Project Report on Education Society Essay

Activities of the Promoting Body including a listing of major educational promotional activities undertaken till now. 2. 4. Mission of the Promoting Body 2. 5. Vision of the Promoting Body CHAPTER III : OBJECTIVES AND SCOPE OF THE PROPOSED PROGRAMME 3. 1 Objectives 3. 2 General and Commerce Education Scenario in the State 3. 3 Status at Entry Level 3. 4. Status of Commerce Level manpower 3. 5 Industrial Scenario of the State 3. 6 Scope of the College vis-a-vis the Industrial Scenario and Educational Facilities already available in the State and in this Institute. CHAPTER IV :ACADEMIC PROGRAMMES 4. 1 Basic Academic Philosophy of the Institution 4. 2 Types of Programmes 4. 3. Identified Programmes 4. 4. Phase-wise Introduction of Programmes & Intake 4. 5 Target Date for Start of Academic Programmes 4. 6 Central Computing facility 4. 7 Central Library 4. 8 Affiliating Body 4. 11 Scholarships CHAPTER V: SALIENT FEATURES OF ACADEMIC DIVISIONS 5. 1 Classification of Academic Divisions i. e. Departments,Centres, Schools, Central Academic Facilities. 5. 2. (i) Commerce (120 seats) 5. 2. (i) 1 Academic Objectives 5. 2. (i) 2. : Areas of Focus . 2. (i) 3. : Academic Programme 5. 2. 4 : Faculty Requirement & Phase-wise Recruitment 5. 2. 5 : Requirement of Laboratories, Space and Equipment (cost) 5. 2. 6 : Requirement of other Space like Class Rooms,Faculty Rooms, Departmental Office. CHAPTER VI : LINKAGES IN TECHNICAL EDUCATION 6. 1. : Introduction 6. 2. : Linkages with Industry 6. 3. : Linkages with the Community 6. 4. : Linkages with Instituti ons of excellence such as the IIMs and ICAI. 6. 5. : Linkages Abroad CHAPTER VII : GOVERNANCE 7. 1. : Philosophy of Governance 7. 2. : State & Central Governance CHAPTER VIII : ACADEMIC & ADMINISTRATIVE MANAGEMENT 8. 1. : Organizational Structure & Chart for day-to-day Operations & Management 8. 2. : Role and Responsibilities of Key Senior Positions 8. 3. : Methods/Style of Administration/Management CHAPTER I : BRIEF DETAILS OF COLLABORATING PARTNERS. A. Gurukul Education Society In the following pages brief details of collaborating parteners 1) ——— and 2) ——- are given B. INTRODUCTION To meet the increasing demand of qualified manpower in the field of emerging areas of commerce and Industry. And to provide the Primary education facilities to common man in village, Gurukul Education society, pune is formed with the approval of All India council for Education, Govt of india. It is affiliated to Pune University and Pune Board. In todays World of 21 century, our country is on the road map of Globalization, hence more and more industries are attracting towards India and specially towards Rural Area. As they are considering there rural area as beneficial investment. Hence Gurukul Education society is planning to open a Primary School and Commerce college in Pune District at Yavat. C. Backround of the Counsultants. Solution Provider pvt. Ltd. are appointed as consultants to regularize & assist for project completion. The Solution Provider are serving various clients for last 25 years. They have very good goodwill in market & commitment complier. CHAPTER II : THE PROMOTING BODY 2. 1 Introduction to its Genesis including its Registration Status Gurukul Education Society, registered in 1998 in pune has established Gurukul Institute of commerce in Pune. Whose members include well-known Industrialists, Businessmen, Professionals and Educationists. The people associated with the Society are engaged in rendering social services in Pune and Mumbai. The members of the society are committed to provide the investment needed for the education with global competitiveness. No compromise is made in ensuring the high quality of education in the Institute. 2. 2. Details of its Promoters including their Background The promoters consist of Industrialists, Businessmen, Professionals Educationists. The list is given on the following pages. In there are a large number of members in the following categories: (i) Founder Members : 44 ii) Members : 39 (iii) Aajiwan Sahyogi : 156 (iv) Donors : 21 2. 3 Activities of the Promoting Body including a listing of major educational promotional activities undertake till now. The promoters of the society have been involved in various activities related to basic and professional education, health care and have established a number of educational institutions consisting of Engineering College, Polytechnic, IT I and are also managing Five Public Schools at various locations in Maharashtra. 2. 4 Mission of the Promoting Body The missions are mentioned below: 1. To arrange, establish, run and manage Nursery, Primary Higher Secondary and Higher Education in Commerce Institutions. Colleges for all types of higher education; preparation for various competitive examinations and civil services and to provide education to the General Public, poor and needy children, SC, ST Community and other sections of the society and to provide education as per the Policy of the Govt. of India. 2. To arrange, establish run, manage, control, lookafter, and super-vise Commerce Educational Institutions, Colleges, Lecture halls, part time Coaching Education Centre n Charitable basis and other establishments or Institution for advancement of education and knowledge in arts, science, social science, knowledge of public hygine, literature and humanities, etc. 3. To establish environment preservation and pollution control centres to restrain the spread of pollution and to conduct such programmes which aim at preservation of environment, improvement and control of pollu tion. 2. 5 Vision of the Promoting Body †¢ To provide for excellence in Commerce Education and Research. To provide computers as: an aid to study, an object of study, a professional tool, an intellectual tool, an instrument of social change. †¢ To develop strong communication skills in the students †¢ To create awareness for social, historical, ethical, cultural and human values. †¢ To create a culture for self and life long learning. †¢ To create an intellectual spirit and capability for critical judgement. †¢ To establish a symbiotic relationship with industries. †¢ To develop entrepreneurship programmes and promote student entrepreneurs. †¢ To develop continuing education programmes. To create an awareness for development with equity and environmental values. †¢ To undertake resource generation and provide consultancy services. CHAPTER III : OBJECTIVES AND SCOPE OF THE PROPOSED PROGRAMME 3. 1 Objectives 3. 1-i GURUKUL SCHOOL. * To prom ote preliminary education * To open Marathi medium & English medium school * To promote extra circular activities such as, sports, social activities, art etc. * Enhancement of quality of education to students 3. 1-ii GURUKUL COMMERCE COLLEGE. * Access to modern course material of international level. Enhancement of quality of education to students. * Enhancement in avenues for jobs to the student. * Enhancement in value addition to the existing programme. * Initiation of post graduation education. 3. 2 General and Commerce Education Scenario in the State Pune can be rightly called an Educational city. There is One Central Universities, and a number of Deemed Universities. 3. 3 Status at Entry Level Gurukul School Child completed 3 years of age can start Pre preliminary house followed by Preliminary & secondary school life. Gurukul Commerce College 0+2 students in Commerce stream opt for Commerce Courses. The number of seats available in Pune per thousand students compared to other states is very low. This imbalance needs to be corrected. CHAPTER IV: ACADEMIC PROGRAMMES 4. 1 Classification of Academic Division The following major divisions/departments exist in the school & college. * Pre preliminary * Preliminary (Std. 1st to 4th ) * Secondary ( Std. 5th to 10th ) * Higher Secondary ( Std. 11th & 12th ) * Graduation in Commerce ( B. com) * Post Graduation in Commerce (M. com) 4. 2 Entrepreneurship: Entrepreneurship is the greatest service to the society. The fruit of Commerce is harvested by the entrepreneur and served to the society in different baskets and packages. The prosperity of the society is directly linked to the successful entrepreneurs. 4. 3 Liberalization and Globalization: If a society is compelled to single out one determinant of competitiveness, in the era of globalisation based economy, one has no option but to choose commerce education since in the end people are the ultimate assets in global competition. This Institute imparts education for global competitiveness. . 4 Computerization of Learning Process : As already mentioned, Computer is the central medium for the learning process viz, (i) Visualization of concepts and processes through graphics and multimedia in multidimensional continuum, (ii) Analytical details under changing parameters and environment, (iii) Tutorial software for deeper understanding of the subject, (iv) Self paced learning, which normal ly can not be created without computers. The Institute provides seamless opportunities for innovative learning. CHAPTER V: SALIENT FEATURES OF ACADEMIC DIVISIONS 5. 1. :Academic Objectives Through this course of School & college students are well versed in Commerce & being made aware of the endless opportunities opened by the application of academic knowledge & information technology for a total integration of system spanning and global scenario. There is a great demand for such manpower as the industries are moving for a higher level of globalisation. 5. 2. : Areas of Focus Globalisation & finance transferency. 5. 3:Faculty Requirement & Phase-wise Recruitment For the collaborative programme with the University all faculty members will must have Ph. D. degrees. For the collaborative programme with the University the following key faculty members have already been identified to be appointed. (i) Professor Yogesh Mathur Accounts (ii) Professor V. P. Srivastava Financial Management (iii) Professor M. M. Bhutani Corporate Law (iv) Professor Suresh Chandra Computer (v) Dr. C. R. Roy Humanities (vi) Dr. Krishan Kumar Costing Others will be appointed in consultation with key faculty members through proper advertisements. 5. 4: Requirement of Laboratories, Space and Equipment For school we require to have laboratories & no need to have laboratories for commerce college. Space requirement for such laboratory will be substantial. All equipments required are of high quality & will be ordered from reputed suppliers. CHAPTER VI : LINKAGES IN TECHNICAL EDUCATION 6. 1. : Introduction School & commerce college education is based on societal needs of today and tomorrow. Society is seamlessly becoming dependent of Information Technology, All aspects of human endeavour is taking new shapes and directions for a higher level of productivity, efficiency for over all development. 6. 2. : Linkages with Industry The Institute promotes the activities in co-operation with the Industries. Students and Faculty members are sent to visit Industries. With M/s. Laxmi Iyer, a more compact relationship has been undertaken as specified by them. 6. 3. : Linkages with the Community : The requirements of the Community have been well studied and crystallized. Accordingly, educational programs have been designed. Pune is becoming metropolitan city. Hence, the needs of the community here are different from the rural community. The education at the Institution provides deep knowledge & computer skills. 6. 4. : Linkages with other Institutions in the region : There is initiative to linkage with all the Commerce Institutes in India like ICAI, ICSI. This will help students to per sue professional education while taking formal education with Institute. 6. 5. : Linkages Abroad Efforts are made to have linkage with abroad universities/Institutes, as the infrastructures and faculty are no less than any foreign institutes. Therefore, this collaboration will bridge this gap and help students to be globalise in every aspect be it education or job. CHAPTER VII: FINANCIAL ASPECT 7. 1: Organisational structure and chart for day to day operation and management. President/secretary (chairman) HEAD OFADMINISTRATIVEEXAMINATIONLIBRARIAN DEPARTMENTOFFICERBRANCH/INCHARGE FACULTYSUPERINTENDENT ATTENDANCESTAFFDEPARTMENT OF STAFF HOUSE KEEPING DATA ENTRYATTENDANT TELEPHONE OPERATOR OPERATOR STORE INCHARGE CLERKS ELECTRICIAN CANTEEN 7. 2: SCHOLARSHIPS. Institutes believes, it has responsibility towards society in which functioning and also provides help to students of weaker section of society especially SC/ST/NT. * State government provides scholarship to weaker students whose income is below average. Arrange for education loan to needy students from banks. * Issue free books to meritorious students. * Also help meritorious but poor, physically challenge and orphan students. * Grants provides by university grant commission. 7. 3: PHASEWISE FINANCIAL REQUIRMENT. Financial requirement for building, furniture, library, labs and workshops, teaching and non-teaching staff is on the following lines. The cost analysis is based on the current rates. 7. 4: S alary: – teaching and non-teaching staff is as follows. particulars| Amount(in rupees p. m)| Principal| 75,000| Professor| 50,000| Assistant professor | 35,000| Lecturers | 25,000| Lab assistant| 15,000| Maintenance staff| 13,000| Office assistant| 13,000| Librarian| 10,000| TOTAL| 2,30,000| 7. 5: Land, Building & Infrastructure Facility Land| 130,00,000| Building| 100,00,000| Lab & workshop| 40,00,000| Computer Lab| 25,00,000| Furniture| 20,00,000| Library| 15,00,000| TOTAL| 330,00,000| 7. 6: Strategies for Financial Mobilization * Some promoters are businessmen and have their own commercial institutes & construction Institute. * Any shortage, the financial mobilization will be through unsecured loan from non-financial institutes. * Interest free loan from promoters. After completion of eligibility and all documents, Central Government and State Government will provide grants for continuing such project. * Donations will be accepted from public. CHAPTER VIII: GOVERNANCE AND ACADEMIC & ADMINISTRATIVE MANAGEMENT: 8. 1: Philosophy of Governance It is said the best governance is that which does not govern. But the underlying Mea ning of this is not chaos by but order. This concept of governance bestows Autonomy in decision making with responsibility and Co-ordination. There is a Total freedom for innovative measures and a total Co-ordination from top to Bottom. The decisions are taken at the top but with inputs from the lower rungs So, the governance ensures total participation across the various hierarchies. Head of the Department. Is helped by the faculty members. The Dean is helped by the HODs and faculty members both Director is helped by the Dean, HOD and Faculty members. The Chairman/General Secretary are helped by the Directors And Dean. 8. 2: Methods/Style of Administration/Management The administration is participative. Every faculty member has certain responsibility Delegated to him. 20 students are attached to one faculty member who is designated Group Counselors for that set of students. Group Counselors meet their respective Groups once in a month to know the problems being faced by students Group Counselor Provide the briefs of the meetings to the Director, Director (E) and Dean on matters Related to education, administration and emotional support that the students need. Thus, the problem identification is done at the grass-root level and administrative remedial steps are taken of the appropriate lands. Similarly, grievances of Faculty and Staff are also resolved in a transparent manner. 8. 3: RULES AND REGULATION OF GOVERMEND IN INDIA REGARDING OPENING OF SCHOOLS AND COLLEGES. FIRST STEP: Schools and college cannot be set up by private entities. They have to be run by a society formed under the Societies Act of 1860, or a trust under Public Trust Act as existent in different states, or by forming a Company under Section 25 of the Companies Act 1956. In other words, a school and college have to be set up strictly as a non-profit business. At least that is the theory. Setting up a school and college is not just about constructing physical infrastructure in the form of building classrooms and setting up libraries and laboratories. It does involve obtaining permissions and licenses from concerned authorities at various stages. It starts with the setting up of a trust or a society, with a Governing board of five or six members, with a president, chairperson, and a secretary duly identified, as specified under the law. This article will focus primarily on identifying the various steps involved in Opening a school, providing facility for the study for students. SECOND STEP: Once the governing entity, whether a company, trust, or society, comes into existence, it will have to Look for land. There are two possibilities—one, if the society or trust has a land of its own, or, second, When the governing entity decides to buy a land for the proposed school. Buying land from the Government requires permission in the form of a no-objection certificate from the Department of Education of the concerned state. The no-objection certificate, called Essentiality Certificate (EC), Certifies the requirement of a school and college in a particular area. The logic behind the practice is to make Sure No two schools and college compete with each other and one becomes redundant. The EC comes with a Rider that construction must commence within three years, failing which the society will have to reapply for the same. One can apply to the concerned municipal corporation for land for the school and college with the EC. Land is supposed to be allotted to the governing entity at subsidized rates is usually allotted through auction. LAW APPLICABLE Originally, education was a state subject under the Constitution. In 1976, by a constitutional Amendment, education came in the concurrent list, the joint responsibility of the central and state governments. â€Å"It is almost impossible for a new entrant to get land. Land is normally granted to established players with a chain of schools and colleges. Even if a member on the board of a governing entity has land that the entity wants to use for setting up a school and colleges, a no-objection from the Department of Education stating the requirement of a school and colleges in that area is required. The major education boards of the country, namely, the Central Board of Secondary Education (CBSE), the Council for the Indian School Certificate examinations (CISCE), UGC and state government boards, have clearly laid down norms for land requirements for schools and colleges. This, in most cases, is 2 acres, except for hilly regions and metropolitan cities, where the requirement is less. Construction can take place only on a part of the land, and a playground has to be created in the rest. While conceiving the idea of a school and college, one has to assess the potentials of a location, kind of competition possible, and the target group—the lower middle class, upper middle class or the rich class—the school and colleges will cater to. From the time of forming a governing entity to a school and colleges actually starting up, one normally requires about a year, though taking more than two years is also not unheard of. Normally the infrastructure required to start up can be constructed within a period of six to seven months. Once the construction is over, school and college authorities need to apply for recognition. Up to Class 5 recognition from municipality is all that is required. For Classes 6 to 8 recognition comes from the Department of Education. Recognition for anything above this also comes from the Education Department, but after a minimum gap of two years. School authorities are free to seek affiliation to CBSE or CISCE or ugc. In that case, the school will have to follow the guidelines of the board it is seeking affiliation to. The school will need to follow the syllabus, books prescribed by the affiliating board, and pay specified salaries to the teachers. If it is not a government school, affiliation for schools normally comes in stages. Initially, for Classes 1 to 6 a temporary affiliation is given and guidelines are laid down for schools by the concerned education board. Once things are in place according to the guidelines, an inspection is conducted. If things are to the satisfaction of the board authorities, permanent affiliation is bestowed on the school. ays inspections are not so rigorous after permanent affiliation is granted, but a school has to be run according to the rules of the board. LICENSES AND DOCUMENTS Setting up a school involves a lot of legal processes from the very beginning. While forming a society, trust, or company, one has to have a Memorandum of Association, a document needed almost at every stage later. Like for any other business, a detailed project report for the school is al so needed. In addition, details of land and building, auditor’s statement, bank statements of the governing entity and their members and auditor’s statements are needed at some point or the other. Once the school and college building is ready for initial use, a certificate of recognition has to come from the state government, issued by the municipality for the junior classes, and by the Department of Education for middle school. If high school is to be added subsequently, certificate of up gradation is required which is again issued by the Education Department. Affiliation from either the CBSE or CISCE or UGC is also done through a set process. Things do not stop here, as schools and college need Certificates for hygiene, water, and completion of the building from the municipality.

Computer Network Assignment

COMPUTER NETWORKS 4TH MARCH 2012 Examination Paper Answer ALL questions. Clearly cross out surplus answers. Time: 2 hours Any reference material brought into the examination room must be handed to the invigilator before the start of the examination. ANSWER ALL QUESTIONS Marks QUESTION 1 a) State FOUR (4) principles underpinning the Open Systems Interconnection (OSI) Reference Model. b) Describe the purpose of the physical layer of the OSI Reference Model. c) State THREE (3) elements of network design that relate to the physical layer of the OSI Reference Model. ) Describe the purpose of the data link layer. 4 1 3 2 Total 10 Marks QUESTION 2 a) b) c) d) Define the term a packet as used in computer networks. Briefly describe the THREE (3) key components of a packet. Explain the difference between a LAN, MAN and WAN. Describe how signal reflection could be a problem in an Ethernet LAN and explain how this is prevented. 1 3 3 3 Total 10 Marks QUESTION 3 a) b) c) d) Explain why wireless t echnology was not initially widely adopted. State THREE (3) advantages to using wireless peripheral devices. Describe what a wireless adapter is.Windows 7 Check Your UnderstandingDescribe what an access point is. 3 3 2 2 Total 10 Marks QUESTION 4 a) b) c) d) Explain what physical topology is. Explain what logical topology is. Describe how physical topology and logical topology relate to each other. Describe how point to point networks operate. 2 2 2 4 Total 10 Marks QUESTION 5 a) b) c) J State FIVE (5) factors to consider when choosing physical media for a computer network. State FOUR (4) advantages to using fibre-optic cable as a network medium. State the main disadvantage to using fibre-optic cable as a network medium. 4 1 Total 10 Marks QUESTIONS CONTINUE ON NEXT PAGE Page 2 of 3 Computer Networks March 2012 Formatted/HW Â © NCC Education Ltd 2012 Marks QUESTION 6 a) b) Explain what a repeater is and briefly describe how it works. Explain what a router is and briefly describe ho w it works. 6 4 Total 10 Marks QUESTION 7 a) b) c) List FIVE (5) key factors to take into account when locating wireless access points. You have located an access point in the best available place for your wireless network but it is not providing the complete coverage you require.State THREE (3) options you have to extend the coverage of the wireless network. Your wireless network allows public access via a login page. Describe TWO (2) features that should be included in your login page. 5 3 2 Total 10 Marks QUESTION 8 a) b) c) d) A secure network offers privacy. Explain what privacy is in this context. A secure network offers integrity. Explain what integrity is in this context. A secure network offers availability. Explain what availability is in this context. Describe a man-in-the-middle attack. 2 3 2 3 Total 10 Marks QUESTION 9 a)Firewall traffic blocking rules can be created for network traffic based upon a number of different properties. State THREE (3) properties that are use d to create firewall rules. b) Explain what a router firewall does. c) List FOUR (4) key tasks that are vital for managing a firewall. 3 3 4 Total 10 Marks QUESTION 10 a) b) c) State the THREE (3) main functions of a Network Operating System (NOS). Describe how a redirector works. State THREE (3) network services that a NOS will typically enable. 3 4 3 Total 10 Marks END OF EXAM Page 3 of 3 Computer Networks March 2012 Formatted/HW Â © NCC Education Ltd 2012

School leadership and social justice: Evidence from Ghana and Tanzania

This paper will be a critical analysis of the quality and rightness of the methods of informations aggregation and analysis in the paper produced by Bosu et Al. ( 2011 ) . I will try to supply with logical thinking, an apprehension for the grounds of the methods used in the instance surveies analysed and do usage of literature to supply back uping and opposing positions on the informations aggregation methods every bit good as its analysis. The context of the paper is set in the African states of Ghana and Tanzania, both considered 'emerging and developing economic systems ‘ harmonizing to the International Monetary Fund ( IMF, 2010, p. 152 ) . Three instance surveies are scrutinised, each with the subject of educational leading with undertones of societal justness nevertheless it is non clear what the aims of the research workers are, which is critical in a instance survey due to their being â€Å" wide in nature † ( Best, 2010a, p. 1 ) . Each was an explanatory instance survey, look intoing the consequences of determinations made by school leaders based upon informations collected utilizing an etic attack. In each instance survey there is a reappraisal of an action research run, where the facilitator was the caput instructor of a school. Two of the caput instructors, both from Ghana, attended an action research workshop where they were introduced to research techniques, there is no reference of the history of the Tanzanian caput instructor, or if they had received similar preparation. There is no lucidity of the research workers focus, be it the difference that go toing the workshop makes to the effectivity of action research, the difference caused by lodgers or merely the end point of changing methods of action research. At this occasion I shall try to reexamine the informations aggregation methods of each single instance survey, reasoning by reexamining the informations aggregation by the research workers, of the paper as a whole. Case Study: School A – Gold coast This instance survey had the focal point of trying to cut down adolescent gestations of members of the school in inquiry. To accomplish this, the caput teacher attempted to derive information from the community. There is clear grounds of the usage of interview techniques, notably the caput teacher keeping a ‘discussion ‘ with the PTA which was a focus-group interview. A focal point group interview does look allow in this instance as they are designed to â€Å" explicate and understand, the significances, feelings, beliefs and attitudes that influence the behavior of persons who are assumed to portion a common civilization, job or issue † ( Best, 2010b, p. 23 ) which in this instance seems to be pertinent despite a deficiency of information as to who is invited to the PTA and if they do hold a cognition of the country to be discussed. Maxwell ( 1997 ) explains the importance of purposive trying – of which this is grounds – saying â€Å" peculiar scene s, individuals, or events are intentionally selected for the of import information they can supply that can non be gotten every bit good from other picks † ( p. 87 ) . There is no clear indicant of the construction, although utilizing the word treatment, one could determine that the signifier of an in-depth interview was taken where the caput instructor had compiled a list of the issues to be covered and the interview construction was of a guided conversation. The proclamation of progressive betterment in footings of Numberss of gestations, and in reading accomplishments by the caput instructor was followed by a announcement that the intercession was a success. There is besides an indirect suggestion by the research workers that all communities and schools can work collaboratively facilitated by the caput instructor to turn to societal justness jobs. This is clearly grounds of a authoritative characteristic of the literature and observations of school betterment, as evidenced by Coe ( 2009, p. 368 ) , with instructors frequently declaring: ‘My school was neglecting in A, B, C ways. We did X, Y, Z. Now the grounds of success is P, Q, R ‘ Coe warns against doing summing ups that what is observed in one school may needfully be true for another ( ibid. ) Case Study: School B – Gold coast This instance surveies focus was that of trying to cut down hookies of students who on market yearss absented from school to do money. Harmonizing to the baseline informations collected by the caput instructor, utilizing quantitative informations beginnings such as registries and text books, there was a clear group of male childs identified with low attendings and hapless public presentation, this is an illustration of secondary analysis, which harmonizing to Lewis ( 2003, p. 76 ) is analyzing a set of informations which was originally used for one intent with a different intent. There was a meeting between the caput instructor and a instructor to make up one's mind upon an intercession, there is no reference of the format of this meeting or how the format of the intercession was taken. It was concluded that a focal point group interview with the students followed by single interviews. The quality of this information is arguably high, harmonizing to Best ( 2010b, p. 23 ) the group in terview can potentially supply ‘deeper and richer ‘ informations due to the societal interaction and inquiring of the group members. As with School A this is grounds of purposive sampling. The usage of single interviews besides allows for personal issues to be expressed, which participants may experience uncomfortable with showing in the group environment. This is grounds of usage of method triangulation in that the caput teacher used two different informations aggregation methods on the same group of students in order to increase the cogency of the informations. An chance to roll up farther information arose from the meetings with the parents, enabling the caput instructor to foreground a group of three students every bit high hazard due to parental indifference with respect to their kids ‘s instruction. The intent of these meetings were clearly to educate the parents, nevertheless it seems unintentionally critical information has come from them. Due to the intercession the caput instructor provided informations for attending as being 100 % , with increased degrees in mathematics and English, collected from monthly trials. The quality of these trials could be questioned every bit good as the instruction methods used as there is no information provided. One could oppugn if these kids were taught specifically to execute in trials. The caput instructor took this farther roll uping informations on six of the male childs after graduation to junior high school ; the consequences harmonizing to the research workers were sustained. Case Study: School C – Tanzania The instance of the Tanzanian caput teacher differed from the old instances due to the deficiency of history in relation to their experience in action research. The caput instructor, look intoing the consequence of poorness and hard place environments on the schooling of the students, attempted to reply some inquiries. The caput teacher ‘sought information ‘ from instructors, the format of which is unspecified, nevertheless due to the anterior readying and clear apprehension of the inquiries needed replying it could be suggested that there was an interview, utilizing a structured or semi-structured method. In add-on informations was collected from quantitative beginnings including, day-to-day attending records and trial and scrutiny consequences, every bit good as qualitative beginnings like category assignments and prep. In uniting multiple methods a research worker must be cognizant of equilibrating differing theoretical backgrounds with any ascertained relationships be tween the informations sets ( Brannen, 1992, p. 33 ) . It is the position of Ritchie ( 2003, p. 38 ) that there can be benefit in tackling the two methods provided that the two informations sets can be described exactly. There may be biographical histories within the category assignments or the prep which can supply critical information and â€Å" sensitise a research worker to identify issues † ( Plummer, 2001, p. 130 ) . This is supported by Angell and Freedman ( 1953 ) who explain that this signifier of information has great value at the get downing phases of research instead than the terminal stages in order to derive an apprehension of an probe, which is reflected in the methodological analysis of this instance survey. They emphasise the value of the apprehension that this type of informations can supply with regard to the topic of probe ( p. 305 ) . Harmonizing to Best ( 2010c ) the dependability of this attack is questionable nevertheless utilizing a theoretical generalization the informations can be used to beef up the cogency of a chosen theory or in this instance the signifier of an intercession ( p. 5 ) . It is of import at this phase to underscore the obvious ethical issues in this instance, ab initio due to the nature of the survey, look intoing students personal lives, and secondly due to the aggregation of the biographical information of students. Interviews were held with the students separately, presumptively utilizing the same set of inquiries. If this was the instance it would be grounds of usage of informations triangulation by the research worker, in that the same informations aggregation method was used on legion respondents in an effort to increase cogency of the consequences. All students insisted they enjoyed school and they felt that they could â€Å" freely show their jobs to instructors who were comparatively more caring and considerate than many of their parents and defenders † ( p. 75 ) . One could oppugn nevertheless if the responses were wholly true due to the nature of the relationship between the students and the caput instructor and if the students would supply different responses to a alien. There is grounds to propose that interviewees are more willing to supply true replies to aliens, although this statement relates specifically to online scenes instead than in face to confront interviews ( Paine et al. , 2007, p. 533 ; Nguyen and Alexander, 1996, p. 104 ; Wellman and Gulia, 1999, p. 172 & A ; 178 ) . Harrison ( 2008, p. forty ) highlights the importance of the ‘subjective ‘ nature of informations aggregation every bit good as how the relationship between the research worker and participant may ‘impinge ‘ on its cogency. An intercession similar to that in School A was held, with fluctuating consequences, with students neglecting to go to and execute good in monthly trials. There is a clear contrast from the consequences of the old instance surveies, nevertheless due to the nature of the description of the instance surveies it is ill-defined what the cause of assortment in consequences is. The research workers attempt to salve some sense of achievement by underscoring the sense of authorization of the caput instructor, where due to the fortunes, it would be probably that many would experience helpless. Provided is no grounds of the authorization of the caput instructor after the completion of the instance survey, every bit good as a deficiency of grounds for the innuendo that the fortunes would most likely generate a sense of weakness, taking to inquiries of the quality of informations analysis displayed in this instance. In the chief the informations analysed was qualitative, which as Harrison ( 2008 ) notes, has a different attack to analyzing quantitative informations, although there are attacks which aim to accomplish a comparable ‘routinization ‘ ( that is a modus operandi of analysis ) ( p. 51 ) . Chiefly there is the method of analyzing the construction of the text and based on Glaser and Strauss ‘ ( 1967 ) propositions, the designation of commonalties and relevant theory ( p. 105-106 ) . Evidence of usage of this methodological analysis is present with the research workers placing typical instances in each of the instance surveies, doing comparings with literature and adverting the ascertained differences between the Westernised literature and African world. Second there is the method of nonsubjective hermeneutics ( that is the survey of reading theory ) developed by Oevermann et Al. ( 1979, in Harrison, 2008, p. 51 ) . It involves the reading of the motivations behind an action, with research workers adhering to two rules ( Soeffner, 1997, p. xiv ; Harrison, 2008, p. 51 ) . The research worker should bring forth a extremely extended reading, supplying all points of position that the information may stand for nevertheless improbable, and look into the motive behind an action extensively before supplying any sentiment about the information. There is grounds that both of these rules have been neglected to some grade by the research workers ; there is a mostly unbalanced penchant towards the positives that action research has provided in these instances despite its clear failure in the survey of School C of which there is small mentioned. There is besides grounds of the informations being used to suit the statement, with a clear anterior co gnition of practise in Ghana that relates to the research carried out. Decisions Although the fact-finding attack of the research workers is by usage of instance surveies, it is besides biographical in nature as there is a clear narration produced, reflecting upon the experiences of the caput instructors. All three caput instructors participate in action research that affects them straight, harmonizing to Erben ( 1993, p. 15 ) this is good pattern for a biographical research worker ; supported by Mills ‘ statement, as explained by Best ( 2010c, p. 7 ) that frequently ‘personal jobs are public issues. ‘ It is clear that the research workers feel they have obtained critical informations from the instance surveies that strengthens their stance on action research as a method of school betterment ( p. 75-76 ) . There is clear grounds of varied interview methods including single and focus-group interviews with varying construction, with more than one method used in the instances. One could propose that the rules of method triangulation could besides use for analyzing the usage of different interview attacks. Although there is fluctuation in the method of informations aggregation, the literature suggests that there are informations aggregation methods that were non utilised in this paper, such as questionnaires, ocular analysis ( exposure, picture, being present ) , on-line interviews or usage of informations analysis package to explain qualitative informations. It could be suggested that a more complete, higher quality of informations could hold been accumulated had there been more fluctuation in the techniques used by the caput instructors in the instance surveies, inquiries can so be raised about the quality of the action research workshop. Bearing in head the context of the instance surveies, it is apprehensible that in developing states, there may non be every bit much entree to computing machines and hence electronic mail, and that people may non hold every bit much clip to pass on informations aggregation because of a demand to be at work to do money. The information that was collected nevertheless was utile to each caput teacher, evidenced by a considered attack to each intercession warranting the information as appropriate for each instance. The decisions drawn by the research workers focus on the positives that action research offers, and the chances it offers, in these instances to the caput instructors, schools and communities ( p. 75-76 ) . The writers nevertheless are involved in the administration at the caput of the undertaking which has hereafter purposes to supply service in developing states ( p. 69-70 ) . The quality of the analysis is besides questionable, Harrison ( 2008 ) high spots two attacks to analyzing qualitative informations, and the research workers have merely displayed grounds of the usage of one of these. Although the intent of the probe clearly has value, covering with issues of societal justness, one could presume that the writers have non taken a entirely humanistic attack. Due to their engagement and the wholly affirmatory nature of the decisions drawn, it is right to oppugn the objectiveness of the research workers as there may be an component of politically oriented rating evident ( Best, 2 010d, p. 1-2 ) .

Mini-Project Assignment 1 Short Report on Current Information Essay

Mini-Project Assignment 1 Short Report on Current Information Technology - Essay Example Analyzing Italy’s market is imperative and the manner through which this is done is by looking at the P.E.S.T situation of the country alongside the seven P’s of marketing. Italy has been a democratic nation for 46 years now; thus, the political environment is reputable for the marketing of the product. This is from the fact that with the democracy, the government does not inhibit the citizens from purchasing products at will. Moreover, the democracy also allows the United States, the producer of the ipad, to venture into the Italian market easily and consequently have increased sales of the ipad (Fleisher, 2008, 169). The fact that the country has a well laid out judicial system is also important for the marketing of the new ipad. This is from the fact that there is control on the decisions that powerful politicians make. An example is a politician who may talk ill of the ipad and tell people not to purchase it. Such cases are few - the concept of freedom and independe nce is incorporated in the Italian market. One factor that may come as a disadvantage in the marketing of the ipad is with regards to the tax tariffs that the country has. Lately, Italy has set its tariffs very high in an effort to boost its economy. With the increased tariffs, the country will have reduced imports and – consequently – the goods within the country will increase in sales. With this the standards ought to increase and make the economy of the country boost. The issue of tariffs was induced by the executive arm of the government and has been a major hindrance to the sale of products. This factor is bound to affect the marketing of the product in the country (Henry, 2009, 48). Shifting focus to the economic aspect of the country, Italy’s economy is rated eighth largest in the world. This has been effective in ensuring that the circulation of products in the country is well above average. Moreover, this means that most citizens in the country are stab le thus being in a position to market the ipad. This brings down the fears that one may have when introducing the ipad into the Italian market. It is also important to understand the fact that country’s economy is not stagnant but rather on the rise from the various measures taken by the government such as increased taxation (Cohen, 2011, 68). This ensures that the citizens of the country are always up and busy to ensure that they achieve their goals while living a comfortable life. Introduction of the ipad into the market would work great to ensure that these people are always informed on the changing market trends by using the device. This acts as a positive impact on the sale of the ipad, and so there is the need to introduce it into the Italian market. The transport sector is one other factor to consider with regards to the marketing of the ipad in Italy. Italy’s economy has been stable, and ensuring infrastructure development is a key aspect in the country. Italy has well established roads that generate a huge income for the government. The fact that these roads are in great conditions ensures the sale of the ipad is in huge amounts due to accessibility of even the remote areas in the country. This would mean that the incorporation of the ipad into the Italian market would fetch the company a lot of money from many users that would get to know about it. Italy also has rating as one of the wealthiest countries in the world. This

Arizona Statehood and Constitution Essay Example | Topics and Well Written Essays - 1750 words

Arizona Statehood and Constitution - Essay Example This was the oldest period in the history of Arizona. The earliest inhabitants of this period introduced various cultures and traditions and started living at community level sharing their needs. These earliest people were known as Paleo. In 2000 BC, Cochise culture was developed in Arizona. Those Cochise people introduced agriculture in that area. They used to grow several crops especially corn. In 300 BC, Hohokam people settled in the southern parts of Arizona. They were more developed people and introduced new ways of refined living and civilization. They used to construct irrigation canals, roads and agricultural communities, and villages in the region. So, Hohokam along with Anasazi people paved the new ways to success. In 500 A.D. Hohokam people contributed more and more to the creation and establishment of more advanced and extensive irrigation networks. In 700 to 1100 A.D., Pueblo period came to its peak and they flourished in the regions nearby Arizona. They were the pit dwe llers and built many elaborated residences in that region. They used more extensive material like stone slabs, bricks, sticks and mud in the building process. Underground chambers were also developed and cotton fiber was introduced first by these inhabitants. Although the status of a state is recently achieved by Arizona its history goes back to thousands of years almost 12,000 years back. 1) The Spanish Period (1528 to 1821) In the time period 1528- 1536, Spanish colonist steadily began to enter in the region of Arizona via waterways from the coast of current day Texas... They were especially attracted by the deposits of silvers present there. They were quite interested in exploring the regions because of hidden treasures. In 1539, a Spanish colonist Fray Marcos searched out the city of Cibola. His discoveries for silver deposits encouraged more exploration in the region. In 1629, Franciscans were the first Europeans who planned out more missions in various parts of the region including San Xavier, Guevavi and San Miguel. In 1736, Spanish succeeded to explore more deposits and large chunks of silver near Arizonac Camp. With such discoveries, Spanish also accomplished their goals having forts in the region. Tubac Presidio was the first fort established by Spanish community in the region of Arizona. Jesuits were also replaced from key positions by Franciscans. In 1765, Charles III of Spain did a major rearrangement of military on the area extended northward. Franciscans were given the place in mission planning and implementation. It is also obvious from history that during the mid of eighteenth century, the pioneers and Spanish colonist also tried to expand the territory of Arizona towards North. However, they were stopped by some Native American tribes including Apache and Tohono O’ odham. Those tribes also began violating acts on the local villagers of the region. They also launched raids and captured the livestock of the local people. However, as a whole we may conclude that the Spanish Arizona had survived economy. Several small scale silver and gold mining operations were also held in that time period. 2) Mexican Period (1821 to 1848) However, in1821, Mexico gained independence from Spanish Rule. The independence was gained as a result of a long war which had demolished the industry of silver mining and also

Ohio Sentate Bill Essay Example | Topics and Well Written Essays - 1000 words

Ohio Sentate Bill - Essay Example Having said this, it is not as though the nation has no responsibilities to play in ensuring that the citizen is well protected and provided for to give back to the nation. It is for this reason that bills and laws that are made in the nation must take a human face and consider the welfare of the citizen as the most important conditions. To this effect, it is absolutely necessary, right and appropriate that citizens are airing their views on the Senate Bill 5 and how it might affect them. The debates and discussion are therefore highly encouraged and no side of the argument can immediately be judged as invalid, out of place or unnecessary. Especially as voting is yet to be done, it is important that debates continue to clarify issues so that the voting public would have better reasons why they should make a particular choice on the day of voting. The Issues No body can deny the fact that the mere mention or thought of the fact that a person’s earning would be reduced directly or indirectly is unpleasant news to hear. In fact, monies are earned through labor and labor is a difficult phenomenon. It is for this reason that everyone would want his or her earning secured. But what about cases where the deductions would bring about an eventual and long term benefit. Like in the payment of life insurances and fixed deposits, so would the long term benefit of the Senate Bill 5 be. Vardon and Siegel (2011) note that â€Å"Senate Bill 5 also would save $191 million at the state level by eliminating employee longevity and step pay increases.† In the wake of times when America is trumpeting for rapid economic take after the recession, such an amount pumped into the economy would in no small way raise the economic fortunes of the nation. Having made this point, it is important to reiterate the need to ensure accountability at the hands of higher governmental officials so that the professed economic benefits would be achieved. There is also an urgent need for c ritics’ cry on the implementation process to be considered. This is because there seem to be a kind of disparity that creates the impression that someone is robbing Peter to pay Paul. This point is strongly supported by Kasich who decries how there exists â€Å"imbalance between the costs of health insurance for the private and public sectors† such that one group wound eventually be making losses for another person’s gains. There is the much talked deprivation of employees to air their views and bargain on their entitlements. Some say that the Senate Bill 5 will be â€Å"taking away the power to negotiate deductibles and co-pays that contribute to the overall cost of health insurance† (Vardon and Siegel, 2011). However, that is not all what the Senate Bill 5 presents as far as employee bargaining power is concerned. As a matter of fact, public service workers such as teachers, firefighters and law enforcers â€Å"will be able to negotiate with local and state officials for important contract provisions including wages and some working conditions, including those related to safety† (The Intelligencer, 2011). The fears continue to rage on but citizens are encouraged to consider the full impulse of the bill deeply. If for nothing at all, it is known that the little restrictions on bargaining power would go a long way to restrict excessive spending to help Ohio maintain a balanced budget. It should however be noted with caution that this does not become an avenue for killing the

Advise to Crumbly Caravans Ltd Coursework Example | Topics and Well Written Essays - 750 words

Advise to Crumbly Caravans Ltd - Coursework Example The Scottish Law of Contract, in regard to the law of agency, defines the relationship between a principal and an agent, as well as that between an agent and a Third Party, and gives clear guidelines on how each party should act towards each other, with clear stipulations of the duties and responsibilities of either the principal to the agent, agent to the principal and agent to the Third Party. The most fundamental duty of an agent towards the principal is that; the agent has a duty to follow the instructions issued by the principal to the agent fully, and perform them as instructed (Macgrego & Davidson, 2008 p17). Further, in addition to this duty, the Scottish Laws of Contract, in regard to agency also provides for the adherence to the commercial agents Regulations of 1993, which is related to the fulfillment of the European directive, requiring that a commercial agent should comply to, and perform reasonable instructions that are given by the principle (White & Willock, 2007 p22) . However, the most fundamental aspect of the duties of the agent to the principal is that; the Scottish law requires that the instructions issued by the principal should be clear and unambiguous, providing that an agent is not liable for any instructions that are not clear, or which the principal may have issued ambiguously.The ‘Crumbly Caravans Ltd.’ case, is a case of a Third Party affected by the relationship between the principal,and the agent,... The law provides that an agent must not disobey the reasonable and material instructions that have been issued by the principal, and in cases where the agent then violates this provision, then the agent becomes liable for any loss that might be suffered by the principal (Mcbryde, 2007 p77). The agent, in addition to the duty of following and performing the instructions issued by the principal, is required to perform the duty of skill and care towards the principal, where the agent must not act in a way that can cause loss to the principal (Macgregor, 1997 p272). Although the duty of skill and care may vary, it expressly requires the adherence and performance of the instructions given to an agent by the principal, in such a way as to avoid causing any loss on the side of the principal (White & Willock, 2007 p9). Nevertheless, the most significant rules applying in the Scottish law of contract in regard to the relationship between an agent and a principal are fiduciary duties, which re quires that the agent should always act in such a way, that his actions benefits the principal (Mcbryde, 2007 p72). Therefore, the agent is required to act in a way consistent with the requirement of the principal, especially regarding the duty of disclosure, where the agent is always required to disclose that he is acting on behalf of the principal (Macqueen & Thomson, 2007 p29). Another of the fiduciary duty of the agent to the principal is the duty to be loyal, and to negotiate appropriately with a Third Party where negotiations are applicable, however with a duty to conclude the deal in accordance with the instructions of the principal. Further, the agent is under duty to communicate all the information available to him to the principal

Critical inquiry about an aspect of visual culture, about the idea Essay

Critical inquiry about an aspect of visual culture, about the idea change on culture - Essay Example However, through many of the traditions of Mardi Gras exploitation of foreign manufacturing is taking place. The film Mardi Gras: Made in China is a documentary that shows how one of the most sexualized, but constant traditions of Mardi Gras is contributing to the exploitation of Chinese factory workers. The baggage that existed in approaching this topic consists of knowing that there are Chinese workers involved in creating the visual culture of Mardi Gras, creating bold and gaudy beads that are used for a consumer exchange of nudity for cheap products. However, the full understanding of what it means to be a Chinese factory worker was not known before doing research for this project. In watching the documentary Mardi Gras: Made in China the visual presentation of culture by contrasting the wasteful and hedonistic culture of Mardi Gras compared to the austere culture of the factory workers was startling. Young women in Mardi Gras debase themselves by showing their breasts to get che ap beads, a party atmosphere infectious and transforming them into performing this ritual. In China, the stark reality of the young women who work in these factories opens up the eyes of the viewer to what it means to create these beads that are used so carelessly. ... 11). The simple understanding of Mardi Gras is that it is a celebration that comes before the Catholic period of Lent. Mardi Gras means Fat Tuesday, which refers to the tradition of eating rich, fatty foods before Ash Wednesday which begins a period of fasting and reduced pleasure in food. While Mardi Gras itself is celebrated in many cultures and just on that specific Tuesday, in New Orleans it is celebrated for the two weeks before lent which falls in February. The tradition was brought to New Orleans by the French who settled the region. The official colors of the festival, introduced in 1872 by the Grand Duke Alexis Romanoff, are purple which signifies justice, green which signifies faith, and gold which signifies power (Hale, 2007). Mardi Gras is ripe with tradition. Large scale parades are sponsored by ‘krewes’ which are racially and gender specific, making up the rich ethnically diverse history of New Orleasns. The parades are highly visual events with cheap beads , doubloons, and other items thrown each day from the floats. The air is filled with colorful items flying through the air and being caught by people in wild costumes that rival those on the people who populate the floats. Collecting these items during the celebration leads to disposing of them as trash at the end of the celebration. Mardi Gras is a time when sexual and social beliefs are suspended and people begin to behave in hedonistic ways. One of the traditions of Mardi Gras is that in exchange for showing their breasts and sometimes more, men will give women strings of beads. This commoditization of nudity in exchange for the collection of beads creates a

Its an Argument-Source Paper on American Social Problems... My topic Research Proposal

Its an Argument-Source Paper on American Social Problems... My topic is Alcoholism - Research Proposal Example It is not only the media to blame for the radical directional change; the government has contributed to this course overwhelmingly by failing to enact stiffer laws to control alcohol consumption. By failing to launch massive anti-alcoholism campaigns, the government and the media have failed many families and individuals. The effect of alcoholism on families is immeasurable (Mezzasalma). Sander, when describing what became of their family when his father was enslaved by alcoholism says, â€Å""My brother became a rebel, my sister retreated to shyness†¦" (67). He further reiterates that what he considered â€Å"a private grief† was actually, â€Å"a public scourge† (138). As such, alcoholism qualifies to be a social problem that affects all the societal aspects, legal, economic, and political (Oshea 14). Quitting alcohol is a momentous task that requires everyone’s involvement and the government and the media cannot relent (Pittman 18). It is high time that all stakeholders should stand to be counted for doing what is right, regardless of the political implication, to fight alcoholism. Alcoholism is a monster that has destroyed many resourceful persons, broken many families, and cost lives and should be fought at all cost. Mezzasalma, Lorena. "Characteristics of Alcoholics Attending Clubs of Alcoholics in Treatmentà ¢ in Italy: A National Survey ." Oxford Journals | Medicine | Alcohol and Alcoholism. N.p., 3 Nov. 2011. Web. 3 May

Ducati Solution Essay Example for Free

Ducati Solution Essay Issues/Challenges Today, Ducati is one of the most successful motorcycle companies in the world with a dramatic profit growth since 1996. Before its huge success, Ducati was one step away from facing bankruptcy. Ducati managed to overcome such an obstacle through strong innovation and culture. Today, Ducati is faced with another challenge that may bring fortune to the company if successfully managed. Ducati set a new goal, which is to sustain the explosive double-digit profit growth in the next decade and eventually reach Harley Davison’s profit level. Ducati is considering attacking Harley Davidson by entering the cruiser market, which is Harley Davidson’s niche product and also a very profitable market segment in the industry. To do this, Ducati must invest 17 million Euro and cost of 26 million Euro. Based on this huge capital requirement, should Ducati enter the new market segment or should Ducati just concentrate on its current segment? If Ducati chooses to enter the cruiser market, what are other requirements besides the capital? Does Ducati have what it takes to succeed in the new market segment? The purpose of this memo is to help the executives of Ducati to make the optimum decision for Ducati’s future success. This memo contains the industry analysis, as well as an internal strategic analysis, company performance, and solutions and recommendations. This industry is divided into 4 segments. Ducati’s dominating segment is the sport sector. Ducati managed to utilize its differentiation strategy by taking into account of the industry’s driving forces. The cruiser segment is one sector that Ducati is very interested in entering. Unfortunately, Bert’s consulting concluded that this is not the best option through the feasibility analysis. The analysis contains the advantages and disadvantages of both options and the result was that the disadvantages outweighed the advantages. Also, entering the cruiser market is not really necessary for Ducati based on its current performance level. Industry analysis Although the number of motorcycle manufacturers has declined by a large number over the last century, competition exists among companies from different continents. Currently, all major manufacturers are from Japan, The U. S. , and Europe. The motorcycle industry is segmented into four categories: off-road, cruisers, touring and sport bikes, each of them with different qualities and target customers. Industry forces Economic condition is one of the major factors that drive the industry. This is an important factor because depending on the condition of the economy buyers’ demand will change. For example, when the economy stays strong, more people will buy the product while less people will buy when there is an economic downturn. The reason for this is because motorcycles are products that are not really necessary to possess in life. In other words, they are luxury goods. During the economic downturns, people become price sensitive and they could simply choose not to buy the product or find a substitute such as public transportation or vehicles that can hold more passengers. Therefore, the threat of substitute is very high. Motorcycles, like any type of automobiles, are a source of transportation, except they are luxury products. Companies in this industry compete with differentiation strategy rather than low cost strategy, meaning that companies focus on the quality of the product rather than low price. As long as the economy stays healthy, high income consumers will always buy the product no matter how much it costs. Another key factor is to understand the target market. As mentioned earlier, the motorcycle industry can be segmented into 4 categories. â€Å"A wide variety of individuals, with equally different tastes, bought and rode motorcycles† (Gavetti, pg 2). Each segment has certain qualities that attract different customers with different preferences. The riders can also be categorized into different types just as the motorcycles and they are â€Å"knee down†, â€Å"easy-riders†, â€Å"weekend riders†, and â€Å"highway riders. Different qualities include performance, functionality, lifestyle, and comfort. Riders choose their motorcycle based on which qualities they are attracted to. Motorcycles are not standardized products. They are highly differentiated products and they are not items that can be bought in large volume. For this reason, the power of buyers is relative low. Also, since the majority of buyers are not price sensitive, switching to different vendors is fairly easy. Prices do not affect the buyers in this industry because the buyer heavily demands quality over price. For example, if a new company comes up with a model with the best quality, the buyers will still switch to the new company no matter how expensive the new product is. This is the point where strong rivalry comes into play. All competitors have the same objective, which is to attract as many customers as they can by providing quality products. Although their objective is the same, each competitor follows their objective with their own unique strategies. Since customers can easily be attracted with innovative products, the rivalry in this industry is very high. One of the most important drivers of the industry is strong innovation. Technology advancement is very critical in this industry. Companies heavily invest a large portion of their revenues into research and development to create innovative technologies that differentiate themselves from competitors. This is very important in strengthening their name brands. Major companies used their early technology inventions as their foundation, and built up to an even higher level. Due to strong innovative thoughts, â€Å"motorcycles’ performance, comfort, reliability, and ease of maintenance had improved vastly† (Gavetti, pg 3). Due to very high capital requirement, strong innovative thoughts, and numerous large size competitors, the entry barrier is very high. Also, to be able to compete with these companies, new entrants must design a complex but efficient supply chain system for the manufacturing process. Motorcycle manufacturers rely heavily on the suppliers for quality input and satisfying delivery. â€Å"Outsourcing minimized fixed asset investment, but the quest for quality, reduced costs, and responsiveness to market fluctuations forced final assemblers to create strong commitment at the level of suppliers† (Gavetti, pg 3). To create high quality output at a lower fixed investment, it is very important for the manufacturers to maintain a good relationship with the suppliers. Also, as mentioned earlier, motorcycles are not standardized products, but differentiated products. This means that the components of the motorcycles are also quality inputs provided by the suppliers. The influence of the supplier on the final output is immense; therefore, the power of suppliers is high. Internal strategic analysis Ducati uses differentiation strategy as many other companies within the motorcycle industry. Therefore, all companies compete with each other by producing the best quality motorcycle. Ducati’s unique business model and core activities helped to produce Ducati’s way of quality motorcycles mainly focusing sport sector. Ducati’s strength comes from four core activities, which are production process, distribution system, development of product and RD, and â€Å"The world of Ducati. † One of Ducati’s core strategies is that Ducati heavily outsources its production compared to its competitors. As of 2001, outsourcing had grown to approximately 87%, and the company planned to bring it to 90%, probably the highest in the industry (industry experts estimated that the average outsourcing level for the industry was lower than Ducati’s)† (Gavetti, pg 10). By doing this, Ducati is able to reduce fixed asset investment, and mainly focus on product design, development and quality control. To ensure its product quality, Ducati collaborated wit h a number of the well-known firms such as Ferrari, Lombardini, Motori, etc, and formed the â€Å"Engine Technology District† (Gavetti, pg 11). All the firms within this district had one thing in common. They were all heavily focusing on engine technology. They basically collaborate with each other on activities such as â€Å"RD, purchasing, suppliers’ quality control, employee training etc† (Gavetti, pg 11). Ducati is very strict on selecting suppliers. Since suppliers play key roles in providing quality motorcycle components to the company, Ducati selected different suppliers for each component. Also, Ducati did not make long-term contracts with suppliers except for the major components. Ducati simply switched to different suppliers when the short-term contracts were over if needed. This ensured the quality and reliability of Ducati. Another core strategy that Ducati has is the distribution system. This strategy mainly helps Ducati to create a standard and unified Ducati designed business model for all dealers and subsidiaries to keep the scent and the culture of Ducati alive and therefore increase the value of the brand name. Through this system Ducati found many advantages. First of all, Ducati had full control of the distribution and marketing process. Instead of distributing its products to franchising dealers, and independent distributors, and letting them independently manage their own network of dealers, Ducati established company owned subsidiaries throughout the world. All the subsidiaries were managed under Ducati, which help to retain traits of Ducati’s brand (Gavetti, pg 12). This also increases the profit because Ducati owns the total sales made by all subsidiaries. Second, Ducati re-organized its network of dealers. Unlike many other companies, Ducati concentrated to improve the dealers’ performance instead of geographic expansion. There are many aspects that Ducati took into consideration for dealers’ performance such as sales forces, good technical assistance, and an adequate physical space for product display (Gavetti, pg 11). Instead of expanding the number of dealers, Ducati reduced by a large number. This made it easier for Ducati to manage to improve each dealership since the number decreased. Lastly, under this system, Ducati created its own chain stores. These stores owned by mono-franchisers offered company branded merchandises such as accessories and provided technical support and customer service. These stores provided a unique retail environment emphasizing the distinctive traits of Ducati’s Brand: while a ‘History Wall’ displayed images of Ducati’s racing heritage, and ‘Engineering Wall showed a large scale engineering drawing of the 916, Ducati’s symbol† (Gavetti, pg 12). This is an important factor because it strengthens the brand name and also increases customers’ loyalty by creating a culture. The third Ducati’s core strategy is the unique production development and RD process. Ducati invested a large portion of their revenue in designing new technologies, development of products and human resource management. Ducati created two research centers, the Cagiva Research Center and the Ducati Design center. The Cagiva Research Center focused on external design and Ducati Design Center focused on internal design. â€Å"As a consequence of these efforts, the company greatly reduced the ‘time to market’ for new product launches† (Gavetti, pg 12). This means that Ducati is able to develop a new model in shorter time period. Also, Ducati integrated RD and marketing for technological improvements. Through market research and customer feedback, Ducati managed to improve their technology and design. The World of Ducati is a strategy that helps the development and improvement of the value of the brand through a set of activities. â€Å"In addition to ‘Ducati Stores,’ the ‘World of Ducati’ compromised a series of other activities that had been consistently developing in the past three years† (Gavetti, pg 12). One activity is that unlike its competitors, Ducati implemented an â€Å"Open Paddock† policy, which allow members of Ducati club to be in close contact with the racers by participating in dinners and events. This is very important because ccording to a company’s website survey, the most important purchasing factor is the Superbike competition, followed by magazine tests, sports orientation of the brand, and its link to competition (Gavetti, pg 12). All these factors definitely improved customers’ loyalty to Ducati’s brand which is very important to sustain customers. Racers greatly collaborated with the RD process of Ducati by constantly testing the machines through competitions. Another activity is that, unlike its competitors, Ducati only used special magazines as the source of advertisement. One of the most popular campaigns was â€Å"Ducati/People,† which â€Å"featured Ducati workers and their motorcycles in and around Bologna in black and white retro’ pictures, and emphasized some central values of the brand: the Italian style, the history of the company, the young age of the riders and their sporty attitude† (Gavetti, pg 13). There are many other well-known specialized magazines that are related to motorcycles. Others activities involved Ducati’s museum tour, owners clubs, and social events. All these activities attracted many customers to learn the history of Ducati, get indepth knowledge of Ducati and ultimately increase the number of fans and customer base. Performance analysis So far, Ducati enjoyed the dramatic profit growth. â€Å"Revenues quadrupled since 1996; EBITDA had grown from 33. 4 million Euros in 1997 to around 60 million. In 2000; market share had gone from 5. 1% in the sport bikes segment in 1997 to 6. 7% in 2000† (Gavetti, pg 1). This is clear proof that Ducati is a very competitive opponent to many companies within this industry.

Impact of Monetary Policy on Indian Industry

Impact of Monetary Policy on Indian Industry INTRODUCTION Monetary Policy is essentially a Monetary Policy is essentially a programme of action undertaken by the programme of action undertaken by the Monetary Authorities, generally the Monetary Authorities, generally the Central Bank, to control and regulate the Central Bank, to control and regulate the supply of money with the public and the supply of money with the public and the flow of credit with a view to achieving flow of credit with a view to achieving pre-determined macro-economic goals. At the time of inflation monetary policy seeks to contract aggregate spending by seeks to contract aggregate spending by tightening the money supply or raising tightening the money supply or raising the rate of return. OBJECTIVES To achieve price stability by controlling inflation and deflation. To promote and encourage economic growth in the economy. To ensure the economic stability at full employment or potential level of output. SCOPE OF MONETARY POLICY The scope of monetary policy depends on two factors: 1. Level of Monetization of the Economy In this all economic transactions are carried out In this all economic transactions are carried out with money as a medium of exchange. This is with money as a medium of exchange. This is done by changing the supply of and demands for done by changing the supply of and demand for money and the general price level. It is capable money and the general price level. It is capable of affecting all economics activities such as of affecting all economics activities such as Production, Consumption, Savings, Investment Production, Consumption, Savings, and Investment etc. 2. Level of Development of the Capital Market Some instruments of Monetary Policy are work through capital market such as Cash Reserve Ratio (CRR) etc. When capital market is fairly developed then the Monetary Policy effects the developed economies. OPEN MARKET OPERATIONS The open market operations is sale and purchase of government securities and Treasury Bills by the central bank of the country. When the central bank decides to pump money into circulation, it buys back the government securities, bills and bonds. When it decides to reduce money in circulation it sells the government bonds and securities. The central bank carries out its open market operations through the commercial banks. DISCOUNT RATE OR BANK RATE POLICY Discount rate or bank rate is the rate at which central bank rediscounts the bills of exchange presented by the commercial bank. The central bank can change this rate increase or decrease depending on whether it wants to expand or reduce the flow of credit from the commercial bank. WORKING OF THE DISCOUNT RATE POLICY A rise in the discount rate reduces the net worth of the government bonds against which commercial banks borrow funds from the central bank. This reduces commercial banks to borrow from the central bank. When the central bank raises its discount rate, commercial banks raise their discount rate too. Rise in the discount rate raises the cost of bank credit which discourages business firms to get their bill of exchange discounted. CASH RATE RATIO The cash reserve ratio is the percentage of total deposits which commercial banks are required to maintain in the form of cash reserve with the central bank. The objective of cash reserve is to prevent shortage of cash for meeting the cash demand by the depositors. By changing the CRR, the central bank can change the money supply overnight. When economic conditions demand a contractionary monetary policy, the central bank raises the CRR. And when economic conditions demand monetary expansion, the central bank cuts down the CRR. STATUTORY LIQUIDITY REQUIREMENT In India, the RBI has imposed another reserve requirement in addition to CRR. It is called statutory liquidity requirement. The SLR is the proportion of the total deposits which commercial banks are statutorily required to maintain in the form of liquid assets in addition to cash reserve ratio. CREDIT RATIONING When there is a shortage of institutional credit available for the business sector, the large and financially strong sectors or industries tend to capture the lions share in the total institutional credit. As a result the priority sectors and essential are of necessary funds. Below two measures are generally adopted: Imposition of upper limits on the credit available to large industries and firms. Charging a higher or progressive interest rate on the bank loans beyond a certain limit. CHANGE IN LENDING MARGINS The banks provide loans only up to certain percentage of the value of the mortgaged property. The gap between the value of the mortgaged property and amount advanced is called Lending Margin. The central bank is empowered to increase the lending margin with a view to decrease the bank credit. MORAL SUASION The moral suasion is a method of persuading and convincing the commercial banks to advance credit in overall economic interest of the country. Under this method the central bank writes letter to hold meetings with the banks on money credit matters. EXPANSIONARY POLICY / CONTRACTIONARY POLICY An Expansionary Policy increases the total supply of money in the economy while a Contractionary Policy decreases the total money Supply into the market. Expansionary policy is traditionally used to combat a recession by lowering interests rates. Lowered interest rates means lower cost of credit which induces people to borrow and spend thereby providing steam to various industries and kick start a slowing economy. A Contractionary Policy results in increasing interest rates to combat inflation. An Economy growing in an uninhibited manner leads to inflation. Hence increasing interest rates increase the cost of credit thereby making people borrow less. Due to lesser borrowing the amount of money in the system reduces which in turn brings down the inflation. A Contractionary Policy is also known as TIGHT POLICY as it tightens the flow of money in order to contain Inflationary forces. INCREASE OR DECREASE THE LENDING RATES The RBI makes an adjustment in its lending rate (Repo Rates) in order to influence the cost of credit. Thereby discouraging borrowing and hence reduces brings reduction in the system. RBI BANK Flow of Money Leading to reduced liquidity By increasing interest rates Whenever the liquid in the system increases, the RBI intervenes to stabilize the system. The Central Bank does this by issuing fresh bonds and treasury bills in open market. This tool was extensively used at the time when dollar inflows into our economy were very high resulting in rupee appreciating. In order to stabilize the exchange rates, RBI first bought additional dollars thereby stabilizing the rate exchange. RBI Freshly issued Bonds/ T- Bill Open market Open market CRR By increasing the CRR, the RBI decreases the lending capacity of the bank to the extent of the increase in the ratio increase in the ratio. E.g. of the CRR is increased from 7.5% to 8.5% the banks were deprived of lending to the extent of 75 basis points of their deposit value. MONETARY POLICY OF INDIA OVERVIEW Historically, the Monetary Policy is announced twice a year April-September and (October-March). The Monetary Policy has become dynamic in nature as RBI reserves its right to alter it from time to time, depending on the state of the economy. The Monetary policy determines the supply of money in the economy and the rate of interest charged by banks. The policy also contains an economic overview and provides future forecasts. The Reserve Bank of India is responsible for formulating and implementing Monetary Policy. The Monetary Policy aims to maintain price stability, full employment and economic growth. Emphasis on these objectives have been changing time to time depending on prevailing circumstances. For explanation of monetary policy, the whole period has been divided into 4 sub periods: Monetary policy of controlled expansion (1951 to 1972)1972) Monetary Policy during Pre Reform period (1972 to 1991)to 1991) Monetary Policy in the Post-Reforms (1991 to 1996)1996) Easing of Monetary policy since Nov 1996 MONETARY POLICY OF INDIA Monetary policy of controlled expansion (1951 to 1972) To regulate the expansion of money supply and bank credit to promote growth. To restrict the excessive supply of credit to the private sector so as to control inflationary pressures. Following steps were taken: Changes in Bank Rate from 3% in 1951 to 6% in 1965 and it remained the same till 1971. Changes in SLR from 20% in 1956 to 28% in 1971 Select Credit Control: In order to reduce the credit or bank loans against essential commodities, margin was increased. As a result of the above changes, the supply of money increased from 3.4% (1951 to 1956) to 9.1 (1961 to 1965). Monetary Policy during Pre Reform period (1972 to 1991) Also known as the Tight Monetary policy: Price situation worsened during 1972 to 1974. Following Monetary Policy was adopted in 70s and 80s which were mainly concerned with the task neutralizing the impact of fiscal deficit and inflationary pressure. Changes in CRR to the legally maximum limit of 25% Changes in SLR also to the maximum limit to 38.5% Monetary Policy in the Post-Reforms 1991 to 1996 The year 1991-1992 saw a fundamental change in the institutional framework in setting the objective of monetary policy. It had twin objectives which were Price stability and economic growth. Following instruments were used: Continuing the same maximum CRR and SLR of 25% and 38.5%, mopped up bank deposits to the extent of 63.5%. In order to ensure profitability of banks, Monetary Reforms Committee headed by late Prof. S Chakravarty, Reforms Committee headed by late Prof. S Chakravarty, recommended raising of interest rate on Government recommended raising of interest rate on Government Securities which activated Open Market Operations (OMO). Bank rate was raised from 10% in Apr 1991 to 12% in Oct 1991 to control the inflationary pressures. Easing of Monetary policy since Nov 1996 In 1996-97, the rate of inflation sharply declined. In the later half 1996-97, industrial recession ripped the Indian economy. To encourage the economic growth and to tackle the recessionary trend, the RBI growth and to tackle the recessionary trend, the RBI eased its monetary policy. Introduction of Repo rate- Repo rate increased from 3% in 1998 to 6.5% in 2005. This instrument was 3% in 1998 to 6.5% in 2005. This instrument was consistently used in the monitory policy as a result of rapid industrial growth during 2005-06. In the current monetary policy, the Repo rate was cut from current monetary policy, the Repo rate was cut from 5.00% to 4.75%. Reverse Repo rate Through RRR, the RBI mops up liquidity from the banking system. In the current monetary policy, the Repo rate was cut from 3.50% to 3.25%. Flow of credit to Agriculture The flow of credit to agriculture has increased from 34,013 (9.2% of overall credit) in 2009 (Rs. in crore). Reduction in Cash Reserve Ratio The CRR which was at 15% until 1995 gradually reduced to 5% in 2005. The CRR remained unchanged in the current monetary policy. Lowering Bank rate The Bank rate was gradually reduced from 12% in 1997 to 6% in 2003. Since then the Bank Rate from 12% in 1997 to 6% in 2003. Since then the Bank Rate has remained unchanged to 6%. Review of 2009/10 Monetary policy The Policy Review projects GDP growth at 6% this FY due to slackening private consumption and investment demand. The RBI set its inflation projection for March 10 at 4% (currently at -1.21%). The RBI also projects the CPI to come down into the single digit zone. Assurance of a non-disruptive borrowing in 2009-10. Recently, the Government increased the borrowing plan from Rs. 2.41 lakh crore to 2.99 Lakh crore because of ample liquidity in the market due to slow credit growth. The fiscal stimulus packages of the Government and monetary easing and regulatory action of the Reserve Bank have helped to arrest the moderation in growth and keep our financial markets functioning normally. RBIs Indicative Projections 2009-2010 (Actual Numbers) 2010-2011 (April 2010 policy targets) GDP 7.2 8 (with an upward bias) Inflation (Based on WPI for March end) 9.9 5.5 Money Supply (March end) 17.3 17 Credit (March end) 17 20 Deposit (March end) 17.1 18 GROWTH RBIs revised growth rate is 8% with an upward bias as the indian economy is on recovery path. Growth in industrial sector and service sector are expected to continue. The export and import sector has also registered a strong growth. INFLATION Inflation is projected to be at 5.5% for FY 2010-11. As per RBI inflation is no longer driven by supply side factors alone. Overall demand pressures on inflation are also beginning to show signs, pushing RBI to increase rates even before the official policy of 2010. MONETARY MEASURES The Bank rate has been retained at 6 %. The repo rate is now 5.25% which has 5% in 2009-2010. The reverse repo has increased from 3.5% to 3.75%. The cash reserve ratio of scheduled bank has increased from 5.75% to 6%. The expected outcomes of the actions are: Inflation will be contained and inflationary expectations will be anchored. The recovery process will be sustained. Government borrowing requirements and the private credit demand will be met. Policy instruments will be further aligned in a manner consistent with the evolving state of the economy. IMPACT OF THE OUTCOMES Growth with stability The average growth rate of the Indian economy over a period of 25 years since 1980-81 has been impressive at about 6.0 per cent, which is a significant improvement over the previous three decades, when the annual growth rate was only 3.5 per cent. Over the last four years during 2003-07, the Indian economy has entered a high growth phase, averaging 8.6 per cent per annum. The acceleration of growth during this period has been accompanied by a moderation in volatility, especially in industry and services sectors. An important characteristic of the high growth phase of over a quarter of century is resilience to shocks and considerable degree of stability. We did witness one serious balance of payments crisis triggered largely by the Gulf war in the early 1990s. Credible macroeconomic, structural and stabilization programme was undertaken in the wake of the crisis. The Indian economy in later years could successfully avoid any adverse contagion impact of shocks from the East Asian crisis, the Russian crisis during 1997-98, sanction like situation in post-Pokhran scenario, and border conflict during May-June 1999. Seen in this context, this robust macroeconomic performance, in the face of recent oil as well as food price shocks, demonstrates the vibrancy and resilience of the Indian economy. The Reserve Bank projects a real GDP growth at around 8.5 per cent during 2007-08, barring domestic and external shocks. Poverty and unemployment The sustained economic growth since the early 1990s has also been associated with noticeable reduction in poverty. The proportion of people living below the poverty line (based on uniform recall period) declined from 36 per cent in 1993-94 to 27.8 per cent in 2004-05. There is also some evidence of pick-up in employment growth from 1.57 per cent per annum (1993-94 to 1999-2000) to 2.48 per cent (1999-2000 to 2004-05). Consumption and investment demand Indias growth in recent years has been mainly driven by domestic consumption, contributing on an average to almost two-thirds of the overall demand, while investment and export demand are also accelerating. Almost one-half of the incremental growth in real GDP during 2006-07 was on account of final consumption demand, while around 42 per cent was on account of the rise in real gross fixed capital formation. The investment boom has come from the creation of fixed assets and this phenomenon has been most pronounced in the private corporate sector, although fixed investment in the public sector also picked up in this period. According to an estimate by the Prime Ministers Economic Advisory Council, the investment rate (provisional) crossed 35 per cent in 2006-07 from 33.8 per cent in 2005-06. A reasonable degree of price stability High growth in the last four years has been accompanied by a moderation of inflation. The headline inflation rate, in terms of the wholesale price index, has declined from an average of 11.0 per cent during 1990-95 to 5.3 per cent during 1995-2000 and to 4.9 per cent during 2003-07. The trending down of inflation has been associated with a significant reduction in inflation volatility which is indicative of well-anchored inflation expectations, despite the shocks of varied nature. Although, inflation based on the wholesale price index (WPI) initially rose to above 6.0 per cent in early April 2007 it eased to 3.79 per cent by August 25, 2007. Pre-emptive monetary measures since mid-2004, accompanied by fiscal and supply-side measures, have helped in containing inflation in India. The policy preference for the period ahead is strongly in favour of price stability and well-anchored inflation expectations with the endeavour being to contain inflation close to 5.0 per cent in 2007-08 and in the range of 4.0-4.5 per cent over the medium-term. Monetary policy in India would continue to be vigilant and pro-active in the context of any accentuation of global uncertainties that pose threats to growth and stability in the domestic economy. Improved fiscal performance Yet another positive outcome of developments in recent years is the marked improvement in the health of Government finances. The fiscal management in the country has significantly improved consistent with targeted reduction in fiscal deficit indicators after the adoption of the Fiscal Responsibility and Budget Management (FRBM) Act, 2003 by the Central Government. The finances of the State Governments have also exhibited significant improvement since 2003-04 guided by the Fiscal Responsibility Legislations (FRLs). With gross fiscal deficit of the Central Government budgeted at 3.3 per cent of GDP in 2007-08, the FRBM target of 3.0 per cent by 2008-09 appears feasible. The revenue deficit is budgeted at 1.5 per cent of GDP for 2007-08; the FRBM path envisages elimination of revenue deficit in 2008-09. External sector Indias linkages with the global economy are getting stronger, underpinned by the growing openness of the economy and the two way movement in financial flows. Merchandise exports have been growing at an average rate of around 25 per cent during the last four years, with a steady increase in global market share, reflecting the competitiveness of the Indian industry. Structural shifts in services exports, led by software and other business services, and remittances have imparted stability and strength to Indias balance of payments. The net invisible surplus has offset a significant part of the expanding trade deficit and helped to contain the current account deficit to an average of one per cent of GDP since the early 1990s. Gross current receipts (merchandise exports and invisible receipts) and gross current payments (merchandise imports and invisible payments) taken together, at present, constitute more than one half of GDP, highlighting the significant degree of integration of the In dian economy with the global economy. Greater integration into the global economy has enabled the Indian corporates to access high-quality imports from abroad and also to expand their overseas assets, dynamically. The liberalised external payments regime is facilitating the process of acquisition of foreign companies by Indian corporates, both in the manufacturing and services sectors, with the objectives of reaping economies of scale and capturing offshore markets to better face the global competition. Notwithstanding higher outflows, there has been a significant increase in capital inflows (net) to almost five per cent of GDP in 2006-07 from an average of two per cent of GDP during 2000-01 to 2002-03. Capital inflows (net) have remained substantially above the current account deficit and have implications for the conduct of monetary policy and macroeconomic and financial stability. With the significant strengthening of the current and capital accounts, the foreign exchange reserves have more than doubled from US$ 76 billion at the end of March 2003 to US $ 228.8 billion as on August 31, 2007. Financial stability The Indian record on financial stability is noteworthy as the decade of the 1990s has been otherwise turbulent for the financial sector in many EMEs. The approach towards the financial sector in India has been to consistently upgrade it by adapting the international best practices through a consultative process. The Reserve Bank has endeavoured to establish an enabling regulatory framework with prompt and effective supervision, and development of legal, technological and institutional infrastructure. The regulatory norms with respect to capital adequacy, income recognition, asset classification and provisioning have progressively moved towards convergence with the international best practices. The Basel II capital adequacy framework is being implemented in a phased manner with effect from March 2008. We have observed that the Indian banks balance sheets have strengthened considerably, financial markets have deepened and widened and, with the introduction of the real time gross settlements (RTGS) system, the payment system has also become robust. Currently, all scheduled commercial banks are compliant with the minimum capital adequacy ratio (CRAR) of 9 per cent. The overall CRAR for all scheduled commercial banks stood at 12.4 per cent at end-March 2006. The gross non-performing assets of scheduled commercial banks has declined from 8.8 per cent of advances at end March 2003 to 3.3 per cent at end March 2006, while the net non-performing assets have declined from 4.0 per cent to 1.2 per cent during the same period. Financial markets Development of financial markets received a strong impetus from financial sector reforms since the early 1990s. The Reserve Bank has been engaged in developing, widening and deepening of money, government securities and foreign exchange markets combined with a robust payments and settlement system. A wide range of regulatory and institutional reforms were introduced in a planned manner over a period to improve the efficiency of these financial markets. These included development of market micro structure, removal of structural bottlenecks, introduction/ diversification of new players/instruments, free pricing of financial assets, relaxation of quantitative restrictions, better regulatory systems, introduction of new technology, improvement in trading infrastructure, clearing and settlement practices and greater transparency. Prudential norms were introduced early in the reform phase, followed by interest rate deregulation. These policies were supplemented by strengthening of institut ions, encouraging good market practices, rationalised tax structures and enabling legislative and accounting framework. A review of monetary policy challenges The conduct of monetary policy has become more challenging in recent years for a variety of reasons. Many of the challenges the central banks are facing are almost similar which could be summarized as follows: Challenges with globalisation First, globalisation has brought in its train considerable fuzziness in reading underlying macroeconomic and financial developments, obscuring signals from financial prices and clouding the monetary authoritys gauge of the performance of the real economy. The growing importance of assets and asset prices in a globally integrated economy complicates the conduct of monetary policy when it is focused on and equipped to address price stability issues. Second, with the growing integration of financial markets domestically and internationally, there is greater activism in liquidity management with a special focus on the short-end of the market spectrum. There is also a greater sophistication in the conduct of monetary policy and central banks are consistently engaged in refining their technical and managerial skills to deal with the complexities of financial markets. As liquidity management acquires overriding importance, the evolving solvency conditions of financial intermediaries may, on occasions, get obscured in the short run. No doubt, with increasing globalization, there is greater coordination between central banks, fiscal authorities and regulatory bodies governing financial markets. Third, there is considerable difficulty faced by monetary authorities across the world in detecting and measuring inflation, especially inflation expectations. Recent experience in regard to impact of increases in oil prices, and more recently elevated food prices shows that ignoring the structural or permanent elements of what is traditionally treated as shocks may slow down appropriate monetary policy response especially if the focus is on core inflation. Accounting for house rents/prices in inflation measurement has also gained attention in some countries. The central banks are often concerned with the stability/variability of inflation rather than the level of prices. Inflation processes have become highly unclear and central banks are faced with the need to recognise the importance of inflation perceptions and inflation expectations, as distinct from inflation indicators. In this context, credible communication and creative engagement with the market and economic agents have eme rged as a critical channel of monetary transmission. Challenges for emerging market economies It is essential to recognize that the international financial markets have differing ways of judging macroeconomic developments in industrial and emerging market economies. Hence, the challenges and policy responses do differ. First, the EMEs are facing the dilemma of grappling with the inherently volatile increasing capital flows relative to domestic absorptive capacity. Consequently, often the impossible trinity of fixed or managed exchange rates, open capital accounts and discretion in monetary policy has to be managed in what could be termed as fuzzy manner rather than satisfactorily resolved a problem that gets exacerbated due to huge uncertainties in global financial markets and possible consequences in the real sector. Second, in the emerging scenario of large and uncertain capital flows, the choice of the instruments for sterilization and other policy responses have been constrained by a number of factors such as the openness of the economy, the depth of the domestic bond market, the health of the financial sector, the health of the public finances, the countrys inflationary track record and the perception about the credibility and consistency in macroeconomic policies pursued by the country. Further deepening of financial markets may help in absorption of large capital inflows in the medium term, but it may not give immediate succour at the current stage of financial sector development in many EMEs, particularly when speed and magnitude of flows are very high. Some of the EMEs are also subject to adverse current account shocks in view of elevated commodity prices. Going forward, global uncertainties in financial markets are likely to dominate the concerns of all monetary authorities, but, for the EMEs, the consequences of such macro or financial disturbances could be more serious. Third, the banking sector has been strengthened and non-banking intermediation expanded providing both stability and efficiency to the financial sector in many EMEs. Yet, sometimes, aligning the operations of large financial conglomerates and foreign institutions with local public policy priorities remains a challenge for domestic financial regulators in many EMEs. Further, reaping full benefits of competition in financial sector is somewhat limited in many EMEs. Large players in developed economies compete with each other intensely, while it is possible that a few of them dominate in each of the EMEs financial markets. A few of the financial intermediaries could thus wield dominant position in the financial markets of these countries, increasing the concentration risk. While it is extremely difficult to envision how the current disturbances in financial markets will resolve, the focus of many EMEs will be on considering various scenarios and being in readiness with appropriate policy strategies and contingency plans. Among the factors that are carefully monitored, currency markets, liquidity conditions, globally dominant financial intermediaries, impact on real sector through credit channel and asset prices are significant, but the list is certainly not exhaustive. Monetary policy framework in India Objectives The basic objectives of monetary policy, namely price stability and ensuring credit flow to support growth, have remained unchanged in India, but the underlying operating framework for monetary policy has undergone a significant transformation during the past two decades. The relative emphasis placed on price stability and economic growth is modulated according to the circumstances prevailing at a particular point in time and is clearly spelt out, from time to time, in the policy statements of the Reserve Bank. Of late, considerations of macroeconomic and financial stability have assumed an added importance in view of increasing openness of the Indian economy. Framework In India, the broad money (M3) emerged as the nominal anchor from the mid-1980s based on the premise of a stable relationship between money, output and prices. In the late 1990s, in view of ongoing financial openness and increasing evidence of changes in underlying transmission mechanism with interest rates and exchange rates gaining in importance vis-Ã  -vis quantity variables, it was felt that monetary policy exclusively based on the demand function for money could lack precision. The Reserve Bank, therefore, formally adopted a multiple indicator approach in April 1998 where