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Volume - II , Issue - 3
December 2013
Dr. Dayananda Keppetigoda
Psychology, Srilanka
Dr. Renalde Huysamen
Psychology & Criminology, University of Orange, South Africa
Dr. Prakash Deshpande
Director, International Institute of Management Studies
Dr. Sanjay Jain
Prof. Pol. Science Dept., Govt. Arts & Commerce College, Indore
Dr. Avtaar Rahi
Associate Professor, Government College of Education, Bhiwani
Prof. B. P. Sapkota
Sociology, Chairperson, Sundar Nepal Sanstha, Nepal
Dr. Roy van den Brink-Budgen
U.K.
Prof. Dr. Yashpal Singh
Director, K.L.S.Institute of Engg. & Technology, Chandok, Bijnor, U.P.
Dr. Abha Holkar
Philosophy, D.A.V.V., Indore
Dr. D. P. Pandey
(History) Technical Assistant, Archaeology Department of M. P., Indore
Dr. Md. Motiur Rahman
(English), Qassim University, Qassim, Kingdom of Saudi Arabia
Dr. Varsha Survey
Asst. Prof. History, D.A.V.V., M. S. D. Girls College, Indore
Dr. Veena Tewari Nandi
Majan College, University College, Muscat, Oman
Dr. Arun Kumar Behara
Prof. of English, Sri Sathyasai Institute, Banglore
Dr. R. B. Sharma
Salman Bin Abdul Aziz University, Al Kharj, Kingdom of Saudi Arabia
Dr. N. Hariharan
Prof. & Head Fin & Accounts,
Academy for Development of Education and Research, Pune
Dr. Sanjay Rane
Prof. Govt. Girls P. G. College, Khandwa
Dr. Parmeshwar Gangawat
Asst. Prof. English, Jaipur National University, Jaipur
Prof. Lokanath Suar
G. M. Law College, Puri, Odisha
Volume - II, Issue - 3
31 December 2013
Price - INR 60.00
Circulation in more than 75 countries
International Journal of Social Science & Management
Circulation in more than 75 countries
Contents
S No. Particulars Page No.
ENGLISH
1. A Strategy To Overcome Staff Resistance When 1 - 8
Re-Implementing Performance Management
C A Huysamen, University Of The Free State, South Africa
2. Pre-Merger Due Diligence For Gaining Quick-Win Value 9 - 11
Dr. Rekha Dhingra, New Delhi, Ms. Merinlizs Babu, Noida
3. From margins to mainstreams-Establishing identities - 12 - 14
AnEpicPerspective - Prof. Rajani Jairam, Bangalore
4. A Study on the vitality of Competency for Performance 15 - 17
Dr. Brig. Ranbir Bhatia, Mrs. Varsha Bhabad, Pune
5. Currency Modeling - Kanika Nagpal, NewDelhi 18 - 19
6. Risk and Return Analysis of FDI in Multi Brand Retail 20 - 22
in India - Ms. Anita Nyati, Kota (Raj.)
7. Role of Committees in Development of UCBs 23 - 26
Dr. Ratna Nimbalkar, Kalyan, Dr. Kailas Nimbalkar, Thane
8. Leading The Way Through Disruptive Innovation 27 - 28
Swati Seth, New Delhi
9. Higher Education: Roadmap to a Global World 29 - 31
Dr. Ashish Pathak, Ms. Reeta Chawla, Indore (M.P.)
10. Impact of FII On Indian Stock Market - 32 - 34
Kanika Nagpal, NewDelhi
11. Work Place Stress : Exploring The Route of 35 - 37
Spirituality To Combat it
Rachana Sharma, N.Adhitya Kumar, Harihar (Karnataka)
12. Case Study - Tackling work culture differences: The Toyota way 38 - 40
Nitin Ranjan, Dr. Tripti Sahu, Pune
Contents
S No. Particulars Page No.
13. ABC Bank - A Case Study 41 - 42
Prashant Dubey, Niharika Singh, Pune
14. Women's Education in India : Case Study of Bihar (1850-1900) 43 - 45
Nirmala Shah, New Delhi
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15. Education for Sustainable Development in Context with 46 - 48
Teacher Education - Dr. Seema Dhawan, Srinagar
49 - 51
1
A Strategy To Overcome Staff Resistance
When Re-Implementing Performance Management
C A Huysamen,
University Of The Free State, South Africa
ABSTRACT : A Strategy to overcome staff
resistance when re-implementing performance
management
Higher education institutions are attempting to
implement performance management systems
(PMS) to ensure optimum performance. Some people
were more resistant than others when the University
of the Free State in South Africa designed a system
during 2005, but in 2006 the message that the PMS
would not work spread like wildfire across the
campus. The reality was that if a strategy to overcome
this resistance was not put in place, the second
attempt to implement a PMS would fail.
In this article the re-implementation process is
described in four steps and the researcher proposes a
conceptual framework for a strategy for decreasing
employee resistance when re-implementing a PMS.
The process was carried out over a period of time
(20072011). The sample size for the respective steps
varied. A purposive non-probability judgemental
sample type was used. A mixed-method data
collection strategy was used with structured
questionnaires and informal face-to-face interviews.
The data were analysed with the help of frequency
distribution and trends in the feedback were also
analysed. Methods employed in the action research
process are described. As there is a void in the
literature, the research fills a gap in the literature on
the steps to follow to overcome staff resistance when
re-implementing a performance management in the
he context.
Key words: action research, performance
management staff resistance, change management,
work environment
1. INTRODUCTION :
Higher education institutions are facing new
challenges, requiring high levels of individual
performance, quality and accountability. Institutions
are accordingly attempting to develop and implement
performance management systems to drive quality
and ensure optimum individual performance.
However, Human Resource Management does not
regard the implementation of performance
management in the higher education context as a
walk in the park. In line with this drive for quality and
improved individual performance a performance
management system was regarded as a strategic
priority for the University of the Free State.After a
long and comprehensive process of planning and
designing a system, pilot groups from different
faculties were identified. Orientation sessions for the
identified pilot groups commenced during 2005 and
continued until 2006, when the faculties stopped the
process.
Some people were more resistant than others were,
but in 2006 the message that the performance
management system of the university was not user-
friendly and would not work spread like wildfire
across the campus.
Performance management (PM) is an important
Human Resource Management (HRM) process,
which provides the basis for improving and
developing performance. It can be defined as a
systematic process for improving organizational
performance by developing the performance of
individuals and teams (Armstrong, 2009, 618). The
process should establish a shared understanding
about what is to be achieved and howto achieve it
through managing people in such a way that it
increases the probability of achieving success
(Armstrong ibid). Little research seems to exist on the
implementation of performance management as a
change intervention(Mee 1998; Hudson 2001).The
change management literature,on the other hand,
only provides advice about the implementation of
change,and why change fails (Kotter 1996), but
according to Bourne (2002), there is a dearth of
research-based studies on the implementation of
performance management systems. The focus of the
study reported in this article is on the re-
implementation process.
If a strategy to overcome this resistance is not put in
place, the second attempt to implement performance
management will fail as well. Unfortunately there is a
gap in the literature on how to overcome staff
resistance when re-implementing a performance
management system, taking into account that there is
even more resistance due to the failure of the first
attempt.
In this article the re-implementation process that is
employed is described and the researcher proposes a
strategy to reduce employee resistance and re-
2
implement a performance management system.The
methods employed in the action research process and
the steps in the re-implementation of the PMS are
described in this article.
2. METHOD :
The research design is action research (AR) and
involves three iterate cycles (Zuber-Skerrit
1991),which involve planning, acting, doing and
reflecting. All full-time academic and non-academic
staff membersacross all faculties and disciplines
except service-level workers are the population of
this study. The population size is 2419. A purposive,
non-probability judgemental sample type was used.A
mixed-method data-gathering mode of enquiry was
used by applying both quantitative and qualitative
methods to investigate the following steps in the re-
implementation process:
Step1:Identifying the work-environment barriers to
PM and managing performance
Step 2: Co-designing the PM system
Step 3: Gaining management buy-in
Step4:Developing competence in using the system
Step5:Measuring the effectiveness of the planning
and implementation and developing a strategy
for solving problems.
The re-implementation processwas carried out over a
period of time (20072010); therefore, the sample
sizes for the respective specific steps vary as follows:
the sample size for identifying the work-environment
barriers to PM and managing performance were 1296
staff members (step 1); the sample size for co-
designing of the PM system was 23 staff members
(step 2); the sample size for gaining management
buy-in was 77 staff members (step 3); the sample size
for developing competence in using the system was
976 staff members (step 4) and the sample size for
measuring the effectiveness of the planning and
implementation and developing a strategy for solving
problemswas443 full-time staff members (step 5).
Detailed descriptions of the participants of the steps
will be discussed later in the article. Participation was
voluntary throughout.
The AR process of planning, acting, doing and
reflecting on each step assisted the researchers in the
process of re-implementing the performance
management system. These processes are described
in this article according to the procedure
implemented.
3. PROCEDURE :
After the first attempt to implement performance
management it was important to prevent a second
complete breakdown in motivation and focus. It was
decided to start communicating individually with
twenty-three members. The criteria for selecting
these members were simply that they had to be people
who had the ability to influence other people.This
communication was done by a new employee who
had been appointed at the end of 2005 as Head:
Performance Management. This employee was not
seen as part of the previous process. Staff members
were encouraged to discuss their fears and
frustrations around performance management and
indicate the factors that might hinder the re-
implementation of a system. They were also asked for
suggestions on improving the performance
management system and relevant documentation.
It was clear from the discussions that staff members
faced the following challenges:
Identifying the work-environment facets as
barriers to re-implementing PM and managing
performance (step 1 in the re-implementation
process);
Co-designing of the PM system (step 2 in the re-
implementation process);
Gaining management buy-in (step 3 in the re-
implementation process);
Developing competence in using the system
(step 4 in the re-implementation process); and
Measuring the effectiveness of the planning and
implementation and developing a strategy for
solving problems (step 5 in the re-
implementation process).
The identification of these challenges was translated
into steps for the re-implementation process and
again translated for the action research cycles. Three
cycles were identified. Below is a description of the
cyclic nature of action research and the resulting
findings as a result of planning, acting, observing and
reflecting. Cycle ONE comprises two re-
implementation steps, namely a) identifying the
work-environment facets as barriers to re-
implementing PM and managing performance; and
b) co-designing the PM system. Cycle TWO
comprises one re-implementation step, namely
gaining management buy-in. Cycle THREE
comprises two re-implementation steps, namely a)
developing competence in the system; and b)
measuring the effectiveness of the planning and
implementation and developing a strategy for solving
problems.
3
Cycle 1 :
Step 1 : Identification of the work-environment
barriers to re-implement PM and managing
performance
This step took place in 2007.
Plan: Issues like work overload, a diverse student
profile and the lack of a remuneration policy and
disciplinary policy, linked to performance
management, poor problem solving, not enough
feedback and face-to-face contact with top
management, ineffective decision-making
procedures and the lack of necessary equipment were
mentioned during the discussions. The custodians of
the system planned to do a literature research on
work-environment facets that could have an
influence on performance. Theycame across the
theory of Ainsworth and Smith (1993). These authors
describe factors in the work-environment that
adversely affect individual performance, employee
engagement and job satisfaction, namely the
physical environment, the human environment and
the organizational environment. According to the
feedback received from the opinion leaders, nearly
all the elements in the human, organizational and
technical environment according to Ainsworth and
Smiths (idem.) theory were regarded as potential
barriers to the effective re-implementation of a
performance management system.
Act : It was decided to use these facets as a basis from
where to develop a work-environment instrument.
Observe : The work-environment instrument with 30
facets, divided into three sections that could hinder
performance, was then finalized and formally linked
to the performance management system. This
instrument was completed by all staff members who
had negotiated and signed their performance plans
for a particular year.
Reflect : This honest approach led to a situation
where staff members felt they were part of the
solution to this problem. It was realised that distrust,
lack of integrity, inconsistency and poor work
relationships in the work environment would hamper
the successful implementation of the performance
management system as an institutional change
initiative. These discussions led to a more positive
atmosphere for the re-implementation of
performance management and the start of a process
of co-creation of the work-environment instrument
in line with Ainsworth and Smiths (1993)
theory.From Table 1 it is clear that the effectiveness
ranged between 69,72% and 73,75% over a period of
four years. The effectiveness percentage indicates a
mathematical value of the importance and the
satisfaction percentages of each item.
Table 1 : Work-environment effectiveness %
Date range N Effectiveness
%
2008 193 70,65
2009 408 69,72
2010 695 73,53
2011 1080 72,57
The implication is that barriers to performance were
solved by the line managers. Table 2 is a summary of
the most problematic work-environment factors
identified by the 2376 respondents over a period of
four years. From Table 2 it is clear that staff members
were consistently dissatisfied with career
opportunities and performance rewards. The top
management should therefore take action on these
ineffective work-environment facets.
Table 2: Work-environment effectiveness factors (2008-2011)
Date range N Effectiveness Factor
%
2008 193 53,69 Performance Rewards
2008 193 56,87 Career opportunities
2009 408 52,39 Performance rewards
2009 408 55,62 Career opportunities
2010 695 55,05 Performance rewards
2011 1080 52,67 Performance rewards
Total 2376
Plan: Because implementing performance
management is so difficult to accomplish, even more
so when re-implementing the system, a powerful
force is thought to be required to sustain the process.
Act: During the 23 interviews that were conducted in
Step 1, staff members were asked to reflect on who
should be the custodians of the process. They stated
that additional people were required to strengthen the
initial performance management team of six.
Observe:15 representatives from faculties and
support staff departments as well as two union
representatives formed a committee. This committee
had six meetings per year where decisions on the roll-
out of the re-implementation were taken.
Reflect: Care was taken to ensure that the people
selected would be seen as credible and competent,
with a high level of emotional intelligence and a
passion for performance management. The purpose
of the committee was to provide leadership and
4
direction through negotiation and not driving and
forcing a direction, but rather considering the subtle
and complex issues. The committee was known as
the Performance Management Technical Committee.
Step 2: Co-designing of the PM system
This step took place in 2007.
Plan: The interviews revealed that the performance
management systems in higher education were
characterised by a direct relationship between
institutional goals.
Act: It was decided that teaching, research and
community service were the core business of the
institution.
Observe: These aspects were cascaded down to the
level of individual performance and manifested in
the performance plans of staff. Table 3 represents the
performance-plan template that was designed during
this cycle by the Performance Management
Technical Committee and utilised for both academic
and support members of staff, based on the core
business of the university.
Table 3: The performance plan template

GENERALDESCRIPTION OF PERFORMANCE
Exceptional: This is a job performance that is outstanding in almost every aspect. An
exceptional rating implies that virtually any knowledgeable observer would recognise
the overall high quality results in all roles.
Excellent: This is job performance that is at a fully effective level in all roles and
noticeably exceeds that level in several important tasks.
Fully Effective: This is job performance at the level intended for the job. Overall
performance does not noticeably deviate from an acceptable level. The job is performed
as it was designedto be performed.
Needs Improvement: This is job performance that is short of fully effective. Further
development and/or experience on the job is needed before fully effective performance
can be achieved. The evaluator must explain the rating in writing and make
recommendations in a development plan.
Unsatisfactory: This level of performance would cause virtually any knowledgeable
observer to consider whether retention of this employee in his or her present job is
justified.
NAME OF
STAFF
MEMBER:
STAFF NO:


FACULTY
/DEPT. /UNIT:
DATE:


CURRENT
POSITION
(JOBTITLE):
YEARS IN
CURRENT
POSITION:


NAME OF
HEAD/LINE
MANAGER
REVIEWPERIOD:


ROLE 1 Role weight
SCHOLARLY TEACHING-LEARNINGAND RELATED ACADEMIC SERVICE(UNDERGRADUATE EDUCATIONAS
WELLAS HONOURS ANDCOURSEWORKMASTERSSTUDIES)
Tasks/Goals/Activities Indicators Evidence General description of performance

ROLE 2 Role weight:
SCHOLARLY TEACHING AND RELATED ACADEMIC SERVICE (POSTGRADUATE
EDUCATION: SUPERVISION OF MASTERS AND DOCTORAL THESES)
Tasks/Goals/Activities Indicators Evidence General description of performance

ROLE 3 Role weight:
SCHOLARLY RESEARCH AND RELATED ACADEMIC SERVICE (FOCUS ON RESEARCH-
RELATED PROGRAMMES/PROJECTS) [Own research]
Tasks/Goals/Activities Indicators Evidence General description of performance

ROLE 4 Role weight:
SCHOLARLY SERVICE TO THE COMMUNITY (OTHER THAN INTEGRATED SERVICE-
LEARNING AND SERVICE RESEARCH) FOCUS ON COMMUNITYPROGRAMMES/PROJECTS
Tasks/Goals/Activities Indicators Evidence General description of performance

ROLE 5 Role weight:
SCHOLARLYSERVICE TO THE UNIVERSITY
Tasks/Goals/Activities Indicators Evidence General description of performance
Reflect:The co-design of the system and the
performance plan documents lead to a situation
where staff members felt part of the process and they
willingly opted to provide examples of actual
performance plans that could be used to train other
staff members. At that stage the Technical Committee
was quite positivethat the re-implementation was
making progress.
Cycle 2
Step 3: Gaining management buy-in
This cycle took place in 2007.
Plan: Another area where the previous system failed
was that top management was not seen as being part
of the drive for a PMS. The visible support of top
management is regarded as vital for the success of
implementing the performance management system.
According to Peterman (1999), a vision will not
simply materialise as seen in the minds of a few
individuals if it is not properly recorded and
communicated. The implication is that top
management should first of all understand the PMS
themselves and then communicate the benefits and
requirements to staff members.
Act: To gain momentum, top management, deans and
directors were requested by the Vice-Rector and the
Director: Operations to complete their personal
performance plans. This was done through
facilitating the 77 individuals in order to assist them
to a) understand that performance management was a
mechanism to implement the vision of the institution;
b) ensure that they would buy into the system
themselves; c) provide them with knowledge about
the advantages for their staff if performance
management were successfully implemented; and d)
ensure that they understood the documentation.
Instead of the focus on the what of the institutional
priorities, the focus became how to personalise it
for individuals.
Observe: The 77 top and middle managers were
facilitatedindividually in one-on-one sessions by the
Head: Performance Management andthey completed
their own performance plans. After the sessions, line
managers stated that they would be able to explain
the performance management documentation to staff
that report to them. Letters from top management to
staff explained what the new implementation
procedure entailed. Staff members were invited to
attend training sessions to develop their competence
in using the performance management system.
Reflect: This action ensured that staff members could
see that performance management was re-
implemented and that top management, deans and
directors were taking ownership of the process.
Cycle 3
Step 4: Developing competence in using the system
This cycle took place between 2008 and 2010.
Plan:During the interviews in 2007, staff members
complained that they had not had anysupport during
the first attempt to help them to understand the PM
5
documentation like the performance plan. All the
departments with their Heads of Departments were
invited to attend one four-hour training session.
Act: To ensure that the documentation was
understood, training sessions with homogeneous
groups of faculty and support staff were held, which
aimed to a) communicate the vision; b) take
immediate action in relation to the vision; and c)
ensure that staff memberswould acquire the skills
enabling them to complete their performance plans.
During these four-hour sessions, the human-
resources members of the guiding coalition
communicated the human-resources policies related
to performance management. The coalition members
made sure that they did not use smart talk, in other
words, complex or abstract language. These sessions
were opened by the respective line managers who
then stated that they had gone through the process
themselves and requested people to focus on the task
at hand.
The performance plan examples provided by the staff
leaders were utilised to explain the format of the
performance management documents to staff. Staff
used the opportunity to discuss and clarify
information, not only between them and the
facilitator, but among themselves as well.
At the end of the sessions, staff members were invited
to contact the HR department to assist them in
completing and fine-tuning their performance plans.
Observe:Staffmembers were asked to indicate by
making use of the Likert scale whether the two
objectives of the performance management sessions
were met, namely: Objective 1 understanding (a)
the benefits of performance management, (b) the link
to the institutional strategy, and (c) the human-
resource policies related to performance
management; and Objective 2 the completion of the
performance plan. Staff also had the opportunity to
write comments.
As seen in Table 4, positive feedback was received
from 976 members of staff and both objectives were
achieved.
Tabl e 4 : Ev al uat ion o f Perf o rm ance Ma nag ement ses sions

Date
r ang e

Nu mber of
ses sion s

# ev al uatio ns

%
agr eement o n
un der stand in g
(Ob jective 1)
%
ag r eement o n
co mp letio n
(Ob jecti ve 2)
2 00 7 2 7 15 3 89 ,8 0 85 ,6 2
2 00 8 6 62 89 ,3 4 81 ,0 5
2 00 9
2 01 0
2 01 1
3 4
2 8
1 1
32 4
23 9
19 8
92 ,5 9
89 ,9 6
82 ,6 9
89 ,9 7
86 ,9 7
82 ,9 9
Total n umber
o f ses sion s =
1 06


Total #
evalu ation s =
97 6

Aver ag e % on
agr eement
ob jecti ve 1 =
88 ,8 7%


Av erag e % o n
ag r eement
obj ecti ve 2 =
85 ,3 2%


It should be noted that 71 sessions with individuals
who had missed the sessions also took place,
although these staff members were not requested to
complete the evaluation forms.
According to Kotter (1996, 51), it is of vital
importance to create a knowledgeable, credible
guiding coalition when introducing change. This is an
illustration that the custodians of the process should
be competent.
Reflect : In the course of these sessions people
developed a collective pool of practical knowledge
that transcended individual knowledge. This also
served to break down emotional barriers and
therefore resistance to performance management.
The fact that the line managers opened the sessions
had the advantage that staff perceived the
Performance Management system as part of their
responsibilities and not that of the human-resource
function of the institution. All the staff who assisted
during the interviews and who provided examples of
performance plans publicly welcomed this
opportunity and staff members in return welcomed
their knowledge about the performance management
system and their scholarly credibility.
From Table 4 it is clear that the reimplementation of
the system was much more positively received and
that the workshops assisted people to understand and
complete performance plans; therefore, the necessary
skills were acquired.
Plan: The custodians realised that momentum had to
be sustained.
Act: Feedback from staff who attended the sessions
was discussed with their respective line managers
after the sessions.
Observe: Staff and line managers committed to due
dates to submit their performance plans.
Reflect : This follow-up ensured that the momentum
of the process and the sense of urgency were
reconfirmed and re-established. Individual problems
were resolved and people who needed more
assistance to complete the performance plans were
accommodated. Effectively completing steps one to
three does a great deal to empower people. However,
even when the work environment is conducive to
performance, the system has been co-designed and
management buy-in is ensured, people still need the
skills to utilise the system.
Plan : The custodians of the process wanted to thank
staff members for the time they spent with
6
performance management and it was decided that is
was time to celebrate milestones achieved.
Act: The faculties and administrative staff were
afforded an opportunity to choose the platform for
celebrations. Some faculties preferred lunches;
others a breakfast; and preference was given to off-
campus venues.
Observe: Seven celebration events were held with
the staff members after their performance plans had
been discussed and signed by their respective
supervisors. Photographs were taken of the
celebrations and published with the five articles by
the respective deans in in-house magazines.
After the celebration event deans were requested to
write articles for internal publications. The articles
written by the deans indicated that they
acknowledged the achievement of staff. The dean of
the faculty with the highest staff complement wrote:
Initially there were some reservations about the new
evaluation system, but in collaboration with Dr Y it
was a pleasure to work together in a team in order
toimplement Performance Management in the
School for Medicine for Heads of Departments of the
University. In 2008 this process was concluded with
a breakfast with Prof. N,Mr X and Dr Y, where
everybody reflected on the process and once again
confirmed their commitment to the system.
Everybody agreed that it had brought about a
permanent change in management and that
performance management was a process that had to
be maintained. It would make a positive contribution
towards a better work environment in order to realise
the vision of the University, namely to be an
excellent, equitable and innovative university.
Reflection: These celebration events and the articles
published in the in-house magazines grounded the
system and by that time staff members fears had
subsided. PM was seen as a process to stay.
Momentum was gained once more and the
perceptions of neutrals persons in other faculties
were influenced, persuading them to become
supporters. Informal feedback from members proved
to be positive regarding the re-implementation.
Step 5: Measuring the effectiveness of the planning
and implementation and developing a strategy for
solving problems
Plan: After a literature review it was decided to use
the change process espoused by Kotter (1996) to
monitor the re-implementation of the performance
management system. According to him, change fails
due to mainly eight reasons.
Do: These eight reasons were translated into eight
steps and then linked to the three cycles in the action
research.The questionnaires were completed by staff
members who had at t ended performance
management sessions from 2007 to early 2009 and
covered the eight reasons or steps of Kotters (1996)
change model. According to Kotter (1996, 35,51, 67),
the first step is to establish a sense of urgency and to
gather information. The second step is to create a
guiding coalition. The third step is to develop a vision
and strategies for the change process in this case, the
re-implementation of performance management. Six
questions were asked to investigate the first three
steps. The fourth step is to communicate the change
vision. Step five entails empowerment & enablement
of people for broad-based action. Step six and seven
focus on celebrating milestones and consolidating
wins and produce more change. Step eight consists of
anchoring the new approach in the culture.
Observe - Steps one to three: The first six items of the
questionnaire focused on these, namely establishing a
sense of urgency, creating a guiding coalition and
developing a vision and strategy to implement the
change intervention (Kotter 1996). The results
indicate that 60% of the staff agreed that the sense of
urgency was effectively created, that the guiding
coalition, in this case the Technical Committee, was
credible and effective and that the vision and strategy
for the re-implementation were adequately
communicated by line managers.
Steps four to six: Items seven to 24 investigated the
effectiveness of the communication of the vision by
line managers, the empowerment of members of staff
to be able to complete their performance plans and the
generation of short-term wins. The results indicate
that 88% of the staff members were satisfied with the
next three steps. This observation correlates with the
findings in Table 4.
Steps seven and eight: Items 25 to 32 focused on the
last two steps of Kotter's (1996) process and entailed
consolidating wins and anchored the new system in
the organizational culture. Only 47% of the staff felt
that the performance management system was part of
the organizational culture.
Reflect - Steps one to three: When re-implementing
performance management, expect resistance but use
the dissatisfaction of the staff to get momentum. The
advant age of negat i ve emot i ons t owards
performance management is that at least the process
7
gets the full attention of staff. Engage the emotions of
staff members; personalise the message and use
either a trustworthy or a neutral person to do
this.Explain repeatedly that the true value and
personal benefit of PM lie in the fact that it supports
planning, communication and solving problems.
Acknowledge the influence of the work environment
on performance. This implies that staff needs a voice
in the workplace. Use the PM process to provide a
formal opportunity for staff to discuss these
problems. Ensure that the guiding coalition stays
committed to the re-implementation of the system
and do not declare victory too soon.Kotter (1996)
states that the turnover of the staff in the coalition
team as, in this case, the Technical Committee, or
sheer exhaustion could influence the roll-out
negatively.
Steps four to six:
It is vital to teach staff what the personal benefits of
PM are.Staff engagement leads to ownership but it
also offers the opportunity to harvest the collective
wisdom of staff. Simplicity of the system is vital; a
complex system only serves to overwhelm staff and
will end up as another meaningless, but costly
monument. The most effective way to ensure
competence is to conduct special training sessions
with small homogenous groups. During these
sessions staff could be equipped with computers and
examples of performance plans of their respective
positions to complete their own performance plans.
This not only creates the opportunity for collective
learning, but also a sense of accomplishment and
therefore less resistance to the system. The
immediate line manager should welcome his/her
members of staff at the beginning of the sessions and
assist both the HR facilitators and staff. Line
managers should not let the interval between training
and practice become too long, as people will forget
what they had learnt during the training session thus
creating a need for additional training.
Steps seven and eight - According to Kotter (1996),
the two main reasons for change is firstly, to stallthe
corporate culture and secondly, the increased
interdependence that is created by the fast moving
environment.
If new practices and systems are not compatible with
the relevant cultures, they are subject to regression.
Organizational culture cannot be manipulated easily.
The PM system is still fragile. It is clear that shared
values need to be more deeply ingrained in the
culture. Due to the fact that the documentation was
customised for the academic environment, there was
no off-the-shelf IT system that could be used. Co-
develop the IT system. The risk is that if this system
looks and feels different from what people are used to,
they might once again end up resisting it.
A framework for decreasing resistance was designed
after reflection on the re-implementation process
The conceptual framework depicted in Figure 1
represents key constructs identified in this study.
Figure 1 - A theoretical framework: key constructs
The outer circle consisting of the theoretical steps of
Kotter's change model has been highlighted and
shows the clockwise movement from a state of
resistance in 2007 to a state of non-resistance in 2011.
In the diagram the central core of the framework
represents the challenges that were identified and
translated into steps for the three action research
cycles. The top left side of the figure depicts the
beginning of the re-implementation and the resistance
of staff. The bottom left side of the figure depicts the
acceptance of the system and a state of non-resistance.
4. CONCLUSION :
There is a void in the literature on how to overcome
staff resistance when re-implementing a performance
management system, taking into account that there is
even more resistance if there had been aprevious
attempt. If a strategy to overcome this resistance is not
put in place, chances are that the outcome would be
the same again. In this case the challenges were:
identifying the work-environment facets as barriers to
re-implementing PM and managing performance, co-
designing of the PM system, gaining management
buy-in, developing competence in using the system
8
and measuring the effectiveness of the planning and
implementation and develop a strategy for solving
problems. Identification of these challenges was
translated into three action research cycles.A detailed
description of the findings of these cycles as a result
of planning, acting, observing and reflection was
provided as a result of planning, acting, observing
and reflection. The re-implementation of
performance management systems could also been
seen as a change intervention. After analysing the
implementation processes used for the re-
implementation of performance management
systems, the final conclusion which could be made is
that the application of Kotter's model for change
contributed to the fact that most of the staff accepted
the re-implementation of a new performance
management system. The model also proves to be a
diagnostic tool that can assist the managers to
identify specific problem areas during the re-
implementation process. Until changes are firmly
embedded in the culture, which for entire university
can take up to three to seven years, performance
management system is fragile and subject to
regression. The impact of the work environment on
managing performance cannot be ignored and
dialogues should take place between staff and line
managers as part of the performance cycle.
The researcher believes that if the work environment
is taken into consideration by management, it will not
only improve the individual performance
management system at the university, but also creates
an institutional performance culture, ensuring the
institution to be internationally competitive.
The strategic framework could be used to re-
implement an individual performance management
system for the higher education context. An area for
further research could be to test the strategic
framework in another context.
5. REFERENCES :
1. Ainsworth, Murray and Smith, Neville. (1993).
Making it happen:Managing performance at
work. New York: Prentice Hall.
2. Bennis, Warren and Nanus, Burt. (1985).
Leaders: The strategies for taking charge. New
York: Harper and Row.
3. Blanchard, Ken and Johnson, Spencer. (1982).
The one-minute manager. New York: Morrow.
4. Bourne, Mike., Neely, Andy., Platts, Ken and
Mills, John. (2002). The success and failure of
performance measurement initiatives.
Perceptions of participating managers.
International Journal of Operations &
Production Management, 22(11), 1288-1310.
5. Collins, James. (2001). Good to great: Why
some companies make the leap and others dont.
New York: HarperBusiness.
6. Cooper, Donald and Schindler, Pamela. (2006).
Business Research Methods,9th ed. New York:
McGraw-Hill Companies, Inc.
7. Davenport, Thomas and Beck, John. (2000).
Getting the attention you need. Harvard
Business Review, 78(5),118-126.
8. Feldberg, Meyer. (1975). Organizational
behavior: Text and cases. Cape Town: Juta.
9. Goleman, Daniel. (98).What makes good leader
? Harvard Business Review, 76 (682), 73-82.
10. Hellriegel, Don & Slocum, John. Jr. (1988).
Management. 5thed. NewYork: Addison-
Wesley.
11. Hudson, Mel. (2001). Theory and practice in
SME performance measurement systems.
International Journal of Operations &
Production Management, 21(8), 1095-1115.
12. Huysamen, Gideon. (1997).The desire to
perform. People Dynamics, 16(6), p32.
13. Huysamen, Gideon. (1999).Rehumanised
Productivity Improvement. Johannesburg:
Knowledge Resources.
14. Kotter, John. (1996). Leading change. Boston:
Harvard Business School Press.
15. Kreitner, Robert & Kinicki, Angelo. (2007).
Organizational behavior. NewYork: McGraw Hill.
16. Leedy, Paul. (1989). Practical research. 4th ed.
New York: Macmillan Publishing Company.
17. Licata, Christine and Morreale, Joseph. (2001).
Insight from the new book Post-Tenure Faculty
Review and Renewal: Experienced Voices.
Retrieved November 12, 2008 from http://www.
aahea.org/bulletin/article/implementingptr.ht.
18. Middlewood, David and Lumby, Jacky. (1998).
Human resource management in schools and
colleges. London: Paul Chapman Publishing.
19. Peterman, John. (1999). The rise and fall of the J
Peterman Company. Harvard Business Review,
77(5):59-66.
20. Peters, Tom and Austen, Nancy. (1985). A
passion for excellence: The leadership
difference. New York: Random House.
21. Pietersen, Willie. (2002). Reinventing strategy:
Using strategic learning to create & sustain
breakthrough performance. New York: John
Wiley and Sons.
9
Pre-Merger Due Diligence For Gaining Quick-Win Value
Dr. Rekha Dhingra, Assoc. Prof.,
Gitarattan International Business School, New Delhi
Abstract :
"Different types of mergers and acquisitions are
driven by different goals."
Merger and acquisition is a double edged sword. It
enables enterprise combination & synergy and also
entails lot of risks. For the success of merger and
acquisition, selecting an appropriate target company
at a fair price is critical. Therefore, due diligence is
defined as careful process of investigating about the
information related to the target company, is
pertinent. By performing thorough due diligence, the
acquiring company should be able to derive the
highest value from the target company and also to
unearth any hidden value in the target company. This
paper seeks to explore how pre-merger due diligence
facilitates in generating quick-win value for the
acquiring company.
Keywords : Mergers and Acquisitions, Due
Diligence, Value
Introduction :
Merger and acquisition (M&A) gives companies the
chance to create signi?cant enterprise value when
managed well. The problem is that very few
organizations actually do get it right. Today, success
is achieved once the value has been demonstrated
from a merged company producing accretive results
at levels at or above those anticipated. Every M&A
case is unique. And, due diligence (DD) is one of the
key success factors that significantly reduces the risk
of failure and helps to realize the full value of an
M&A strategy. DD should be planned in an
integrated way so that value of the new combined
entity is maximized in a strategic way.
Due diligence is the process by which the purchaser
challenges the representations made by the target
company about its historical and current financial
performance, future prospects and operational
matters. It is also the process by which a buyer
challenges its own understanding of the target
company. All too often a purchaser undertakes only a
brief review before closing the deal.
This is one of the biggest blunders companies make
during Merger & Acquisition. In the DD process, the
acquirer company can acquire and verify information
about the target company. However, attention is
directed most towards identifying and valuing of
target companys assets and liabilities in the final
stage of DD.
DUE DILIGENCE COMMUNICATION :
The acquisition process is general lengthy and complex,
and as a result information is easily compartmentalized
along the way. Hence, documentation &
communication; basically communication of due
diligence information, is the key concern. Due diligence
strongly is a decision support and risk-analysis process.
So, due diligence documentation i.e. action plan,
implications and results drives discipline in process,
allows easy information sharing among the different
acquisition teams, & minimizes redundancy.
LITERATURE REVIEW :
Lajoux & Elson (2000) stated that DD is process of
acquiring information and verifying it in order to
support the acquirer companys valuation of the
target company, its resources and obligations. Bruner
(2004) confirmed that DD starts before the acquirer
company approaches the target about a potential
transaction and extends through the closing date of
the acquisition. Initially, DD addresses broad areas
such as whether to execute the deal and how much to
pay. The latter stages of DD are focused on finer
details such as verification of information and the
target companys assets and liabilities.
Hewitt Associates Survey on the European Mergers
and Acquisitions concluded that (i) less than 10 % of
time is spent on human resources (HR) issues (ii) 40
% of respondents do not have a defined HR due
diligence process and 77% do not train those who
participate in due diligence (iii) Key HR integration
challenges centre on cultural fit, decision-making,
alignment of compensation and benefits and
organizational structure. Right Managements Study
results on Creating value through Merger and
Acquisition" found dramatic correlation between the
effectiveness with which culture issues are managed
and the combined company's long-term business
results and Nearly 3 out of every 5 acquirers, or 58%,
don't plan effectively for the cultural integration of
the two companies.
RESEARCH GAP - In spite of the general
agreement among accountants, strategic consultants,
research team members, attorneys, investment
bankers and company executives and other
Ms. Merinlizs Babu,
Amity Institute of Comp. Intelligence & Strategic
Management, Amity University, Noida
10
stakeholders in M&A deal, about the importance of
DD, it has been not been explored adequately in the
literature as to how DD helps in generating quick-
win value.
DISCUSSION :
In the DD process, the acquirer company can acquire
and verify information about the target company.
However, attention is directed most towards
identifying and valuing of target companys assets
and liabilities in the final stage of DD. Before the
signing of an acquisition agreement, information
flow between the acquirer company and the target is
limited. However, after the signing of an acquisition
agreement, the target company is required to provide
wider access to detailed information to the acquirer
company. This process is known as transactional DD.
It involves verifying the accuracy of the target
companys accounting information. Acquirer
companies use private information obtained from the
target firm during transactional DD to ensure the
most current information is reflected in their fair
value estimates of acquired net assets at the closing
date. More DD will lead to better results in terms of
identification and measurement of acquired assets
and liabilities assumed.
DD leads to accurate assessment of the risks and
benefits of a proposed acquisition. It helps in
assessing the relevant areas of concern such as legal
arrangement, management team and information
technology, corporate environment, organizational
structure and the current market position of the
company in order to determine a valuation for the
target companys assets for acquisition.
The process critically analyzes all aspects of the
target or acquirer company that may have a
significant impact on the value of the deal. DD not
only adds value to the transaction but fully assesses
the valuation price and identifies financial risks. This
includes a comprehensive analysis of the target
companys financial statements. The DD process
aids in identifying and mitigating signi?cant risks or
exposures that could impact the transaction or the
?nance transformation required to realize the fullest
value from the merger post-closing.
DD is a fundamental aspect of M&A. In simple
terms, it is a full information mining and mutual
review between two companies in preparation for a
merger. It can happen that the sell side of a transaction
can be much more complex than the buy side. Buyers
would be doubtful about the genuineness of the
numbers and other key facts presented by the seller.
Thus, being a prepared seller with accurate and
comprehensive diligence materials can help achieve
desired transaction value for the selling stakeholders
by expediting the process and building trust and
credibility with the acquirer company. The target
company should ensure that everything it has set
forward meets the desired standards. Conducting
target company side diligence, before the sale process
begins can help the target companies anticipate issues
a buyer may raise and develop responses that
adequately address the questions before they become
problems.
Through DD process, the acquirer company obtains
and verifies the accuracy of public and private
information about the target company. In the process,
better information obtained can lead to better
recognition and valuation of the assets acquired and
liabilities assumed in a deal. It helps to ensure that the
proposed transaction would pose no unnecessary risk
to the acquiring companys shareholders. DD of the
acquirer company ensures that relinquishing control
by Target Company will not bring unforeseen risks to
the companys owners, management team and
employees. Acquirer companies also conduct DD to
limit the risk of costly post-acquisition litigation.
In the US, the directors and officers of public
companies are saved from incurring liability in
shareholder lawsuits under legal regulations in case it
can be shown that sufficient DD was undertaken and
considered when evaluating the potential benefits of
an M&A transaction. Therefore, by performing more
DD, the risk of costly post-acquisition litigation can
be reduced to a great extent. Though DD starts before
the acquirer company approaches the target about a
potential transaction, the nature of DD and the type of
information flows change as the deal proceeds
towards closing. In the initial stages, DD addresses
broad issues such as whether to complete the
acquisition and how much to pay. The latter stages of
DD are focused on finer details such as verifying
information and the target firms specific assets and
liabilities. The process of identifying classes of
acquired assets and liabilities depends on obtaining
detailed information obtained about the target firm
through DD. Measurement of acquired assets and
liabilities depends on the precision of the information
the acquirer companys gain about the target firms
resources and obligations.
Some acquirer companies perform more due
diligence compared to others. The first reason is that
DD is time consuming and costly in terms of
resources. It has thus adverse impact on the daily
11
business operations. The other reasons include the
risk faced by Acquirer Company that the target will
receive a competitive bid before the transaction is
closed. Therefore, competitive factors produce
incentives for acquirers to close the transaction
sooner. There are three phases of DD as under:
- Phase I of DD: Insights into the potential
industry's competitive structure and establishes
an array of potential M&A candidates.
- Phase II of DD: Investigation of a potential
candidate but it goes beyond accounting/legal
assessment.
- Phase III of DD: Data on and assistance in
integrating the two operating entities after
finalization of the purchase.
- People issues can hamper post-merger
integration, undermine value-creation
opportunities, jeopardize relationships with
customers and reduce productivity.
- 3 HR issues have to be given importance
are
- People issues can hamper post-merger
integration, undermine value-creation
opportunities, jeopardize relationships with
customers and reduce productivity.
- 3 HR issues have to be given importance are
- Alignment of culture with strategy,
- Accurate assessment of cultural differences and
similarities and
- Effective change management.
Conclusions :
Thorough and function specific DD should be
leveraged to help the acquirer gain higher value and
growth post-merger. In the push to make a deal, due
diligence is often narrow in scope. If skeletons later
turn up in the closet, it is the acquirer that could bear
liability. A suggestion is made to start integration
planning in the due diligence phase. Companies
should address the issues of cultural fit,
organizational design and change management early
on in the M&A cycle.
References :
1. Bastien, D. T., & Van de Ven, A. W. (1986).
Managerial and organizational dynamics of
mergers and acquisitions. SMRC Discussion
Paper No. 46. University of Minnesota,
Strategic Management Research Center.
2. Buono, A. F., & Bowditch, J. L. (1989). The
human side of mergers and acquisitions. San
Francisco, CA: Jossey-Bass.
3. Cartwright, S., & Cooper, C. L. (1996). Managing
mergers, acquisitions and strategic alliances:
Integrating people and cultures. Oxford:
Butterworth-Heinemann Ltd.
4. Copeland, T., Koller, T., & Murrin, J. (1995).
Valuation: Measuring and managing the value of
companies. New York: Wiley.
5. David M. Schweiger and Philippe Very, Creating
Value through Merger and Acquisition
Integration Advances in Mergers and
Acquisitions, Volume 2, pages 126. 2003
Published by Elsevier Science Ltd. ISBN: 0-7623-
1003-0
6. Feldman, M. L., & Spratt, M. F. (1999). Five frogs
on a log. New York: Harper Business.
7. Galpin, T. J., & Herndon, M. (2000). The
complete guide to mergers and acquisitions.
SanFrancisco: Jossey Bass.
8. Habeck, M. M., Kroger, F., & Tram, M. R. (2000).
London: Financial Times/Prentice Hall.
Hambrick, D. C., & Hitt, M. A., Harrison, J. S., &
Ireland, R. D. (2001). Mergers & acquisitions: A
guide to creating value for stakeholders. New
York: Oxford University Press.
9. Hubbard, N. (1999). Acquisition strategy and
implementation. London: MacMillan.
10. Hunt, J. W. (1990). Changing pattern of
acquisition behaviour in takeovers and the
consequences for acquisition processes. Strategic
Management Journal, 11, 6977.
11. Jemison, D. B., & Sitkin, S. B. (1986). Corporate
acquisitions: A process perspective. Academy of
Management Review, 11, 145163.
12. Lubatkin, M., Calori, R., Very, P., & Veiga, J.
(1998). Managing mergers across borders: A two-
nation exploration of a nationally bound
administrative heritage. Organization Science,
9(6), 670684.
13. Marks, M. L., & Mirvis, P. H. (1998). Joining
forces. San Francisco: Jossey-Bass.
14. Nahavandi, A., & Malekzedah, A. R. (1988).
Acculturation in mergers and acquisitions.
Academy of Management Review, 13, 7990.
15. Schweiger, D. M., & DeNisi, A. S. (1991).
Communication with employees following a
merger: A longitudinal field experiment. Academy
of Management Journal, 34(1), 110135.
16. Schweiger, D. M., & Ivancevich, J. M. (1987). The
effects of mergers and acquisitions on
organizations and employees: A contingency
view. Paper presented at the meeting of the
Strategic Management Society, Boston.
12
From margins to mainstreams-Establishing
identities-AnEpicPerspective
Prof. Rajani Jairam, Prof. (Sanskrit)
Jain College, Bangalore
Abstract :
The paper makes an attempt to show the merger
of margins and mainstream through literary
perspectives. In order to understand the
marginalized as well as the mainstream culture
one has to understand the meaning of culture in
the truest sense of the word.
Literary works are representative of the life and
attitudes of a particular time period and reflect
the society of those times. One way to
understand culture is in terms of shared
paradigms that co-exist within a single particular
society. This involves identifying the various
cultures within the society other than the
dominant culture. Some of the variables used to
define culture are its paradigms about
government, economics and morality.
This paper makes an attempt to assess the
quantum of merger of mainstream and the
margins in Indian epics with a focus on the
Mahabharata. The essence of marginalization
here would mean that a distinctive social group
with its own characteristic features singles out or
victimizes the members who are categorically
less dominant leading to unequal treatment,
discrimination, social ostracism and the like.
In contrast the epic Mahabharata leaned towards
ways and means of releiving the society of
Marginalization. The author Vyasa always
believed that the human being was the greatest
measure of all things. He strongly believed that
nobody should be excluded. Through various
Upakhyanas (illustrations and analogies) he has
advocated the strong presence of the so called
marginalized and given them back their spaces.
There was no question of marginalization in
terms of gender. Family life accorded highest
status to women which were supported by
Dharma. The epic believed that every human
being was a potential being capable of creating
his own identity. He was accorded a place of
sanctity by virtue of his attributes. There was no
distinction as center and periphery and
everything was central.
The paper examines the merger of mainstream
and margins through the sub-narratives of the
epic concentrating on the upakhyanas involving
the so-called marginalized. The primary source
would be the VyasaBharata. Various critical
editions would be consulted. Published and
unpublished research works on the topic would
be studied for a critical appraisal.
Key words : Mainstream, margin, identity, epic
perspectives.
Introduction :
Marginalization refers to the overt and covert
trend with in society where those perceived to be
lacking desirable skills and deviate from the
norms tend to be excluded by wider society. The
essence of marginalization would mean that a
distinctive social group with its own
characteristic features singles out or victimizes
the more numerically dominant members of the
society. This perhaps leads to subsequent
unequal treatment. In the epic context we are
reminded of the Mahabharata (mbh) where
marginalization commenced right from numbers
with a specific reference to the Kauravas who
were a hundred in number and the Pandavas who
were only five.
The concept begins with vyasa the author of the
great work himself being of a dusky complexion
born to a fisherwoman in her early part of life
with a disagreeable smell of fish who was awed
by the fame and authority of the great sage
Parashara.Born out of an unlikely union vyasa
sculpted the great epic. Belonging to the so called
lower strata of the society Satyavati became the
queen of Shantanu the first fragments of the
absence of marginalization and an effort by
Vyasa to bring in through literary perspectives
the peripheral characters to the center, indicate
how a sincere effort was made to restore the
13
margins to the mainstream. Progressive reforms
of the current age are driven by the need for
societies to mitigate damaging internal unrest
and deliberate revising of the previous trends
that endangered political minorities and women.
The striking feature of the epic is its capacity to
sustain interest among the concerned by
exploring the possibilities of portrayal of
characters with utmost respect without self-
consciousness and condescending concession.
The intellectual and spiritual presence of women
characters and their strong challenges to both
Arrogance and power of scholarship power is
remarkable. Through brilliantand varied
upakhyanas the author shows how women could
be scholarly, brilliant, defiant as well as
endear i ng as t he si t uat i on demands
(Savitriupakhyana-vanaparva).The ideal of a
shared life with emotional interdependence is
seen in many epical illustrations, the perceived
bonds of mutual benefit as shown in the epic
leaned towards respect for human beings may be
for being better or due to moral homogeneity.
A classic example for how each human being was
respected and admired was the arrangement of
the Varna system. These were only divisions for
social functions. They were more of a social
calling rather than an arrangement of caste
system. Each of the Varnaswasrelated to the other
and the M b h chiefly perceives them for their
essence. The epic dismissed the theory of origin
with respect to the color of the individual
(ShantiParva). Leader ship and governance held
responsibility to protect the social order.
The marginalized culture of politics has led to
believe that most of the bureaucracies and
police-military machines are in public
perception corrupt and illegitimate and capable
of terrorizing the citizens. The positive feature of
the epic is its emphasis on impartial governance
and cosmic approach to crime and punishment.
Within the developed world social or ethic
marginalized groups stand out. Marginalization
may be the core of general human conflicts
related to racism, atheism and the like. The m b h
identified a human being for his attributes (sage
BrughuShantiParva). The theory of origin based
on colour may not be applicable to the epic
context.
Further talking about the presence of women
characters in the epic one may declare that
women were given a place of honor and
considerable amount of freedom was given to
them. They were clever disputants and rose
beyond the polarity of caste, creed and religion.
The upakhyanas involving Shakuntala, Savithri,
Vidula, Damyanthi bear testimony to
this.Theutilitarianethics enforced by these
women show how they believed that there was
one solution for every problem. On the contrary
observing the present situation, politics of the
marginalized in India has posed a new challenge
for the womensmovement; womens activists
have challenged and are responding to this
critique. Therefore caste identity is beyond the
realm of personal experiences which are perhaps
political too.
Coming to the position of women in domestic life
the epic shows a liberalized attitude, women
were made happy within the family life and the
quality of relationship at personal level was very
high. They enjoyed high level of participation in
the execution of power. The subtle message
delivered by the epic is life within family and
accordance of status to individual should always
be supplemented by Dharma. This concept
presupposes and recreates the independent and
antagonistic relationship between individuals
though they are free and equal. No human being
belonging to any societal strata can be given a tag
that he is an unredeemed villain or an absolute
hero. There cannot be fixed maxims to develop,
sustain or end relationships one cannot
presuppose that each individual is a means and
not an and in himself. The epic is very clear when
it says that one should go beyond self-reproach
and blaming other for what happened.
The epic discusses three stages of development of
cooperation. The first stage is hierarchal,
traditional or bureaucratic relationship. The power
vests with one individual and he knows what is
best for another person and how he should utilize
it (Ambika and Ambalika episode- Adiparva). The
second relationship is a conflict between equal
14
individuals with their own ends. Each of them
uses the other for their own end. An example for
the same is the retainer and provider relationship
between Duryodhana and Karna, the third
relationship can be found in collaborative and
team work where each individual treated the other
as an end in himself and not merely a means.
The author of the epic Veda vyasa himself
considered a human being above all. He
considered grihastha dharma or family life as the
greatest dharma family being the main domain of
immediate human relationship; the relationships
in the epic mainly were founded on kinship,
sharing and division of work. No individual was
given scope to pursue his self-interest.
Al l human act i on i s an el ement of
consequentialists. In the modern world there is a
clear demarcation between mainstream culture
of politics and marginalized culture of politics.
Terms like duty, virtue, god, ethics morals
are all alien to the discourse in todays
marginalized culture of politics. Ethtical
discourse is hardly better in the mainstream. The
epic has given a place of sanctity to powerful
characters who were considered marginalized
either by birth or by practice. We are reminded of
Vidura who was frighteningly intelligent. He
was a preceptor to even the people older to him
by hierarchy and by age. He was the only one
who voiced against Draupadis molestation in
sabha parva.
Veda vyasa has shown through such characters
that only good practices survive any length of
time and follow the progression in the
mainstream culture.
Mahabharata says that protection of peoplesright
is possible only when governance is impartial
and law is not held in abeyance. i.e. the king
should not punish one for the offence of the other
the king was advised to unite with people
through powerful speeches and promise to
protect the subjects the author has laid the
foundation for professional competence with
emphasis on virtue and morality. He suggests
that reflections of law and governance should be
realistic and meaningful there should be the
absence of fear of state and fear of tyranny.
Freedom from fear according to the epic
promotes social dignity and human peace. The
epic is concerned about human concern like fear,
greed, anger, sorrow, hunger and the like.
The society as portrayed in the epic was largely
multicultural. The opinion of worthy characters
was given a lot of weightage. Only the cultured,
critical human being is capable of standing up
against the stream of public life. The invasion of
public and private space gives a reuse of
powerlessness to human beings. The epic has
shown progression through powerful characters
with deep sense of duty and morality like Vyasa,
Satyavathi, Draupadi, Krishna, and Vidura. No
progress is possible without reconciliation
among the conflicting groups.
The epic has shown that there is good reason to
believe that if progressive people can orient
themselves in this new terrain, radical, social
transformation is possible. Despite the cultural
and political fragmentation, the widespread
prejudice as to the equal moral worth of all
human beings constitutes the embryo of new
universal consciousness.
References :
1. Dutt. M N Mahabharata; Parimal publications;
India; 1961.
2. Manual Castells; The power of identity; London
Blackwell; 1997.
3. KosambiDamoderDharmanand; Delhi; India
1956.
4. Mahajan. V .D Culture and civilization of ancient
India; S. Chand and company; Delhi; India; 1956.
5. IOWA Journal of culture studies; U S A; 2002.
6. Rajagopalachari. C.;Our culture; BharatiyaVidya
Bhavan; Mumbai; India; 1957.
7. Chaturveedi Badarinath; Mahabharata; An inquiry
in to the human condition; Orient Longman; Delhi;
India; 2004.
8. Giroux Henry. A; Patriotism and culture of fear;
editors: Amitava Kumar & Michael Ryan: 2001: U
S A.
9. HallStuart; cultural studies and its theoretical
legacies; Routledge; 1996-(262-275).
15
A Study on the vitality of Competency for Performance
Dr. Brig. Ranbir Bhatia, Director,
PGRC MIT School of Management, Pune
Mrs. Varsha Bhabad,
Research Scholar, Pune
Introduction :
Dynamic people can build dynamic organizations
and effective employees can contribute effectively.
Competent and motivated people can make things
happen to achieve Goals. Hence, the Organization
should continuously ensure that dynamism,
necessary competence, motivation and effectiveness
of employees remain at high levels at all times.
However, how an Organization is able to ensure the
effectiveness of employees at all times? Its answer is
Due to Competent People with their appropriate
competencies. A competency is an underlying
characteristic of a person which enables them to
deliver superior performance in a given job, role, or
situation. The iceberg model, as shown in Figure 1,
shows different levels of competency. The analogy
within the illustration is deliberate: while some
elements are readily identifiable and measurable
above the surface, there are several that are more
difficult to detect, yet which are-in most cases-more
significant. Renowned Harvard University
Psychologist David McClelland confirmed this in an
article he published in 1973 entitled Testing for
competence rather than for intelligence. The
original use of competencies was conceived by David
McClelland, he first used it as an alternative for the
replacement of intelligence tests with criterion
reference testing (McClelland, 1973).
Historical View of Competency: The original use of
competencies was conceived by David McClelland.
He first used it as an alternative for the replacement of
intelligence tests with criterion reference testing
(McClelland, 1973). He argued that intelligence tests
were not valid predictors of intelligence and
irrelevant to the workforce. There used to be a joke
among Psychologists that intelligence was what the
intelligence test measured, but McClelland thought
the joke was uncomfortably near the whole truth and
nothing but the truth. Currently, human resources
management has been viewed as a key strategy to low
the cost of human capital and improve an
organizations economic growth. The term of
competency plays the important role in improving
job performance and in turn qualifies human
resources. Especially, under the climate of
globalization, the workplace requires business
practitioners to acquire a new set of knowledge,
skills, and attitudes to face the diversity and
complication of the new business environment
successfully. The main purpose of this study was to
analyze a review of the literature concerning the
development, models, categorization, and paradigm
shift.
Definition of Competency : Early in the 1970s, David
McClelland (1973), a professor of Harvard
University, proposed the idea of competency as a
term used to challenge traditional criteria of
assessment which had emphasized intelligence
evaluation in the higher education system. His theme
provided a conceptual framework that led to many
subsequent studies in other fields such as teacher
education, vocational education, business
management, and human resource management
(Spencer & Spencer, 1993). To better understand
international trade competencies, this section began
by defining and grouping competency, followed by
introducing the competency models, and then
discussing competency in Taiwan and the paradigm
shift on competency. A competency was defined in
the literature from various perspectives. The
American Heritage Dictionary of English language
(2000) provided a general description as the state or
quality of being properly or well qualified (p. 376).
Numerous scholars have attempted to pin down a
definition for competency. Quinn, Faerman,
Thompson, and McGrath (1990) indicated that
competencies were associated with knowledge and
skills for implementing certain assignments or
projects effectively. To be effective in a particular
competency, one must be able to accomplish the
desired results of a job with specific qualifications
and personal attributes. Burgoyue (1993) employed a
functional perspective to define a competency as how
the goals of organizations were best achieved by
improving members performance. Human resource
specialists viewed a set of competencies as a tool to
serve as a common language throughout the entire
organization to consistently plan personnel, conduct
performance reviews, and determine the training
program (Kravetz, 2008). Boyatzis (1982) and
Klemp (1980) agreed that a person would have
16
effective and/or superior performance in a job if he or
she exhibited underlying characteristics conducive to
that particular job. Spencer and Spencer (1993)
similarly defined competency as an underlying
characteristic of an individual that is causally related
to criterion-referenced effective and/or superior
performance in a job or situation. They elaborated
on their definition, explaining that Underlying
characteristics meant the competency is a fairly
deep and enduring part of a persons personality . . .
causes or predicts behavior and Performance and
criterion-referenced meant the competency actually
predicts who does something well or poorly, as
measured on a specific criterion or standard.
Furthermore, Spencer and Spencer (1993) applied
the idea of competency to develop the Job
Competence Assessment Method (JCAM), which
encouraged an organization to change its focus from
using traditional job descriptions to establishing a
competency model by analyzing the key
characteristics of people with average to superior job
performance. Cardy and Selvarajan (2006)
concluded previous researchers thought as
competencies was the characteristics which could
significantly differ high-qualified employees from
others who showed inferior performance.
Hoffmann (1999) analyzed past literature and
summarized three key points in defining a
competency: (a) underlying qualification and
attributes of a person, (b) observable behaviors, and
(c) standard of individual performance outcomes.
The most general and detailed definition was
proposed by Parry. Parrys definition has been
accepted by numerous scholars (Lucia & Lepsinger,
1999): A competency is a cluster of related
knowledge, skills, and attitudes that affects a major
part of ones job (a role or responsibility), that
correlates with performance on the job, that can be
measure against well-accepted standards, and that
can be improved via training and development (as
cited by Lucia & Lepsinger, 1999).
Types of Competencies: As per historical view of
competencies, most of authors specified mainly three
types of competencies:
i) Managerial Competency
ii) Technical Competency
iii) Personnel Competency
Competency Model: Figure 1: The Iceberg Model of
Managerial Competencies
The underlying elements of
competencies are less visible
but they largely direct and
control surface behavior, Social
role and self-image exist at a
conscious level; traits and
motives exist further below the
surface, lying closer to the
persons core.
Managerial Competencies are like an iceberg,
with skill and knowledge forming the tip.
The Iceberg Model includes: 1. Skills are the things
that people can do well, such as computer
programming.2. Knowledge is what a person knows
about a specific topic, such as a computer language.3.
Social Role is the image that an individual displays in
public; it represents what he or she thinks is
important. It reflects the values of the person, such as
being a diligent worker or a leader.4. Self-image is the
view people have of themselves. It reflects their
identity, such as seeing oneself as an expert.5. Traits
are enduring characteristics of people. They reflect
the way in which we tend to describe people (e.g.,
she is reliable or he is adaptable).These
characteristics are habitual behaviors by which we
recognize people.6. Motives are unconscious
thoughts and preferences, which drive behavior
because the behaviors are a source of satisfaction
(e.g., achievement drive and wanting to do better).
Importance of the Topic: During the British period,
the promotions were not considered on the basis of
Performance. The System was very biased and
partial. Perception, caste and creed, attitude, ethics
were the criteria for consideration. Generally,
seniority was the main criteria at least in deciding the
promotion policy. Now-a-days, the Performance
Management Systems are widely recognized as a key
business strategy for creating Performance-driven
culture in the Organization and in turn, for driving
strong business results, - thanks to Multinational
Companies (MNCs) who ensure that their
Performance Management / Appraisal Systems are
17
very effective and meaningful process. So, in
Todays era, the competencies are the basic key
concept which co-relate with best Performance. For
individual performance in Organization the specific
and required competencies are necessary for to build
up the Performance in organization. So that
Organization should always concentrate on the study
of competencies related to Performance in
organization. Considering the importance of the
topic of research as stated above; the need is felt to
undertake the research work related to recent trends
in Performance Systems and Practices followed in
the selected Organizations.
Conclusion and Recommendation: Since David
McClelland (1973) used the term of competency as a
criterion of assessment in the higher education
system, many subsequent studies about competency
have made in other fields such as teacher education,
vocational education, business management, and
human resource management. Comparing the term
job descriptions and KSAs, competencies are
viewed more broadly and more behavior-based.
Each competency requires several KSAs.
Competencies included many factors that influenced
job success but are not included in the job
description. In summary, the purpose of identifying
competencies is to provide a well-trained workforce
that will work for organizational goals effectively
and efficiently. Even competencies have been
categorized in the literature from various
perspectives, conceptual capacity, behavior, and
knowledge/skills competencies are common groups.
According to the iceberg model, knowledge and
skills were visible and appeared at the top of the
iceberg. They were relatively easily developed and
improved through education and job training. On the
other hand, motives and traits appeared at the base of
the iceberg, because both were more likely to be
hidden and comprised the innermost part of an
individuals personality. Therefore, they were more
difficult to develop and reform through school
education and job training.
References :
1. Boyatzis, R. E. (1982).The competence
manager: A model for effective performance.
New York: John Wiley & Sons.
2. Brown, R. E. (1993). The competence manager:
A model for effective competence debate.
3. Klemp, G. O. (1980). The assessment of
occupational competence. Washington.
4. McClelland, D. C. (1973). Testing for
competence rather than intelligence. American
Psychologist.
5. Spencer, L., & Spencer, M. (1993). Competence
at work: Models for superior performance,
N.Y.: John Wiley & Sons.
6. Key competencies for a successful life and well
functioning society by D.S. Rychen and L.H.
Salganik.
7. Competencies Report by PsyTech.
8. Competencies for Senior Manager Roles by
Pradip Khandwalla.
9. COMPETENCY EVALUATION: A CASE
STUDY by B K Bhatia.
10. De v e l o p i n g C o mp e t e n c y Mo d e l
byWANGLi,WANG Hongmei.
11. Competence of Middle-Level Managers by
Chien Yu,Hui-Yu Yen.
12. A Model for Effective Performance by Arnaldo
Camuffo, Fabrizio Gerli.
13. Competency Requirements for Todays HRM
Professional by William J. Heisler.
14. HR COMPETENCY MODEL by A. Parsons.
15. What is Competency? By A.Persons.
16. Managerial Competencies for Middle-level
Managers of General Insurance Sector in India
by Sharma Aparajita.
17. Identifying competencies that predict
effectiveness of R&D managers by Christine R.
Dreyfus.
18. Hospitality management competencies: do
faculty and students concur on employability
skills? By Richard Sez.
19. Competency Mapping (A DRIVE FOR
INDIAN INDUSTRIES) by R.Yuvaraj.
20. I T C O MP E T E N C Y A N D F I R M
PERFORMANCE: by MICHAEL J. TIPPINS.
18
Currency Modeling
Kanika Nagpal, Asst. Prof.
Lakshmibai College, University of Delhi
INTRODUCTION :
Currency modeling is the decision making of
currency rate of ones country with respect to other
nation (US dollar, Yen, Pounds etc) and with factors
affecting the currency rate. Moreover, we can say it is
similar to exchange rate. This helps preventing
mismanagement of the currency. Exchange Rate is
the price at which the currency of one country can be
converted to the currency of another. Exchange rate
fluctuations affect the value of international
investment portfolios, competitiveness of exports
and imports, value of international reserves, currency
value of debt payments, and the cost to tourists in
terms of the value of their currency. Movements in
exchange rates thus have important implications for
the economys business cycle, trade and capital flows
and are therefore crucial for understanding financial
developments and changes in economic policy.
This study aims to explore the dynamics of the
exchange rate US Dollar (USD) in terms of Indian
Currency (INR or Rupee) and the factors effecting it
are, Gross Domestic Product, Foreign Direct
Investment , inflation rate, interest rate ( lending rate,
deposit rate) and Current Account Deficit, from the
year 2000-2001 to 2008-2009.
NEED FOR MODELING CURRENCY :
Depreciation leads to imports becoming costlier
which is a worry for India as it meets most of its
oil demand via imports. Apart from oil, prices of
other imported commodities like metals, gold
etc will also rise pushing overall inflation higher.
Even if prices of global oil and commodities
decline, the Indian consumers might not benefit
as depreciation will negate the impact. The
depreciating rupee will add pressure on the
overall domestic inflation and since India is
structurally an import intensive country, as
reflected in the high and persistent current
account deficits month after month, the domestic
costs will rise on account of rupee depreciation.
Exchange rate risk drives away foreign
investors which in turn depreciates the local
currency. Indian Rupee is often caught in this
vicious cycle; it will have to find a stable level to
regain investors confidence.
The depreciating rupee has serious effects on the
external debt figures of the nation. Total external
debt has increased by Rs. 2186.8 billion to Rs
16384.9 billion by the end of November 2011.
Lower inflation leads to a rising currency value &
higher inflation sees depreciation of currency.
Higher interest rates attract foreign capital and
cause the exchange rate to rise and lower
interest rates decrease exchange rates.
Current account deficit shows the country is
spending more on foreign trade than it is earning
and there is an excess demand for foreign currency
which lowers the countrys exchange rate.
A large public debt encourages inflation which
in turn will affect exchange rate.
Increasing terms of trade i.e. the price of a
countrys exports rises by a greater rate than its
imports, increases the currencys value.
Political instability and weak economic
performance cause loss of confidence in a
currency and hence its devaluation.
Recommendations/Suggestions :
In this context, it is important to recognize that the
Indian approach in recent years has been guided by the
broad principles of careful monitoring and
management of exchange rates with flexibility,
without a fixed target or a pre-announced target or a
band, coupled with the ability to intervene if and when
necessary, while allowing the underlying demand and
supply conditions to determine the exchange rate
movements over a period in an orderly way.
Subject to this predominant objective, exchange rate
policy is guided by the need to reduce excess volatility,
prevent the emergence of establishing speculative
activities, help maintain adequate level of reserves,
and develop an orderly foreign exchange market.
The Indian market, like markets of other developing
countries, is not yet very deep and broad, and can
sometimes be characterized by uneven flow of
demand and supply over different periods. In this
situation, the central bank (Reserve Bank of India)
and the government of India intervene massively to
arrest the massive fluctuations .
We need to move towards being investment driven
economy that is efficiency driven in the form of
infrastructure development, improving skill of work
force and make that investment which translate into
tangible productivity across the board.
Final stage which can make India to be developed
economy is to be innovation driven economy that can
create unique value of India at global economy level.
We need to accelerate reform process that would
19
make economy resistant to external shocks and
changes in economy cycles and currency fluctuations.
The bottom line is our policy should concentrate on
enhancing our capability in manufacturing, promote
entrepreneurship and provide incentive for innovations.
We need to remember that the challenge which we are
facing is not only about currency risk but it is about
moving to growth and development.
The Indian Rupee has depreciated significantly
against the US Dollar marking a new risk for Indian
economy. Grim global economic outlook along with
high inflation, widening current account deficit and
FII outflows have contributed to this fall.
RBI has responded with timely interventions by
selling dollars intermittently. But in times of global
uncertainty, investors prefer USD as a safe haven.
To attract investments, RBI can ease capital controls
by increasing the FII limit on investment in
government and corporate debt instruments and
introduce higher ceilings in ECBs.
Government can create a stable political and
economic environment. However, a lot depends on
the Global economic outlook and the future of
Eurozone which will determine the future of INR.
Measures by RBI :
A.) Using Forex Reserves:- RBI can sell forex
reserves and buy Indian Rupees leading to demand
for rupee. But using forex reserves poses risk also, as
using them up in large quantities to prevent
depreciation may result in a deterioration of
confidence in the economy's ability to meet even its
short-term external obligations. And not using
reserves to prevent currency depreciation poses the
risk that the exchange rate will spiral out of control.
Since both outcomes are undesirable, the appropriate
policy response is to find a balance. Hence, RBI
performs the duty of maintaining such a balance by
its various policies.
B.) Raising Interest Rates:- The rationale is to
prevent sudden capital outflows and ultimately lead
to higher capital inflows. But Indias interest rates are
already higher than most countries. This was done to
tame inflationary expectations. So further raising
interest rates would lead to lower growth levels.
C.) Make Investments Attractive: Easing Capital
Controls: RBI can take steps to increase the supply of
foreign currency by expanding market participation
to support Rupee. RBI can increase the FII limit on
investment in government and corporate debt
instruments. It can invite long term FDI debt funds in
infrastructure sector. The ceiling for External
Commercial Borrowings can be enhanced to allow
more ECB borrowings.
D.) Dollar window for oil cost: RBI could open a
dollar window for oil companies to buy dollars
directly from it instead of markets, but it would drain
foreign exchange reserves
E.) Dollar for oil bonds: RBI could hold auctions to
buy bonds from oil companies, providing them dollars
or other non-rupee currencies, but the outstanding
amount of oil bonds is small as the government has
been giving direct cash subsidy to oil companies
G.) Stagger import payments: It could issue rules
delaying or staggering import payments, which are
typically made at the end of every month, although
RBI has not taken this step in recent years
Measures by Government :
Government should take some measures to bring FDI
and create a healthy environment for economic growth.
Key policy reforms that should be initiated includes
rolling of Goods and Services Tax (GST), Direct Tax
Code (DTC), FDI in aviation and retail, Companies Bill
and diesel decontrol. Efforts should be made to invite
FDI but much more needs to be done especially after the
holdback of retail FDI and recent criticisms of policy
paralysis. The government took steps recently to loosen
rules for portfolio investment in the Indian market,
indicating its desire to sustain external inflows.
Additional fiscal reforms: Government could review
sectors such as defence, or revive pension & ins.
reforms, but passage through parliament could be tough.
Reduce Gold Imports: The government could increase
the customs and excise duty on gold, that way MRP
of gold jewellery will increase and consequently, its
demand will decrease. (Except by those Politicians,
Bureaucrats and Real Estate mafias whove truckload
of cash, and want to invest it in gold.)
References :
1. Altavilla C. & P. De Grauwe (2006), Forecasting and
Combining Competing Models of Exchange Rate
Determination, CESifo Working Paper No. 1747.
2. Apte Prakash, Piet Sercu, Raman Uppal (1996), The
Equilibrium Approach to Exchange Rates: Theory and
Tests, NBER Working Paper Series, Working Paper 5748.
3. Belkacem, L., Z.E. Meddeb and H. Boubaker (2005),
Foreign Exchange Market Efficiency: Fractional
Cointegration Approach, International Journal of
Business, 10, 2005.
4. Branson, W. H. (1983), Macroeconomic Determinants of
Real Exchange Risk, in R. J. Herring (ed.) Managing
Foreign Exchange Risk, Cambridge: Cambridge
University Press.
5. Dornbusch, R. (1990), Real Exchange Rates and
Macroeconomics: A Selective Survey, NBER Working
Paper 2775, National Bureau of Economic Research.
6. Dua, P., N. Raje and S. Sahoo (2003), Interest Rate
Modelling and Forecasting in India, Reserve Bank of
India Development Research Group Study No. 2.
20
Risk and Return Analysis of FDI in Multi Brand Retail in India
Ms. Anita Nyati, Lecturer (Business Admn.),
Govt Commerce College, Kota (Raj.)
Abstract :
Foreign Direct Investment (FDI) is the outcome of
the mutual interest of multinational firms and host
countries. The current debatable issue in India is
whether to permit FDI in Multi Brand Retail (MBR)
or not. This paper provides a study of various aspects
of FDI in Multi Brand Retail. Firstly the paper
examines the present set up of retail sector in India.
Further it focuses on the benefits of FDI which are
expected in terms of better quality, better technology,
better customer services and infrastructural
development of India. The paper also discusses the
major concerns / risk associated in form of
unemployment or throat cut competition with FDI
permission. To support the discussion, the
experiences of other countries have also been
included in the analysis. The last section prescribes
the conclusion that the opening up the retail sector to
foreign players will be a step to flourish the retail
sector as well as society, on the condition to
implement with proper strategies so that the returns
can be maximised and risk can be minimised. Some
riders may be applied on foreign entities like
minimum investments in the back end infrastructure,
caps on scale etc. Thus, if done in the right manner,
FDI in Multi Brand Retail sector can prove to be a
Boon and not a Curse.
Keywords - Foreign Direct Investment, Multi Brand
Retail, Strategies.
Risk and Return Analysis of FDI in Multi Brand
Retail in India
This is one of the burning issues to discuss in India.
As the retail industry in India is the 2nd largest source
of employment after agriculture, so policies related
to retail sector should be well managed. Before we
start analysis of impact of FDI in multi brand retail, it
is better to have a look on current scenario of Retail
Industry and FDI in India.
Introduction :
According to the Delhi High Court, Retail means sale
for final consumption to the ultimate consumer.
Indian retail industry can be categorized in two types
Unorganized and Organized. Unorganized retail
sector consists of all small shops, kirana stores etc
with low investments while organized retail sector
consists of well managed retail chain or hyper market
etc with large scale operation and heavy investment
and infrastructure.
Current scenario of FDI in India
Foreign direct investment (FDI) refers to capital
inflows from abroad that is invested in or to enhance
the production capacity of the economy. Post
liberalization according to GATS & WTO, India has
also opened up many sectors including retail sector to
foreign players partially.
The following development in FDI in retail sector in
India
1997 100% FDI allowed in cash and carry
wholesale trading under govt approval route.
2006 51% FDI allowed in single brand retailing.
2011 -Proposal for 100% FDI in Multi Brand Retail
by the parliament in the winter session.
This journey has resulted in USD 194 million
between 2006 and 2010. India is ranked as the 3rd
most attractive nation for retail investment among 30
emerging markets.
Multi Brand Retail (MBR) can be in different formats
like super market, hyper market, compact hyper etc.
Although this organised retail sector has a lot of
potential yet this sector is constrained by several
factors like highly restrictive licence regime and poor
infrastructure.
Proposal for FDI in MBR
51 % FDI permission in MBR.
Minimum investment of $100 million.
50% of the investment is to be in backend
infrastructure development.
30% of all raw materials have to be procured from
Indias small and medium industries.
Permission to set up malls only in cities with a
minimum population of 10 lacs.
Government has the first rights to procure
material from the farmers.
Products should be sold under the same brand
internationally.
21
Foreign investor should be the owner of the
brand.
Now the issue is whether opening up of FDI in MBR
will provide opportunities or create problems. There
may be both side views so this paper presents an
analysis. Before we list the benefits of FDI, it would
be better to assess the present set up of the retail
sector.
Present set up of Indian Retail Sector :
1. In reference of the farmer- India is a country
of farmers where 60% of population is involved in
agriculture. It is the 2nd largest producer of fruits &
vegetables and 3rd largest of grains. But Indian
farmers are not getting enough returns. There are
many inter-mediatory between farmers and ultimate
consumers. Even as per an estimate farmers get only
20 -30 % of the actual price. Major part of their crop
goes wastage due to not having better logistic
facility; their produce cant reach to the Mandies. In
many parts of the country due to not getting enough
money through farm produce farmers have to
commit suicides.
2. In reference of the infrastructure & logistics
Investment on infrastructure and logistics is not
sufficient today. To keep farm produce fresh and
safe, cold storage are not enough. Integrated cold
chain infrastructure is also limited with 5386 cold
storage. This situation leads to heavy losses to
farmers in terms of wastage in quality and quantity of
produce. As per some industry estimate 25 to 30%
fruits, vegetables and grains goes waste due to this.
3. Non existence at international level Since
Indian retail traders are scattered and having small
investments so no brand has got recognition at
international level. Further they are not having good
technologies and back up integration to procure
material direct from farmers and producers.
4. Indian currency needs support In past 12
months we have seen a very much volatile Indian
Rupee. It has touched all time low 54.30 against
USD. As India is no longer that attractive destination
for foreign investors because of lack of reforms now.
Key benefits of permitting FDI
1. Benefit to farmer - By introducing FDI in
retail the post of middlemen in India will be
eliminated and farmers will get a good price for their
crops. It will encourage farmers to increase farm-
productivity, earnings & their living standard and use
of high quality seeds & technology in agriculture.
2. Creation of employments - Because of the
large investment by foreign companies, this sector
will create huge direct and indirect employment
opportunities in areas like marketing, agro-
processing, packaging, transportation, etc.
According to Commerce, Industry and Textile
Minister Anand Sharma, it will create at least 10
million more jobs in next 3 years.
3. Improved infrastructure and logistics - After
allowing FDI in retail each of the foreign company
will invest minimum $100 million in India. Because
of that, infrastructure facilities, refrigeration
technology, transportation, etc. will be renovated.
4. Huge investment on research and
development - From farmers to small scale
manufactures everyone will use better technology
and it will push Indian companies to go for adoption
of foreign technologies and even more innovation
will be seen in India. Apart from this, foreign
companies will also invest heavily on R&D as they
are doing in the field of IT. 5. Be ne f i t s
for consumers - Consumers will also get benefits as
many of the channel mark-ups will disappear, they
will get good quality product at a reasonable price.
6. Increased competition - There will be a
healthy competition among the players. Use of
technology will increase, and overall costs will
reduce. Everybody in this chain will increase their
productivity and ultimately benefit to Indias
economy.
7. Stable Rupee - It makes sense to allow FDI
in India as our economy will receive much needed
dollars and will help stabilize our currency.
Critics of FDI :
1. Fear of unemployment - The big giant of
international level once permitted to come to
India, and then they will capture the entire
market share resulting in Shutter Down of
unorganized retailers with low investment.
2. Competition between international players and
domestic players - Even domestic players who
have invested heavy amount but not able to face
competition from international players. It
happened when PepsiCo and Coca cola entered
the Indian market Indian players either had to
22
sell their business to them or they vanished.
Experience of other countries regarding FDI in
MBR :
It would be better to have a look on the experiences of
the other countries. China is one of the best examples.
China permitted FDI in retailing first time in 1992 up
to 49 % and then in 2004 it lifted all the restrictions on
FDI in retail. Another example may be of Thailand,
Brazil, Argentina, Singapore, Indonesia, Chile, and
Russia who allow 100% FDI.
The study of all these countries shows that entry of
foreign players supported in the development of
organized retail industry as well as impressive
growth of the country. Even increment in the export
of the host countries has also been noticed through
networks of foreign retailers.
RISK RETURN ANALYSIS :
On behalf of the benefits & concerns which have
been described in the paper, it can be said that the
opening up of the retail sector for foreign players will
lead to overall growth & development and returns
which are expected from FDI in MBR, are higher
than risk associated with it.
In support of the statement, reference of the local
players like Reliance Fresh, Big Bazar can be
considered. They are doing wonderfully well. Even
consumers mainly working people who dont have
time to shop different things from different places,
have benefitted a lot in terms of quality, variety , price
and ease of shopping with all other discounts and
exchange offers. And, local traders are still trading as
they are. Similarly foreign players will also not harm
the economy but they will bring human / monetary /
knowledge capital and competition.
The question of unemployment due to eliminating
middlemen, kirana stores etc, is answered by the
statement that FDI in MBR will create 10 million
more jobs in 3 years apart from indirect employment.
There will be reorganization of the job structure
rather than a reduction. It will decrease unorganized
labour.
Plus, protection to farmers can be possible through
this. The present condition of farmers is very
miserable. He is getting 1/3 of the price for his
produce. And, at the time of bumper crop, he has to
sell his produce at a throw away price. These all
situations can be removed from the system through
FDI.
Conclusion :
At present when there is resistance from trade
associ at i ons, pol i t i cal act i vi st s or some
organizations, the govt may choose to open up the
sector with limited foreign equity ownership. In
addition there may be a few riders wherein the entities
may have to fulfil certain requirement such as
minimum investment in the back end infrastructure,
caps on scale, working on some sort of agreement
with local kirana stores etc.
To conclude, it can be said that this step could bring
about a number of benefits in terms of improved
infrastructure, efficient processes, employment
generation opportunities and better experience for
Indian consumers in the long run.
References :
Sukhpal Singh, Role of FDI in Multi Brand
Retail Trade in India and its Implications,
Review of market integration, Dec 2012, Vol 4,
no 3, page 283-308.
R. Renuka , M.Ganeshan, M. K. Durgamani,
Impact of FDI in Indian Economywith special
reference to Retail sector in India, Global
Research Analysis, Jan 2013, Vol 2, issue1, page
22-24.
Chandu. K. L, The new FDI Policy in retail in
India: Promises, Problems and Perceptions,
Asian Journal of Management Research, 2012,
Vol 3, issue 1, page 100-106.
Dr. Sameena Khan & Fayaz Ahamed.,
Foreign Direct Investment in India :
Challenges and Opportunities in Multi Brand
Retail Sector, International Journal of
Research in Commerce and Management, 2011,
Vol 2, issue 1, page 97-98.
F.D.I. in multi brand retail Competition
i s s u e s , b y N i r m i t G o g i a .
http://cci.gov.in/images/media/ResearchReport
s/FDI%20in%20Multi%20Brand%20Retail_C
ompetition%20Issues.pdf (accessed on 10 Dec
2013)
The pitfalls of FDI in Multi-Brand Retailing in
I n d i a , h t t p : / / www. ma d h y a m. o r g .
in/admin/tender/Madhyam%20Briefing%20Pa
per%203.pdf (accessed on 10 Dec 2013)
23
Role of Committees in Development of UCBs
Dr. Ratna Nimbalkar, Vice-principal,
K.M. Agrawal College, Kalyan.
Dr. Kailas Nimbalkar, H.O.D.(Eco.),
S.B. College , Shahapur, Thane
Abstract :
Finance is the main source of Economic
Development and RBI is the controller of finance.
The financial policy of world is not always in stable.
Changing policies of world also impacts on Nations
and their financial system. Indian economy accepted
these changes in the face of New Economic Policy
(NEP) from 1991, and RBI has accepted these
changes in financial and banking sector in the face of
reform, hence the Government had appointed various
Committees and they had recommended number of
recommendations which were implemented by RBI
and shown the path of development to banking sector.
The Banking Regulation Act 1949 was made
applicable to UCBs with effect from 1966, means
they were not under control of RBI but they were
under control of the respective State Registrars of
Co-operative Societies. In this period the first
committee appointed under the chairmanship of
Mehta Bhansali in 1939.Even before application of
B. R. Act to UCBs, the RBI had appointed some
committees before 1966 for the improvement of
working of UCBs.
Keywords: RBI, Urban Co-operative Banks,
Committees, Finance, New Economic Policy.
Introduction :
The policies of privatization and globalization were
introduced by Shri. Rajiv Gandhi in 1985. These
policies were accelerated in 1991 by the government
under the stewardship of Prime Minister P. V.
Narasimham Rao. And we have accepted this policy
in the face of New Economic Policy (NEP). This
NEP marked the beginning of a new era in our
economy. It creates a more competitive environment
in the economy to improve the productivity and
efficiency of the system. Under this NEP we started
the reforms in Financial and Banking sectors. As a
part of NEP, the Indian Banking has accepted the
reform policy and it has made commendable progress
in extending its geographical spread and functional
reach. RBI has appointed the various important
committees before and after the NEP for promotion
and improvement in banking which also includes Co-
operative banks.
Objectives :
- To study the various committees and their role for
the development of UCBs.
- To study the recommendations of various
committees
- To study the implementation of recommendations.
Methodology :
Study is based on secondary data and for that various
reports of RBI have been used.
Role of Various Committees :
The Rural Banking Enquiry Committee
(1950) - This Committee suggested that -
1. UCBs are useful to cater to the credit needs of
urban people.
2. They can fulfill the financial needs of semi-urban
and taluka places also.
The Report of the Study Group on Credit Co-op. in
the Non-Agricultural Sector (1963)
The Govt. of India, Ministry of Community
Development and Co-operation, New Delhi, had
published this report under the chairmanship of Shri.
V. P. Varde. Shri. V. P. Varde made a number of
suggestions related to-
1. Minimum paid up capital.
2. Area of operation.
Report of the working Group on
Industrial Financing through Co-operative
banks-(1968) - On the basis of the recommendations
of Varde Committee the RBI set up this working
Group under the Chairmanship of Shri. P. N. Damry
former deputy governor of RBI in 1968 for the
improvement of UCBs. The Committee suggested-
1. UCBs should finance small scale industries for
which they should amend their byelaws.
2. RBI should sanction long term loans of these
banks for the improvement of financial capacity.
The Report of Banking Commission
(1972) - The Government of India (GOI) had
appointed Committee under the chairmanship of Shri
R. G. Saraiya in 1969. The Committee was submitted
the report on the performance of UCBs in 1972.
Some recommendations of the Committee were-
1. Finance to priority sector.
2. System of ceiling on the borrowings and loans
offered for different activities.
Report of the Committee on problems of
UCBs in Maharashtra (1976) - The Government
of Maharashtra appointed a Committee to review on
the working of co-operative banks working in
Maharashtra, under the chairmanship of Shri. V. M.
24
Joglekar, the Ex. Managing Director of the
Maharashtra State Co-operative bank. The
Committee suggested -
1. The priority sector lending.
2. Participation of UCBs in agro based industries.
Chore Committee (1979) - Committee
appointed by the RBI to review the operation of cash
credit system and to suggest improvement and also to
propose alternative type of credit facilities.
Hate Committee (1981) - RBI has appointed this
Committee in 1981. The main recommendations of
this committee were-
1. Surplus funds of Apex Bank District Central Co-
op. Bank and UCBs should be identified and
investment of these funds should be studied.
2. Facility for higher interest rate on deposits kept
with these banks should be reviewed.
3. Percentage of CRR and SLR of these banks
should be brought at par with commercial banks
gradually.
Chakravarty Committee (1985) - RBI
appointed this Committee to suggest the measures
for improving monetary policy in promotion of
economic development.
Basel I & II - In July 1988 Basel Committee on
Banking Supervision (BCBS) published Basel-I
capital Accord. India adopted this Accord in 1992
and the latest version of Basel-II was released in a
consultative paper in April 2003 and India has
committed to implement Basel-II norms from March
2008 for internationally active banks and from
March 2009 for domestic banks. The minimum
capital requirement against various requirements
against various risks as the business of credit and
investment always carries an element of risk.
The revised accord completely overhauls the 1988
Basel Accord and was based on three mutually
supporting concepts or pillars of capital adequacy.
The first of these pillars is an explicitly defined
regulatory capital requirement a minimum capital to
asset ratio equal to at least 8% (9% in case of UCB) of
risk-weighted assets. Second bank supervisory
agencies, such as the RBI, have authority to adjust
capital levels for individual banks above the 8% (9%
in case of UCB) minimum when necessary. The third
supporting pillar calls upon market discipline to
supplement reviews by banking agencies.
M. N. Goiporia Committee (1990) - For the
good service to customer the RBI had set up a
committee in 1990 under the headed by Shri. M. N.
Goiporia the Chairman of SBI.
This committee had suggested the various
recommendations which were required to be
implemented by the UCBs. The services like
commencement of employees working hours 15
minutes before commencement of business hours can
be made operative by banks at branches is
metropolitan and urban centers. All branches, except,
very small branches, should have Enquiry or May I
help you? counter. Staff at the counters should
undertake the Non-voucher and voucher generating
transactions during the extended business hours.
Under the NEP, UCBs are implementing these
recommendations.
Narasimham Committee I & II - The road maps
for financial and banking sector reforms were drawn
by the reports of the committee on financial systems
(1991) - I and the committee on banking sector reform
(1998) - II, under the chairmanship by Shri. M.
Narasimham. In the I report, the committee
recommended
1. The SLR should be brought down to 25% within 5
years and be used as prudential requirement and norm
as an instrument for financial public sector deficit.
2. The capital adequacy requirement should take in
to account the market risks in addition to credit risks,
then the minimum capital to risk asset ratio be
increased to 10% from 8%.
Marathe Committee (1992) - The Marathe
Committee, appointed by RBI in the year 1992, had
also addressed the issue of branch licensing of
UCBs.The Marathe Committee recommended the
following recommendations:
1. Rigid area of operation should be relaxed. Even
Co-op. banks can work in non banking areas where
enough potential for growth is available.
2. UCBs can have wide area of operation in
Metropolitan cities, District or more than one District
considering their financial strength.
Ghose Committee (1992) - The RBI set up a High
level committee at the instance of Government of
India under the chairmanship of Shri. A. Ghosh, the
Deputy Governor to enquire the various ascepts of
frauds and malpractices in banks. The committee
submitted its report in June, 1992. The
recommendations were related to -
1. Concurrent audit, 2. Internal audit,
3. Penalties for violation,
Chitale Committee (1995) - RBI has appointed
this committee to work on the systems and procedures
of Audit of UCBs. The committee submitted their
report in 1996. The main recommendation of this
committee was-
1. The auditing of big Co-op. banks should be
25
undertaken by a panel of chartered accountants
certified by Registrars of Co-op. societies.
Jagadish Capoor Committee (1999) - RBI
appointed this committee under the chairmanship of
Mr. Jagadish Capoor, deputy Governor of RBI to
study the functioning of Co-op. Credit system and
suggest measures for its strengthening.
The committee recommended-
1. Board of Directors of banks need to be
professional and accountable.
2. Dual Control of State Government and RBI/
NABARD to go and provisions of Banking
Regulation Act 1949, should have an overriding
effect on State Co-op. Societies Act.
3. Adequate measured to be taken for strengthening
co-operatives, even if necessary by voluntary
amalgamation or merger based on its merit.
Vaidyanathan Committee - It is the latest
Committee appointed by RBI for review on the
working and performance of UCBs after various
scams have taken place. This panel on revitalization
of Co-op. banks has formulated a package of Rs.
15000 Cr. to be disbursed in three phases over the
next four or five years. The panel report has
suggested-
1. Instrumentality of MoUs between RBI and the
State Government.
2. A wider choice for placement deposits and
sourcing of funds by co-operatives from outside
system.
In House Working Group
The RBI has also set up an In House Working Group
to examine the existing system of supervision over
UCBs and suggest improvements. This committee
has submitted its report on May 3, 2003 and the
commi t t ee has suggest ed t he fol l owi ng
recommendations
1. All UCBs have to inspect at least once in 2 years.
2. The banks which are likely to cause supervisory
concerns have to inspect once in 18 months.
3. UCBs categorized in Grade III/IV have to inspect
annually.
4. A system of supervisory action should be based on
supervisory rating of UCBs.
5. The Regional Heads of the Department should
give periodical visit to UCBs.
Findings :
1. 60% of total loans and advances of UCBs are to
priority sector and 25% of them to weaker
sections.
2. From the year 2002 the increase in SLR holdings
of SUCBs from 15 to 20% and from 10 to 15%
for Non-SUCBs with deposit base of Rs. 25
crore and more, and from zero to 10% for other
Non-SUCBs, UCBs not to increase their term
deposit balances with other UCBs.
3. The CRAR should be a minimum 9% as
prescribed by RBI.
4. All banks have started may I help you counter.
5. As per recommendation of Narasimham
Committee report I the government has taken
first step in this direction by reducing the SLR
and CRR from their 1991 levels of 38.5% and
15% to 37.5% and 14% respectively.
6. As per recommendation of Narasimham
Committee report II the RBI in consultation with
the government of India raised the minimum
capital to risk asset ratio from 8% to 10% with
effect from year ending March 31, 2000.
7. As per the recommendations of the Marathe
committee, a mid-term review was made in June,
1993 and branch expansion program was
liberalized and banks were allotted centers for
branch expansion without many restrictions.
8. Marathe Committee had suggested extension of
area of operation and as per that with prior
approval of RBI, UCB may extend their area of
operation to neighboring districts or to the entire
state of their registration. UCBs, with deposits of
Rs. 50 Crores and above may extend their area of
operation even beyond the state of registration.
9. Licensed UCBs Tier I and Tier II classified as
Grade I by the RBI, may extend their area of
operation to the whole of the district registration
and to its adjoining districts within their state of
registration without prior permission from RBI.
10. The scheme of extension counters (ECs) was
introduced is commercial and UCBs with a view
to mobilizing deposits, including saving habit
among the common people.
11. As per Ghose Committee,RBI had examined the
r ecommendat i ons and s ome of t he
recommendations relevant to the UCBs
commended for adoption by them.
12. In comparison of the pre-reform period the
Indian financial system of today is more stable
and efficient.
13. RBI has accepted most of the recommendations
on the Madhav Rao Committee.
14. Pursuant to High Power Committees
recommendation, capital to Risk-Weighted
Assets Ratio (CRAR) was made applicable to
UCBs in a phased manner.
26
15. Branch licensing policy for licensed UCBs was
revised.
16. Eligible banks need not approach RBI for
seeking no objection for extension of area of
operation. Such banks may directly approach
the RCS of the State.
17. In 13th Dec. 2006, the Govt. of Maharashtra and
the RBI have signed a MOU with regard to
UCBs in the State of Maharashtra. Consequent
about this, a State Level Task Force for Co-
operative UCBs (TAFCUB) has been
constituted for Maharashtra. TAFCUB have
identified the potentially viable UCBs and
(drew) up a time bound action plan for their
revival be setting specific moniterable
milestones. It also identified the non-viable
UCBs and chalked out a non-disruptive exit path
for them.
18. As per the recommendations of TAFCUB, the
scheduled and non-scheduled UCBs opened
offsite/ onsite ATMs. It also makes suitable
recommendations on merger and amalgamation
of UCBs.
19. In June 1993, the RBI had allowed to open
extension counters without its prior permission
subject to compliance with certain eligibility
criteria.
20. RBI issued guidelines on merger/amalgamation
of UCB in Feb. 2005.The profit making banks
were also permitted to merge with the aim of
strengthening the sector and in some cases,
because they were not considered to be viable on
a stand-alone basis in the long run.
21. All UCBs have inspected at least once in 2
years.The banks which are likely to cause
supervisory concerns, inspected once in 18
months.UCBs categorized in Grade III/ IV are
subjected to inspection annually.
22. Instated on 180 days the 90 days norms for asset
classification came into force effective March
31, 2004 and it would be applicable for
identification of NPAs in 2005 and onwards.
23. As per the recommendations of Joint
Parliamentary Committee (JPC) date of
inspection report to remove the irregularities
pointed out in the report in all respects failing
which RBI will invoke penal provisions.
24. With the permission of RBI, the UCBs have
undertaken insurance agency business.
25. To fulfill the need of priority sector UCBs are
providing 60% of total loans and advances to
priority sector and 25% of them to weaker
sectors.
Conclusion :
In modern era banking system has become important
part of Economic Development. We cannot do
anything without banking. The various Acts makes
the path of development of banks more clear and the
recommendations of various committees provided
the speed to this progress.
The implementation of various recommendations of
various committees in Indian banking sector have
moved the banks towards global benchmarks with
rising efficiency, transparency. The dynamism
Broad-based reforms have made the banking sector
competitive to support economic growth.
References :
1. The Report of the Rural Banking Enquiry Committee
(1950), RBI, Bombay.
2. The Report on Urban Co-operative Banks (Madhav
Das ommittee),(1977), RBI, Bombay.
3. Report of Committee to consider final accounts of
banks (Ghosh Committee), RBI (DBOD Deptt.),
1985, Mumbai.
4. Report of the Committee to review the working of
credit authorization scheme (Marathe Committee
Report), RBI (IECD Deptt.), 1988, Mumbai.
5. Report of the working group to erview the system of
cash credit (Chore Committee Report), RBI, (IECD
Deptt.)1988, Mumbai.
6. Report of the Study Group to frame guidelines for
follow up of bank credit (Tondon Committee
Report), RBI (IECD Deptt.),1988, Mumbai.
7. Report of the Committee on Financial System,
RBI,Mumbai, 1991
8. Report of the Committee on Licensing of New UCBs
Mumbai 1992.
9. Report of the Committee on the licensing of new
urban co-operative banks (Marathe Committee
Report), RBI, UBD, 1992, Mumbai.
10. Report of Study Group on Deployment of Resources
by State and Central Co-operative Banks (Hate
Committee Report), RBI, (ACD Deptt.)1993,
Mumbai.
11. Report on Trend and Progress of Banking in India
1997-98, RBI (DEAP Deptt.), 1998, Mumbai.
12. Report of the Committee on Banking Sector Reforms
(Narasimham Committee Report), RBI (DBOD
Deptt.), 1998, Mumbai.
13. Report of the High Power Committee on UCBs-
Mumbai 1999.
14. Circular UBD No. 36/09. 169, 00/2004-05 Dated 2nd
Feb.2005.
15. Circular UBD No. 50 Dated 28th April 2006.
16. Report on Ternds and Progress of Banking in India,
RBI, Mumbai, 1990-1991 to 2005-2006.
27
Leading The Way Through Disruptive Innovation
Swati Seth, Asst. Prof., (Comm.),
Delhi School of Economics, New Delhi
Abstract :
Leading and being successful in these turbulent and
dynamic times is not easy. New technologies and
innovations are required to compete successfully in the
market place. But is just innovation enough? Probably
the answer goes deep further which states that
innovation has to be disruptive for companies and
organizations to succeed and sustain. This paper tries to
understand the broad concept of innovation and
disruptive innovation. It highlights some companies
who have been able to make a mark and win over in these
competitive times through their disruptive innovation. It
also suggests the common characteristics of companies
and leaders adopting the concept of disruptive
innovation, which will benefit the new and other
existing players to change tracks and make use of this
win-win concept in their daily operations and strategies.
Keywords : Innovation, Success, Technology.
Introduction :
Gone are the days when consumers would accept what
is being produced. With growing needs, wants,
demands and desires of the consumers, the companies
are seeking ways to come up with something new
innovate. But is just innovating enough?With changing
times and consumer preferences, the constant need to be
better than others, disruptive innovation as a strategy
might be much more successful than just innovating.
The word Innovateas defined in Oxford dictionary is
to make changes in something established, especially
by introducing new methods, ideas, or products. Thus,
disruptive innovation can be understood as something
which goes even deeper, challenging the existing norms
of doing business and coming up with something novel
and fresh which displaces the prevailing processes,
providing the way forward for the organizations.
Harvard Professor, Clayton Christensen in his research
on the disk-drive industry, first used the term
Disruptive Innovation. This concept gained
popularity through his book The Innovators
Dilemma, published in 1997. In his book, he mentions
the reasons for which the companies are successful, are
also the reasons behind a companys failure they miss
out on the new waves of innovation.
Disruptive innovation, a term of art coined by Clayton
Christensen, describes a process by which a product or
service takes root initially in simple applications at the
bottom of a market and then relentlessly moves up
market, eventually displacing established competitors.
Markides (2006) identifies two types of disruptive
innovation. First one is the business-model innovation,
which focuses on enlarging the market base. This could
be achieved either by attracting new customers or
encouraging the existing ones to increase their
consumption. Companies like Amazon, Schwab, Dell,
Swatch, and Southwest are considered business-model
innovators because they introduced new business
models in their respective markets that attracted new
consumers. On the other hand, there is radical (new-to-
the-world) innovations. These have an impact on
disturbing the prevailing consumer habits and
behaviors in a big way. Here the focus is to come up with
something absolutely new and original, challenging the
old methods, processes, or products.
Technology is a dominant factor backing the disruptive
innovation process. The constant changes and updation
of technological environment forces companies to think
out-of-the-box and come up with something that eases
the lives of consumers by providing them the
convenience and excitement to adapt and adopt to the
new products and make them a part of their lives.
Assink, M. (2006) highlights that many large
corporations fail to develop disruptive innovations.
There are several inhibiting factors, like the inability to
unlearn obsolete mental models, a successful dominant
design or business concept, a risk-averse corporate
climate, innovation process mismanagement, lack of
adequate follow-through competencies and the inability
to develop mandatory internal or external infrastructure,
which might stop the companies to successfully
implement this concept.
The best way for any company to respond to disruption
is to accept it and then chart out ways in which it could
be dealt with effectively and turned into an advantage.
The following diagram best summarizes the concept of
disruption innovation, wherein over time, the
companies that tend to leap frog the pace of
technological progress through its constant innovations,
are the ones which will be able to outperform others in
the industry. These companies disrupt the way the
market functions by coming out with something new
within the existing segment or creating a new segment
all together. For example, the fixed line telephones
helped us to communicate with others even over long
distances, but the introduction of Cellular phones and
now deeper penetration of Internet the world over has
definitely changed the way we communicate and
connect. We feel more connected and in-sync with the
outside world due to radical changes in the technology
and its wide acceptance for benefit for all.
Source: http://www.claytonchristensen.com/key-concepts/
28
The need for disruptive innovation is both for growing
and to sustain in the existing markets. Some companies
who have been following this process effectively are:
1. Apple : Apple has been able to become a leader in
consumer electronics by coming with the most
amazing technological revolutions with products
like iPod, iPad, iPhone series. The touch
sensation created by Apple has actually touched
the hearts of its consumers. It is now improving the
displays by extending its Retina technology from
small screens to MacBooks and iPads. Further
rumor has it that Apple is planning to try its hand in
the TV segment by coming up with integrated
television sets that are easy to use. It would sync
with other Apple devices and the data could also be
stored on Apples iCloud storage service.
2. Facebook : With greater Internet penetration this
company has managed to grow exponentially.
People are able to connect instantly, share their
photos, perceptions, likes, just at the blink of an
eye. With more than 1 billion active users across
the globe, the company has a long way to go.
3. Tupperware : A common known brand used in
most kitchens all over the world, was first
introduced to the public in 1948. This company
pioneered the direct marketing model distributing
plastic containers used in preparation, storage or
serving in most households. It has also empowered
the women, who are the reason of success behind
the brand establishment and sustenance.
4. Amazon : It has been able to provide the
convenience of purchasing the goods online at the
best possible price and thus questioning the
existence of the traditional bricks and mortar model
of selling products through the stores. Consumer
has now choice and ease to buy the good anywhere,
anytime and get it delivered as per convenience.
5. Southwest Airlines : A no-frills airline carrier who
changed the perception of people that airlines as a
mode of transport can be afforded by all. With the
focus on point-to-point carrier service, it was
able to achieve the competitive advantage and
created a mark in the business world. Many air
carriers are now imitating its successful business
model across the globe, but still the disruption
caused in the airline industry by Southwest
Airlines is clearly noticeable.
These are some of the most successful companies in the
world and they have proven themselves time and again
by leading through disruptive innovation. The leaders
of today understand this and have adopted disruptive
innovation as the rule. Following are some of the
characteristics, which describe the leaders following
disruptive innovation:
1. Being ahead in the race by creating breakthroughs.
2. Continuously stretching yourself and the team at
the maximum extent possible
3. Wisdom thinking Going beyond the levels of
knowledge and believing in the gut-feeling.
4. Planning for the unplanned being proactive and
thinking the unthinkable makes them do the undoable.
5. Being consumer sensitive deliberating what
consumer expects and delivering beyond expectations.
Conclusion :
As can been seen from various examples mentioned in
this paper, the reason for success for most companies
have been effective understanding, adoption and
implementation of concepts of Disruptive
Innovation. The way to lead successfully thus lies in
being proactive and being customer focused to outclass
others in the race.
Disruptive Innovation is not a sure shot answer for all
the questions but is surely a way to battle the questions
which are based on the premise of competitive moves,
uncertainty, changes, surprises, survival, customer
responsiveness, etc.
Scope For Further Research :
In this paper the focus was mainly on the way the
leading companies of the world adopt disruptive
innovation and how they become successful. It would
be interesting to understand can Jugaad be accepted as a
way of disruptive innovation. Jugaad, a common used
term in some of the South Asian countries, means to
finding easy and cost-effective solutions for a particular
thing. The linkages between the two concepts would be
interesting to understand.
References :
1. Assink, M. (2006). Inhibitors of disruptive
innovation capability: a conceptual model,
European Journal of Innovation Management, 9(2),
215-233.
2. Christensen, Clayton M.(1997)The Innovator's
Dilemma: When New Technologies Cause Great
Firms to Fail, University of Illinois at Urbana-
Champaign' s Academy for Entrepreneurial
Leadership Historical Research Reference in
Ent r epr eneur s hi p. Avai l abl e at SSRN:
http://ssrn.com/abstract=1496206
3. Danneels, E. (2004). Disruptive technology
reconsidered: A critique & research agenda. Journal
of product innovation management, 21(4), 246-258.
4. Markides, C. (2006). Disruptive Innovation: In
Need of Better Theory. Journal of product
innovation management, 23(1), 19-25.
5. Thomond P & Lettice F. (2002) Disruptive
Innovation Explored, 9 IPSE International Conf. on
Concurrent Engineering: Research and Applications
(CE2002), July, Cranfield University, UK
6. Veryzer R W (1998).Discontinuous Innovation and
the New Product Development Process, Journal of
Product Innovation Management, 15, pp 304-321.
7. Christensen Institute http://www.christensen
institute.org/key-concepts/disruptive-innovation-2/
8. http://www.claytonchristensen.com/key-concepts/
29
Higher Education: Roadmap to a Global World
Dr. Ashish Pathak, Prof. (Commerce)
Shri A.B.V. Govt. Arts & Comm. College, Indore (M.P.)
Ms. Reeta Chawla, Asst. Prof. (Comm.)
M.K.H.S Gujarati Girls College, Indore (M.P.)
Introduction :
The Indian system of higher education is facing today
many challenges arising out of globalization and
liberalization. The GATS and WTO agreement,
which are likely to be signed by the Indian
government soon, will be effective at least in the
areas of higher education, allowing foreign
universities to market their education in this country.
Use of information technologies in the field of
education is eliminating concept of jurisdiction of a
university, and creating IT enabled facilities such as
distributed classrooms and many other appliances
and applications. This will enable many leading
universities from India and abroad, private deemed-
to-be universities and other providers of education to
offer their educational programs to all the students all
over India. This creates competition for colleges and
universities, and will be resulting into a threat to the
existence and survival of weaker institutions.
India has successfully created one of the biggest
higher education systems in the world. Quality of
many top institutions is recognized to be comparable
to the best in the world. However, Indian education
systems faces problems and issues that originate
from disparities and developmental models adopted.
With all the impressive development in the areas of
information technology, space science, nuclear
technology, oil exploration, industrial production
etc., India could not solve its problems of poverty,
ignorance and underdevelopment completely and
successfully due to various reasons. Nearly 25%
people are still below poverty line; one-third are
illiterate and disparities amongst rich-poor, urban-
rural, educated-uneducated are high, which are
creating enormous social tensions. The country has to
face challenges of globalization and pressures of
liberalization while continuing its fight against
poverty, illiteracy and disadvantages.
E-Education - E-Education is essentially the same
education with the same basic processes of
educating, creating, developing and managing which
are carried out by individuals, institutions and
communities for achieving the goals of education. In
the information age it is supported by IT enabled and
IT driven processes made accessible through IT tools
and techniques to make education globalized,
localized the personalized. The outcome of this
application of technologies would be in a form of
organizations and institutions, which may be quite
distinct and different from the existing institutions.
Networked society will require educational system
that will be able to offer educational opportunities to
all anywhere, anytime. The IT developments and
emerging technologies and ensuring such
communication. The development processes and
activities now supported by IT are driven by market
forces and wealth they create. India can become
knowledge super power, if it succeeds in offering
learning opportunities and necessary education and
support of tools and technologies to all people of India.
E-education is expected to fulfill that role of education
for all and simultaneously enable people to address
many of the issues and concerns faced by nation.
Any networked society will need -
Network with broadband connectivity linking
hardware and appliances at various places for giving
access to anyone, anytime, anywhere.
Software tools, techniques and applications for
enabling people and groups to communicate with
others quite intimately.
Content needed and shared by groups of people
organizations/institutions, which enables providers
to offer services to users and customers.
One of the common examples of network is that of
railway and travel network, in which content is the
information of places, scheduled, services etc. that
enable one to make reservation from home to travel
from any one place to another. With greater ICT use,
now trends are to offer services that would fulfill
customer requirements (personalization of services)
and ensure customer satisfaction. Education can
know use the networking technologies for
developing the education system (e-education).
Literature Review -
In e-education scenario the contents of various
courses can be prepared by a virtual bank of experts.
The experts from all over the world can participate
through Internet meetings and discussions. The
contents created can be stored on servers and be made
available to any University anywhere in the world.
The second prerequisite of good education system is
the expert teachers. In countries like India, there is
tremendous shortage of teachers particularly in
remote areas. The students are deprived of good
education for want of material & teachers. Integrated
30
Internet Education System of e-education delivers
the courses to the students directly at their door step
using various tools like multimedia and virtual
reality. Local teachers have to act only as facilitator.
The expert resources of the virtual bank of experts are
also available to the students through Internet, E- mail,
chat sessions, video-conferences and video phones. In
a very simple system one can use MSN messengers
service or Yahoo messenger service and can get into a
conference with the expert teacher and instantaneously
exchange typed messages. The student can ask
questions, clarifications and teachers can send replies
from their respective PCs at their homes.
E-education systems are being implemented in
schools all over the world. As early as in 1996. The
President of U.S.A. Bill Clinton wanted every class
room in America to be connected to the information
super highway thus creating world class room. In
India the government has announced "Operation
Knowledge" "Bidyarti Computer Scheme"
"Shikshak Computer Scheme" and School
Computer Scheme.
E-education at higher institutions has become an
entirely different phenomenon. Unfathomable
oceans of knowledge are being generated and are
becoming accessible through innumerable servers of
the Internet. The Internet systems permit students to
acquire qualifications without moving out from his
house. There are universities adopting distance
education system.
Knowledge PeopleInformation technology has
created a new class of professionals. There are
knowledge workers and knowledge managers in the
society today then there are the knowledge users. To
derive benefit of the technology in his day-to-day
life, every person should be able to operate the
spacing computer and the Internet.
In addition to this the knowledge workers and
knowledge managers are to be prepared by the
education system. One more class of students created
by e-education system is the technicians and
technologists, who can develop the technology,
realize it and then operate the systems for the user.
The Internet technology has thus made the best
teaching material and best education technology
available to all students irrespective of their
geographical location and political affiliations.
Emerging Technologies in Global World -
Technology play a vital role in every sphere of life
and education is no exception. The advent of
Technology has deeply impacted the educational
scenario of the world. It is truly said that;
Technology is a gift of God. After the gift of life it is
perhaps the greatest of gods gifts. It is the mother of
civilizations, of arts and of sciences.
Technology and various communication processes
have lead to the development of different sectors, and
have added to their growth in a big way. We all have
become technology freak and get highly attracted to
the developments, which make our lives easier in one
way or the other. Even the fundamentalism of our life
has changed with the introduction of technology in
almost every part of our lives. Starting from the early
morning, our life is totally dependent on technology
and hence has landed us to a stage where we just
cannot live without use of technology.
The combination of education and technology has
been considered the main key to human progress.
Education feeds technology which in turn forms the
bases of education. It is therefore evident that
information technology has effected changes to the
methods, purpose and perceived potential of
education.
The use of technology in education has had a positive
impact on the students, educators, as well as the
education system as a whole.
Types of Technology used in Education - Gone are
the days when the facilities stood in the front of the
class room and lectured while students simply took
notes. Today the classroom is an interactive world
where the faculty as well as student is engaged with
technology. Because todays young people are
hooked up and plugged in all the time, whether it is
with text messaging, i-pads, social networking
websites and more. Technology in the classroom is
doing just that keeping students stimulated by using
the latest and greatest inventions in computers in
digital media. Some of the technologies that can be
used in the classrooms are listed below:
1. Projectors, 2. I-pad, 3. Mobile web, 4. Web
conferencing & webinars, 5. E- reader devices &
software for E books, 6. Digital library revolution,
7. Open source education websites, 8. Tablets &
laptops, 9. Windows 8 ,
Objectives of Study
To find the impact of technology on Education.
To know the outcomes of use of technology in
Indian Educational System.
To understand the global scenario of the higher
education.
Methodology :
To have a detailed study of the subject one has to
31
collect data. Datas are of two types viz:
Primary data Secondary data
Primary data: The data originally collected from an
investigation is the primary data. Such data are
original in character.
Secondary data: Data which are not originally
collected rather obtained from published &
unpublished sources.
In the present Paper we used Secondary data which
are published in the Report of Higher Education
Department, M.P., Books, journals, University
News, websites, newspaper articles and summary of
different souvenirs on this particular topic.
Why is e-Education in Trends?
It empowers interaction, even for the shy students
It allows a virtually unlimited amount of students
to enroll
Reduce your carbon footprint
Higher Learning Retention than traditional
learning
Capacity and consistency
Using e-learning saves you time and money
Benefits of e-Education - In the past decade, online
education has significantly increased in popularity
among students of all ages. This is mainly because
taking courses at online schools and universities
offers clear benefits over taking courses at
conventional educational facilities.
E-education helps rural people to cope-up
Availability of material always
A Better Fit for 21st-Century Businesses
Cross-platform Support
Savings in Travel Cost and Time
Ease of Updates
Flexibility, Accessibility, Convenience
Disadvantages of e-Education - The most relevant
disadvantages of online learning are directly tied to
the specificities of the web environment itself that
bring people to choose this method of education. The
non-existence of a physical classroom, flexible
schedules and reduced personal interaction are all
factors that attract people, but have their own
negative aspects that should be highlighted. Potential
drawbacks are that e-learning can be:
Working Alone
Technology dependent
Material Incompatibility
Unsuitable for Certain Types of Training
Expensive
Reliant of the Quality of the Content
No Match for Face-to-Face Teaching:
Conclusion :
The purpose of globalization of Indian education is to
make a major sources of earning foreign exchange; to
improve quality of Indian education and to spread
Indian culture and value.
Online learning is a still a relatively young industry,
promising a rich future of breakthroughs. New
models of teaching are already emerging that have the
potential to take online learning to even greater
accomplishments.
Technical education must be able to respond to rising
student expectations and the demands of global
competition. The quality of knowledge generated
within technical education institutions, is increasing
determining the nations global competitions.
Taking every aspect in consideration has its two ways
either the positive or the negative. Though it is seen
that technology is been misused to great extent. So by
analyzing this paper we can understand that if
technology used for the right purpose can help the
global scenario develop and flourish more.
References :
1. Bhattacharya Joyati, Higher Education in India:
Issues, Concerns and Remedies, University News,
Vol. 50, No.17, 23-29-April (2012),p.no. 1,2,3.
2. Takwale Ram, Challenges and opportunities of
globalization for Higher Education in India
alternative through e-Education, UGC Golden
Jubilee Lecture Series. p.on. 2,3,16,17
3. Goel DR & Goel Chhaya, Teacher in the Digital Age:
Issues and concern, University news volume50
no.53.Dec. 31, 2012-Jan 06, 2013, , p. no. 19,20,21
4. Singh Meenu, Higher Education: Challenges in New
Era, University news volume 50 no.39. Sep. 2012,
p.no.1
Navin Singh, The Impacts of Globalization in Higher
Education (e-journal http://www.google.com)
5. Banad S. Mahadevi and Talawar Mahadev, Impact of
Globalization on Indian Technical Education
System.(e-journal http://www.google.com)
6. Education: Eleventh Five Year Plan, New Delhi
(conceptual framework)
7. Higher Education in India: 12th five year plan (2012-
17) and beyond, FICCI Higher Education summit
2012, Govt of India. (conceptual framework)
Web-References
8. http://www.learningpool.com
9. http://www.westga.edu
10. http://www.ugc.ac.in
11. http://www.education.nic.in
12. http://www.google.com
32
Impact of FII On Indian Stock Market
Kanika Nagpal, Asst. Prof.
Lakshmibai College, University of Delhi
Abstract :
FII is allowed to enter into our country only
through stock exchanges either in the form of
equity or debt. Thus it makes an impact on the
rise or fall of SENSEX, since FII is allowed to be
purchased or sold daily. The daily transaction of
FII is the reason behind the volatility in the stock
markets and has strong impact on the various
macro-economic variables and the economy as a
whole. Also the policies drafted to stimulate the
flow of foreign capital in to India provided much
needed impetus for India to emerge as an
attractive destination for foreign investors.
External factors such as global economic cues,
FII, Exchange rate and Internal factors such as
demand and supply, market cap, EPS generally
drive and dictates the Indian stock market.
Introduction :
FII refers to the investment made by resident of
one country in the financial capital and asset of
another country. It facilitates and persuades large
productivity and help in shaping up balance of
payments. FII flows in India have continuously
grown in importance. With rapid changes in the
economy because of liberal economic policies
and fast pace changes due to globalization,
Indian market has become a focus point for
foreign investors. Organizations tend to target
for large volume of trade in this era of
globalization. Trade flows are one of the most
visible aspects of globalization. International
investment is a powerful source in propelling the
world toward closure economic integration.
Most of the under developed countries suffer
from low level of income and capital
accumulation. Though, despite this shortage of
investment, these countries have developed a
strong urge for industrialization and economic
development. As we know the need for Foreign
capital arises due to shortage from domestic side
and other reasons. Indian economy has
experienced the problem of capital in many
instances. While planning to start the steel
companies under government control, due to
shortage of resources it has taken the aid of
foreign countries. Likewise we have received aid
from Russia, Britain and Germany for
establishing Bhilai, Rourkela and Durgapur
steel plants. It is observed that the FIIs
investment has shown significant improvement
in the liquidity of stock prices of both BSE and
NSE. However, it is believed that there exists a
high degree of positive correlation between
FIIs investment and market capitalization,
FIIs investment and BSE & NSE indices,
revealing that the liquidity and volatility was
highly influenced by FIIs flows. Further, it is
also proved that FIIs investment was a significant
factor for high liquidity and volatility in the
capital market prices. The present study is
proposed to analyze the impact of FIIs on
Indian capital market.
An investor or investment fund that is from or
registered in a country outside of the one in
which it is currently investing is known as
Foreign Institutional Investment and
investors are known as Foreign Institutional
Investors. Institutional investors include
hedge funds, insurance companies, pension
funds and mutual funds. The term is used most
commonly in India to refer to outside companies
investing in the financial markets of India.
International institutional investors must register
with the Securities and Exchange Board of India
to participate in the market. One of the major
market regulations pertaining to FII involves
placing limits on FII ownership in Indian
companies.
Objective :
The objectives of the present study are to
measure the impact of FII on Indian Stock
Market and to determine the behavior and trend
33
of FIIs on BSE Sensex.
Determinants of FII Flow in India
1. Risk-Whenever risk in home market
increases, the foreign investors would start
to pull out of their home country thereby
creating a deficiency of funds in domestic
market, hence so as to attract investment
domestic interest rate would increase
thereby to ensure that the above equality is
restored
2. Inflation-At the time of high inflation, the
real return on fixed income securities like
bonds and fixed deposits declines. Thus a
bond which gives say around 7.5% interest
rate actually gives a real return of just 1% if
the inflation is 6.5%. If the inflation
increases further, the real return would
decline more.
3. Interest rates -For the business, cost of
borrowing rises this has a negative result on
their profit margins. As a result they might
even delay any investment activity which
may be funded by borrowing to some later
period when the interest rates are lower so as
to reduce their investment costs. As it can be
seen from the above table, over the past year
RBI has increased the repo rate reverse repo
rate, CRR and SLR. This has led to an
increase in the Prime Lending Rate (PLR)
and hence the general interest rate in the
economy.
4. Good news /bad news -If say there is some
bad news in the nation, which affects that is
decreases the asset price, which in turn
decreases the return and hence FII would
withdraw from the market. However on the
other hand, if there is good news, asset prices
would increase; thereby increasing return
and hence FII would be attracted. But the
sensitivity with which investors withdraw is
greater than with which they invest i.e. they
would be more cautious while investing than
at the time of withdrawing. This is primarily
due to their basic nature of being risk averse,
thus they would react more vigorously to bad
news than to good news
5. Equity Returns-The results show that, the
equity return in India (RBSE) is the main
driving force for foreign institutional
investment, which is significant at all levels.
That is increase in the returns in US stock
market adversely affects the portfolio
investment flowing to India. Predictable
risk in foreign market (SDSRF) adversely
affects FII flow to India and is highly
significant in the model.
6. GDP of India -Both have more or less direct
relationship. The reason is change in capital
account. When interest rates were high India
was attracting lot of investments so the credit
balance was high for that period. It kept on
increasing form 2003-04 to 2007-08 and
interest rates also kept on increasing from
2003-04 to 2007-08.besides there are
various other factors like rules and
regulation , taxation , govt. policies etc.
Registered FII's in India - The Indian capital
market opened its doors to foreign investors in
1991. The new industrial policy of the
government has initiated many measures to
attract foreign capital. The following table
highlights the registered FIIs in India during the
period from 2006 to 2010.
No. of Registered FIIs in India -
Year No. of Registered FIIs
January 2006 833
January 2007 1059
January 2008 1279
January 2009 1609
January 2010 1697
Source:www.sebi.gov.in
From the above table, it is clear that there is
constant growth in the number of registered FIIs
in India. In the year 2006 (January, 2006), the
number of registered FIIs were 833 only. The
same number has been increased to 1697 by the
year 2010 (January 2010). The number has been
increased by more than 100 per cent. In spite of
34
the global financial crisis the number of
registered FIIs has shown a significant
increase. Irrespective of the situation in Indian
stock markets these FIIs has earmarked their
presence. But the investment made by FIIs has
experienced drastic decline in the recent past.
This is mainly because of the global economic
meltdown. Though the number of registered FIIs
increased the net investment was not
increased proportionately.
Conclusion
The flow of FDI & FII accelerated the Indian
economy and also gave opportunities to Indian
industry for technological up-gradation, gaining
access to global managerial skills and practices,
optimizing utilization of human and natural
resources and global competitive advantage
with greater efficiency. Most importantly FDI is
central for Indias integration into global
production chains which involves production by
MNCs spread across locations all over the
world.
The study conducted observed that investments
by FIIs and the movements of Sensex are quite
closely correlated in India and FIIs wield
significant influence on the movement of
Sensex. There is little doubt that FII inflows
have significantly grown in importance over the
last few years that FII did have high significant
impact on the Indian capital market. FIIS have
positive impact on BSE Sensex and Nifty.
However there are other major factors that
influence the bourses in the stock market, but FII
is definitely one of the factors. This signifies that
market rise with increase in FIIs and collapse
when FIIs are withdrawn from the market. In
the absence of any other substantial form of
capital inflows, the potential ill effects of a
reduction in the FII flows into the Indian
economy can be severe which can be seen at the
time of U.S subprime crisis. Data on trading
activity of FIIs and domestic stock market
turnover suggest that FIIs are becoming more
important at the margin as an increasingly higher
share of stock market turnover is accounted for
by FII trading. Moreover, the findings of this
study also indicate that Foreign Institutional
Investors have emerged as the most dominant
investor group in the domestic stock market in
India. Particularly, in the companies that
constitute the Bombay Stock Market Sensitivity
Index (Sensex), their level of control is very
high.
References :
1. A Kulwantraj N. Bindu (2004).A study
on: The determinants of foreign
Institutional Investments in India and the
role of risk, inflation and return, Indian
Economic Review, Vol, 32, Issue 2, pages
217-229.
2. Dougherty C.(2009), Introduction to
Econometrics, 3rdEdition, Oxford
University Press, 2009.
3. Krishna Reddy Chittedi (2009). Volatility
of Indian Stock Market and FIIs, Journal:
European Business Review. Vol 15, pages
22-34
4. Mukherjee (2002) Taking Stock of Foreign
Institutional Investors. Economic and
P o l i t i c a l We e k l y . J u n e 1 1 ,
2005.<www.rbi.ord.in>,www.sebi.gov.in
5. Rao (1999): On the dynamic relation
between stock prices and FIIs Journal:
Journal of ICFAI, Vol: 25. Publisher: MCB
UP Ltd.
Websites :
6. www.sebi.gov.in
7. www.bseindia.com
8. www.inflibnet.ac.in
35
Work Place Stress : Exploring The Route of Spirituality To Combat it
Rachana Sharma, Asst. Prof.,
Kirloskar Inst. of Adv. Mgmt. Studies, Harihar (Karnataka)
N.Adhitya Kumar,
Kirloskar Inst. of Adv. Mgmt. Studies, Harihar (Karnataka)
Abstract - Workplace stress has received a fair
amount of treatment in the research literature
over the past decade. Workplace stress can be
defined as the change in ones physical or mental
state in response to workplace that pose an
appraised challenge or threat to that employee.
Stress, in general has numerous devastating
effects on the workplace environment, as well as
upon individuals who become victims of stress.
The aim of this review was to identify the
stressors playing keyrole in workplace stress. A
Systematic review of various databases were
explored to studies investigating workplace
stress causes and its strategies. The current
review concluded that spirituality allow us to
widen our capacity to co-operate and enlarge our
heart to be generous and it also helps to accept
the reality of power of real virtues.
Keywords - workplace, stress, spirituality
1. Introduction :
Workplace refers to the location where someone
works. It can be a simple shop floor to a complex
place such as a large organization. Irrespective of
the size of workplace, there will be an element of
stress involved. We largely deal with the concept
of stress, how it affects the individual in the
workplace and role of spirituality to cope with
workplace stress.Stress is anything that poses a
threat to our well-being. Stress in psychological
sense refers to the consequences of the failure of
the human body to respond appropriately to
emotional or physical threats whether actual or
imagined.The effects of workrelated stress on ill-
health operate in number of ways given as
follows:- Physiological-nervousness, endocrinal
or immunological reactions within the body can
lead to symptoms of physical and mental illness,
cognitive- working conditions and situations are
interpreted by the individual as stressful. The
i ndi vi dual suffers memory probl ems,
indecisiveness, inability to concentrate, poor
judgment, constant worrying, loss of objectivity,
and fearful anticipation. trivial incidents are
experienced as deliberating and dangerous
incidents. Emotional symptoms include
moodiness, agitation, short-temper, impatience,
extreme conditions such as loneliness,
depression and isolation.behavioral- excessive
work strain encourages potentially damaging
behaviors, such as smoking, eating disorders,
alcoholism, drug abuse and nervous habits like
nail biting, over reacting, picking fights and
neglecting responsibility.
1.2 Why Modern Work Places Have Stress ?
Most of the modern business models are
conceptualised around materialistic parameters
like revenue generation and success. In these
organizations, the employees are seen as
revenue generating resources. Modern
workplaces have stress because of the
following:-
1.2.1 Drastic Change of Vision - The founders
of an organization will visualize what the
organization should be in long term. Most of the
employees inspire with the organizations visions
and plan their career accordingly. However,
sometimes due to stiff competition in the market,
the organizations change their vision or alter due
to the market conditions. Since this will lead to
directional change, the work-definition and
work allocation may change. This will lead to
skill-gap,loss of interest, role changes to some of
the employees and this leads to work conflict and
stress.
1.2.2 Aggressive Goals & Targets - Vision of an
organization explain what it wants to achieve but
doesnott explain how to reach it. Goals are
nothing but translating dreams into reality.
Sometimes organizations target aggressive goals
for business reasons without properly assessing
employee ability to meet the goals. Generally in
organization there are projects or tasks stringent
deadlines and heavy workloads. This leads to
tremendous work pressure on the employees and
the stress levels of the employees increases.
1.2.3 Competition & Attrition of Employees -
36
Organizations function in a competitive
environment. So naturally there will be an
internal competition among the employees. The
employees often, in order to gain competitive
advantage ignore their physical and mental
limitations or boundaries and stretch beyond the
limits which leads to high stress levels. Another
key factor for stress is attrition of employees.
This mean mismatch of roles of employees with
their competency and skills and ultimately it
leads to frustration on not earning high
compensation. A tremendous professional stress
is built and retention becomes difficult.
1.2.4 Success Only Matters - Success is very
important for an organization. The projects have
to be executed successfully to generate revenues
with profits. Organization sometimes ignores
longterm values, processes and key employees
to make projects successful. However, this is
only a temporary success. This will create
mistrust and stress in the employees and on
value system.
1.3 Spirituality - Route to Combat Stress -
According to ShriBhagvad Gita spirituality is
performed all thy actions with mind
concentrated on the divine, renouncing
attachment and looking upon success and failure
with an equal eye. Spirituality implies
equanimity. The Gita emphasizes five
virtues:non-violence, truthfulness, non-stealing,
restraint and non-possessiveness.
1.3.1 Business in Spiritual Context - Business
with spiritual mindset see every humanbeings
possessing the unique abilities and skills to meet
his/her universal purpose and every project or
activity is an opportunity to serve the society.
Now, let us examine business parameters in
spiritual dimension:-
1.3.2 Values First Vision Next - And
However, i n spi ri t ual vi ew t he fi ve
virtues(values) of non-violence, truthfulness,
non-stealing, restraint, and non-possessiveness
which form the basis of a rational and moral life
as per Indian ethos have been taken as starting
poi nt . These val ues al ong wi t h t he
organizational commitment lay down from
strategy to operational framework, within which
all activities of the organization will need to be
undertaken. When practiced earnestly in
personal or professional sphere, each virtue has
aprofound and distinct positive impact on human
personality. They tend to crush the evils of lust,
anger, greed, attachment, pride and jealousy and
make the environment fit for co-development
and co-evolution. Organization has to
communicate and share these values to all
internal and external stakeholders and ensure that
these are implemented.
1.3.3 Journey is More Important Than
Destination - The journey is more exciting than
destination. The performance or the execution
process of achieving the goals/targets is more
important than the goal itself. The execution
process sharpen our abilities and make us to
reach our goal easier and simple. Organization
has to plan to improve performance or execution
process. They need to identify the skill-gap and
collaboration areas and train the available
resources rather than just concentrating on goals.
1.3.4 Collaboration - Spiritual leadership
emphasizes on valuing every individual..each
individual carry his/her unique abilities whereas
competition makes one person to win and to other
loose. The purpose of competition should be
made to polish the skills of individuals to excel in
the workplace rather than judging the winner or
loser. Competition may create few winners
whereas collaboration makes everyone to win for
better purpose.
1.3.4 Success with A Purpose - The secret of
success is consistency of purpose. Success without
standing for any great purpose of no use. Most of
the organization strives only for success. If an
organization selects a project with good purpose
and select right values for achieving the purpose
then it will boost up the branding of the organization
and also lifts the morale of the workforce
irrespective of success or failure of the project.
1.4 Implementation of Stress Management
Route at Workplace - In order to identify and
manage the stress, organization has to implement
t he above spi ri t ual concept s i n t rue
sense..organization has to identify the value
system and vision. Then they have to identify
37
stress areas and value based stress solution plan
for both strategy and operation levels. They have
to communicate these plans to all stakeholders
for implementation. They would also require to
workout quarterly review plan so that the
organization can take feedback from various
levels, review status of the stress solution plan
and take corrective action on regular basis.
1.4.1 Individual Stress Plan - Each employee
has different abilities. Some of the employees
have ability to convert challenges in workplace
into opportunities. However, apart from
organization, Individuals should have a plan on
stress management such as:-
1.4.2 Cultivating Spirituality - Spirituality
also involves getting touch with inner-self. The
key component is self-reflection.this can be
done as by praying which is arelaxation
technique, keeping a journal to express feelings
and record progress in chastening of mind,
reading inspirational stories,meeting spiritual
leaders.
1.4.3 Meditation - Even a few minutes of
meditation during our workday can make a
difference. Everyday mediation practice will
focus the mind and stillness will teach how to be
consciously calm. It also puts us in touch with
our inner-resource and which means less
dependence on medication, greater self-
awareness and stress free and peaceful life.
1.4.4 Yoga - Yoga helps us to access inner
strength that allows us to face stress,
overwhelming fear, frustrations and challenges
of everyday life. Yoga is mind-body practice that
involves stretching exercises, controlled
breathing and relaxation. It helps to maintain
bloodpressure levels and ultimately reduces
stress by keeping heart healthy. Sun poses are
particularly helpful because they encourage us to
breathe deeply and rhythmically.
1.4.5 Nurturing Relationships - Talking is an
outlet for releasing stress. It is important to
maintain good relationships with people whom
we value a lot and it has to be without any
expectations/unconditional.
1.4.6 Proper Diet - Balanced diet also helps in
keeping stress at bay. In earlier era, people
consumed saattawick food prepared without
onion, garlic, spices and were able to nurture
their spirituality at its peak.
2 Conclusion :
Work place Stress poses a threat to our wellbeing
and impact onalmost all the employeeson the
job,irrespective of the size of work place, in an
organization. Modern business models are
mostlycentered around revenue generation and
success resulting in high stress levels at
workplace.Spirituality emphasizes human value
system for the individuals and the organization
for a healthy competition.Business with spiritual
mindset see every humanbeings possessing the
unique abilities and skills to meet his/her
universal purpose and every project or activity is
an opportunity to serve the society. By improving
spirituality climate, employers can promote
organizational commitment and thus, individual
and organizational performance. Each employee
has different abilities while some of the
employees have ability to convert challenges in
workplace into opportunities.Apart from
organizations the individualscan have plan on
stress management by cultivating spirituality
t hr ough medi t at i on, Yoga, nur t ur i ng
relationships, and Sattvik diet. The adoption of
spirituality, at strategic and operational level by
organizations, can reduce the workplace stress
of their employees. Overall, it appears that
Spirituality contributes to wellness and assists in
counteracting workplace stress.
3 References :
1. http://www.theworkfoundation.com/down
loadpublication/report69.69_stress_at_work
pdf
2. http://www.infibnet.ac.in/ojs/index.php/ps
/article/viewfile/1220/1083
3. http://powertochange. com/life/quoteson
success
4. http://article.timesofindia.com/2013-02-
19/ wor k/ 317002221wor kpl ace- st r ess-
employee-assistance-disability-claim
5. http://www.medicalnewstoday.com/article
s/145855.php
38
Case Study - Tackling work culture differences: The Toyota way
Nitin Ranjan, Asst. Prof.
Sai Balaji Education Society, Pune
Dr. Tripti Sahu, Asst. Prof.
Sai Balaji Education Society, Pune
Safety first, Quality must and Kaizen forever
Toyota Motor Corporation's vehicle production
system is synonymous with "Just-in-Time (JIT)
system. This is the way Toyota, the worlds
leading manufacturer of automobiles make the
things happen. The working style of Toyota is a
favorite case study of B-school faculties all over
the globe. The production control system of
Toyota motors is a result of many years of
rigorous and continuous improvements, with the
centralized objective of delivering the
customised vehicle to the customer in quickest
and the most efficient manner.
The production system of Toyota is based on two
pillars: Namely Just in time and Jidoka. Just
in time is a technique in which each process
produces only what is needed by the next process
in a continuous flow. Toyota has put in place to
instill its founding principles of trust, mutual
prosperity, and excellence in its plants,
dealerships, and offices around the world.
"Jidoka", automation with a human touch is an
integral part of Toyota production system which
makes sure that equipment stops immediately, as
soon as the problem erupts, thus preventing
defective production. Hence the two concepts
ensures timely and fault less manufacturing of
vehicles, which Toyota is known for.
In 1997, when the Toyota Motor Corporation
entered India in a joint venture with the Kirloskar
Group TKMPL's at Bidadi, Karnataka, they had
to face many cultural challenges to implement
their well known production system. As people
are the heart and soul of the Toyota Way, it
encounter work culture difference a major
adversity. Toyota has a four-stage process for
building and keeping quality people: Attract,
Develop, Engage, and Inspire, this is exactly
what Toyota did in India to imbibe its work
culture. And the time proved that Toyota way of
working is not culture bound. Toyota made very
minor changes in the Indian system to bring great
results. For instance; Toyota people observed
that when a customer comes in at a used car
dealership, he only gets used car information , for
any new car enquiry he is sent to elsewhere
which creates an immediate disconnect in
customers mind. Thus Galaxy Toyota in Delhi,
new car showroom was established near to the
old car showroom, so that the customer needs not
to travel a long way. Needless to say, that a pilot
project was done before implementing the
scheme. And there is little doubt about the
success of the scheme.
Similarly in 2010 before the launch of Etios the
Deputy MD and COO (Marketing and
Commercial) studied the customers traits to offer
the product of customers interest, not only this,
he personally visited two dealerships to gauge
the situation on the ground . This is the Toyota
style of working.
Toyota way starts from the customer; it is the
Toyota production system (TPS) that ensures its
fulfilment. It is like a triangle with process, at one
end, standard at another and target setting
making up the third. While the process is
continuously monitored to improve, the standard
work ensures the process is checked and
completed so that there is a continuous
improvement towards the target. In other words,
it is always a moving target with room for
improvement.
A zero rust process in designing the Etios for
India came with a 4M condition- man machine,
material, and method. Ultimately, man will
define the method for one-defective conditions
(ryohin-joken) and monitor the job form
equipment pre-operation right up to vehicle
result stage.
Japanese kanban translates into signboard and is
a scheduling system for lean production that
Toyota is known for. It uses the rate of customer
demanded to control the rate of production
passing demand information from the customer
up through the supply chain to the vendor to
ensure inventory levels are maintained and bring
about accuracy in manufacturing schedules.
39
Proper maintenance In India, it was observed
that maintenance is one loose area. A lot of
companies are very good at planning but few can
act and check on the plan, many cant even
identify what went wrong with the plan and the
action rarely takes place, Toyota solved the
problem with PDCA, or Plan do check and
action.
In 2012 when construction of their dedicated
78000 sqm factory was stopped because huge
rock, the Toyota management suggested
controlled explosion. Permissions from the state
government was taken and got it done. Toyota has
an eagles eye for details. Once the management
identified four areas in the shop floor that were
overstocked it was reviewed and streamlined
immediately.
After implantation of Toyota style, in a highly
automated shop floor, operators can be seen
moving the 3Ms: muda (waste), mura
(unevenness) & muri (overburden), across their
zone of work to maintain SQPC (safety quality,
productivity and costs). The press shop, for
instance, follows hoshin, or an annual plan set by
MD & CEO. The hoshin here is to improve the
surface quality of the panels. Toyota has
standardized karakuri (term karakuri is taken form
puppetry in Japan during the 18 aand 19 centuries
where finger flexibility aided puppet movements)
across its industrial lines as perfect lever-age body
line for the Toyota Corrolla. Earlier; the operator
had to bend to move it but with a karakuri done
with levers bending is pass and so is the time
saving as much as eight seconds.
Ensuring the right candidates for the job: The
worlds number carmaker Toyota realized that
Indias vocational training institutes did not take
the basic SQPC (Safety, Quality, Productivity,
Costs) dogma into account while imparting
education. The auto giant needed a dedicated
pool of workers nurtured and shaped by the
Toyota way. They should have the right
knowledge of productivity and improvement
apart from right body and mind as they have to be
physically fit to stand and work for 8 hours and
15 minutes.
Toyota stared TTTI, a residential school on the
TKM campus which takes 64 students every
year. The institute takes in 10 graders form
economically challenged backgrounds in the
state of Karnataka and drills in the Toyota Way
across weld, assembly, paint and maintenance
for three years. And in keeping with the Toyota
way, students must write a summary of a weeks
training on a sheet of paper. They also get
fellowships based on such report-writing skills.
The medium of instruction is English, students
start getting a feel of Japanese from the second
year. Though it is not compulsory for students to
join TKM after passing out, almost 90 of the
three batches that have graduated so far from
TTTI work for Toyota.
Before on the job training, to ensure perfection,
operators are require to undergo a minimum of
level 3 in the Gurukul training, so that they can
work without supervision.
At level 1, recruits cannot work at all; level 2
implies that they can work with supervision; and
at level 4, they can train others. There are three
skills that are taught at the Gurukul fundamental
skill, elementary skill and standardised work.
Over a 3 month cycle, the operator is introduced
to some skills for a week and goes to the shop
floor for about a fortnight with that set of skills,
returning to the Gurukul for a fresh dose.
MD & CEO Nakagawa says, We dont do
extraordinary things, we do ordinary things
extraordinarily
Interestingly, one fundamental skills is to Pick up
bolts from a box in a moving line where the
candidate has to pick 5 bolts, in say 3 seconds
without seeing the contents of the box. If it is
more than 5 bolts, it is a muda (wastage) and if it
is less, it is also muda as it is considered a waste
of time to collect additional bolt/s for self
evaluation; a candidate has to achieve perfection
by picking up right amount of bolts at least on 10
occasions one after another
Improving Supply Chain efficiencies in India:
Typically a 4-6 member team from TKM visits
all suppliers and guides them through various
aspects of lean production. As they have to work
with a lot of plastics they also suggests ways to
improve yield form the same plastic just like
40
ways in which the yield from steel can be
improved. And it certainly doesnt stop there.
The Toyota way gets cascaded as jain and other
try to improve their suppliers.
Keeping in mind the Indian style of working
Toyota instead of each supplier supplying to
them, pick up from suppliers with time allotted
to each of them. So while components are picked
up from local suppliers, say, eight times a day,
they are plucked from one far-flung supplier
form a distant location once a day and reach the
factory in five days.
The supplies come to factory nearly eight times a
day and the process resembles a milk
distribution system. So it is simply called milk
run, For TKAP, the turn-around time from the
time an empty truck comes to its plant to loading
it and sending it to TKM, is 20 minutes. In the
milk run, the Toyota logistics department picks
up components from supplier on a fixed
schedule. The supplier has to make sure the parts
are packed and placed properly for delivery. If
the part is not available, he has to airship it,
depending on location. Everything to Toyota is
driven by market demand. The number of parts
required per schedule also mirrors how much the
market can absorb, which is visible to the
supplier as kanban at every process.
Empowering people: In contrast to Indian
management style, an operator on the assembly
line, is empowered to stop the line whenever
sees a defect. This is called jidoka. The lines
stops every day on the slightest doubt and it
actually improve the efficiency. If it is corrected
by the operator on the line, he will raise a yellow
card and the line will flow and if he raise red
cards, the part will go to the next level and stop.
August 28, 2013, Delhi: Toyota Kirloskar Motor
(TKM) today launched Indias first ever locally
manufactured hybrid - The All New Camry
Hybrid. The vehicle will be manufactured at a
separate assembly line within TKMs second
plant located in Bidadi, near Bangalore, in
Karnataka. Globally India is the 9th country to
manufacture Toyota hybrid vehicles.
The petrol Camry, the legendary cornerstone of
Toyota brand, was first introduced in 2002, in
Indi a. In 2012, TKM began l ocal l y
manufacturing the petrol Camry. Like its petrol
counterpart, the New Camry hybrid is based on
the 7th generation of the Camry.
Aptly named Hybrid which means fusion, the
Camry hybrid combines a newly developed
hybrid exclusive 2.5L Beltless petrol engine with
an electric motor.
Reference :
1. http://marco.guardigli.it/2010/10/hacking-
your-car.html
2. http://www.canbushack.com/blog/index
.php?title=scanning-for-diagnosticdata&
3. http://www.obd2allinone.com/sc/details.
asp?item=obd2conn
4. http://www.Toyota-global.com/ company/
vision_philosophy/Toyota_production_sys
tem visited on Sept. 16 2013
5. http://www.vassfamily.net/ToyotaPrius/
CAN/cindex.html
6. https://techinfo.toyota.com/techInfoPortal
7. https://www.facebook.com/notes/Toyota
camry-india/Toyota-kirloskar-motor-laun
ches-indias-first-locally-manufactured-
hybrid-car-all/ 511328318949181.
8. Meisel, J., "An Analytic Foundation for the
Two-Mode Hybrid-Electric Powertrain
with a Comparison to the Single-Mode
Toyota Prius THS-II Powertrain," SAE
Technical Paper 2009-01-1321, 2009,
d o i : 1 0 . 4 2 7 1 / 2 0 0 9 - 0 1 - 1 3 2 1 .
more=1&c=1&tb=1&pb=1
9. Process and Product Innovations of Toyota.
StudyMode.com. Retrieved 11, 2006, from
http://www.studymode.com/essays/Proces
s-And-Product-Innovations-Of-Toyota-
100344.html
10. The Toyota way, Economic Times
(corporate Dossier), April 5, 2013 pp1.
11. Yoji Akao, Glenn H. Mazur, (2003) "The
leading edge in QFD: past, present and
future", International Journal of Quality &
Reliability Management, Vol. 20 Iss: 1,
pp.20 35
41
ABC Bank - A Case Study
Niharika Singh, Research Scholar
University of Pune
Prashant Dubey, Associate Professor
IIMS, Pune
In the Financial Year 2013-14, it is found that
market share of ABC Bank for its different,
products, i.e. assets & Liabilities, is drastically
reduced due to unprofessional Customer service.
Customers are complaining from various
Branches. Customers are complaining from
various Branches about their unsatisfaction.
Now Management is thinking about how to
improve this kind of condition.
ABC Group offers a wide range of banking
products and financial services to corporate ad
retail customers through a variety of delivery
channels and through its specialized group
companies, subsidiaries and affiliates in the
areas of persona banking, investment, life and
general insurance, venture capital and asset
management. With a strong customer focus, the
ABC Group companies have maintained and
enhanced their leadership position in their
respective sectors.
ABC Bank is one of the largest bank with total
assets of Rs.3,793/- billion (US$ 75 billion) at
March 31, 2013 and profit after tax Rs.37.58
billion for the year ended March 31, 2013. The
Bank has a network of 1,451 branches and about
4,721 ATMS in India and presence in 18
countries.
ABC Jeevan Insurance Company is a 70:30 joint
venture with a foreign company. It is the largest
private sector life insurance company offering a
comprehensive suite of life, health and pensions
products. It is also the pioneer in lunching
different innovative health care products. The
company operates on a multi-channel platform
and has a distribution strength of over, 2,76,000
financial advisors operating from more than
2000 branches spread across 1800 locations
1800 the country. In addition to the agency force,
it also has tie-ups with various banks, corporate
agents and brokers. In fiscal 2009, ABC
Prudential attained a market share of 10.9%
based on retail weighted premium and garnered a
total premium of Rs.153.56 billion registering a
growth of 13% and held assets of Rs.327.88
billion as on March 31, 2013.
ABC General Insurance Company, a joint
venture with the a Canadian firm, is the largest
private sector general insurance company. It has
a comprehensive product portfolio catering to all
corporate and retail insurance needs and is
present in over 300 locations across the country.
ABC General Insurance has achieved a market
share of 27.2% among private sector general
insurance companies return premium grew by
2.2% from Rs.33.45 billion in fiscal 208 to 34.20
billion in fiscal 2009.
ABC Securities Ltd is the largest equity house in
the country providing end to-end solutions
(including web-based services) through the
largest non-banking distribution channel so as to
fulfill all the diverse need of retail and corporate
customers. ABC Securities (I-Sec) has a
dominant position in its core segments of its
operations service, Institutional Equities, Retail
and Financial Product Distribution.
ABC Securities Primary dealership Limited is
the largest Primary Dealer in Government
Securities. It is an acknowledge leader in the
Indian Fixed income and money markets, with a
strong franchise across the spectrum of interest
rate products and services institutional sales
and trading, resources mobilization, portfolio
42
management services and research.
ABC Asset Management is the second largest
mutual fund with asset under management of Rs.
547.74 billion and a market share of 10.2% as on
March, 31, 2008. The company manages a
comprehensive range of mutual fund schemes
and portfolio management services to meet the
varying investment needs of its investors through
235 branches spread across the country.
Incorporated in 1987, ABC Venture is the oldest
and the largest private equity firm in india. The
funds under management of ABC Venture have
increased at a 5 year CAR of 49% of Rs. 95.50
billion as on March, 31, 2012.
ABC Group has always been at the forefront of
developing innovative financial products, which
caters to various needs of people from all walks
of life. Over the years, it has launched several
financial products that offer financial support,
security and more to not just individual, but to
big and small organizations too.
In mid may 2013 Branch Manager of Aundh
Branch of ABC Bank Ltd. received a complain
from one of its customer, according to it Mr.
Deshmukh, who is a Senior Citizen visited his
nearest branch, he wanted to open a savings
account for that for that he had to wait for almost
2 hrs and there was little concern shown to him,
during his visit only 3 customers service
executive were present and they had to attend
50+ customers.
In the same line another Branch Manager of ABC
Bank at same city received a complain from
Young IT professional. It says Mr Subrato, age
24, a young IT professional wanted to know
about the procedure of foreign remittances and
the charges involved, but neither any written
material regarding that available nor any
employee paid proper attention to him.
It known about the procedure of foreign
remittance and the charges involved, but neither
any written material regarding that available nor
any employee paid attention to him.
Now there is a complain which is received
online, according to it, Mr. Kelapure, age-34, had
gone to ABC Bank in the month of April 13 to
enquire about loan application which he had
submitted one month back, the Loan was also
disbursed, but the actual amount is yet received.
Regarding these above issues and various other
of similar nature, management asked Branch
Managers, of different branches, for further
clarification, One Branch manager said in his
report that client was on hurry and we had many
more customers to attend, he also said that his
branch has comparatively less employees due to
which they are unable to attend customers
properly. MsNeelam staff member said she was
exhausted coz of much work pressure and more
clients to attend while the another Branch
Manager Said That the space is very less is his
branch due to which everything is disorganized.
Suggestions :
Management has to take some solid decision
immediately and has asked to assess the situation
properly and recommend a realistic course of
action in your 3 page report. Think over the
situation and prepare an annotated plan how can
approach advising the management, also needs
to describe the rationale behind steps. And
summarize key points to resolve this kind of
problem or to minimize such kind of issues.
43
Women's Education in India : Case Study of Bihar (1850-1900)
Nirmala Shah, Res. Scholar,
JNU, New Delhi
Abstract :
In this paper an attempt is made to look into the
problems and issues in womens education, the
circumstances amidst which it could develop, the
obstacles which it faced and the subsequent
developments in the womens status because of the
growth of education. Womens education in India
from the beginning was neglected. Women were
denied access to education. It is only with the advent
of the British rule that some attention began to be
given to womens education. A number of institutions
sprang up with both British and native efforts. During
the period under review Bihar was part of the Bengal
presidency and the indigenous efforts mainly
included attempts by the Bengali intelligentsia. It is
important to understand the history because it will
help us understand the present in a much better way.
KeyWords: Womens Education; Education in India;
Native initiatives for Education; Women in Bihar
Introduction :
In India, the concept of universal education of
providing a minimum standard of education to every
boy and girl is there since time immemorial. In
ancient India, girls were encouraged to study
religious scriptures. All these however, relate to the
years before Manu forbade girls going out to Vedic
schools and advocated their early marriage as soon as
they reached puberty. Manu did this mainly to
preserve the sanctity of Aryan blood against the
foreign invaders. Later with the coming of the
Islamic rulers, seclusion of women became an
accepted norm. With this the system of Purdah
became a common practice. However, the girls of
the Muslim ruling classes began to be educated at
home as their Hindu counterparts.
Women in most parts of India had received an uneven
response. The Brahmanical patriarchy had always
denied women access to education. In Bengal, long
years of Muslim rule, which did not interfere in the
internal affairs of the Hindu society, provided space
for debates and social revolts which led to
independent initiatives in womens education and
social reform. As a result, 19th century Bengal
witnessed a strong Brahmo movement and the efforts
of Iswar Chandra Vidyasagar in educating women,
created considerably favorable situation for womens
education. But the position of women in Bihar
(which was part of Bengal Presidency), was not very
enviable. Womens literacy was virtually unknown in
the 19th century. Traditionally, women were denied
access to education, except those from privileged
homes, who were given some rudimentary lessons in
the three Rs. Instructions were given at homes to
the daughters of the upper class, the zamindars, the
nobles and so on. But it is important to note that
education whether male or female was more a private
affair than a public concern.
Growth and Development of Education in Bihar :
Nearly all Bengali villages had primary schools or
pathshalas, but they seem to have catered to boys
alone and offered nothing to girls. Girls were
forbidden to read and write. In his second report on
the state of education in Bengal, Adam wrote in 1836
that in the beginning of 19th century, there was fairly
a superstitious belief that educated women would
soon become widow. Some of the characteristics of
the indigenous educational system, coming down
from the past continued through the British period. In
the initial period of the 19th century, the East India
Company maintained itself purely as a commercial
concern, and hence a policy of non- involvement was
adopted by them towards the education in India. So,
the company did not consider it their business or
responsibility to look into the educational needs of
the people. They were driven by the motivation of
trade and profit and were severely deficient in
expertise relating to assessing educational needs and
catering to them.
Broadly speaking, there were two types of education
institutions in Bihar when the British rule was
inaugurated there- one of an advanced character and
other of a purely elementary nature. In the first category
were the Tols and the Madrasah as devoted respectively
to Sanskrit and Arabic- Persian learning. The
elementary institution was called Pathshala in the case
of Hindus and Makhtab in that of the Mohammedans.
As a general law: some amount of religions instruction
was imparted in all indigenous schools.
Womens Education in Bihar: Beginning and
Growth - Womens literacy was virtually an unknown
in the 19th century. Nearly all the schools or Pathshalas
seemed to have catered to boys alone. There was no
girls schools in Bihar till the late sixties of 19th century,
expect those of the Christian missionaries in 1853. Fr.
44
Anastasinns Hartman established St. Josephs convent
school with 9 students, 3 boarders, and six orphans at
Bankipore, Patna. It mainly served the Christian
community as a school and an orphanage. The
Christian missionaries at different places in the
country established schools for promoting the general
education; although their main efforts can be seen
towards the education of the women which was
backward in most parts of the country.
It is important to note that in India, missionaries have
been pioneers of female education. The Bethune
Girls School was established in 1849, and bears the
name of its founder Mr. Drinkwater Bethune. It was
opened under the name of the Hindu School, with 23
pupils, and was for sometime maintained at the entire
cost and under the direct management of Mr.
Bethune. On his death in 1851, it was taken up by
Lord Dalhousie, who for nearly five years
maintained the school. It derived its pupils chiefly
from the higher classes, exacts an adequate payment
for boarding and other charges.
There were no girls schools in Bihar till the sixties of
the 19th century, excepting those of the Christian
missions. In his annual report on education in Bihar
for the year 1866- 67, the Inspector of schools for the
North- West (Bihar) division admitted that he had not
encouraged the establishment of girls schools in his
division for the want of competent teachers which he
considered to be the first necessity. But there have
been educated ladies in Bihar, like other parts of
India all through the ages. However, the education
was imparted at home. Also, the custom of holding
periodical religious meetings in almost all big Hindu
villages, wherein learned pundits delivered
discourses on Shrimad Bhagvata and separate
seating arrangements were made for the women,
helped them greatly in acquiring proficiency in
religious literature.
The credit for setting up of girls schools on modern
lines in Bihar goes to the local educated Bengalis and
some of the cultural associations of Calcutta. The
only institution for the education of girls in Bihar was
the Bankipore Female High School founded by some
leading Bengalis of Patna like Sri Prakash Chandra
Roy and his wife Aghore- Kamini in 1857. Since, it
was under the influence of the Brahmo Samaj, it
could not attract students. It was a petty that no Bihari
girl student attended this school.
In 1867, the first girls school was established in
Patna by the Bengali community with the active
cooperation of the principle of Patna College, Mc
Crindle. Along with this the other girls school in
Patna was the Non-moohia school established by
Mohammed Aziz Khan. There was a female teacher
in the school. It was held in the house of Mohammed
Aziz Khan. Apart from his own children, other girls
in the school belonged to lower order of the society.
But Aziz has to encounter severe criticism from the
members of his community. So, we can see that
mixing of upper class and lower class girls were
severely criticized. It also affected negatively on
womens education.
The Bengali schools were superintended by a mistress.
During the year 1868 there was move to set up a girl
school at Muzafarpur also. There was a Zenana school
of Bengalis at Rajmahal. The ladies were taught fancy
work. The school received an aid of Rs. 20 a month
from the government. There was a Bengali girls
school at Bhagalpur also. In Darbhanga again the
credit for opening the first girls school goes to the
Bengali community of the place. About this time,
some girls schools were established in other parts of
Bihar on the initiatives of some English officers. These
were supported either from the Reward Fund or by
private subscription. In a report of 1875- 76, Croft
recorded that the genuine desire (or reluctance) of the
people about education of girls is shown by the
number at school in boys pathshalas, about a dozen in
every district, except Patna and Champaran. So the
deputy and sub inspector are convinced that people of
that part are the most advanced in the district and some
of the women of Kayastha, Rajput, Brahman, and
Baniya castes have some education.
However these developments were noted in the region
but the need of female teachers was regarded as one of
the major problems in the girls education. In this
regard, Miss Mary Carpenter can be mentioned. In
1866, she pointed to the lack of trained female
teachers. She argued that since girls school are taught
entirely by the male teachers, the girls withdraw
earlier. She further proposed that the present condition
of female education in India can be improved solely by
the introduction of female teachers and these can be
supplied only by the establishment of Female Normal
Training School. However, the government ruled out
the establishment of a Female Normal Training School
in subsequent period.
But it is important to note that to remove the
difficulties in the way of promoting the education of
women; the Indian Education Commission
recommended that the grant-in-aid rules should be
more liberal for girls schools than those for boys
schools. In order to attract more girls to schools and
45
retain them therein for a longer period, it
recommended the grant of concession in fees, the
award of prizes, and the institutions of scholarship,
especially for those who were above 12 years of age.
It is interesting to note that in all provinces higher
grants were given to girls schools than to boys
schools and on easier terms. In Bengal and Punjab,
separate standards were prescribed for girls, simpler
than those of boys and in other provinces, subjects
specially suited to the requirements of girls were
included in the list of subjects for which grants were
given.
It is important to note that Female education in Bihar
was mostly limited to the primary stage in the
beginning. Girls were reading in separate girls
schools and in boys schools also. There was no
prejudice against girls being taught a male teacher
provided he was a resident of the same village. In
some parts of Bihar education suffered also because it
brought with it male officials in Girls schools. So, an
extension of the zenana system of teaching for higher
caste girls was needed as a preliminary steps to
school and for lower class girls strictly purdah
schools.
Conclusion :
As we have seen the womens education in the
beginning was almost non- existing. It remained a
neglected area. But subsequently with the efforts of
missionaries, local Bengalis, English officials it was
gaining ground. The womens education also faced lot
of difficulties as has been mentioned. Some of the
difficulties were purdah system, child marriage, want
of female teachers, and so on. India being a
patriarchal society did not allow the women to go out
in pubic and hence restricted her within the
household. Also the brahmanical patriarchy has
created hindrances in womens education. But as we
have seen, gradually a transformation was coming in
the society as more and more schools were being
established and also alternate ways (for example,
zenana system of education) were introduced for the
promotion of womens education.
However, the spread of womens education (although
as we have seen there were many difficulties) was
taking place. The number of schools was rising. It
certainly leads to change in the position of women in
the society. For example, some attempts were made
against the system of Pardah. A special resolution
was introduced in the Bihar and Orissa Legislative
Council on 23rd November 1921 to give the right of
franchise to women but after a long discussion it was
lost. But in 1929, a resolution was passed by the
Council to give the right of franchise to women. Also,
there came an awakening among the educated classes
that no girl would be married without her consent and
Marriage Reform League (1931) was formed.
These are some of indicators of change in womens
position in society. This we can say is because women
could now read and write and could now argue for
their rights.
References :
1. Adam, William, Reports on the State of
Education in Bengal (1835-1838), Basu,
Anathnath (ed.) University of Calcutta, 1941,
selected documents.
2. Basu, Aparna, Essays in the History of Indian
Education, Concept Publishing House, New
Delhi, 1982, pp. 28-37.
3. Bhatt, B D and Sharma, S R, Womens
Education and Social Development, Kanishka
Publishing House, New Delhi, 1992,
introduction.
4. Bhattacharya, Bara, Yagati and Sankdher
(eds.), The Development of Womens
Education in India: A Collection of Documents
1850-1920, Kanishka Publishers, New Delhi,
2001, selected documents.
5. Chanana, Karuna, Interrogating Womens
Education: Bounded Visions, Expanding
Horizons, Rawat Publications, Jaipur, 2001,
pp. 19-35.
6. Ghosh, S C, History of Education in India,
Rawat Publications, Jaipur, 2007, introduction.
7. Jha, J S, Beginnings of Modern Education in
Mithila: Selections from Educational Records,
Darbhanga Raj 1860- 1930, K. P Jayaswal
Research Institute, Patna, 1972, selected
documents.
8. Mathur, Y B, Womens Education in India
1813-1966, Asia Publishing House, 1973,
introduction.
9. Pandey, S N, Education and Social Changes in
Bihar 1900-1921, Motilal Banarsidass,
Varanasi, 1975, pp. 25-30.
10. Rao, Parimala V, Womens Education and the
Nationalist Response in Western India: Part 1-
Basic Education, Indian Journal of Gender
Studies, Vol. 14, No. 2, 2007, pp. 307-316.
11. Sarkar, Tanika, Hindu Wife, Hindu Nation,
Permanent Black, Delhi, 2001, pp. 21-52.
Education for Sustainable Development in
Context with Teacher Education
Dr. Seema Dhawan, Asso. Prof.,
HNB Garhwal Central University, Srinagar
Abstract :
Education is the most powerful path to sustainability.
By declaring 2005-2014 the United Nations Decade
of Education for Sustainable Development (DESD),
the UN General Assembly has not only
acknowledged the crucial role of education for
building a sustainable future, but has taken on an
ambitious task. The challenge of sustainable
development is as significant as ever. Education for
Sustainable Development (ESD) can be used as a
holistic tool to accompany technological advances,
legislation and policy to bring about change in
mindsets, values and lifestyles. It allows every
human being to acquire the knowledge, skills,
attitudes and values necessary to shape a sustainable
future i.e. including key sustainable development
issues into teaching and learning. It also requires
participatory teaching and learning methods that
motivate and empower learners to change their
behaviour and take action for sustainable
devel opment . Educat i on for Sust ai nabl e
Development requires far-reaching changes in the
way education is often practiced today. Therefore, it
emphasizes on reorientation of teacher education.
The paper highlights the knowledge and attitude of
teacher educators towards ESD. It also discuss the
views of teacher educators on a training manual The
Parts and The Whole: A Holistic Approach to
Environmental and Sustainability Education
developed by SWEDESD based on the concept of
ESD for teacher educators.
Key words : Education for Sustainable
Development; teacher education, training manual.
Introduction :
Sustainable Development is the development that
meets the needs of the present without compromising
the ability of the future generations to meet their own
needs (World Commission on Environment and
Development, 1987). It is balancing the fulfillment of
human needs with the protection of the natural
environment so that these needs can be met not only
in the present, but in the indefinite future.
Aspects of Sustainable Development (SD) are
economical, social, political, cultural and
environmental. Economical aspect emphasizes on
the production of goods and services on a continuing
basis. Social features include gender equity,
participation and accountability, adequate livelihood
and economic security. Political portion call attention
to freedom to participate in national and local
politics, participation in decisions regarding the
management and development of ones home and
neighborhood, with respect for civil and political
rights and in the implementation of environmental
legislation. Environmental part gives emphasis on to
maintain a stable resource base avoiding
overexploitation of renewable resource systems and
depleting non-renewable resources, whereas, the
cultural aspect gives importance to achieve a more
satisfactory intellectual, emotional, moral and
spiritual existence.
From the time sustainable development was first
endorsed at the UN General Assembly in 1987, the
parallel concept of education to support sustainable
development has also been explored. As the concept
of sustainable development was discussed and
formulated, it became apparent that education is the
key to sustainability. And E has been added in SD
realizing the importance of education in it and
became Education for Sustainable Development
(ESD). SD is a relevant concept in the process of
socio-economic and political growth in the modern
society and ESD is a new concept in educational
scenario. It recognizes the interdependence of
environmental, social and economic perspectives and
the dependence of humanity on a healthy biosphere.
It is a new way of thinking which has been embraced
by the United Nations Decade of Education for
Sustainable Development (DESD) 20052014.
UNESCO, which is leading the decade, has described
its aim as the overall goal is to integrate the
principles, values and practices of sustainable
development into all aspects of education and
learning. This educational effort will encourage
changes in behaviour that will create a more
sustainable future in terms of environmental
integrity, economic viability and a just society for
present and future generations. As such ESD seeks to
prepare people to cope with and find solutions to
problems that threaten the sustainability of the planet.
UNESCO has emphasized that ESD should be locally
relevant based on local needs, perceptions and
conditions. Moreover, ESD is interdisciplinary no
one discipline can claim ESD as its own. However all
46
disciplines can contribute to ESD. The UNESCO
document Guidelines and recommendations for
reorienting teacher education to address
sustainability rightly visualizes teacher education
institutions serving as key change agents in
transforming education and society to attain a
sustainable future (UNESCO, 2005).
At the sixth meeting of the UN Commission on SD,
delegations from countries worldwide repeatedly
mentioned the importance of ESD in achieving goals
of sustainability. While many nations around the
world have embraced the need for education to
achieve sustainability, only limited progress has been
made on any level.
As the E in ESD is increasingly being emphasized,
there is more attention for the kinds of capacities of
qualities people need to develop in order to be able to
contribute to SD. In the next few years, ESD-related
professional development should focus on how to
build the capacities of teachers, managers and
facilitators to initiate and enhance new ESD-inspired
forms of learning in schools, universities, workplaces
and neighbourhoods. ESD calls for a paradigm shift
in education from teaching to learning (Sarabhai,
2005), from transmission to transaction or even
transformation. The UNDESD is an opportunity for
India to reorient its teacher education system and
infuse concepts, understandings and good practices
of sustainable development there by making teacher
education work for sustainability (Ravindranath,
2007).
Currently, in India, two forms of human resource
development as teachers exist, an in-service and a
pre-service training programmes. In the first,
experienced professionals are provided with
additional training. Then, they reshape existing
programs by drawing on their new knowledge,
previous expertise, understanding of national and
local systems. In pre-service training, concepts,
principles, and methodologies are provided. For
initial success in ESD, both in-service and pre-
service training are necessary. But it should be
enquired that How teachers should be trained ? What
type of knowledge, insights and perspectives should
be added to our teaching in order to contribute to a
sustainable development?
Training manual :
A training manual The Parts and The Whole: A
Holistic Approach to Environmental and
Sustainability Education (Brunner and Urenje,
2012) has been developed by SWEDESD in a
collaborative process involving seven different
organizations in Sweden and South Africa. The
manual has been prepared for teacher educators
which can also be used by school teachers. It was a
part of a programme of strengthening the ESD
capacity of teacher education institutions which
SWEDESD started in 2010, together with the SADC
Regional Environment Education programme and
the centre of environment education (India). The
manual based on the concept of education for
sustainable development is aimed at inspiring and
being a source of ideas, tools and methods that can
help to enrich actual teaching practice.
Methodology :
Quantitative and qualitative both types of approaches
were used for the research purpose and a workshop
was organized for the teacher educators. The main
objectives of the workshop were to find out the
knowledge and attitude of teacher educators towards
ESD and to assess the above manual for its content
and reform the module according to local needs, to
evaluate the need of teacher educators in relation to
ESD and to suggest local examples. Data was
collected by using four questionnaires which were
administered before and after the workshop. Six
groups of teacher educators were formed for different
subjects as physics, Chemistry, Biology, Social
Studies, Geography and Economics. Each participant
has to read the manual and discuss in the group and
then reflect. In addition, each one has to submit three
concerned subject examples and one group example.
Results :
From the collected data in relation to the knowledge
and attitude of teacher educators towards ESD, it was
recorded that 70% of the teacher educators are well
aware with the concept & objectives of
environmental education. Only 52 % feel competent
enough for EE and 50 % use Classroom methods for
the same. 63 % were of the opinion that modification
in EE content in teacher education is required. While
82 % accepted that a resource book is needed for ESD
and 85 % agreed that training is required for
implementation of ESD. It is very encouraging to
report that 90 % of teacher educators expressed that
ESD should be incorporated in teacher education
curriculum.
47
Table 1 : Views related to the training manual
Statements % agreed
The resource book is according to the needs of present era. 70 %
The manual is capable of igniting sensitivity towards environment. 70 %
The material is well organized 74 %
The examples are sufficient in no. 67 %
The examples are self explanatory 70 %
The contents are comprehensive 67 %
The language is simple to grasp 64 %
The manual can be adopted as it is for our region 56 %
More examples needs to be added 82 %
The contents are sufficient to develop the required insight 71 %
It is capable enough to make a permanent impact on attitudinal changes 57%
It is convenient to be use the discussed examples in our region 56 %
The views expressed are in accordance with our judgment 68 %
It is more scientific and difficult for the teachers of non science stream. 55 %
It is very effective and will be useful in the field of teacher education. 80 %
Table-1 depicts the views of teacher educators about
the manual. They recommended that the topic is well
explained and the manual is really quite interesting.
Blind adaptation of the manual should be avoided &
more examples can be added. In adaptation process,
rural background of India should be kept in mind.
Language and local customs should be included and
dealt with scientific reason. It should be developed in
local language. In totality, the module is very good
and it will definitely add in the teaching
competencies.
Discussion :
Although, the teacher educators have knowledge,
even though they dont use methods for EE and do
not feel fully competent in the area and demand for
reform of teacher education and training in ESD. EE
in teacher education needs to encourage a shift in
classroom practice from knowledge transmission to
knowledge construction thereby emphasizing the
role of students as knowledge seekers and formers
rather than knowledge receivers (Ravindranath,
2006). ESD is more than a knowledge base related to
environment, economy and society. It also addresses
learning skills, perspectives and values that guide
and motivate people to seek sustainable livelihoods,
participate in a democratic society and live in a
sustainable manner. It involves studying local and
when appropriate, global issues. Values are also an
integral part of ESD. Understanding values, values of
the society and around the world is a central part of
educating for a sustainable future.
For success of any change related to education or
society needs attitudinal changes. Initially, it
demands changes in teacher education because it is
the pivot on which all these revolve. Teachers should
be equipped to help pupils identify and think about
the complexities of sustainability from the
perspectives of various aspects. The initial step in
launching an ESD program is to develop awareness
within the educational community and the public that
reorienting education to achieve sustainability is
essential. The successful implementation of a new
educational trend will require responsible,
accountable leadership and expertise in both
systemic educational change and sustainable
development. Competences are needed for
contributing to sustainable development.
Conclusion :
ESD is increasingly perceived as a catalyst for
innovation in education. At the international level,
ESD is recognized as important and central to the
success of sustainable development around the
world. For the success of ESD, it should be
incorporated into teacher education and teachers
should be made competent. In the light of the
objectives of ESD, teacher education curriculum
should be reformed so that the new professionals then
step into their jobs with ESD as part of their expertise.
Further, to train the teachers, an effective training
module based on local needs should be developed for
teacher educators to make them responsible and
accountable.
References :
1. Brunner, W. and Urenje, S. (2012). The Parts and The
Whole: A Holistic Approach to Environmental and
Sustainability Education. Visby: Swedish
International Centre of Education for Sustainable
Development.
2. Ravindranath, M. J. (2006). Critical factors in
introducing environmental education in teacher
educationa case for reflection and consideration,
in: Centre of Advanced Studies in Education (Ed.)
Quality concerns in teacher education (Baroda, M. S.
University).
3. Ravindranath, M. J. (2007). Environmental
education in teacher education in India: experiences
and challenges in the United Nations Decade of
Education for Sustainable Development. Journal of
Education for Teaching, 33: 2, 191206.
4. Sarabhai, K. V. (2005) Education for sustainable
development, in: CEE (Ed.) Decade of Education for
Sustainable Developmenttaking it forward
together (Ahmedabad, Centre for Environment
Education).
5. UNESCO (2005) Guidelines and recommendations
for reorienting teacher education to address
sust ai nabi l i t y, educat i on for sust ai nabl e
development in action, technical paper no. 2 (Paris,
UNESCO).
48
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i|ln inii nii l i|
l-ii ii i ri r| i- lni
ln - ;si iln i ii ii r|
ni lnlii - i|ln inni li
l n- | iiii ri| ilr| i|ln
inni l i-i ii| ini r|
lnllii l i n- - ilini |
i lnllii - -i| nii i rii -n
i r iiln i i li i n-
r| i r|
iiln i li l iil- i
| -ii ri| ilr ni-|i ii -i ni-
ini -i- li i ni- ini
-i- lnln ii ilr i| i iil-
liii li i ilr| ; i li -
ii n- i i -in i ilr|
i --ii i r l i
i i r i i ilr |
; i i li r-i i- l ln r n
i lrn r- i| i |n n r l r- ; l
ini i | nn i| liii -r-
i|ln inni -r- i -n iiii
-ln li nii | - iii | li ni|
i r| lnlli- | liinii l
i- | - iii i- i iln i
n nii -i - | rn | i;i i
l rin n|
i ^i
. -i i. ini lr s-n|n i ;lnri,
-i lr| ni i-|, -.. iii
zoozooz
z. s-n|n li i , s-n|n i, i
zoozo
s. li il| l-ni, li il| ii,
n s-n|n
. li i i iii-i n
r. l lnlli- iii-i
c. i-- |.|. ;ln |li - ; ;li
-.|. li ;l~|
/. -i| -ri| i, n- i i|ln -ln,
lii|, -il iii li, -. . liiii,
li iii
s. lii| iii li liiii li i |
52
O|^r|"l "^|Ol ~|O|| ~| | |" lo
i. + +ni ni+i,
ii |. |. i, li|, li nn (i.)
~nu +i +ni, lilii,
i| iil- lni, (i.)
+ui+i
-l- ni| ri r l i i- i l rini r|
; ii r| i| ri i ni r ii i-il
i i-| ni i lnlli rini r| i; r r l
| il i-ni , -|ii | nr l- , il
| ir- i n | | ii -ii iln
-n i i ri i| ni r| l ii
i -- | l- ri ni r -i| ;lnri
i iii | il- i ii-| -i|
iii i ini r| ri n lr| -
ii-| -i| iii i i li i
ni i - i. i- lr ii-| -i|
iii iii -n-i r | ilr- ni i i
i| -, ii irn r| -i|
iii - ii r, i li| nilni
| i i n r| l-| iii lii
i lr| - ii r r, l iii - r lin r
l r ii-| -i| iii i |
-lnii | iii n| i| i
ii iilnn i i n| r|
ii rini r l i r lr| i in|
nn r, l- i-i iin| - ii-
| i -n -r `
ii r lri iin| -i | ni i
-ni r, l- i. i- lr i i- i| ini
r| lri iii i i| i-- nn
| i-| ii r| iii lr i -ii r l ii;
i- lr l- - - i| lr| iii nn
i i ii| ii-| -i| iii | -i
- i. i-li i-i, lii li-|, - i,
l-i lni| i i- i| ini r| l n|
liii iii - i| | ni| i ii r|
znii
i. i- lr i | | l - i |
iil lr|ilr- i i li r | i. lr
i ii i i - li i in i ri r| lr|
li - i i i in (srz ;. ), siii (srr ;. ),
;lnri i ii i (sr/ ;. ), iil ilr- |
l ii (scz ;. ), ri| i ; ri| (src ;. ),
lni l n-i (scs ;. ), | -i |
ii , (ssz ;. ), i li i (sss ;. ) il
i| in ii i-- l ni r| lni
l n-i - i ; lni | -|ii, iiiii |
i|ni, il-, i i, ii il n
| l-ni i i-, ln ln i l-ii il
l n-ii iii | r| ilr- l ii
-i- i -n ,, i ni | ri
ii i li i - in r r|
srz ;. i n i. lr -|i
i il- liii r| | -inii i li i -
-ni ri ni r ln ilr- l i| i
n i -ii i, ii i | -i-nni,
lni | i|ln, ii i i - ii, -i i|
i ii- li | lii, ii i | iiii,
n lni| ilr-iii - ii i| ni, i |
| -i il ri i li i r -n
i r| i. lr -i i| ril i i
l -i ilr- i -~ i li |
ii-| -i| iii - i. i-li i-i |
iii i -r ; ini r l ri
|| | i, | -|i| ii i ll-i i
-i, -ii|ni ni-, li ii, iin|
-i | -inn i, i-il ini,
iln li i in i -
iiilr- i -ni| i. lr siii |
ii l i | -nnini- i n-i|
i-il -il- | iii-- lnli i -n
i n r, ni i-n - -i| ii-| -i
-ln i -n i inr r rin r i
iii i i-- ii ii i il-
ii |i i ir li iii
| -ln - ri i i ii r|
iii-| i -i ii-| ri i l~n
ir li -ln | i|ln | i
1
ni i i ii r| -i| iii |
| --i r l ilr- ;| iil-ni r| r|
; l-iln irn ri i. lr lin r r
(liii iii i) nni r l r- n i
ilr- | i rn, ni l,| r| in,
ls r r| rn| in i i
iii li r r| r-i s s -ii|
-ii i| ; lii r| | i s in
liiini - iii - n r| iii rn s|
| r, l iii i; inil nlnlli r||
i i - r lr| iii | iiii i| r
53
l- ilni l- | n; r| n-i|ni i-
i| iil ii| i l- iilnn
z
i| i i|
n-i - ii | -i, -ln i
i--l nr ii i in ii| i r|
;| r- ri i li i +i ril
n r| i- i | iii - i-n
inri| iilni i|, i l n-i ii
; i ri r | ii i n--i rii ilr
ni| r| | iii i - ii- - ni
ni r| s i| ri i. lr i i. i-li i-i
| nr nlni| -|ii iii -n-i r| i i
ii-| -i| iii | ln- ln - ii
n r| i. i- lni| i i. i-
lr ii, -|ii i - r | r| | ri|
| ri| -n ;i -ii r| ri -nni
iln iin sco ;. n | rili |
-|ii lin li r l ; i | rili
i lin ir| i nii l- -- n
i r| ;l i l-ii l- --n|
i-il |-i i ln-i r| i r| l i|
; n n ii - lini ln i--| ni
i -n -- lin rini r| - i iii--
a
iii | l- | | -iii r| i. lr |
iii-- ln | -i | ii, ii
ri| i l,| li ri iin| i
-ln i ilr- | ii-i| ilni| -i i
ii i i-- i r| ;- lnril l
iii rii i ni r l i ; i -
ii-| iii - rn l- ri ni r| --
n r r l n iii | -ln i
li n r| l i i-|i i -
ii i ni | ni ni i ri r| r
i i r, l- --i r| --i r| iii
i| --il li n| i r| r| - i. lr
| -ii| iii l- i n ri
-, n r r| | n in| n r| ;
i - -n | i --i ri ini r
l l ili in -| si|
l i| i li l- ii|
-ii l | - iii r| i|, l
iii i ii ii| ii |
l i i li| r n-i| - i lr|
ilr- - - ln iii l- i -- -ii
r| n-i i - lr| iii | ln lni,
i-il ii, i|ln ilr- i
-i . n r| liii i -ii r l n-i -
l--i |i i r-n| iii--
-~i -i| ii-| iil-ni | ii
| i r| r| i. lr lni ln-i -
;-ii|, -ili iln, li -~
lln r lni -~i l l
;-ii| i ln-i i| r| i i-nlni i
iii i | r ni nn r i -ni r l
i-nlni | i i iii i rini ` l inn
i-nlni i r| i-nlni | -i i iii i ni
r -~i r| l~ li li ii rin|
i l ii i-nlni i i |
i-ilini i i| in| | i n| r| -i|
i i -~i ; l- i i| ili- ii r
il l li r i , r r l i
+
iii ii i r| ini li r |
++i
iii li ii -i - i. lr
lr| - ii-| -i| iii i lln
i ii- li r| iii-- nn il
ii | - - r| liiii -
-ii lnril ii- ln ln n
i| r, ilr- | ln | l-ni ln i|
n r| in r| ; r ii i i ii
| iii l- i l-i r| ii-| -i|
iii i - i. i- lr ii i-
i in r r| r- r --| r l
ii-| -i| iii i - i r| l| i
s n ri ri l i || ; lii -
ii i l - l- ii ii-i|
iii i ,n ri r| r, i i| --i
ln i iii ri n| r|
i^i
. lr i. i- ri rini, ii| ii, ;
l~|, -
z. lr i. i- ii -i, iii
(-il) i- ii i;- ll-- ;
l~|, -l- zoor, -s
s. lni| i. i- lr| i nn ilr-,
llni ii, iii|, sss - os
. lr i. i- | -i | ii, i-
ii i;- ll--, ; l~|, zooo, -rr
r. lr i. i- lni ln-i, i-
ii i;- ll--, ; l~|, zoos,
-zos
54
||lr| - lO| lO ^l U| ^ |"|l^. ~|l|^ l^| ^ | "
n+i +ni, ri ii (ili)
n| |.|. -rilni nii snn|n
+iiizi
- nn li l | n i
i-ilili l-iln, i ili iiiln i
li iiii i i l n r,
ri n i ,ii inn ll-i ,ln iin i ili
iiiln | - | in i i n r -i i
li ini r| ;- lii i n ; inn
ll-| i i |i i i li i n
r| ; i i ili in i i-il, ili li
i iii ni r | ii r| r n s-n|n
inn ll- i i- i - |n r,
l nrn -inn ll-| i n r -i
i iiii |i i i - i n r|
+ui+i
inn-i ln | l- ii - |i |
-l-n --i | ii lli
i | iilii i |, l in -i-
ii in ri r -| | i r,l i
-i ni - i i
iln ri nni r | iin| i| l ni ~
- i- i- iili ii | i- in |
ii| l-n| r | i| iin| ll-i ,ln -
|-| ,ii ll-n iili li i l-ni r |
-riiin i - i|- irn ri i i
i-ii i - -i i || -| ,ii i
;| i|ni i -ii r | -i li| ii|
ri l-i n i i | ;si ni
lii | l-n i| in| r i l | i
| r; r , - ii r| ii ri i|
i-ii, ni lii ii
ii lii- i i | i -ni r| r
li -i ii i -i ri r | ;
i iili i in -i |i | r;
r| l iin - -i ,ii iili i in
-i i i - i li, i iii i
iii ni r| ;| nin- - s-n|n i
li iinil i ,sr,zz n l-|. r |
l- i nin rs,//z n l-|. iin .z
lnin r | i i - ii i -lni
i iili i| in| r lii li li i
li - -i i| r | ri lli i
iili ln-i r, i iii | l- -r-i ri
iiii ; i-i ni| inii - ri
r i ili lnln iili i -
lni iin ni -i i r ili li
i -r-i iii r| i iili i-il
ili li i - in li i ni r |
+
. li ii l | ni | i-il,
ili l-iln i |
z. l ni | iili iiiln i li
iiii i i |
s. ni | inn ll-| i | --ii
i i|
ziii i
- nn ii i li l ln oo n i | i ili,
iil, li l-iln l in r, i - n
i il- i iiln r| li n i
iii-i, i| ,ii li ni r| l,n| i i i
l in ii ii i n n i |
i-il, ili l-iln i li ni r |
n + ni + ini+ ii+ +iu
n ln i iln ln - i i i
iili ii, |l-i, -i il i -|
i, i, ii il - - ll-n lli i
ini li - ii r| ii -n- -i- i i
- in rn iili ni n r iin il
i i n r | i-i ii | iiii - n
r in r| lr -inn ll- (Traditional
Inhealer) i| ri ini r| n-i - s.n. ii
liin nnn s.n. iili i i i ,ii nin
zooo -inn ll-i i lr|n ;i i-i
ni li ni r| n -inn ll- n
i i- i-n| i i l-- i r|
l nrn ;r iili ii |l-i il
-i- il ii | -ln in
r| ;-. li l nin zoo n r , iii i
- ~~ilin n i ii ;r| iiii
inin r |
ni n + ni + ini+ ii+ v
zi+ii+ +iu
. iili l-iln l ni | iili -n i
li , liii n i i|i - i|ii
iili -n n i lnin lrn n ii|
,ii ii|n r
55
ii| .
ni + zi+ii+ +iu
. iili -n n i lnin
o li o o
oz iil-, so so
-il- liii
os ,n zs zs
-il- liii
o liii, o/ o/
in oo oo
-in in i iiiii| ,ii n in l r
in ii| -- r l l - ni i iili
-n li liii | i i-n - r| iin
i- i i- i l- liii -n i n r l i
ii r, l ii i i- i liii i iin r
l i - r|
. ni | il l-iln ni ,ii | lir
rn i i n - i i i i| - i|,
n i r lnin niln r
ii| . z
ni + i+ +iu
. i n i lnin
o n r r
oz li so so
os -| o o
o oc oc
in oo oo
-in in i iiiii| ,ii n in l r|
ii| -- r l l | ni i |lii
-inn ll-i i r,i l ili r iin
ni i lnin r r| l li i ni |
lnin so r, ii n | i rn - r |
ni | li l-iln i ii i lnin lrn
ni| i|i i ii| ,ii lin li ni r
ii| . s
ni + +i +iu
. ii| l-iln n i lnin
o ln ls i o o
oz ls i so so
os i-i i zo zo
o n,-i o o
in oo oo
-in in i iiiii| ,ii n in l r|
-- r l l o% n ln ls i - li
n r so% n ls i - li n r, ii n
i-i -i, lin r ;| i - r |
n+iv v ni
. l i ii - iin liii lii ii
ii ni i iili li r| ri ii
lii-n i-il, ili li ln
ii llin rini r| n i liii lii
i i ; --i lin ii i ni r|
z. l ni | ili l-iln nii r ;
l iili i - ni ili li rn
iin ini i ili -, ri n r |
s. l ni | iili, ili l-iln
iin ni | s| ii -ii | ~i li
rin|, rn r| rini l ni in|i li rn
liii n|| - | lii lii i
r-i| li i i ,i i-n li i ni r|
++i
li l ni | i-ilili
rn l n -i l i -i iili, iil
li l-iln r| n li nin rini
r l ni iili -n r i-il, ili l-iln
nii r| l il |i| -
|i n r | nl n -inn ll-i
,ln iin iili iiiln |-| | rini
i-i ni| ln lli ini li ,ii
-i- ii i -i i - rn r ;
ini l | i i l, r | l
ini | | ii lii | | r i
inii - i-in il n-n| i
-i-| ili li ini r| -- r l ni ;
n| i iin ili li i iii r| ni
l i| ; n iil i - i |ii
i li i r ,l i ili li ri r|
niil ni iili r i-il, ili ii rn
in - -i i | ini r| l l
ni | in|i li -in i-n ri , nil
iil n|| nln- ln| i li lr-i
| ii |
i ^i
. ii i. lnii li-| l-n i i
;lnri l, l~|, iiii -n ln-i sss|
z. ~r, |. . in ii iil|,l~|
ii ii |
s. i. i-i, i. |i i| iii-, ini,
ilr- i l. zooo |
. s-n|n iili i i i s.n.
56
~|l" "|| " l"| ^l l|lo
i. n+i i+i, ri. i. (-iii-)
ii| i -rilni, i|, (-..)
+ui+i
- -i - -| ii | l-iln -lin
iii i ii i lln rin| r | ii,
-~ i i - -i - -i r| ri n|
;|l - il- -i - i| l-i | l-iln
-i r| r |
ii- ; n| r| l iii | nin| ri
i i r i i i- ni ni i lir
ni r| l -i - i r| r|
in| -i - l-i | l-iln rin| r, l-i
i --i rini r, --i ni r| i -~ li ini
r| ln i| lii i r| -l-n
lii i| s iln - l-i i l n r|
iln -i - -in-ni -ini| i i l-ni
r| ii|, nii, ; iri r|
niu-ui-n+ ni n +i + +iu
li i ilil -ni i lii i i- i
li iii i| i -i iini - i-i i ni
r| ni -in-ni-- i -ini| li i i
ln-ni-- i lni| li| ; ii i
lii - lni| li li i - iin|
iln -i - i in r, n -ini| li
i| iri iin - ni l- in r|
r i | ii -i-i ,ii rin| r |
; -ii - i i- -il i- - l-nn
ii- | li - | n| r| lir
ii| i - l-i i i -nni rin| r|
ii| iln - l-i | l-iln ii- | rili
- i; i i| iln r| ii| | i -i
-| i -| -in r | ii| iln i
ni i| -| r| rin| r| | i n r| l
li - i; -| - ri, i - n; ri ni li
i ni | ii ln r| nil -in-ni--
li | lnni | r| -l-n lii i
-nilii i| -in- r| iil- -i -
ii - i| l-i | - il-i rin| r| i i| -|
r| ni r | lir in ln i | -|
i i ri ni r|
nii iln -ini| -i r| nii in i
- -| i -in r| -l-n lii
ii i rini r| -l-n | -niliili|
si-| i r| rin| r| i | -l-n |
liili| rin| r, ln i ii- rn r i
li lni i iil rn r|
l-i i r| r lii r l lir i -ni |
i lir i -ni r| ni r| lir
in ln i -| i i ri ni r | lir
ii| | ii i i -nni rin| r| lir
ls | i| -ii r |
i i- -il i- ri in i
iil- -i rin r i ; in i i i
-i| liii i ii li ini r|
-ii i lii - -ini| -i
i li -ini| rin r| li | |
-| li | -lii rin| r| ln-| i i
rni r| ii - lirls ln r| i
| ;si - lir ls ni r|
i iln i iln lii iin - i;
in| r| lii iin - i, ;i, i ilni
-in-ni-- rin| r| i in i+i i| -
li n r | -| ln i lni ii r|
i rn| r| li i - -in-ni-- rini r|
i i iiii -i-i ,ii rini r|
ln-ni-- -ii - l-i | l-iln lir
in -| i ln i ri ni r|
ni iln - ln i , ni i lir
i -i -iiln il lii - l-i -n
r| ;r lni l l-i | nr i- i
ni r|
ri iln lri - rn r, i -~ | +| r|
ln-ni-- r l i| ri | l-i i- i
i i r i ii i r| i
i in r| ;- i| ii| i r- lir i| rin r|
i iln i iln i| ln-ni-- r n
;- l-i -i - iri ln l- r| n
l-i ln i rn| r n n ni |
l-iln | r; rin| r i iniili| -| -
rn| r n ri l-i ln l lni i -
rn| r n l r | --i| | s- rin|
r ri n l r i -i -iiln n |
-nni rn| r |
-i iln ii r| ;i ili i
i-il | i - iii i i r| l-i
| l-iln l- r rln lir rin r| i -~ i
57
r| li - ii; i -r- ri ii -|
l| i| rin - ii; i si r| r n| r|
-ii -lrii i iin| iln -lrii |
ni - -li i l-ni r|
ii| i - sin -iii - l,n| l, r
r| r n i| -ii l-i l-i i lni
sin ri - in n ;i ;-n-i n|
i||
nzi + +iu ni n +i + +iu
-i - n-i - ilni r| ni, -i,
i, i|, ni, ii, i, iili, r~i, i,
ini, -ili, rli, , -i -i r|
ni iln ni -i iin | |
i - r ni iln li lii i
|lii n| r| ni - n li i
ln li ii i r| r| lir ;
i rin r| nii - ii; i i i r |
| ii ii; | | i r i
lir ln r| ; i i-ii rn r|
i|i| ri li ,ii i| lir - rin r|
nii - lii lir i r| l-i i| il
r| rn| r | sin| i iin ii rini r l-i
i| rn| r|
i| iln r iin | nn| i -i |
| | iln r| ;i li i -. . ii,
nii i l-| l-i - r| iin - r i i
- -rii-, nin, -i, i-ii - i in r|
l-i - n - rn| r -irii ni- li
rn| r| ~r - i| li i
rin r| ; i i i| rin r| iiii
iil rin| r -lri| i|, |n, ln~-, ii
-n iiii rn| r| ii, lsli ii ni
rn| r| -lri in| i i- - rin
n| r| | ii| - -n r| ii
i ii r| lilrn i| | i ii -ii
ini r| lilrn | lni ii ili rin
i| n| r| nii-ii - i| i n| r| lii -|
i --i li ini r| lr| -i - li
-nni in r| iiii r| rini r -| i| inili
- rin| r|
i-ii - i| |ii lir (ni nii) rn r|
- n|n i r| ;- - ni
i i-i i|i ini r|
rli iln i| li r| li n r|
-lri lii i | - rn| r| lilrn
| i iiii -r| ln r| l-i ii
nii nin| r| i ii i i in| r|
i i i- i ni r| -lri l-|
rin| r| | i-| iiii in| r| i -~
ni | -nni r| li -r-i li -
;| r-n| | in| r| li | ili -n-i r|
i-i iln | ii| | -nni r| r|
i -~ r| lir ls i ln | i li r|
i ir ii nr i- n| r| -, - - iin
| | -nni r| lii lir i r|
i-in lir rini r |
iin -ii iln - i i-i i n| r|
r| ri i| -l-n i -nilii| rin| r i |
-l-n i --i n i n| r|
i|i iln - ;- lir ni| rini r -| i
i i- i ri - i -iri ri
lir rin r| lii lir i r|
si-|i iln - i- -ii rin| r| r i |
- i ;| -ii i| li n| r|
l-| nn | l-i -i ri l-i i -nni
in r| - ii i l-ii n| r| lir
-si rini r|
ii iln - in ni - | il-, li
-, lri ri|in i| i ii ni -
li n r| li i i li ini r|
niii -| i l i | lir rin r|
- lir i| rin r| (li i ni n
r) | l lir nin| ri i ni lin i
i lir i ni r|
i ^i
. i. -|, |ii i-il -iii- |
ii, sss , l ii, ir -in, l~|,,
. oczo
z. in, rli -iii- lii zooz, in
li, , Encyclopaeclio of Anthropology,
. sro, sss
s. --i, |.. ;-ii - ii
iiii|, zoz,- , -i, nl-i
. i--i, -|.|. -iii-, zoo, ni li~|,
(i ii, nii) (--ii i ilr- i
) . cocr
r. iii, iilini -iii-, zoo, llin
ri+, ; l~|, . oor
c. , iilini iin - li, lir i
ini| ssc, in li, ir n, ,
. rzs/
/. rii, iii i| in , i i , zoor,
~ii| liii li, ; l~|, . ssss
58
||ol" |"|l^ | " "^| |lo ^l l|lo
(^ loo|l^ |"|l^ lO||)
i. n , ii -iii-,
ii. -. i -i. -- -rilni, in (-..)
ln ilni iin| -i | ilni r lr
- ilni i| ri ini r| n ;| liiii
-ni iii i| | in| r| iiiin
ln iln i i ilni nii ini r
lr iil-, i-il, ili i iln lii
li l -nni iln i r lii |
iii s nnn ln ilni -
lii i| nnn ii ni r| -i (-i) iln
i -ii nnn i i - in| r| iln-ii
- i| l- -ii in r| n-i iin | ln
iln | i i -r-i i -i (-i)
iln i r, lr iin lili iini -
lili i-i ilin li ni r| i |
ln ilni | i - -i (-i) iln
| i | i i iii; (zr./
1
lnin) r| -i ii ii -i
s,so/, ri.i..,iii, li s
s/s ,ii iilin ln iln | | - -i
z
(-i) iln i| l--ln r|
-i (-i) iln | -l-i iln -ii - i
-ii lin in ni-- l r -- n r
l -i (-i) iln | i-nl l-iln i
r|r| ni r| r| ; i - l,ii -n
r| -i (-i) iln | -l-i nii ni
in lnril ii| i lin li ; i r
-i i -n iiii -i i i ii r|
-i i i ni- - i i ii rini r|
; iln in -inn -i i i, -
r ii i i, ni ii ;-il i n r
r| ; iln | l-i i -i i ln i i;
lin ri r| ni-|i -i - -i (-i) iln
-i i i - i i n| r| r|
-inn ii | ni - li -| ; iln
a
ini | i i -i -in ri r| -i (-i)
iln | -l-i i - i | llni
ln r, i -ii ini r l -i (-i)
nin| lir - ni r| -i i
l- i l i r i -n
-i li r| s lii i r -n
r l -i (-i) - lili | ni r,
+
lr ii iln li ii|
l i r -n r l -i (-i) iln
llinii -r r, l- --
ilni l, ilni i| lin ln l--ln
s
rin r r| -i (-i) iln | -l-i
i - niii i ~i li r, i i=i l|
- l| -ii i i r i| i-n - r -n ni i
i l-i| i ii; in n n i ii;
-in -n ni i i r-ii ;
i ii;i li li| liln
ii; ni i i -n i - i i i
c
;-il ri ni i -i (-i) ri| l-~-
ln i, -i i | -l-i -i i
r; r li ni- i-i, i- ii i
i i ln rini r| l i iin -
iiln i in li i - rini r, n -i i
-i iln -r ln i - iin -
i in r, n ; ii li -r-i n r
r l li l-i i - i n r, |
i i ~ii r| -inn i i
ln ni r l liii in li l- i
z
l- i - |i n r| i lr
ii -, -i (-i) i ii - n r
i in r| | l-i in| lii - i;
a
i - i n| r| -i (-i) iln i
- i. il lii r l r| i- ii i
-r li i n ii i li
lnlli- --n iin| i ii - rini ii ;i
s
i- r| - i i ii iilin ni r|
-i iln i in| -ni - -n l- -ii
ri r | i -l-i - i i, , -n| i
i i -i ii ii i i-il -ii -n
l- ri ini r, n r ilni i - li
i i ri i r| -i iln i
-inn i | lni i l-ni ii
- iln | i| - ii ni r| ; -i i
si; i i| ln -ii ni r| - li i
59
1e
lii i ;i li i ri r| lln-
rin -i- r -- li r l isi iln
in ni nii -i (-i) iln in i rin r
11
l i r| r ni li i r| r|
n i| -ini r nin rini r l
~l i - -i iln | -iln ;n| li
l- r| i|, l~ | i i i i,i ilni
l -n i i in| -i in i|
-riiin i - -i (-i) iln i i ,
i, i lli iini i l-ii i nii ni
1z
r| -i (-i) iln | inn i
i-ilili l-iln -n l- r| r| ;
inn i ni ii, -i i i,
-n ii i i nii -i l-i ,ii ln i
i i ;-il -n l- i l -i in r
r| ni-|i i - lin -i iln - i
- | il-i n r r| ii ; iln
-r lni i in ri i| ili ii |
-ii -n |l-n r| r nii i-iliil- -ii
; l- ili l-iln i -i | i-il
1a
l-iln i i n i li| ln i,
- r ii i i lnln i- ii
- i l-ii n r i -i| i i n r, n
-il i i ri ri iiiin i li i|
r r| ilr si ri l -| - i
-i i i li il- i i ;lnn ni
r| ii -iri |i| i | l
1+
i- ii i lsn r | i n r|
ilni ii i i lni i| |
ii ilni i || iin- ii |
-ln -ii ri ii r| iln i r|
i i ri i r| r n| i|
- ri i ii - iln - ilni
n;| -i (-i) iln - i| ilni -ii
i n-i| ii - ri n;| iii
ii| lir - s lii ni -i in i ln ;|
1s
| iln i| sisn ii i ni| ;
iln i l~ i- iii l r -
i-, ili, ni-|, i-i-| nii i| r ln
ilrn, ilrni, li, i, i-i-| nii ~li i|
r| n-i - - -i (-i) iln
ilni - -| r; r| l i- ili, lri,
i, nili (-i|), ir, ii, ilri, in,
i, l-i, i, li il r| ; ii
iili, nir|, ii, i, ir, i-, n, i,
iir, -rili, il ilni i| -ii (-ii)
- i; in| r, i l i lli -iii lin r|
;- s ilni iil i iii
1c
i s i| li iii -i| in| r|
ili i - -ii ini r -i (-i) i
-i| - n r| -i (-i) iln in ni i
- i rin r, - r ii i r-i nii -i
ni i i| i n r| | l-i i; i
i- n| r, ; l|n -i| iln in ,
1z
, -| ;-il i i i n r|
nili (-i|) i -ii il -in r| ;
iln in lni i r l- in r,
il ; iln | l-i i; i i- si li
r ni - r i i -i iin r i r|
1a
- i i n r| ilri -i (-i)
ilni | in r ni ii, i i
nili ii ii nri n r i r| -i
i i i n r| ;i - li -ii
nii, ii, i-n r| ii i -i (-i)
1s
i l- il- i -ii ni r| lri iln
i - i. il lii r l r| i-ii
i -r, li i n ii i li
lnlli- --n iin| i ii - rini ii nii
ls-- i i - i| ii| lri iln in
i n li r| iln | -| | ni
ze
-in r|
li lin ii ri | r -i
(-i) i -r r ni-|i -i i li n
n r| nin ni iin| ni-|i | ii
i il- i ri r| ; i -i (in)
i=i rn -r-i r i -i
-ii ili i r r| - ni -
-ii (-ii) i lln -in lii in r
lr -i i ni-i i- in r|
-ii i-, in| | lii lii (lin)
;i, ii, i- nii i il in r| ln
ilni - i-i i ilni -ni -
-i (-i) -ri i l- -n in r| iil
i - -i (-i) ri | r nii ii |
ini ( i -i, ni-i nii i -i i iri
i) | r -ii (-ii) i -i - l-
i-il l-iln in r; r| n r ri i
60
ni r l ; i| ini i i| ni-|i
z1
-ii -i| -ii li n r |
; i - ili -r-i n r r l i-i i
ln ilni | -li i nii -
-i (-i) iln ln ilni i r| li n
r i ni-|i ii - -ini li n| r| r
|li l -n li -| i -|
iln r| r iln -i in l ni-|i
zz
ii - -ini li n| r|
iin - ln ilni | ; --i r| r| ;r
ii -i | lni l - li ni
i i | iliii ln li ni|
ln ilni i -i - iil- i-il, ili,
iln il ii - i-i liii
ln li ini ri r, i lii lr ini i
-i i - ri in in r| -ii| iin -
ln ilni | --n linii i iil
ni -in li ni r i inli |
iiln --n lii i l n r| ; ini i
iili nii ili -ii | l- i i-il
linii (--ii) i l lii -
ii i l n r| n i n ni
r l ; ini | l-iln - ilni| ln i r r,
i r| ;| nln i|-| ri| ; - i ii r| i
ni l iil ni ln ilni |
lini (--i) ri n; r, l iril
ni l-iln in li r| n ini ; in
| r l ln ilni i liii ln
in i r| ;- i-il ln i ii i
li i ni r iiii i ii i ni r|
i
. , i. |. -li i;-i i i~
i-- ; ;li, ;- li ri,
; l~|, scs
z. n-- i ;li (ii) li- i l
l-l--i i l i~ i-- ; -i
n-- i -i, i~ i--
li---, s/s/s
s. i, -.;. lr, i.|. - l i
;-- il i ll--|
l -l iiii|, -l- |,
i, srz
. li | rl l-, ii- , l~|,
s//
r. l, |. ~ i -i, ii ll-|
, , szo
c. , ~ -i; i-- i ii
-- ;li, |. . li, l~|, sss
/. ln, l-~- -lli ;li, l-i ii,
, s/r
s. i, -.;. lr, i.|. - l i
;-- il i ll--|
l -l iiii|, -l- |,
i, srz
s. il, |.. i--, i ii,
i ii, i-, sc
o. l, | ~ i -i, ii ll-|
, , szo
. lln- -i ; ;i;i|li i
, i llin ri, ; l~|, srs
z. l, |. ~ i -i, ii ll-|
, , szo
s. l, |. ~ n
. ln, l-~- -lli ;li, l-i ii,
, s/r
r. l |. ~ i -i, ii ll-|
, , szo
c. l, |. ~ n
/. l, |. ~ n
s. l, |. ~ n
s. l, |. ~ n
zo. il, |.. i--, i ii,
i ii, i-, sc
z. l, |. ~. i -i, ii ll-|
, , szo
zz. -i i (li) -i ii |
li, i ii ii, iii,
, sss
"r"| " |"l| Ul"o| ^ l^| "
|l |ol || "|| ^| "c"|^
i. +i +ni in, ii, (ili i)
ii| ili i -rilni (-..)
~nu iin ui, ri ii,
ni i; --ln liii -rilni,iii, ini
ziii iii
|i n - nl-ni i -r- llnl
ni i ri r| nl-ni i l| i li -
in ~i| ini r| i iniln nn
- n-| l| ri i l ii - - i
-iiln li r| i| i ri-|
-li n nl-ni li -r- i i| ii
i ni r| i-| ili li - iln
-i| iii -i ir - nl-ni li i
-r- ni i ri r n-| r| iinil iln
nn - iii i -ln in ili
li i -in i-n n r| nl-ni li -r-
i -n i- - ini i - l, rin| r, i
llin -i- | l-ii i i-ni i-n
n| r|
-nn nl-ni li~, n| , ii
iiii ln, l-ii |
,ln i| r | r lni, ri,
iiii li -l- i| r |
zi + ni-|i nl-ni , li, i| nin|
-ini ii|
. +-ii+i
- i- liln n| ili li l
nl-ni i li i r | irlni i
lln r| ilii-il --ii,
n||, ini|, i | li-ni, - -ini,
l- | -n il s-ii ii i ni r nii
ii iniln -i | i | i n| r|
lii| ii - nl-ni -l, i -r-i
iii r,ni lln ii - r i-- ln,
i-il n irl -i li |
-r-i ,ln r | lii| ii - nl-ni
li -in | | iii ini| | --i
r| ; --i s-ii i i i r
ii| -ini iii i ii i|
n-i - iin | nin lnri; ii| n|| ii
| | i r| r | -nni iln
in n|| - rn i- i n n
i l, ii n|| ii | | i
ii | ii| i s/s/ - rc lnin
i|, n-i - - ri nin sc lnin ri | r,
n n|i | i - i; -| r| r;|
sss n -ini i- |n
ni-|i li i-, -i-, ii (-lri
i li i i- ), |- ni-|i lil~i i
n - l- i ii nni ~ii ii
iii| i|, n i| i- - - -n
i- i, l - r lnnn
i i in - n r - i in
- ls n| ; l-iln i ii rn ii
in i| iii i | -ini
- iii i ii li r| l- -i r
i+ ^iu +i^i i+i
r ii zoos -i -i - in |
n| r | r ii ln iln iln n
lni i -ini i - nin i -iiln
rn rini i i in |
n| r ; ii nnn -ini ;s
lni i n- , liii, l-n|
rini, li -iii il ii - rini i
i i- ii ni r|
ii i ln iln,iln n
lni i -ini - nin,i,i
-iiln i rini i ii r |
iui ; ii nnn i | ln
iln,iln n ln i rin i
. -.. i - li| ri |
z. ln iln,iln i ri|(i- iin
-n lii| ,ii i| -ii ri) |
s. - s ro i ri |
. l| ii|,-ini in lni - -
r| ii -n|i ri |
r. lrnnir| ,ii - ; ii i ii r| -ii
ni ri |
c. i li | --n -ini ili i .
s ii li ri|
/. ; ii i ii i i i li lilin
inii i ini|,-| - li i
ni r | -|,ini ln iln i
iln l| r| n rii ilr|
61
s. ln,-| iln ii i
,ili lilrn ri -inilni
lilrn ii; r r |
+ +i
ii i i- ii, i- ii iii i
li ini r | i| i |, ii i
li -n nl-n l-ln ,ii iii-i
-i- li ini r |
zi+ii
liii i- nir i rni r| liii i-
- - zo o liiiilii i ii
liii n r |
z.o ziii + + r
. ni-|i nl-ni li rn ii| iii
iiln l-n| i | iln l |-i n r; r`
z. ni-|i nl-ni li rn ii| iii
liii i-i i ii i nii
ri r i r| `
s.o ziii + + i
s. li
nl-ni li - ii| iii rn i
-ini, -i i i -n in li ini |
() l,n| -in ii| ni- -ini iii
l l,n| -ini i-lni i
in li ini,i nin , -. . ii| nii
ni-inin i, -. . i l-n ln-, - i -lri
ili li ln-, ni-|i li in liin ,
ili il| ii , -.. n| ~ii
liini ,ii -- ilin r r | ; nr
ii| liini in ii, -i i ilin
lni in iili i lii li
li in |
(z) iil- -in -. . lin iili
l,n| -ini iiii iil- i| ln
| in| ; l ii i-i i zoosos
n iiiln lrnnilri - o lnin
lrnnilri i -li li ,ln ,ii
li ini| l- i lii
in iii lrnnilri i liiln r
lnlli- i li ini |
ii| ni- -ini iii iiiln
lrnnilri iil- -in | ini,
ilil ili i, iinnn iiiln ri
in li | ii l-iln | -n, i
l-iln, ~i iln - l-i;, ~i inni | l-iln
il i| iili l- -i-i ln |
in||
() -ll-n i| () |
.o ziii + +i +i ni
-nn -i -. . i i - in r i
li ini | ri ; iii -i- ni-|i
nl-ni li rn ii| iii li
ii i i i i li ii r| r| ;
li - i i| l-i;i iiii i i|
iiln li ini| r iii ii
ii i-i i zoosos | li li
ii n |l-n r |
ii nnn zooor - i i z.zo ii . i
li ni ii | l i-nl /ss.os ii
. iii ni | n i ii - i i in ri i
- -| i| i sr.ro ii zcz./r ii . i| |
nili . . i i zoo/os - zs.cr ii
. l n l -i zsr.r/ ii i ii, i
l lnin - or.zs ii | i zoosos - zs/ro ii
. i in ri ii l li sssz ii .
i| iin ; i co.rr lnin li r| |
nili -i .
-.. - i| nin| -ini ii i li
l-n| i ~i (ii .) li (ii ) li lnin -
zooor z.zo /ss.os /s.ss
zooroc sr.ro czz./s //.s
zooco/ zcz./r sss.s s.os
zoo/os zsr.r/ zs.or or.zs
zoosos zs/.ro ss.sz co.rr
-in n| ~ii ii iii
-iili -i .z
n. . n i+ ^iu +i^i i+i
+i+n v +iiu iiu+ n+
(i ii -)
i liiln li li (lnin -)
zooor ,r,sro /,cc,src o.zo
zooroc r,cz,oo s,o,ss .
zooco/ s,ro,ooo ,oz,sz/ .sr
zoo/os z,ss,ooo z,or,os ss.oo
zoosos z,ss,ooo s,zr,cs sc.s
-in n| ~ii ii, iii
62
-nn nili .z -- r l i| nin| ni-
-ini ii - i zoo/os lnln - i
- liiln oo lnin li il-i | |
lin (/r% ) in lnlli liii ,ii i
l i r n|| rin n- i n, -
o% n- i, l i ii n||
lii --|-- ni i rin r| l-ni
r lin- so% in lnllii ri lii
,ii -nii -|i n- r| r |
i- | -in ini | ir| nii r|
r| s.s% lii i r| -in r l i|n
i- in ri r | -i r i| ri r l ri
ln l i i- -ini ni in i| r| ri r|
l-i /s.r% -ninii ri l r -in -
l i i- i li ni |
c.o ni
r ii ni r l l ii| -
-in rin r i ii| ini rin r | r
-iiil r l l i| i| r r| irn
l ilini - | ir| i ii i,
l, i-il ii liin | i -
- r| ii| inni ini i ri in| r
; ii r| liii -ii ni-ii ili
li | li - i| l r| r ;- ii rn
l- li li li i ni r
ni- ii -n | i-il ii - il-i
i - r -n inni i| i | ; rn
lii i ii, - | -iii rin
- iiln l i | ini r |
i-il ii i - i ni li i ri
r i-il ii nrn i i i i|
i i| ii| i| -li iil- -n | rin|
r| - lii l -n ln |
lln i-il ii lni | -|ii
i lnli i l | ii ilr |
i-il ii | li | ni-ni -i |
;- iin|i i ni ni l - | -iii
,ii il-- i | ii ilr |
in i r ln li ii i r l
-ni lin l| i| i | liin
l liin l-ni in - i r | iin
ilini r| li in liin n |
in i i lii | iii () nrn
liiln -ii in i -nii i -
iilin rn i-ilrn |
i-il ii | li - rin rn i|
inii,--i | lln i | i | r
ni r| li i i - | ii
ini i| ri n r | i i i r
lln i rini l ; --n inii,--
i iin li-lii li ni ri i-ni l, i|
| n| ri nil i-il ii | li ii|
i - liln ri |
i-il ii i ii i| l-ln -i
l n- -i (i -- l li ni r) i
iii li ii in| rini | ; r ii i|
l-n| nii li i| ln n| ri n| |
i-il ii | l-ln i -n l
-ii| n- -n ri| lri lnn li -
in i ri i ;-il r ri |
nni ii l-ln i li -n l i
| ini r | i i ,ii ; l-ln
n-, il-i ;-il i - l-nn liili i|
l r | l-ln -i i iin i-nii li
ii lln li i nil -ni r
ii i i ii| n| |
-ni li - ilini ini
lln rn | il-i l-ni li
li ii i rini |
s.e i ^i
. ni, |. ., nl-ni li, lii ii, ;i,
zoos
z. nni, i. .| nni, i. .|., nl-ni li,
ii -n , iii, zoo/
s. nn, i. i, l-i, i. |. , i. l -i,
nl-ni li, -.. lr| ni i-|, iii, zoor
. i| ii , - rini -r ril -inlii,
-.. ni-|i li liin, iii zoos
r. - rini -r i , iin| --- , ii-
, -;
c. i, iii, ii l, -| iii ni
s, zooz
/. i-i, i.., iii i i, i li --, zoor
/. i. i , , i| li-ni i ili li (-..
lii i -), -.. lr| ni i-|, iii, zoor
63
"r"| ^ |"||l l^| " |" c| ^l |l"^|
i. + +ii+, ri. i., (ili),
nili- li i ili -ri. (-..)
- ili i-il li | l,
i ;l r l~ ini i iii i| r | ;
i - -i lli ni l, liini
i i n, -i -i ii i
ini i -i | i-ni r |
- i llini i i r l- ii, ii,
iii, ii iii, -i, iln i
iil- r | n i- l - n- i
-i l | ili i /.c lnin nii
-i ; l-l ili | i-ii -
i r| ni r | -i l - - i i iii
so ll .. i i r, i i zos n
,ssz ri i -i r | iin i-| ii
il| i ini - ; i i ini r.sz
lnin s.z lnin ii |
-iii| -i
in v i c+i + i^n+ n
q,+n
(i l-l - )
i i -i l,,-| li| -i l,,-|
| i lnin - | i lnin -
zoo zsc./ /. z.r .z
zooz zcs.co .o z.ss c.so
zoos sos.o .cs z./s ./
zoo scc.z/ s.rz s.c zc./
zoor ssz.o /.os s.sz s.zs
zooc cz.sz /.s .r s.rz
zoo/ rzc.rc s.so r.os .c
zoos rcs.os c.ss r.zs s.s
zoos ccs.so s./s r./ z.os
zoo //./o .so r./s .so
zo sc.rs r.cs c.s s./
zoz osc.sr s.s/ c.rs .zs
-iii| -i z
zi c+i iu i ni
i li| -i i l,,-|
(i -) lnin -
zoo ross s./
zooz roc o.s
zoos zo/zs s/.c
zoo z/s s.s
zoor sszs s.rs
zooc ssozr /.sz
zoo/ sco s.c/
zoos rzs r.cs
zoos rs/oo o.cs
zoo csss zo.s
zo //rs s.r/
zoz ss/ z./s
in ili ln zos, - -i,iin i
- ii - i li| -i in-
nini l, ri r| r | - | nlnllii ln|
li n| r, i- ini iln | -ii i|
n| r| n| r | li -ii i r ri -
i -ini i | n; r | lii-- i
ili i-il li i nln l-| r |
c+ +i v i^i
r l i i ini ii i r,
i l ini i nin /.c lnin -i
ini i ini r | r iin - ini i
nin s lnin -i ini i ini r | ;
i i i i| i ini | iln rin|
r | ; i - in i - ili /s lnin
ini -lrii i in r |
- i | l-iln - i l lr-ni i
; ri ini r| r - | l- -,ii|
i r | | i| lini l ln
i i i l-i r nii i n|-iri,i
nril iiri, iil- -ii , i-ii|
|i nii i -ln l l, r | ri -
| iin liln n| l l, iiri
-l r, i l i lr-ni | - r, si
rili | r|i-li -| l-in r ni | i
n--| ili lii iiii,iiii- r | -ri
nii | lin i | ni - r i
i| i|--i r, ni -ii - -iln -n| lin
i -- isi i i r | i| i| i, ni
i i -i lii i| i -n i| - i -
l-in r | llinii i -- r r, -i -
- | -iii r|
64
-iii| -i s
i - - i i|i o ii,i i | l-iln
. i -i ii |
| i lr-i|
lnin -
ii i zocs/ssr s.sc
z nl-i szcso /.//
s -ii csssz/c c.zr
i- sorz/zs s.os
r -rii- ccssozzs c.o
c -i rss/zos r.s
/ i-ii zscss z./c
s -iii zcsz/szs z.rs
s nin zs/sozs z.sr
o l-ni zz/sozor z.s
ii i cosszos r.rz
oscsccr/
in ili ln zos,- -i, iin i
- i - li| -i in- | l-iln r|
r| r | i -i in- - i i|i
ii - -i i -ii c-i r i nii r,
n li| -i in- | l-iln - -i
| lnn| i ii ii rin| r ri ;
in- i lnin i| - r | li ii i
- liin | i|ni llni r| lii-
- l - -il - i -
-ii i r| n| -nn r| li i i|
c+ +i +i +i i+ i ?
r - i - i i i - ini
ii i r | r i ni-|i ii -ii| li
iiii i| i ini i i |
-ii ii i r | r l- | li | ii
iln- | ( , |, iln iir i
-ln) iiiln r | i lni i i
i| i-ilrn ii i r | ii iin
i ln l-l li ll-ii i r
ili i ni r l - /s ili
i | - i i ili i-il li
- -r-i ini ri i i| i i ;
i li i-ir ln i| r | l
i i ir ni ; i i ln lir ,
i ili i-il li | nln i
-n| i n| r | ini r r|
ln, |ln i | il li i l,in r i
lini r i lni r, i lini r| i lni r| |
ni
. i - lr lii i li li i|
z. - -ii ii in ii
i; i-ii lln | i |
s. i -i i- -ii i r|i- | i
,ii i - ii i |
. -i - -ii - ii lii i li
li i |
r. li l- - i i-ilrn li i |
c. i - -ii | ni-ii - ii li
i |
/. i - -ii | -il-n | ln
in i|ln i; i ;i ii
i -n -ii lii, -|.|.,
ii -|li il -i- li i |
s. i i| -i -ii i - ii
i nii il i -i i
-i| lr -|| ii | lii in r
- i - -ii iln
ilin |
s. i - i i -i l i iniln|
i ln in ii; iii |
-ii i| -i -ii l i | i |
o. -i ii i ri;i;- li i |
. i| -iii i i - i ni-ii
- i ;i li li i |
z. i - iii i i| -ilni
iri ii i ;- lnlii i i ii
inn li i | ; i | sl
in| -i | l, - i| ii--
ii ni |
s. l i i ,ii n nii i - -
ii ni ni - i i li rini
l~ r i i -ii| li - il-i
i ni |
i
. ili ln zos - -i, iin i
z. ii ln- zoo , ii, i ii
-i ; l~| |
s. -i. . i ili ii zozs
65
||ol" "| ^| ||l" ~|r||
i. n +ni ii, ri. ii, (-iii-)
|i- -n llni ln-i, ini, lri
+ui+i
-nl i oo ;i ;i s-| ini|
i n -ii ini r | ; ii - li,
ii, --ln isinii | i r;, l
- i-il i i l-ii ri, l- i
-ii, i- -ii, n li iln -ii
| r- il-i r | l iii ln i -i
i-l -i, lir, ini|, i-il
-n|i ln ni i liii -i ri
i | ; -iii i iii, -, ~i, n, i-
-i | iiiii ,ii iiii| ii ni
| ; i -nl iin| -i -ln
lln ri i -i iii r | .) i--
iii, i.) il iii li li l-iln r |
. i +ii l | ln i| i-ni ~
- ii r l iin| -i i i -i iini - i-i
ni, r r isi, il, i i | i i i
i l-n, -ii ii n rini r, in -i ni
i lni i i -ii ni | isi i i
n, iil- lii i i i, i
ii, i i i i |
ili i n ii i | ii i, i i i
ii ri | iln i ln in i, i
l i i, i, ii i i nii
lni i nr i, ; i i i in
n|i ii | i i | i ,ii i|li
i i, n i nr r| i iil-
lii ri | in -ii i iii -
lii lii|i ii, in -iii-| .|.
i i -ii l,in r, ;
iii ni -i i -- lii ri i r|
i| ini | il-i ; l,in iii liiln
r; | li li i -ii -i - lii
i-il -i i lln - ini li |
; i i -ii l| l| - iin|
-i i iiln li, r| r -i l in|
r; ni r| in||
z. i~n +ii i- -ii ln | i
lln - | | inii i i
i -i- ii | ; -ii i -
lni i il,, i-il l~ | i| -ni
i ni i ii ii ii, r| ii r l i-
-ii i ln -ilni -ii i| ri ni |
i- i - iin i r, li i l- i,
nin i r | ; i- i iii n r,
ri i -ii ri ln n i i
i i -i ri l- li i |
iil li - i-i | i i ni| n|
. s i-, z. nr-i i-, s. i-i i-, .
i i- | i- i- zr i | i n -ii
ni, ;- ;li - ii, n liii nri
i, s i i i ;-il | ; nnn
ln ii|l -il nii i li rini ii|
zr ro i | -ii i nr-i i- ri ni, ;-
;-ii| l-i iii, iln ini i
iiiii, il iln ln ni i lr
-i | lnni i i rn i i -
i, i iiiii i, n -ii ni |
ro /r i i-i i- -ii ni, l- iln
ii | in| r l r | i| l--i|
i | i i | i i | i -i |
/r oo i | i i i- ii, ;- ln i
li sii rini ii, i-n r | n|n i,
liii l- in i ;-il |
s. iu +ii iln -ii iin| -i i
-li iiln i| i-il -ii r | i
-ii i r| - iiiln iln r | iin|
;lnri nin rini r l -i i-i i nn
i-i i iii ri, l- lii, --lni
isi nii i ii li ni | nn i-i i
n i -i - iln isi nii i
ii li ni | nn i-i i n i -i
- iln l-ini i ri n|, l -
ini i i n li ni, i
iiln - - l ri n | i n l
n -i li i in ln ri n l-
r| i nnn ilni i l-ii i-i ri
ni, i - iiiln ii | ; nnn i
in i| l r| iln - lir r| iln -
i ii nri , ili i -i- r|
|lii | n l-i i - iii i
n iii ni l n ilnnn l-i l|n
ii i i -i li i |
in -ii | -. . |li i i
n|n - iin| -i | i - iln -ii
iii -ii i|, r| i n -ii | nr
iln -ii - rin i ii n- iiii
i i l- r r, i ilnnn iii ii
ili i i|ln r, i-il r|, l-i
iin - i -i lln ri ri r l- ln
| - ii | ini i ini i -r-
66
li r |
. u i i| iin| -i | iiiin
;i; - n li i -ii il r | ;
nnn r| i - n|i |li n -i|
i ii ri r| i; - i ii i
i-il iil- ii - n lr-i -i ii |
n li nnn i ii i
ii | ii| i, , ini i n ii |
ri , ini i --i, iiiii li
-lii -i ni -lin ii | n-i
- - -ii - -| i| r, n n
li | iiiin iii i --i rini r |
i lii i-, , i-, ii i- ;-il
i-i | ini -i - ri n|, il in
n li | iii, -ii i r| irni,
l -i - nii lii i ri r r |
r. iu +ii iin| -i - ni
-i i ri rn r| -r-i ii | -riiin i -
ini i ;n| iln in i| l, ii i| ; i
- i r| n i | -i i - - ni - ii
i| i ln i-il, iil- nii i|ln |
i l-in ni ii | ; in i - ni
i --iln , ln rin i, li ii -i -
n~ i ri ni ii i ;i li -i -ii
ini ii | -nni i -i - i- li ini
| -iii r; i -inn in n r|
c. i +i uii n r-i lni -i i
lnilni | iii n l ~i
l,ini i lln li i l- r
. +i ;i -i - i ln
ni ,ii -n n- li~ in r i
~i r, li ii , i r-ii
n r | -ini i|, i n ,ii -i r|
z. +i +i r- ln- i li, ~i ,ii
ii n ni iii n r, l r-i
+ r ~i r, i ~i n i-- rini r|
s. u +i ;i i -inilni ii r |
-ini lni r- - n r, | i
i n r, l-ii iii r-ii
ii n r, n ;i ~i -iiil
r-i + r i ln n -i- i--
ri ni r |
. ui +i ri -ii - l| ln
rini ii lnli ~i r, i lnli n
,ii -in rini r |
r. +i r-i + si- -lni
|i ii i ii i - - l-n| r,
r | ~i r, | n -in rini r |
/. iii iii i r i-, i, i- i
-ii l- -ii | iln r| il r |
ril i| iii -lin r |
i- ; | iii i, i ;-ii| iii
i, i- iil- i-il il- - ni
i - i, in il-i i lr r| iii r |
s. +n v +n - i i r, i-, i
i- i -ii i in l - -
i - r | n|ni - ini |i i i r
-ilii-n -i i i iin - i,
| ;si -n i | - i -i - |
iiii i -n rn ini - li i
r, i r-i -i i nl-n l-in - -
rni ii |
s. ++i i i| -ii - s
-i l in r, l i i r, i ln
| i ln ni r |
lr | ,ln - i ,ii c -i nii ni
r | .) niiii, z.) , s.) |-ini, .)
in-, r.) i-i, c.) l-i, /.) ii,
s.) -ii, s.) ii, o.) lni-i, .)
, z.) i-i, s.) iin ii nii, .)
-in, r.) lir, c.) -l- |
o. in i- iin| lni i i ii r i
ln i r| r| -i | lini i ni r |
i- | | lli r, i si - , ;li
li i, i| |i i , i| ln
ii-- i i -lin r | i- r- n
-i|, i-il, ln, -i ini r l
-i i l-in in - - l-n| r |
++i
in --n -ii r-i -i i ni
l-n| r | l - ri i ni i-- ri n|,
r| r-ii -i li| i-ii i| rn r i|
| nl-i, -ii i -ln i i ii, - r
l llii ,ii - - n ii ii
in -ii - iil-i i| r, l
| n r | i| -ii lli - i| i|
-i - -i r, l r- i iiln rin rn r|
i
. i -, iln -ii
z. |li . ., iin | i-il i
s. . |., ;l ii-|
. i, i --ln z
r. i - ---ln c s, sr
c. |-in n|ni ii , i s
/. ii il-~ iii- , i- i
s. ~ in
67
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