...Tree Common ash (Fraxinus excelsior), a broad-leaved tree European larch (Larix decidua), a coniferous tree Lepidodendron, an extinct lycophyte tree In botany, a tree is a plant with an elongated stem, or trunk, supporting leaves or branches. In some usages, the definition of a tree may be narrower, including only woody plants, only plants that are usable as lumber, only plants above a specified height or only perennial species. At its broadest, trees include the taller palms, the tree ferns, bananas and bamboo. A tree typically has many secondary branches supported clear of the ground by the trunk. This trunk typically contains woody tissue for strength, and vascular tissue to carry materials from one part of the tree to another. For most trees it is surrounded by a layer of bark which serves as a protective barrier. Below the ground, the roots branch and spread out widely; they serve to anchor the tree and extract moisture and nutrients from the soil. Above ground, the branches divide into smaller branches and shoots. The shoots typically bear leaves, which capture light energy and convert it into chemical energy by photosynthesis, providing the food needed by the tree for its growth and development. Flowers and fruit may also be present, but some trees such as conifers instead have pollen cones and seed cones, and others such as tree ferns produce spores instead. Trees tend to be long-lived,[1] some reaching several thousand years old. The tallest known specimen on Earth...
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...Privatisation of the Insurance Sector Printer-friendly version Worker's Opposition Gaining Momentum Lakhs of insurance employees have been waging struggle over the past two months against the introduction of the Insurance privatisation bill in parliament. On December 1, a country-wide strike was observed. Earlier on November 29, massive rallies and dharnas were staged in Delhi as well as all the state capitals. On October 30th, 2 lakh insurance sector employees staged a nation-wide strike to oppose opening up of the insurance sector to the plunder of private and foreign capital. Earlier a petition on behalf of the 1.5 crore insurance employees had been placed in Parliament. The ruling class is particularly desperate to get this Bill passed because, firstly it would open up a whole new lucrative sector to the Indian and foreign big finance capital. The present size of the Indian insurance and pension funds market is Rs. 40,000 crores, but research studies have predicted that it has a potential of Rs. 70,000 crores. Secondly, the Bill is supposed to signal to capitalists around the world that the Indian bourgeoisie has now installed a "stable" government at the centre and that it will be speeding up the reforms - a demand that was placed as a precondition for any party to be elected to power in the recent elections. The Bill, if passed, will open up the insurance sector to private capital investment with up to 26 percent ownership by foreign multinationals. It would further...
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...in the Indian insurance sector which in turn results in restructuring and revitalizing of public sector companies. Privatisation of the Insurance Sector Worker's Opposition Gaining Momentum Lakhs of insurance employees have been waging struggle over the past two months against the introduction of the Insurance privatisation bill in parliament. On December 1, a country-wide strike was observed. Earlier on November 29, massive rallies and dharnas were staged in Delhi as well as all the state capitals. On October 30th, 2 lakh insurance sector employees staged a nation-wide strike to oppose opening up of the insurance sector to the plunder of private and foreign capital. Earlier a petition on behalf of the 1.5 crore insurance employees had been placed in Parliament. The ruling class is particularly desperate to get this Bill passed because, firstly it would open up a whole new lucrative sector to the Indian and foreign big finance capital. The present size of the Indian insurance and pension funds market is Rs. 40,000 crores, but research studies have predicted that it has a potential of Rs. 70,000 crores. Secondly, the Bill is supposed to signal to capitalists around the world that the Indian bourgeoisie has now installed a "stable" government at the centre and that it will be speeding up the reforms - a demand that was placed as a precondition for any party to be elected to power in the recent elections. The Bill, if passed, will open up the insurance sector to private capital...
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...Journal of Advanced System and Social Engineering Research ISSN 2278-6031, Vol 3, Issue 1, 2013, pp18-22 http://www.bipublication.com ADVANTAGES AND DISADVANTAGES OF PRIVATISATION IN INDIA Anant Kousadikar and Trivender Kumar Singh* *Jatan Swaroop PostGraduate College, Kayasthwada,Sikandrabad(U.P.), Distt: Bulandshar [Received-05/12/2012, Published-17/01/2013] ABSTRACT Privatization in generic terms refers to the process of transfer of ownership, can be of both permanent or long term lease in nature, of a once upon a time state-owned or public owned property to individuals or groups that intend to utilize it for private benefits and run the entity with the aim of profit maximization. In other words, it is a route from public or state ownership to private players or a group. From the other point of view, it is a strategy that provides advantages to a few at the price of many. However, this is always subjected to the circumstances involved. In this paper, the aim is to understand the major advantages and disadvantages of privatization in this country. Index Terms: Privatisation, advantages, Public administration. I. INTRODUCTION Privatization is a managerial approach that has attracted the interest of many categories of peopleacademicians, politicians, government employees, players of the private sector, and public on the whole. As per the opinion by the subject experts, privatization can be advantageous in terms of the higher flexibility and scope of innovation it offers...
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...Privatisation On Life Insurance Corporation Of India Economics Essay With the advent of new players in the field of Life insurance sector, the degree of competition has increased multifold. The private insurance companies are launching new innovative insurance plans for their survival and growth. At the same time, Life Insurance Corporation of India has upgraded their quality of service to retain, maintain and attract new business. An attempt has been made to study the impact of privatization on LIC. The Development Officers were contacted to know their observations about the impact of privatization on their life insurance business and their views as how their life insurance business has been influenced by the opening of the sector. LIC has made a lot of changes in its operation and latest technology is being used to serve the customer. The customer grievances are properly attended and all maturity claims are settled to the entire satisfaction of the policyholders. The privatization of the sector has brought lot of opportunities for all the players. Under such situation, fittest of the fit will survive and the rest will vanish over a period of time. In the year 2000, when the insurance sector was privatized, many companies entered into the insurance sector and as a result competition has increased multifold. Initially, most of the private life insurance companies spent huge amount of money on advertisement. The purpose of the advertisement was to inform the public about their...
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...Privatisation On Life Insurance Corporation Of India Economics Essay With the advent of new players in the field of Life insurance sector, the degree of competition has increased multifold. The private insurance companies are launching new innovative insurance plans for their survival and growth. At the same time, Life Insurance Corporation of India has upgraded their quality of service to retain, maintain and attract new business. An attempt has been made to study the impact of privatization on LIC. The Development Officers were contacted to know their observations about the impact of privatization on their life insurance business and their views as how their life insurance business has been influenced by the opening of the sector. LIC has made a lot of changes in its operation and latest technology is being used to serve the customer. The customer grievances are properly attended and all maturity claims are settled to the entire satisfaction of the policyholders. The privatization of the sector has brought lot of opportunities for all the players. Under such situation, fittest of the fit will survive and the rest will vanish over a period of time. In the year 2000, when the insurance sector was privatized, many companies entered into the insurance sector and as a result competition has increased multifold. Initially, most of the private life insurance companies spent huge amount of money on advertisement. The purpose of the advertisement was to inform the public about their...
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...Life Insurance is the fastest growing sector in India since 2000 as Government allowed Private players and FDI up to 26% and recently Cabinet approved a proposal to increase it to 49%. Life Insurance in India was nationalised by incorporating Life Insurance Corporation (LIC) in 1956. All private life insurance companies at that time were taken over by LIC. In 1993, the Government of India appointed RN Malhotra Committee to lay down a road map for privatisation of the life insurance sector. While the committee submitted its report in 1994, it took another six years before the enabling legislation was passed in the year 2000, legislation amending the Insurance Act of 1938 and legislating the Insurance Regulatory and Development Authority Act of 2000. The same year the newly appointed insurance regulator - Insurance Regulatory and Development Authority IRDA—started issuing licenses to private life insurers. Contents [hide] 1 Types of Life Insurance in India 1.1 Term Insurance Policies 1.2 Money-back Policies 1.3 Unit-linked Investment Policies (ULIP) 1.4 Pension Policies 2 List of Life Insurers (as of November 2011) 3 Foreign Direct Investment (FDI) Policy in Insurance Sector 3.1 Initial Public Offer (IPO) rules for Indian Life Insurance Companies 4 Indian life insurance industry overview 4.1 Commission / intermediation fees 5 External links Types of Life Insurance in India[edit] Life insurance products come in a variety of offerings catering to the investment...
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...Insurance System in India - An Overview History of Insurance Sector - The oldest existing insurance company in India is the National Insurance Company , which was founded in 1906, and is still in business. The largest life-insurance company in India, Life Insurance Corporation of India is still owned by the government and carries a sovereign guarantee for all insurance policies issued by it. In the year 1912, the Life Insurance Companies Act and the Provident Fund Act were passed to regulate the insurance business. The Government of India issued an Ordinance on 19 January 1956 nationalizing the Life Insurance sector and Life Insurance Corporation came into existence in the same year. The General Insurance Corporation of India was incorporated as a company in 1971 and it commence business on 1 January 1973. Insurance Repository On 16th September 2013, IRDA launched 'Insurance Repository' services in India. It is a unique concept and first to be introduced in India. This system enables policy holders to buy and keep insurance policies in dematerialized or electronic form. Policy holders can hold all his insurance policies in an electronic format in a single account called electronic insurance account (eIA). Insurance Regulatory and Development Authority has issued licenses to five entities to act as Insurance Repository: NSDL Database Management Limited, Central Insurance Repository Limited ( CIRL ), SHCIL Projects Limited, Karvy Insurance repository Limited...
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...Asia: The Indian Case Study The Asian economy has seen a rapid rise over the past decade with countries such as China, India and South Korea making major headways. China, being the leader of the group, has been largely tipped by many economists to overtake the US as the world’s superpower by 2025. Asian GDP Performance (1997-2005) Source: http://www.treasury.gov.au The success of these nations came on the back of major economic reforms which transformed these sleeping giants into what it is today. China went through a major economic reform in 1979 and soon thereafter success followed. India, followed the same path, but much later than China, and it was not until the turn on the 1990s that India went on the path of economic liberalisation. This paper will focus on the economic reforms that took place in India and its impact on the country in terms of trade and macroeconomics growth and the birth of new economy. A section of this paper will also be comparing the growth of India in comparison to its Chinese counterparts as well as discuss reasoning behind critics who believe liberalisation was not the main contributor to the growth India is achieving today. Pre-Reform Period Post independence, India saw the need to move from an agrarian economy to an industrial one and as such building its competency in crucial sectors of the economy was important. The role of government therefore included economic management of the country resources...
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...Globalisation – A drastic change maker in India Globalisation is the new buzzword that has come to dominate the world since the nineties of the last century with the end of the cold war and the break-up of the former Soviet Union and the global trend towards the rolling ball. The frontiers of the state with increased reliance on the market economy and renewed faith in the private capital and resources, a process of structural adjustment spurred by the studies and influences of the World Bank and other International organisations have started in many of the developing countries. Also Globalisation has brought in new opportunities to developing countries. Greater access to developed country markets and technology transfer hold out promise improved productivity and higher living standard. But globalisation has also thrown up new challenges like growing inequality across and within nations, volatility in financial market and environmental deteriorations. Another negative aspect of globalisation is that a great majority of developing countries remain removed from the process. Till the nineties the process of globalisation of the Indian economy was constrained by the barriers to trade and investment liberalisation of trade, investment and financial flows initiated in the nineties has progressively lowered the barriers to competition and hastened the pace of globalisation. Though the precise definition of globalisation is still unavailable a few definitions worth viewing, Stephen Gill:...
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...| Insurance a system of spreading the risk of one to the shoulders of many. It is a contract whereby the insurers, on receipt of a consideration known as premium, agree to indemnify the insured against losses arising out of certain specified unforeseen contingencies or perils insured against.Insurance is not a new business in Bangladesh. Almost a century back, during British rule in India, some insurance companies started transacting business, both life and general, in Bengal. Insurance business gained momentum in East Pakistan during 1947-1971, when 49 insurance companies transacted both life and general insurance schemes. These companies were of various origins British, Australian, Indian, West Pakistani and local. Ten insurance companies had their head offices in East Pakistan, 27 in West Pakistan, and the rest elsewhere in the world. These were mostly limited liability companies. Some of these companies were specialised in dealing in a particular class of business, while others were composite companies that dealt in more than one class of business.The government of Bangladesh nationalised insurance industry in 1972 by the Bangladesh Insurance (Nationalisation) Order 1972. By virtue of this order, save and except postal life insurance and foreign life insurance companies, all 49 insurance companies and organisations transacting insurance business in the country were placed in the public sector under five corporations. These corporations were: the Jatiya Bima Corporation...
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...2/12/13 Planning Commission, Government of India || INDIA’S ECONOMIC REFORMS: AN APPRAISAL Montek S. Ahluwalia Printable Version 26.8.99 India’s economic reforms began in 1991 when a newly elected Congress government, facing an exceptionally severe balance of payments crisis, embarked on a programme of short term stabilisation combined with a longer term programme of comprehensive structural reforms. Rethinking on economic policy had begun earlier in the mid-eighties by when the limitations of a development strategy based on import substitution, public sector dominance and pervasive government control over the private sector had become evident, but the policy response at the time was limited to liberalising particular aspects of the control system without changing the system itself in any fundamental way. The reforms initiated in 1991 were different precisely because they recognised the need for a system change, involving liberalisation of government controls, a larger role for the private sector and greater integration with the world economy. The broad outline of the reforms was not very different from the reforms undertaken by many developing countries in the 1980s. Where India’s reforms differed was the much more gradualist pace at which they were implemented. The compulsions of democratic politics in a pluralist society made it necessary to evolve a sufficient consensus across disparate (and often very vocal) interests before policy changes could be implemented...
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...globalization For a long time since Nehru's days, India followed the model of 'mixed economy'. Its economic philosophy was 'democratic socialism'. As Nehru himself believed in socialism, he did not have faith in rich people. He was of firm view that the rich exploited the poor. Therefore, his government laid stress on the development of poor, and the state was given the main responsibility for this. Nehru viewed state as the main agency of economic development. In the regime of mixed economy, security of country, social welfare and economic development were mainly the responsibility of government. The public sector was under government control. Other industries were in the hands of industrialists. Nehru's mode! Of economic development lasted long. But in course of time it became clear that the industries in the public sector were incurring heavy losses while private industries were making big profits. The weakness of Indian economy was exposed in the middle of 1980s. The government faced a serious foreign exchange reserve crisis. It miserably failed to repay the debts taken from the World Bank and the IMF. Against this background the Narasimha Rao government, adopted the New Economic policy in July 1991. The main elements of this policy were liberalisation and privatisation which were also the elements of globalization. The Finance minister in the Rao government was an eminent economist, Dr. Manmohan Singh who is now the Prime Minister of India. The introduction of New Economic Policy...
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...Sunny side up: Country has changed, future looks really bright, says Mansha KARACHI : It is no secret that a group within the Memon community of Karachi harbours a grudge against the Manshas of Lahore. After all, many of the businesses that the former built — and then lost to the disastrous policy of nationalisation in the 1970s — were eventually acquired and turned around by Mian Muhammad Mansha, Chairman of the Nishat group, one of Pakistan’s largest business houses, with interests in textiles, cement, banking, energy, insurance, aviation and agriculture. Attribute it to his relentless hard work spanning over half a century or call it a result of the privatisation policy that ultimately proved favourable to his group of companies, the fact remains that Mian Mansha is undoubtedly the face of corporate Pakistan today — an icon of the rising private sector of the country whose counsel government officials feel obliged, and perhaps even privileged, to seek. Thus, it was least surprising to see nearly all big shots of the country’s financial services industry stand in awe as Mian Mansha walked into the ballroom of a Karachi hotel on Friday evening to speak about the offer for sale of shares in a Nishat group subsidiary, Lalpir Power Limited. However, commensurate with the stature that he has attained in the last two decades, Mian Mansha chose to speak about larger issues confronting the economy of Pakistan. “This country has changed forever. We’re going to have reverse...
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...Power Sector Reform in India Power sector policy in India appears to have locked itself into adverse arrangements at least twice in the recent period. The first was when agricultural consumption was de-metered and extensive subsidies were offered; the second when Independent Power Producer contracts with major fiscal implications were signed by the State Electricity Boards. A third set of circumstances, with the potential for equally powerful forms of institutional lock-in, appears to be in the making with the reproduction of the Orissa model on the national scale. This paper provides an analysis of the social and political context in which power sector reforms have taken place in India. While a state-led power sector has been responsible for substantial failures, is the design of the reformed sector well aimed at balancing efficiency and profit-making on the one hand and the public interest on the other? The discussion of the forces and actors that have shaped the reform processes is intended to contribute to an understanding of how the public interest can best be served in the ongoing effort to reshape the power sector. NAVROZ K DUBASH, SUDHIR CHELLA RAJAN I Introduction he electric power sector in India is in a state of upheaval. Over the decade of the 1990s, the long-held belief in public ownership and operation of this critical sector has been eroded. In its place has emerged a growing vision of the sector organised around participation by the private sector, competition...
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