M &S annual report Essay Example | Topics and Well Written Essays - 1000 words

Popular Muffins free essay sample

Biscuits are Popular Muffins were created in the United States of America in the eighteenth century and have been eaten everywhere throughout the world from that point forward. Biscuits are anything but difficult to make; they are made in most pastry shop and are sold in many general stores. Biscuits are can have an assortment of flavors and garnishes. This article will examine why biscuits might be unfortunate and how they can be made sound. This section will take a gander at how biscuits might be undesirable. The fundamental elements for biscuits are flour, spread, eggs, preparing powder and sugar. Similar fixings are utilized to make an essential cake. Biscuits are basically cake in camouflage; biscuits in this manner contain a ton of sugar and fat. The quantity of calories in biscuits ranges from 350-550 with practically 50% of these calories originating from fat. The flour utilized in biscuits is normally white flour or white refined flour; these sorts of flour have been deprived of practically the entirety of their healthy benefit, bringing about it containing almost no fiber. We will compose a custom exposition test on Mainstream Muffins or then again any comparative theme explicitly for you Don't WasteYour Time Recruit WRITER Just 13.90/page At the point when white flour, white refined flour or sugar (all fixings in biscuits) are expended, the body quickly separates it into glucose, which races into the circulation system and goes to the cells excessively rapidly. This is what is known as the â€Å"sugar rush†. In a frenzy, the pancreas dumps overabundance insulin into the circulation system, racing to the cell receptors to assist them with changing over the over-burden of sugar, which it halfway does, yet not long after the glucose plunges once more. Now, the vast majority will long for desserts or bread or oat and obviously this spikes the (glucose) back up and the pancreas dumps more insulin into the circulatory system and the cycle proceeds. Sugar in the biscuit likewise incidentally raises the degree of specific synapses including dopamine and serotonin just as expanding calcium discharge. The spread in biscuits additionally causes issues when alluding to the dietary substance of the biscuit as it is incredibly high in immersed fat. The utilization of a lot of soaked fat causes elevated cholesterol and heart issues; fat is the littlest part on the Eat Well Plate. Hoverer, the fixings talked about above are only the essential elements of a biscuit, fillings are additionally added to the elements of a biscuit, for example, chocolate or natural product. The kind of the biscuit likewise influences the dietary benefit of the biscuit †putting a bunch of chocolate pieces into the biscuit blend will expand: the quantity of calories; the substance of immersed fat and the substance of sugar. Notwithstanding, by placing a bunch of raisins into the blend the measure of potassium and fiber in the biscuit increments with no additional fat. This section will talk about how biscuits can be made more advantageous. Entire wheat flour can be fill in for 50 percent of the white flour without hurting the taste or surface of the biscuit. Margarine and low fat delicate spreads can be utilized as a substitute for margarine this can make the biscuit more beneficial by bringing down the measure of immersed and trans fat in the biscuit. Canola oil can likewise be utilized as a substitute for better, particularly when attempting to keep entire wheat biscuits clammy †it additionally has an impartial flavor so doesn’t reduce different flavors in the biscuit. Including organic product, nuts and dried natural product to the biscuit blend implies that the measure of sugar added to the blend can be decreased by up to 25 percent as they contain normally happening sugars. They additionally give the biscuit additional fiber and significant supplements. As biscuits depend on sodium based raising specialists, for example, preparing powder, an approach to check the measure of sodium in a biscuit is to abstain from placing cheddar in the biscuit blend ,as it is extremely high in sodium and utilize nuts, organic products, cinnamon and vanilla enhancing.

4 Tips On How To Be Prepared To Write The Best Research Papers In This Field

4 Tips On How To Be Prepared To Write The Best Research Papers In This FieldThe best research papers in this field are the ones that have an impact. The first and foremost thing is to earn respect from your classmates and other faculty members. You can make a difference by writing the best research papers you can possibly do. The question is whether you are using an easy trick to get published or you are truly prepared to write the best research papers you can possibly write.First, you need to be able to write a good research paper. Although the expectations of you should be high, you should also know that there are only a few students who achieve their goals when it comes to writing the best research papers they can ever write. It takes dedication, patience, and self-control to be able to write the best research papers in this field.You should use the tips below to help you prepare to write the best research papers in this field. For starters, you should remember that your target au dience for the best research papers is the reader. The reader should not get bored by the research paper, especially when you are trying to write the best research papers in this field.The first tip on how to be prepared to write the best research papers in this field is to make the research papers interesting to the reader. Write the research papers with all your interest and passion on them. If you can convey this to the reader, he or she will not be bored by the research paper and this will make them want to continue reading your research paper.Another tip to how to be prepared to write the best research papers in this field is to make sure that you are clear and understandable. The purpose of the research paper is to attract attention to your paper and present an accurate, but concise point of view that will appeal to the reader. As such, you should avoid employing any form of dense jargon to describe your points of view. You should make the points of vieweasily understandable.T he third tip on how to be prepared to write the best research papers in this field is to never take the 'last word' when writing your research papers. The last word is always subjective. The reader may feel as if you are the last person to speak about the subject, especially if you are the person presenting the results of your research. Make sure that you write about the research papers you have done, not the other way around.Finally, the fourth tip on how to be prepared to write the best research papers in this field is to always create a reason why your research papers will be better than the others. Whether you are using an example, or simply using a personal example to show how your research paper is different, you should create a reason for why your research paper is better than the others. This is important to do so that you will not be overlooked, especially by the professor.Above all, remember that the best research papers in this field are the ones that have an impact. The first and foremost thing is to make yourself noticed by your classmates and other faculty members. You should learn how to write the best research papers in this field so that you will be able to attract the attention of the professor.

Plato s Views On The Immortality Of The Soul - 1391 Words

In one of Plato’s famous dialogues Phaedo, Plato touches on some of the theories of Socrates that focus on the immortality of the soul. Plato explains four main arguments that attempt to prove that the soul is indeed immortal. After reviewing and analyzing the arguments given, I have come to the conclusion that Plato’s premises are not true. I believe that the arguments he offers are in some way invalid. In order to prove the validity of each discourse, I will evaluate each of the four arguments Plato presents. Before touching on the arguments of Plato from the theories of Socrates, the belief that the soul is immortal must be explained. The idea of immortality is expressed as conquering death. Therefore, Plato explains that the soul is immortal because through death, the soul is freed from the body. One can conclude that the soul and the body are two different entities that do not necessarily need each other for existence. In Phaedo, it is explained that a dedi cated philosopher should look forward to death. The soul should be freed from the body, which can only occur through death. The best way to understand this concept is to follow a true philosopher. This will guide a person into the realization that their ultimate aim in life should be the freeing of the soul from the body because death is the only way for the soul to live on until it is completely pure. The immortality of the soul can be further explained through the four arguments presented in Phaedo:Show MoreRelatedLove and Beauty1208 Words   |  5 PagesLove is neither wise nor beautiful, but the desire or pursuit of wisdom and beauty. Love is expressed via propagation and reproduction, as in the exchange and development of ideas. Socrates in the Symposium best expresses this belief. Socrates view of Love and Beauty was that one is the pursuit of the other, and that other is the greatest of all knowledge. Love is a driving force, a compulsion forward to a goal. Much as a moth is drawn to light, for its heat, people are lured to Beauty by LoveRead MoreThe Utility Of Myth : Plato s Metaphysics1624 Words   |  7 PagesMetaphysics ï » ¿Plato speaking from the mouth of Socrates in Phaedo, tells us, â€Å"people are likely not to be aware that those who pursue philosophy aright study nothing but dying and being dead.† (61a) As a philosopher Plato sought to offer not only descriptions of the world him around, but prescriptions as well. The above quote when understood metaphorically, for him, shows the aim of philosophy, and goal of the philosopher is and should be to scratch at the surface of our faculties. To do this, Plato believesRead MoreThe Body And The Soul1153 Words   |  5 PagesAnalysis of the Distinctions of the Body and the Soul in the Philosophy of Socrates This philosophical study will define the distinctions of the body and the soul as defined in the philosophy of Socrates. In the Phaedo, Socrates defines the important distinction between the †visible† body and the â€Å"invisible† substance of the soul. Socrates defines the temporal and changing nature of the visible body, which is impermanent. In contrast to this view, the soul is a higher form of incomposite energy thatRead MoreThe Tripartite Theory Of The Soul1196 Words   |  5 Pagesof the Soul Plato’s theory of tripartite soul focuses on the nature of human psyche. In the Republic, Plato (using the character â€Å"Socrates† as his mouthpiece) introduces this theory and claims that the soul contains three constituent elements: the appetitive, the rational, and the spirited parts. These three separate elements of the soul are organized in a hierarchy with reason being the superior of the two and spirit being the most inferior (Republic 439d and 441a-b). In a just soul, Plato claimsRead MoreConfucianism, Hinduism, Buddhism, And Platonism1045 Words   |  5 PagesPhilosophy 10/23/15 What Are We - What are we? In this essay, I’ll be comparing and contrasting the four views of human nature that we have studied so far – Confucianism, Hinduism, Buddhism, and Platonism – critically examining their similarities and differences. Also, I’ll be explaining which one I think provides the most plausible understanding of what we are. First, I will introduce each of the four views of human nature by defining them. Then, I will elaborate and thoroughly explain what each one claimsRead MoreReligion, Philosophy, and Scientific Thinking Essay868 Words   |  4 PagesRenaissance Period have the way 17th Century man to the current world. In short, the world viewed religion, philosophy, and science in a very different way by the end of the seventeenth century because of these great philosophers. In the early 1600s Blaise Pascal, originally from Clermont, played a dominant two areas of advanced thinking. His mathematical reputation rests more on what he might have done than on what he actually affected, a considerable part of his life he devoted wholly to religiousRead MorePlato And Aristotles Philosophy Opinions On Piety And Religion1472 Words   |  6 Pagesworks or ideas, there are three greatest ancient Greek philosophers we have to mention: Socrates, Plato and Aristotle, who they create the earliest western philosophy, their philosophic ideas influence our modern society and culture in many aspects. As we read The Trial and Death of Socrates: Four Dialogues, we can get close to the thinking of these two philosophic giants at the same time: the author Plato, and the main characters Socrates, who was Plato’s teacher. The book includes four dialogues betweenRead MoreSummary : Immortality Of The Soul 1542 Words   |  7 PagesSierra Bauer Philosophy 110 Final Paper Immortality of the Soul Phaedo, also known to ancient readers as On the Soul, is one of greatest dialogues of Plato’s period. Phaedo centers itself around the death of Socrates. Throug Plato, Socrates lived on generations after his time. Phaedo begins with Socrates addressing his death and stating a true philosopher should look forward to death. He asserts that the soul is immortal and the philosopher spends his life training and detaching itself from the needsRead MoreSocrates World Views1549 Words   |  7 Pagespaper is to discern and construct the world views of Socrates through the various readings, lectures and videos that we have seen in class. Some of these sources include: Socrates by G. Rudebusch; excerpts from The Last Days of Socrates by Plato; and The Allegory of a Cave. Of the nine world views covered in class, I will delve into my interpretation of four of them as seen through the various sources that we have been exposed to in class. These four world views will include Death, Conditi on, SolutionRead More Exploring Love in Shakespeare’s Sonnets Essay4114 Words   |  17 Pagesgives a detailed description of a time when humans were not in their present physical form (Plato 353). His tale posits that the original form of humankind differed from the present in that â€Å"sexes were not two as they are now, but originally three in number,† to which he adds, â€Å"there was man, woman and the union of the two, having a name corresponding to this double nature,† which is called androgynous (Plato 353). The physical nature of primeval man is discussed: [Man] was round, his back and sides

Karl Marx And The Productive Power - 1182 Words

Karl Marx believed that growth is driven by the progression of the productive power by human. This productive power was also the rise and fall of an economic structure according to how progression is supported and downcast. Marx suggest that through communism it is possible to eliminate the constraint that exploitation has on the society’s laborers. The mode of production involves the methods humans use to produce the resources to sustain the provision for survival and to improve society as a whole. The two components to the mode of production are the means of production (what is used) and the relation of production or property (labor, capital). The mode of production is the union of creative powers and the relations of production.†¦show more content†¦Feudalism The very definition of the term feudalism as it relates to the 19th century is that of a dominant social system in medieval Europe, in which the nobility held lands from the Crown in exchange for military service, and vassals were in turn tenants of the nobles, while the peasants (serfs) were obliged to live on their lord s land and give him homage, labor, and a share of the produce, notionally in exchange for military protection. Thus, the feudalist mode of production was constructed on a mixture of the enormous landholdings belonging to the feudal lords and the lesser smallholdings of the direct makers, the serfs, who were misused by added economic restraint, as distinctive of feudalist power. This is a form of stratification. â€Å"Some Principles of Stratification† by Kingsley Davis and Wilbert Moore advocate that stratification is needed in order to make a society functional. The lords (upper class) have the power while the serfs (middle/lower class) tends to the labor. H owever, Max Webber’s â€Å"Class, Status, Party† defines stratification as taking something which is not yours to take. This is a justified cause to change the function of society. The lords demanded that the labor of the serfs be a right belonging to the lords. The mode of production under feudalism permitted the exploitation of labor by forcing the people to the very land that they worked and not rendering them the economic freedom they deserved. The downfall of feudalism was due to the

Strategic Environmental Scanning and Organization - Free Samples

Question: Discuss about the Strategic Environmental Scanning and Organization. Answer: Introduction BHP Billiton is an Australia based metal and petroleum company which had been also tagged as largest mining company in 2015 around the world. It was founded in 1885 and company is in the public limited sector. Moreover, the company deals in mining of various mineral resources such as copper, coal, iron ore, potash and petroleum along with the fact that established in 25 countries (BHP Billiton, 2017). There are various performance indicators that help the company in competing with the opponent organizations at a global level. Firstly, long-term credit rating that is associated with the credit risk and rating aspect to meet the financial obligations with the ability and desire to achieve best grade (BHP Billiton, 2014). The company always tries and represents A+ credit rating in the standards and poors indicator as well as A1 in Moodys in long-term credit rating. Secondly, underlying EBIT is indicator related to revenue with the net finance costs, taxation and any exceptional items where company successfully increases commissioning and decrease commodity prices also raise the depreciation and amortization expenses as an impact of inflation on cost (BHP Billiton, 2014). Lastly, total shareholder return enables the company on persistent return to shareholders and dividend holders of both share prices and dividend payments. It provides comparison of companys performance with other com petitors. Internal Environmental Analysis BHP billion also has a product portfolio in liquefied petroleum, aluminum and other precious metals like gold and silver. The company approaches in market with the product diversification strategy to capture the position in wide market. BHP Billiton has always shown the upward trend in commodity market of mining industry (BHP Billiton, 2017). The administration of tangible assets are being effectively managed by the company, however, optimum utilization of assets are not a strong skill of the company. For measurement of the financial performance of the company, it implements the balanced scorecard technique. In case of core competency, it consists of aspects like learning prospects, internal business processes, growth and development opportunities and prospective customers/clients (Babatunde and Adebisi, 2012). In addition to this, the company operates its business in a very large area and leads in the market of mining with the capability to move its basic resources and skills to any where in the world. Resources of the company are divided into two parts tangible and intangible, which can or cannot be physically visible correspondingly (Mackenzie, 2016). Apart from that brand name of the company is very useful resource for the company, quality of products and creativeness in managing and capability are intangible resources while skilled labor, advanced drilling machineries, plants and hydraulic pumps are imperative resources of BHP Billiton. Main capabilities examples entail quality service delivery, standards operating model which manages internal and external affairs of the organization systematically plus BHP Billiton has various strategies and trained experts to handle any challenging and adverse situation (Mackenzie, 2016). Lastly, the core competencies of the company are such as portfolio of tier 1 liquid opportunities with conventional deep water. Next is drilling of Caribbean and Gulf of Mexico along with this, wells and hydrocarbons in Gulf of Mexico and Shenzi North respec tively. VRIO analysis of BHP Billiton A VRIO analysis offers an insight on the strategic approach implemented by the companies and their conceptual framework to carry out the essential management part (Schermerhorn, 2011). It provides the exploration of capabilities and availability of resources in the organization. In case of BHP Billiton VRIO analysis has been examined to explore all the aspects related to the Value, Rarity, Immutability, and Organization as follows: Value: The parameters and opportunities that checks on the availability of resources and ability to use these resources optimized are being explored in this section. It also provides the scenario that describes market position of the company with the influencing factors that act as strength in the organization (Henry, 2011). In other words it exposes the positive aspects of the company which resists threat of a particular process in the market. BHP Billiton has a very effective supply chain and successfully handles its resource management. Thus, resource capability as to compete in the market cannot be achieved by any other competitor with the same rates in the same market. Rarity- The company is imperatively access and capable of resourcing the wide range of assets to take the competitive advantage over other competitors (Henry, 2011). Thus, being resourceful and availability of ample of different assets to offer in the market of mining industry gives a dominating position to the BHP Billiton. Immutability- It facilitates the analysis of internal environment of any organization which determines the capabilities framework of VIRO analysis. In the context of BHP Billiton capability related to procurement and creation of resources and sufficiency of cost disadvantage in case of resources are major aspects in the following case. Valuable and high level resources collection is very difficult from other companies in comparison to BHP Billiton (BHP Billiton, 2017). Therefore, the company has two choices as ensuring optimum utilization of the resources available to the company or grabbing external opportunities in the market. Organization- This last procedure is to make the optimum utilization of the resources and organize resource availability in the organization comes in this section. The sustained competitive advantage is being enjoyed by the company because of the large scale mining or production of metals from a very long time. Managerial decision is consisting of Informal and formal modes in the BHP Billiton where control and management system integrated with the strategic management in the organization (BHP Billiton, 2017). Thus, these factors help the company in the stability and maintaining their position of the organization in the market (Henry, 2011). These factors like capability to arrange the resources and several amount of differentiated assets assists the company to achieve competitive advantage. Value Chain analysis The supply chain and value chain analysis are the most basic and fundamental operations of the company. It acts as a decision supporting tools and ensures the competitive edge over other competitors. Along with this, it maintains and supplies of valuable products and services of the company plus helps in operations, functions and performance of the organization to attain its goals and objectives (Sadler, 2003). In case of BHP Billiton, supply chain management entails various processes such as extraction of raw material, mining, manufacturing or procedure to convert raw material into final goods. At the very beginning as a primary activity all the extracted metals or raw material direct form the mining are shifted to the manufacturing site, where metals extracted from mines like silver ores, manganese, iron ore and metallurgical coal (BHP Billiton, 2017). The BHP Billiton focuses on the administration and management of operation of conversion of raw material in finished work. As a supportive activity, these metals are then procured for the finished process and transferred to the manufacturing site (Harrison and St. John, 2013). Manufacturing sites has plants and equipment that renovate raw material to finished goods. In addition to this, BHP Billiton has introduced softwares, hardware and technological knowhow to assist the extraction and conversion process of finished goods in the manufacturing units (BHP Billiton, 2014). Accounting and financing and controlling maintaining communication and public relation as a secondary supportive activity of BHP Billion. Supply chain management is an imperial part of the BHP Billiton because it is mainly based on the operation and functions of manufacturing and converting raw product into final product. Hence, as a strategic approach in the functions of manufacturing department high quality supply chain or value chain integration gives easy and appropriate results (Morden, 2016). Value chain of organization controls and preserve the distribution channels, allocation of resources and the supply chains. With the effective execution of strategies and value chain processes, performance of the BHP Billiton has been improved and there are many new addition and technology changes that provide growth in the machinery standards of the company too (BHP Billiton, 2017). Furthermore, the challenges related to financial viability in the business operations act as encouraging aspects for the organization. BHP Billiton holds values, beliefs and respects in the work culture in the internal environment of the organization (BHP Billiton, 2014). Moral principles, business integrity, individual consideration and motivation and appreciation of workers are entailed in the organizational culture to inspire and encourage the workforce for greater productivity and performance. The culture of BHP Billiton emphasizes on the individual as well as organizational goals to develop and flourish in the market (Mackenzie, et al., 2012). Business security and audits are the duties of financial committee of the company. Thereby, accounting of the company is also handled by the professionals as a transplant and clear recording of financial performance. Conversely, the company has independent director policies and strategic customized approaches to deal with the long-term incentive plan for the executive leadership (Stead, 2014). All of the operations and functions of the company are closely watched and consented by the managers of the company (Grnig and Khn, 2015). It is also describes essential business activity that involves consents of the managers which is highly impacted by the social environment regarding obligatory performances (Thompson and Martin, 2010). It encourages transparency and clarity in accounting and financial management which also gives advantage in industry and community. Strategic Issues in the Management The strategic issues of the company are defined in four parts which will explain each section problem in brief that is uncertainty, volatility, complexity and ambiguity as follows: Uncertainty: It is daily routine business problems (Robbins, 2013). It is associated with the incapability to see risks in the market which can drastically affect the organization. There are various types of uncertainties such as political, technical, macro-environment and social limitations due to internationalization and globalization in the market. Along with this, BHP Billiton also faces uncertainty problems but quickly resolve these issue with the help of high professionals and experts I the company (BHP Billiton, 2017). Volatility- it is comprised of difficulties in the price stability in the process of conversion form the raw goods to final production. Along with this, BHP Billiton faces challenges in the price of raw material of precious mate due to globalised market prices, government policies and imposing rules as well as external environmental change (BHP Billiton, 2017). It is also relevant with the changes in the strategies company follows for the price fixation. Complexity: it regarded as major strategic difficulties in the management and leadership change. Time to time BHP Billiton also faces these challenges to improve the current situation and as a growth and development aspect (Jia and Tomasic, 2009). Ambiguity: the impact of environmental issues comes in the BHP Billiton which is high level problem and member of top level management has to watch over these issues. Green gas and toxic gas release is the main concern in BHP Billiton (BHP Billiton, 2014). This issue is being monitored by the companys experts and technological department to minimize the environmental harm. Conclusion From the above text, it can be inferred that BHP Billion is a leading company in the mining sector and continuously expanding its business worldwide. The company has attained the competitive advantage because of its ability of resource management in the minimized cost. The company is dealing with various precious, semi-precious metals along with the petroleum, iron, manganese and aluminum mining. The company has a process that changes raw material into finished goods carried on with the technology integrated in the manufacturing units. Additionally, the company is facing environmental issue as strategic problem which is in progress being handled by experts and professionals. Reference Babatunde, B. O., and Adebisi, A. O. 2012. Strategic Environmental Scanning and Organization Performance in a Competitive Business Environment. Economic Insights Trends and Challenges 64(1), pp. 24 34. BHP Billiton. 2014. Investors Report. [Online].Available at: https://www.bhpbilliton.com/~/media/bhp/documents/investors/reports/2014/bhpbillitonannualreport2014_interactive.pdf?la=en [Accessed on: 10 May 2017]. BHP Billiton. 2017. About Us. [Online].Available at: https://www.bhpbilliton.com [Accessed on: 10 May 2017]. BHP Billiton. 2017. BHP Billiton executives warned they could face charges if they shift company out of Australia [Online].Available at: https://www.theguardian.com/business/2017/may/04/bhp-executives-warned-they-could-face-charges-if-they-shift-company-out-of-australia [Accessed on: 10 May 2017]. Grnig, R., and Khn, R. 2015. The Strategy Planning Process: Analyses, Options, Projects. Springer. Harrison, J. S., and St. John, C. H. 2013. Foundations in Strategic Management. 6th ed. Cengage Learning. Henry, A. 2011. Understanding Strategic Management. OUP Oxford. Jia, X., and Tomasic, R. 2009. Corporate Governance and Resource Security in China: The Transformation of China's Global Resources Companies. Routledge. Mackenzie, A. 2016. BHP Billiton outlines strategy to grow value. [Online].Available at: https://www.bhpbilliton.com/media-and-insights/reports-and-presentations/2016/05/bhp-billiton-outlines-strategy-to-grow-value [Accessed on: 13 May 2017]. Mackenzie, B., et al. 2012. IFRS 2013: Interpretation and Application of International Financial Reporting Standards.10th ed. John Wiley Sons. Morden, T. 2016. Principles of Strategic Management. 3rd ed. Routledge. Robbins, S. 2013. Management: the Essentials. Pearson Higher Education AU. Sadler, P. 2003. Strategic Management. Kogan Page Publishers. Schermerhorn, J. R. 2011. Exploring Management. John Wiley Sons. Stead, W. E. 2014. Sustainable Strategic Management. Routledge. Thompson, J. L. and Martin, F. 2010. Strategic Management: Awareness Change. Cengage Learning EMEA.

Mri Tragic Accident free essay sample

Michael Colombini underwent a routine imaging procedure that was performed at Westchester Medical Center; where earlier in the week Michael underwent brain surgery to remove the benign tumor that was found in his brain. The scheduled MRI was considered a routine post-operative procedure to find out how Michael was recovering after surgery. While Michael was sedated on the MRI table the anesthesiologist assisting realized that Michael has low saturated levels of oxygen. The anesthesiologist then requested a new tank of oxygen to replace the malfunctioning one attached to Michael. A nurse then brought in the oxygen tank, handing it to the anesthesiologist who asked for it. While the oxygen tank exchanged hands; the strong magnetic force of the MRI machine forcefully pulled the heavy metal tank directly into the scanning machine striking him in the head and causing Michael’s death a couple of days later. It was stated that Michael Colombini was heavily sedated when this terrible accident occurred at Westchester Medical Center. We will write a custom essay sample on Mri Tragic Accident or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page The area where Michael was being examined was not thoroughly analyzed to prevent such tragic accident from happening. After all this occurred the family of Michael Colombini held services for him at the Temple Israel of Northern Westchester. There were hundreds of mourners who attended and accompanied the family in their heartbreaking loss. After the initial service, the family held a private burial service for close friends and family, where they could mourn the loss of their precious loved one. Preventing Accidents Within any tragic situation that occurs in the medical field, there are repercussions that can affect anyone involved. With this being said, there are ways to prevent these tragic accidents from occurring time and time again. In the Colombini case study there are some things that could have been handled differently. First, the hospital should have made it a policy to have recurring safety meetings at least once a month in order to maintain basic knowledge of the hazards of the magnetic force of the MRI machines. It is important for medical staff to be aware of all their surroundings when conducting these delicate imaging exams. During these potential safety meetings there should be discussions of basic dangers that surround the imaging exam rooms and how they can be prevented. In this case, the nurse that brought in the metal oxygen tank into Michael’s exam room had never had any training on MRI safety. Another thing that could have been done differently is putting up signs that acknowledge the hazards of the physically powerful magnet within the MRI machine. These awareness signs should have been posted outside the exam rooms to help medical staff understand the dangers of bringing metal objects into the exam areas. Awareness and safety protocol are an important factor in saving patients lives and keeping them safe from any harm in the MRI exam rooms. Learning Experience After studying the case of patient Michael Colombini there is a lot of insight as far as MRI safety and understanding protocols within testing areas. One of the goals that the author of the paper is pursuing in to eventually become a certified MRI technologist and this article has brought awareness on how to deal with certain situations that arise with this line of work. Understanding the importance of safety protocol is a crucial component in being a successful MRI technologist in the near future. The author of this paper has gained knowledge of how strong the force and magnetic field of an MRI machine can be; also understanding that insufficient familiarity and improper use of these large imaging machines can easily take someone’s life with one simple mistake that is overlooked. In this specific case there were doctrines and ethics that were involved that caused issues both the hospital and the victims of this tragedy. There as obvious negligence on behalf of technicians, nurses and other hospital employees that were involved; therefore there was breach of care, cause of injury due to the technician’s negligence, and injury that occurred to the unconscious patient. A life was lost in this case therefore a malpractice lawsuit was made and Westchester Medical Center did take full responsibility for the incident. Doctrine of respondent s uperior was sent into motion in Colombini’s case since the facility was held responsible for the negligent acts by their own employees. Thoughts The author of this report feels that there are many situations that can impact an individual and offer insight as to what happened. In the case of patient Michael Colombini the author cannot directly relate to the situation since they were not technically involved; but there is some level of compassion considering they do have a young child at home. Losing a loved one, especially a child can impact someone forever. There is a lot of sadness and heartbreak with the Colombini family and although a settlement was made, it will never bring their precious loved one back. References Parelli, R. J. (2009). Medicolegal Issues for Diagnostic Imaging Professionals (4th ed. ). Boca Raton, FL: Taylor amp; Francis Group. Chen, D. W. (2001). Small Town Reels from Boys M. R. I. Death. Retrieved from http://www. nytimes. com/2001/08/01/nyregion/small-town-reels-from-boy-s-mri-death. html   Patient Safety amp; Quality Healthcare. (2011). MRI Safety 10 Years Later: What can we learn from the accident that killed Michael Colombini? Retrieved from http://www. psqh. com/component/content/article/137-november-december-2011/992-mri-safety-10-years-later. html

Jane Eyre Essays - English-language Films, British Films, Jane Eyre

Jane Eyre Essays - English-language Films, British Films, Jane Eyre Jane Eyre Jane Eyre of Charlotte Brontes Jane Eyre, develops drastically within the first few chapters of the novel. Her environment was a major influential factor in Janes development. It would shape the person she is and will be. Jane is a character of strength as a result of her vivid imagination and strong emotions, these made her extremely vulnerable to the environment around her. At the very beginning Jane is very feisty, and almost rebellious towards everyone around her. She seems to be aggravated and irritated by everything around because she is an orphan. With the progression of the novel she transforms by allowing the environment she is in to influence her by opening up to others and slowly terminating that rude little girl which existed at the very beginning. As Jane grows she becomes the influence of her environment. Her boldness, intelligence, kindness, as well as vulnerability transform her role in the novel. Jane has become the authority figure, a woman taking a strand without allowing others to stomp all over her. Janes role has reversed. Jane isnt only the main character of Charlotte Brontes Jane Eyre she is also a revolutionary character. She is a representation of strength, symbolizing the new woman of literature. She was and has influenced her environment by being a blunt and outspoken person.

The Spellings of Shun

The Spellings of Shun The Spellings of Shun The Spellings of Shun By Maeve Maddox Commenting on my post about the spelling thru for through, a reader writes: And, I faintly remember that there are some 52 ways of spelling the syllable -shun. Can you please, in one of your articles, or series of them, [list] them? As far as I can remember there are only two words that end with the spelling -shion for shun. Fashion and cushion. -tion, cion, sion, ssion, and how many more can be listed this way? It should be an interesting exercise. I think it would take considerable effort to come up with 52 ways of spelling the syllable -shun, but I have seen lists of as many as thirteen. Critics of English spelling delight in cataloging as many different ways of spelling a sound as possible in an attempt to prove that English spelling is impossible to master. I tend to agree with Romalda Spalding that the problem isnt English spelling; its the way that spelling is taught: It is the failure to combine the sounds with the spelling of English which makes it seem so difficult to learn and makes so many common words seem to be exceptions to the general rules of spelling. The Writing Road to Reading. Thats not to say that there arent a great many English words that defy all phonetic explanation, but when the beginner is taught the sound/symbol correspondences as thoroughly as they can be taught, fewer exceptions remain to be memorized. Building on the work of Anna Gillingham and Dr. Samuel Orton, Spalding presents the sounds of English in terms of phonograms, not letters or syllables. Most of the spelling permutations of shun are covered as the beginning reader learns the four phonograms that can represent the sh [ÊÆ'] sound: sh, ti, si, ci. English spelling isnt easy, but it is not the arcane science that its made out to be. If schools would adopt some version of the Gillingham-Orton Multisensory Method of reading instruction beginning with kindergarten, the appalling reading failure rate in U.S. schools could be significantly reduced. As things are now, this efficient method for teaching reading, writing, and spelling is kept in reserve for children who fail to learn to read by grade three or four. In some school districts, that can be as many as half the children in the fourth grade. Here are some shun spellings from Page Four of the student-kept notebook at the center of Spalding instruction: nation Venetian session mansion electrician ocean Words like fashion, and coercion are covered by different rules. The example ssion is not a valid spelling of shun. In a word like succession, for example, the first s belongs to the second syllable: suc-ces-sion. Its easy to ridicule English spelling. Its a little harder to master the rules and patterns. Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Spelling category, check our popular posts, or choose a related post below:How Many Tenses in English?When to Form a Plural with an ApostropheHow to Treat Names of Groups and Organizations

Consumer Behavior Paper Essay Example | Topics and Well Written Essays - 750 words

Consumer Behavior Paper - Essay Example On other hand, study of consumer behavior focuses on the motivation of the consumers to making various decisions strategies among different products differing in levels of significance and interest (Hawkins, Best & Coney, 2004). Study of consumer behaviors enables the customers to improve on their marketing campaigns and strategies in a way that is effective in reaching the consumers. The paper will focus on defining the term consumer behaviors and discussing the way 4Ps, product, price, promotion, and place, affect purchasing decision. Consumer behaviors can be defined as the study of individual groups, organization and the procedures used in selection, using and disposing products, services, familiarity and ideas that can satisfy their needs and influence of procedures to consumers and society (Schiffman & Kanuk, 2007). Moreover, study of consumer behavior makes a substantial contribution to in application of techniques by marketers in the process of marketing their commodities. Re lationship between consumer behavior and the subject of marketing relates to consumer behavior application in marketing strategies in order to enhance the marketing campaigns. ... In this case, this gives the significance of creating a good impression to the initial customers, since they take the role of influencing the other customers. The marketing mix, which includes the product, price, place and promotion, has a substantial impact on the decision making of a customer (Bearden, Ingram & LaForge, 2004). Price Price as one of the element relates to amount of money that a customer has to part with in order to acquire a certain good or service in the market, in fact, the price attached to commodities entails the returns to the firm due to their effort and the cost incurred in manufacturing and marketing activities. On the other hand, the consumers’ decisions are influenced by the pricing strategies of these firms since the cost of the products is passed to the consumer through these prices. In this case, despite the pricing objective of the firms, which are derived from organizational goals, the consumer makes the decision based on his or her income. The refore, a consumer focuses on maximizing their utility on the commodities purchased; thus, there is a certain price, which they are willing to pay for particular commodities based on their income. Moreover, the consumer has to make a choice among different alternative in order to identify the products that suites their purchasing power despite the quality of the product. Promotion Promotion is applied by marketers as a component of the marketing mix with a purpose of creating awareness, persuading and reminding customer in a certain market about products in order to influence their feelings, convictions and behaviors. In this case, promotion offers consumer

Remote Document Vault OCD (Operational Concept Document) Essay

Remote Document Vault OCD (Operational Concept Document) - Essay Example Even though there are existing document vaults that are used in various enterprise architectures, the core essence of this project was to bring on a new dimension of source code repository architecture document that is founded on the principles of remote sensing. As far uses are concerned, the remote document vault is built on a principle of user friendliness and easy interactivity. This means that the component features and technical dimensions of the system are made in such a way that one would not have to be technologically inclined to use the system. The rationale for doing this was to ensure that the architecture fits into as many enterprises as possible, where the need to use basic text files is not the sole prerogative of a reserved few within the enterprise. The structure of the remote document vault is designed as a cyclical framework that makes the exchange of data between users and the remote source a constant process. Within the process, there is constant insertion and ex traction of files to and from the remote with Windows Communication Foundation (WCF) serving as the vault server. Among the critical issues that the project addresses are performance issues, test server issues, data transfer security issues, and test result log issues. Introduction Document management is fast becoming a phenomenon with modern operational concept document (OCD). ... igation of this research work is therefore aimed at the development f Document Vault, which works from a client and server interfaces (Ambrose, 1998). The Document Vault shall be operational based on a remote tracking system, giving way for the core provision of operational concept document and document management system to be covered. In effect, a remote document vault will be needed to quicken the process of documentation within the enterprise by enabling insertion and extraction of text files to a remote location. In enterprises with such remote document vault OCD, it has been noticed that a twofold merit of processing and storage are all taken care of. What is more, text files that are stored within the remote system can easily display information about their properties and relationship with other files on the system. Indeed as this happens, it is certain that decision making on the text files will be easier and enhanced (Barber and Delwyn, 2001). This is where it is said that re mote document vault brings about efficiency as it enables architecture users to have more done within very short time frame. There are key organization principles and key architectural ideas that shall be incorporated in the remote document vault creation. First and foremost, there shall be a purpose to consider the impact of specific uses on design. This is meant to mean that there shall be different uses to be tested for a single design of the document vault. For the test of results, each specific use shall be critically tested for each design before making decisive choice for an approved design. Specifically, there is also expected to be document parent-child relationships where various software specification documents (SSD) shall be used as a child. Meanwhile, this software

Texas Involvment In Slavery Essay examples -- Slavery Essays

One of the most unique situations during the period of the Civil War in America was the involvement of the state of Texas in the Confederacy. Although it was once its own Republic separate from the United States of America through annexation, Texas was not entirely unique when it came to the institution of slavery. Just like in all other southern states, slavery, and the use of slave labor, was a major factor of the states agricultural economy. During the years around and through the Civil War, Texas became a home for many transient southerners in search of sanctuary from the almost enviable furthering of emancipation. Long before the war, Texas had been the stomping ground for runaway slaves enroute to Mexico and in search of freedom. The state of Texas was not only one of the new frontier territories toward the west but it became one of the final places in America were slavery was practiced. Because of its geography much of Texas remained untouched and unsettled. Many adventurous plantation owners felt it necessary to keep news of the war and emancipation from their slaves as much as a year after the end of the war.(Campbell 249) The topic I have chosen for my research to discuss the history of slavery in Texas during the years of the Civil War. How the institution was altered because of the Civil War and the process by which emancipation was handed to black -Texans is the focus of my report. I would like to uncover how and why slave labor was used to both protect the state, the Confederacy and the institution that held the future of the American Negro forever. Well before the beginning of the Civil War, Texas and some of its surrounding territories were property of Spain just like its southern neighbor, Mexico. Soon after realizing their particular suppression by Spain, Mexico fought for, and won its independence from its mother country. Mexico now had control of their country and the territory of Texas. As more Americans moved west and into Texas it became evident that there was going to be a continued clash between Mexico and the white frontiersmen who quickly flooded certain areas. The American government wanted to purchase this valuable land but eventually it was taken by American frontiersmen where it was declared its own realm. Fearful of the loss of power if allowed into the Union, Texas expressed in 1836 ... ...tely unchanged by wartime activates. Although thousands of slaves were impressed for wartime use only a few lost their lives while fortifying and working along the front lines of southern Texas. As for the vast majority of slaves who were not impressed they went along with their normal production during the Civil War as if freedom was the last thing they expected in the next few years. Some slaves in Texas did not even know about the war until it had been over for months, some revolted long before. As the armies of Texas argued over whether it should send its troops to other states to fight, the institution of slavery went full steam ahead. After the end of the war many blacks began to realize the hatred that faced them and how many whites in Texas would do anything in order to ensure that they(whites) would always be the ruling class. Opportunity did not come easy to blacks, but prejudice did. Almost until the very end of the Civil War, Texans seemed to be denying the fact that an end coming to their precious "right" to own and oppress their "inferior" and "heathen" God-given servants. Courtesy of chew (1995) University of Maryland

Indian Banking Sector

A bank is an institution that deals in money and its substitutes and provides other financial services. Banks accept deposits and make loans or make an investment to derive a profit from the difference in the interest rates paid and charged, respectively. In India the banks are being segregated in different groups. Each group has their own benefits and limitations in operating in India. Each has their own dedicated target market. Few of them only work in rural sector while others in both rural as well as urban. Many even are only catering in cities.Some are of Indian origin and some are foreign players. India’s economy has been one of the stars of global economics in recent years. It has grown by more than 9% for three years running. The economy of India is as diverse as it is large, with a number of major sectors including manufacturing industries, agriculture, textiles and handicrafts, and services. Agriculture is a major component of the Indian economy, as over 66% of the I ndian population earns its livelihood from this area. Banking sector is considered as a booming sector in Indian economy recently.Banking is a vital system for developing economy for the nation. However, Indian banking system and economy has been facing various challenges and problems which have discussed in other parts of project. INDIAN BANKING SYSTEM Without a sound and effective banking system in India it cannot have a healthy economy. The banking system of India should not only be hassle free but it should be able to meet new challenges posed by the technology and any other external and internal factors. For the past three decades India's banking system has several outstanding achievements to its credit.The most striking is its extensive reach. It is no longer confined to only metropolitans or cosmopolitans in India. In fact, Indian banking system has reached even to the remote corners of the country. This is one of the main reasons of India's growth process. The government's r egular policy for Indian bank since 1969 has paid rich dividends with the nationalization of 14 major private banks of India. Not long ago, an account holder had to wait for hours at the bank counters for getting a draft or for withdrawing his own money.Today, he has a choice. Gone are days when the most efficient bank transferred money from one branch to other in two days. Now it is simple as instant messaging or dial a pizza. Money has become the order of the day. The first bank in India, though conservative, was established in 1786. From 1786 till today, the journey of Indian Banking System can be segregated into three distinct phases. They are as mentioned below: †¢Early phase from 1786 to 1969 of Indian Banks †¢Nationalization of Indian Banks and up to 1991 prior to Indian banking sector Reforms. New phase of Indian Banking System with the advent of Indian Financial ; Banking Sector Reforms after 1991. After 1991, under the chairmanship of M Narasimham, a committee wa s set up by his name which worked for the liberalization of banking practices. The country is flooded with foreign banks and their ATM stations. Efforts are being put to give a satisfactory service to customers. Phone banking and net banking is introduced. The entire system became more convenient and swift. Time is given more importance than money.This resulted that Indian banking is growing at an astonishing rate, with Assets expected to reach US$1 trillion by 2010. â€Å"The banking industry should focus on having a small number of large players that can compete globally and can achieve expected goals rather than having a large number of fragmented players. † KINDS OF BANKS Financial requirements in a modern economy are of a diverse nature, distinctive variety and large magnitude. Hence, different types of banks have been instituted to cater to the varying needs of the community.Banks in the organized sector may, however, be classified in to the following major forms: oComm ercial banks oCo-operative banks oSpecialized banks oCentral bank †¢COMMERCIAL BANKS Commercial banks are joint stock companies dealing in money and credit. In India, however there is a mixed banking system, prior to July 1969, all the commercial banks-73 scheduled and 26 non-scheduled banks, except the state bank of India and its subsidiaries-were under the control of private sector. On July 19, 1969, however, 14 major commercial banks with deposits of over 50 Corers were nationalized.In April 1980, another six commercial banks of high standing were taken over by the government. At present, there are 20 nationalized banks plus the state bank of India and its 7 subsidiaries constituting public sector banking which controls over 90 per cent of the banking business in the country. †¢CO-OPERATIVE BANKS Co-operative banks are a group of financial institutions organized under the provisions of the Co-operative societies Act of the states. The main objective of co-operative bank s is to provide cheap credits to their members.They are based on the principle of self-reliance and mutual co-operation. Co-operative banking system in India has the shape of a pyramid a three tier structure, constituted by: †¢SPECIALIZED BANKS There are specialized forms of banks catering to some special needs with this unique nature of activities. There are thus, oForeign exchange banks, oIndustrial banks, oDevelopment banks, oLand development banks, oExim bank. †¢CENTRAL BANK A central bank is the apex financial institution in the banking and financial system of a country.It is regarded as the highest monetary authority in the country. It acts as the leader of the money market. It supervises, control and regulates the activities of the commercial banks. It is a service oriented financial institution. India’s central bank is the Reserve Bank of India established in 1935. A central bank is usually state owned but it may also be a private organization. For instance, the Reserve Bank of India (RBI), was started as a shareholders’ organization in 1935, however, it was nationalized after independence, in 1949. It is free from parliamentary control.CHALLENGES FACED BY INDIAN BANKING INDUSTRY The banking industry in India is undergoing a major transformation due to changes in economic conditions and continuous deregulation. These multiple changes happening one after other has a ripple effect on a bank trying to graduate from completely regulated sellers market to completed deregulated customers market. oDEREGULATION This continuous deregulation has made the Banking market extremely competitive with greater autonomy, operational flexibility, and decontrolled interest rate and liberalized norms for foreign exchange.The deregulation of the industry coupled with decontrol in interest rates has led to entry of a number of players in the banking industry. At the same time reduced corporate credit off take thanks to sluggish economy has resulted in large number of competitors battling for the same pie. oNEW RULES As a result, the market place has been redefined with new rules of the game. Banks are transforming to universal banking, adding new channels with lucrative pricing and freebees to offer. Natural fall out of this has led to a series of innovative product offerings catering to various customer segments, specifically retail credit. EFFICIENCY This in turn has made it necessary to look for efficiencies in the business. Banks need to access low cost funds and simultaneously improve the efficiency. The banks are facing pricing pressure, squeeze on spread and have to give thrust on retail assets. oDIFFUSED CUSTOMER LOYALTY This will definitely impact Customer preferences, as they are bound to react to the value added offerings. Customers have become demanding and the loyalties are diffused. There are multiple choices; the wallet share is reduced per bank with demand on flexibility and customization.Given the relatively low switching costs; customer retention calls for customized service and hassle free, flawless service delivery. oMISALLIGNED MINDSET These changes are creating challenges, as employees are made to adapt to changing conditions. There is resistance to change from employees and the Seller market mindset is yet to be changed coupled with Fear of uncertainty and Control orientation. Acceptance of technology is slowly creeping in but the utilization is not maximized. oCOMPETENCE GAPPlacing the right skill at the right place will determine success. The competency gap needs to be addressed simultaneously otherwise there will be missed opportunities. The focus of people will be on doing work but not providing solutions, on escalating problems rather than solving them and on disposing customers instead of using the opportunity to cross sell. STRATEGIES OPTIONS WITH BANKS TO COPE WITH THOSE CHALLENGES Leading players in the industry have embarked on a series of strategic and tactical initiatives to sustain leadership.The major initiatives include: oInvesting in state of the art technology as the back bone of to ensure reliable service delivery oLeveraging the branch network and sales structure to mobilize low cost current and savings deposits oMaking aggressive forays in the retail advances segment of home and personal loans oImplementing organization wide initiatives involving people, process and technology to reduce the fixed costs and the cost per transaction oFocusing on fee based income to compensate for squeezed spread, (e. . CMS, trade services) oInnovating Products to capture customer ‘mind share’ to begin with and later the wallet share oImproving the asset quality as per Basel II norms INDIAN ECONOMY The Indian Economy is consistently posting robust growth numbers in all sectors leading to impressive growth in Indian GDP. The Indian economy has been stable and reliable in recent times, while in the last few years it’s experienced a positive up ward growth trend.A consistent 8-9% growth rate has been supported by a number of favorable economic indicators including a huge inflow of foreign funds, growing reserves in the foreign exchange sector, both an IT and real estate boom, and a flourishing capital market. All of these positive changes have resulted in establishing the Indian economy as one of the largest and fastest growing in the world. The process of globalization has been an integral part of the recent economic progress made by India.Globalization has played a major role in export-led growth, leading to the enlargement of the job market in India. As a new Indian middle class has developed around the wealth that the IT and BPO industries have brought to the country, a new consumer base has developed. International companies are also expanding their operations in India to service this massive growth opportunity. The same thing has followed by international banks that are entering in Indian market and pulling their hug e investments in Indian economy. This is helping to accelerate the growth of Indian economy.Economy can be studied from two points of views†¦ ?MICRO ECONOMIC POINT OF VIEW The branch of economics that analyzes the market behavior of individual consumers and firms in an attempt to understand the decision-making process of firms and households. It is concerned with the interaction between individual buyers and sellers and the factors that influence the choices made by buyers and sellers. In particular, microeconomics focuses on patterns of supply and demand and the determination of price and output in individual markets.Microeconomics looks at the smaller picture and focuses more on basic theories of supply and demand and how individual businesses decide how much of something to produce and how much to charge for it. ?MACRO ECONOMIC POINT OF VIEW It is a field of economics that studies the behavior of the aggregate economy. Macroeconomics examines economy-wide phenomena such as c hanges in unemployment, national income, rate of growth, gross domestic product, inflation and price levels. Macroeconomics looks at the big picture (hence â€Å"macro†). It focuses on the national economy as a whole and provides a basic knowledge of how things work in the business world.For example, people who study this branch of economics would be able to interpret the latest Gross Domestic Product figures or explain why a 6% rate of unemployment is not necessarily a bad thing. Thus, for an overall perspective of how the entire economy works, you need to have an understanding of economics at both the micro and macro levels. ECONOMIC SYSTEMS An economic system is loosely defined as country’s plan for its services, goods produced, and the exact way in which its economic plan is carried out. In general, there are three major types of economic systems prevailing around the world they are†¦ Market Economy oPlanned Economy oMixed Economy MARKET ECONOMY In a market ec onomy, national and state governments play a minor role. Instead, consumers and their buying decisions drive the economy. In this type of economic system, the assumptions of the market play a major role in deciding the right path for a country’s economic development. Market economies aim to reduce or eliminate entirely subsidies for a particular industry, the pre-determination of prices for different commodities, and the amount of regulation controlling different industrial sectors.The absence of central planning is one of the major features of this economic system. Market decisions are mainly dominated by supply and demand. The role of the government in a market economy is to simply make sure that the market is stable enough to carry out its economic activities properly. PLANNED ECONOMY A planned economy is also sometimes called a command economy. The most important aspect of this type of economy is that all major decisions related to the production, distribution, commodity and service prices, are all made by the government.The planned economy is government directed, and market forces have very little say in such an economy. This type of economy lacks the kind of flexibility that is present a market economy, and because of this, the planned economy reacts slower to changes in consumer needs and fluctuating patterns of supply and demand. On the other hand, a planned economy aims at using all available resources for developing production instead of allotting the resources for advertising or marketing. MIXED ECONOMY A mixed economy combines elements of both the planned and the market economies in one cohesive system.This means that certain features from both market and planned economic systems are taken to form this type of economy. This system prevails in many countries where neither the government nor the business entities control the economic activities of that country – both sectors play an important role in the economic decision-making of the country. In a mixed economy there is flexibility in some areas and government control in others. Mixed economies include both capitalist and socialist economic policies and often arise in societies that seek to balance a wide range of political and economic views. IMPORTANT BANKING AND ECONOMIC INDICATORS CASH RESERVE RATIO Cash reserve Ratio (CRR) is the amount of funds that the banks have to keep with RBI. If RBI decides to increase the percent of this, the available amount with the banks comes down. RBI is using this method (increase of CRR rate), to drain out the excessive money from the banks. The amount of which shall not be less than three per cent of the total of the Net Demand and Time Liabilities (NDTL) in India, on a fortnightly basis and RBI is empowered to increase the said rate of CRR to such higher rate not exceeding twenty percent of the Net Demand and Time Liabilities (NDTL) under the RBI Act, 1934. STATUTORY LIQUIDITY RATIO In terms of Section 24 (2-A) of the B. R. Act, 1949 all Scheduled Commercial Banks, in addition to the average daily balance which they are required to maintain in the form of†¦. oIn cash, Or oIn gold valued at a price not exceeding the current market price, Or oIn unencumbered approved securities valued at a price as specified by the RBI from time to time. ?REPO RATE Repo rate, also known as the official bank rate, is the discounted rate at which a central bank repurchases government securities.The central bank makes this transaction with commercial banks to reduce some of the short-term liquidity in the system. The repo rate is dependent on the level of money supply that the bank chooses to fix in the monetary scheme of things. Repo rate is short for repurchase rate. The entity borrowing the security is often referred to as the buyer, while the lender of the securities is referred to as the seller. The central bank has the power to lower the repo rates while expanding the money supply in the country. This enables th e banks to exchange their government security holdings for cash.In contrast, when the central bank decides to reduce the money supply, it implements a rise in the repo rates. At times, the central bank of the nation makes a decision regarding the money supply level and the repo rate is determined by the market. The securities that are being evaluated and sold are transacted at the current market price plus any interest that has accrued. When the sale is concluded, the securities are subsequently resold at a predetermined price. This price is comprised of the original market price and interest, and the pre-agreed interest rate, which is the repo rate. ?BANK RATEBank rate is referred to the rate of interest charged by premier banks on the loans and advances. Bank rate varies based on some defined conditions as laid down the governing authority of the banks. Bank rates are levied to control the money supply to and from the bank. From the consumer's point of view, bank rate ordinarily d enotes to the current rate of interest acquired from savings certificate of Deposit. It is most frequently used by the consumers who are concerned in mortgage Some commonest types of bank interest rates are as follows: oBank rate on CD, i. e. , on certificate of deposit Bank rate on the credit of a credit card or other kind of loan oBank rate on real estate loan ?INTERBANK RATE The rate of interest charged on short-term loans made between banks. Banks borrow and lend money in the interbank market in order to manage liquidity and meet the requirements placed on them. The interest rate charged depends on the availability of money in the market, on prevailing rates and on the specific terms of the contract, such as term length. Banks are required to hold an adequate amount of liquid assets, such as cash, to manage any potential withdrawals from clients.If a bank can't meet these liquidity requirements, it will need to borrow money in the interbank market to cover the shortfall. Some ba nks, on the other hand, have excess liquid assets above and beyond the liquidity requirements. These banks will lend money in the interbank market, receiving interest on the assets. There is a wide range of published interbank rates, including the LIBOR & MIBOR, which is set daily based on the average rates on loans made within the London interbank market & Mumbai Interbank Market. ?GROSS DOMESTIC PRODUCTThe monetary value of all the finished goods and services produced within a country's borders in a specific time period, though GDP is usually calculated on an annual basis. It includes all of private and public consumption, government outlays, investments and exports less imports that occur within a defined territory. GDP = C + G + I + NX Where: ?†C† is equal to all private consumption, or consumer spending, in a nation's economy. ?†G† is the sum of government spending. ?†I† is the sum of all the country's businesses spending on capital. ?† NX† is the nation's total net exports, calculated as total exports minus total imports. NX = Exports – Imports) GDP is commonly used as an indicator of the economic health of a country, as well as to gauge a country's standard of living. ?INFLATION Inflation can be defined as a rise in the general price level and therefore a fall in the value of money. Inflation occurs when the amount of buying power is higher than the output of goods and services. Inflation also occurs when the amount of money exceeds the amount of goods and services available. As to whether the fall in the value of money will affect the functions of money depends on the degree of the fall.Basically, refers to an increase in the supply of currency or credit relative to the availability of goods and services, resulting in higher prices. Therefore, inflation can be measured in terms of percentages. The percentage increase in the price index, as a rate per cent per unit of time, which is usually in years. The two basic price indexes are used when measuring inflation, the producer price index (PPI) and the consumer price index (CPI) which is also known as the cost of living index number. ?DEFLATION It is a condition of falling prices accompanied by a decreasing level of employment, output and income.Deflation is just the opposite of inflation. Deflation occurs when the total expenditure of the community is not equal to the existing prices. Consequently, the supply of money decreases and as a result prices fall. Deflation can also be brought about by direct contractions in spending, either in the form of a reduction in government spending, personal spending or investment spending. Deflation has often had the side effect of increasing unemployment in an economy, since the process often leads to a lower level of demand in the economy. ?DISINFLATIONWhen prices are falling due to anti-inflationary measures adopted by the authorities, with no corresponding decline in the existing level of employment, output and income, the result of this is disinflation. When acute inflation burdens an economy, disinflation is implemented as a cure. Disinflation is said to take place when deliberate attempts are made to curtail expenditure of all sorts to lower prices and money incomes for the benefit of the community. ?REFLATION Reflation is a situation of rising prices, which is deliberately undertaken to relieve a depression.Reflation is a means of motivating the economy to produce. This is achieved by increasing the supply of money or in some instances reducing taxes, which is the opposite of disinflation. Governments can use economic policies such as reducing taxes, changing the supply of money or adjusting the interest rates; which in turn motivates the country to increase their output. The situation is described as semi-inflation or reflation. ?STAGFLATION Stagflation is a stagnant economy that is combined with inflation. Basically, when prices are increasing the economy is de ceasing.Some economists believe that there are two main reasons for stagflation. Firstly, stagflation can occur when an economy is slowed by an unfavourable supply, such as an increase in the price of oil in an oil importing country, which tends to raise prices at the same time that it slows the economy by making production less profitable. In the 1970's inflation and recession occurred in different economies at the same time. Basically, what happened was that there was plenty of liquidity in the system and people were spending money as quickly as they got it because prices were going up quickly.This gave rise to the second reason for stagflation. ?FOREIGN INSTITUTIONAL INVESTMENTS Foreign Institutional Investors (FIIs), Non-Resident Indians (NRIs), and Persons of Indian Origin (PIOs) are allowed to invest in the primary and secondary capital markets in India through the portfolio investment scheme (PIS). Under this scheme, FIIs/NRIs can acquire shares/debentures of Indian companies through the stock exchanges in India. The ceiling for overall investment for FIIs is 24 per cent of the paid up capital of the Indian company and 10 per cent for NRIs/PIOs.The limit is 20 per cent of the paid up capital in the case of public sector banks, including the State Bank of India. ?FOREIGN EXCHANGE RESERVES Foreign exchange reserves (also called Forex reserves) in a strict sense are only the foreign currency deposits held by central banks and monetary authorities. However, the term in popular usage commonly includes foreign exchange and gold, SDRs and IMF reserve positions. This broader figure is more readily available, but it is more accurately termed official reserves or international reserves.These are assets of the central bank held in different reserve currencies, such as the dollar, euro and yen, and used to back its liabilities, e. g. the local currency issued, and the various bank reserves deposited with the central bank, by the government or financial institutions . Large reserves of foreign currency allow a government to manipulate exchange rates – usually to stabilize the foreign exchange rates to provide a more favorable economic environment. ROLE OF BANKS IN DEVELOPING OF ECONOMY A safe and sound financial sector is a prerequisite for sustained growth of any economy.Globalization, deregulation and advances in information technology in recent years have brought about significant changes in the operating environment for banks and other financial institutions. These institutions are faced with increased competitive pressures and changing customer demands. These, in turn, have engendered a rapid increase in product innovations and changes in business strategies. While these developments have enabled improvement in the efficiency of financial institutions, they have also posed some serious risks.Banks play a very useful and dynamic role in the economic life of every modern state. A study of the economic history of western country shows that without the evolution of commercial banks in the 18th and 19th centuries, the industrial revolution would not have taken place in Europe. The economic importance of commercial banks to developing countries may be viewed thus: oPromoting capital formation oEncouraging innovation oMonetsation oInfluence economic activity oFacilitator of monetary policy Above all view we can see in briefly, which are given below:PROMOTING CAPITAL FORMATION A developing economy needs a high rate of capital formation to accelerate the tempo of economic development, but the rate of capital formation depends upon the rate of saving. Unfortunately, in underdeveloped countries, saving is very low. Banks afford facilities for saving and, thus encourage the habits of thrift and industry in the community. They mobilize the ideal and dormant capital of the country and make it available for productive purposes. ENCOURAGING INNOVATION Innovation is another factor responsible for economic development.The entre preneur in innovation is largely dependent on the manner in which bank credit is allocated and utilized in the process of economic growth. Bank credit enables entrepreneurs to innovate and invest, and thus uplift economic activity and progress. MONETSATION Banks are the manufactures of money and they allow many to play its role freely in the economy. Banks monetize debts and also assist the backward subsistence sector of the rural economy by extending their branches in to the rural areas. They must be replaced by the modern commercial bank’s branches. INFLUENCE ECONOMIC ACTIVITYBanks are in a position to influence economic activity in a country by their influence on the rate interest. They can influence the rate of interest in the money market through its supply of funds. Banks may follow a cheap money policy with low interest rates which will tend to stimulate economic activity. FACILITATOR OF MONETARY POLICY Thus monetary policy of a country should be conductive to economic development. But a well-developed banking system is on essential pre-condition to the effective implementation of monetary policy. Under-developed countries cannot afford to ignore this fact.A fine, an efficient and comprehensive banking system is a crucial factor of the developmental process of economy. RESERVE BANK OF INDIA AS A REGULATORY INSTITUTION IN INDIAN ECONOMY The RBI was established under the Reserve Bank of India Act, 1934 on April 1, 1935 as a private shareholders' bank but since its nationalization in 1949, is fully owned by the Government of India. The Preamble of the Reserve Bank describes the basic functions as ‘to regulate the issue of Bank notes and keeping of reserves with a view to securing monetary stability in India and generally, to operate the currency and credit system of the country to its advantage'.The twin objectives of monetary policy in India have evolved over the years as those of maintaining price stability and ensuring adequate flow of cred it to facilitate the growth process. The relative emphasis between the twin objectives is modulated as per the prevailing circumstances and is articulated in the policy statements by the Reserve Bank from time to time. Consideration of macro-economic and financial stability is also subsumed in the mandate. The Reserve Bank is also entrusted with the management of foreign exchange reserves (which include gold holding also), which are reflected in its balance sheet.While the Reserve Bank is essentially a monetary authority, its founding statute mandates it to be the manager of market borrowing of the Government of India and banker to the Government. The Reserve Bank's affairs are governed by a Central Board of Directors, consisting of fourteen non-executive, independent directors nominated by the Government, in addition to the Governor and up to four Deputy Governors. Besides, one Government official is also nominated on the Board who participates in the Board meetings but cannot vote . IMPORTANT FUNCTIONS PLAYED BY RESERVE BANK OF INDIA IN ECONOMY MAIN FUNCTIONS oMONITORY AUTHORITY The Reserve Bank of India formulates implements and monitors the monetary policy. Its main objective is maintaining price stability and ensuring adequate flow of credit to productive sectors. oREGULATOR AND SUPERVISOR OF FINANCIAL SYSTEM Prescribes broad parameters of banking operations within which the country’s banking and financial system functions. Their main objective is to maintain public confidence in the system, protect depositors’ interest and provide cost-effective banking services to the public. MANAGER OF EXCHANGE CONTROL The manager of the exchange control department manages the Foreign Exchange Management Act, 1999. Its main objective is to facilitate external trade and payment and promote orderly development and maintenance of foreign exchange market in India. oISSUER OF THE CURRENCY The person who is issuer issues and exchanges or destroys currency and co ins not fit for circulation. His main objective is to give the public adequate quantity of supplies of currency notes and coins and in good quality. oDEVELOPMENTAL ROLEThe reserve bank of India performs a wide range of promotional functions to support national objectives. The promotional functions are such as contests, coupons, maintaining good public relations, and many more†¦.. oRELATED FUNCTIONS There are also some of the relating functions to the above mentioned main functions. They are such as Banker to the Government, Banker to banks etc†¦. ?BANKER TO THE GOVERNMENT It performs merchant banking function for the central and the state governments; also acts as their banker. ?BANKER TO THE BANKS Maintains banking accounts of all scheduled banks. ?SUPERVISORY FUNCTIONSThe Reserve Bank act, 1934 and the Banking Regulation act, 1949 have given the RBI wide powers of supervision and control over commercial and co-operative banks, relating to licensing and establishments, br anch expansion, liquidity of their asset, management and methods of working, amalgamation, reconstruction, and liquidation. The RBI is authorized to carry out periodical inspections of banks and to call for returns and necessary information from them. The supervisory functions of the RBI have helped a great deal in improving the standard of banking in India to develop on sound lines and to improve the methods of their operation. PROMOTIONAL FUNCTIONS With economic growth assuming a new urgency since Independence, the range of the Reserve Bank’s functions has steadily widened. The bank now performs a variety of developmental and promotional functions, which, at one time were regarded as outside the normal scope of central banking. The RBI was asked to promote banking habit, extend banking facilities to rural and semi-urban areas, and establish and promote new specialized financing agencies. PROBLEMS FACED BY INDIAN ECONOMY Macro-economic environment in India has taken a seriou s turn since the beginning of the year.Unprecedented rise in crude prices, surge in inflation and continued strong growth in money supply (M3) have forced the government and RBI to take strong fiscal and monetary measures leading to liquidity tightening, significant rise in interest rates and slowdown in economic growth. Economic shocks are events which adversely affect the economy and the government’s macroeconomic objectives such as growth, inflation, unemployment and the balance of payments. CERTAIN PROBLEMS FACED BY INDIAN ECONOMY oFALL IN SAVINGS RATIO The savings ratio is the % of income that is saved not spent.A fall in the savings ratio implies that consumer spending is increasing; often this is financed through increased borrowing. EFFECTS OF FALL IN SAVINGS RATIO ?HIGHER LEVEL OF CONSUMPTION This results in increase in Aggregate Demand. The increase in AD will cause an increase in economic growth and lower unemployment. However, rising Aggregate Demand may cause inf lation. Inflation will occur when growth is faster than the long run trend rate. This is now a potential problem in the India. Inflation has recently gone above 12% ?BOOM AND BUST A fall in the savings ratio is usually accompanied by a rise in confidence.It is the rise in confidence which encourages borrowing and consumers to run down savings. Therefore, there is always a danger that a falling savings ratio can be a precursor to a boom and bust situation. ?ECONOMY MORE SENSITIVE TO INTEREST RATES With a fall in the savings ratio interest rate changes will have a bigger effect in reducing spending. This is because levels of borrowing are higher and therefore a rise in interest rates has a significant impact on increasing interest repayments. Also, higher rates will not be increasing incomes from savings as much. ?BALANCE OF PAYMENTWith higher levels of consumer spending, there will be an increase in imports. Therefore this will lead to deterioration in the current account. The curren t account deficit could put downward pressure on the exchange rate in the long term. However, some people argue a fall in the savings ratio is not a problem, but, it is just a reflection of strong economy and booming housing market, which increases scope for equity withdrawal. oINFLATION Inflation is posing a serious challenge to the economic growth of India. Since Jan’08 onwards, inflation in the country has surged by 8. 2% to hit a 13-year high of ~12%.M3 growth in the economy too continued to remain strong at 20% (in July’08), well above the RBI’s comfort level of 17%. The WPI inflation rate flared up during the period driven by significant increase in the prices of commodities, primary articles and manufactured products, even though very small part of global crude price increase has been passed on to the Indian consumers. oGLOBAL RECESSION It appears that Europe, Japan and the US are entering into recession. Falling house prices, crisis in the financial syst em, and lower confidence could lead to a sharp downturn, with the worst still to come.Many argue that India’s growth is not so dependent on growth in the West. However, the Indian stock markets have been hit by the global crisis. India’s growing service sector and manufacturing sector would be adversely impacted by a global downturn. oRISE IN CRUDE PRICES How global crude prices would behave probably has no easy answers; however we believe that the current challenging and uncertain macro-economic conditions does not lead Indian financials into a state of crisis. But continued rise in crude prices and its resultant impact on inflation, interest rates and government finances has the potential to do so.Hence, crude price remains the key risk to our positive stance on the Indian financials. In the last couple of months oil prices have surged by 45% from US$ 100 to US$ 145 (and now back to US$ 115). India currently imports 70% of its crude requirement, resulting in pressure on government coffers on back of rising crude prices. oDEPRICIATING INR Surge in crude prices has severely impacted current account deficit of the country. This coupled with the outflow of FII investments has resulted in INR to depreciate sharply against dollar further fueling inflation. IMPACT OF ECONOMIC PROBLEMS ON INDIAN FINANCIALSThe current macro-economic conditions are expected to result in oSLOWDOWN IN CREDIT GROWTH oIMPACT ON MARGINS OF BANKS oPREASURE ON CREDIT QUALITY †¢SLOWDOWN IN CREDIT GROWTH While the rise in interest rates should lead to a moderation in demand for credit, Indian banks too are exercising caution while lending. Credit growth of 18% in FY09E and 17% in FY10E vs. 22% in FY08. Risks and uncertainties in the system have increased given the higher crude and commodity prices and its inflationary impact. This would curtail consumption, which would impact economic growth adversely.Further higher rates will not only impact the profitability of Indian corp orate but also impact IRRs of various proposed capex projects. This coupled with elections next year could lead to some postponement of capex plans of corporate, leading to negative impact on demand for credit. Higher rates have particularly impacted retail loan growth. As can be seen in the exhibit below, retail loan growth has slowed down significantly from 26. 5% in FY07 to ~13% in FY08. SLR Ratio of the system has started rising since mid FY08 and currently stands at 28. %. Given the expected negative impact on credit growth. †¢IMPACT ON MARGINS OF BANKS During the past 18 months, CRR has increased by 400 bps to 9. 0% currently and RBI has also discontinued with interest payment on CRR balances. Every 50 bps hike in CRR generally negatively impacts margins by ~5 bps. Till June’08, most of the banks had restrained from hiking lending rates despite significant monetary tightening. However on account of recent measures by RBI, banks have resorted to hiking PLRs in July/ August by 50-150 bps to preserve their margins.In fact in an environment, where liquidity is tight, interest rates are at elevated levels and risk premiums have increased, the banks tend to regain the pricing power. This would not only help the banks to adequately price in risks but also help protect their margins. Apart from hiking PLRs, banks are also resorting to reprising (in fact right-pricing) the loans that were sanctioned well below PLRs. Significant portion of fixed rate loans would also get re-priced over the period of 12-18 months. †¢PRESSURE ON CREDIT QUALITY Higher lending rates are expected to impact credit quality for the banking system.The extent of the impact on credit quality would also be bank specific given the loan mix (retail vs. corporate), proportion of unsecured lending, credit profile of corporate loan book and industry wise exposure. Indian banks’ fundamentals are relatively resilient with better risk management systems, dramatically improved a sset quality, stronger recovery mechanisms (legal provisions) and with adequate capitalization and provisioning. Even Certain sectors (like real estate, airlines industry) might feel the stress due to the changing macro environment and rise in interest rates.Many companies where crude forms a key raw material component are expected to get hit more severely. Similarly, sectors like real estate and SMEs, which are interest rate sensitive, would face higher delinquencies if interest rates strengthen further by 100-200 bps. NECESSARY INITIATIVES TAKEN BY RBI & MINISTRY OF FINANCE TO TACKLE ECONOMIC PROBLEMS As most of economists feel that the most horrible problem which India is facing currently is inflation which has crossed 12%. To come out of these problems RBI and ministry of finance and other relevant government and regulatory entities are taking various initiatives which are as follows†¦ RBI MONITORY POLICY With the introduction of the Five year plans, the need for appropriat e adjustment in monetary and fiscal policies to suit the pace and pattern of planned development became imperative. The monitory policy since 1952 emphasized the twin aims of the economic policy of the government: oSpread up economic development in the country to raise national income and standard of living, and oTo control and reduce inflationary pressure in the economy. This policy of RBI since the First plan period was termed broadly as one of controlled expansion, i. e. a policy of â€Å"adequate financing of economic growth and at the same time the time ensuring reasonable price stability†. Expansion of currency and credit was essential to meet the increased demand for investment funds in an economy like India which had embarked on rapid economic development. Accordingly, RBI helped the economy to expand via expansion of money and credit and attempted to check in rise in prices by the use of selective controls. OBJECTIVES OF MONITORY POLICY ?PRICE STABILITY ?MONITORY TAR GETTING ?INTEREST RATE POLICY ?RESTRUCTURING OF MONEY MARKET ?REGULATION OF FOREIGN EXCHANGE MARKET WEAPONS OF MONITORY POLICYCentral banks generally use the three quantitative measures to control the volume of credit in an economy, namely: oRaising bank rates oOpen market operations and oVariable reserve ratio However, there are various limitations on the effective working of the quantitative measures of credit control adapted by the central banks and, to that extent, monetary measures to control inflation are weakened. In fact, in controlling inflation moderate monetary measures, by themselves, are relatively ineffective. On the other hand, drastic monetary measures are not good for the economic system because they may easily send the economy into a decline.In a developing economy there is always an increasing need for credit. Growth requires credit expansion but to check inflation, there is need to contract credit. In such a encounter, the best course is to resort to credit contr ol, restricting the flow of credit into the unproductive, inflation-infected sectors and speculative activities, and diversifying the flow of credit towards the most desirable needs of productive and growth-inducing sector. It should be noted that the impression that the rate of spending can be controlled rigorously by the contraction of credit or money supply is wrong in the context of modern economic societies.In modern community, tangible, wealth is typically represented by claims in the form of securities, bonds, etc. , or near moneys, as they are called. Such near moneys are highly liquid assets, and they are very close to being money. They increase the general liquidity of the economy. In these circumstances, it is not so simple to control the rate of spending or total outlays merely by controlling the quantity of money. Thus, there is no immediate and direct relationship between money supply and the price level, as is normally conceived by the traditional quantity theories.Wh en there is inflation in an economy, monetary restraints can, in conjunction with other measures, play a useful role in controlling inflation. †¢FISCAL POLICY Fiscal policy is another type of budgetary policy in relation to taxation, public borrowing, and public expenditure. To curve the effects of inflation and changes in the total expenditure, fiscal measures would have to be implemented which involves an increase in taxation and decrease in government spending. During inflationary periods the government is supposed to counteract an increase in private spending.It can be cleared noted that during a period of full employment inflation, the aggregate demand in relation to the limited supply of goods and services is reduced to the extent that government expenditures are shortened. Along with public expenditure, governments must simultaneously increase taxes that would effectively reduce private expenditure, in an effect to minimise inflationary pressures. It is known that when m ore taxes are imposed, the size of the disposable income diminishes, also the magnitude of the inflationary gap in regards to the availability of the supply of goods and services.In some instances, tax policy has been directed towards restricting demand without restricting level of production. For example, excise duties or sales tax on various commodities may take away the buying power from the consumer goods market without discouraging the level of production. However, some economists point out that this is not a correct way of combating inflation because it may lead to a regressive status within the economy. As a result, this may lead to a further rise in prices of goods and services, and inflation can spread from one sector of the economy to another and from one type of goods and services to another.Therefore, a reduction in public expenditure, and an increase in taxes produces a cash surplus in the budget. Keynes, however, suggested a programme of compulsory savings, such as def erred pay as an anti-inflationary measure. Deferred pay indicates that the consumer defers a part of his or her wages by buying savings bonds (which, of course, is a sort of public borrowing), which are redeemable after a particular period of time, this is sometimes called forced savings. Additionally, private savings have a strong disinflationary effect on the economy and an increase in these is an important measure for controlling inflation.Government policy should therefore, include devices for increasing savings. A strong savings drive reduces the spendable income of the consumers, without any harmful effects of any kind that are associated with higher taxation. Furthermore, the effects of a large deficit budget, which is mainly responsible for inflation, can be partially offset by covering the deficit through public borrowings. It should be noted that it is only government borrowing from non-bank lenders that has a disinflationary effect.In addition, public debt may be managed in such a way that the supply of money in the country may be controlled. The government should avoid paying back any of its past loans during inflationary periods, in order to prevent an increase in the circulation of money. Anti-inflationary debt management also includes cancellation of public debt held by the central bank out of a budgetary surplus. Fiscal policy by itself may not be very effective in combating inflation; therefore a combination of fiscal and monetary tools can work together in achieving the desired outcome. †¢DIRECT MEASURESDirect controls refer to the regulatory measures undertaken to convert an open inflation into a repressed one. Such regulatory measures involve the use of direct control on prices and rationing of scarce goods. The function of price control is a fix a legal ceiling, beyond which prices of particular goods may not increase. When ceiling prices are fixed and enforced, it means prices are not allowed to rise further and so, inflation is supp ressed. Under price control, producers cannot raise the price beyond a specified level, even though there may be a pressure of excessive demand forcing it up.In times of the severe scarcity of certain goods, particularly, food grains, government may have to enforce rationing, along with price control. The main function of rationing is to divert consumption from those commodities whose supply needs to be restricted for some special reasons; such as, to make the commodity more available to a larger number of households. Therefore, rationing becomes essential when necessities, such as food grains, are relatively scarce. Rationing has the effect of limiting the variety of quantity of goods available for the good cause of price stability and distributive impartiality.Another control measure that was suggested is the control of wages as it often becomes necessary in order to stop a wage-price spiral. During galloping inflation, it may be necessary to apply a wage-profit freeze. Ceilings o n wages and profits keep down disposable income and, therefore the total effective demand for goods and services. On the other hand, restrictions on imports may also help to increase supplies of essential commodities and ease the inflationary pressure. However, this is possible only to a limited extent, depending upon the balance of payments situation.Similarly, exports may also be reduced in an effort to increase the availability of the domestic supply of essential commodities so that inflation is eased. In general, monetary and fiscal controls may be used to repress excess demand but direct controls can be more useful when they are applied to specific scarcity areas. As a result, anti-inflationary policies should involve varied programmes and cannot exclusively depend on a particular type of measure only. RECENT INNOVATIONS IN INDIAN BANKING HDFC Bank’s ‘Net Safe’ card is a one-time use card with a limit that’s specified, taken from Tendon’s credi t or debit card.Even if Tandon fails to utilize the full amount within 24 hours of creating the card, the card simply dies and the unspent amount in the temporary card reverts to his original credit or debit card. Welcome to one of the myriad ways in which bankers have been trying to innovate. They’re bringing ATMs, cash and even foreign exchange to their customers’ doorsteps. Indeed, innovation has become the hottest banking game in town. Want to buy a house but don’t want to go through the hassles of haggling with brokers and the mounds of paperwork? Not to worry.Your bank will tackle all this. It’s ready to come every step of the way for you to buy a house. Standard Chartered, for instance, has property advisors to guide a customer through the entire process of selecting and buying a house. They also lend a hand with the cumbersome documentation formalities and the registration. Don’t fret if you’ve already bought your house or car â€⠀œ you can do other things with both. You can leverage your new house or car these days with banks like ICICI Bank and Stanchart ready to extend loans against either, till it’s about five years old.Loans are available to all car owners for almost all brands of cars manufactured in India that are up to five years old. Last month, Kotak Mahindra Bank introduced a variant of the sweep-in account. If the balance tops Rs 1. 5 lakh, the excess runs into Kotak’s liquid mutual fund. â€Å"Even if the money is there only for the weekend, a liquid fund can earn you a clean 4. 5 per cent per annum,† points out Shashi Arora, vice president, marketing, Kotak Mahindra Bank. That’s not a small gain considering that your current account does not pay you any interest.And if, meanwhile, you want to buy a big-ticket home theatre system, the minute you swipe your card the invested sum will return to your account. Banks are also attempting to reach out to residents of metropo litan cities where people are pressed for time (what with long commuting hours, traffic jams and both spouses working), beyond conventional banking hours. ICICI Bank, for example, introduced eight to eight banking hours, seven days of the week, in major cities. Not to be outdone, some of the other private banks have also done this too.HDFC Bank even has a 24-hour branch at Mumbai’s international airport. INDIAN BANKING IN 2010 The interplay between policy and regulatory interventions and management strategies will determine the performance of Indian banking over the next few years. Legislative actions will shape the regulatory stance through six key elements: industry structure and sector consolidation; freedom to deploy capital; regulatory coverage; corporate governance; labor reforms and human capital development; and support for creating industry utilities and service bureaus.Management success will be determined on three fronts: fundamentally upgrading organizational capa bility to stay in tune with the changing market; adopting value-creating M&A as an avenue for growth; and continually innovating to develop new business models to access untapped opportunities. Through these scenarios, we can paint a picture of the events and outcomes that will be the consequence of the actions of policy makers and bank managements. These actions will have dramatically different outcomes; the costs of inaction or insufficient action will be high. Specifically, at one extreme, the sector could account for over 7. per cent of GDP with over Rs.. 7,500 billion in market cap, while at the other it could account for just 3. 3 per cent of GDP with a market cap of Rs. 2,400 billion. Banking sector intermediation, as measured by total loans as a percentage of GDP, could grow marginally from its current levels of ~30 per cent to ~45 per cent or grow significantly to over 100 per cent of GDP. In all of this, the sector could generate employment to the tune of 1. 5 million comp ared to 0. 9 million. Today availability of capital would be a key factor — the banking sector will require as much as Rs. 00 billion (US$ 14 billion) in capital to fund growth in advances, non-performing loan (NPL) write offs and investments in IT and human capital up gradation to reach the high-performing scenario. Three scenarios can be defined to characterize these outcomes: oHIGH PERFORMANCE In this scenario, policy makers intervene only to the extent required to ensure system stability and protection of consumer interests, leaving managements free to drive far reaching changes. Changes in regulations and bank capabilities reduce intermediation costs leading to increased growth, innovation and productivity.Banking becomes an even greater driver of GDP growth and employment and large sections of the population gain access to quality banking products. Management is able to overhaul bank organizational structures, focus on industry consolidation and transform the banks into industry shapers. In this scenario we witness consolidation within public sector banks (PSBs) and within private sector banks. Foreign banks begin to be active in M&A, buying out some old private and newer private banks. Some M&A activity also begins to take place between private and public sector banks.As a result, foreign and new private banks grow at rates of 50 per cent, while PSBs improve their growth rate to 15 per cent. The share of the private sector banks (including through mergers with PSBs) increases to 35 per cent and that of foreign banks increases to 20 per cent of total sector assets. The share of banking sector value adds in GDP increases to over 7. 7 per cent, from current levels of 2. 5 per cent. Funding this dramatic growth will require as much as Rs. 600 billion in capital over the next few years. oEVOLUTION Policy makers adopt a pro-market stance but are cautious in liberalizing the industry.As a result of this, some constraints still exist. Processes to create highly efficient organizations have been initiated but most banks are still not best-in-class operators. Thus, while the sector emerges as an important driver of the economy and wealth in 2010, it has still not come of age in comparison to developed markets. Significant changes are still required in policy and regulation and in capability-building measures, especially by public sector and old private sector banks. In this scenario, M&A activity is driven primarily by new private banks, which take over some old private banks and also merge among themselves.As a result, growth of these banks increases to 35 per cent. Foreign banks also grow faster at 30 per cent due to a relaxation of some regulations. The share of private sector banks increases to 30 per cent of total sector assets, from current levels of 18 per cent, while that of foreign banks increases to over 12 per cent of total assets. The share of banking sector value adds to GDP increases to over 4. 7 per cent. oSTAGNATION I n this scenario, policy makers intervene to set restrictive conditions and management is unable to execute the changes needed to enhance returns to shareholders and provide quality products and services to customers.As a result, growth and productivity levels are low and the banking sector is unable to support a fast-growing economy. This scenario sees limited consolidation in the sector and most banks remain sub-scale. New private sector banks continue on their growth trajectory of 25 per cent. There is a slowdown in PSB and old private sector bank growth. The share of foreign banks remains at 7 per cent of total assets. Banking sector value adds meanwhile, is only 3. 3 per cent of GDP. oNEED TO CREATE A MARKET DRIVEN BANKING SECTOR WITH ADEQUATE FOCUS ON SOCIAL DEVELOPMENTThe term â€Å"policy makers†, refers to the Ministry of Finance and the RBI and includes the other relevant government and regulatory entities for the banking sector. The coordinated efforts between the v arious entities are required to enable positive action. This will spur on the performance of the sector. The policy makers need to make coordinated efforts on six fronts: †¢Help shape a superior industry structure in a phased manner through â€Å"managed consolidation† and by enabling capital availability.This would create 3-4 global sized banks controlling 35-45 per cent of the market in India; 6-8 national banks controlling 20-25 per cent of the market; 4-6 foreign banks with 15-20 per cent share in the market, and the rest being specialist players (geographical or product/ segment focused). †¢Focus strongly on â€Å"social development† by moving away from universal directed norms to an explicit incentive-driven framework by introducing credit guarantees and market subsidies to encourage leading public sector, private and foreign players to leverage technology to innovate and profitably provide banking services to lower income and rural markets. Create a un ified regulator, distinct from the central bank of the country, in a phased manner to overcome supervisory difficulties and reduce compliance costs. †¢Improve corporate governance primarily by increasing board independence and accountability. †¢Accelerate the creation of world class supporting infrastructure (e. g. , payments, asset reconstruction companies (ARCs), credit bureaus, back-office utilities) to help the banking sector focus on core activities. †¢Enable labor reforms, focusing on enriching human capital, to help public sector and old private banks become competitive. NEED FOR DECISIVE ACTION BY BANK MANAGEMENT Management imperatives will differ by bank. However, there will be common themes across classes of banks: †¢PSBs need to fundamentally strengthen institutional skill levels especially in sales and mar marketing, service operations, risk management and the overall organizational performance ethic. The last, i. e. , strengthening human capital will be the single biggest challenge. †¢Old private sector banks also have the need to fundamentally strengthen skill levels.However, even more imperative is their need to examine their participation in the Indian banking sector and their ability to remain independent in the light of the discontinuities in the sector. †¢New private banks could reach the next level of their growth in the Indian banking sector by continuing to innovate and develop differentiated business models to profitably serve segments like the rural/low income and affluent/ HNI segments; actively adopting acquisitions as a means to grow and reaching the next level of performance in their service platforms.Attracting, developing and retaining more leadership capacity would be key to achieving this and would pose the biggest challenge. †¢Foreign banks committed to making a play in India will need to adopt alternative approaches to win the â€Å"race for the customer† and build a value-creating cus tomer franchise in advance of regulations potentially opening up post 2009. At the same time, they should stay in the game for potential acquisition opportunities as and when they appear in the near term. Maintaining a fundamentally long-term value-creation mindset will be their greatest challenge.The extent to which Indian policy makers and bank managements develop and execute such a clear and complementary agenda to tackle emerging discontinuities will lay the foundations for a high-performing sector in 2010. CONCLUSION We can conclude that the financial sector is a nerve system of Indian economy. Banking plays an important role in development of economy. For steady growth in economy innovations and development in financial sector is very important. Economy of any country faces lots of challenges and problems. To tackle those problems financial sector plays a vital role.The financial sector makes the economy efficient to the extent where it can rival other developed economies in t he world. Financial sector also faces lots of problems but it should develop certain strategies to come out of these problems which is very important for healthy growth of economy. BIBLIOGRAPHY ?FINANCIAL SRVICES AND MARKET GORDAN AND NATRAJAN ?INDIAN BANKING SYSTEM V. K. BHALLA ?INTRODUC TION TO ECONOMIC ANALYSIS R. PRESTON MCAFEE ?MONEY, BANKING, INTERNATIONAL TRADE AND PUBLIC FINANCE D. M. MITHANI ?BANKING AND PRACTICE P. N. VARSHNEW ?MONEYCONTROL. COM ?MONEYPORE. COM ?RBI. ORG. IN