Saturday, 3 December 2011
Tuesday, 29 November 2011
Financial markets
Financial markets are functionally classified into
(a) money market and
(b) capital market.
This classification is on the basis of term of credit, i.e., whether the credit is supplied for a short period or long period.
Money market refers to institutional arrangements which deal with short-term funds. Capital market, on the other hand, deals in long-term funds.
Money market is a short-term credit market which deals with relatively liquid and quickly marketable assets, such as, short- term government securities, treasury bills, bills of exchange, etc.
According to Crowther, "The money market is a collective name given to the various firms and institutions that deal with various grades of near-money."
The Reserve Bank of India defines money market "as the centre for dealing, mainly of a short-term character, in monetary assets; it meets the short-term requirements of borrowers and provides liquidity or cash to the lenders."
Structure of Indian Money Market
(i)Broadly speaking, the money market in India comprises two sectors: (a) organised sector, and (b) unorganised sector.
(ii)The organised sector consists of the Reserve Bank of India, the State Bank of India with its seven associates, twenty nationalised commercial banks, other scheduled and non-scheduled commercial banks, foreign banks, and Regional Rural Banks. It is called organised because its part is systematically coordinated by the RBI.
(iii) Non-bank financial institutions such as the LIC, the GIC and subsidiaries, the UTI also operate in this market, but only indirectly through banks, and not directly.
(iv) Quasi-government bodies and large companies also make their short-term surplus funds available to the organised market through banks.
(v)Cooperative credit institutions occupy the intermediary position between organised and unorganised parts of the Indian money market. These institutions have a three-tier structure. At the top, there are state cooperative banks.
At the local level, there are primary credit societies and urban cooperative banks. Considering the size, methods of operations, and dealings with the RBI and commercial banks, only state and central, cooperative banks should be included in the organised sector. The cooperative societies at the local level are loosely linked with it.
(vi)The unorganized sector consists of indigenous banks and money lenders. It is unorganised because activities of its parts are not systematically coordinated by the RBI.
(vii)The money lenders operate throughout the country, but without any link among themselves.
(viii)Indigenous banks are somewhat better organised because they enjoy rediscount facilities from the commercial banks which, in turn, have link with the RBI. But this type of organisation represents only a loose link with the RBI.
ENVIORNMENTAL LAW
Environmental protection has always been a part and parcel of Indian culture as evidenced by the stipulated responsibilities of the state as well as Citizens for the nature and living being the constitution of India under Article 48A and 51A(g).
Article 48A : The state shall endeavor to protect and improve the natural environment and safeguard the forests and wildlife of the country.
Article 51A(g): Fundamental duty of every citizen to protect and improve the natural environment including forests,lakes,rivers and wildlife and have to compassion for living creatures.
In the Constitution of India it is clearly stated that it is the duty of the state to 'protect and improve the environment and to safeguard the forests and wildlife of the country'. It imposes a duty on every citizen' to protect and improve the natural environment including forests,lakes,rivers and wildlife'. Reference to the environment has also been made in the Directive Principles of State policy as well as the Fundamental Rights. The Department of Environment was established inIndia in 1980 to ensure a healthy environment for the country. This later became the Ministry of Environment and Forest in 1985.
The Constitutional provision are backed by a number of laws - acts,rules,and notifications. The EPA(Environmental Protection Act), 1986 came into force soon after the Bhopal Gas Tragedy and is considered an umbrella legislation as it fills many gaps in the existing laws. Thereafter a large number of laws came into existence as the problems began arising, for example, Handling and Management of Hazardous Waste Rules in 1989. Following is a list of the environmental legislation that have come into effect :
• General
• Forest and Wildlife
• Water
• Air
General :
Environment (Protection) Act, 1986 (EPA)
This Act is an umbrella legislation designed to provide a framework for the co-ordination of central and state authorities established under the Water (Prevention and Control) Act, 1974 and Air (Prevention and Control) Act, 1981. Under this Act, the central government is empowered to take measures necessary to protect and improve the quality of the environment by setting standards for emissions and discharges; regulating the location of industries; management of hazardous wastes, and protection of public health and welfare.
From time to time the central government issues notifications under the EPA for the protection of ecologically-sensitive areas or issues guidelines for matters under the EPA.
Some notifications issued under this Act are:
• Doon Valley Notification (1989), which prohibits the setting up of an industry in which the daily consumption of coal/fuel is more than 24 MT (million tonnes) per day in theDoon Valley .
• Coastal Regulation Zone Notification (1991), which regulates activities along coastal stretches. As per this notification, dumping ash or any other waste in the CRZ is prohibited. The thermal power plants (only foreshore facilities for transport of raw materials, facilities for intake of cooling water and outfall for discharge of treated waste water/cooling water) require clearance from the MoEF.
• Dhanu Taluka Notification (1991), under which the district of Dhanu Taluka has been declared an ecologically fragile region and setting up power plants in its vicinity is prohibited.
• Revdanda Creek Notification (1989), which prohibits setting up industries in the belt around the Revdanda Creek as per the rules laid down in the notification.
• The Environmental Impact Assessment of Development Projects Notification, (1994 and as amended in 1997). As per this notification:
• All projects listed under Schedule I require environmental clearance from the MoEF.
• Projects under the delicenced category of the New Industrial Policy also require clearance from the MoEF.
• All developmental projects whether or not under the Schedule I, if located in fragile regions must obtain MoEF clearance.
• Industrial projects with investments above Rs 500 million must obtain MoEF clearance and are further required to obtain a LOI (Letter Of Intent) from the Ministry of Industry, and an NOC (No Objection Certificate) from the SPCB and the State Forest Department if the location involves forestland. Once the NOC is obtained, the LOI is converted into an industrial licence by the state authority.
• The notification also stipulated procedural requirements for the establishment and operation of new power plants. As per this notification, two-stage clearance for site-specific projects such as pithead thermal power plants and valley projects is required. Site clearance is given in the first stage and final environmental clearance in the second. A public hearing has been made mandatory for projects covered by this notification. This is an important step in providing transparency and a greater role to local communities.
• Ash Content Notification (1997), required the use of beneficiated coal with ash content not exceeding 34% with effect from June 2001, (the date later was extended to June 2002). This applies to all thermal plants located beyond one thousand kilometres from the pithead and any thermal plant located in an urban area or, sensitive area irrespective of the distance from the pithead except any pithead power plant.
• Taj Trapezium Notification (1998), provided that no power plant could be set up within the geographical limit of the Taj Trapezium assigned by the Taj Trapezium Zone Pollution (Prevention and Control) Authority.
• Disposal of Fly Ash Notification (1999) the main objective of which is to conserve the topsoil, protect the environment and prevent the dumping and disposal of fly ash discharged from lignite-based power plants. The salient feature of this notification is that no person within a radius of 50 km from a coal-or lignite-based power plant shall manufacture clay bricks or tiles without mixing at least 25% of ash with soil on a weight-to-weight basis. For the thermal power plants the utilisation of the flyash would be as follows:
• Every coal-or lignite-based power plant shall make available ash for at least ten years from the date of publication of the above notification without any payment or any other consideration, for the purpose of manufacturing ash-based products such as cement, concrete blocks, bricks, panels or any other material or for construction of roads, embankments, dams, dykes or for any other construction activity.
Forest and Wildlife:
The Wildlife (Protection) Act, 1972, Amendment 1991
The WPA (Wildlife Protection Act), 1972, provides for protection to listed species of flora and fauna and establishes a network of ecologically-important protected areas. The WPA empowers the central and state governments to declare any area a wildlife sanctuary, national park or closed area. There is a blanket ban on carrying out any industrial activity inside these protected areas. It provides for authorities to administer and implement the Act; regulate the hunting of wild animals; protect specified plants, sanctuaries, national parks and closed areas; restrict trade or commerce in wild animals or animal articles; and miscellaneous matters. The Act prohibits hunting of animals except with permission of authorized officer when an animal has become dangerous to human life or property or so disabled or diseased as to be beyond recovery (WWF-India, 1999). The near-total prohibition on hunting was made more effective by the Amendment Act of 1991.
TheForest (Conservation) Act, 1980
This Act was adopted to protect and conserve forests. The Act restricts the powers of the state in respect of de-reservation of forests and use of forestland for non-forest purposes (the term non-forest purpose includes clearing any forestland for cultivation of cash crops, plantation crops, horticulture or any purpose other than re-afforestation).
Water :
Water quality standards especially those for drinking water are set by the Indian Council of Medical Research. These bear close resemblance to WHO standards. The discharge of industrial effluents is regulated by the Indian Standard Codes and recently, water quality standards for coastal water marine outfalls have also been specified. In addition to the general standards, certain specific standards have been developed for effluent discharges from industries such as, iron and steel, aluminium, pulp and paper, oil refineries, petrochemicals and thermal power plants. Legislation to control water pollution are listed below.
Water (Prevention and Control of Pollution) Act, 1974
This Act representedIndia 's first attempts to comprehensively deal with environmental issues. The Act prohibits the discharge of pollutants into water bodies beyond a given standard, and lays down penalties for non-compliance. The Act was amended in 1988 to conform closely to the provisions of the EPA, 1986. It set up the CPCB (Central Pollution Control Board) which lays down standards for the prevention and control of water pollution. At the State level, the SPCBs (State Pollution Control Board) function under the direction of the CPCB and the state government.
Water (Prevention and Control of Pollution) Cess Act, 1977
This Act provides for a levy and collection of a cess on water consumed by industries and local authorities. It aims at augmenting the resources of the central and state boards for prevention and control of water pollution. Following this Act, The Water (Prevention and Control of Pollution) Cess Rules were formulated in 1978 for defining standards and indications for the kind of and location of meters that every consumer of water is required to install.
Air :
To counter the problems associated with air pollution, ambient air quality standards were established, under the 1981 Act. The Act provides means for the control and abatement of air pollution. The Act seeks to combat air pollution by prohibiting the use of polluting fuels and substances, as well as by regulating appliances that give rise to air pollution. Under the Act establishing or operating of any industrial plant in the pollution control area requires consent from state boards. The boards are also expected to test the air in air pollution control areas, inspect pollution control equipment, and manufacturing processes.
National Ambient Air Quality Standards (NAAQS) for major pollutants were notified by the CPCB in April 1994. These are deemed to be levels of air quality necessary with an adequate margin of safety, to protect public health, vegetation and property (CPCB 1995 cited in Gupta, 1999). The NAAQS prescribe specific standards for industrial, residential, rural and other sensitive areas. Industry-specific emission standards have also been developed for iron and steel plants, cement plants, fertilizer plants, oil refineries and the aluminium industry. The ambient quality standards prescribed inIndia are similar to those prevailing in many developed and developing countries.
To empower the central and state pollution boards to meet grave emergencies, the Air (Prevention and Control of Pollution) Amendment Act, 1987, was enacted. The boards were authorized to take immediate measures to tackle such emergencies and recover the expenses incurred from the offenders. The power to cancel consent for non-fulfilment of the conditions prescribed has also been emphasized in the Air Act Amendment.
The Air (Prevention and Control of Pollution) Rules formulated in 1982, defined the procedures for conducting meetings of the boards, the powers of the presiding officers, decision-making, the quorum; manner in which the records of the meeting were to be set etc. They also prescribed the manner and the purpose of seeking assistance from specialists and the fee to be paid to them.
Complementing the above Acts is the Atomic Energy Act of 1982, which was introduced to deal with radioactive waste. In 1988, the Motor Vehicles Act, was enacted to regulate vehicular traffic, besides ensuring proper packaging, labelling and transportation of the hazardous wastes. Various aspects of vehicular pollution have also been notified under the EPA of 1986. Mass emission standards were notified in 1990, which were made more stringent in 1996. In 2000 these standards were revised yet again and for the first time separate obligations for vehicle owners, manufacturers and enforcing agencies were stipulated. In addition, fairly stringent Euro I and II emission norms were notified by the Supreme Court on April 29, 1999 for the city ofDelhi . The notification made it mandatory for car manufacturers to conform to the Euro I and Euro II norms by May 1999 and April 2000, respectively, for new non-commercial vehicle sold in Delhi .
Article 48A : The state shall endeavor to protect and improve the natural environment and safeguard the forests and wildlife of the country.
Article 51A(g): Fundamental duty of every citizen to protect and improve the natural environment including forests,lakes,rivers and wildlife and have to compassion for living creatures.
In the Constitution of India it is clearly stated that it is the duty of the state to 'protect and improve the environment and to safeguard the forests and wildlife of the country'. It imposes a duty on every citizen' to protect and improve the natural environment including forests,lakes,rivers and wildlife'. Reference to the environment has also been made in the Directive Principles of State policy as well as the Fundamental Rights. The Department of Environment was established in
The Constitutional provision are backed by a number of laws - acts,rules,and notifications. The EPA(Environmental Protection Act), 1986 came into force soon after the Bhopal Gas Tragedy and is considered an umbrella legislation as it fills many gaps in the existing laws. Thereafter a large number of laws came into existence as the problems began arising, for example, Handling and Management of Hazardous Waste Rules in 1989. Following is a list of the environmental legislation that have come into effect :
• General
• Forest and Wildlife
• Water
• Air
General :
Environment (Protection) Act, 1986 (EPA)
This Act is an umbrella legislation designed to provide a framework for the co-ordination of central and state authorities established under the Water (Prevention and Control) Act, 1974 and Air (Prevention and Control) Act, 1981. Under this Act, the central government is empowered to take measures necessary to protect and improve the quality of the environment by setting standards for emissions and discharges; regulating the location of industries; management of hazardous wastes, and protection of public health and welfare.
From time to time the central government issues notifications under the EPA for the protection of ecologically-sensitive areas or issues guidelines for matters under the EPA.
Some notifications issued under this Act are:
• Doon Valley Notification (1989), which prohibits the setting up of an industry in which the daily consumption of coal/fuel is more than 24 MT (million tonnes) per day in the
• Coastal Regulation Zone Notification (1991), which regulates activities along coastal stretches. As per this notification, dumping ash or any other waste in the CRZ is prohibited. The thermal power plants (only foreshore facilities for transport of raw materials, facilities for intake of cooling water and outfall for discharge of treated waste water/cooling water) require clearance from the MoEF.
• Dhanu Taluka Notification (1991), under which the district of Dhanu Taluka has been declared an ecologically fragile region and setting up power plants in its vicinity is prohibited.
• Revdanda Creek Notification (1989), which prohibits setting up industries in the belt around the Revdanda Creek as per the rules laid down in the notification.
• The Environmental Impact Assessment of Development Projects Notification, (1994 and as amended in 1997). As per this notification:
• All projects listed under Schedule I require environmental clearance from the MoEF.
• Projects under the delicenced category of the New Industrial Policy also require clearance from the MoEF.
• All developmental projects whether or not under the Schedule I, if located in fragile regions must obtain MoEF clearance.
• Industrial projects with investments above Rs 500 million must obtain MoEF clearance and are further required to obtain a LOI (Letter Of Intent) from the Ministry of Industry, and an NOC (No Objection Certificate) from the SPCB and the State Forest Department if the location involves forestland. Once the NOC is obtained, the LOI is converted into an industrial licence by the state authority.
• The notification also stipulated procedural requirements for the establishment and operation of new power plants. As per this notification, two-stage clearance for site-specific projects such as pithead thermal power plants and valley projects is required. Site clearance is given in the first stage and final environmental clearance in the second. A public hearing has been made mandatory for projects covered by this notification. This is an important step in providing transparency and a greater role to local communities.
• Ash Content Notification (1997), required the use of beneficiated coal with ash content not exceeding 34% with effect from June 2001, (the date later was extended to June 2002). This applies to all thermal plants located beyond one thousand kilometres from the pithead and any thermal plant located in an urban area or, sensitive area irrespective of the distance from the pithead except any pithead power plant.
• Taj Trapezium Notification (1998), provided that no power plant could be set up within the geographical limit of the Taj Trapezium assigned by the Taj Trapezium Zone Pollution (Prevention and Control) Authority.
• Disposal of Fly Ash Notification (1999) the main objective of which is to conserve the topsoil, protect the environment and prevent the dumping and disposal of fly ash discharged from lignite-based power plants. The salient feature of this notification is that no person within a radius of 50 km from a coal-or lignite-based power plant shall manufacture clay bricks or tiles without mixing at least 25% of ash with soil on a weight-to-weight basis. For the thermal power plants the utilisation of the flyash would be as follows:
• Every coal-or lignite-based power plant shall make available ash for at least ten years from the date of publication of the above notification without any payment or any other consideration, for the purpose of manufacturing ash-based products such as cement, concrete blocks, bricks, panels or any other material or for construction of roads, embankments, dams, dykes or for any other construction activity.
The Wildlife (Protection) Act, 1972, Amendment 1991
The WPA (Wildlife Protection Act), 1972, provides for protection to listed species of flora and fauna and establishes a network of ecologically-important protected areas. The WPA empowers the central and state governments to declare any area a wildlife sanctuary, national park or closed area. There is a blanket ban on carrying out any industrial activity inside these protected areas. It provides for authorities to administer and implement the Act; regulate the hunting of wild animals; protect specified plants, sanctuaries, national parks and closed areas; restrict trade or commerce in wild animals or animal articles; and miscellaneous matters. The Act prohibits hunting of animals except with permission of authorized officer when an animal has become dangerous to human life or property or so disabled or diseased as to be beyond recovery (WWF-India, 1999). The near-total prohibition on hunting was made more effective by the Amendment Act of 1991.
The
This Act was adopted to protect and conserve forests. The Act restricts the powers of the state in respect of de-reservation of forests and use of forestland for non-forest purposes (the term non-forest purpose includes clearing any forestland for cultivation of cash crops, plantation crops, horticulture or any purpose other than re-afforestation).
Water :
Water quality standards especially those for drinking water are set by the Indian Council of Medical Research. These bear close resemblance to WHO standards. The discharge of industrial effluents is regulated by the Indian Standard Codes and recently, water quality standards for coastal water marine outfalls have also been specified. In addition to the general standards, certain specific standards have been developed for effluent discharges from industries such as, iron and steel, aluminium, pulp and paper, oil refineries, petrochemicals and thermal power plants. Legislation to control water pollution are listed below.
Water (Prevention and Control of Pollution) Act, 1974
This Act represented
Water (Prevention and Control of Pollution) Cess Act, 1977
This Act provides for a levy and collection of a cess on water consumed by industries and local authorities. It aims at augmenting the resources of the central and state boards for prevention and control of water pollution. Following this Act, The Water (Prevention and Control of Pollution) Cess Rules were formulated in 1978 for defining standards and indications for the kind of and location of meters that every consumer of water is required to install.
Air :
To counter the problems associated with air pollution, ambient air quality standards were established, under the 1981 Act. The Act provides means for the control and abatement of air pollution. The Act seeks to combat air pollution by prohibiting the use of polluting fuels and substances, as well as by regulating appliances that give rise to air pollution. Under the Act establishing or operating of any industrial plant in the pollution control area requires consent from state boards. The boards are also expected to test the air in air pollution control areas, inspect pollution control equipment, and manufacturing processes.
National Ambient Air Quality Standards (NAAQS) for major pollutants were notified by the CPCB in April 1994. These are deemed to be levels of air quality necessary with an adequate margin of safety, to protect public health, vegetation and property (CPCB 1995 cited in Gupta, 1999). The NAAQS prescribe specific standards for industrial, residential, rural and other sensitive areas. Industry-specific emission standards have also been developed for iron and steel plants, cement plants, fertilizer plants, oil refineries and the aluminium industry. The ambient quality standards prescribed in
To empower the central and state pollution boards to meet grave emergencies, the Air (Prevention and Control of Pollution) Amendment Act, 1987, was enacted. The boards were authorized to take immediate measures to tackle such emergencies and recover the expenses incurred from the offenders. The power to cancel consent for non-fulfilment of the conditions prescribed has also been emphasized in the Air Act Amendment.
The Air (Prevention and Control of Pollution) Rules formulated in 1982, defined the procedures for conducting meetings of the boards, the powers of the presiding officers, decision-making, the quorum; manner in which the records of the meeting were to be set etc. They also prescribed the manner and the purpose of seeking assistance from specialists and the fee to be paid to them.
Complementing the above Acts is the Atomic Energy Act of 1982, which was introduced to deal with radioactive waste. In 1988, the Motor Vehicles Act, was enacted to regulate vehicular traffic, besides ensuring proper packaging, labelling and transportation of the hazardous wastes. Various aspects of vehicular pollution have also been notified under the EPA of 1986. Mass emission standards were notified in 1990, which were made more stringent in 1996. In 2000 these standards were revised yet again and for the first time separate obligations for vehicle owners, manufacturers and enforcing agencies were stipulated. In addition, fairly stringent Euro I and II emission norms were notified by the Supreme Court on April 29, 1999 for the city of
What are the five basic principles of Panch sheel?
The movement of non-alignment gave birth to certain other concepts which in fact attempt either to expand or to give additional dimensions to non-alignment. These concepts are :
Panch sheel refers to the five principles of peaceful co-existence which were enunciated in the preamble to the agreement signed between India and China on April 29, 1954 with regard to Tibet. These principles are :
(a) Mutual respect for each other's territorial integrity and sovereignty.
(b) Mutual non-aggression.
(c) Mutual non-interference in each-other's internal affairs.
(d) Peaceful co-existence.
(e) Equality and mutual benefit.
There is indeed nothing new in these principles. They were enunciated and inscribed on rocks by Ashoka the Great about 2.200 years ago. They are also enshrined in the Charter of the United Nations in some form or the other.
What is important about them emphasis was laid on them once again in the settlement of international issues. They provided a set of well-defined principles on the basis of which international issues should be resolved. And, they did have their impact which is clear from the fact that they were referred to in many national, bilateral and multilateral declarations.
Short Essay on Sustainable Human Development
The UNDP Human Development Report (1994) focusses on a new paradigm of development that puts people at the centre of development, regards economic growth as a means and not an end, protects the life opportunities of future generations as well as the present generations and respects the natural systems on which all life depends.
Such a paradigm of development enables all individuals to enlarge their human capabilities to the full and to put these capabilities to their best use in all fields - economic, social, cultural and political. It also protects the options of the unborn generations. It does not run-down the natural resource base needed for sustaining development in the future.
Sustainable human development addresses both inter-generational and intra-generational equity - enabling all generations, present and future to make the best use of their potential capabilities. In the final analysis, sustainable human development is pro-people, pro-jobs and pro-nature.
It gives the highest priority to poverty reduction, productive employment, social integration and environmental regeneration. It accelerates economic growth and translates it into improvements in human lives, without destroying the natural capital needed to protect the opportunities of future generations.
The strongest argument for protecting the environment is the ethical need to guarantee the future generations opportunities similar to the ones previous generations have enjoyed. This guarantee is the foundation of "Sustainable Development."
The World Development Report 1999-2000 emphasises a comprehensive approach to development. The principal goal of development policy is to create sustainable improvements in the quality of life for all people. Sustainable development has many objectives. In so far as raising per capita income improves people's living standards, it is one among many development objectives.
The aim of lifting living standards encompasses a number of more specific goals, bettering people's health and educational opportunities, giving every one the chance to participate in public life, helping to ensure a clean environment, promoting inter-generational equity and much more.
Wednesday, 16 November 2011
Mixed Economy
According to Tendulkar, two essential features of the mixed economy institutional form are relevant in the present context:
First, there is a predominance of the private ownership of property
and means of production and freedom to utilize them in economic activity within the legal and constitutional framework and with private profit as a motive force.
Secondly, while the state is not expected to be identified with the interest of any particular class and the operation of the countervailing forces of various interest groups is permitted within the system, the role of the State is recognized to be positive. In other words, the active state intervention in the free play of market mechanism is not only tolerated but considered warranted in the interest of promoting equity.
The "active" state intervention in this sense is expected to go beyond the minimal functions of the State such as the provision of social and economic infrastructure, and to operate through the three classes of instruments, namely,
(i) aggressive fiscal and monetary policies;
(ii) market intervention without undertaking direct production;
(iii) undertaking directly productive economic activity through the public sector - essentially an extension of the public ownership of means of production.
The basic idea is that through these instruments, the government would be able to control the pace as well as the composition of private economic activity in the interest of equity. Since this control happens to be direct in the case of public sector that provides the basic justification for the public sector as the most effective instrument with which the State in a mixed economy operating under the democratic framework would be able to pursue the social objective of growth with equitable distribution. It should be emphasized, however, that like any other instrument, effectiveness in serving a given social objective would be determined by the ability as well as the willingness of the state to enforce it in that direction.
In India, the rationale for the public sector indicated above has been explicit or implicit in almost all the plan documents as well as policy statements although the emphasis has changed in degrees depending upon the constraints faced and the emerging major issues of the time.
As Tendulkar has rightly remarked "The growth promoting leading sector role assumed by the public sector in the context of the Mahalanobis strategy has undergone a significant change in the contemporary context - relatively more emphasis on procurement and distribution activities, much more on providing public services under minimum needs programme and comparatively less on directly productive growth-oriented lines of production.
Monday, 14 November 2011
OCWS
OCCUPY WALL STREET |
Occupy Wall Street (OWS) is an ongoing series of demonstrations in New York City's Zuccotti Park in the Wall Street financial district which began on September 17, 2011. Initiated by Canadian activist group Adbusters. Occupy Wall Street is leaderless resistance movement with people of many colors, genders and political persuasions. The one thing they all have in common is that they Are The 99% that will no longer tolerate the greed and corruption of the 1%(Corporate people). "We are the 99%" is a political slogan and an implicit economic claim of "Occupy" protesters. It refers to the increased concentration of wealth since the 1970s among the top 1% of income earners in the United States. In 2007 the richest 1% of the American population owned 34.6% of the country's total wealth, and the next 19% owned 50.5%. Thus, the top 20% of Americans owned 85% of the country's wealth and the bottom 80% of the population owned 15%. Financial inequality was greater than inequality in total wealth, with the top 1% of the population owning 42.7%, the next 19% of Americans owning 50.3%, and the bottom 80% owning 7%. However, after the Great Recession which started in 2007, the share of total wealth owned by the top 1% of the population grew from 34.6% to 37.1%, and that owned by the top 20% of Americans grew from 85% to 87.7%. The Great Recession also caused a drop of 36.1% in median household wealth but a drop of only 11.1% for the top 1%, further widening the gap between the 1% and the 99%.During the economic expansion between 2002 and 2007, the income of the top 1% grew 10 times faster than the income of the bottom 90%. In this period 66% of total income gains went to the 1%, who in 2007 had a larger share of total income than at any time since 1928 COMMUNICATIONS New York City requires a permit to use "amplified sound," including electric bullhorns. Since Occupy Wall Street does not have a permit, the protesters have created the "human microphone" in which a speaker pauses while the nearby members of the audience repeats the phrase in unison. The effect has been called "comic or exhilarating—often all at once. " Some feel this has provided a further unifying effect for the crowd Funding Various sources report that OWS has received as much as $500,000 in donations as of October 27, 2011 Several wealthy supporters have joined the protest, and have started a blog, westandwiththe99percent, in which they say, "I am the 1%. I stand with the 99%," and give their stories.The granddaughter of oil tycoon H. L. Hunt, Leah Hunt-Hendrix, 28, was quoted as saying “We should acknowledge our privilege and claim the responsibilities that come with it.” Farhad Ebrahimi, 33, has been participating in the Occupy Boston protest wearing a T-shirt that says, "Tax me. I'm good for it." |
Vegetative propagation
This is the simplest method of reproduction found in plants. The vegetative parts of plant body such as roof, stem, leaf, etc., produce new members of the plant. You must have seen gardeners taking a cutting of the stem of a rose plant and putting it in the soil. Under suitable conditions the cutting grows into a new rose plant. In higher plants like orchids and ornamental plants, such vegetative propagation is common.
(a) Vegetative propagation by Roots:
In some plants like Dahlia, sweet potato, etc., adventitious roots become thick, swollen and tuberous due to storage of food. Adventitious buds are also present on them. When such roots, bearing these buds are planted in soil, new plants are produced as a result of vegetative propagation. On the tap roots of guava and shisham, adventitious buds are also present.
(b) Vegetative Propagation by Stems:
It is the common mode of vegetative reproduction. This is of two types:
(i) By sub-aerial stems:
Subaerial steams develop as lateral branches from the mother plant and give rise to a new individual after getting detached from the mother plant. In grasses, natural propagation occurs with the help of subaerial steam. The steam grows on the surface of the soil, breaks up and produces roots where it touches the ground to give rise to a new plant. Such types of subaerial stems are called runners. In Jasmine, a slender lateral branch which originates from the base of the steam is called stolon. Water hyacinth or Eichhornia propagates vegetative by offset.
It produces a tuft of leaves above and a cluster of small roots below. The subaerial stems found in mint and Chrysanthemum is known as suckers. It grows obliquely upwards and directly gives rise to a leaf shoot or a new plant.
(ii) By underground stems
In some plants the under-ground stem gets modified for storage of food. It lies in dormant and defoliated condition for some time and then gives rise to aerial shoots annually under favourable conditions. They are thick, fleshy and have a heavy food reserve in them. There are mainly four types of underground stem: rhizome, tuber, bulb, and corm.
Rhizome is a prostrate, creeping stem provided with distinct nodes and internodes (e.g., ginger, banana, turmeric and Canna). It possesses a bud in the axil of the scaly leaf. Some slender, adventitious roots are given off from its lower side. With the approach of the vegetative season, the auxiliary and terminal buds grow into the aerial shoots. The potato tuber has a number of eyes of buds on its external surface. The axial buds develop into aerial shoots when such a tuber is planted in the soil.
The bulb is vertical in direction and its terminal bud gives rise to the aerial shoot as in onion. Axiliary buds may also be produced in the axils of fleshy scales. These buds grow into aerial shoots under favourable conditions. Corm is the condensed form of rhizome which bears one or more buds in the axils of scale leaves. Some of these buds form daughter corms.
Take mint (pudina) stems. Cut the stem into pieces having at least one node in each piece. Now put these into soil. Give water in the soil. Observe the changes.
(c) Vegetative Propagation by Leaves:
The margins of succulent and fleshy leaves of Bryophyllum bear adventitious buds in their botches. When the leaves fall on the ground, the buds develop into small plants under favourable conditions. These plantlets can be easily separated to grow as independent plants. In walking ferns, when the tips of the older leaves come in contact with the damp soil, adventitious roots develop to give rise to a new plant.
Sunday, 13 November 2011
Procedure to amend
Procedure for the amendment of the constitution of India |
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