Brave New World By Aldous Huxley - 1781 Words

Aldous Huxley’s book, Brave New World, is a futuristic dystopian novel based upon science and technology. The society created in the work produces humans with specific qualities to make sure that everyone fits into the system. The overall happiness of the people is favored above the rights of the individual. â€Å"Universal happiness keeps the wheels steadily turning; truth and beauty can’t. And of course whenever the masses seized political power, then it was happiness rather than truth and beauty that mattered† (Huxley, 228). The women’s rights movement seeks the advancement of socialism and the expense of individual rights, just as the â€Å"Brave New World† described in Huxley s book sacrifices the rights of man for the contentment of society.†¦show more content†¦Ã¢â‚¬Å"The two railway stations burned today were Saunderton and Croxley Green. Both are heaps of ruins. Two placards were found at Sunderton reading, ‘Votes for Womenâ €™ and ‘We are burning for the vote.’† This was written on March 11, 1913 by the New York Times. Unsurprisingly, these acts had major negative effects on the goals women had. Politicians and citizens alike would use the suffragettes and their acts as a reason against giving women the right to vote. There were a few major ideas the suffragettes fought for. The most recognized idea was the right to vote. What isn’t told in our history books is why women didn’t get to vote. Getting to vote was originally given to people who were in the draft. If you could get drafted into war, you should have the right to vote. Unlike men, women didn’t have to face the risk of getting drafted into the war. In Sparta, the former city-state of ancient Greece, if a women became a warrior for the state she would get all of the rights the men had. Not to mention, she would be given an enormous amount of honor. Of course, there is good reason women don’t get drafted. They are physically inferior to men. This is because women never had a need to be powerful and do physical labor. Females naturally evolved to take on a different role. The men would go out and hunt for food while the mother

Comparing Creon And Brutus In Antigone And Julius Caesar

The tragic heroes Creon and Brutus are lessons against being too prideful to listen to others and conversely, being too gullible. In the tragedies Antigone and Julius Caesar, by Sophocles and Shakespeare, the characters Creon and Brutus are similar tragic heroes. Both have noble statutes, and are driven to make their nations prosperous, but their fatal flaws, Creon’s pride and Brutus’s overt idealism and trustingness, cause their downfall. Furthermore, before their downfall, both realize their mistakes, but despair at the knowledge that they cannot change the course of action they have taken. Creon and Brutus are both in high positions in their nations’ governments, having the potential to bring prosperity to their nations. Creon is†¦show more content†¦Then, he refuses to listen to Teiresias’s warning prophecies, burying Antigone alive for disobeying his order. Right as Creon realizes his mistake and recalls this order, Antigone kills herself. This leads to the suicides of Creon’s son Haemon, and his wife Eurydice, with Eurydice cursing Creon for the deaths of Antigone and Haemon. At the end of the play, he is left alone with the knowledge of his mistakes, wishing for death. Because of Creon’s pride, he refused to listen to the counsel of others, leading to tragedy. In contrast to Creon, Brutus’s fatal flaw is that he is too trusting of others’ advice and flattery, which leads him into the conspiracy against Caesar. Cassius plays on Brutus’s love for Rome to bring him into the conspirators’ group. H e has Cinna put forged letters â€Å"where Brutus may but find [them],† (Julius Caesar, Act 1, Scene 3, Line 144) and Brutus, believing the letters, joins the group. Then, he trusts Antony to give a speech at Caesar’s funeral, even though Antony supported Caesar. Because of this, Antony is able to stir up a mob against the conspirators, forcing them to flee the city and form armies to take control of Rome. The conspirators eventually fall in battle, and at the end of the play, Brutus kills himself, remarking that he did not kill Caesar as willingly as he now kills himself. He realized his mistake, but despaired, knowing that he cannot change what has happened. Furthermore, the audience learns aShow MoreRelatedRay Bradbury s Fahrenheit 4514443 Words   |  18 PagesShakespeare’s The Tragedy of Julius Ceasar. In Julius Ceasar, a group of conspirators plot to kill Ceasar because they fear that he will try to gain too much power and be a bad ruler. Taking this into account, Caesar’s best friend Brutus joins the conspiracy. Brutus is a man who puts the state of the country and people before himself, so he too, believes that Caesar would be a bad ruler and plots to kill him before he can get more power. They succeed and assassinate Caesar during a Senate meeting. A

Listless Universities Free Essays

â€Å"Look at a nation’s school and you will see what society it represents.†-Jose Rizal The introduction of liberalism may seem to have vastly modified what social structures were implemented before. As we go about our daily lives, we are already separated from what the â€Å"supposed† to be agenda of existence is all about. We will write a custom essay sample on Listless Universities or any similar topic only for you Order Now Such a case has driven more and more people to take directions which are no longer of significant use. Everything that has come up to the minds of the younger generations is a bland philosophy. And even though it may seem that people have the taste to achieve living without borders, there is not really a single aspect of intuition where we they are really going. According to All About Philosophy, worthless perception of everything is coined to be nihilism. And it is very possible societies are going this path. It is very true that universities nowadays do not really care more about their social responsibilities. They somehow care less than the previous generation of education institutions. And this is not evident among just any schools out there but actually very obvious even with the supposedly top performing institutions or at least those respectable ones. Apparently, the generations following after the mid 20th century social structure do not need anymore that of what schools can really contribute. But even though this problem is very evident, universities do not count itself as the role model in maintaining the sole purpose of its existence. It has abandoned its children and has neglected the society to structure itself without any care. Universities nowadays are becoming more and more just a â€Å"setting† where the youth can increase their respective social lives. The schools are no longer upholding its power to engage with students as to how education should be treated. The institutions themselves are to blame since they did not really become strong enough to face the changes in the society. They go with the way of the social structure even though they know that they are losing power each day a neglected student enters its corridors. As a clear example, the main objective of today’s universities is to sustain its existence. Of course, no man made institution can survive this capitalist driven world without concerning itself to raising funds. So in effect, schools have become more and more commercialized and providing fewer opportunities for it to interact with the students. Even though the schools have their own shortcomings, it cannot be denied that the society itself is the proponent of such absence of direction. It is very rare that you will find a person talking about the good stuff about nature, very sentiment, and holds his ideal dream of becoming a part of this vast universe. It is very tricky to find such people since each of us interacting with one another are â€Å"supposedly† engaged on our own ideals. So how can we ever distinguish an individual with a direction in life? Philosophically speaking, it is very true that schools reflect only that of society’s character. However, because of such notion, they have tied themselves up to the backdoor of philosophical stability by not meddling with what the external society wishes to track. Universities just accepted the fact that they as mere instruments rather than thinkers which can actually inflict change. They remain silent and just become mirrors which only serve to bounce back what they have been given. Each one of us has his own opinion, own direction in life. But just because we are blessed with such power it does not necessarily mean that everything we are dealing with is in accordance to our principles. One should think first if actions and mindsets represent that of a true thinking human. Otherwise, we will tend to just blame our teaching institutions again and again whereas they only give back what they receive. Works Cited All About Philosophy. Nihilism – Abandoning Values and Knowledge. 2002. http://www.allaboutphilosophy.org/nihilism.htm. How to cite Listless Universities, Essay examples

Effects of Employment Tax Incentives on Employment Free Samples

Question: Discuss about the Effects of Employment Tax Incentives on Employment. Answer: Introduction: A big number of youth in South Africa have been excluded from participating in economic activity. Because of this, they suffer disproportionately from lack of employment leading to discouragement and being marginalised economically. The levels of unemployment among the youth is high meaning that many of them are not getting the requisite skills and experience that is vital for economic growth. This deficiency can have adverse effects on the economy of the country in the long run. The current rigidities of regulations in labour policies coupled with the lack of skills and experience in employees makes prospective employers to be reluctant in hiring the young people. However, with the adoption of the employment tax incentive the employers have been granted an opportunity to boost employment by hiring young job seekers(Mac-Ikemenjima, 2015). An employment tax incentive (ETI) is an incentive whose aim is to encourage employers to hire more employment seeking youth. In South Africa, the ETI program was implemented and took effect from January 1st, 2014. It is offered through the youth wage subsidy. In the program, employers receive incentives that will enable them to hire and train young candidates to work for them (Moneyweb, 2017). The unemployment rate in south Africa has increased significantly over the past two decades despite the government efforts to reduce unemployment as well as employment opportunities increasing. The youth in particular the school leavers are the most affected with unemployment levels among them going over the roof. A number of reasons have led to this broad increase in unemployment. One likely reason is the quality of education being offered. It has been observed although it offers a marginal advantage, that simply holding a matric does not guarantee one a job. This is contrary with a functional labour market where education should impart skills required by employers to sort potential employees in to the job market according to their abilities. The dire situation is proved by the high unemployment rate among the matriculates, which stood at 27.1% in 2015. Another reason for high unemployment is that it is no longer easy to secure employment in the most developed provinces of the Weste rn Cape and Gauteng. Actually, these provinces recorded the highest unemployment rates compared to other poorer provinces (Moneyweb, 2017). The government has put so much effort in trying to reduce unemployment but the labour market is still going through a hard time. There is need for progressive changes in the education system by improving quality of education and improving the resources in schools. Another solution is the ETI that will increase demand for young employees. ETI is a targeted wage subsidy that facilitates transition of the youth from school to work. It features a probationary period during which the employees are monitored and can be appraised or fired according to the employers discretion. Many countries favour a fiscal policy where taxes are imposed on the wages of employees in the formal sector. This tends to discourage employment in the formal sector. It as well leads to potential employers seeking other alternatives to labour and they end up investing more in capital intensive production instead of creating opportunities for employment. A wage subsidy works on the opposite of the wage tax. A wage subsidy increases the demand for labour through reducing the cost of hiring employees, hence increasing employment in the formal sector. Although this policy will cost the treasury, it will favour labour over capital. Apart from reduction in costs of labour, other benefits that the employers will enjoy from a youth wages subsidy in South Africa include: The incentive is provides a 24 month period during which the employers can claim the incentive from the government. The employers will be able to share the cost of employing the youth with the government. This is through the reduction of the Pay-As-You-Earn (PAYE) rate from the wage but leaving the wage intact. i.e. the PAYE is reduced while the wage received from the employer is not affected. The incentive amount varies depending on the wages that each employee is paid and on the period of the ETI program during which the employee was hired. ETI works in line with other government programs that bear the same objective such as the learnership program, which improves the way in which employees are trained. The wage subsidy targets the youth and thus it makes hiring the youth more attractive compared to hiring those who are not in this age subset. There is a tendency among the school leaving youth of avoiding to get into employment. However, once they secure a job, they will end up remaining employed even if it will be at a different job from the one they entered through. This could be part due to firms refusing to incur the expense of training the labour force when they know the labourers will then move on to another form of employment. A wage subsidy is the best solution to this issue. The subsidy also addresses the costs to the society that are related to high unemployment rates among the youth such as crime drug abuse and prostitution. ETI has a benefit that arises from the substitution effect. The substitution effect arise where the employee has to choose between work and leisure. It comes into play when the wages increase and the worker and the employee will find that working is more profitable than leisure and hence he will prefer to seek employment rather than having to spend time out of employment. The higher the wage, the more the hours the employee will be willing to work. ETI reduces the tax on wages and thus the employer can afford to pay the employees better. In this way, more youth will be willing to seek employment because the prospects of being employed are relatively better than those of not being in employment. Conclusion ETI creates employment for the youth by creating a large number of jobs that will reduce youth unemployment in South Africa in a big way. It is a cheap and effective method of creating more job opportunities in comparison to other similar government programs. In addition, the youth will be in employment for longer periods. Thus, the introduction of ETI is an opportunity to evaluate, improve, and come up with better ways of alleviating unemployment in South Africa. References Casde, K. E., Fair, R. C., Oster, S. M. (2017).Principles of macroeconomics. Mac-IKEMENJIMA, D. (2015). Youth wellbeing in South Africa : what dimensions should we measure?Commonwealth Youth and Development.13, 1-17. Moneyweb. (2017). How two crucial trends are affecting unemployment in SA. [online] Available at: https://www.moneyweb.co.za/news/south-africa/two-crucial-trends-affecting-unemployment-sa/ [Accessed 24 Apr. 2017].

The Article, Love the Right Chemistry Essay Example

The Article, Love: the Right Chemistry Paper The Right Chemistry, Outfoxes mainly talks about love related to chemistry. The fact that human species, considered as sexual organs, possess own characteristics contributes to each Individual with a unique attraction. The term love has created the new way of making It ? a sexual relationship. Also. The concept of love nowadays seemingly depends on an individuals appearance. According to the author, romance is an essential element that leads men and women to long-term relationship: however, the idea that true love remains forever seems to fade out gradually. To exemplify, the author quotes Fisher as saying that each would find a new partner in four years, which reflects in todays divorce rate. In short, romantic love is not everlasting. Furthermore, PEA, stands for phenylalanine, is increased in the early of passionate romantic love; the body builds up rapidly as long as we are needed. Essentially, it is a natural amphetamine that stimulates and increases both physical and emotional energy. The attraction causes people to produce more PEA, which results in those dizzying feelings associated with romantic love. However, the amount that our body produces PEA is exclusive in two or three years. Moreover, each person has a unique subliminal guide to the ideal partner so-called a love map, so a man and woman can not fall in love with two people at the same time. Through the article, I assume the contrast between passionate and compassionate love. We will write a custom essay sample on The Article, Love: the Right Chemistry specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on The Article, Love: the Right Chemistry specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on The Article, Love: the Right Chemistry specifically for you FOR ONLY $16.38 $13.9/page Hire Writer The author quotes Mark and Walsh as saying that early love is based on when you love the way the other person makes you feel, while mature love depends on when you love the way the other person is. I obviously do not see what Is deferent, and It gives me such an aftereffect to think whether I am still immature. Also, one word that comes up most often about love Is chemistry, which conjures up a powerful feeling and images for anyone seeking a love relationship. Therefore, I also claim that the chemical Increases a desire to be physically close and Intimately connected. In act, physical attraction generally begins during the first connection, but It does not pass as one person moves Into a deeper connection. The Idea that men look for maximal fertility a sexual relationship, whereas women seek for security, resources, status, and willingness to father children Is definitely reasonable: men easily fall In love quite rapidly. Nowadays, even In Korea most women put more emphasis on the ability that reflects how much he can supply resources rather than appearance. The question I have while reading the article is whether it is right to say a man ND woman fall in love with one person rather than two or more. Because we sometimes approach a special person, considered as an Inconstant lover, loves more than one person at the same time, it is hardly to say the idea of Walsh. Also, I expected that the author would give us her own experience on love compared to perspectives of experts; however, the author Just analyzes love based on the scientific point of view, and she does not conclude chemicals can explain why people are initially attracted each other.

Investigation of Combustion of Alcohols Essays

Investigation of Combustion of Alcohols Essays Investigation of Combustion of Alcohols Essay Investigation of Combustion of Alcohols Essay The aim of this experiment is to investigate the combustion of various alcohols. The alcohols will be burnt to heat up a test tube of water, I aim is to find out how much energy is produced when burning the following alcohols: Methanol, Ethanol, Propanol, Butanol, and Pentanol. Any form of burning is an exothermic reaction (heat is given out), this means that the reactants energy is higher than that of the product. Alcohols react with oxygen in the air to form water and carbon dioxide. Prediction: When bonds are broken, energy is absorbed by the system (endothermic) and when bonds are formed, energy is released (exothermic). When alcohols are burnt, the reaction is always overall exothermic, therefore, more energy is being released than is being consumed. Thus, my prediction is that each alcohol will burn exothermally and therefore the temperature of the water will rise. The larger the alcohol molecule, the more bonds will be broken and formed, and therefore the more heat will be produced, so I think that Methanol will be the alcohol to combust the least, followed by Ethanol, Propanol and Butanol, then finally Pentanol, combusting the most. Preliminary Work Before carrying out my final experiment, I have to carry out a preliminary experiment, to determine the most efficient method to use, and on what scale. Preliminary Results My preliminary results enabled me to decide on 30 degrees as a suitable water temperature change, as this allowed a large enough change in mass of the alcohol, but was not too time consuming. It also helped me decide to experiment with each alcohol twice, this will ensure accurate results just one could be unreliable. Apparatus * 5 Alcohols, Methanol, Ethanol, Propanol, Butanol and Pentanol. * Test tube * Thermometer * Water * Draught preventers (chemistry books) * Clamp * Heat proof mat * Measuring cylinder Method Collect and set up apparatus as shown in the diagram. Measure __ml of water in the measuring cylinder. Pour into test tube. Place thermometer in the water and record the starting temperature. Weigh alcohol container, record weight for before the experiment. Make sure all safety precautions are in place (safety goggles, heat proof mat). Ignite alcohol containers wick. When the temperature has rose 30 degrees, put out flame using lid. Weigh the alcohol container and record weight after experiment. Repeat twice for each alcohol. Variables to be kept the same * Height above the mat at which the test tube is clamped (__cm) We keep this the same because if the flame was closer to the test tubes on some, than on others, it would not be a fair test, some would obtain more heat than others. * Temperature change Changing this would leave nothing to measure how long to burn the alcohol. Results To work out the results, averages of the masses were taken from both the experiments, however, some of the end results proved to be inaccurate, therefore, only the results from the first experiment were used. Changes in mass Before (g) After (g) Before (g) After (g) Average Change/ Change in Mass (g) Methanol 181. 05 178. 63 169. 07 168. 06 1. 715 Ethanol 163. 80 161. 84 N / A N / A 1. 96 Propanol 171. 80 171. 07 N / A N / A 0. 73 Butanol 192. 78 192. 19 216. 05 215. 19 0. 775 Pentanol 174. 34 173. 69 N / A N / A 0. 65 Changes in temperature All increase by 30Â °C, except for Pentanol, the results for which were given to us, as the experiment would be too dangerous to conduct in the lesson. Before (Â °C ) After (Â °C ) Before (Â °C) After (Â °C) Change in temp (Â °C) Methanol 20 50 18 48 30 Ethanol 20 50 20 50 30 Propanol 20 50 20 50 30 Butanol 20 50 20 50 30 Pentanol 23 37 N / A N / A 14 Relative Molecular Mass Methanol CH3OH = 32 Ethanol C2H5OH = 46 Propanol C3H7OH = 60 Butanol C4H9OH = 74 Pentanol C5H11OH = 88 Fraction of moles used Change in mass/relative molecular mass Fraction of mole Methanol 1. 715 / 32 0. 053594 Ethanol 1. 96 / 46 0. 042609 Propanol 0. 73 / 60 0. 012167 Butanol 0. 775 / 74 0. 010473 Pentanol 0. 65 / 88 0. 007386 Temperature Change per mole Temp change/fraction of mole Temp change per mole (Â °C) Results I was aiming for Methanol 30 / 0. 053594 559. 764143 680 Ethanol 30 / 0. 042609 704. 076604 1298 Propanol 30 / 0. 012167 2465. 685872 1916 Butanol 30 / 0. 010473 2864. 508734 2152 Pentanol 14 / 0. 007386 1895. 477931 2770 Here is a graph to show my results Conclusions Methanol The experimental value obtained was relatively close to the ideal temperature change per mole, suggesting that the technique was followed accurately, and all went well. Ethanol This end result followed my prediction in being a larger increase in temperature than Methanol, although it wasnt quite as close to the ideal value as Methanol was. Propanol This result was unsatisfactory, it was higher than the expected (ideal) result, (an anomaly) this could be because I didnt stir the water, so the thermometer only gave the temperature at the bottom of the test tube, the nearest to the flame. Butanol This end value was also incorrect in that it was way to high, if I was to repeat this experiment, I would be sure to stir the water before taking my reading. Pentanol This was the result given to me by the teacher, it is satisfactory and seems to follow my prediction. Evaluation What can be said about this experiment is that we could have lost a lot of energy while doing it. My results arent very accurate, even the ones that were lower than my ideal results, were not all very close. This suggests that the experiment design was not suitable for measuring accurate values. This experiment had several potential flaws that effected the end results, for example the difficulty in monitoring heat loss accurately. This effected my results because energy was wasted, the water did not get all the heat from the flame, some of the heat was lost to our surroundings and so measurements and recordings could have been off. It might be an idea to have burnt our alcohol in pure oxygen to make sure that there was a complete reaction. An incomplete combustion is where there isnt enough oxygen to release the energy. If I was to repeat this experiment there are several changes I would make, I would have large pieces of foil rapped cardboard, to prevent draught, rather than using exercise books, and as I mentioned earlier, I would have stirred the water before taking my reading. In conclusion, the experiment was worthwhile as it showed the relationship between different sized alcohol molecules in a combustion reaction. However, the evidence is not accurate enough to show any other information, other than the fact that the larger the alcohol molecule the more heat is produced during combustion.

No topic Coursework Example | Topics and Well Written Essays - 250 words - 5

No topic - Coursework Example The lector also mentions that utilitarianism is very close to hedonism, according to which, getting some pleasure is the main goal of life. Thus, on the other hand utilitarianism is a denial of sublime motives, underestimation of a role of spiritual interests of a person. The theorists of utilitarianism followed the tradition of hedonism in ethics. Utilitarizm results from so-called â€Å"human nature†, from natural aspiration to feel pleasure and to avoid suffering. The choice of behavior is defined by calculation of the benefits and losses, which various acts may result in. Anyway, the concept of utilitarianism means submission of all actions to egoistical calculation, to obtaining benefit, advantage. Thus, utilitarianism has serious limitations. The lector provides an example when a person is accused of committing crime because the greatest number of people will be happy because of that no matter if he is guilty or

How cultural values get reflected in technological artifacts Essay

How cultural values get reflected in technological artifacts - Essay Example Poster informs that the media of first media age is centralized and restricted as it is in the hands of certain producers and consumers who use media for their own purposes. Moreover, Poster adds that no value is given to culture in first media age while the second media age because of its being unrestricted will give value to culture. Technology helps any culture to depict its cultural values. With the help of technological development, media is going to be free to reveal its culture with freedom, as is informed by Poster. According to Poster, technology has affected the society and culture as a whole because it is only because of technological developments that the media is going to enter from first media age to the second media age. With technological development, there will also be culture development and media will enjoy more freedom as compared to its previous status. According to Poster, with the help of technology and culture in the second media age, the communication process will be decentralized. According to Mark Poster, the second media age is closely related to enhancement in technology. Mark Poster informs with the help of interface that the technology has improved. According to him, the word interface means a connection between human beings and the machines. Computers have an interface that allow them to be connected to human beings, while being worked at. According to Mark Poster, it is the technology that can be considered as associated to the second media age. With the help of technology, the second media age will be more supportive for media. Communication in second media age will be decentralized. Winner, in his article, â€Å"Do Artifacts Have Politics?† informs that culture and technology are related to politics. According to Winner, technological design, artifacts and social order have the power to affect the affairs of a community.

Child care Essay Example | Topics and Well Written Essays - 750 words - 2

Child care - Essay Example Michelle does not notice, her attention glued to the show while narrating to Michelle what is happening to the bear. She gets surprised when the baby shrieks and begins to cry. Yes. Betsy could have focused more on the baby she was caring for by really finding out why she suddenly made sounds when she was quiet all along. Observing her non-verbal behavior like following her gaze will help her understand what the baby is trying to communicate. Baby Michelle was trying to tell her caregiver that she needed her ball back. The fact that she was helpless in getting it, being unable to stand up on her own, much more go over her playpen and pick up the toy herself means she needed someone else to do it for her. Her caregiver misunderstood her cues, thinking the baby reacted to an adorable television character, thereby making the sounds. Baby got frustrated when her caregiver was not able to read her cues so she began to cry. Incident 2: Eleven month old Baby Troy heard some children laughing and playing outside his window. When he looked, he saw them playing ball. When his caregiver, Cynthia, walked near, Baby Troy said â€Å"Boh†, and started lifting up his arms while shifting his gaze from Cynthia to the children outside. Cynthia says, â€Å"Oh, you want a ball? Here you go!† Cynthia gives Troy his favorite red ball, but Troy shoved it away and continued to raise his arms to Cynthia. Cynthia picked up the ball and when she stood up, Baby Troy was upset as he began to cry. Observing Troy’s behavior more closely before he said â€Å"Boh† would have helped Cynthia understand his cues better. She failed to see Troy’s shifting gaze and his cue to be carried outside and automatically interpreted his verbalization to mean he wanted his ball. When Troy shoved the ball away and continued to raise his arms to her, Cynthia could have tried another response by picking him up and searching for more cues, abandoning the idea that Troy wanted his

Theories underpinning the change process

Theories underpinning the change process The government of Great Britain was experiencing heavy burden of giving subsidies to British Airways (BA), which was accounted for almost $900 million in 1982. Beside subsidies government was also facing immense opposition from Conservative government of owing the business; as they believed, BA to be province appropriate for and should be run by private enterprise. Environmental changes were another issue of concern due to increasing deregulation of international air traffic. Moreover, growing competitions and high varied Air fares were resulting into price wars situation and placing more risk of financial crisis for BA. Indeed there was intense pressure exerted from external environment on BA. The external pressure again imposed very widespread and massive changes to internal environment of organization. The main primary reason behind any organizational changes is due to enforcing external pressure instead need for change or internal desire (Waldbaum, 1987). Considering all these problems and concerns the government of Britain in 1982 decided to privatize BA. For making BA privatize it was essential to make BA profitable organization. This essay analyzes the organizational changes involved in BA by converting to private ownership i.e. transforming BAs culture from bureaucratic and militaristic to service-oriented and market-driven in 5 year period as presented in Fig(1). Diagnose and need for change Fig(1) (Goodstien et al., 1991) Theories underpinning the change process/Methods: TROPICS ANALYSIS: Tropics test can be utilized at very initial stage of any change for understanding the nature of change and deriving optimal solution methodology. It is effective and easy to apply as it requires very minimalistic inputs and less expense considering both time and resources. It is used by management team in giving the starting point and finding the appropriate route for implementing change (Paton McCalman, 2008). On applying tropics fig(2) the change for BA privatization was identified to be at the SOFT side of the spectrum. The few aspects were found to be hard but majority tendency lying on soft side. Considering the outcome of tropics analysis to be on soft side indicates the change process should follow Organization Development model. Factors Tendency towards Time Scales Estimated for 5 years Hard Resources Unclear and Variable Soft Objectives Clearly defined Hard Perceptions Varied and different Soft Interest Widespread among staff and government Soft Control Top management and government Soft Source Originated externally by government Soft Fig(2) (Paton McCalman, 2008). Organizational development is determined as an educational process of continuously identifying, allocating and expanding human resources in a manner for making it more usable to the organization need and hence leading improvement in the problem-solving capabilities (Sherwood, 1972). Organizational change involves three levels of change as shown in fig(3). Each level differs in their pattern of resistance and requires different strategies and methods or techniques for implementing change (Nadler Tushman, 1989). Fig(3) (Goodstien et al., 1991) LEWINS CHANGE MODEL: According to (Lewin, 1951) views, for any behaviour there is dynamic balance of forces running in opposite directions. Like, Driving forces encourage change by pushing workforce in desired direction and restraining forces resist change by pushing workforce in opposite direction. Hence, to understand the problem within the organization it is essential to analyse these forces first and then plan the strategies and goals for moving equilibrium in desired direction (Kritsonis, 2005). FORCE FIELD ANALYSIS Force field analysis is an approach for analysing group behaviour by mapping the complexity and totality of the field in which the behaviour takes place (Back, 1992). By applying the Lewins (1947) field force analysis it is clear that major restraining forces were related to workforce and involves change in human aspects. Driving Forces Restraining Forces Risk of financial crises. Change in work culture Become worlds favourite airlines New management. Become service oriented and market driven. Workforce reduction No subsidies from government by privatizing it. New service nature involving direct customer interaction LEWINS THREE-STEP MODEL: Lewins three-step model of Unfreezing, Moving and Refreezing can direct shift in balancing the direction of planned change (Levin, 1958). An adaptation of model fig(4) in BAs change process was found useful in establishing frameworks of BA change management. Fig(4) (Goodstien et al., 1991) Unfreezing: Unfreezing is the first step of change process and it is about encouraging and motivating people and making readiness to change (Schein, 1987) (Greaves, 1999). (Lewin, 1947) refers that any existing situation or behaviour is under equilibrium state supported by complex field of driving and restraining forces and to incorporate new behaviour the equilibrium need to be destabilized (unfrozen). According to (Robbin, 2003) unfreezing is important in overcoming the strains of group conformity and individual resistance. It can be achieved through three methods: firstly by increasing the driving force that drives behaviour in opposite direction of existing situation, secondly by decreasing the restraining force, finally by finding combination of first two methods. In BAs change process the first step taken in unfreezing was huge reduction in BAs workforce all over the globe. The workforce was cut down to 37,000 from 59,000. The downsizing decision was taken through consensus opinion at all levels within the BA. They believed downsizing will help in decreasing the hierarchy, at the same time giving more liberty to operating staff and easing the management process. The process of staff reduction was not that easy to execute and achieve but the effort was taken to minimise the exertion. The downsizing of staff was done in an optimistic way and with compassion. It was taken through early retirements and by giving incentives and through financial settlements. There were no laid off involved in entire system for downsizing. Interestingly, within a year staff reduction worked positive for BA. The improvement was observed in all performance indices of BA, they had timely departures and arrivals, less complaints of lost baggage etc. According to (Lancaster Lancaster, 1985) the initiated change requires sense of direction and considerable power of leadership. To facilitate patterns of behaviour for stabilizing, evaluating, and monitoring the change, the involvement of strong change agents such as system specialists and top management plays a key role in leading and making successful change process (Rasberry, 1986). With respect to change agent the second major change happened in 1881, there were two new appointments in BAs top management. The chairman of board was replaced by senior British industrialist Lord John King of Wartinbee and Sir Colin Marshall with marketing background, was a new CEO. Marshall being outsider of BAs culture and having marketing experience was able to view different perspective for BAs culture in comparison to its predecessors, who were mainly retired Air Force officers. He played a key role in the success of BAs change process. Marshall after its arrival to BA in short span decided new strategy for BA to become Worlds Favourite Airline. It was his vision and clear understanding that pointed out changes is required in BAs culture. He with his strong leadership skills and great effort executed the change. Many training programs were initiated and executed to support the unfreezing process. The main focus was on Putting People First. The training program was mainly dealt with customer interaction, in which BA personnel was in a direct contact with customers. The main aim of the program is to give the feel and understand the service nature of airline industry. It was completely different and was intended to challenge the existing BA culture. Movement: In a change process, movement step is necessary in moving the target system to new level of equilibrium. (Schein, 1996) refers movement state to be more learning and iterative approach or action that enables groups and individuals to move from less acceptable to more acceptable set of behaviour. In movement phase of BA Marshall hired Nicholas Georgiades as director (vice-president) of human resource for accomplishing and running the programs essential for implementing change. In a service climate (Schneider Bowen, 1985) indicate positive correlation between employees perceptions of human resources practices and customers perceptions and concludes human resources practices can influence service climate. Georgiades had a background of psychologist, former professor and consultant. BAs successful change effort was due to the joint leadership of Marshall and Georgiades. He created relevant programs and tactics to bring Marshalls view to reality. Georgiades had taken significant steps in the movement phase by conducting training programs for the middle and senior managers. The main aspects of the training involved were Leading the Service Business and Managing People First. Feedbacks were taken from every individual in understanding the perspective related to management practice s on the job. The main purpose of all training programs was to locate the shortcoming of current management style and to initiate the development of new process that would suit to new competitive culture of BA. It was essential of having participative management style (Marshall, 1984) for making BA organization service-based, market-driven and profit-making. Moreover, it would produce employee commitment. During unfreezing stage, diagonal task forces were extensively used on structures and system level. It mainly comprised of individual from different units and functions and exhibiting responsibilities at different level to deal with several aspects involved in change process. The aspects mainly consisted of new uniforms, new practices in staffing, need for MIS (management information system) etc. the major difference from traditional approach was introduced i.e. A bottom-up, less centralized budgeting process. In the climate/interpersonal side involved critical shift in redefining BAs business to represent service instead of transportation. Good interpersonal skills and open climate together with outstanding team-work are key features of service business (Goodstien et al., 1991). To incorporate service environment in BA, the process were developed and team-building activities were taken off-site during movement phase, which are at-present institutionalized. All these changes were successfully implemented due to top management involvement. Marshall himself introduced question-and-answer sessions during training programs. The purpose was to maintain transparency; he shared the information and also gave his opinion for the required change. The acceptance of emotional labour in movement phase was the important step. It was done through Georgiades championed, that conveyed the importance of high energy requirement to deliver quality of service in airline business to the workforce. Any emotional drain in the service can cause permanent psychological damage and critically impact to developing system for the service workers involved emotionally. Another important step was taken in creating internal change agents through retraining of internal personal staffs. The training was taken by supporting line and staff managers. It was found fruitful for managers completing the Managing People First training program in developing peer support groups. Many changes were done internally to BA structures and systems to support this movement. That included new bonus system, sharing of BAs financial gains success. The other initiatives were taken like at Heathrow Airport opening of new Terminal4 for providing more functional units for staffs. Inclusion of new training center through purchase of Chartridge House which was utilized in training staffs and providing information house for MIS enabled managers. Refreezing: Refreezing phase take place after the change has been implemented. In process-oriented studies it has been observed that the refreezing is stage strongly associated with change success (Ginzberg, 1978, p. 59). According to (Schein, 1987) it is that part of the process in which change is embedded within two separate, yet related mechanisms. The first mechanism deals with personal refreezing that implies to the extent to which the persons self-concept have incorporated change and can be integrated with rest of the personality. The second mechanism is relational refreezing that refers to employees personal change to meet the expectation of their peers, supervisor and subordinates. As per (Robbins, 2003) a view refreezing main purpose is to stabilize the new equilibrium resulted through change and that can be achieved by policies and procedures. In BAs refreezing phase, the top management by their continuous involvement and commitment ensured the change is fixed in the system. The staffs which inherited the new BA values were soon to be promoted at higher levels. For educating the workforce many additional programs were introduced. Like, for new staffs included Open Learning and orientation programs, for supervisors supervisory training etc. the training programs were also executed for executive and management levels. To focus on customer service, subordinate development and enthusiasm among staff a new performance appraisal system was introduced. The performance was calculated on both attitude and work results. Another area of BA where immense attention was paid to its symbol and in introducing new refurbished aircraft, upscale uniforms and corporate coat of arms indicating the motto We fly to serve. New teams were developed for providing consistent cabin-crew staffing instead of ad hoc approach of past. Finally, the feedback data on management practices are continuously utilized throughout the system. Analysis of managing change: The change process doesnt seem to be smooth even after BA applied Lewins model change. Since changing behaviour at both organizational and individual levels involves deviations from the existing habitual responses in producing new responses that many times creates awkward situation among involved workforce (Dentinger Derlyn, 2009). Indeed, it could lead to early abandonment of the new management style. The organization must effectively recognize and identify intervening transition state in moving from known present state to a desired future state. A careful management is very essential in the transition state when the planned change is complex and large. The essential part of this change management lies in accepting and recognizing the temporarily lowered effectiveness and disorganization that characterizes the transition state (Bechard, Harris, 1987). In BAs change process, the intensity of chaos and anger that evolved during the transitional phase has been abated and the sign of success is observed. However, many times both inside and outside BA the serious question of wisdom of process were raised due to lack in clarity of outcomes. During such period the involvement and commitment of top management are essential and very important (Walton, 1985) In order to increase involvement in such organizational changes management often require the usage of transition management team that comprises of broad cross-section of members of the organization (Bechard, Harris, 1987). Other methods that account effective involvement is usage of multiple interventions rather than just one like, using symbols and rituals to mark significant achievements and keeping the system open to feedback about the change process (Hornstein, 1971). All these techniques and methods were used in BA program. OD intervention Process consultation: Apart from the various change strategies discussed in BAs change, the considerable use was made of usual organizational development (OD) technologies which included team building, role clarification, structural changes and process consultation to facilitate change. The unique OD intervention process consultation was carried by the consultant to examine pattern of a workforce communications (Burke, 1982). It was done by direct observation of staff, meeting and at opportune times by making observations of happening changes and by raising questions. The main motto behind the process consultation was to change the closed communication style of BA and to create openness in work team. The process consultation played key role in change process and achieving the motto. IMPLICATIONS AND CONCLUDING REMARKS: Fig(5) (Goodstien et al., 1991) As shown in fig(5) BAs conversion to private ownership was found to be successful. After the change completion, BA was turn into profitable organization with the significant rise was observed in passenger, cargos and share price. The BA change effort provides understanding of social psychology perspective of the change process, that gives an important and different perspective to managers, employees etc for coping up with highly competitive environment. In BAs massive change project, the most evident observation is that the change was based on open-system thinking, phased model of managing change and multiple levels involvement for implementing change. Hence, both design and implementation of change effort was heavily dependent on understanding about nature of organization. The change process involved a multifaceted effort by using many leverage points to initiate and support the changes (Burke et al., 1984). Hence, the change process in which transition teams were involved for openness to feedback was efficiently managed and supported by top management. Moreover, the resistance created at all three levels, i.e. individual, structural and systems, and interpersonal, were effectively managed by usage of unfree zing strategies. In BA successful change process many incorporated changes worked positive in stabilizing the company. The most effective change was found in companys culture of creating strong customer-service focus which was lacking in 1982. The fact that service or marketing taken, considering customer perspective, can have substantial payoff for the organization is now endemic to the corporate culture (Hambrick Cannella, 1989). Another aspect that impacted the BAs culture was the way one manages employees that are involved in direct customer interaction, especially for ticket agents and cabin crews. LESSON LEARNT: The lesson learnt from the successful BA change to become service-oriented and market-driven: 1) The

Essay --

The true Zodiac is conceptual division of space into 12 equal segments, which radiate out from the ecliptic, that is, the apparent path of the Sun. However, the Zodiac also refers to the 12 constellation of stars that nowadays symbolize different human personality types. The term â€Å"Zodiac† has Greco-Roman origins and means â€Å"Circle of animals,† although these â€Å"signs† are not restricted too zoological beasts but encompass human forms, too. The Chinese Zodiac bears no relationship to any constellations. The Zodiac is both a symbol in its own right as well as a collection of symbols. These symbols are totems for each of the 12 astrological signs. It is a circle of completion, a continually turning wheel, divided into a spiritually perfect number, 12. Each of the different segments expresses a phase of development in the cycle of the Universe as well as in humankind collectively and for each individual, singularly. By 2000 BC, the Mesopotamians and the Egyptians were using four particular constellations as markers for the changing seasons. These four star clusters are the ones that we stil...

Mary Celeste

MARY CELESTE The Mary Celeste was a ghost ship found off the coast of Portugal in 1872. The Mary Celeste is a ship was discovered atlantic ocean unmanned and apparently abandoned and she was fine and the people and it remain a mystery. Her cargo was virtually untouched and her crew was never seen or heard from again. The crew’s disappearance was the greatest mystery of all time. Eyewitness Account The only eyewitness is Captain Morehouse. Captain Morehouse said that he thought that the crew was panic. Reports that likely to be true.The weather was very bad and for four days before the storm was very heavy and they found and maybe they have unlikely survive but the ship remains good and thus it remains a mystery. It seems reasonable to suggest that in order to take a break from the pounding sea, the captain gave the order to sail to the lee side of Santa Maria Island where the cook started a fire in the large galley stove to make hot food while other members of the crew furled most of the sails, leaving just enough canvas up to hold her heading as they made their way slowly along the lee shore of the island.Other crew members set about pumping the bilge and doing other chores. When the food was ready, the men stopped what they were doing and ate. After taking a smoke break, the Captain gave orders to get underway and the crew went back to work. Some went back to pumping the bilge; others started to set the sails they had recently furled. Just then the seafloor near Mary Celeste was ripped apart by a shallow-focused earthquake, a relatively common occurrence in the Azores.Report that might be exaggerated Conan Doyle (the author) was dramatized the Mary Celeste's story by adding such touches as meals laid out on the table, tea boiling on the stove, and the ship was sailing boldly into the harbor at Gibraltar with nobody at the helm. Today, most people who have heard of the ship think these details are part of what actually happened. They aren't. Conan Doyle 's was only the first of many such treatments.A 1913 magazine article was forged account of a man named Fosdyk who claimed the stowaway on board the Mary Celeste, witnessed the entire crew fall overboard as they pressed against the rail to watch three men have a swimming race, then managed to be the only one not eaten by sharks and eventually washed ashore on Africa. In the 1920s an author named Keating forged an article for Chamber's Journal telling the story of a man named Pemberton who survived. Keating soon expanded the fictitious Pemberton's tale into a book called The Great Mary Celeste Hoax.Unfortunately, the book's success has became its downfall: Interviews with Pemberton were widely sought. Keating tried to weasel his way out with excuses, and even offered a picture of his own father as a photograph Pemberton; but it was soon discovered that he made the whole thing up. Some information about the court inquiry held in Gribraltar The Inquiry into the Mary Celeste An inquiry of  Mary Celeste  disaster was held at the Admiralty Court by the British Royal Navy. Witnesses, experts, sailors, friends, business-partners and  acquaintances  were all questioned and interrogated.It was a slow, frustrating process. Not least a man who’s name was Flood. Flood was the Attorney-General of Gibraltar at the time. During the inquiry the judge listened acutely listened that was told and praised the crew Dei Gratia for their attention to detail and their bravery and skill in rescuing the ship , and bringing it safely back to land. Frederick Flood, however, had his own agenda. Flood was hell-bent on proving that the passengers was Mary Celeste had all met with some horrible and violent bloody end was suggested the theory of a drunken mutiny.He even rowed out to the ship to find evidence! He found the broken leaking barrels and the alcohol and the captain’s sword had cut-marks along the railings. He proposed the theory that the crew got an alcohol, dr ank themselves blind, murdered the captain, his wife, his daughter, his first mate has chucked them all overboard, then into the lifeboat and rowed†¦away†¦from a perfectly good ship†¦ Indeed, not a single piece of ‘evidence’ Flood submitted was found to be what it was!The barrels were empty because they were leaking (they’d been built of red oak, a porous wood which would’ve explained the empty barrels). The damage of railings? Ropes across the wood. The blood on the captain’s sword? It wasn’t blood. It wasn’t even the captain’s sword†¦that sword was stored under his bed! The sword that Flood found was an old, rusty knife lying on the deck. Scientists examined the blade and determined that the red substance was nothing but rust and old paint. It was probably used to lever open paint-cans and stir coagulated paint around!Examples of theories about the Mary Celeste crew’s disappearence Theories range fro m, alcoholic gas or smoke (fumes) to underwater earthquakes, to waterspouts, to paranormal explanations involving extraterrestrial life, unidentified flying objects (UFOs), sea monsters, and the phenomenon of the Bermuda Triangle, although the Mary Celeste is not known to have sailed through the Bermuda Triangle area. The Mary Celeste is often described as the ghost ship, since she was discovered without any apparent explanation, and her name has become a synonym for similar occurrences.The ship was said to be â€Å"cursed† and had a long history of disasters and catastrophes, and three captains died on the ship. The ship was destroyed in 1885 when it was intentionally wrecked off the coast of Haiti in an attempted insurance fraud. My opinion about Mary Celeste I think the story is half true and half right. The truth part is the storm and the earthquake in the water. The false part is the curse or the ufo and the phenomenon of the Bermuda triangle.

The Salem Witchcraft Trials Overview

The Salem Witchcraft Trials Overview Salem Village was a farming community that was situated approximately five to seven miles to the north of Salem Town in the Massachusetts Bay Colony. In the 1670s, Salem Village requested permission to establish it own church due to the distance to Town’s church.   After some time, Salem Town reluctantly granted Salem Village’s request for a church. In November 1689, Salem Village hired its first ordained minister – the Reverend Samuel Parris – and finally Salem Village had a church for itself. Having this church gave them some degree of independence from Salem Town, which in turn created some animosity. While Reverend Parris was initially welcomed with open arms by the residents of the Village, his teaching and leadership style divided the Church members.   The relationship became so strained that by the fall of 1691, there was talk amongst some church members of discontinuing Reverend Parris’ salary or even providing him and his family with firewood during the upcoming winter months. In January 1692, Reverend Parris’ daughter, 9-year-old Elizabeth, and niece, 11-year-old Abigail Williams, became quite sick. When the children’s conditions worsened, they were seen by a physician named William Griggs, who diagnosed them both with bewitchment. Then several other young girls from Salem Village also displayed similar symptoms, including Ann Putnam Jr., Mercy Lewis, Elizabeth Hubbard, Mary Walcott and Mary Warren.   Ã‚   These young girls were observed having fits, which included throwing themselves on the ground, violent contortions and uncontrollable outbursts of screaming and/or crying almost as if they were possessed by demons inside. By late February 1692, local authorities had issued an arrest warrant for the Reverend Parris’ slave, Tituba.   Additional warrants were issued two other women that these sick young girls accused of bewitching them, Sarah Good, who was homeless, and Sarah Osborn, who was quite elderly. The three accused witches were arrested and then brought before magistrates John Hathorne and Jonathan Corwin to be questioned about the witchcraft allegations.   With the accusers were displaying their fits in open court, both Good and Osborn continually denied any guilt whatsoever.  Ã‚   However, Tituba confessed. She claimed that she was being assisted by other witches who were serving Satan in bringing down the Puritans. Tibuta’s confession brought mass hysteria not only in the surrounding Salem but throughout all of Massachusetts.   Within short order, others were being accused, including two upstanding church members Martha Corey and Rebecca Nurse, as well as Sarah Good’s four-year-old daughter. A number of other accused witches followed Tibuta in confessing and they, in turn, named others.   Like a domino effect, the witch trials began to take over the local courts.   In May 1692, two new courts were established to help ease the strain on the judicial system:   the Court of Oyer, which means to hear; and the Court of Terminer, which means to decide. These courts had jurisdiction over all the witchcraft cases for Essex, Middlesex, and Suffolk counties.    On June 2, 1962, Bridget Bishop became the first ‘witch’ to be convicted, and she was executed eight days later by hanging. The hanging took place in Salem Town on what would be called Gallows Hill. Over the next three months, eighteen more would be hanged.   Further, several more would die jail while awaiting trial. In October 1692, the Governor of Massachusetts closed the Courts of Oyer and Terminer due to questions that were arising about the propriety of the trials as well as declining public interest.   A major problem with these prosecutions was that the only evidence against most of the ‘witches’ was spectre evidence – which was that the accused’s spirit had come to the witness in a vision or a dream. In May 1693, the Governor pardoned all witches and ordered their release from prison. Between February 1692 and May 1693 when this hysteria ended, more than two hundred people had been accused of practicing witchcraft and approximately twenty were executed.

What Are SAT Subject Tests Why Should You Take Them

What Are SAT Subject Tests Why Should You Take Them SAT / ACT Prep Online Guides and Tips Between the SAT, teacher recommendations, and your personal essay, there are lots of ingredients that go into crafting your applications. The SAT Subject Tests add one more layer to the complex recipe of applying to college. This article is meant to clear up any confusion you have about the Subject Tests.By understanding exactly what these tests are testing, you'll be able to approach them with ease and confidence - because only the cake should end up in tiers. What Are SAT Subject Tests? While the general SAT is meant to assess your reasoning skills and readiness for college, the SAT Subject Tests test your knowledge in specific subject areas. They are content-based and allow you to choose the subject(s) in which you excel and best demonstrate subject mastery. All of the Subject Tests are multiple choice and are one hour long. The Subject Tests align with classes you are required or have elected to take in high school, like Biology, Literature, Math, and languages. Not only should your choice of Subject Test line up with your academic strengths, you also may want to choose a subject in which you're interested. As with all the other parts of your application, your Subject Tests give insight into who you are and what you like to study. Click here for a more in-depth look at what SAT Subject Tests you should take and the most important considerations in making this decision. [link to PS article] How Many SAT Subject Tests Are There? There are 21 SAT Subject Tests, if you count Biology Ecological and Biology Molecular as two separate tests. They cover literature, math, science, history, and 9 languages. Some options within these core subjects include the following: History could be World History or U.S. History. Science includes Physics, Chemistry, and Biology with an Ecological focus or Biology with a Molecular focus. Math has a Level 1 and Level 2 test. Language Subject Tests may or may not have a Listening component. Here's the complete list: English Literature Math Level 1 Math Level 2 U.S. History World History Biology Ecological Biology Molecular Physics Chemistry French French with Listening Spanish Spanish with Listening Italian Modern Hebrew Latin German German with Listening Chinese with Listening Korean with Listening Japanese with Listening Let's look at a brief overview of some of the differences in format: Biology E and Biology M share 60 core questions. Biology E has an additional 20 questions with an ecological emphasis. Biology M has 20 extra questions with a molecular focus. Math Level 1 requires at least two years of algebra and one year of geometry. Math Level 2 requires those same classes plus some trigonometry and pre-calculus. The French, Spanish, and German Subject Tests have both Listening and non-Listening options. Chinese, Korean, and Japanese have only Listening options, and the remaining have only non-Listening options. Now that you have a sense of the differences among the subject tests, let's move onto the next important question. Should you take them to apply to college? Why Take SAT Subject Tests? Are you wondering, "Should I take SAT Subject Tests?" To answer your question, you should take Subject Tests if your college requires or recommends them as part of your application. Make sure you know not only how many Subject Tests your college wants, but also if they have a requirement or suggestion for which subjects you should take. Technology-oriented colleges, for example, may prefer to see that you've taken math and science tests. MIT and CalTech actually require one math and one science Subject Test. MIT lets you take Math Level 1 or Level 2, while CalTech requires Level 2. Selective liberal arts colleges often want to see a range of knowledge across academic domains, such as a math test paired with a literature or history test. Some colleges may allow Subject Test scores to make up for a low general SAT score. Still others may use these tests for placement purposes, such as into a more advanced level of a language, once you arrive on campus. At Harvard, for example, 700 or better on a language test will waive its language requirement and allow you to choose among more advanced language courses. You may also be applying to a school that has adopted a test flexible policy, like Colby College, Colorado College, Middlebury, and NYU. The school may let you send SAT Subject Test scores in place of the general SAT or ACT, if you feel these tests better represent your strengths and abilities. Check out the full list of test optional and flexible schools here. Subject Tests can really strengthen your application, as they allow you to feature a particular strength, knowledge of a subject, and academic interest. If you speak another language, the language tests are a great way to showcase your skills. As colleges are increasingly seeking to establish a multicultural class of students with global competencies, they will consider your ability to communicate in another language to be a strong and desirable asset to your candidacy. How Do You Know If Subject Tests Are Required? We've gathered a list of all the colleges that require SAT Subject Tests. A small group of colleges, like Amherst, Brown, Duke, and Vassar, among others, will waive the SAT Subject Test requirement if you opt for the ACT. Since policies are continually changing, especially as schools become more and more flexible, make sure to double check your colleges' standardized testing requirements by researching their admissions website or speaking to an admissions officer directly. Finally, you may elect to take the Subject Tests even if they're not required, if you want to demonstrate a particular strength to the admissions committee. This may especially be the case if the Subject Test connects to your future academic and/or professional goals. If you're excited to study Engineering, for example, you may be eager to showcase your math and science skills. The list of colleges mentioned above indicates if a college does not require, but will consider SAT Subject Tests are part of your application. Ithaca, Smith, Wesleyan, to name a few, consider, but don't require, the SAT Subject Tests. When Are the Subject Tests Offered? The Subject Tests are offered on all the same dates as the general SAT except for March - in January, May, June, October, November, and December. The science, math, literature, and math Subject Tests are offered on all these dates. The language tests are offered on some, but not all, of the dates. Some have more options, but Listening tests - German, French, Spanish, Chinese, Japanese, and Korean - are only offered in November. Check out this chart of the exact dates of all the Subject Tests. It will also help you figure out your best schedule for taking the Subject Tests in and around the general SAT or ACT and all your other activities and obligations. You can take up to 3 Subject Tests in one day (with some conditions), so you can take them all together or choose to spread them out over different dates. The best time to take a Subject Test is often near the end of the school year in which you've been studying that subject and may also be studying for a final or AP exam. You don't have to wait until junior year, but instead should take the Subject Tests whenever you are ready and the content is fresh in your mind. Hopefully this overview of the what, how, why, and when of SAT Subject Tests makes it easier for you to add this extra component into the college application mix. By following the links provided, you'll become an expert in everything you need to know to conquer the SAT Subject Tests. What's Next? Perhaps you've studied lots of the subjects covered by the Subject Tests and aren't sure how to choose. This article helps you answer that important question: which SAT Subject Test should you take? Are you also taking the general SAT and ACT? In order to prepare, first you need to know when you have time to study. This article helps you figure out your study plan and when you should start preparing. Need a little extra help prepping for your Subject Tests? We have the industry's leading SAT Subject Test prep programs (for all non-language Subject Tests). Built by Harvard grads and SAT Subject Test full or 99th %ile scorers, the program learns your strengths and weaknesses through advanced statistics, then customizes your prep program to you so that you get the most effective prep possible. Learn more about our Subject Test products below:

Women and Work in Canada ( WGST345 ) Assignment

Women and Work in Canada ( WGST345 ) - Assignment Example This interview report will be designed keeping in the mind the topics covered in the course. The respondent I choose to be interviewed is a highly educated 40 years old working woman and a housewife. She completed her MBA in marketing 15-years back from a reputable university. After her graduation, she worked as a management trainee in an Instructional Designing department of a software house for 6 months. After completing her training she joined as an Instructional Designer in a multinational organization. Looking at her financial needs and market value she switched her job and joined as a Lead Instructional Designer in another multinational company. She then continued her career in different organizations and currently she is working as a Senior Instructional Designer in a health care unit. It was important to know that she did not work in isolation; she also got married 10 years ago and now lives with her husband and two children. This respondent was chosen for interview because of two reasons. Firstly she was fulfilling all the requirements that were required for the interviewee. For instance, she is a woman whom I have seen doing paid and unpaid work since last many years and she has an extensive working experience for doing paid and unpaid work. Second, I have always found her frank and cooperative so I was sure that she will agree for the interview and comfortably discuss her work conditions. Indeed she will be happy that I chose her for sharing her thoughts and experiences. I had clear goals in mind when I approached the lady for this interview. My main goal was to focus on her paid and unpaid work that she has previously done and doing today. I wanted to have detailed discussion with her in an informal manner regarding her work routines and responsibilities. Additionally, I was also interested in knowing her views about the issues that working women face in Canadian society: gender discrimination, equity

The ethical principle of Facebook as An Emotional Contagion Essay

The ethical principle of Facebook as An Emotional Contagion - Essay Example An analysis of this experiment in light of the utilitarian theory of ethics shows that this experiment is morally justifiable. This is because, although the experiment violates some individual rights of the subjects of the experiment, the experiment findings, however, is quite useful and can be used in many ways; this, in essence, means that the experiment will lead to making the majority of people happy. This, therefore, means that that experiment is morally justifiable in light of the utilitarianism.The experiment is, however, morally unjustifiable in light of the Kantian deontology. This is because the subjects of the experiment were used not as human beings with intrinsic worth, i.e ends in themselves, but rather as means to some end. This is because the experiment violated some individual rights of the subjects of the experiment. This fact, therefore, shows that the experiment is unethical in light of the Kantian deontology.According to my moral worldview, this experiment is mor ally unjustifiable. This is because the experiment clearly violates some basic rights of its subjects. Although, the experiment can, of course, benefits many people, the experiment doesn’t take cognizance of the individual rights of its subjects. This fact, therefore, shows that the experiment is morally unjustifiable. To avoid this moral problem, future experiments and research in technology involving human beings should be done only after getting the consent of the intended subjects of the experiment.

Some of the best presents are those that cost the least Essay - 1

Some of the best presents are those that cost the least - Essay Example Not many people are aware that gift giving was originally practiced in early civilizations. People in tribes gave tributes to their leaders as a token of love, loyalty and appreciation. â€Å"They used bark and wood from the trees, and reeds to fashion unique objects. The Roman practice of presenting the Emperor, and each other was with good luck tokens. They received presents in order to procure favor and to demonstrate allegiance, a practice still in place today.† (Corbett, 2010, par. 2) What started as simple and cheap presents eventually led to more intricate, expensive and luxurious gifts. With the growth and development of technology, there are just so many products in the market that any one can choose from. As people become more inventive, innovative, and creative, a wide array of gift items are offered in the market at everyone’s delight. Concurrently, people gained increasingly alternative sources of income giving those potentials to spend more. In an article written by Moon (2009), people started to give expensive and luxurious gifts to â€Å"please the senses, soul, mind and spirit. By nature this type of gift symbolizes something that is not necessarily a necessity, but something that obviously adds pleasure, comfort and frills† (par. 6). Though the giver can obviously afford giving expensive presents, the recipient can either appreciate it or not depending on status, need, and personal philosophy in life. Some of the best presents are those that cost the least. The true value of gifts is not shown in the price tags for the presents bought. Anyone can easily buy anything without sincere regard for what the recipient truly needs. Presents which are well thought of and creatively done by the giver – however simple it is – still is the best present that anyone could give. In an article written in Journey 2 Retirement,

All Ideas Derive from the Sense Experience Which They Copy. Discuss Essay Example for Free

All Ideas Derive from the Sense Experience Which They Copy. Discuss Essay All ideas derive from the sense experience which they copy. DISCUSS An empiricist would be in favour of this view as they believe that knowledge is gained through experience (a posterior). For example, John Locke believes that the mind is a blank slate, or tabula rasa, which becomes populated with ideas through sense experience – in order to create ideas and knowledge, we must have sense experiences. Hume, also an empiricist, argues that ideas are copies of sense data. He has a method which states that faint ideas can become stronger through a fresh sense experience – thus implying that all ideas do derive from the sense experience which they copy. He further backs up this idea through his negative view on the imagination, which in his words is â€Å"confined within very narrow limits†. His strong stance states that no idea can be constructed without any sense experience -anything that may seem like an idea built without sense-data is simply a combination of other ideas. I can give the example of a Golden Mountain. Such a thing can never be experienced, but we can have an experience of â€Å"gold† similarly to the fact that we can also experience a â€Å"mountain†, and through these separate ideas we can construct a singular hybrid idea. Hume also talks of the concept of ‘a time when nothing happens’. The concept is easily fathomable in the human mind and seems logical. He argues that, although no sense experience was required to have an idea of this concept, such a time is actually impossible to experience thus dismissing this illusive idea as something he refers to as ‘sophistry and illusion’. A huge criticism of the Empiricist view is the fact that we only experience sense-data rather than the world itself. This is best explained through the idea of Noumena/Phenomena, in which the phenomena is our perception of the world and the noumena is the actual world itself. The only way to experience the noumena would be through a sense experience – however this experience would simply be another phenomena, thus implying that experiencing the real world is impossible. If such a thing is impossible and if all knowledge is built on things that we cannot truly reach, then how can it be possible to back up the Empiricist view that all ideas derive from sense experience? However, an Empiricist might respond with the claim that it is probably highly unlikely that we are perceiving something completely different to the noumena. Both claims have no proof and can therefore only be as unlikely or likely as each other. Descartes discussed the possibility of an ‘Evil Demon’ who could be tricking us into believing that we exist when really we do not. However, as a religious man, he concludes that God would not let this happen. Therefore, as the argument is similar, Descartes might argue that it is highly unlikely that we are perceiving completely different to the noumena as God, who wouldn’t let us be tricked by an evil demon, would not let such a thing happen. A philosopher who might argue against the Empiricist view is Wittgenstein. He argues that â€Å"experience does not direct us to derive anything from experience†. He says that learning something cannot be done on sense experience alone – it also requires teaching or applying reason to. Plato may also back up the Rationalist view that not all ideas derive from the sense experience which they copy, as he believes that some ideas are innate, such as mathematical and logical truths. An example of this can be taken from his dialogue ‘Meno’ in which Socrates encourages an uneducated slave boy to work out a mathematical truth relating to the lengths of sides of squares. The boy can successfully solve the problem without any prior knowledge of mathematics – thus proving that such knowledge is innate and only requires thought to solve. Descartes also argues against the empiricist view that all knowledge is built from sense experience – he argues that reason must also be applied to gain knowledge. This can be explained through an example in which he states the idea of a solid piece of wax. The solid wax is accidentally left to melt by the fire and become liquid. If we were to build ideas solely on sense experience, we might think that the solid wax and melted wax were TWO separate ideas. However, by applying reason we can deduce that the two forms are in fact the same thing. This idea could be opposed with the argument that if one had never experienced the melting of wax, or been taught the facts of materials changing state, then they would in fact not be able to apply such reason. In summary of all points made in this essay, we can conclude that Empiricists such as Locke and Hume would argue in favour of the claim that all ideas derive from sense experience, and that Rationalists, e.g. Descartes and Wittgenstein, would argue in opposition. This is due to a variety of beliefs but mainly due to the foundations of Empiricism (a posteriori knowledge) and Rationalism (a priori knowledge). Personally, although I believe that most knowledge is built mainly from sense experience, I sway to the Rationalist’s side as I agree that knowledge must be taught or applied reason to – however, I’m not entirely convinced by the idea of innate knowledge such as the kind Plato suggests.

Industrial Development Bank of India (IDBA) Analysis

Industrial Development Bank of India (IDBA) Analysis INTROUCTION The Industrial Development Bank of India Limited, was established as wholly-owned subsidiary of Reserve Bank of India. The foundation of bank was laid down under an Act of Parliament, in July 1964. The main aim behind the setting up of IDBI was to provide credit and other facilities for the Indian industry, which was still in the initial stages of growth and development. In February 1976, the ownership of IDBI was transferred to Government of India. After the transfer of its ownership, IDBI became the main institution, through which the institutes engaged in financing, promoting and developing industry were to be coordinated. In January 1992, IDBI accessed domestic retail debt market for the first time, with innovative Deep Discount Bonds, and registered path-breaking success. The following year, it set up the IDBI Capital Market Services Ltd., as its wholly-owned subsidiary, to offer a broad range of financial services, including Bond Trading, Equity Broking, Client Asset Management and Depository Services. In September 1994, in response to RBIs policy of opening up domestic banking sector to private participation, IDBI set up IDBI Bank Ltd., in association with SIDBI. In July 1995, public issue of the bank was taken out, after which the Governments shareholding came down (though it still retains majority of the shareholding in the bank). In September 2003, IDBI took over Tata Home Finance Ltd, renamed ‘IDBI Home finance Limited, thus diversifying its business domain and entering the arena of retail finance sector. The year 2005 witnessed the merger of IDBI Bank with the Industrial Development Bank of India Ltd. The new entity continued to its development finance role, while providing an array of wholesale and retail banking products (and does so till date). The following year, IDBI Bank acquired United Western Bank (which, at that time, had 230 branches spread over 47 districts, in 9 states). In the financial year of 2008, IDBI Bank had a net income of Rs 9415.9 crores and total assets of Rs 120,601 crores. The Present Today, IDBI Bank is counted amongst the leading public sector banks of India, apart from claiming the distinction of being the 4th largest bank, in overall ratings. It is presently regarded as the tenth largest development bank in the world, mainly in terms of reach. This is because of its wide network of 688 branches, 1139 ATMs and 457 centers. Apart from being involved in banking services, IDBI has set up institutions like The National Stock Exchange of India (NSE), The National Securities Depository Services Ltd. (NSDL) and the Stock Holding Corporation of India (SHCIL). Products Services Personal Banking Deposits Loans Payments Tax Payments, Stamp Duty Payments, Easy Fill, Bill Payment, Card to Card Money Transfer, PayMate, Online Payments Mutual Fund Demat Account IPO Insurance FamilyCare, Weathsurance Cards Debit Card, Credit Card, Cash Card, Gift Card, International Debit-cum-ATM Card, World Currency Card Institutional Banking Lockers India Post NRI Services Phone Banking SMS Banking Account Alerts Internet Banking Corporate Banking Project Finance Infrastructure Finance Syndication, Underwriting Advisory Services Carbon Credits Business Working Capital Cash Management Services Trade Finance Tax Payments Derivatives Technology Upgradation Fund Scheme (TUFS) Film Financing Scheme Direct Discounting Bills Rehabilitation Finance Others SME Finance Agri-business Products Main Functions of IDBI- IDBI coordinates between various financial institutions who are highly involved in provide financial assistance, promoting, and developing various industrial units IDBI is also engaged in a variety of promotional activities such as development programs for the fresh entrepreneurs, planning of consultancy services for both the small scale enterprises and the medium sized industrial units IDBI works for the advancement of technology and other welfare schemes to ensure economic development. Industrial Development Bank of India acts as a catalyst in various industrial development programs. IDBI provides financial assistance to all kinds of industrial units which comes under the provisions of the IDBI Act. IDBI has served various industrial sectors in India for about three years and has grown leaps and bounds in its size and operating units. IDBIs role as a catalyst IDBIs role as a catalyst to industrial development encompasses a wide spectrum of activities. IDBI can finance all types of industrial concerns covered under the provisions of the IDBI Act. With over three decades of service to the Indian industry, IDBI has grown substantially in terms of size of operations and portfolio. Developmental Activities of IDBI Promotional activities In fulfillment of its developmental role, the Bank continues to perform a wide range of promotional activities relating to developmental programmes for new entrepreneurs, consultancy services for small and medium enterprises and programmes designed for accredited voluntary agencies for the economic upliftment of the underprivileged. These include entrepreneurship development, self-employment and wage employment in the industrial sector for the weaker sections of society through voluntary agencies, support to Science and Technology Entrepreneurs Parks, Energy Conservation, Common Quality Testing Centres for small industries. Technical Consultancy Organizations With a view to making available at a reasonable cost, consultancy and advisory services to entrepreneurs, particularly to new and small entrepreneurs, IDBI, in collaboration with other All-India Financial Institutions, has set up a network of Technical Consultancy Organizations (TCOs) covering the entire country. TCOs offer diversified services to small and medium enterprises in the selection, formulation and appraisal of projects, their implementation and review. Entrepreneurship Development Institute Realising that entrepreneurship development is the key to industrial development, IDBI played a prime role in setting up of the Entrepreneurship Development Institute of India for fostering entrepreneurship in the country. It has also established similar institutes in Bihar, Orissa, Madhya Pradesh and Uttar Pradesh. IDBI also extends financial support to various organisations in conducting studies or surveys of relevance to industrial development. IDBI Lending Process, Institutional Structure, Training, Information and Data Needs IDBI was established in 1964 under an Act of Parliament for providing credit and other facilities for the development of industry. It also acts as the principal financial institution for coordinating the activities of institutions engaged in the finance, promotion, or development of industry. The Government of Indias shareholding in IDBI amounts to 72% and the rest of the shares are owned by the general public. IDBI has also offered specialised schemes for energy conservation viz. Equipment Finance for Energy Conservation and Energy Audit Subsidy Scheme. Presently, IDBI provides rupee and foreign currency term loans for the acquisition and installation of energy conservation equipment, and for pollution control and prevention projects in highly polluting industrial sectors, funded inter alia, out of World Banks Industrial Pollution Prevention Project (IPPP) or the US Agency for International Development-funded Greenhouse Gas Pollution Prevention (GEP) Project. Besides, finance is made available for EE/EM out of the on-going Industrial Energy Efficiency Project of the ADB of which the TA forms a part. Under this project, finance is given to industrial units in rupee as well as in foreign currency. Additional funding needs left unmet by the ADB funds are supplemented by IDBIs own funds as well. 3.1 IDBI Institutional Structure IDBI is governed by a Board of Directors and its operation is carried out under the supervision of the Chairman and Managing Director assisted by four Executive Directors and one Adviser. With its head office in Mumbai, IDBI has 43 additional offices throughout India. As of November 1998, IDBI was structured into 33 departments, which are organized into five groups to facilitate proper distribution of responsibility. Among these departments, the ones relevant to the efficient lending for ee/em activities are briefly described below. 3.1.1 Project appraisal department The Project Appraisal Department (PAD) appraises all the industrial project proposals. PAD projects constitute the majority of projects sanctioned by IDBI in terms of value. Besides a number of smaller projects are funded at the branch level. 3.1.2 Corporate finance departments The three Corporate Finance Departments (CFDs) follow up on the projects that have already been sanctioned, in order to ensure their timely implementation and proper utilization of funds. In addition, a new concept of a Relationship Manager was instituted within the CFDs. These managers will be dedicated to manage IDBIs interactions with a major industrial (ownership) group, such as Reliance Industries, the Tata Group, etc. While the relationship manager system works well from the perspective of consolidating knowledge about an industry group, it may not work as well where the focus has to be on an aspect of technology within an industry sector. For example, a relationship manager cannot be expected to be an expert on energy efficiency in every industry sector that forms a part of the industry group being dealt with by him/her. Hence, in order to develop some expertise in some of the industries, which are not necessarily dominated only by a few major industry groups, industry-sector-wise approach is also adopted. Thus the organization of a CFD is a workable mix of industry group and industry sub-sector, with the expertise of one Dealing group drawn upon by another. 3.1.3 Forex services and treasury departments: The Treasury and Funding Division contracts, decides on utilization and monitors all lines of credit from multi-lateral institutions like the World Bank (WB) and the Asian Development Bank (ADB). It manages the various specialized loans and grants for energy and environmental technology projects, including this TA project. Organizational Structure IDBIs organization structure is driven by its business objectives of offering the best services to the major industry groups. At the same time it is so organised to have industry specialists in important industrial sub-sectors as well. The organisational structure is geared to provide the best products and services in the present competitive environment while simultaneously attempting to meet its developmental role governed by â€Å"issue-based† lending. Following financial sector liberalisation, the environment has turned highly competitive compelling IDBI to organise itself in a manner to prioritise the objective of offering the best services to the major industry groups over focus exclusively for energy efficiency and environmental activities. There is a need to create a â€Å"home or center† for energy and environmental technical activities. This center needs to be located at the highest level within IDBI in order to ensure visibility, and to provide a resource base, which could be accessed by all the concerned departments described above. IEEP and other such lines of credit are being managed by the FSD, which is not directly engaged in either project appraisal or in implementation. Hence its role is one of being a facilitator and co-ordinator for giving the needed focus to the ee/em activities. It is quite possible for this Section to be upgraded to be the â€Å"home† suggested above with appropriate technical staff for policy making, facilitation of the lines of credit, developmental activities, etc. in ee/em issues. This will help clarify the varied roles of CFD and FSD and avoid duplication of effort, better coordination and communication between the FSD and the CFD. A system of built-in incentives for co-operation and co-ordination between the concerned departments will also aid the organisation in playing a more effective role in ee/em activities  relating to policy formulation, loan approvals and subsequent disbursement. 3.3 IDBI Lending Procedure The current procedure for lending at IDBI includes: (1) an inquiry stage, (2) an application stage, (3) site visits, (4) preparation of an appraisal note, (5) an evaluation by IDBI committee, (6) the issuance of a Letter of Intent, and (7) preparation of a legal agreement for lending for suitable projects. IDBI also operates special credit lines for the mitigation of pollution, implementation of the Montreal Protocol commitments, modernization and expansion of energy intensive industry, etc. The technical norms for these lines were determined individually, but the lending procedure is the same as that for other IDBI projects. The lending procedure followed by IDBI is comprehensive, based on accepted methods of evaluation and collective wisdom, and is transparent. The procedure, however, does not provide for a serious attempt to evaluate the energy and environmental components of any lending proposal. At each stage of the application for a loan, a company is required to provide information on energy consumption, along with that of other utility services. Energy consumption information is disaggregated into fuels and electricity categories. The company is not required to provide indicators of energy use to IDBI, which makes the information difficult to evaluate. Indicators could link the energy (fuel and electricity) consumption to physical activity levels and permit comparison with best practice in India and abroad. IDBI could also ask for additional information on technical indicators in the loan application that industries are required to complete. Conclusions and Recommendations Our evaluation of IDBIs institutional structure, lending procedures, and training and information needs revealed that there is a clear need for greater focus towards ee/em activities, by strengthening the existing institutional structure and capability in this area. This strengthening can be accomplished through the creation and establishment of a â€Å"resource center† that will provide the necessary technical backup for IDBI officers at all levels. The center resources will include access to technical experts, handbooks, and databases. The technical experts will assist in the organization of seminars, workshops, and training programs. Role of Financial Institutions in industrial development To accelerate the process of industrialization, immediately after independence, Government of India took appropriate steps to create a network of financial institutions to fill the gaps in the supply of long-term finance to industry. IFCI was the first institution which was set-up in 1948 followed by SFCs established by different States/Union Territories under the SFCs Act.1951. The NIDC (1954), ICICI (1955), NSIC (1955), and RCI (1958) were established. IDBI was established in 1964 as the apex institution in the field of industrial finance. UTI was also established in the same year. LIC came into existence in 1956 and GIC in 1972. SIDCs/SIICs strengthened institutional set-up at regional level. IRCI was set-up in 1971 which was later renamed as IRBI. Reserve Bank has played an important role in creation of all these institutions. Thus, structure of financial institutions in India has become so greatly diversified  and strengthened that it has the ability to supply finance to a variety of enterprises in diverse forms. In this , an attempt has been made to analyze the role of specialized financial institutions in meeting the term-requirements of our growing industrial sector. For this purpose, an effort has been made to ascertain the extent and rapidity of financial assistance granted by financial institutions to industrial sector in general and private sector in particular. Apart from analyzing purpose wise, industry wise and state wise assistance granted by financial institutions, special attention has been given to evaluate their role in removal of regional imbalances through provision of finance to projects located in identified backward areas of the country. In order to make an in depth study, three financial institutions of diverse nature namely, IDBI, ICICI and SFCs have been chosen which together provided about two-third of the total financial requirements of the industrial sector. During 1970-90 assistance sanctioned and disbursed by IDBI has increased at an annual average growth rate of 32.3 per cent and 27.7 per cent respectively, which were higher than the growth rate of sanctions and disbursements of all financial institutions. IDBI has granted 37.4 per cent of its total assistance by way of direct assistance and remaining 62.6 per cent indirectly through other financial institutions. Loans were major form of direct assistance with 88.7 per cent share, while refinance of industrial loans with 59.5 per cent share was the major form of indirect assistance. Private sector has been the largest beneficiary of IDBIs assistance followed by public, joint and cooperative sectors. IDBI has taken keen interest in granting finances to small scale sector which received 30 per cent of the total assistance sanctioned by IDBI. More than half of its assistance has gone to basic and capital goods industries while consumer goods and services have got a little more than one-third of total assistance of IDBI. It has paid equal attention to new and existing projects in its financing operations. Though IDBIs assistance is spread over all State and Union Territories, but its substantial proportion is concentrated among few relatively developed and large states. Similarly, a major part of its total assistance granted to projects located in identified backward areas, which formed about two-fifth of its total assistance, has gone to few developed and large states. In chapter five, the contribution of ICICI in meeting the financial requirements of the industrial sector has been analysed. During 1970-90 assistance sanctioned by ICICI increased at a rate of 26.5 per cent per annum while disbursements increased 23.1 per cent. In accordance with its objective, ICICI has sanctioned 35.7 per cent of its total assistance in the form of foreign currency assistance. Rupee loans constituted 37.5 per cent of total assistance sanctioned by ICICI. More than four-fifth of its total assistance has gone to private sector. ICICI has granted greater part of its assistance (61.7 per cent) to existing projects for their expansion, modernisation, etc. while new projects accounted for 38.3 per cent of total assistance. More than  two-third of ICICIs assistance has gone to non-traditional growth oriented industries like chemicals and chemical products, Iron and Steel, Machinery, etc. Assistance of ICICI is basically concentrated among few relatively developed state s despite some reduction during eighties. Over the years, ICICI has been granting an increasing proportion of its total assistance to backward areas of the country, but its major part has gone to backward areas of few developed  states. Household sector has contributed an increasing share in the total financial resources of ICICI, while governments share has declined. SFCs which are state level development banks set-up for financing small and medium scale industries in their respective states. Till about 1970, operations of all SFCs grew at a slow pace but during seventies there was rapid growth in their operations and the pace has been sustained during eighties also. During 1970-90 sanctions of SFCs increased at a rate of 20.5 per cent per annum while disbursements increased by a marginally higher rate of 21.2 per cent. Performance of different SFCs has varied from one another and from year to year. In accordance with their basic objective, 76.1 per cent of total assistance sanctioned and 91.4 per cent of the total number of units assisted by SFCs were in the small scale sector. Services have been the largest beneficiary of SFCs assistance followed by chemicals and chemical products, food products, textiles, etc. SFCs have, by and large, confined their assistance to new projects which accounted 84.4 per cent of total assistance. SFCs have granted more than half of their assistance to projects located in identified backward areas of their respective states. An important feature is that SFCs of relatively backward states have performed better in this regard than that of developed states. However, SFCs depend heavily on government sources for their financial requirements. The aggregative role of all financial institutions in the industrial development of the country. It clearly reveals that industrial concerns in India depend more on financial institutions to finance their ventures than raising funds directly from the capital market. Conclusions of this study have been given in the last chapter. Major findings of this study are summarised below: During the last twenty years assistance granted by financial institutions has increased at a significantly high rate leading industrial concerns to depend more and more on them. In terms of growth rate of sanctions, IDBI and ICICI have outstripped the average growth rate of sanctions of all financial institutions, but SFCs have fallen behind this trend. The gap between assistance sanctioned and disbursed is more pronounced in case of IDBI and ICICI but it is relatively narrower in case of SFCs. Private sector has been the largest beneficiary of assistance of financial institutions followed by public sector. Proportion of investment-savings gap filled up by financial institutions has increased in private and public sector both during eighties. Financial institutions have provided assistance to new as well as existing projects. However, SFCs have confined their financing operations basically to new projects. IDBI and ICICI have granted major part of their assistance to basic and capital goods industries but SFCs have paid greater attention on consumer goods industries. Statewise break-up of assistance provided by financial institutions reveals considerable concentration among few developed and large states despite some reduction during eighties. North-Eastern states have been almost completely neglected by all financial institutions. A significant part of the total assistance granted by financial institutions has gone to projects located in identified backward areas of the country, but its statewise distribution has helped to reduce intra-state disparities in industrial development and increased inter-state disparities between developed and backward states. Finally, IDBI and ICICI have generated a significant part of their resources from the household sector but SFCs are largely dependent upon the government sources. Role of Financial Institutions in Foreign Investment in India Financial Institutions plays a significant role in Foreign Investment in India. There are various financial institutions in India which undertake significant initiatives to ensure foreign investment inflows in the industrial units in India. The main role of the financial institutions in India in respect to foreign investments is to aid foreign investors in investment activities in India. The funds from overseas countries come in two forms: Foreign direct Investments and Joint Ventures of the foreign companies with Indian companies. Foreign direct investments inflows are approved through automatic route or through government route. Those units that require government approval to get funds require the FIPB approval. Foreign Direct Investment through automatic route, on the other hand, does not require FIPB approval. All these allocation of financial assistance to various industrial units in India are guided by the financial institutions set up in various parts of India. Some of the leading financial institutions in India that play an important role in foreign investments in India are RBI, IDBI Bank, IFCI Bank, ICICI Limited and EXIM Bank. RBI in Foreign Investment- RBI works through automatic route and government route in allocating funds in various sectors of the Indian industry. Its mandatory for all the foreign investors to get approvals from RBI in order to carry out invest activities in the industrial units in India. FDI is allotted up to 100 percent under automatic route and it does not require approval from FIPB. IDBI in Foreign Investment- IDBI acts as a financial institution which allots financial assistance to the industrial sectors which are mainly involved in manufacture or processing of goods, mining, transport generation and distribution of power both in private and public sectors. Industrial Development Bank of India (IDBI) has been a fully owned subsidiary bank of the Reserve Bank of India till February 1976 after which it was disconnected from RBI. ICICI Limited in Foreign Investment- ICICI Limited was set up in the year 1994 and ICICI Bank is a entirely owned subsidiary of ICICI Limited. ICICI Limited is known as one the best financial institutions in India as it offers a wide spectrum of services to its customers. ICICI bank offers a wide array of banking products and financial services to corporate and retail customers through various delivery channels, specialized subsidiaries and affiliated firms, venture capital units, non-life insurance sectors, and so on. EXIM Bank in Foreign Investment- EXIM Bank plays a pivotal role in providing financial assistance to encourage the export production in India. Direct financial assistance, Foreign investment finance, Term loaning options for export production and export development, Pre-shipping credit, Export bills rediscounting, and Refinance to commercial banks are some of the services that EXIM Bank has specialized in. Role of IDBI in Foreign Investment The role of IDBI in Foreign Investment is mainly to provide financial assistance on a consortium basis to various industrial units in India which are mainly involved in manufacturing or processing of goods, mining, transport generation and distribution of power. Industrial Development Bank of India (IDBI) has been a fully owned subsidiary bank of the Reserve Bank of India till February 1976. It was then disconnected from RBI and was made an autonomous corporation owned by the Government of India. IDBI is known to be the tenth largest bank in the world in terms of carrying out developmental activities. Some of the financial institutions set up by IDBI to carry out the activities are The National Stock Exchange (NSE), The National Securities Depository Services Ltd. (NSDL), and Stock Holding Corporation of India (SHCIL). Role of IDBI in Foreign Investment It manages various financial institutions working under IDBI bank Provides financial assistance to various industrial units in terms of developments It also offers refinancing options including term loans to the suitable financial institutions It provides funding to the industrial units that are involved in manufacture or processing of goods, mining, transport generation and distribution of power both in private and public sectors It also provides finance to various projects, expansion of any project, diversifications, or even developing the projects which will exceed Rs. 30 million and it also provides funding to those projects which cost less than Rs. 30 million through indirect means as it offers refinancing to the main financial institutions such as SFC/Commercial Banks etc OBJECTIVES OF IDBI IDBI is the apex institution in the area of long term industrial finance. It was established under the IDBI Act 1964 as a wholly owned subsidiary of RBI and started functioning on July 01, 1964. Under Public Financial Institutions Laws (Amendment) Act 1976, it was delinked from RBI. IDBI is engaged in direct financing of the industrial activities as well as in re-finance and re-discounting of bills against finance made available by commercial banks under their various schemes. The objectives of this institution are to create a principal institution for long term finance, to coordinate the institutions working in this field for planned development of industrial sector, to provide technical and administrative support to the industries and to conduct research and development activities for the benefit of industrial sector. It raises funds by way of market borrowing by way of bonds and deposits, borrowing from Govt. and RBI, borrowing abroad in foreign currency and lines of credit. Its functions include: direct loans (rupee as well as foreign currency) to industrial undertakings as defined in the Act to finance their new projects, expansion, modernisation etc. soft loans for various purposes including modernisation and under equipment finance scheme underwriting and direct subscription to shares/debentures of the industrial companies. sanction of foreign currency loans for import of equipment or capital goods. short term working capital loans to the corporates for meeting their working capital requirements. refinance to banks and other institutions against loans granted by them. Of late, with the reforms in the financial sector, IDBI has taken steps to re-shape its role from a development finance institution to a commercial institution. It has floated its own bank IDBI Bank as also a Mutual Fund. During the financial year 1999-2000 IDBIs total sanctions were Rs.28308 cr (19.2% increase), the total assets were Rs.72169 cr, net worth at Rs.9025 cr, capital adequacy ratio of 14.5%, DER 6.8:1 and PBT Rs.1027 cr (1301 cr previous years). To meet emerging challanges, it has been introducing new products, setting up Mergers Acquistions Divn, increasing fee based business such as corporate advisory services, credit syndication, debenture-trushtee ship etc., setting up of IT sector subsidiary-IDBI Intech Ltd, venture capital fund, joint ventures and transfer of not less than 51% of IDBIs share capital in SIDBI to PSBs as a result of SIDBI (Amendment) Act 2000 effective from 27.03.2000. IDBI scouting for buyouts, two banks on radar After acquiring United Western Bank three years ago, IDBI Bank is at it once again and has identified two domestic lenders as possible targets. Disclosing this, the public sector banks Chairman and Managing Director Yogesh Agarwal told reporters here today that talks were on with the two banks. He did not divulge the identities of the two banks. IDBIs move is in line with the central governments thinking favoring a consolidation in the Indian banking sector. IDBI does not need to raise funds for the acquisitions but may look at capital raising to finance its business growth. The bank has dropped its earlier plan to sell its Pune-based home loan subsidiary, IDBI Home Finance (IHFL). Review of Progress (Operations) IDBI has given special attention to better regional development and innovational and promotional activities. It has conducted surveys of backward regions. It has given special help to backward Industrial Development Bank of India (IDBA) Analysis Industrial Development Bank of India (IDBA) Analysis INTROUCTION The Industrial Development Bank of India Limited, was established as wholly-owned subsidiary of Reserve Bank of India. The foundation of bank was laid down under an Act of Parliament, in July 1964. The main aim behind the setting up of IDBI was to provide credit and other facilities for the Indian industry, which was still in the initial stages of growth and development. In February 1976, the ownership of IDBI was transferred to Government of India. After the transfer of its ownership, IDBI became the main institution, through which the institutes engaged in financing, promoting and developing industry were to be coordinated. In January 1992, IDBI accessed domestic retail debt market for the first time, with innovative Deep Discount Bonds, and registered path-breaking success. The following year, it set up the IDBI Capital Market Services Ltd., as its wholly-owned subsidiary, to offer a broad range of financial services, including Bond Trading, Equity Broking, Client Asset Management and Depository Services. In September 1994, in response to RBIs policy of opening up domestic banking sector to private participation, IDBI set up IDBI Bank Ltd., in association with SIDBI. In July 1995, public issue of the bank was taken out, after which the Governments shareholding came down (though it still retains majority of the shareholding in the bank). In September 2003, IDBI took over Tata Home Finance Ltd, renamed ‘IDBI Home finance Limited, thus diversifying its business domain and entering the arena of retail finance sector. The year 2005 witnessed the merger of IDBI Bank with the Industrial Development Bank of India Ltd. The new entity continued to its development finance role, while providing an array of wholesale and retail banking products (and does so till date). The following year, IDBI Bank acquired United Western Bank (which, at that time, had 230 branches spread over 47 districts, in 9 states). In the financial year of 2008, IDBI Bank had a net income of Rs 9415.9 crores and total assets of Rs 120,601 crores. The Present Today, IDBI Bank is counted amongst the leading public sector banks of India, apart from claiming the distinction of being the 4th largest bank, in overall ratings. It is presently regarded as the tenth largest development bank in the world, mainly in terms of reach. This is because of its wide network of 688 branches, 1139 ATMs and 457 centers. Apart from being involved in banking services, IDBI has set up institutions like The National Stock Exchange of India (NSE), The National Securities Depository Services Ltd. (NSDL) and the Stock Holding Corporation of India (SHCIL). Products Services Personal Banking Deposits Loans Payments Tax Payments, Stamp Duty Payments, Easy Fill, Bill Payment, Card to Card Money Transfer, PayMate, Online Payments Mutual Fund Demat Account IPO Insurance FamilyCare, Weathsurance Cards Debit Card, Credit Card, Cash Card, Gift Card, International Debit-cum-ATM Card, World Currency Card Institutional Banking Lockers India Post NRI Services Phone Banking SMS Banking Account Alerts Internet Banking Corporate Banking Project Finance Infrastructure Finance Syndication, Underwriting Advisory Services Carbon Credits Business Working Capital Cash Management Services Trade Finance Tax Payments Derivatives Technology Upgradation Fund Scheme (TUFS) Film Financing Scheme Direct Discounting Bills Rehabilitation Finance Others SME Finance Agri-business Products Main Functions of IDBI- IDBI coordinates between various financial institutions who are highly involved in provide financial assistance, promoting, and developing various industrial units IDBI is also engaged in a variety of promotional activities such as development programs for the fresh entrepreneurs, planning of consultancy services for both the small scale enterprises and the medium sized industrial units IDBI works for the advancement of technology and other welfare schemes to ensure economic development. Industrial Development Bank of India acts as a catalyst in various industrial development programs. IDBI provides financial assistance to all kinds of industrial units which comes under the provisions of the IDBI Act. IDBI has served various industrial sectors in India for about three years and has grown leaps and bounds in its size and operating units. IDBIs role as a catalyst IDBIs role as a catalyst to industrial development encompasses a wide spectrum of activities. IDBI can finance all types of industrial concerns covered under the provisions of the IDBI Act. With over three decades of service to the Indian industry, IDBI has grown substantially in terms of size of operations and portfolio. Developmental Activities of IDBI Promotional activities In fulfillment of its developmental role, the Bank continues to perform a wide range of promotional activities relating to developmental programmes for new entrepreneurs, consultancy services for small and medium enterprises and programmes designed for accredited voluntary agencies for the economic upliftment of the underprivileged. These include entrepreneurship development, self-employment and wage employment in the industrial sector for the weaker sections of society through voluntary agencies, support to Science and Technology Entrepreneurs Parks, Energy Conservation, Common Quality Testing Centres for small industries. Technical Consultancy Organizations With a view to making available at a reasonable cost, consultancy and advisory services to entrepreneurs, particularly to new and small entrepreneurs, IDBI, in collaboration with other All-India Financial Institutions, has set up a network of Technical Consultancy Organizations (TCOs) covering the entire country. TCOs offer diversified services to small and medium enterprises in the selection, formulation and appraisal of projects, their implementation and review. Entrepreneurship Development Institute Realising that entrepreneurship development is the key to industrial development, IDBI played a prime role in setting up of the Entrepreneurship Development Institute of India for fostering entrepreneurship in the country. It has also established similar institutes in Bihar, Orissa, Madhya Pradesh and Uttar Pradesh. IDBI also extends financial support to various organisations in conducting studies or surveys of relevance to industrial development. IDBI Lending Process, Institutional Structure, Training, Information and Data Needs IDBI was established in 1964 under an Act of Parliament for providing credit and other facilities for the development of industry. It also acts as the principal financial institution for coordinating the activities of institutions engaged in the finance, promotion, or development of industry. The Government of Indias shareholding in IDBI amounts to 72% and the rest of the shares are owned by the general public. IDBI has also offered specialised schemes for energy conservation viz. Equipment Finance for Energy Conservation and Energy Audit Subsidy Scheme. Presently, IDBI provides rupee and foreign currency term loans for the acquisition and installation of energy conservation equipment, and for pollution control and prevention projects in highly polluting industrial sectors, funded inter alia, out of World Banks Industrial Pollution Prevention Project (IPPP) or the US Agency for International Development-funded Greenhouse Gas Pollution Prevention (GEP) Project. Besides, finance is made available for EE/EM out of the on-going Industrial Energy Efficiency Project of the ADB of which the TA forms a part. Under this project, finance is given to industrial units in rupee as well as in foreign currency. Additional funding needs left unmet by the ADB funds are supplemented by IDBIs own funds as well. 3.1 IDBI Institutional Structure IDBI is governed by a Board of Directors and its operation is carried out under the supervision of the Chairman and Managing Director assisted by four Executive Directors and one Adviser. With its head office in Mumbai, IDBI has 43 additional offices throughout India. As of November 1998, IDBI was structured into 33 departments, which are organized into five groups to facilitate proper distribution of responsibility. Among these departments, the ones relevant to the efficient lending for ee/em activities are briefly described below. 3.1.1 Project appraisal department The Project Appraisal Department (PAD) appraises all the industrial project proposals. PAD projects constitute the majority of projects sanctioned by IDBI in terms of value. Besides a number of smaller projects are funded at the branch level. 3.1.2 Corporate finance departments The three Corporate Finance Departments (CFDs) follow up on the projects that have already been sanctioned, in order to ensure their timely implementation and proper utilization of funds. In addition, a new concept of a Relationship Manager was instituted within the CFDs. These managers will be dedicated to manage IDBIs interactions with a major industrial (ownership) group, such as Reliance Industries, the Tata Group, etc. While the relationship manager system works well from the perspective of consolidating knowledge about an industry group, it may not work as well where the focus has to be on an aspect of technology within an industry sector. For example, a relationship manager cannot be expected to be an expert on energy efficiency in every industry sector that forms a part of the industry group being dealt with by him/her. Hence, in order to develop some expertise in some of the industries, which are not necessarily dominated only by a few major industry groups, industry-sector-wise approach is also adopted. Thus the organization of a CFD is a workable mix of industry group and industry sub-sector, with the expertise of one Dealing group drawn upon by another. 3.1.3 Forex services and treasury departments: The Treasury and Funding Division contracts, decides on utilization and monitors all lines of credit from multi-lateral institutions like the World Bank (WB) and the Asian Development Bank (ADB). It manages the various specialized loans and grants for energy and environmental technology projects, including this TA project. Organizational Structure IDBIs organization structure is driven by its business objectives of offering the best services to the major industry groups. At the same time it is so organised to have industry specialists in important industrial sub-sectors as well. The organisational structure is geared to provide the best products and services in the present competitive environment while simultaneously attempting to meet its developmental role governed by â€Å"issue-based† lending. Following financial sector liberalisation, the environment has turned highly competitive compelling IDBI to organise itself in a manner to prioritise the objective of offering the best services to the major industry groups over focus exclusively for energy efficiency and environmental activities. There is a need to create a â€Å"home or center† for energy and environmental technical activities. This center needs to be located at the highest level within IDBI in order to ensure visibility, and to provide a resource base, which could be accessed by all the concerned departments described above. IEEP and other such lines of credit are being managed by the FSD, which is not directly engaged in either project appraisal or in implementation. Hence its role is one of being a facilitator and co-ordinator for giving the needed focus to the ee/em activities. It is quite possible for this Section to be upgraded to be the â€Å"home† suggested above with appropriate technical staff for policy making, facilitation of the lines of credit, developmental activities, etc. in ee/em issues. This will help clarify the varied roles of CFD and FSD and avoid duplication of effort, better coordination and communication between the FSD and the CFD. A system of built-in incentives for co-operation and co-ordination between the concerned departments will also aid the organisation in playing a more effective role in ee/em activities  relating to policy formulation, loan approvals and subsequent disbursement. 3.3 IDBI Lending Procedure The current procedure for lending at IDBI includes: (1) an inquiry stage, (2) an application stage, (3) site visits, (4) preparation of an appraisal note, (5) an evaluation by IDBI committee, (6) the issuance of a Letter of Intent, and (7) preparation of a legal agreement for lending for suitable projects. IDBI also operates special credit lines for the mitigation of pollution, implementation of the Montreal Protocol commitments, modernization and expansion of energy intensive industry, etc. The technical norms for these lines were determined individually, but the lending procedure is the same as that for other IDBI projects. The lending procedure followed by IDBI is comprehensive, based on accepted methods of evaluation and collective wisdom, and is transparent. The procedure, however, does not provide for a serious attempt to evaluate the energy and environmental components of any lending proposal. At each stage of the application for a loan, a company is required to provide information on energy consumption, along with that of other utility services. Energy consumption information is disaggregated into fuels and electricity categories. The company is not required to provide indicators of energy use to IDBI, which makes the information difficult to evaluate. Indicators could link the energy (fuel and electricity) consumption to physical activity levels and permit comparison with best practice in India and abroad. IDBI could also ask for additional information on technical indicators in the loan application that industries are required to complete. Conclusions and Recommendations Our evaluation of IDBIs institutional structure, lending procedures, and training and information needs revealed that there is a clear need for greater focus towards ee/em activities, by strengthening the existing institutional structure and capability in this area. This strengthening can be accomplished through the creation and establishment of a â€Å"resource center† that will provide the necessary technical backup for IDBI officers at all levels. The center resources will include access to technical experts, handbooks, and databases. The technical experts will assist in the organization of seminars, workshops, and training programs. Role of Financial Institutions in industrial development To accelerate the process of industrialization, immediately after independence, Government of India took appropriate steps to create a network of financial institutions to fill the gaps in the supply of long-term finance to industry. IFCI was the first institution which was set-up in 1948 followed by SFCs established by different States/Union Territories under the SFCs Act.1951. The NIDC (1954), ICICI (1955), NSIC (1955), and RCI (1958) were established. IDBI was established in 1964 as the apex institution in the field of industrial finance. UTI was also established in the same year. LIC came into existence in 1956 and GIC in 1972. SIDCs/SIICs strengthened institutional set-up at regional level. IRCI was set-up in 1971 which was later renamed as IRBI. Reserve Bank has played an important role in creation of all these institutions. Thus, structure of financial institutions in India has become so greatly diversified  and strengthened that it has the ability to supply finance to a variety of enterprises in diverse forms. In this , an attempt has been made to analyze the role of specialized financial institutions in meeting the term-requirements of our growing industrial sector. For this purpose, an effort has been made to ascertain the extent and rapidity of financial assistance granted by financial institutions to industrial sector in general and private sector in particular. Apart from analyzing purpose wise, industry wise and state wise assistance granted by financial institutions, special attention has been given to evaluate their role in removal of regional imbalances through provision of finance to projects located in identified backward areas of the country. In order to make an in depth study, three financial institutions of diverse nature namely, IDBI, ICICI and SFCs have been chosen which together provided about two-third of the total financial requirements of the industrial sector. During 1970-90 assistance sanctioned and disbursed by IDBI has increased at an annual average growth rate of 32.3 per cent and 27.7 per cent respectively, which were higher than the growth rate of sanctions and disbursements of all financial institutions. IDBI has granted 37.4 per cent of its total assistance by way of direct assistance and remaining 62.6 per cent indirectly through other financial institutions. Loans were major form of direct assistance with 88.7 per cent share, while refinance of industrial loans with 59.5 per cent share was the major form of indirect assistance. Private sector has been the largest beneficiary of IDBIs assistance followed by public, joint and cooperative sectors. IDBI has taken keen interest in granting finances to small scale sector which received 30 per cent of the total assistance sanctioned by IDBI. More than half of its assistance has gone to basic and capital goods industries while consumer goods and services have got a little more than one-third of total assistance of IDBI. It has paid equal attention to new and existing projects in its financing operations. Though IDBIs assistance is spread over all State and Union Territories, but its substantial proportion is concentrated among few relatively developed and large states. Similarly, a major part of its total assistance granted to projects located in identified backward areas, which formed about two-fifth of its total assistance, has gone to few developed and large states. In chapter five, the contribution of ICICI in meeting the financial requirements of the industrial sector has been analysed. During 1970-90 assistance sanctioned by ICICI increased at a rate of 26.5 per cent per annum while disbursements increased 23.1 per cent. In accordance with its objective, ICICI has sanctioned 35.7 per cent of its total assistance in the form of foreign currency assistance. Rupee loans constituted 37.5 per cent of total assistance sanctioned by ICICI. More than four-fifth of its total assistance has gone to private sector. ICICI has granted greater part of its assistance (61.7 per cent) to existing projects for their expansion, modernisation, etc. while new projects accounted for 38.3 per cent of total assistance. More than  two-third of ICICIs assistance has gone to non-traditional growth oriented industries like chemicals and chemical products, Iron and Steel, Machinery, etc. Assistance of ICICI is basically concentrated among few relatively developed state s despite some reduction during eighties. Over the years, ICICI has been granting an increasing proportion of its total assistance to backward areas of the country, but its major part has gone to backward areas of few developed  states. Household sector has contributed an increasing share in the total financial resources of ICICI, while governments share has declined. SFCs which are state level development banks set-up for financing small and medium scale industries in their respective states. Till about 1970, operations of all SFCs grew at a slow pace but during seventies there was rapid growth in their operations and the pace has been sustained during eighties also. During 1970-90 sanctions of SFCs increased at a rate of 20.5 per cent per annum while disbursements increased by a marginally higher rate of 21.2 per cent. Performance of different SFCs has varied from one another and from year to year. In accordance with their basic objective, 76.1 per cent of total assistance sanctioned and 91.4 per cent of the total number of units assisted by SFCs were in the small scale sector. Services have been the largest beneficiary of SFCs assistance followed by chemicals and chemical products, food products, textiles, etc. SFCs have, by and large, confined their assistance to new projects which accounted 84.4 per cent of total assistance. SFCs have granted more than half of their assistance to projects located in identified backward areas of their respective states. An important feature is that SFCs of relatively backward states have performed better in this regard than that of developed states. However, SFCs depend heavily on government sources for their financial requirements. The aggregative role of all financial institutions in the industrial development of the country. It clearly reveals that industrial concerns in India depend more on financial institutions to finance their ventures than raising funds directly from the capital market. Conclusions of this study have been given in the last chapter. Major findings of this study are summarised below: During the last twenty years assistance granted by financial institutions has increased at a significantly high rate leading industrial concerns to depend more and more on them. In terms of growth rate of sanctions, IDBI and ICICI have outstripped the average growth rate of sanctions of all financial institutions, but SFCs have fallen behind this trend. The gap between assistance sanctioned and disbursed is more pronounced in case of IDBI and ICICI but it is relatively narrower in case of SFCs. Private sector has been the largest beneficiary of assistance of financial institutions followed by public sector. Proportion of investment-savings gap filled up by financial institutions has increased in private and public sector both during eighties. Financial institutions have provided assistance to new as well as existing projects. However, SFCs have confined their financing operations basically to new projects. IDBI and ICICI have granted major part of their assistance to basic and capital goods industries but SFCs have paid greater attention on consumer goods industries. Statewise break-up of assistance provided by financial institutions reveals considerable concentration among few developed and large states despite some reduction during eighties. North-Eastern states have been almost completely neglected by all financial institutions. A significant part of the total assistance granted by financial institutions has gone to projects located in identified backward areas of the country, but its statewise distribution has helped to reduce intra-state disparities in industrial development and increased inter-state disparities between developed and backward states. Finally, IDBI and ICICI have generated a significant part of their resources from the household sector but SFCs are largely dependent upon the government sources. Role of Financial Institutions in Foreign Investment in India Financial Institutions plays a significant role in Foreign Investment in India. There are various financial institutions in India which undertake significant initiatives to ensure foreign investment inflows in the industrial units in India. The main role of the financial institutions in India in respect to foreign investments is to aid foreign investors in investment activities in India. The funds from overseas countries come in two forms: Foreign direct Investments and Joint Ventures of the foreign companies with Indian companies. Foreign direct investments inflows are approved through automatic route or through government route. Those units that require government approval to get funds require the FIPB approval. Foreign Direct Investment through automatic route, on the other hand, does not require FIPB approval. All these allocation of financial assistance to various industrial units in India are guided by the financial institutions set up in various parts of India. Some of the leading financial institutions in India that play an important role in foreign investments in India are RBI, IDBI Bank, IFCI Bank, ICICI Limited and EXIM Bank. RBI in Foreign Investment- RBI works through automatic route and government route in allocating funds in various sectors of the Indian industry. Its mandatory for all the foreign investors to get approvals from RBI in order to carry out invest activities in the industrial units in India. FDI is allotted up to 100 percent under automatic route and it does not require approval from FIPB. IDBI in Foreign Investment- IDBI acts as a financial institution which allots financial assistance to the industrial sectors which are mainly involved in manufacture or processing of goods, mining, transport generation and distribution of power both in private and public sectors. Industrial Development Bank of India (IDBI) has been a fully owned subsidiary bank of the Reserve Bank of India till February 1976 after which it was disconnected from RBI. ICICI Limited in Foreign Investment- ICICI Limited was set up in the year 1994 and ICICI Bank is a entirely owned subsidiary of ICICI Limited. ICICI Limited is known as one the best financial institutions in India as it offers a wide spectrum of services to its customers. ICICI bank offers a wide array of banking products and financial services to corporate and retail customers through various delivery channels, specialized subsidiaries and affiliated firms, venture capital units, non-life insurance sectors, and so on. EXIM Bank in Foreign Investment- EXIM Bank plays a pivotal role in providing financial assistance to encourage the export production in India. Direct financial assistance, Foreign investment finance, Term loaning options for export production and export development, Pre-shipping credit, Export bills rediscounting, and Refinance to commercial banks are some of the services that EXIM Bank has specialized in. Role of IDBI in Foreign Investment The role of IDBI in Foreign Investment is mainly to provide financial assistance on a consortium basis to various industrial units in India which are mainly involved in manufacturing or processing of goods, mining, transport generation and distribution of power. Industrial Development Bank of India (IDBI) has been a fully owned subsidiary bank of the Reserve Bank of India till February 1976. It was then disconnected from RBI and was made an autonomous corporation owned by the Government of India. IDBI is known to be the tenth largest bank in the world in terms of carrying out developmental activities. Some of the financial institutions set up by IDBI to carry out the activities are The National Stock Exchange (NSE), The National Securities Depository Services Ltd. (NSDL), and Stock Holding Corporation of India (SHCIL). Role of IDBI in Foreign Investment It manages various financial institutions working under IDBI bank Provides financial assistance to various industrial units in terms of developments It also offers refinancing options including term loans to the suitable financial institutions It provides funding to the industrial units that are involved in manufacture or processing of goods, mining, transport generation and distribution of power both in private and public sectors It also provides finance to various projects, expansion of any project, diversifications, or even developing the projects which will exceed Rs. 30 million and it also provides funding to those projects which cost less than Rs. 30 million through indirect means as it offers refinancing to the main financial institutions such as SFC/Commercial Banks etc OBJECTIVES OF IDBI IDBI is the apex institution in the area of long term industrial finance. It was established under the IDBI Act 1964 as a wholly owned subsidiary of RBI and started functioning on July 01, 1964. Under Public Financial Institutions Laws (Amendment) Act 1976, it was delinked from RBI. IDBI is engaged in direct financing of the industrial activities as well as in re-finance and re-discounting of bills against finance made available by commercial banks under their various schemes. The objectives of this institution are to create a principal institution for long term finance, to coordinate the institutions working in this field for planned development of industrial sector, to provide technical and administrative support to the industries and to conduct research and development activities for the benefit of industrial sector. It raises funds by way of market borrowing by way of bonds and deposits, borrowing from Govt. and RBI, borrowing abroad in foreign currency and lines of credit. Its functions include: direct loans (rupee as well as foreign currency) to industrial undertakings as defined in the Act to finance their new projects, expansion, modernisation etc. soft loans for various purposes including modernisation and under equipment finance scheme underwriting and direct subscription to shares/debentures of the industrial companies. sanction of foreign currency loans for import of equipment or capital goods. short term working capital loans to the corporates for meeting their working capital requirements. refinance to banks and other institutions against loans granted by them. Of late, with the reforms in the financial sector, IDBI has taken steps to re-shape its role from a development finance institution to a commercial institution. It has floated its own bank IDBI Bank as also a Mutual Fund. During the financial year 1999-2000 IDBIs total sanctions were Rs.28308 cr (19.2% increase), the total assets were Rs.72169 cr, net worth at Rs.9025 cr, capital adequacy ratio of 14.5%, DER 6.8:1 and PBT Rs.1027 cr (1301 cr previous years). To meet emerging challanges, it has been introducing new products, setting up Mergers Acquistions Divn, increasing fee based business such as corporate advisory services, credit syndication, debenture-trushtee ship etc., setting up of IT sector subsidiary-IDBI Intech Ltd, venture capital fund, joint ventures and transfer of not less than 51% of IDBIs share capital in SIDBI to PSBs as a result of SIDBI (Amendment) Act 2000 effective from 27.03.2000. IDBI scouting for buyouts, two banks on radar After acquiring United Western Bank three years ago, IDBI Bank is at it once again and has identified two domestic lenders as possible targets. Disclosing this, the public sector banks Chairman and Managing Director Yogesh Agarwal told reporters here today that talks were on with the two banks. He did not divulge the identities of the two banks. IDBIs move is in line with the central governments thinking favoring a consolidation in the Indian banking sector. IDBI does not need to raise funds for the acquisitions but may look at capital raising to finance its business growth. The bank has dropped its earlier plan to sell its Pune-based home loan subsidiary, IDBI Home Finance (IHFL). Review of Progress (Operations) IDBI has given special attention to better regional development and innovational and promotional activities. It has conducted surveys of backward regions. It has given special help to backward