to start their own ventures in services

sector 4) Many young professional setup their business during down turns because the market is less

competitive and strenuous 5) The key for development of any country lies in becoming the leader (entrepreneur) and not

mere follower References:

1) Peter Drucker F, Innovation and Entrepreneurship, Elsevier Linacre House, 2006. 2) Wennekers and Thurik, “Linking entrepreneurship and Economic growth 1999’’ 3) http://www.knowledgecommission.gov.in/downloads/documents/NKC_Entreprenuership.pd

f 4) http://www.yesindia.org/ 5) www.siliconindia.com/.../Top-10-Young-Entrepreneur

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http://www.knowledge/

http://www.yesindia.org/



GRACIOUSNESS TO SENIOR WORK FORCE: ESSENTIAL CORPORATE RESPONSIBILITY

Dr.Hemant Bonde Patil Director, Dr.HBPIMR, Amravati

About the Author- Dr.Hemant Bonde Patil, Director, Dr.HBPIMR, Amravati, was awarded a Ph.D. (Management Science) as a result of his research related with Business Management. He has a Masters in Political Science with International Relations as an area of specialization and PG bachelors in Mass Communications and Journalism. Besides his academic qualifications he has a rich experience of teaching and research at various institutions of repute. His research work has been well acclaimed not only at the national but also at the international level. Dr.HBPIMR is a research organization that identifies and reflects upon social aspects in the industry, agriculture and public sector.

Introduction & Base:

(This research article is dedicated to the numerous of my meritorious dear friends from Amravati District who in those years joined the IT, Automobile, Pharmaceutical, Electronics etc industrial sectors in the suburbs of Pune, to you my dear ones, you built empires, proud of you!)

The world has rushed into a changed environment that now has uncontrolled acceleration leading to unpredictable circumstances. The graceful patient top management of corporate organizations who walked with a dream in their hearts and lead their work force with empathy has been replaced. Now the new generation corporate leaders who walk out of top B schools with a passion to prove to their preceding generation they are different have taken the leadership. They walk with their heads held high and their strides reflect no stopping over on trifle matters. They have been trained to keep going and for them the world has no limits. The opportunities have multiplied with globalization and the technological support has rendered high speed result oriented system like never before.

Theme: The changing role of the HR department over this period of time has been extremely illustrative. What began as a support to manage the labor movement and tool for negotiating collective bargaining gradually changed into a professional one that looks into acquiring competent work force. The much need competent work force that transforms the collective efforts into the goals of the corporate organizations was to be prospected. The new era HR department members who again walked out of B schools with special training and skills in identifying competent work force walked into educational campuses with a show of glamour. Their wonderful clothing and accessories and extreme diplomatic styles mesmerized the young students. They promptly listened to their cultured voices telling them to apply and appear for screening tests, interviews as well. If they cleared it they were showed a wonderful world full of what they were dreaming of as young ones.

These young ones had toiled hard in educating themselves and as they came from middle class their parents had crunched their own lives in supporting their dreams. They were the best whichever class or college, university or institute they were. They came from different places but had one thing in common, all were the best. They sacrificed further higher education so as to now gracefully help the parents who had supported them. They joined the small organizations that came up as subsidiaries in providing smaller parts which then were supplied to large size organizations and assembled as a branded product. These young engineering graduates were invited to join a dream team that matched the dream of the top management. They moved into the newly created suburbs of the metros like Noida, Gaziyabad, Vashi, Panvel, Pimpri, Chinchwad, Akurdi, Chakan, Chikhalthana, Waluj, Ankleshwar, Navsari, Daman, ButiBori and many others lined up in upcoming era. As they walked into small newly constructed shades that housed small machines they realized it was all hard work. Having a background with family culture of high level tolerance they never complained rather took over on their own shoulders the top management`s dream. Slowly settling down in some small single rooms and cooking their own food or eating out in low calorie low protein diets neglecting own health. Their young days were sacrificed and the parents wanted to get them married. So they got married and shifted to small one room kitchen flats going to work in shifts that demanded hundred percent of presence. They were transported in buses from the suburbs into the industrial zones and we could see them lined in uniforms with a single lunch box and returning late. Children were born and funerals at home all just rushed in and they never knew when their hairs grayed and still at the same



positions having no higher education. An occasional promotion or pay rise kept coming and as they had never complained, taken for granted. But it was the top management of the time that too realized it and together they built empires that today stand with logos highlighted in neon lights at the nights and with colorful nameplates in the daytime. Every metropolitan industrial zone in my dear country has numerous of these corporate enterprises and all looks so beautiful from outside with plush green lawns and potted flowers. The gates that keep away the by passers now are manned by able bodied security guards who seem like army personnel and check identity and issue visiting passes. Air conditioned offices, professionally decorated waiting rooms, lobby`s and parking places full of elegant cars. The new generation top management needs no advice from the yester year masters. They are better educated and trained in the latest technology. They understand only those concepts like JIT, VRS, PA, TQM, diversifications, mergers etc as they have been taught by the Management academia to be hungry for more and never stop.

Life is a wonderful gift from the creator. We all do have dreams that make the living much more wonderful. Utilization of work force is an essential managerial ability. But as life has different stages created by the creator himself and every one of us is a visitor here. We need to respect those who toiled for us in creating the reality. Just because we can get new fresh employees for far less compensation doesn’t mean we drop the old timers. Neither right in just keeping them in their place and reminding everyday they are under obligation. Rather promote them to higher positions and stop telling them they can be replaced cheaply. Show them gratitude and never doubt their competency, they are the best in the industry.

Conclusion & Suggestions: Every corporate organization should start a program for identifying those who had joined them at early age sacrificing their own career. They are those who would never come up with demands so identifying them has to be done by few of them specially appointed for the same cause. Money can never repay their sacrifices but small deeds can. History reflects only those organizations who respect their senior employees go into the next era with a large size hoarding that boasts of silver, gold, diamond or even platinum jubilees. No one is here to stay but let those neon’s that illuminate our buildings with pride be full of graciousness to the senior work force.

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“CONTRACT LABOUR MANAGEMENT AT A REAL ESTATE AND CONSTRUCTION COMPANY”

Dr. Hemant J. Katole Department of Management Sciences (PUMBA) Savitribai Phule Pune University

Abstract A review of construction workers management functions has been done to find out gaps / deficiencies, if any, in compliance with provisions of the applicable Acts & Rules and understand the constraints and suggest ways and means to overcome. Also, a survey has been done among construction workers at various project sites of the company in Maharashtra, to ascertain factors mostly affecting their motivation, satisfaction with the employer, efficiency & work hour productivity. Keywords: Contract Labour, Work hour productivity, Satisfaction of Contract Labour Introduction: A construction company hires a large number of construction workers other than regular employees, on contract through an intermediary (i.e. contractor). The construction workers are mainly migrant workers from remote villages, often have less education and poor language skills, belonging to the unorganized sector. They have disadvantageous status as compared to the regular employee of the company as they lack bargaining power, have little or no social & employment security, often engaged in hazardous occupations which could endanger their health and safety. They are ignorant about various Government Acts and Rules pertaining to their wages, work conditions, welfare & social security benefits. In spite of such disadvantages, we observe that many of the workers work very hard and give higher output or productivity. Thus, there is a need to ascertain whether it is their disadvantageous status which is responsible for their motivation, satisfaction & higher productivity, or there are some other factors. Timely completion and good quality work are important criteria for success of any project. It depends mainly on efficiency and work hour Productivity of the contract labour besides technical feasibility & finances required for the Project. Certain obligations are required to be fulfilled by the Labour contractor in terms of timely & correct wage payment, provision of welfare amenities and a safe & healthy working environment as per various relevant Acts & Rules enacted by Central/ State Governments. Generally, it is found that Labour contractors default on full compliance of the Act and Principal employer (the company) has to ensure that workers are provided with statutory welfare benefits so that their motivation and efficiency level is maintained. The Real Estate Sector The Indian real estate sector is one of the most globally recognised sectors. In the country, it is the second largest employer after agriculture and is slated to grow at 30 per cent over the next decade. It comprises four sub sectors - housing, retail, hospitality, and commercial. The growth of this sector is complemented by the growth of the corporate environment, the demand for office space and urban & semi-urban accommodations. The Indian real estate market size is expected to touch US$ 180 billion by 2020. The housing sector alone contributes 5-6 per cent to the country's gross domestic product (GDP). Also, the market size of this sector is expected to increase at a compound annual growth rate (CAGR) of 11.2 per cent. Real estate has emerged as the second most active sector, raising US$ 1.2 billion from private equity (PE) investors in the last 10 months. According to data released by Department of Industrial Policy and Promotion (DIPP), the construction development sector in India has received foreign direct investment (FDI) equity inflows to the tune of US$ 24,012.87 million in the period April 2000 - December 2014. Government Initiatives for growth of the sector (a) Under the Sardar Patel Urban Housing Mission, 30 million houses will be built by 2022, mostly for the economically weaker sections and low-income groups, through public-private-partnership (PPP), interest subsidy and increased flow of resources to housing sector. (b) The Securities and Exchange Board of India (SEBI) has notified final regulations that will govern real estate investment trusts (REITs) and infrastructure investment trusts (InvITs). This move will enable easier access to funds for cash strapped developers and



create a new investment avenue for institutions and high net worth individuals, and eventually ordinary investors. (c) The Government of India has relaxed the norms to allow 100% foreign direct investment (FDI) in the construction development sector. This move should boost affordable housing projects and smart cities across the country. Contract Labour (Building /construction Workers) Contract labour generally refers to “Workers employed by or through an intermediary on work of any establishment”. As per Contract Labour (Regulation and Abolition) Act, 1970, a contract labour is defined as one who is hired in connection with the work of an establishment by a principal employer who is the firm owner or a manager through a contractor. As per Building and other Construction Workers Act, 1996, a “building worker” is normally a contract Labour who is employed to do any skilled, semi-skilled or unskilled, manual, supervisory, technical or clerical work for hire of reward, whether the terms of employment be expressed or implied, in connection with any building or other construction work but does not include any such person- (a) Who is employed mainly in a managerial or administrative capacity; or (b) Who, being employed in a supervisory capacity, draws wages exceeding one thousand six hundred rupees per menses or exercises, either by the nature of the duties attached of the office or by reason of the power vested in him, function mainly of a managerial nature. In India, Construction industry is a labor-intensive industry, it consists 44% of all urban unorganized workers. This work force comprises 55% of unskilled labour, 27% skilled labour and rest the technical and support staff. Such labour / workers are different from the direct employees in terms of employee-employer relationship and the method of wage payment. The contract system is based on triangular relationship between the user enterprises (Companies), the contractors (intermediaries) including the sub-contractors, and the workers. In India, contract labour / construction workers are protected by the Contract Labour (Regulation and Abolition Act, 1970 and the Building and Other Construction Workers (Regulation of Employment and Conditions of Service) Act, 1996 and also by various other relevant Acts and Rules along with their amendments. Construction workers as Contract Labour are engaged in activities of Real estate - housing, retail, hospitality, and commercial and infrastructure sector- roads, bridges, Urban Development, Commerce and Industry, Railways, Road Transport and Highways, etc. (9) The work is hard physical labour, often under difficult conditions like adverse weather conditions. The nature of work, hours of work, low pay, poor living conditions with lack of basic amenities and separation from family, lack of job security and lack of access to occupational health services make the situation worse. The division of labour of construction encompasses a diverse range of skilled and manual labour. Among the most common construction trades are those of carpenter, electrician, heavy equipment operator, ironworker, labourer, mason, plasterer, plumber, pipefitter, sheet metal worker, steel fixer (rod-buster or bar bender) and welder. Employment of Contract labour : Supreme Court of India has barred employment of contract labour under four conditions: a) If work is of perennial nature. b) If work is incidental to and necessary for the work of factory. c) If work is sufficient to employ considerable number of whole time workers. d) If work is being done in most concerns through regular men. Status of Contract labour / Construction workers: Post-economic reforms in 1991 in India’s economy resulted in growth in both types of employment i.e. permanent as well as contractual. The size of contract workers in the total workforce is significant and large which belong to the unorganized sector. In spite of having so many Acts/ Rules and social security scheme in India, it has been noticed that the contract labour has remained a disadvantaged section of the working class mainly due to lack of bargaining power, have little or no social & employment security, are often engaged in hazardous occupations which could endanger their health and safety, ignorance about various Government enacted Acts and Rules regarding wages, work conditions, welfare and benefits. Factors like lack of continuity of work, difficulty in ensuring closer supervision by the employer, higher output or productivity of such workers, cost effectiveness, flexibility in manpower deployment, facilitation for focusing on core competencies, etc., constitute advantages of the system of contract labour. Apart from this, in most of construction projects the workers employed are unorganized in nature and often not guided by the legislations made for the health and welfare of the workers. In India, they are mostly migrants from remote villages, often are less educated and have poor language skills. Thus, there is a need to ascertain as to what factor is responsible for their motivation, satisfaction & higher productivity, whether it is their disadvantageous status or some other factors.



Objectives of study: 1. To study/review various aspects of Contract Labour management functions 2. To ascertain most relevant factors which affect motivation, labour efficiency & work hour

productivity and overall satisfaction with the employer. Hypothesis of study:

1. Hypothesis 1: Work hour productivity of Contract Labour (Construction workers) depends mostly on fair, correct & timely wage payment, availability of regular & adequate work and Safety & health facilities at work.

2. Hypothesis 2: Satisfaction of Contract Labour (Construction workers) working with present employer depends on opportunities for skill development & training, safety & health facilities, job availability, inter-personal relationship, and attitude of the employer.

Research Methodology Following approaches have been considered to achieve the desired objectives:- Study/Review and collection of information through Primary Data to include visit to the company, interacting with HR head and Chairman/MD of the company and collection of all relevant data related to contract labour management functions. Visit Company’s project sites / labour camps located in Madhya Pradesh and in Mumbai suburbs to interact with Project Managers / Project Engineers / Site Supervisors, Labour contractors and various categories of labour employed by the company and understand & collect required data. Study/Review & collection of Secondary Data to include policy manuals, company Annual reports, Company’s monthly bulletin, Labour Contract agreements and other relevant documents being maintained by the company & Labour contractors as per Contract Labour (Regulation and Abolition) Act, 1970 and Building and Other Construction Workers (Regulation of Employment and Conditions of Service) Act, 1996 and Central Rules, 1998. Survey of the workforce / Labour at all project sites of the company through a structured questionnaire method and collect their responses individually through personal interview. Testing of Hypothesis to ascertain most relevant factors which affect motivation, labour efficiency, work hour productivity and overall satisfaction. In this study, non probability technique has been used to select the sample. Convenience Sampling: It is a statistical method of drawing representative sample by selecting respondents from the population, because of the ease of their volunteering or selecting units as per their availability and ease of access. A sample size of 100 Contract Labour (construction workers) hired and engaged at various worksites. Data Collection Primary & secondary Data collected from study/review of Company’s profile, its HR policies & practices towards Contract labour Management, Standing order procedures, contract agreements documents, and interaction with employees and management. Also statutory documents, registers and registration certificates being maintained by the contractors and the Principal employer were checked. Survey data collection from Construction workers has been done through a well structured questionnaire to understand factors affecting worker’s motivation, efficiency and work hour productivity and overall satisfaction with the present employer. Visit & stay at all the Project worksites of the company located in Bhopal and adjoining districts & Mumbai suburbs was done to collect response of each respondent through personal interaction after making them understand the entire questionnaire in the language they understand. Help of some employees of the company was also taken who spoke worker’s mother tongue. Response was collected from each individual on the questionnaires itself. Progress of Data collection was slow & time consuming as project sites were scattered and far off places. Also, workers were allowed to interact only during recesses and holidays/Sundays. Hypothesis Testing: Hypothesis 1 : Work hour productivity of Contract Labour (Construction workers) depends mostly on fair, correct & timely wage payment, availability of regular & adequate work and Safety & health facilities at work. Linear regression equation: Y = a+b1x1+b2x2+b3x3+b4x4+b5x5+b6x6 Where, Y = dependent Variable i.e. Worker’s motivation level reflecting in their productiveness at work x1 , x2, x3, x4, x5 and x6 are independent variable, which are factors. ‘a’ is constant and b1, b2, b3, b4and b5 are coefficients of the Linear Regression equation.



So, putting values of a, b1, b2, b3, b4,b5 and b6 in the regression equation, we get Y = a+b1x1+b2x2+b3x3+b4x4+b5x5+b6x6 Y = 4.627+0.39 x1+ 0.355x2+(-)0.075x3+(-)0.524x4+0.027x5+ (-)0.08x6 Interpretation: From the above equation, it is found that overall motivation of Contract labour (Construction workers) which reflects into their productivity will increase by one unit, if fair correct & timely payment of wages increases by 39%, Availability of regular & adequate work by 35.5% and Safety & Health facilities at work by 2.7%. Most significant factor from the above analysis appears to be fair, correct & timely payment of wages which contributes maximum to overall motivation and higher productivity of the workers. So economic factor emerges as the most important factor and second one is related to availability of work. Workers need regular and adequate worker as they are daily wage earner of their family. If they do not work regularly, they would not be able to sustain their life. Though, factors like overtime payment by the employer, Provision of other facilities like living shelters, drinking water, cook house and crèche etc showing here negatively affecting the motivation level, but in reality, importance of these factors on enhancing worker’s motivation level and productivity cannot be ruled out. Diverse opinion of the employer could be there on effect of overtime payments on workers. Employer may say that workers would slouch or be less productive during actual working hour and they would be only interested to stretch the working hours so that they could get the overtime payment. It is further concluded that motivation & Work hour productivity of Contract Labour (Construction workers) depends mostly on fair, correct & timely wage payment, availability of regular & adequate work and Safety & health facilities at work. Thus, H1 is accepted and Ho is rejected. Hypothesis 2: Satisfaction of Contract Labour (Construction workers) working with present employer depends on opportunities for skill development & training, safety & health facilities, job availability, inter-personal relationship, attitude of the employer. Linear regression equation: Y = a+b1x1+b2x2+b3x3+b4x4+b5x5+b6x6 Where, Y = dependent Variable i.e. Worker’s level of satisfaction while working with present employer x1 , x2, x3, x4, x5 and x6 are independent variable. ‘a’ is constant and b1, b2, b3, b4and b5 are coefficients of the Linear Regression equation.



So, putting values of a, b1, b2, b3, b4, b5 and b6 in the regression equation, we get Y = a+b1x1+b2x2+b3x3+b4x4+b5x5+b6x6 Y = (-)0.446+0.021 x1+ 0.112x2+0.068x3+0.158x4+0.774x5+ (-)0.30x6 Interpretation: From the above equation, it was found that overall satisfaction of the construction workers with the present employer would be enhanced by one unit , if opportunities for skill development & training increases by 77.4%, safety & health facilities by 15.8%, job availability by 11.2%, inter-personal relationship by 6.8% and attitude of the employer by 2.1%. Most significant factor from the above analysis appears to be opportunities for skill development & training which contributes maximum to overall satisfaction of the construction workers. This also shows concerns and desire of workers who want to upgrade themselves with different skills so as to increase their employability. This trend may be also due to increasing government campaign for skill development to empower youth of the country to face the challenges of the future. Lack of opportunities in skill development & training has been felt by many workers and they felt that whosoever provides these opportunities, they would like to work with them. It is further concluded that overall satisfaction of the contract labour (construction workers) depends on opportunities for skill development & training, safety & health facilities, job availability, inter-personal relationship and attitude of the employer. Thus H1 is accepted and Ho is rejected. Conclusion: Human Resource Management is all about managing organizational workforce which also includes contract labour (construction workers) hired through a third party on contract for executing a specific project work in a given timeframe for a predetermined remuneration. However, we have seen in this project work, contract labour (construction workers) management functions are not so structured in the real estate sector, inspite of the awareness about the need and importance of it, existing. Though, survey among workers indicates more than 60 % workers satisfied, motivated and giving higher productivity, still about 40% are dissatisfied who may quit the work and move to other employer very soon. Since the construction industry faces acute shortage of trained and skilled workers, contractors / company must adopt suitable measures to retain these workers till the projects gets completed. So, the contractors who are the employers of construction workers need to focus on various aspects as mentioned below and the company which is a principal employer to these workers has to ensure (a) Fair, correct & timely wage Payment. (b) Availability of regular & adequate work. (c) Provision of facilities like rest shelters, Cookhouse, safe drinking Water, Latrines & Bathrooms, washing places and crèche. (d) Provision of social security benefits, safety and health facilities. (e) Opportunities & facilities for skill development and on the job training. (f) Good Company culture, cordial interpersonal relations and right attitude of employer. (g) Increasing awareness among workers about various benefits and social schemes announced by the Central and state Governments and helping them to avail these benefits. (h) Maintenance of Statutory Documents/Registers/records and submission of reports & returns to appropriate authority.



As per findings from this survey, it can be concluded that there are various reasons behind a worker’s dissatisfaction that results in lesser productivity. Deficiencies/gaps on Construction workers management functions and recommended actions suggested to the company/contractors as mentioned in this report requires deliberations by the company management as well as by the contractors/sub-contractors so as to take necessary corrective measures. Motivated and satisfied workers contribute more in terms of work hour productivity and also their retention is possible at least till the completion of the project and may be beyond. As the Government is providing various social security benefits, employer must help workers to get these benefits. Workers must be registered for the various schemes and welfare funds as announced by the Government which has already been discussed in this survey. This will be a yeomen’s service to migrant & local construction workers who are still disorganized and neglected. Dignity for Labour as envisaged by our Prime Minister Narender Modi, who has talked about it during his speech to Indian Diaspora in Toronto, Canada on 16th April 2015, will be upheld. He said ‘Dignity for Labour’ has to be entrenched in the minds of Indian people. References:

1. “Article on Real Estate India” published by India Brand Equity Foundation on their website: http://www.ibef.org, updated upto February, 2015.

2. Pai, S. K., Dheeraj, S., Kristam, R. S., (2013), “Human Resource Management Techniques Dealing With Deficit & Retention of Skilled Labor in Construction Industry”, International Journal of Scientific and Research Publications, Volume 3, Issue 9. www.ijsrp.org

3. Kumar, P. B. S., “A brief note on Contract Labour (R&A) Act, 1970 & rules”. 4. Building and Other Construction Workers (Regulation of Employment and Conditions of Service)

Act, 1996, & Building and Other Construction Workers (Regulation of Employment and Conditions of Service) Central Rules, 1998.

5. Jayakrishnan, T., Thomas, B., Rao, B., Biju George, B., (2013), “Occupational health problems of construction workers in India”, International journal of Medicine & public health, Vol 3, Issue 4, Page 225-229.

6. Report on “Working conditions of the contract workers in Petroleum Refineries and Oil fields 2009-11” Labour Bureau Ministry of Labour & Employment, Government of India, Chandigarh.

7. Meenakshi Rajeev, (2009), “IGIDR Proceedings/Project Reports Series PP-062-33 Contract Labour Act in India: A Pragmatic View”, Quantitative Approaches to Public Policy –Conference in honour of Professor T. Krishna Kumar Held in conjunction with the Fourth Annual International Conference on Public Policy and Management, Indian Institute of Management Bangalore (IIMB), 9-12th August, 2009.

8. Contract Labour (Regulation and Abolition) Act, 1970 & Contract Labour (Regulation and Abolition) Central Rules, 1971.

9. “Article on Construction workers‟ published on http:// en.wikipedia.org / wiki / Construction_worker.

10. Jha, S., (June 2014), “A CAIU will be set up to analyse and collect field data for a transparent and accountable labour inspection system” published on http://www.businessstandard.com

11. Yadav, A., (Dec 2014), “EPFO to launch special drive to cover Contract Workers‟, published on The Hindu, New delhi dated 24th December, 2014.

12. Article on “Social Security cover for unorganized sector workers”, published in Times of India dated 22th February, 2015.

13. Article on “Smart card for unorganised sector workers soon: Bandaru Dattatreya ”, published in The Economics Times dated 26th May 2015.

14. Ray Atmadip, (2015), News Article “PM Narendra Modi launches 3 social security schemes; over 5 crore people enrolled “ published on Economics Times, 09 May 2015.

15. Speeches / Conferences minutes published by Construction Workers Federation of India on their website: http://www.cwfigs.org/.

16. A news article on “Following Rajasthan, Centre to revisit Contract Labour Law” published on http:// articles.economictimes.indiatimes.com dated 03rd July, 2014.

17. Deshmane, A., (Sep 2014), A news article on “After Rajasthan, Madhya Pradesh to tweak Labour Laws” published on Economics Times dated 11th September 2014.

http://www.ijsrp.org/

http://www.businessstandard/



18. Press Information Bureau, Government of India, Ministry of Labour & Employment, Press Note on “Regularisation of Contract Workers” published on 07th August, 2013.

19. A brief report on “Real Estate Sector in India, published on www.asa.in by ASA & Associates , New Delhi, January, 2015

20. Websites: mahakamgar.gov.in, www.labour.mp.gov.in, www.labour.gov.in, http://www.ibef.org, www.ijsrp.org, www.asa.in, www.labour.nic.in, www.cwfigs.org, www.economictimes.indiatimes.com, www.nicmar.ac.in, www.business-standard.com, www.shrmindia.org, www.citehr.com, www.humanresources.about.com

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“PASSION AND RELATIONSHIP- OPPORTUNITIES AND CHALLENGES FOR MSME’S” Khalil D. Nadaf DMIR Pune

ABSTRACT Passion at workplace and relationship management is the key topic of concern among the managers and employees worldwide. With the focus on “Make in India” strategy, passion and relationship will be major focused area in human resource management for the success of implementation of “Make in India” strategy. The most significant contribution of this paper is on passion and relationship of HR at Micro, Small and Medium Enterprises (MSME) segment. MSME has the significant contribution in the Indian economy. MSME contribution to GDP will increase from current 8% to 15 % by 2020 and generate the employment level to the extent of 50% of overall employment and increasing the share of its contribution across key public and private industry sectors fulfilling increasing demand, growth in export, indigenization and import substitution. The paper focused on opportunities and challenges to adopt “Passion and Relationship” in MSME for Human Resource management to bring most efficient and motivated workforce to achieve objective of make in India. KEYWORDS Passion, Relationship Management, Human Resource, MSME INTRODUCTION In today’s rapidly changing business environment, enterprises need passionate employees because they can drive only extreme and sustained performance improvement. But in America, up to 87.7 percent of employees are not able to contribute to their full potential because they have lack of passion for their work. Passionate employees are committed to continually achieving higher levels of performance.As per ACCOR, 75% of leaders have no engagement plan or strategy even though 90% say engagement impacts on business success. According to survey conducted by Gallup, 86% of engaged employees say they very often feel happy at work, as against 11% of the disengaged. 45% of the engaged say they get a great deal of their life happiness from work, against 8% of the disengaged.66% of employees leave jobs due to relationship issues with their direct manager. 22% of employees are less engaged at work because of workplace conflicts.Out of the 46% of new hires who fail within the first 18 months, 89% was for attitudinal reasons, 11% was for lack of skill.A recent survey of conducted by Wright Management shows that, 70% of passionate employees understand need of customers and attempt to meet customer needs. Gallup survey 2014 shows that, 78% of passionate employees would recommend their company’s products of services.From a global sample of 60 corporations the Corporate Leadership Council found that over 80% of senior human resources (HR) professionals agreed that employee relationship should be a high priority for success and growth in coming years. 75% of MSME have no plan or strategy to build relationship and create passion for work. 48% of employees report that they have experienced abusive behavior at work, and that Human Resource managers spend at least 24% of their time resolving employee relations problems. 49% of employees said they would leave their current job for a company that will respect employee relations and passion for work. The Workplace Employment Relations Survey (WERS) 1981 showed that officials spent most of their time not on negotiating pay and conditions but in supporting grievances on behalf of individual members.Despite the economic recession, more employees are looking for opportunities outside of their organization than they were in 2008, suggesting that 2016 will be a challenging year for retention. India has gone through and adopted the global industrialization over the decades and timely adopted the practices to match the globalization requirements. We have gone through the batch production to continuous line productionand experienced the challenges and opportunities for the same. Human resources always plays a significant role in every kind of industrialization change and they are the most effected population for these changes.“Make in India” initiative will bring a significant change in Indian mindset towards seeing the Indian industries particularly micro, small and medium scale industries. Indian economy, people of India and government has lots of expectations from MSME’s to contribute into development of India.

http://employers.glassdoor.com/5-ways-hr-can-boost-recruiting-by-improving-employeeboss-relations/

http://www.bizjournals.com/bizjournals/how-to/human-resources/2013/09/resolve-to-solve-workplace-conflicts.html?page=all

http://www.recruiter.com/i/high-turnover-4-reasons-its-your-fault/



Last almost two decades, India has adopted globalization and open policy, and emerged as low cost manufacturing as well as low cost research and development hub for the world. It also emerged a great market for the world industries to manufacture as well as sell the products from a low cost product to the branded and luxury products. All this changeover has created a lots of job opportunities to work with global players and learn global work practices. Hence these two decades has bring a radical change in thinking of Indian workforce, moving from hardworking to the process based work culture. Maintaining a strong employer and employee relationship can be the key to the ultimate success of an organization, the results are advantageous. It is known that if a strong relationship is in place employees will be more productive, more efficient, create less conflict and will be more loyal.

1. Cultural Transitions from Global and Big Indian Playersto MSME’s Culture

Industriesin India has the great advantage for having inbuilt diversity in our culture but at the same time it has constraints and challenges of the same. As the global players started establishing in India, they realize the opportunities and constraints of the diversity pattern in India. Initially global players were find difficulties to understand cultural diversity, regional diversity and social diversity. When they started to implement a positive workplace culture, it was difficult to understand about the common culture that will suit for all diversities so that equal motivation can be enriched within workforce. Within diversity, how employees make groups of common characteristic and how they dominate other groups and promote group members in the organization, all of these are the challenges global players faced and facing now a days. But the success of these global players and big Indian industries is on the focus on positive work culture which aligns with vision and mission statements of the organization and deviation with that got penalized and gives a positive message within workforce. Hence it put measures on workforce to align with vision and mission statement of the organizations and provides the guidelines for day to day operations. When we focus on MSME’s, the cultural and social challenges are more than the big organizations as there can be lack of human resource management as compared to the global organizations to put organized efforts. The workforce needs to be more effective in terms of output as it needs more passion towards daily assignments and responsibilities. The human resource management is the key focus area to bring the passion and relationship management to improve motivation level of the workforce. Hence every manager, group or team leader and every level of leadership owns more responsibility to create positive working culture. The diversity in work culture has challenge on Passion and relationship management. The average experience and educational qualification also has some kinds of challenges on passion and relationship management. Growth opportunities and remunerations are some of the other challenges in passion and relationship managements.

2. Role of Human Resource Management for building“Passion”

As an organization and an individual, we are so much passionate for so many things. We appreciate our people, food, culture and so many things. We are passionate about new things, new experience and challenges. It changes from individual to individual and culture plays key role into this. Every day, too many people spend more than half of their waking hours doing work for which they feel no passion. Many companies lack employees who are passionate about their work, and they flounder, or just get by. Passion helps to engage an organization. When people discover the work that they love, work becomes more than a job -- it becomes a unique calling, a life's mission. People with passion for their work engage each other and their customers. Employers of MSME’s are under huge pressure to sustain the business under very high competition and for maintaining cost competitiveness. These objectives of these firms are achievable only by having the passionate workforce. In MSME’s it’srarely to have a separate team to handle human management issues and work on developing passion and positive work environment. It’s all those group leaders, managers and owner of the firms to work for creating passion within team members and groups to achieve firm’s objective. Passion is the key parameter which really drives the business with high impact. It is the positive attitude, ownership, commitment and thought process in the individual’s mindset to achieve desired goals. The goal setting, creating a positive environment, mentorship, key people for key roles, higher authorities and higher responsibilities and involvement in decision making are some of the key drivers to bring passion into the workforce. It is a top down approach to build it and starts with owner of the firm, what is his



vision? What passion he carries at the workplace? What measures he sets for his staff? How much is involved to achieve the desired goals? Are the goals communicated within the workforce? Recruitment and selection process is the key task to reduce further efforts. MSME’s has to put good efforts and strategy to find out key resources who are already passionate the kind of work available. Their requirements and organization’s objectives are aligned. It is prime important to build the diversity into the teams as team sizes are most of the time limited as compared to big organizations. These diversity helps the organization to bring inbuilt passion and diverse views. If you are not forced to work somewhere because of monetary constraint, you truly enjoy what you do and you never really work a day in your life.Your creative process is also different. You are more inclined to come up with creative ideas when you like what you do.You will feel better and live stress free life which result into better health. Putting in later hours isn’t as much of a burden and doesn’t hurt, which makes the experience that much more enjoyable.You will be willing to put in the extra effort to go beyond what is required of you. When you really enjoy what you do, nothing will stop you from getting your work done. You feel unstoppable and nothing can obstruct you from achieving greatness. Any obstacle that comes your way is accepted and fought off with a creative solution.

Figure 1Ambition Vs Passion

3. Role of Human Resource Management in Building “Relationship”

According to THE 2014 MILLENNIAL IMPACT REPORT, more than half (53%) of respondents said having their passions and talents recognized and addressed is their top reason for remaining at their current company. The next biggest factor in retention was bonds with co-workers (20%), followed by belief in the company’s mission and purpose (20%). Employee Relationship management is a general term that means a lot of different things to a lot of different people. It is important to define what employee relationship management is and which areas of relationship need to be focused for management. In general, it is around the attracting and retaining people, employee satisfaction. With regards to MSME’s there will be lack of full fledge HR team to take of this parameter and hence whole responsibility lies with key people into the organization. Relationship management is most important thing to achieve the desired goals and sustain it. It basically creates a healthy, energetic environment where workforce is eager to contribute for the growth of organization. It impacts on the Trust factor within the people, teams and hierarchy. Relationship and Trust are related to each other for most of the parameters. Diversity also plays key role to identify and impacts on most of relationship management requirements, different people has different requirements and views on relationship management. With having good workforce relationship management, organizations can achieve the set targets very easily because workforce is already passionate because of set relationship, they already have developed required level of trust on people around them and organization. They are ready to devote and put all the efforts for taking right decisions, on right time for the growth prospects of organization. They are in very much communication at all levels so that information is not hidden and everyone is on same page to drive the things with equal force. They ask for mutual support and eager to support inter-departments to resolve the critical things. Everyone is supportive even at from lower level of organization to most upper level, everyone one engaged and communicated without barriers. This looks to be ultimate achievement of the MSME’s.



Relationship management is everyone’s responsibility who are leading by any means into the MSME’s including the firm’s owner. This can be achieved by understanding the employee’s needs by having regular formal and informal discussions. It will help to build Trust factor within the people and put a culture of giving honest and open feedback and involving people for the individual development. Leaders has to show caring attitude and become the role models for the employees.

4. Human Resource Management Challenges

Leaders in MSME’s needs to be motivated towards achieving the set targets but many times they are not realized the importance of workforce involvement to achieve the same. Passion and relationship are the key parameters where leaders has to keep focus and nurture the environment to build it. There are always many challenges to work on it. The challenges would be of various types and dynamic in nature as individual to individual behavior would be dynamic. As diversity has advantages at the same time it brings huge challenges in human resource management field to work on bringing passion and develop relationship. Diversity can be of various types like cultural, social, gender, regional, caste, religion, language, education. These diversities bring huge opportunities in terms of adding diverse views on problem solving. Once we have authentic leadership in the firms then each individual will be treated separately in terms of Passion and relationship. Every individual will be seen as separate and judged on different parameters and characteristics and proper efforts will be putted to align him with firm’s goal and objective. It needs tremendous efforts and focus to build it into the workforce. Directional efforts required to achieve the required passion into the workforce and relationship management help to achieve this. The next challenge is mismatch between individual goals and firm’s objective. It is the first step to hire such candidates which are having values that meets firm’s value system. Later on it’s difficult to motivate him or her to work on such activities which are not matching with his values. Different roles needs different types of skill sets and passion to do that work. Hence recruitment will be first step for the success of the MSMEs. Proper efforts are really required to put on recruitment to reduce operation difficulties later on. Organizations also faces the challenges in terms of non-availability of good communicators, good coaches to guide the workforce. Hence it is required to develop the internal people to act so that they can become future leaders.

Figure 2 Goal of Effective Work Environment Design

5. Expected initiatives from HRM

There are specific ways to handle employee relations issues and staying organized is key.

First step is to conduct risk-free assessment to find out causes of employee relations

issues.Top management and HR managers has to make sincere efforts in identifying and

resolving relationship problems and identify the strengths of all employees so employees

get the opportunity to do what they do best.

Hire people into the right jobs, so they can use their talents more often and more

effectively and hire great managers who are engaged and passionate about helping others

discover their talents

http://hracuity.com/demo/take-our-free-risk-quiz/



Equal importance is given to autonomy and personal expression. Asking for input from

employees not only helps you visualize your situations rationally from alternate

perspectives, it provides you with more viable options to choose from when determining

what path to take.

The organization's culture should be tuned to accommodate different culture, religion, sex,

region and social representation.

Providing opportunities for your managers to interact more with other employees will help

build stronger cooperation and understanding among them while allowing managers to

assist employees in improving their individual skills.

Find ways to bring your teams together. Although individual employees have their own

unique responsibilities, team members need to recognize they’re in this together.

Employees are likely to get much more accomplished and put their hearts into their work

when they have control over the additional extras they can receive.

Always address conflicts rationally and in a timely manner. When addressing conflict, don’t

be quick to judge. Jumping to conclusions before hearing multiple sides of the story can be

detrimental to the health of your business, should the wrong person be reprimanded.

Take efforts to reduce fear in employees as it destroys personal relationships,

organizational commitment, and innovation. Fear is frequently the result of blame and/or

excessive criticism at work. Make sure that people have enough authority to do their work

and that management has not created a hostile environment for new ideas. If people have

enough authority to do their jobs, when a problem occurs, they solve it. This defuses blame

and criticism

Take appropriate steps to eliminate perceptions of favoritism or unfairness within an

organization will yield higher levels of satisfaction and better relationships among

managers and employees.

Put on efforts for acceptance of Co-Workers. We are more likely to trust, accept, and

communicate with people whom we perceive to be similar to ourselves. Groups tend to

isolate people they don’t trust and accept.

Create an environment that encourages employees to become more engaged and

passionate about their roles and Creating an environment where people come to know and

understand their unique strengths

Lastly, repeat the employee survey and/or the 360 feedback survey to see whether there

have been any improvements or changes.

Conclusion.

This paper is focused on opportunities and challenges for MSME’s by having Passion and Relationship as a key tool for human resource management. To get the advantage of Make in India initiative, this sector has to plan carefully on human resource management. Workforce is the only dynamic thing available in the organization which is very difficult to streamline and aligned towards the set goal. This can be possible by putting strategic efforts on developing passion and relationship by human resource management so that objectives can be achieved at the earliest. This requires to understand the needs of employees, putting a caring attitude from all levels about the employees, involving the employee in decision making and listening of the employees, creating open culture and creating opportunities to speak, opportunities to grow and establish the culture of appreciation. MSME’s has to create focus on creating positive work culture to grow passion and develop healthy relationship across enterprises. Organizations that maintain constructive interpersonal relationships benefit financially as well as culturally. Passionate employees are focused, engaged and committed to doing their best in everything they do. As a result, they deliver exceptional value to their customers, whether they are external or internal customers.Passion contributes more towards value creation than any other human capability. Since the



primary purpose of your organization is to deliver value to your customers through your products and services, the more passionate your employees are the more value you will deliver value your competitors cannot match. Acknowledgment The author would like to thank Dyanasagar institute of Management and Research, Pune and Prof. Yogeswar Kasture and Mr. Vasim Momin, Dy. Manager Mahindra and Mahindra Ltd. for their invaluable support and motivation. REFERENCES

1. Ron Saunders, “Passion and Commitment Under Stress: Human Resource Issues in Canada’s Non-

profit Sector – A Synthesis Paper”

2. John Hagel III ,John Seely Brown, Alok Ranjan and Daniel Byler, “Passion at Work Cultivating Worker

Passion as a Cornerstone of Talent Development”

3. INSPIRING THE NEXT GENERATION WORKFORCE, sponsored by The Case Foundation,

4. Drea Zigarmi, Dobie Houson, David Witt and Jim Diehl “Employee Work Passion Connecting the

Dots”.

5. Kyle LaMalfa, “The Top 11 Ways to Increase Your Employee Loyalty Follow these and enjoy an

immediate lift in your employee productivity, retention, and loyalty”

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ACCEPTANCE OF EMPLOYEE SELF SERVICE MODULE AT DSK MOTORS LTD

Padmaja.D.Kulkarni DIMR, Pune

Abstract: In this ever changing world of technology, the quickacceptance by the users is equally important that needs to be taken care of. There is a considerable research done by many researchers to understand the acceptance of IT by users worldwide. In this literature review, among the earlier studies that probed to understand the IT acceptance.The Technology Acceptance Model (TAM) developed by Fred Davis in 1985 has been reviewed. In this literature review, different factors relating to behaviour and attitude of users towards their acceptance of new technology, that affects in actual implementation of the new IT enabled software by studying TAM Model are observed by taking an actual case study of DSK motors Ltd,Pune Introduction: Change Management is the process of changing the activities of the organisation as well as the implementation of the procedures and technologies to achieve the desired objective of the organisation. Final goal of change management is the long term sustainability of the organisation. User acceptance is defined as the willingness within a user group to employ information Technology for the tasks it is designed to support. Lack of user Acceptance is a significant impediment to the success of new information systems. In fact, users are often unwilling to use information systems, which, if used would result in impressive performance gains. Therefore, user acceptance has been viewed as the pivotal factor in determining the success or failure of any information system project.Technology Acceptance Model was developed by Fred Davis in 1985, in his doctoral thesis. It has become a dominant model for the researchers for investigating factors affecting individual users acceptance towards the technology newly introduced to them. Technology Acceptance Model has received a considerable attention of researchers in the information system field. The model suggests that when users are presented with a new technology, number of factors influence their decision about quickly accepting it in actual day to day use as it in the intended form. Statement of the Problem: To study the factors affecting for the acceptance of New Technology by its users. Literature Review: TAM takes a leading role in explaining how user’s behaviour has a major impact in acceptance of a newly introduced technology. This TAM Model is based on the theory of Reasoned Action Model (TRA Model) developed by Fishbein and Ajzen in 1975. In this TRA Model it is suggested that a person’s actual behaviour could be determined by considering his or her prior intention along with the beliefs that the person would have for the given behaviour. This means that there are factors, which needs to be noted prior to the actual implementation of a new technology, because the user’s perceived behaviour and attitude and their expected behaviour and attitude are very different. With the growing Technology needs and increasing failures of system adoption in organisations this TAM model is helping out to give attention to those factors of users behaviour which will minimise the impact of its actual acceptance of the newly introduced technology. TAM:TAM suggests that acceptability of an information system is determined by the two main factors which are as follows:

1. Perceived Ease of Use: It is defined as, “the degree to which a person believes that using a particular system would be free from effort.”

2. Perceived Usefulness: It is defined as,” the degree to which a person believes that using a particular system would enhance his or her job performance.”



Technology Acceptance Model from Davis, Bagozzi et Warshaw (1989) Perceived ease of use- The general finding is that the acceptance increases with an increase in the perceived ease of use. (Davis, 1989; Davis & Venkatesh, 1996; Gefen, karahanna, & Straub, 2003; Kaasinen, 2005). Self-Efficacy plays a very important role in this perceived ease use of Technology. As an individual thefollowing are the factors that matters in one’s existing productive outcome capacity with the acceptance of the new technology.

1. Flexibility of the new technology is checked by the user. 2. Easy feeling of the user in understanding and using of the new technology 3. Requires less effort to adopt the technology in current working Lifestyles. 4. Compatibility of the use of technology with the current working setup. 5. Personal Experiences of the Users for adopting the technology. 6. Technology readiness users and non-readiness users. 7. Demographic characteristics in acceptance of new technology.

Perceived Usefulness:The general finding says that the perceived usefulness increases the acceptance of technologies.(Chau & Hu, 2002; Gefen, Karahanna & Straub, 2003). As an individual the following are the factors that matters in one’s existing individual productive improvement with the acceptance of the new technology.

1. Final Results of the implementation of new technology 2. Current existing offerings if become more superior with the acceptance. 3. Technology network Compatibility is checked by the users. 4. The value of the current existing technology should be less than that of the adaptation of the new

technology. 5. Demographic characteristics as income & gender in acceptance of new technology.

Scope of the Study: Scope is restricted to the following:

1. Study of Original Technology Acceptance Model 2. Related Case study at DSK Motors Ltd.

Objective of the study: 1. To study the Technology Acceptance Model by taking a relevant practical case study.

Research Methodology: Type of Research – Exploratory Case Studyat DSK Motors Ltd: DSK Motors Ltd in Pune, a first Toyota Passenger Car dealer in the country, has completed its 15 years of existence. DSK Motors Ltd is in change Management Execution process of bringing a new Web based Employee Self Service (ESS) module which will enable the employees to obtain the information they need without bothering their supervisors or human resources personnel. After its new introduction of this ESS Software employees now can have access to ever changing work information, and are in a better position to take decisions about work related activities and leave requests, further reducing the burden on management. This change was decided to implement new technology oriented software in the company at the end of 3rd quarter of 2015.



Prior to this there was a manual system followed in the organisation. Wherein every employee used to get a leave card in which they need to fill up the attendance details and need to take manager’s approval before the last day of the month. These details include:

1. Leave details Leave details ( Paid leave, sick leave, casual leave, short leave ) 2. Compensatory off details: leave against extra working on Sunday. 3. Outstation duty details

At DSK Motors Ltd. recently new ESS Module technology based software is getting implemented and hence have decided to do a study and observation ofTAM Model by observing various factors of resistence and its acceptance to change of its employees. Application of TAM model observed is as follows: Factors noted while actual implementation of this software in the company as follows:

1. Perceived ease use: - Inconvenience was measured for following the old method so was felt ease use of following

new technology. - Based on the education, age, gender. Eg. Blue collared staff in the company was refusing to

accept due to inability to understand the computer software. - English Language understanding was found barrier by some level of employees. - Handling of the new software made easy as it can be done through mobile handsets. - Some of the employees were not happy using new software due to the habit of following the

old traditional manual method. 2. Perceived Usefulness:

- Unnecessarily salary deductions due to following of old method wherein time was getting more to update the leave card.

- No manager’s approval every time. - More independency in viewing the own salary information. - New technology network is very user friendly. - For the outstation duty employees became easy to keep the track of. - Regularised attendance management is now possible. - Manual Work is reduced. - HR team employees work is made simpler.

To these factors proper awareness and timely training was duly provided to the employees of DSK motors ltd and it is now in working with more desired efficiency. Conclusion: The Behaviour & Attitude plays a very important role while implementing the new technology in an organisation. If these factors are given importance at first instance by doing the study of TAM by the organisations that are in the implementation of new technology software may become the guiding direction for training its employees accordingly and ultimately will help in quick acceptance of technology by its users. Limitation: Study of Technology Acceptance Model Study at DSK Motors Ltd. References: http://www.ijarcsms.com/docs/paper/volume1/issue6/V1I6-0022.pdf http://www.carnegiespeech.com/education/pdf_viewer/test/pdfs/TAMReview.pdf thejournalofbusiness.org/…/article/download/161/160 http://link.springer.com/article/10.1007/s10209-014-0348-1

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http://www.ijarcsms.com/docs/paper/volume1/issue6/V1I6-0022.pdf

http://www.carnegiespeech.com/education/pdf_viewer/test/pdfs/TAMReview.pdf

http://ccs.infospace.com/ClickHandler.ashx?ld=20160310&app=1&c=livestartpage2&s=live&rc=livestartpage2&dc=&euip=14.97.181.182&pvaid=4a0107a279ec484b95a63e97d58ec453&dt=Desktop&fct.uid=b9ff1bde90ed4ff3ad03dc79754d631e&en=gJizEtTfCiNzLV6yKL44mSX1JEWniA%2bmVM3Js50M83N1cAlRFQ%2fkXg%3d%3d&du=thejournalofbusiness.org%2findex.php%2fsite%2farticle%2fdownload%2f161%2f160&ru=http%3a%2f%2fthejournalofbusiness.org%2findex.php%2fsite%2farticle%2fdownload%2f161%2f160&ap=1&coi=1494&cop=main-title&npp=1&p=0&pp=0&ep=1&mid=9&hash=584B124FFF6CA6F787B29C3EC3B744F1

http://link.springer.com/article/10.1007/s10209-014-0348-1



IMPORTANCE OF TRAINING & DEVELOPMENT IN HRM! Mukesh B. Shingi Dnyansagar Institute Of Management And Research, Pune

Abstract Training and development, the focus of study is to understand the affect of Training and Development, on the job training, the back bone of this study is the secondary data comprised of comprehensive literature review. Training is more important for new employee because they could not what is the work process, which method used in organization. Company spent more money in employee because training is improve employee skill and they skill used for increase organization Brand and market shear. Introduction:-

Training and development is vital part of the human resource development. It has also become more important globally in order to prepare workers for new jobs. In the current Research Paper, we will focus more on the emerging need of training and development, its implications upon individuals and the employers.

Improved capabilities, knowledge and skills of the talented workforce proved to be a major source of competitive advantage in a global market (McKinsey, 2006). To develop the desired knowledge, skills and abilities of the employees, to perform well on the job, requires effective training programs that may also effect employee motivation and commitment (Meyer and Allen, 1991). In order to prepare their workers to do their job as desired, organizations provides training as to optimize their employee’s potential. Most of the firms, by applying long term planning, invest in the building new skills by their workforce, enabling them to cope with the uncertain conditions that they may face in future, thus, improving the employee performance through superior level of motivation and commitment. When employees recognizes their organization interest in them through offering training programs, they in turn apply their best efforts to achieve organizational goals, and how high performance on job. Employees are the most valuable asset of every company as they can make or break a company’s reputation and can adversely affect profitability. Employees often are responsible for the great bulk of necessary work to be done as well as customer satisfaction and the quality of products and events. Without proper training, employees both new and current do not receive the information and develop the skill sets necessary for accomplishing their tasks at their maximum potential. Employees who undergo proper training tend to keep their jobs longer than those who do not.Noted management author Peter Drucker said that the fastest growing industry would be training and development as a result of replacement of industrial workers with knowledge workers.

Key worlds:- Training, development, technology,

Objective of the study:- The present paper has been prepared keeping in mind the following objectives.

1) To study Trading Need and the Importance of Training 2) To study the Difference Between Training and Development 3) To study the effect of training on Employees development

Research methodology:-

Secondary source of data collection, like

E-commerce related books,

Webs journals, and

Other published or unpublished data

Literature Review



TRAINING AND DEVELOPMENT Training and career development are very vital in any company or organization that aims at progressing. Training simply refers to the process of acquiring the essential skills required for a certain job. It targets specific goals, for instance understanding a process and operating a certain machine or system. Career development, on the other side, puts emphasis on broader skills, which are applicable in a wide range of situations. This includes decision making, thinking creatively and managing people. Training is a program organized by the organization to develop knowledge and skills in the employees as per the requirement of the job. Conversely, Development is an organized activity in which the manpower of the organization learn and grow, it is a self assessment act. Now let’s start understanding the Difference Between Training and Development.

Importance of Training & Development in HRM

Training is crucial for organizational development and success. It is fruitful to both employers and employees of an organization. An employee will become more efficient and productive if he is trained well. Training of employees takes place after orientation. Training is the process of enhancing the skills, capabilities and knowledge of employees for doing a particular job. Training process moulds the thinking of employees and leads to quality performance of employees. It is continuous and never ending in nature.



I. HELP IN ADDRESSING EMPLOYEE WEAKNESSES Most workers have certain weaknesses in their workplace, which hinder them from giving the best services. Training assists in eliminating these weaknesses, by strengthening workers skills. A well organized development program helps employees gain similar skills and knowledge,thus bringing them all to a higher uniform level. This simply means that the whole workforce is reliable, so the company or organization doesn’t have to rely only on specific employees.

II. Improvement in workers performance A properly trained employee becomes more informed about procedures for various tasks. The worker confidence is also boosted by training and development. This confidence comes from the fact that the employee is fully aware of his/her roles and responsibilities. It helps the worker carry out the duties in better way and even find new ideas to incorporate in the daily execution of duty. III. Consistency in duty performance A well organized training and development program gives the workers constant knowledge and experience. Consistency is very vital when it comes to an organization’s or company’s procedures and policies. This mostly includes administrative procedures and ethics during execution of duty. IV. Ensuring worker satisfaction Training and development makes the employee also feel satisfied with the role they play in the company or organization. This is driven by the great ability they gain to execute their duties. They feel they belong to the company or the organization that they work for and the only way to reward it is giving the best services they can. V. Increased productivity Through training and development the employee acquires all the knowledge and skills needed in their day to day tasks. Workers can perform at a faster rate and with efficiency thus increasing overall productivity of the company. They also gain new tactics of overcoming challenges when they face them. VI. Improved quality of services and products Employees gain standard methods to use in their tasks. They are also able to maintain uniformity in the output they give. This results with a company that gives satisfying services or goods. Difference Between Training and Development There are two major functions of the Human Resource Management i.e. Training and Development. Both the activities aim at improving the performance and productivity of the employees. Comparison Chart

Basis for Comparison Training Development

Meaning

Training is a learning process in which employees get an opportunity to develop skill, competency and knowledge as per the job requirement.

Development is an educational process in which the personnel of the organization get the chance to learn the in depth application of theoretical knowledge for their overall growth.

Term Short Term Long Term

Focus on Present Future

Concentrated towards Job Career

Instructor Trainer Self

Objective To improve the work performances of the employees.

To prepare employees for future challenges.

Number of Individuals Many Only one

Aim Specific job related Conceptual and general knowledge

BASIS Training is skills BASED Development is creating learning abilities

Scope Training may not include development

Development includes training wherever necessary



Approach Trainings are generally need based.

Development is voluntary

Education Training is presumed to have a formal education

Development is not education dependent

Scope HRM is vast concept but my focus is only Training and development area Conclusion Training is a very important feature now days in making the organization gainful. Most of the organization has now days an appropriate training section program on regular basis. The main purpose of the training is to increase the employee’s skills which eventually make the organization more gainful. Limitation

1. Cost 2. Time

References: http://www.americanjournalofsurgery.com/article/S0002-9610%2803%2900109-0/fulltext http://www.synpulse.com/_Resources/Persistent/b51505f681374f5c963a6e574484c4bfd3210e2c

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http://www.americanjournalofsurgery.com/article/S0002-9610(03)00109-0/fulltext

http://www.synpulse.com/_Resources/Persistent/b51505f681374f5c963a6e574484c4bfd3210e2c



“CUSTOMER SATISFACTION IN AUTOMOBILE INDUSTRY-CASE STUDY OF MARUTI SUZUKI”

Prof. Prashant Phule Faculty OF Sinhgad Institute OF Business Administration & Computer Application

Abstract

The research paper highlights the importance of customer satisfaction in the changing landscape of automotive industry. This has been done using the Porter’s 5 forces framework which emphasizes upon intense competition in this industry and the huge bargaining power of buyers. Also, a case study of Maruti is made which emphasizes on the various customer centric initiatives undertaken by the automobile manufacturer. Effective Porter’s 5 forces strategy of Audi is also included which produced excellent results for the automobile maker in prestige automobile segment. Audi’s 3 tier framework for CRM implementation has been the key. Key words: Customer satisfaction, Porter’s 5 forces, Porter’s 5 forces, CRM. Introduction The automobile industry has undergone significant changes right from the time when Henry Ford first introduced the assembly line technique for the mass production of cars. Production concepts, processes and the associated technologies have undergone dramatic changes. Manual work to atomization has been the journey. Outsourcing has increased in this industry. The global automobile industry has been facing the problem of excess capacity .This has prompted severe price competition, thus affecting margins and forcing fundamental changes in the industry. So to maintain themselves in the market, Vehicle manufacturers are moving into completely new materials and technologies, guided by environmental legislation, in striving to come up with radically different products. Customer satisfaction has assumed great importance and efforts are being geared up towards the same. Major Players in Indian automobile industry include Bajaj Auto Limited, DaimlerChrysler India Private Limited, Fiat India Automotive Private Limited, Ford India Limited, General Motors India Limited, Hindustan Motors Limited, Honda Siel Cars India Limited, Hyundai Motor India Limited, Mahindra & Mahindra Limited, Maruti Udyog Limited, Skoda Auto India Limited, Tata Motors Limited, and Toyota Kirloskar Motors Limited. The competition is huge and to survive and earn profits in this heavily crowded market, customer satisfaction will perhaps play the most important role. It will differentiate the winners from the losers Methodology In this pear the researcher makes an attempt to study the various customer satisfaction initiatives undertaken by several Mauti. This has been presented in the form of case study. Competitive Analysis of Indian automobile industry with the help of Porter’s 5 forces: Porter five forces analysis is a framework that attempts to analyze the level of competition within an industry. It aids in business strategy development. This analysis has been developed by Michael Porter of Harvard University. The five forces that determine the competitive intensity and therefore attractiveness of an Industry Attractiveness refer to the overall industry profitability. An "unattractive" industry is one in which the combination of these five forces acts to drive down overall profitability

https://en.wikipedia.org/wiki/Business_strategy

https://en.wikipedia.org/wiki/Harvard_University

https://en.wikipedia.org/wiki/Harvard_University



From these perspectives, Indian automobile industry is being analyzed below: 1. Threat from the new entrants:

Can be categorized as ‘high’ Major global players are present in the Indian market, more are expected to enter. Financial strength assumes importance as high are required for building capacity and maintaining

adequacy of working capital. Access to distribution network is important. Lower tariffs may expose Indian companies to threat of imports.

Bargaining power of suppliers: Low

Can be categorized as ‘Low’ A large number of automotive components suppliers are present in the market Automotive players are rationalizing their vendor base to achieve better and consistent quality.

Industrial rivalry: High

Can be categorized as ‘High’ Tough competition amongst domestic players In addition to this, several multinational have entered the market.

Bargaining power of consumers: Market strength of consumers is increasing Increased awareness among consumers has resulted in increased expectations. Thus innovation is

critical. Product differentiation via new features, improved performance and after-sales support is critical. Increased competitive intensity has limited the pricing power of automobile manufacturers.

Threat from substitutes: Can be categorized as ranging from low to medium Mini cars are being preferred over compact or midsized cars.

Case Study of Maruti Customer Centric Approach Maruti has five times consecutively won J D Power CSI Awards. This highlights the customer centric approach of Maruti. It live with a focus on customer satisfaction .Maruti has successfully shed off the public- sector laid back attitude image and has inculcated the customer-friendly approach in its organization culture. This customer centric attitude is imbibed in its employees as well. Even Maruti dealers and employees are answerable to all the customer complaints. This approach goes to the extent that Maruti has cancelled some dealerships based on customer feedback. Maruti has taken a number of initiatives for customer satisfaction. They have even changed their showroom layout in such a manner that customer has to walk minimum distance in the showroom .Also there are norms for service times and delivery of vehicles. The Dealer Sales Executive, who is the first interaction medium with the Maruti customer when the customer walks in Maruti showroom, is trained on greeting etiquettes. Maruti has proper customer complain handling cell under its CRM department. The Maruti call center brings Maruti further closer to its customer. Their Market Research department keeps track of changing consumer behaviour and market needs. Maruti enjoys seventy percent repeat buyers proves the customer friendly image of Maruti. In addition, a lot of money and effort has been invested by the company in building customer loyalty programmes. Maruti has emphasized on the following factors as related to the customer satisfaction.

1. Quality As per J.D. Power IQS Study 2004, Maruti Suzuki owners experience fewer problems with their vehicles than some other car manufacturer in India.

2. Buying Experience Maruti Suzuki has a sales network of more than 400 state-of -the-art showrooms across more than 200 cities, with a workforce of over 7000 trained sales personnel to guide their prospective customers in finding the right car.

3. Quality Service More than 1100 cities have Quality Service centers. In the J.D. Power CSI Study 2004, Maruti Suzuki scored the highest across all 7 parameters. The parameters are



as follows: i) Least problems experienced with vehicle serviced ii) Highest service quality iii) Best in-service experience iv) Best service delivery v) Best service advisor experience vi) Most user-friendly service vii) Best service initiation experience.

The J.D. Power CSI study 2004 also reveals the following important pointers as regards to the customer satisfaction of Maruti vehicle owners:

i) 92% of Maruti Suzuki owners feel that work gets done right the first time during service ii) 97% of Maruti Suzuki owners would probably recommend the same make of vehicle iii) 90% owners would probably repurchase the same make of vehicle. 4. One Stop Shop

At Maruti Suzuki, customers will find all their car related needs met under one roof. These needs may be of one or more of the following kinds:

i) Easy finance ii) Insurance iii) Fleet management services iv) Exchange

5. Low Cost Maintenance Apart from the acquisition cost, customers also face costs related to its maintenance. In case of a Maruti Suzuki, regularly used spare parts are quite affordable and this is what gives Maruti Suzuki a competitive advantage.

6. Low Cost of Ownership The highest satisfaction ratings with regard to cost of ownership among all models are all Maruti Suzuki vehicles: Zen, Wagon R, Esteem, Maruti 800, Alto and Omni.

7. Technological Advantage It has introduced the superior 16 * 4 Hyper tech engines across the entire Maruti Suzuki range. This new technology harnesses the power of a brainy 16-bit computer to a fuel-efficient 4-valve engine to create optimum engine delivery. This means every Maruti Suzuki owner gets the ideal combination of power and performance from his car. Case Study of Audi: Audi, a part of the Volkswagen (VW) Group and is headquartered in Germany is a leading manufacturer in the prestige automobile market. It has over 50,000 employees and sells through over 7,000 dealers across more than 100 countries. Audi used CRM strategy to improve directly the customer's acquisition levels and loyalty. This CRM strategy interrelated with the brand, sales and IT strategies for Audi and the VW group. This CRM framework had 3 broad categories: Reactive CRM: "Do ordinary things extraordinarily well" .This has to be done by providing excellent inbound customer service processes for customer contacts. These processes cover everything from inquiries about new vehicles till the financing options. Proactive CRM: "Create as many customer relationships as possible," and increase customer loyalty and market share through improvements to outbound processes such as campaign management. Selective CRM: "Select and treat customers by segment" .Here, focus is on customer profitability by creating loyalty programs and integrating with dealers more tightly. For making CRM initiative successful, the company carried extensive change management activities and intensified the focus on customer needs. Although the marketing department was responsible for "owning" CRM and developing the CRM strategy, but CRM is cross-functional and so local customer care and workshop departments are responsible for operational CRM, as they are intimately connected to the needs of the customer locally. Also, the pre-sales and after-sales customer service organizations were merged in order to coordinate CRM better. KuBa, Audi’s customer database lies at the heart of its CRM technology. This gives a complete picture of customer information across the whole of Audi such as technical details, interior equipment data for each vehicle and dealer master data, and much more related information.



The customer response was overwhelming and their reactions can be simplified in the following way: i) Audi takes them seriously, and never disappointed them. ii) Audi knows their needs." iii) Audi doesn't only want to sell cars to them

Conclusion With changing landscape in automotive industry and the shift of bargaining power to the buyers, customer satisfaction has been extremely important to stay in the race. Maruti has been able to have the largest market share in its segment due to its focused customer centric approach. While planning foe customer satisfaction, automotive manufacturers need to keep a track of different points, such as quality, servicing, maintenance cost, easy availability of spare parts, providing one stop shop for consumers, building up loyalty programmes, establishment of quality service centers, technology, buying experience and other related factors.

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“IMPACT OF SOCIAL NETWORKING SITES ON THE ACADEMIC PERFORMANCE OF SENIOR COMMERCE COLLEGE STUDENTS.”

Miss Shradha B. Tripathi Research Scholar Department Of Business Administration Smt K.L Mahavidyalaya, Amravati.

Abstract: There is no doubt that Social media has gained wider acceptability and usability and is also becoming probably the most important communication tools among students especially at the higher level of educational pursuit. As much as social media is viewed as having bridged the gap in communication that existed. Within the social media Facebook, Twitter, Watsapp and others are now gaining more and more patronage. This study attempts to obtain students’ perceptions on how social networking sites impact their academic performance. In this paper a survey was conducted by distributing 200 questionnaires to selected students from the Faculty of Commerce in Amravati city. The purpose was to obtain respondents’ opinion on the use of social networking sites and its influence on their academic performance. The study confirmed that most of the students are engage in the use of SNSs mainly for socializing activities rather than for academic purpose. However, most of the students do feel that the SNSs have more positive impact on their academic performance through collaborative learning. Introduction The world has been changed rapidly by the evolution of technology; this has resulted into the use of technology as the best medium to explore the wide area of knowledge. The evolution of internet technology has led to its use as the best medium for communication. Whereby, two-third of the world’s internet population visits social networking or blogging sites, thus serving as a communication and connection tool. The use of Internet has increased drastically between the year 2000 and 2007. According to Markey and Well during the year 2000 the number of people with access globally was estimated to be around 400 million. This number grew to 600 million in 2002. Internet is a tool that is used for different things by different people. It is used by employees of various organizations to search for information and to also exchange information with other people. At home the internet is used as means to chat to other people and to get news that affect the world in general. Some people make use of it to do business transactions through e-banking facility. The benefit that often come with the use of the internet such as obtaining useful information, chatting with friends, discussing and gaining knowledge on all sort of topics etc, have persuaded the college students. And access of social networking sites on internet has become a major attraction to these students.The social media has become one of the most important communication means in recent times. However, social networking exist so as to provide communication among people regardless of the distance, making it open to people easily share information, files and pictures and videos, create blogs and send messages, and conduct real-time conversations. These systems are referred to as social, simply because they allow communication with buddies and co-workers so easily and effectively. It also strengthens the ties between people of those systems. The favorite in the realm of internet sites are Facebook, Twitter and others. These websites and social forums are way of communication directly with other people socially and in media. They are playing a large and influential role decision-making in the occasions from the global world economically, politically, socially and educationally. The driving factors for adoption of social media are the progressively ubiquitous access, convenience, functionality, and flexibility of social technologies. It has been contended that, poor greater education, social technologies supports social constructivist techniques to learning they potentially have to improve students’ construction of understanding and promote student interaction. An additional benefit of social technologies provided on the internet is that they are frequently free or require marginal investment, eliminating a potential barrier to adoption. There has been various overview and opinions which recognized four major advantages of social media use in higher education. These include, enhancing relationship, improving learning motivation, offering personalized course material, and developing collaborative abilities. This means that social



networking activities have the possibility of enhancing student contact and is used to improve their participation in class, particularly where introverted students are involved. Students can function in online group learning, with less or no anxiety of needing to raise questions before peers at school. Review of Literature Different researchers have conducted research to ascertain the influence of social media on users; for example, Moon (2011) in a study on “impact of facebook on undergraduate academic performance”, averred that social media have negative impact on students. According to the result, the more students use facebook, the more it affects their academic performance. Similarly, Oye (2012) notes that most of the younger students use social networking sites mainly for socialising activities, rather than for academic purpose. Oye (2012) further observed that most of the students do feel that social networking sites have more positive impact on their academic performance. In another study conducted by Shana (2012), it was revealed that students use social network mainly for making friends and chatting. The result showed that only 26 percent of the students (respondents) indicated that they use social media for academic purpose. Seo (2004) corroborates Jeong’s assertion when he opined that the negative influence of internet is only on excessive users and not on all users. Statement of Problem The expansion in technology has also affected internet software, thus leading to chatting sites known by the name “social media”. However the study will evaluate the impact of social networking on academic performance of college students. Need & Purpose of the study It is a common scene to see a youth chatting in sensitive and highly organized places like church, mosque and lecture venues. Some are so carried away that even as they are walking along the highway, they keep chatting and put their lives in danger. The manufacturing and distribution of equally sophisticated cellular phones has complicated the situation, as youths no longer need to visit a cybercafé before they send and receive messages. Attention has been shifted from visible to invisible friends, while important ventures like studying and writing are affected in the process. This phenomenon has become a source of worry to many who believe in knowledge and skill acquisition. The emergence of social media as a result of advancement in technology and expansion in internet software has raised eye brows among academics on its (social media) impacts on studies. Students at all levels of learning now have divided attention to studies, as a result of available opportunities to be harnessed from social media. Whether these opportunities promote studies is a question that needs to be answered. Thus, the study investigated the “Impact of social networking on the academic performance of senior college students.” Objectives of the study.

• To analyse the time spent by the students on internet daily. • To evaluate the students perception towards usage of social networking sites. • To study the daily pattern of college attendance, tuitions and study time spent by students. • To analyse the length of time since the student is using internet on mobile. • To study whether the student is aspired to check social networking sites during studies. • To evaluate how the use of internet have improved the learning pattern of students. • To analyse whether it has been assumed that the use of social networking sites has become a

status symbol among students. Hypothesis: Ho: There is no relationship between the use of social networking site and the academic performance of senior college students. Data collection:

Primary data was collected through questionnaire mailed through electronic media.

Secondary data was collected from magazines, books and internet. Sampling:

1. Universe: Area was selected from Amravati city with the help of cluster sampling, the traditional senior colleges of commerce in the cluster.

2. Size: 200 respondents. 3. Sampling method: Disproportionate stratified random sampling method.



Analysis and Interpretation 1. Gender wise Distribution

Interpretation: In the sample there were 97 Females and 103 Male.

2. Age wise Distribution

Interpretation: There are 150 respondents who are of the age group of 26-30 and 50 respondents are of 21-25 age group.

3. Income wise Distribution

Interpretation: There are 40 Self income earner while 160 dependent on parents for their income source.

4. Area Wise Distribution

Male, 103Female, 97

21-25

26-30

Age Group

40

160

Self Income

Dependent onParents

0100200

Rural Urban SemiUrban

36132

32Area



Interpretation: There are 36 respondents from Rural area, 132 from Urban area and 32 from Semi Urban area.

5. Type of Mobile

Interpretation: There are 35 respondents who have Regular Mobile, 103 who have Android Mobile, 51 who have Smart Phones and 11 who have I phones.

6. Necessity of Social Networking Site

Interpretation: There are140 i.e. 70% of the respondents are of the opinion of having an account on SNSs while 60 i.e. 30% of the respondents feel that there is no need of opening or having an account on these sites. Therefore it may be said that having an account on these sites have become necessary among students for collaborative learning as well as have become status symbol among students.

7. Preferred Social Sites

Interpretation: There are 26 respondents out of 200 who prefer twitter account, 115 respondents have facebook account, 40 respondents prefer more than one account on these sites while 19 respondents have no account on any of the social networking sites.

35103

51110

50

100

150

Mobile Type

70%

30%

Yes No

26

115

40

19 twitter

facebook

more than oneaccount



8. SNS through mobile

Interpretation: There are 152 respondents use their mobile phone for accessing their account on social networking sites while 48 respondents do not use their mobile phone for operating these sites.

9. Primary use of SNS

Interpretation: The primary use of SNS is for posting photos responded by 87 respondents, 25 respondents use it for submitting articles, 20 respondents use it for blogging, 19 respondents use it for chatting, 18 respondents use it for downloading music/videos, 13 respondents use it for creating polls/quizzes or surveys, 9 respondents use it for uploading music/videos, 6 respondents use it for communication with teachers/class fellow, 3 respondents use it for any other purpose.

10. Friends on SNS are more compared to real life

0

200

Yes No

152

48

Usage of SNS Through Mobile

Usage of SNSThrough Mobile

18 9

87

20 13 19 256 3

Use of SNS

115

85Yes

No



Interpretation: There are 115 respondents who have more friends in real life than real life and 85 respondents don’t agree with this statement.

11. Testing of Hypothesis through Chi Square for proving SNS to be an effective tool for E-learning

Hypothesis for testing: SNS is NOT an effective tool for E-learning

E-learning Friends Teachers Total

Yes 128 72 200

No 72 128 200

Total 200 200 400

CONCLUSION: The calculated value is 31.36 which is greater than the table value 3.841. Hence, our hypothesis that SNS is not an effective tool for e-learning is proved wrong.

Therefore, we can say that SNS is an effective tool for e-learning

12. Weighted Average Distribution on the basis of Preference given by respondents on the choice of community they join/subscribe on SNS.

Rank Particulars Score

I Educational 59.6

II Informational 52.4

III Entertainment 50.8

IV Any other 32.4

NOTE: Respondents stating any other communities were asked as to reasoned that they subscribe communities for marriage, sports, hobbies, astrological etc. purposes.

13. Time spend on SNS’s

Interpretation: There are maximum 76 respondents who spend 1 hour in a day on SNS, 68 respondents spend almost 30 minutes on SNS whereas, 16 respondents spend 2 hours and 40 respondents for more than 2 hours a day.

14. Access of SNS during Exams

0

10

20

30

40

50

60

70

80

30 Mins 1 Hrs 2 Hrs More than 2 Hrs

Time spend

Time spend



Interpretation: There are72 respondents accesss their SNS account during exams while 128 respondents are matured enough and don’t access their account during exams. FINDINGS:

Positive perceptions obtained from users of social networking sites i.e. effective learning which has resulted in an easy learning climate among students. Through the study it has been explored that how social networking sites encourage friendliness through the use of Facebook, Twitter and watsapp. The study concluded that numerous approaches can be used to encourage amiability among students which leads to a positive effect from SNSs user’s point of view. It has been found that Facebook networking site is used by students more frequently and also faculty members. Recent data obtained from net, showed that approximately 297,000 users are university faculty members, although there are pros and cons in each case. It has been found that internet is advantageous to both students and teachers if used as a tool of knowledge creation and dissemination. In the study conducted, it was observed that maximum students spent almost 1 hour daily on these sites as well as there are maximum of 128 out of 200 respondents who don’t access these sites during exam which on the other hand don’t affect their academic performance.

REFERENCES: 1. Brown, S. (2010). From VLEs to learning webs: the implications of Web 2.0 for learning and

teaching. Interactive Learning Environments, 18(1), 1-10. 2. Schroeder, A., Minocha, S., & Schneider, C. (2010). Social Software in Higher Education: The

Diversity of Applications and Their Contributions to Students’ Learning Experiences. Communications of the Association for Information Systems, 26, Article 25(1), 547-564.

3. Ferdig, R. E. (2007). Editorial: Examining Social Software in Teacher Education. Journal of Technology and Teacher Education, 15(1), 5.

4. McLoughlin, C., & Lee, J. W. L. (2008). The Three P’s of Pedagogy for the Networked Society: Personalization, Participation, and Productivity. International Journal of Teaching and Learning in Higher Education 20(1), 10-27.

5. Wheeler, S., Yeomans, P., & Wheeler, D. (2008). The good, the bad and the wiki: Evaluating student-generated content for collaborative learning. British Journal of Educational Technology, 39(6), 987–995.

6. Oman - Telecoms, Mobile and Broadband. (2012). Retrieved from http://www.budde.com.au/Research/Oman-Telecoms-Mobile-and-Broadband.html

7. Bryant, J.A., Sanders-Jackson, A., and Smallwood, A. (2006). IMing, text messaging, and adolescent social networks. Journal of Computer-Mediated Communication, 11, 10. Retrieved from: http://jcmc.indiana.edu/vol11/issue2/Bryant.html.

8. Wang, Chen & Liang (2011). The Effects of Social Media on College Students. The Alan Shawn Feinstein Graduate School. Providence: Johnson & Wales University .

9. Stollak, Vandenberg, Burklund, & Weiss (2011). Getting Social: The Impact of Social Networking Usage on grades Among College Students. ASBBS, 18(1), 859-865.

0

50

100

150

YesNo

72

128

Access DuringExams



10. Rouis, Limayem, & Salehi-Sangari (2011). Impact of Facebook Usage on Students' Academic Achievement: Role of Self-Regulation and Trust. Journal of Research in Educational Psychology, 9(3), 961-994.

11. William, F. P., Social networking sites: How to Stay Safe Sites: Multi-State Information Sharing & Analysis Center (MS-ISAC). Retrieved 27 March 2011 http://www.msisac.org, 2009.

***



COUNTRIES WHICH DEMONETIZED AFTER SECOND WORLD WAR

Dr. Sonal Chandak Asst. Prof., Dept. Of Commerce, Smt. Kesharbai Lahoti Mahavidyalaya, Amravati.

Demonetization is the act of stripping a currency unit of its status as legal tender. Demonetization is necessary whenever there is a change of national currency. The old unit of currency must be retired and replaced with a new currency unit. The opposite of demonetization is remonetization where a form of payment is restored as legal tender. There are multiple reasons why nations demonetize their local units of currency. Some reasons include to combat inflation, to combat corruption, and to discourage a cash system. The process of demonetization involves either introducing new notes or coins of the same currency or completely replacing the old currency with new currency.1.India was the first country to demonetize immediately after the Second World War when the British government withdrew higher denomination notes in the aftermath of the Second World War. However the reason was not the world war solely but it was that India was bestowed with its freedom which was going to resume from 1947 August which began in the year 1946 with the appointment of constituent assembly, as also to help country save from tax evasion. It was not the first time in 2016 an RBI governor was skeptical of government’s move to strip currency of legal tender characteristic at short notice.The first instance was in 1946 and the second in 1978 when an ordinance was promulgated to phase out notes with denomination of Rs 1,000, Rs 5,000 and Rs 10,000. The media in terms of numbers was limited in 1946 and 1978 when compared to 2016. But given the importance of the decisions, it did trigger coverage. The present article studies the year, the countries, the reasons and the status of success or failure of demonetization after 1945.

1.India Newspaper and magazine archives of the 1946 decision do not seem to be available online. Therefore, glimpses of Reserve Bank of India commissioned history of India’s central bank are taken to get an idea of how a stakeholder perceived the decision. The following extract of RBI’s history volume is sourced from “Mostly Economics,” a blog on economic developments in India. According to RBI’s relevant volume: “Sir Chintaman Deshmukh (governor) felt that we may not get even as much as Rs. 10 crores as additional tax revenue from tax evasion and that the contemplated measure, if designed to achieve such a purpose, has no precedent or parallel anywhere. If value is going to be paid for value (no matter whether such value is in lower denomination notes), it is not going to obliterate black markets. His advice is that we should think very seriously if for the object in view (as he deduces from the declaration form) whether this is an opportune time to proceed with the scheme. Provided Government are satisfied on the points of (i) sparing harassment to the unoffending holders and (ii) a worthwhile minimum of results in the shape of extra tax revenue, he does not wish to object to the scheme as drafted, if Government wish to proceed with it notwithstanding the administrative difficulties involved.” Status:- Failed 2. United States of America In 1969, due to black money existence in the nation, the country was losing its sheen built on Silicon Valley and the so-called even today existent American Dream. US President Richard Nixon announced all bills above $100 null and void. Status: – Success. Even today $100 bill is the maximum available for circulation. 3.Britain: Before 1971, pond and pens currency used to be circulate in Britain but to bring uniformity in currency government stopped circulation of old currency in 1971, and bought coins of 5 and 10. Though, government was continuously telling about this big change from last 2 years but this policy failed in other countries except Britain.

http://www.investopedia.com/terms/c/currency.asp

http://www.investopedia.com/terms/l/legal-tender.asp

http://www.investopedia.com/terms/n/national-currency.asp

https://mostlyeconomics.wordpress.com/2016/11/11/digging-through-india-demonetization-history-12-jan-1946-saturday-and-16-jan-1978-monday/#more-19016

https://mostlyeconomics.wordpress.com/2016/11/11/digging-through-india-demonetization-history-12-jan-1946-saturday-and-16-jan-1978-monday/#more-19016



4. India Again in 1978 when notes of Rs 1,000, Rs 5,000 and Rs 10,000 were removed. In 1978, when Janata government proclaimed an ordinance, some of the media coverage of the development was available online. A Times of India report (sourced in-house) published on 17th January 1978 said: “A press note issued tonight said that the ordinance had been promulgated because there was reason to think that high-denomination notes were facilitating the illegal transfer of money for financing transactions which are harmful to the national economy or which are for illegal purposes. There has been concern in recent months over the behaviour of agricultural prices particularly of edible oils. In spite of a bumper harvest agricultural prices are ruling much higher than after the poor harvest of 1976- 77. Massive imports of edible oil have failed to bring down prices and the mustard oil price control order has failed miserably to give the consumer his requirements at the specified rate. There has been a feeling that a considerable amount of black money has gone to finance hoarding and speculation. The demonetisation of high denomination currency notes will hit black money hard.” I.G Patel was governor of RBI when the ordinance was promulgated in 1978. He was not happy about the government move. “Mostly Economics” quotes the relevant part from Patel’s memoirs which are as follows. “such an exercise seldom produces striking results. Most peoplewho accept illegal gratification or are otherwise the recipients of black money do not keep their ill-gotten earnings in the form of currency for long. The idea that black money or wealth is held in the form of notes tucked away in suit cases or pillow cases is naïve. And in any case, even those who are caught napping—or waiting—will have the chance to convert the notes through paid agents as some provision has to be made to convert at par notes tendered in small amounts for which explanations cannot be reasonably sought. But the gesture had to be made, and produced much work and little gain.” An analysis of the move was written by Jay Dubashi in one of India Today’s February editions. Dubashi reported that the ordinance had a ripple effect on other markets such as gold and diamond where prices slumped by 5 to 10% within a week. In addition, the old notes were going at 70% discount in Bombay’s Zaveri Bazar. In his report, Dubashi wrote: “Politics apart, the demonetization is unlikely to curb black money in circulation, for the simple reason that no one really knows how much black money there is in circulation and, even more important, whether black money can really be defined in precise terms in all its shades.” 5. Ghana In 1982, Ghana ditched their 50 cedis note to tackle tax evasion and empty excess liquidity. This made the people of the country support the black market and they started investing in physical assets which obviously made the economy weak. 6. Nigeria In 1984, the government run by Muhammadu Buhari has announced demonetization of all existing currencies to improve the high-inflation-debt economy. In 1984, Muhammadu Buhari was the President of Nigeria, that time he started new currency notes with design and colour to bring economy in stable position. But it didn’t brought any changes in the economy and resultant Buhari resigned from his position. It took long 21 years for him to become President again. Status: – Failed. He was thrown out of power in 1985-86. 7. Myanmar In 1987, Myanmar’s military invalidated around 80% value of money to curb black market. The decision led to economic disruption which in turn led to mass protests that killed many people. Military government discontinued currency notes in Myanmar in 1987 with the same thought of end of black money and corruption. But this led political dispute among government and resultant thousands of people died because of this. And so, demonetization came to an end. 8. Switzerland: To deter counterfeiting, Switzerland has a reserve series of notes. A series of Swiss Franc 10 notes were printed by the Swiss National Bank in 1984. But the notes were never issued and the notes are currently still in reserve. 9. Zaire

http://indiatoday.intoday.in/story/govt-decides-to-withdraw-high-value-notes-from-circulation/1/434117.html



In 1990, the Dictator Mobutu ran the demonetization drive which led to economic instability in the country which won freedom in 1970 making it more vulnerable to foreign funding at that time. The country recovered in 2000. Status: – Failed 10. Soviet Union In 1991, Mikhail Gorbachev ordered to withdrew large-ruble bills from circulation to take over the black market. The move didn’t go well with the citizens which resulted into a coup attempt which brought down his authority and the led to Soviet breakup. In the year 1991, Mikhail Gorbachev Government banned the currency note of Ruble 50 and 100 in Soviet Union to end black money in the country. Government expected that it will decrease the market of black money and give a proper life to common people. But this decision of Gorbachev took a very wrong turn and people started doubting on government and because of this he also faced the problem of change of government. Status :- Failed 11. Congo: Dictator Mobutu Sese made some changes with currency of Congo for the smooth running of economy during 90s. However, these changes didn’t give any better result of it in economy. Resultant prices of necessity goods increased and share market saw a heavy downfall. 12. Australia In 1996, the government to the curb black money crisis and improve security features on the notes, they withdrew all paper-based notes and replaced them with long life polymer-based notes of the same denomination. Australia became the first country to release polymer (plastic) notes to stop widespread counterfeiting. Since the purpose was to replace paper with plastic and only the material changed, it did not had any side-effects on the economy. In 1996, Australia became the first country to have a full series of circulating polymer bank notes after replacing all paper-based notes, which the government systemically made non-tender for legal purposes. To stop widespread counterfeiting, the Reserve Bank of Australia had released the world's first long lasting and counterfeit-resistant polymer (plastic) banknotes. Status: – Success. This improved the life of the bills and helped in making Australia a business friendly country, despite the initial costs incurred to manufacture polymer-based notes. 13. Zimbabwe In 2010, due to chronic hyperinflation in Zimbabwe, the government started printing notes with a face value of 1 hundred trillion Zimbabwean Dollars’ worth just 40 cents. The government was at one point printing a currency note with a face value of one hundred trillion dollars. The Zimbabwean economy went for a toss when President Robert Mugabe issued edicts to ban inflation through laughable value notes. After demonetisation, the value of trillion dollars dropped to $0.5 dollar and were also put up on eBay. This obviously rendered lesser denominations obsolete, which were taken out of circulation quickly in 2010. Status: – Failed. The country replaced their currency with US Dollars later. 14. North Korea In 2010, the then dictator of North Korea Kim Jong-II has decided to remove two zeroes from the currency denominations to curb black money menace and tightly control the economy. The demonetisation that happened in North Korea in 2010 left people with no food and shelter. Kim-Jong ll introduced a reform that knocked off two zeros from the face value of the old currency in order to banish black market. Status: – Miserably Failed. Due to bad harvest and high inflation, this move was highly criticized by the International Media, making the dictator to apologize in the public. 15. Pakistan In June 2015, the Government of Pakistan has announced the demonetization of Rs.5 and Rs.500 in June 2015 with immediate effect and phase out of all other denominations. The people of Pakistan had one-and-half year time to exchange these notes, after which (December 1, 2016) the notes will be declared null and void. Status: – Messed Up. One and Half Years for demonetization….. To exchange notes. Can’t curb black money neither counterfeit notes.



16. India Once again Indian Government in 2016, 8 November, at 8 pm giving a master stroke to curb the black money, smuggling, tax evasion, and bad money in circulation declared the highest denomination notes of Rs. 500 and Rs. 1000 to be withdrawn from the system from the mid night of that day giving 50 days relief to general public to deposit the notes in the bank. One of the biggest benefits of this move is that

1. it is going to drastically affect the corrupt practices. People who are holding black money in cash will not be able to exchange much as they would be in a fear of getting penalised and prosecuted by the authorities. Enemies of the country which are involved in counterfeit currency and terrorism will not be able to continue it further for quite some time at least. The smuggling of arms and dealing with the terrorist will not sustain further as all of the money will be on record now.

2. Secondly, the banking system will improve as it will slowly head towards a cashless society. Cashless society will increase credit access and financial inclusion. The existing white money of people will be known to the government and it will remain with banks so that it can be put on loan, and interest can be generated from it (though interest rates would fall) with a corresponding fall in Inflation. Further Banking System will get a boost, as more than Rs 7-8 lakh crore base money (new legal money) will enter the system. However, it needs to be seen how much money actually remains in the system, once the cash withdrawal limits are eased.

3. Thirdly, it will reduce the risk and cost of cash handling as soft money is safer than hard money. It will also reduce government liability. Since every note is a liability for the government, the old currency will become worthless for those people, who choose not to disclose their income. Thus, this will extinguish government's liability to that extent. It is expected approximately Rs 5 lakh crore may come to the government in the form of extinguished RBI liability, taxes and penalties. This amount is enough to take care of India's entire fiscal deficit for one year or more. It will also reduce tax avoidance. Whatever money will be deposited or exchanged, authorities will keep a track of it and they will be extra cautious in this period. Dealing in this period in sectors like jewellery and real estate will be on radar and those entering into Loan transactions may also undergo tax scrutiny. Search and Seizure activities of the IT Department will also rise to curb such malpractices. Limits have already been prescribed for reporting to the IT Department those bank accounts in which excess cash deposits are being made in this 50-day window (Rs 2.5 lakh in case of individuals and Rs 12.5 lakh in case of firms).

4. Importantly, in the longer run, tax and interest rates on loans are expected to come down as higher income tax collections arising from better compliance would offer scope to reduce rates over the long term. This, in turn, will drive up disposable income. This can give a positive impact on consumption demand in long term.

Negative side of the coin: 1. The liquidity squeeze caused by demonetisation will be negative across sectors with high level of

cash transactions. 2. Real estate, jewellery, retailing, restaurants, logistics, consumer durables and luxury brands,

cement and some segments in retail/SME lending space will be facing short term instability. 3. Those companies with high level of debt will face more pressure and can face loan defaults. 4. There will be an added replacement costs of currency. We cannot ignore the increased cost of

operating ATMs need to be refilled more often and also it will be a huge burden on banks. Initially, it is very difficult to create a cashless society as more than 50 percent of Indian population is not well versed with card transactions.

5. Also for these initial months, it will be very difficult to make cash transactions of a higher amount. But the government is taking steps to improve liquidity into the system and reduce inconvenience as much as possible.

6. Major problem is with the major size of population who are muslims who as per Shariyat, follow Islam and donot earn interest on their cash. While according to Government there will be a cap on maintaining cash at hand. For this the government might be required to announce new account that is Islamic account giving no interest on that.

It was a total messed up situation initially, the economy sounded to be completely paralysed for few days, the growth rate, the small scale production found it chronically difficult to match with the



situation and many labourers from unorganized sector also facing job leaving due to threats that they donot and cannot have the bank accounts. However, the government is trying to control the situation by circulating new replaced notes of Rs. 2000 and Rs. 500 and also smaller denomination notes too. The success or failure of the move cannot be spelled so early. It has to be done at least after 6 months. India is certainly going to experience "Acche Din" in Modi's regime. The decision of this surgical strike on black money was not taken in a day or two. Rome was not built in a day and similarly, this plan is the result of Prime Minister's meticulous planning and never ending fight against corruption. As a result, he has successfully made the right stroke at the right time. Further, the penal provisions are hefty enough to ensure that corrupt practices will find it hard to take roots again. Despite certain short term troubles, demonetization is certainly going to give a boost to the Indian economy in the long run. As of now, all of us should stand and support this bold move of our Prime Minister and help those needy, around us.

References: 1. Demonetization http://www.investopedia.com 2. Chobey Ankita, “History of Demonetization in the World”, Mumbai Mirror | Nov 25, 2016, 07.35

PM IST 3. "Withdrawal of Legal Tender Status for Rs 500 and Rs 1000 Notes: RBI Notice (Revised)". Reserve

Bank of India. 8 November 2016. Retrieved 8 November 2016. 4. "Queues get longer at banks, ATMs on weekend". The Hindu. 12 November 2016 5. Why Were the Notes Scrapped? RBI Chief, Economic Affairs Secy Explain". News 18. 8 November

2016. Retrieved 9 November 2016. 6. “Other Countries That Have Attempted Demonetisation In The Past: As the country adjusts to the

new currency norms, here is a list of other countries that attempted demonetization”, By News World India | New Delhi | Updated: November 17, 2016 5:19 pm

7. Demonetization in 1946 and 1978: Stories from the past, November 15, 2016, 2:49 PM IST Sanjiv Shankaran in Cash Flow | Economy, India | TOI

***

http://www.investopedia.com/terms/d/demonetization.asp#ixzz4TfSPeotY

http://www.investopedia.com/

https://rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=38520

http://www.thehindu.com/news/national/demonetisation-move-chaos-grows-queues-get-longer-at-banks-atms-on-weekend/article9337803.ece

http://www.news18.com/news/india/why-were-the-notes-scrapped-rbi-chief-and-economic-affairs-secretary-explain-1309756.html

http://newsworldindia.in/author/focusnewsbureau/

http://newsworldindia.in/author/focusnewsbureau/

http://blogs.timesofindia.indiatimes.com/author/sanjivshankaran/

http://blogs.timesofindia.indiatimes.com/author/sanjivshankaran/

http://blogs.timesofindia.indiatimes.com/cash-flow/

http://blogs.timesofindia.indiatimes.com/business/economy/

http://blogs.timesofindia.indiatimes.com/india/



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Eg.kts dsoG ek=kRed ok< udks rj xq.kkRed ok< vlkoh T;ke/;s ekuoh thou fodklkr vkjksX;kyk

fo”ks’k egRo vkgs R;kph ti.kwd Ogkoh gk mn~ns”k vkgs-

1950 P;k n”kdkr “ksrhps Lo#i ekxklysys o ijaijkxr “ksrh i/nrhoj voyacqu gksrs- R;kewGs “ksrhpk

fodkl eanxrhus gksr gksrk ek= 1960 P;k n”kdkr gjhr dzakrhpk ijh.kke Eg.kwu “ksrhps ikjaikjhd Lo:Ik

cnyqu vk/kqfud v”kk O;kikjh”ksrhyk pkyuk feGkyh T;keqGs Hkkjr vUu /kkU;kP;k ckcrhr Lo;aiw.kZ >kyk

rlsp fu;kZrhe/;s “ksrhPkk okVk ok<yk- Hkkjrkr loZ{ks=kpk fopkj dsY;kl vtqu “ksrh {ks= gs lokZf/kd 56

izfr”kr jkstxkj miyC/k ns.kkjs {ks= vkgs- ijarq vfydMP;k dkGkr fodklkps lkrR; vHkkokusp vk<Grs

dkj.k Hkkjrh; “ksrh izkeq[;kus ekulwuoj voyacqu vkgs ek= ekUklqupk ygjhi.kk “ksrh fodklkoj xaHkhj

ifj.kke djrks Hkkjrkr tyflapukP;k lqfo/kk visf{kr izek.kkr ok<Y;k ukghr gs vk/kqfud Hkkjrkps nqnsZop

Eg.kkos ykxsy gjhr dzkarhP;k n”kdkr vusd o’kZ “ksrh fodklkP;k e;kZnkeqGs vYi ewY;kaP;k fidkaps ykxoM

{ks= vf/kd gksrs f”kok; fidkaps mRiknu o mRIkndrkgh vfr”k; vYi gksrh R;krgh vo’kZ.k vkf.k 1972&73



P;k nq’dkGkus /kksj.k dR;kZauk iNkMqu Vkdys R;kewGs “ksrh fodkl vkf.k izknsf”kd vlekursckcr fodkl

/kksj.kkph vaeyctko.kh lq: >kyh- ijaaaar q tkxfrd “ksrhph Li/kkZRed rwyuk dsY;kl Hkkjrh; “ksrh

ra=KkukP;k rlsp vuqnkukP;k ckcrhr ekxklysyh vkgsp] dtZcktkjhi.kk ikjaikfjd fid i/nrh] O;;koj

vk/kkfjr fdaerhpk vHkko o foRrh; lsok lqfo/ksrhy =qVh “ksrhyk o “ksrd&;kauk vf/kd leL;k fuekZ.k

djhr vkgsr R;kph xkaHkh;kZus n[ky ?ks.;kph o R;kuqlkj vaeyctko.kh dj.;kph vkt vko”;drk vkgs-

Hkkjrh; vFkZO;oLFkk izkeq[;kus “ksrhoj voyacqu vlY;kus “ksrhrhy vfuf”prrk laiY;k f”kok; m|ksx o

lsok {ks=kyk cGdVh ;s.kkj ukgh Eg.kwu izk/kkU;kus “kkldh; /kksj.kkr “ksrhyk egRo ns.;kph xjt vkgs-

vU;Fkk lokZr tkLr jkstxkj fuekZ.k dj.kkjs “ksrh {ks= vf/kdp y;kyk tkbZy T;kpk ijh.kke fodkl njkoj

>kY;k f”kok; jkg.kkj ukgh ojhy izek.ks lqfpr dsysY;k leL;k izkeq[;kus vYi o flekar “ksrd&;kaP;k

ckcrhr frozrsus fnlwu ;srkr gs fo”ks’k-

“ksrh o Lkac/khr {ks= 55-3 44-5 38-1 14-3

m|ksx 16-1 23-6 25-9 27-9

lsok 28-5 31-9 36-0 57-8

,dq.k 100-0 100-0 100-0 100-0

Source – Compiled & Computed from CMF Basic statistics Relating to the Indian Company Vol-1. All India August

1994 & CSO National Accounts statistics 1999 at 1993-94 Price jk’Vzh; mRiUukr “ksrh {ks=kpk fgLlk 55-3 izfr”kr

gksrk rks 2010&11 e/;s ?kVwu 14-3 izfr”kr >kyk gh ?kVhph osxoku fLFkrh vlyh rjh “ksrhps jk’Vzh;

mRiUUkkrhy LFkku deh gksr ukgh dkj.k [k&;k vFkkZus 125 dksVh yksdla[;sps Hkj.k iks’k.k d:u m|ksxkyk

dk;e dPPk eky iwjo.;kps o lsok {ks=kyk pkyuk ns.;kps dke “ksrheqGsp gksrs Eg.kwup Hkkjrh;

vFkZO;oLFkspk d.kk vls c zhn “ksrhyk izkIr >kysys vkgs rjhi.k gh ?kV vkfFkZd vkjksX;kaoj ijh.kke dj.kkjh

vkgs Eg.kwu rhP;k fparu f”kyrsph xjt vkgs-

Hkkjrkr Lokra=;kuarj m|ksx ok<hyk lq:okr >kyh i.k m|ksxkpk fodkl lqjokrhyk ean gksrk

1970 uarj m|ksx ok<hyk cGdVh feGkyh rjhi.k vis{khr vkS|ksfxdj.k >kysys ukgh- Hkkjrkr 1950&51

iklqu lsok {ks=kyk pkyuk feGkyh rsOgk jk’Vzh; mRiUukrhy lsokapk fgLlk 28-5 izfr”kr gksrk rks ok<qu

2010&11 yk 57-8 oj xsyk gh ckc mYys[kuh; vkgs FkksMD;kr vkfFkZd fodklkyk iks’kd okrkoj.k fuekZ.k

>kys vkgs i.k “ksrh {ks=kph n;fu; voLFkk nwj dsY;k f”kok; fodklkph QGs xksM ykxukj ukghr gs

frrdsp lR; vkgs- dkj.k tkxfrdhdj.kkuarj Hkkjrkr ekpZ 2015 Ik;Zar 2-5 yk[kkP;koj “ksrd&;kauh

vkRegR;k dsyk vkgsr- gh ckc egklRrsdMs okVpky dj.kk&;k ns”kkr dkGhek Qkl.kkjh vkgs- Eg.kwup

ekxhy 25 o’kkZP;k dkGkr ,dkgh iariz/kkukus tkxfrd Lrjkojhy Hkk’k.kkr “ksrd&;kP;k ckcr ,dgh “kCn

mPpkjyk ukgh Eg.kwup fodklkph loZ{ks= ikj dj.kk&;k ns”kkr “ksrd&;kaph gh nSukoLFkk fdrir ;ksX;

vkgs- dks.kR;k U;k;k;kps nkj BksBkoys Eg.kts R;kauk lkekftd U;k; feGsy FkksMD;kr dk; rj Hkkjrh;

“ksrdjh fodkl izokgkP;k dkslks nwj vkgs gs ek= fuf”pr-

Ok’kZ ykxoMh [kkyhy {ks=

n”k y{k gsDVj

vUu/kkU; mRIkknu n”k y{k

Vu

1950-51 97-32 50-82

1970-71 124-32 108-42

1990-91 127-84 176-39

2006-07 123-70 217-28

2011-12 142-32 246-20

Source-Central Stutistical Organisation – New Delhi.

Hkkjrkr “ksrhP;k ykxoM;ksX; {ks=kr ok< >kysyh vkgs Eg.ktsp 1950&51 e/;s ykxoM {ks= 97-32

n”ky{k gsDVj o:u ok<qu 2011&12 e/;s 142-32 n”ky{k gsDVj oj xsys R;kp xrhus vUu /kkU; mRiknukr

ok< >kysyh fnlqu ;srs Eg.kts 1950&51 e/;s 50-82 n”ky{k Vuko:u mRIkknu ok<- 2011&12 e/;s 246-30

n”ky{k Vukoj iksgpyh gh mYys[k.kh; ckc vlyh rjh Hkkjrh; vf/kd yksdla[;k o vkS|ksfxd n’V;k

fodflr gksr vlysY;k ns”kkr “ksrhP;k mRIkknu o forj.k lajpusr izpaM cny dj.;kph xjt vkgs Eg.kwu



Lokra=~; izkIrhuarj iapokfiZd ;kstusP;k ek/;ekrwu “ksrh fodklkps izHkkoh /kksj.k jkcfoys xsys- rlsp

mRiknu forj.kk lanHkkZr d`’kh mRIkUu cktkj lferhr lq/kkj.ks djhrk vusd dk;ns dsys xsys- Hkwlq/kkj.kk

dk;ns dj.;kr vkys dkj.k yksdla[;sph ok<rh vUu/kkU;kph xjt vki.k ckgsjhy ns”kkdMwu vk;kr d:u

fdrh fnol Hkkxfo.kkj R;kdjhrk fdrh fons”kh pyu [kpZ dj.kkj R;klkBh vk/kqfud ra=Kkukpk okij]

jklk;fud [krs] fc&fc;kus ;kpk okij d:u iMhr tfeu ykxoMh [kkyh vkuqu ykxoM {ks= ok<hcjkscj

mRiknukr ok< >kysyh vkgs-“ksrh fodklklkBh dsanz ljdkjus ufou jk’Vzh; d`’kh /kksj.k tkghj dsys R;kps

o.kZu banz/kuq’; dzkarh Eg.kqu dsys tkrs- ;k fofo/k /kksj.kkapk vkf.k fodkl dk;kZpk pkaxyk ifj.kke fnlr

vlyk rjh R;kph nqljh cktq th nq’ijh.kkekph vkgs rh Hk;kog vkgs Eg.kwu ;k “ksrhyk Ik;kZ;h v”kh lsaUnzh;

“ksrhph i/nrh :tq ykxyh vkgs-

“ksrh mRiknukr ok< Ogkoh Eg.kwu jklk;uhd [krkpk okij vf/kd

gksr vlY;kus mRiknukr dkgh dkG Hkj iMrs gs tjh [kjs vlys rjh ;k [krkP;k okijkus tfeuhpk iksr

u’V gksrks] tfeuhr {kkjkps izek.k ok<rs- tfeuhrhy tSfod ?kVdkpk uk”k gksrks dkgh dkGkus tfeu

ukihd gksrs rlsp vUu ?kVdkr jklk;fud ?kVdkps izek.k ok<qu ekuoh vkjksX;kl gkuh iksgprs-

2- %& fidkaP;k laj{k.kkFkZ fdVd uk”kdkapk okij dsyk tkrks ek= R;keqGs

uSlfxZd okrkj.kkyk vuqdwy vls tSofofo/krsoj R;kpk foijhr ifj.kke gksrks rlsp ik.kh e`nk] gok iznw’k.k

ok<rs R;kewGs izk.kh] ekuo] i{kh] ekls ;kaP;k vkjksX;kaoj xaHkhj ifj.kke gksrks vusdnk e`R;wgh gksrks fdVd

uk”kdkps /kk; [kkmup fpeuh lkj[ks vusd i{kh fnlsukls >kys vkgsr-

%& vfrfjDr mRiknukdjhrk Hkkjrkr eksB~;k izek.kkr tyflapu ok<rs vkgs

R;keqGs tfefur [kkjiVi.kk ok<r vkgs- HkwtyikrGh osxkus ?kVr vkgs- fi.;kP;k ik.;kP;k leL;k ok<r

vkgsr- tyflapukdjhrk tfeuhyk cksvjosyP;k ek/;ekus vusd Nhnz iMr vkgsr- ok<R;k tyflapukeqGs

tfefur vydyh xq.k/keZ ok<r vkgsr-

4 %& tfeuhP;k okijkrwu ts izkIr dsys tkrs R;k izek.kkr fryk ijr

dsys tkr ukgh R;kewGs tfeuhpk uSlfxd lerksy fc?kMrks d`f=e vknkukeqGs tfeuhph lqihdrk ok<.;k

,Soth fc?kMrs-

5- %& jklk;fud [krs o fdVd uk”kds r;kj dj.;kdjhrk QkWlksy Q;q,y

lkj[kh ba/kus okijY;kus R;kph cktkjkrhy fdaer ok<rs- R;k ?kVdkps iquuZfodj.k “kD; ulrs R;kewGs ;k

lk/kukapk rwVoMk fuekZ.k gksrks-

%& vk/kqfud “ksrh djhrk izpaM [kpZ ;srks R;kewGs lkekU; “ksrd&;kaP;k

ctsVe/;s g;k ckch ;sr ukghr R;kewGs gs “ksrdjh nkfjnz;k dMs <dyys tkrkr rlsp ok<R;k fdVduk”kd

o jklk;fud [krkeqGs vUu/kkU;koj ijh.kke gksmu gs nzO; ?kVd vUukcjkscj iksVkr tkrkr R;kewGs iksVkps

vkf.k “kkfjjhd vkjksX; fc?kMrs R;kewGs oS|dh; [kpkZr ok< gksrs R;kp cjkscj vk;q’;eku ?kVr vkgs-

Hkkjrh; “ksrhP;k vk/kqfudhdj.kkrqu gjhrdzkarh mn;kl vkyh mRiknukr ok< >kyh i.k ;k Qk;nk lkscrp

rhus vusd xaHkhj leL;kgh vk.kY;k vkgsr R;kdMs nqyZ{k d:u pky.kkj ukgh R;klkBh ;ksX; v”kk

leUo;kph xjt vkgs- R;klkBh “ksanzh; “ksrhpk i;kZ; vf/kd mi;qDr gksm “kdrks R;kdjhrk Hkkjrh; “ksrdjh

o “kklukP;k ekufldrsr cny ?kMowu vk.k.;kph xjt vkgs ts.ks d:u R;kewGs Ik;kZoj.kh; vlerksy deh

gksmu Hkkjrh; “ksrh ntsZnkj gksmu “ksrd&;kps mRiUu ok<sy vkf.k vkRegR;kps l= Fkkacsy-

tSora=Kkukoj vk/kkfjr “ksrh gh izpyhr gokekukpk lkeuk dj.kkjh

nq’dkGrgh fVdko vl.kkjh v”kh lq/kkfjr o izxr v”kk vUu/kkU;kP;k iztkrh “ksrhlkBh miyC/k d:u

ns.kkjh O;oLFkk gks;- Eg.ktsp gfjr dzkarhP;k “ksrhra=kyk Ik;kZ;h i;kZoj.k iwjd o iks’kd v”kh O;oLFkk fdaok

d`’kh dk;kZrhy i/nrh gks;-

v- %& Hkkjrkr izpyhr “ksrhi/nrhr jklk;uhd [krkaP;k mi;ksxkewGs “ksrh mRiknukr

ok< gksrs ijarq gh ok< fpjdkG fVdwu jkgq “kdr ukgh dkj.k ;k i/nrhr tfeuhP;k mitr xq.kkapk uk”k

gksrks- ifj.kkeh tfeuhP;k mRiknu {kersr ?kV gksrs- ;k i/nrhr ik.;kpk okij vf/kd vlY;kus mRiknu

[kpZ ok<rks- vkf.k tfeuhr {kkjkps izek.k vf/kd ok<rs- jklk;fud [krk cjkscj fdVd uk”kdkapk okij

vf/kd vlY;kus gk.khdkjd fdVd ejrkr ijarq tfeuhrhy o okrkoj.kkrhy thotrwgh ejrkr ts

fidi/nrhyk mi;qDr vlrkr fulxkZusp mRiknu ok<hph vkf.k fulxZ lerksykph dk;e v”kh O;OkLFkk

d:u Bsoyh vkgs th vki.k izpyhr “ksrhus i/nrhus eksMdGhl vk.kyh vkgs ,o<sp ukgh rj ;k i/nrhpk



ekuoh vkjksX;kaojgh xaHkhj ifj.kke gksr vkgs ;k nq’ifj.kkekrqu eqDr gksmu vf/kd lks;hLdj o LFkkfu;

ikrGhoj deh [kpkZph i/nrh Eg.kts lsanzh; “ksrh gks;-

lsaUnzh; “ksrh i/nrhph mi;qDrrk [kkyhy ckchaoj voyacqu vkgs-

1- lsaUnzh; inkFkkZpk tksj[krkaOnkjs okij

2- thouwyk iks’kd v”kk lao/kZdkapk Ik;kZIr okij

3- fgjoGhP;k ikykikpksGk [krkapk vf/kd okij

4- xkaMwG [krkpk okij

5- ,dkfRed dhM O;oLFkkiu

6- vkPNknu i/nrhpk ;ksX; okij

7- fofo/k ouLirh o fidkapk vo”ks’kkapk rlsp vUuizfdz;srhy Vkdkm ?kVdkapk vkf.k vksY;k dp&;kapk daiks’V

[kr Eg.kwu okij

8- fid QsjikyV o vkarjihd i/nrhpk mi;ksx

c- fidkauk {krh iksgpfo.kk&;k fdM fu;a=.kkdfjrk tSfod fdMh ;a=.kke/;s ^U;qDyhvks

ikWfygk;Mzkful] dk;lZ] bZ- ih- ik;jksQl] dkWihtsbLek lkj[;k tSfod fdMhpk okij dsY;kus jklk;fud

[krkps ekuoh o fulxkZoj gks.kkjs nq’iijh.kke VkGrk ;srkr Eg.kwu ns”kkr fdM fu;a=.kkpk ,dkfRed

dk;Zdze jkcfoyk tkr vkgs- rlsp minzoh fdVdkaP;k uk”kk djhrk tSfod vkSi/k Eg.kwu LFkkfud dMwoxhZ;

ouLirhpk fgjok ikyk] dMwfyackP;k fyacksG;k] dMoV ouLirhpk okij tls dkjY;kpk ikyk] uk;]

VkgadG] cs”kje djath pk okij djrk ;srks R;keqGs [kpkZrgh cpr gksrs-

1- dM/kkU; QG>kMs o HkkthikykP;k eqGkoj xk<h;qDr lq{e dehP;k fu;a=.kklkBh ikWflyks ek;fll]

fyy;k flul gk ftok.kw mi;qDr Bjrks-

2- QG oxhZ; >kMkojhy fi<;k <sdwu fdMhP;k fu;a=.kklkBh fdzIVksfyel] ekWUVzks>k;jh gk tSo ?kVd

mi;qDr Bjyk vkgs-

3- fofo/k fidkauk gkuh dj.kk&;k ekok rqMrqMs] ;kaP;k fu;a=.kklkBh dzks;lksijyk] dkj.kh gs thok.kw

mi;qDr vkgssr-

4- lks;kfcu] cVkVk o vU; fidkaP;k uk”kkl dkj.khHkwr LiksVksVsjk o vG;kauk vkGk ?kky.;klkBh ,l-

,y-,u-ih-Ogh- gk ekWftd ftok.kw izHkkoh Bjyk vkgs-

5- fofo/k fidkaoj ej] ewGdqat] [kksMdqat] cqj”khP;k fu;a=.kklkBh Vzk;dksMekZ gh jksxfu;a=d cqj”kh

mi;qDr vkgs-

6- ysMhcMZ gk ijftoh ftok.kw ekok] fi<;k <sdwu ;klkj[kk fdMhaoj miftohdk djrkr Eg.kwu R;kyk

“ksrd&;kapk fe=p ekurkr-

fidlaj{k.kklg d`‘khlao/kZu FkksMD;kr uSlfxZd d`‘khfodklkP;k n`IVhus uhygfjr “ksokGkps mRiknu]

tSfod rlsp dkcZuh [krkpk mi;ksx vkf.k tSfod dhMO;oLFkkiu ;kyk vfydMs vf/kd egRo izkIr gksr

vkgs- R;keqGs egkxM;k o vk/kqfud letY;k tk.kk&;k O;kikjh “ksrh i/nrhyk i;kZ;h lsafnz; “ksrhr tSfod

[krkpk okij iw<hy izek.ks djrk ;srks-

1- fofo/k ftok.kw[krkiSdh v>ksyk gh ,d ikuouLirh vkgs gh vukcsu v>ksyh ;k “kssokGkcjkscj lgthoh

i/nrhus Okk<rs

2- gosrhy u= fLFkj dj.kkjs ftok.kw Eg.kwu ^v>ksVks cWDVj* izek.ksp ^ck;tsfjfd;k gs ftok.kw egRokps vkgsr

vlgftoh i/nrhus dk;Z dj.kkjs gs ftok.kw ,dny o r`.k/kkU; fidkalkBh mi;qDr Bjrkr-

3- “kssrd&;kaPkk [kjk fe= vl.kk&;k xkaMqGkdMwu eksB;k izek.kkoj [kr fuehZrh gksrs-

4- fuygfjr “kssokG Hkkr fidkalkBh mRre [kr ekuys tkrs- rlsp rs tfeuhe/;s eksB;k izek.kkoj u= la?kVhr

dj.;kps dke djrs-

M %& tSfod ra=i/nrhe/;s tuqdh; ra=Kkukpk mi;ksx d:u fidkaph

xq.koRrk ok<fo.ks “kD; vkgs- fof“k‘V fids xq.koRrk pkaxyh vlwugh jksxizfrdkjd {kerk deh vlY;kus rs

fdMhauk o jksxkyk cGh iMrkr rj dkgh brj fids mRiknukP;k ckcr deh izfrph vlrkr ek= R;kaph

jksxizfrdkjd {kerk tkLr vlrs- v“kkosGh nksUgh tkrhapk ladj ?kMowu vf/kd jksxizfrdkjd {kerk o deh

fnolkr ;s.kk&;k lRo;qDr rlsp vf/kd mRiknu{ke v“kk fidkaP;k tkrh r;kj dsY;k tkrkr-



vkjksaX;kP;k n‘Vhus mRre izfrph] vf/kd fVdkm vl.kkjh QGs ] Qqys ;kaP;k mRiknukr ;k

i/nrhewGs dzkarh ?kMoqu vk.kyh vkgs- tls fcxj dks;hpk vack] dsGh] flMysl nzk{ks] fcxj fctkph iibZ] gh

tSfod ra=kP;k tuqfd; ra=Kkukph QyJ`rh gks;- jksxkauk nkn u ns.kkjh loZekU; v”kh dik“khph iztkrh

Eg.kts ch-Vh-dkWVu ;kp ra=Kkukph QyJ`rh gks;-

”

ns”kkrhy osxkus ok<.kkjh yksdla[;sph ekx.kh iw.kZ djrkaukp vkjksX;kl iks’kd o gk.khdkjd ewDr Ik;kZIr

mRiknu ok<hlkBh jklk;fud “ksrhyk Ik;kZ;h v”kh deh [kpkZph lsaUnzh; “ksrhph HkjHkjjkV gks.ks rhpk izlkj

gks.ks vR;ar xjtsps vkgs- R;kdjhrk loZ Lrjkrwu lgdk;kZphgh xjt vkgs rjp HkkjrkP;k egklRrsyk

vkjksX; laEiUu cy”kkgh Hkkjrkph miek feGsy- ;k vFkkZus “ksrh mRiknukr ek=kRed ok<h cjkscj xq.kkRed

ok< dj.kkjh fg i/nrh vkgs-

1 Mishra S. K. And Puri V.K. 2010 Problems of Indian Economy, Himalaya Publishing House, Mumbai.

2 nRRk lqanje&2009] Hkkjrh; vFkZO;oLFkk] ,l-pkWan-vWUM daiuh fy- uoh fnYyh

3 izk- Hkkslys o izk- dkVs 2009 d`’khO;olk; QMds izdk”ku] dksYgkiwj

4 jk;[ksydj@nketh&2013] Hkkjrh; vFkZO;oLFkk] fo|k cqd ifCy”klZ & vkSjaxkckn-

5 Ekkfld %& vk/kqfud “ksrh fo”ks’kkad] vFkZlaokn] ejkBh vFkZ”kkL= ifj’knsps =sekfld] tkusokjh&ekpZ 2013]

i`’B 370&71

***



lgk- izk/;kid

Jherh ds’kjckbZ ykgksVh egk-

vejkorh

Hkkjr ns’kkus Lokra«;kuarj feJ Lo:ikph vFkZO;oLFkk fLodkjyh- vFkZO;oLFksyk lqn< d:u ns’kkP;k vkfFkZd

fodklklkBh fu;kstudkj o vFkZrKkP;k ers djiz.kkyh Bjfo.;kr vkyh- R;ke/;s izR;{k vkf.k vizR;{k dj

Bjfo.;kr vkys- R;kuqlkj dsanz ljdkj] jkT; ljdkj vkf.k LFkkfud laLFkk ;kaps osxosxGs vizR;{k dj vkgs-

;k fofHkUu djiz.kkyheqGs djO;oLFksr ,dokD;rk uOgrh- tkxfrdhdj.kkP;k dkGkr ns’kkrhy fofHkUu

oLrwoj ,dp djiz.kkyh ¼vizR;{k½ vlkoh- xqarkxqrhph izfdz;k deh d:u dj jpusr ,dokD;rk vkf.k

lqyHkrk vk.k.;klkBh dsanz ljdkjus loZ vizR;{k djkps ,d=hdj.k d:u R;k,soth oLrq o lsokdj gk

,dp izdkjpk dj yko.;kph r;kjh dsysyh vkgs- oLrq o lsok dj fo/ks;d ¼th-,l-Vh- fcy½ lalnsr ikl

>kY;kuarj ns’kkrhy fo/kkulHksph ekU;rk feG.ks xjtsps vkgs- ;k fo/ks;dkeqGs ns’kkr ,dleku ewY;o/khZr dj

ykxsy- oLrw o lsok djkeqGs ns’kkrhy mRikfnr oLrq o lsokoj fodzhdj ykxw gksbZy-

th-,l-Vh- Eg.kts xqMl vW.M lfOgZl VWDl gks;- T;kyk oLrw o lsok dj vls Eg.krkr- gh djiz.kkyh ykxw

dj.;kpk izew[k mn~ns’k laiw.kZ ns’kkr ,dleku dj O;oLFkk ykxw djus vlk vkgs-l|k fLFkrhr Hkkjrkr ykxw

vlysY;k vizR;{k djiz.kkyh e/khy osxosxG;k Lrjkoj dsanz o jkT; ljdkjn~okjs yko.;kr ;s.kkjs vusd

fofo/k dj ;ke/;s lekfo"B jkghy- ;ke/;s dsanz vcdkjh dj] vfrfjDr vcdkjh 'kqYd] lsok dj rj jkT;

Lrjkojhy OgWV dk;nk] euksjatu dj] tdkr o izos’k dj dk;nk] [kjsnh dj ;kapk lekos’k gks.kkj vkgs- th-

,l-Vh djiz.kkyh ykxw dj.ks gs vkrki;Zarps vizR;{k djkrhy lokZr eksBh o lq/kkjhr ;kstuk ekuU;kr ;srs-

dkj.k ;keqGs dsanz ljdkj o jkT; ljdkje/khy vkfFkZd okV.khrhy varj deh gks.;kl enr gksbZy- ;krhy

dj vkdkj.khps dk;Z{ks= usewu ns.;klkBh vlk/kkj.k laLFkkRed ;a=.kk ¼th-,l-Vh dkWfUlfyax½ ph LFkkiuk

dj.;kr vkyh- R;kuarj th-,l-Vh dkWfUlfyaxP;k lYykuqlkj izR;sd jkT; vkikiY;k jkT;kr th-,l-Vh

fo/ks;d r;kj dj.;kr ;sbZy- th-,l-Vh fcykps dk;|kr :ikarj >kY;koj 1 ,fizy 2017 iklwu th-,l-Vh-

dk;nk ykxw dj.;kP;k iz;Rukr ljdkj vkgs-

th-,l-Vh- fcykr djkps rhu izdkjkr oxhZdj.k dsys vkgs-

1- dsafnz; oLrw o lsok dj ¼Central Goods & Service Tax½

2- jkT; oLrw o lsok dj ¼Sate Goods & Service Tax½

3- vkarj jkT;h;@,dkfRed oLrw o lsok dj ¼International/Integrated goods & Service Tax½

;kckcrhr th-,l-Vh- dkSfUlyP;k lYY;kuqlkj djkpk nj Bjfoyk tkÅu ,dwu djkP;k njke/kqu dsanz o

jkT;kpk nj Bjfo.;kr ;sbZy- R;kp izek.ks gk dk;nk veykr vk.kY;koj dsanz o jkT; ljdkjps feGwu

,dw.k 17 izdkjps dk;ns jn~n gksrhy-



dsafnz; mRiknu 'kqYd] vfrfjDr mRiknu 'kqYd] lsok dj] vfrfjDr lhek

'kqYdkojhy vfrfjDr dj-

jkT; fdaer lao/kZu dj] fodzh dj] euksjatu dj ¼LFkkfud djkauk lksMwu½

dsafnz; fodzh dj ¼dsanz ljdkjn~okjk yko.;kr vkysyk vkf.k jkT; ljdkjn~okjk olwy dj.;kr vkysyk½

[kjsnh dj] ykWVjh ojhy dj b-

l|kfLFkrhr ns’kkr osxosxG~;k jkT;kr fofo/k Lo:ikps dj iz.kkyh pkyw

vlwu fHkUurk vkgs- R;keqGs oLrwP;k cktkjisBsps Lo:i ,dkRe Lo:ikps ukgh- ;k djkeqGs ,dkRe cktkjisB

fuekZ.k gksÅu loZ xzkgdkauk Qk;nk feGsy-

jkT; Lrjh; oLrw o lsosP;k iwjoB~;kP;k O;ogkjkoj jkT;dj vkf.k dsanzdj vkdkjyk

tkbZy Eg.kts izR;sd fcykr nksu dj vkdkjys tkbZy-

th-,l-Vh- djkPkk dk;nk dsafnz; Lo:ikpk vlsy- vkarjjkT; oLrw lsosP;k

iqjoB~;kP;k O;ogkjkuk dj ykorkuk T;k jkT;krqu iwjoBk >kyk R;k jkT;krhy dsafnz; dj jkT; dj ;kaP;k

csjts ,o<~;k njkus dj Hkjkok ykxsy-

O;kikjkrhy vk;kr o fu;kZr gh ;k dk;|k[kkyh vk.kysys vkgs-

10 yk[kkis{kk tkLr myk<ky vkÅVoMZ lIyk;ph gksbZy R;kauk uksan.kh dj.ks

vko’;d vkgs-

oLrqP;k mRiknukilwu rs xzkgdkl dsysY;k fodzhP;k lk[kGhrhy izR;sd VII;koj

ewY;lao/kZukoj ¼fodzh fdaer] [kjsnh fdaer½ ;koj dj |kok ykxsy-

ns’kkr gksr vlysY;k dksV~;ko/kh O;ogkjkoj y{k Bso.;klkBh lax.kdh;

iz.kkyhph vko’;drk vlY;kus ;k djkpk Hkj.kk ¼vkWu ykbZu½ us djrk ;s.;klkBh th-,l-Vh- usVodZ r;kj

dj.;klkBh ljdkj iz;Rujr vkgs-

O;kikjkrhy vk;kr o fu;kZr vk; th-,l-Vh ;k dk;|k[kkyh ;sbZy- oLrwph vk;kr

djrkauk csfld dLVe M~;wVh lksMwu ts vf/kHkkj Hkjkos ykxrkr rs vk;-th-,l-Vh- Eg.kwu olwy dsys tkrhy-

fu;kZrhoj dj ulY;kus fu;kZrhlkBh th [kjsnh dsyh vlsy R;kpk fjQaM ns.;kr ;sbZy-

1½ fofo/k Lrjkoj yko.;kr ;s.kkjs dj lekIr gksbZy-

½ ns’kkrhy dj O;oLFkk leku Lo:ikph ykxw gksbZy-

3½ ns’kkr ,dlkj[kh cktkj O;oLFkk fuekZ.k gksbZy-

4½ djkph pksjh deh gksÅu vFkZO;oLFksr ykHk gksbZy-

5½ th-,l-Vh- eqGs O;kikjkr ok< gks.;kl enr gksÅ 'kdrs-

6½ oLrwP;k mRiknukojhy dj deh gksÅu mRiknu [kpZ deh dj.;kyk enr gksbZy-

7½ ns’kkarxZr O;kikjkr lgtrk ;sÅu vkarjjk"Vªh; O;kikj ok<hl enr feGsy-

oLrw o lsok dj dk;nk ykxw dsY;kuarj vFkZO;oLFksP;k fofo/k ?kVdkoj ifj.kke gksbZy- ljdkjus fuekZ.k

dsysY;k lferhP;k rKkP;k ers oLrw o lsok djkpk nj 18 rs 20 VDds jkg.kkj vlY;kus egkxkbZoj ;kpk

izR;{k izHkko iM.kkj ukgh- dkj.k miHkksDrk ewY; lwpdkad Bjfo.;kÚ;k oLrwae/;s lekfo"B vlysys 54 VDds

mRiknu gs oLrw o lsok djkP;k ckgsj Bso.;kr ;sbZy- ;ke/khy 32 VDds brj oLrwoj vkdkjysyk djkpk

nj deh Bso.;kr ;sbZy- QDr 12 rs 13 VDds oLrw ckcr izHkkfor nj ykxw gksbZy-

e|] fjvy bLVsV] fo|qr ¼fot½ b- oLrqauk o lsokuk lksMwu loZ oLrwauk oLrw o lsok djkP;k dk;|kr

vk.k.;kr ;sbZy- djkpk nj iwohZizek.ks Bso.;kr ;sbZy gs visf{kr vkgs- ijarq fof’k"V oLrwoj deh fdaok tkLr

vlw 'kdrks-dkgh oLrwckcr deh rj dkgh oLrwckcr tkLr dj vlw 'kdrkr- dkgh oLrwauk djkP;k ckcrhr

otkoV feGsy rj dkgh oLrwauk feG.kkj ukgh- [kkyhy rkyhdsr djkP;k ckcrhr gks.kkjk cny n’kZfoyk

vkgs-



jk;YVh $

OgWV

dsafnz;

fodzhdj

dLVe

M;wVh $

flOghMh $

,l-,Mh-

jk;YVh $

,lth,lVh

lhth,lVh

fdaok

vk;th,lVh

dLVe M;wVh $

vk;th,lVh

&& lsokdj && ,lth,lVh lhth,lVh &&

OgWV ,DlkbZt && ,lth,lVh lhth,lVh &&

izos'k dju

OgWV

dsafnz;

fodzhdj && ,lth,lVh lhth,lVh &&

OgWV dsafnz;

fodzhdj && ,lth,lVh lhth,lVh &&

OgWV dsafnz;

fodzhdj

,lth,lVh $

lhth,lVh vk;th,lVh &&

oLrw o lsok dj ykxw >kY;kuarj jk;YVh vkf.k dLVe M~;wVh ;k djkph otkoV feG.kkj ulY;kus oLrw o

lsokps nj deh Bso.ks 'kD; gksbZy- th-,l-Vh-eqGs laiw.kZ ns’kkr O;kikj dj.ks lqyHk gksbZy- oLrw o lsokaoj

gks.kkjk [kpZ deh >kY;kus fu;kZr ok<q 'kdrs- vkarjjkT; O;ogkjkrhy xqarkxwrhps O;ogkj deh gksÅu R;koj

iw.kZ dj Hkjkok ykxsy- oLrw lsokaph fdaer Bjfo.;klkBh dkGth ?;koh ykxsy vU;Fkk R;kr xksa/kG gks.;kph

'kD;rk vkgs- th,lVh ykxw >kY;keqGs ,dp djkph vaeyctko.kh djkoh ykxsy- R;keqGs th,lVh gk dj

dk;nk O;kikj o/nhlkBh rlsp vFkZ O;oLFksyk cGdVh iznku dj.kkjk B: 'kdrks- th,lVh dj ykxw

>kY;keqGs vizR;{k djkjksiukr lq/kkj.kk dj.;kps egRoiw.kZ o ;ksX; ikÅy ekuys tkÅ 'kdrs-

1½ Research Journal & vkWDVksacj 2016

2½ O;kikjh fe= ekfld & uksOgsacj 2016 rs ekpZ 2016

3½ ;kstuk] & uksOgsacj 2016

4½ fuca/k] o`Rri=s

***