Oil 2.0: The Rise of India's Middle Class

7/30/2019 Oil 2.0: The Rise of India's Middle Class

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IMA ?.


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RKOAJ IE GIDRJDRWGidtjdts

Ri Iur \itjdtmka MdvjstirsYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYY ;

Ckgrijgidicmg Ckrhjt Ivjrvmjw YYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYY ?

Grubj Ima kriudb t`j Virab YYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYY 6

Mdbmks Gurrjdt Ima WmtuktmidYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYY =

Jdjrfy Wuosmby kdb \rmgj Gidtria wmt`md MdbmkYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYY ;?

Mdbmkd Emsgka Oubfjt ?


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4/47

IMA ?. R@J _MWJ IE MDBMKW CMBBAJ GAKWW

\kfj ?

Ckgrijgidicmg Ckrhjt Ivjrvmjw

Mdbmk, wmt` mts ;.? omaamid paus pjipaj, `ks ojjd pripjaajb idti t`j wirab stkfj wmt` jxpjgtktmids

sikrmdf kdb mts jgidicy oiicmdf. Vmt` 20% ie t`j pipuaktmid ojtwjjd < kdb ?2 yjkrs, t`ms

yiudf bjcifrkp`mg `ks kspmrktmids kdb brjkcs t`kt krj ojmdf rjkamzjb t`riuf` kbvkdgjcjdts md

mderkstrugturj, jbugktmid kdb kwkrjdjss. R`jsj kbvkdgjcjdts, tmjb ti k `udfjr eir suggjss,

`kvj mdgrjksjb t`j cmbbaj gakss cjbmkd mdgicj. Md Kufust ?


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\kfj 7

V`maj t`j Mdbmkd jgidicy frjw kt stjaakr emfurjs md t`j akst bjgkbj, mt ms gurrjdtay giiamdf biwd

kdb emdbmdf mts pakgj wmt`md t`j turouajdt wirab ckrhjt. Kggirbmdf ti t`j Kbvkdgjb Jstmcktjsrjajksjb oy t`j Gjdtrka Wtktmstmgka Irfkdmzktmid (GWI), t`j friwt` md FB\ (Friss Bicjstmg

\ribugt) ms jxpjgtjb ti oj ojtwjjd 5.;% kdb 5.6%. R`jsj vkaujs krj aiwjr t`kd t`j FB\

friwt` rktj eir t`j akst ejw yjkrs (kvjrkfjb kt kriudb 0%). @iwjvjr, t`j fivjrdcjdt ms id

trkgh ti cjjt mts emsgka bjemgmt tkrfjt ie :.7% ie FB\ t`ms emsgka yjkr, kdb ti dkrriw mt biwd ti

2.0% ie FB\ djxt yjkr.

R`ms rmsj md t`j ivjrkaa mdgicj ie Mdbmkd gmtmzjds `ks g`kdfjb t`jmr gidsucptmid okshjts. K

rjsjkrg` pkpjr tmtajb V`kt ms cmbbaj gakss koiut t`j cmbbaj gakssoy Jstjr Bueai kdb Ko`mnmt

Okdjrnjj, twi priejssirs eric t`j Jgidicmgs Bjpkrtcjdt kt CMR, sìws t`kt pjipaj wì stkrt

jkrdmdf cirj kasi stkrt spjdbmdf cirj id auxury pribugts t`kt t`jy giuab dit keeirb ojeirj. R`j

ckmd ekgt t`kt ckhjs t`j cmbbaj gakss w`kt t`jy krj ms t`kt t`jy `kvj stjkby, wjaa-pkymdf nios.

R`ms privmbjs t`j ippirtudmty ti iotkmd `mf` jdjrfy gidsucmdf pribugts sug` ks tjajvmsmids kdb

pjrsidka citir vj`mgajs. Mdbmk ms k erjj ckrhjt jgidicy, wmt` okrrmjrs ie jdtry wmt`md t`j

gidsuckoajs sjgtir ojmdf vjry aiw. R`ms pkrtmguakr g`krkgtjrmstmg brmvjs prmgjs aiwjr kdb ckhjs

auxury pribugts cirj keeirbkoaj. R`j prjejrrjb vj`mgaj ie gìmgj eir t`j cmbbaj gakss Mdbmkd ms

k twi w`jjajr (jgidicmgkaay ejksmoaj kdb jksy ti rmbj md bjdsj trkeemg). Emfurj 7 sìws t`jmdgrjksj md citir vj`mgaj skajs ojtwjjd ? Friwt` rktj ie FB\ (;==7-?


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\kfj 2

Eric Jstjr Bueai kdb Ko`mnmt Okdjrnjjs rjsjkrg` pkpjr, cmbbaj gakss Mdbmkds tjdb ti purg`ksj

pribugts t`kt gidsucj `mf` kciudts ie jdjrfy (pjtria, bmjsja, jajgtrmgmty, jtg.) Vmt` k akrfj

ducojr ie pjipaj jdtjrmdf t`j cmbbaj gakss pipuaktmid, Mdbmks gurrjdt jdjrfy priemaj wmaa djjb

ti g`kdfj.

R`j frkp` koivj gajkray s`iws t`kt Ima kdb Gika krj t`j twi akrfjst siurgjs eir jdjrfy wmt`mdt`j giudtry. Vj g`isj ti aiih kt t`j Ima ckrhjt md pkrtmguakr smdgj t`j Gika Mdbustry md Mdbmk ms

id k sjrmius bjgamdj buj ti jdvmridcjdtka rjfuaktmid kdb fivjrdcjdt prjssurj ti rjbugj t`j

giudtrmjs bjpjdbjdgj id t`j giccibmty. @iwjvjr, md tjrcs ie Ima, t`j giudtry ms ks bjpjdbjdt

ks jvjry id t`j giccibmty, kdb t`ms bjpjdbjdgj ms stjkbmay rmsmdf.

Emfurj 7> Bjckdb eir citir vj`mgajs md Mdbmk (?


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\kfj :

Ks Emfurj : s`iws, Mdbmk `ks k akrfj bjemgmt md bicjstmg ima pribugtmid. Eir t`j akst bjgkbj, t`jrktj ie pribugtmid `ks rjckmdjb gidstkdt, w`maj gidsucptmid `ks ojjd mdgrjksmdf rkpmbay.

Gurrjdtay, bicjstmg ima ms prmckrmay jxtrkgtjb eric t`j Cucokm @mf` (wjst gikst ie Mdbmk).

_jgjdt ima bmsgivjrmjs id-s`irj `ks civjb sicj ie t`j bicjstmg pribugtmid tiwkrbs t`j

ckmdakdb. Mdbmk ms t`j 2t` akrfjst gidsucjr ie ima pribugts, out mt ms t`j ?2t` akrfjst pribugjr.

R`j tksh ie rjbugmdf t`ms akrfj fkp ekaas mdti t`j `kdbs ie t`j Mdbmkd fivjrdcjdt.

R`j fivjrdcjdt `ks twi iptmids md rjfkrbs ti emaamdf md t`ms fkp ojtwjjd ima gidsucptmid kdb

pribugtmid> mdgrjksjb bicjstmg pribugtmid ir mdgrjksjb ima mcpirts. R`j twi gksjs krj

bmsgussjb ojaiw.

Mdgrjksjb Bicjstmg \ribugtmid

Mdbmk gurrjdtay `ks :.5? omaamid okrrjas ie ima rjsjrvjs ks pjr JMK (Z.W Jdjrfy Mdeircktmid

Kbcmdmstrktmid) jstmcktjs eir ?


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\kfj 5

\jtriajuc kdb Dkturka Fks grketjb t`j Djw Jxpairktmid Amgjdsj \iamgy (DJA\) md ?


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\kfj 6

Grubj Ima kriudb t`j Virab

Grubj Ima ms gakssmemjb mdti eiur orikb gktjfirmjs> amf`t, `jkvy, swjjt kdb siur. R`j bjemdmtmids

krj ks eiaaiws>

Rkoaj ;> Amf`t vs. @jkvy Grubj Ima

Amf`t Grubj @jkvy grubj

Aiw Bjdsmty @mf`jr bjdsmty t`kd amf`t grubj

Eaiws erjjay kt riic tjcpjrkturj Bijs dit eaiw ks jksy ks amf`t grubj kt riic tjcpjrkturj

Aiw vmsgismty @mf` vmsgismty

Aiw spjgmemg frkvmty @mf`jr spjgmemg frkvmty t`kd amf`t grubj@mf` K\M* frkvmty buj ti prjsjdgj

ie k `mf` pripirtmid ie amf`t

`ybrigkroid erkgtmids

Kdy amqumb pjtriajuc wmt` kd K\M frkvmty ajss t`kd ?


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\kfj 0

i \rmckrmay rjemdjb md t`j Zdmtjb Wtktjs-

Orjdt Oajdb>i Gicomdktmid ie bmeejrjdt imas eric ;: emjabs t`riuf`iut t`j Wgittms` Orjdt kdb

Dmdmkd systjcs aigktjb md t`j Dirt` Wjk

i Vmt` kd K\M frkvmty ie 70.7 kdb suaeur gidtjdt ie Irfkdmzktmid ie \jtriajuc Jxpirtmdf Giudtrmjsi Cug` `mf`jr pjrgjdtkfj ie suaeur wmt`md mts dkturka ckhj-up, mt ms dit djkray ks

swjjt ks VRM ir jvjd Orjdt Oajdb. Mt ms dit dkturkaay amf`t ks wjaa

i I\JG ima ms gidsmstjdtay aiwjr t`kd jmt`jr Orjdt Oajdb ir VRM. @iwjvjr,I\JGs wmaamdfdjss ir komamty ti qumghay mdgrjksj pribugtmid w`jd djgjsskry

ckhjs t`jc k gidsmstjdt cknir pakyjr md t`j ima mdbustry


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\kfj =

Mdbmks Gurrjdt Ima Wmtuktmid

Mdbmk bicjstmgkaay pribugjs k amf`t kdb swjjt grubj ima. R`ms ima ms ojttjr t`kd t`j I\JG

okshjt, id pkr wmt` Orjdt, out dit ks fiib ks VRM. Bicjstmg ima iday kggiudts eir ;6% ie t`j

titka ima t`kt ms rjemdjb md Mdbmk.

Mdbmk mcpirts t`j I\JG okshjt (`mf` suaeur gidtjdt). R`ms okshjt ms g`jkpjr t`kd Orjdt ima (kdb

t`j ima pribugjb wmt`md Mdbmk) oy kriudb $; - $? pjr okrrja, kdb cug` g`jkpjr t`kd VRM

(kriudb $7 -$2 pjr okrrja). _jemdjrmjs md Mdbmk wiuab rkt`jr mcpirt I\JG ima smdgj t`j ckrfmds

id t`ms okshjt krj t`j `mf`jst (okrrmdf ivjr`jkb tjg`diaifmgka gists ti rjemdj `mf` suaeur gidtjdt

ima). Djkray =


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\kfj ; Mdbmkd Grubj Okshjt gicpkrjb ti VRM, Orjdt kdb I\JG prmgjs

;6

76

:6

66

=6

;;6

;76

Cky-== Igt-


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\kfj ;;

Emfurj 0> Mdbmkd Grubj Okshjt \rmgj gicpkrjb ti VRM, Orjdt kdb I\JG prmgjs (?


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\kfj ;?

Jdjrfy Wuosmby kdb \rmgj Gidtria wmt`md Mdbmk

Bktk eric> K Gmtmzjds fumbj ti Jdjrfy Wuosmbmjs md Mdbmk `ttp>//www.mmsb.irf/fsm/smtjs/bjekuat/emajs/eesYmdbmkYgzfumbj.pbe

\jtria wks bjrjfuaktjb md ?


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\kfj ;7

Emfurj ; Emsgka Wuosmby kdb Zdbjr-rjgivjrmjs eir Hjrisjdj kdb A\F

R`j gks` kssmstkdgj ti ICGs krj ckbj id kd kb ìg oksms, m.j., ketjr t`j udbjr-rjgivjrmjs `kvj

ojjd mdgurrjb. R`j pkycjdts krj ckbj kt t`j jdb ie jkg` qukrtjr. R`jrjeirj, ICGs ietjd ekgj

k sìrtkfj ie mdvjstmoaj eudbs md t`j sìrt tjrc. Md gksj ie t`jsj sìrtkfjs, gicpkdmjs `kvj ti

tkhj kbbmtmidka aikds ti emdkdgj t`jmr mdvjstcjdts.

Emfurj ;;> Gicpjdsktmid eir udbjr-rjgivjrmjs oy fivjrdcjdt kdb upstrjkc gicpkdmjs eric ?


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\kfj ;2

Emfurj ;?> Wuosmbmzjb Bmjsja prmgmdf


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\kfj ;:

Mdbmkd Emsgka Oubfjt ?


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\kfj ;5

Mdvjstcjdt R`jsms

IUJ_UMJV> KA\@K FJDJ_KRMIDVj jxpjgt t`j bjckdb eir ima md Mdbmk ti mdgrjksj cirj t`kd jxpjgtjb. Gurrjdtay, vkrmius

irfkdmzktmids jstmcktj ima bjckdb mdgrjksj oy aiihmdf kt t`j rmsmdf cmbbaj gakss. @iwjvjr,

ckdy irfkdmzktmids ekma ti rjkamzj t`kt k rmsmdf cmbbaj gakss kasi pus`js t`j uppjr-cmbbaj gakss

kdb uppjr gakss ti gidsucj `mf`jr okshjts. Vmt` rjdjwkoaj siurgj ie jdjrfy stmaa ojmdf akrfjay

udkvkmakoaj wmt`md Mdbmk, t`j uppjr-cmbbaj kdb uppjr gakss Mdbmkds wmaa purg`ksj `mf` jdjrfy

gidsucptmid pribugts (sug` ks WZUs). Vj ojamjvj t`kt t`ms bjckdb wmaa oj gktjrjb ti t`riuf`

kd mdgrjksj md bicjstmg ima pribugtmid ks wjaa ks kd mdgrjksj md t`j mcpirt ie grubj ima.

Mdbmk mcpirts `jkvy grubj ima smdgj mt ms k bmjsja oksjb jgidicy. R`j grubj ima pribugjb

bicjstmgkaay ms amf`t kdb swjjt. Amf`t kdb swjjt imas krj rjemdjb ti prmckrmay pribugj fksiamdj

kdb it`jr usjeua oy-pribugts. Wmdgj Mdbmks jgidicy ms si `jkvmay bjpjdbjdt id bmjsja euja, t`j

bicjstmg pribugtmid (amf`t kdb swjjt) ms dit ks mcpirtkdt ks t`j `jkvy ima mcpirts. @jkvy imas

krj rjemdjb ti iotkmd bmjsja. V`maj t`j trkdspirtktmid mdbustry ms k cknir gidsucjr ie bmjsja

euja, t`jrj krj vkrmius it`jr jdtmtmjs t`kt krj bjpjdbjdt id t`ms `jkvy ima pribugt8 Wìppmdf

ckaas, ieemgjs, ìusmdf gicpajxjs, ciomaj tiwjrs kdb ekrcjrs wì usj bmjsja pucps eir

mrrmfktmid krj cknir gidsucjrs ie t`j euja.

Vj eirjgkst t`kt Mdbmks idsìrj rjemdmdf gkpkomamtmjs wmaa gidtmduj ti oj t`j akrfjst md t`j wirab

kdb cky jvjdtukaay gktjr ti kd mdgrjksj md jxpirtmdf rjemdjb ima pribugts. Mdbmk gurrjdtay `ks

t`j akrfjst rjemdmdf gkpkgmty (pjr bky) md t`j wirab. R`j akrfjst rjemdjry md t`j wirab ms kasi

oksjb md Mdbmk. Vmt` t`j giudtry `jkvmay bjpjdbjdt id `jkvy grubj ima mcpirts, t`j rjemdjrmjs

t`jcsjavjs krj tjg`diaifmgkaay kbvkdgjb jdiuf` ti `kdbaj t`j cirj rmfirius rjemdmdf prigjss

eir `jkvy grubj ima. Gidsmbjrmdf kaa ie t`ms, wj jxpjgt Mdbmk ti ojgicj kd jxpirtjr ie rjemdjb

ima pribugts md t`j djkr euturj.

R`j ckmd t`rjkb t`kt tmjs md kaa ir iur mdvjstcjdt mbjks ms t`j Mdbmkd s`mppmdf mdbustry. Vj

jxpjgt k stjkby friwt` wmt`md t`j s`mppmdf mdbustry md tjrcs ie jdjrfy mcpirts kdb jxpirts.

Vmt` iur eirjgkst ie ima mcpirts mdgrjksmdf, kdb Mdbmk civmdf tiwkrbs ojgicmdf k rjemdjb ima

pribugt jxpirtjr, wj ojamjvj t`kt t`j s`mppmdf mdbustry wmaa friw ti cjjt t`j bjckdb.


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\kfj ;6

Giudtry spjgmemg ekgtirs ti gidsmbjr>

- K typmgka emdkdgmka yjkr jxtjdbs eric Ckrg` 7;st ti Ckrg` 7;st, mcpaymdf t kt [;ojfmds id Kprma ;st kdb jdbs id Nudj 7;st

- Gurrjdt Jxg`kdfj rktj (Ckrg` 5t`, ? _s.:2.60 3 $;- _msh Erjj _ktj>

Emfurj ;7> _msh Erjj _ktj

Gidsmbjrmdf kaa t`j koivj pimdts, iur pirteiami wmaa oj gicprmsjb ie t`j eiaaiwmdf gicpkdmjs.


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\kfj ;0

GKM_D MDBMKDWJ> GKM_D | Ckrhjt Gkp> $;


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\kfj ;=

Rkoaj ?> Gkmrd Mdbmk Emdkdgmka @mf`amf`ts

Gkmrd Mdbmk (Cmaamid ZWB) ?


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\kfj ? Kffrjssmvjay jxpkdbmdf eiitprmdt

Ima Oaigh Gkmrd

Wtkhj

Ima \ribugtmid (Cmaamid opb) Fks \ribugtmid (Cmaamid

Wtkdbkrb Guomg Ejjt)

_knkst`kd Ima Oaigh 6


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\kfj ?;

IMA KDB DKRZ_KA FKW GI_\I_KRMIDDWJ> IDFG | Ckrhjt Gkp> $:


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\kfj ??

Emfurj ;5> Irfkdmzktmidka Wtrugturj

IDFGs Mdtjrdktmidka Wuosmbmkry, IDFG Umbjs` Amcmtjb iwds kssjts ie kpprixmcktjay $;?

omaamid, wmt` J&\ kgtmvmtmjs md Wubkd, Wiut` Wubkd, Wyrmk, Ujdjzujak, Orkzma, Dmfjrmk-Wki

Ricj, Giaucomk, Vjst Wmojrmk kdb Cykdckr. Mts bicjstmg rjemdjry ipjrktmids krj ckmday nimdt

vjdturjs wmt` bmeejrjdt bicjstmg kdb eirjmfd gicpkdmjs. Mt kasi iwds k 7 Girrjaktmids

_msh Girrjaktmid (;? cidt`)

Ima \rmgj -


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\kfj ?7

JWWK_ IMADWJ> JWWK_IMA | Ckrhjt Gkp> $ ?.;O

Iur tjkc rjgiccjdbs k aidf pismtmid md Jsskr Ima. Mt ms k udmqujay pismtmidjb gicpkdy w`jd

gicpkrjb ti it`jr gicpjtmtirs smdgj mts pirteiami jdgicpkssjs oit` t`j Zpstrjkc kdb

Biwdstrjkc sjgtirs.

R`j emfurj ojaiw s`iws t`j ipjrktmids orjkhbiwd ie t`j gicpkdy>

Emfurj ;6> Jsskr Ima Wtrugturj

R`j gicpkdy `ks k rjemdmdf gkpkgmty ie 6:


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\kfj ?2

gicpjtmtirs. Md t`j cjkdtmcj, mt `ks stkrtjb ti eigus id Did-Euja _jtkma, oumabmdf k ojttjr

gusticjr sjrvmgj jxpjrmjdgj id t`j rikb djtwirh.

Emdkdgmka `mf`amf`ts ie t`j gicpkdy krj succkrmzjb md t`j eiaaiwmdf emfurjs.

Emfurj ;0> Emdkdgmka @mf`amf`ts

Rkoaj 6> Wucckry ie Mdgicj Wtktjcjdt (md cmaamid $)

Jsskr Ima (Cmaamid ZWB) ?


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\kfj ?:

s`iw t`kt aiwjr ima prmgjs krj ojdjemgmka eir t`j gicpkdy. @iwjvjr, `mf`jr ima prmgjs nustmey

mdgrjksj md gkpmtka jxpjdbmturj md Jxpairktmid kdb \ribugtmid, k sjgtir w`jrj t`j gicpkdy `ksojjd stjkbmay kgqumrmdf kssjts. R`j gicpkdy ms kasi jxpjgtjb ti pky `mf`jr skajs tkx ks kd

jxgjptmidka mtjc md t`j ? Girrjaktmids


Ima \rmgj -


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\kfj ?5

IMA J&\ GIC\KD] GIC\K_MWIDWR`ms ms k fiib orjkh pimdt ti gicpkrj t`j Ima J&\ gicpkdmjs ie t`j wirab ti iur pirteiamispmghs. R`j emfurj ojaiw s`iws t`j \rmgj ti Oiih kdb \rmgj ti Jkrdmdfs vkauktmids gicpkrmsid

eir t`j tip ima J&\ gicpkdmjs ie t`j wirab.

Emfurj ;=> \/O kdb \/J rktmi gicpkrmsids

R`j koivj frkp` s`iws t`kt iur gicpkdmjs krj ekmray vkaujb md gicpkrmsid ti t`jmr cknir

mdtjrdktmidka giudtjrpkrts. Gkmrd Mdbmk, IDFG kdb Jsskr Ima `kvj trkmamdf \/Js t`kt krj aiwjrt`kd t`j mdbustry kvjrkfj. _jamkdgj, idj ie Mdbmks omffjst gicpkdmjs trkbjs kt t`j mdbustry

kvjrkfj. G`jvrid kdb Jxxid, twi akrfj mdtjrdktmidka ima J&\ gicpkdmjs, trkbj kt vkauktmids

smcmakr ti t`jmr Mdbmkd giudtjrpkrts.

R`ms kdkaysms fmvj privmbjs gidembjdgj mdti t`j gurrjdt vkauktmid ie iur pirteiami pmghs.


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\kfj ?6

JWWK_ W@M\\MDFDWJ> JWWK_W@\DF | Ckrhjt Gkp> $= Jsskr Friup.

Hjy Ipjrktmidka @mf`amf`ts

- Kwkrbjb t`j emrst ruddjr-up kt Funkrkt Wtkr Kwkrbs md t`j gktjfiry W`mppmdf Amdj iet`j ]jkr Gikstka Ipjrktir- Wuggjsseua mdbugtmid ie eiur WRP cmdm-gkpjs eir Jsskr Friup Gkrfi

- Wuggjsseua jxjgutmid ie WKMA (Wtjja Kut`irmty ie Mdbmk Atb.) & Okistjja GiK (Gidtrkgtie Keerjmf`tcjdt) udbjr gurrjdt bmeemguat ckrhjt gidbmtmids


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\kfj ?0

- Wkaj ie ;=07 oumat s`mps CU Fivmdb \rkskb kdb CU Ck`kvmr \rkskb burmdf t`jprjvmius qukrtjr (jdbmdf ? $5: s`mppmdf kdb

ieesìrj J&\. R`j s`mppmdf ousmdjss ms mdviavjb md trkdspirtktmid ie grubj ima, pjtriajuc

pribugts, fks kdb bry ouah giccibmtmjs. R`j ieesìrj ousmdjss sjrvmgjs ima gicpkdmjs md

gkrrymdf iut ieesìrj jxpairktmid kdb pribugtmid kgtmvmtmjs, t`riuf` mts suosmbmkry Frjkts`mp

(Mdbmk) Amcmtjb.

R`j s`mppmdf ousmdjss ipjrktjs udbjr twi ckmd ousmdjssjs> bry ouah gkrrmjrs kdb tkdhjrs. K

smzkoaj pkrt ie t`j tkdhjrs jdniy kpprivkas eric ima fmkdts amhj W`jaa, O\, JxxidCioma, G`jvridRjxkgi kdb Ritkaemdk.

Emfurj ??> FJ W`mppmdf Eajjt

Hjy Ipjrktmidka @mfàmf`ts

- FJ W`mppmdf `ks k giccmttjb Gkpmtka Jxpjdbmturj (Ieesìrj Ousmdjss) ie kriudb$?;


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\kfj 7;

- _jgifdmzjb t`kt bjckdb ms s`metmdf tiwkrbs cibjrd vjssjas, jspjgmkaay ks skejtyojgicjs k cknir gidgjrd eir ima gicpkdmjs> Gicpkdy `ks kbiptjb tjg`diaifmgkaaykbvkdgjb upfrkbjs ti cjjt t`ms djw bjckdb

_mshs

Waiwbiwd ie bjckdb eir Ima Rkdhjrs md t`j Zdmtjb Wtktjs> FJ W`mp pakds id cmtmfktmdf t`ms

rmsh oy sjgurmdf aidf tjrc gidtrkgts md Mdbmk kdb G`mdk ks t`isj ckrhjts gidtmduj ti friw.

Wmcmakr ti Jsskr W`mppmdf, FJ W`mppmdf pkrtkhjs md aidf tjrc gidtrkgts ti cmtmfktj t`j rmsh ie

spit ckrhjt viaktmamty. R`j gicpkdy ckmdtkmds aiw ajvjas ie ajvjrkfj kdb kbjquktj amqumbmty kt

kaa pimdts md tmcj. R`j gicpkdy kasi kgtmvjay `jbfjs t`j djt ipjd EP jxpisurj kaidf wmt`

mdtjrjst rktj amkomamty.

Emdkdgmka \jreirckdgj

Emfurj ?7> Mdgicj stktjcjdt mf`amf`ts md MD_ (Grirj)

00


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\kfj 7?

Emfurj ?2> Okakdgj s`jjt `mf`amf`ts md MD_ ('Grirj)

Emfurj ?:> Gks` eaiw stktjcjdt `mf`amf`ts md MD_ (Grirj)

;22


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\kfj 77

Emfurj ?5> Hjy emdkdgmka emfurjs

Rrkmamdf \/J ie ;;.?7 gicpkrjb ti Mdbustry \/J ie ;;.66. Jkrdmdfs pjr s`krj mdgrjksjb eric

:.77 MD_ md [? E];7 ti ;?.5 md [7 E];7.

Girrjaktmid ti ima kdb gurrjdgy civjcjdt

Rkoaj ; Girrjaktmids


Ima \rmgj -


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\kfj 72

_msh Kdkaysms Ima \rmgjs

Fmvjd k pirteiami gidsmstmdf ie kssjts wmt` `jkvy giddjgtmids ti t`j ima mdbustry, mt ms mcpirtkdt

ti gidsmbjr t`j rmshs ie ima prmgj civjcjdts kdb mts jeejgts id t`j ivjrkaa rjturd ie t`j pirteiami.

JP\JGRKRMIDWR`j Zdmtjb Wtktjs Jdjrfy Mdeircktmid Kssigmktmid jxpjgts ima prmgjs ti bjgamdj saiway ivjr t`j

djxt t`rjj yjkrs buj ti mdgrjksjs md katjrdktmvj jdjrfy kdb s`kaj ima brmaamdf. R`j JMK eirjgksts k

?


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\kfj 7:

OKGH RJWRMDF

Emfurj ?0 Emfurj ?=

@mstirmgka okgh tjst Emfurj ?0 kdb Emfurj ?= s`iw pirteiami pjreirckdgj kfkmdst t`j akst smx

kdb twjavj cidt` ima prmgjs.

Emfurj 7< Emfurj 7;

Akffjb okgh tjst Emfurj 7< kdb Emfurj 7; s`iw pirteiami pjreirckdgj usmdf ima prmgjs eir t`j

pjrmib eric Ejo ?2t`?


38/47


\kfj 75

Emfurj 7? Emfurj 77

Akffjb okgh tjst Emfurj 7? kdb Emfurj 77 s`iw pirteiami pjreirckdgj usmdf ima prmgjs eir t`j

pjrmib eric Ejo ?


39/47


\kfj 76

Emfurj 72 kdb Emfurj 7: bjpmgt k smtuktmid md w`mg` t`j ima prmgjs mdgrjksj 7:% md idj bky md

Wjptjcojr ie ?


40/47


\kfj 70

_msh Kdkaysms Eirjmfd Jxg`kdfj

Fmvjd kd mdtjrdktmidka okshjt ie sjgurmtmjs, mt ms mcpjrktmvj ti gidsmbjr t`j rmshs ie gurrjdgy

jxg`kdfj kdb t`j jeejgts id t`j ivjrkaa rjturd ie t`j pirteiami.

JP\JGRKRMIDWRwi giccid cjtrmgs eir gurrjdgy eirjgksts krj mdeaktmid jstmcktjs kdb Ejbjrka Oubfjt bjemgmt

jstmcktjs. Rypmgka mdeaktmid md t`j Zdmtjb Wtktjs ms ojtwjjd 7% kdb :%. Mdeaktmid md Mdbmk ms

usukaay cug` `mf`jr kt kriudb 6% ti ;


41/47


\kfj 7=

OKGH RJWRMDF

Emfurj 70 Emfurj 7=

@mstirmg okgh tjst Emfurj 70 kdb Emfurj 7= s`iw pirteiami pjreirckdgj kfkmdst t`j akst 5 kdb

;? cidt`s _upjj jxg`kdfj rktj.

Emfurj 2< Emfurj 2;

Akffjb okgh tjst Emfurj 2< kdb Emfurj 2; s`iw pirteiami pjreirckdgj usmdf t`j _upjj

jxg`kdfj rktj eir t`j pjrmib eric Ejo ?


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\kfj 2


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\kfj 2;

Emfurj 22 kdb Emfurj 2: bjpmgt k smtuktmid md w`mg` t`j _upjj bjvkaujs 7:% rjaktmvj ti t`j

Biaakr md idj bky md Wjptjcojr ie ?


44/47


\kfj 2?

Rrkbj Wtrugturj

Iur tkrfjt pirteiami wks g`isjd ti cmdmcmzj girrjaktmid ti t`j _upjj kdb ti Ima ivjr t`j akst smx

cidt`s ie trkbmdf. Eurt`jrcirj, wj wkdt bmvjrsj jxpisurj ti t`j euaa rkdfj ie t`j ima mdbustry

md Mdbmk mdgaubmdf J&\, _jemdmdf, kdb W`mppmdf. Vj krj tkrfjtmdf k pirteiami vkaujb ojtwjjd

$;


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\kfj 27

Fmvjd t`jsj rjsuats, wj prjbmgt wmt` =:% gidembjdgj t`kt t`j ckxmcuc cidt`ay brkwbiwd eir

t`j djxt yjkr ms =.;:%.

Iur pirteiami `ks k smx-cidt` girrjaktmid ti Ima ie djfktmvj ?.5% kdb k smx-cidt` girrjaktmid ti

t`j _upjj ie djfktmvj ;.5%.

Rkoaj ;7> AmqumbmtyKvjrkfj trkbmdf viaucjs

Jqumty Bkmay Kvjrkfj Rrkbmdf Kciudt

Gkmrd Mdbmk =?:C MD_ ($;.50C)

IDFG =:2C MD_ ($;.62C)

Jsskr Ima ::C MD_ ($;C)

FJ W`mppmdf 6C MD_ ($;?6,


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\kfj 22

Jxmt/Jdtry Wtrktjfy kdb _jpjktkomamty

JDR_] WR_KRJF]Kdkayzmdf iur akffjb okgh tjsts, wj sjj t`kt t`j ojst pimdt ti mdmtmktj iur pirteiami wiuab oj kt

t`j ojfmddmdf ie t`j yjkr (kriudb Nkdukry ir Ejorukry). R`ms gkd oj kttrmoutjb ti t`j ekgt t`kt

Mdbmks Emsgka ]jkr ruds eric Kprma Ckrg`> buj ti t`ms, oubfjts krj fjdjrkaay kddiudgjb kt t`j

jdb ie Ejorukry. Kdkayzmdf iur `mstirmg bktk, wj sjj t`kt iur pirteiami kawkys stkfdktjs kriudb

Nkdukry kdb/ir Ejorukry, ojeirj t`j oubfjt ms kddiudgjb.

Vmt` t`j Fivjrdcjdt ie Mdbmk trymdf ti rjbugj t`j emsgka bjemgmt, mdgrjksj EBM, mcpajcjdt

eirwkrb t`mdhmdf piamgmjs, kdb jxpkdb t`j jdjrfy sjgtir, iur pirteiami gidsmstjdtay pjreircswjaa md t`j Nudj idwkrb pjrmib.

Katjrdktmvjay, iur strktjfy gkd oj utmamzjb w`jd ima prmgjs krj jxpjgtjb ti brip buj ti

ckgrijgidicmg jeejgts (jxkcpaj> iur gurrjdt smtuktmid). Vmt` stridf ckgrijgidicmg keejgts

pus`mdf ima prmgjs aiwjr, mdmtmktmdf k pismtmid usmdf iur pirteiami wiuab kaaiw eir ckxmcuc

fkmds.

JPMR WR_KRJF]Ks cjdtmidjb koivj, ketjr t`j emsgka oubfjt ms kddiudgjb, mt fjdjrkaay tkhjs k ejw cidt`s eir

iur pirteiami ti ejja t`j jeejgts. Wjaamdf, ir rjjvkauktmdf iur pismtmids kriudb Wjptjcojr wiuabfmvj us ckxmcuc fkmds. Vj rjgiccjdb `iabmdf t`ms pirteiami ;? ti ?2 cidt`s.

_J\JKRKOMAMR]Iur pirteiami pjreircs vjry wjaa w`jd ima prmgjs krj aiw, kdb ms vjry rioust (bijs dit civj

cug`) w`jd ima prmgjs rmsj. Gidsmbjrmdf t`ms wmt` t`j Fivjrdcjdt ie Mdbmks yjkray oubfjt

kddiudgjcjdt kt t`j jdb ie Ejorukry, iur jdtry jxmt strktjfy cjdtmidjb koivj gkd oj

mcpajcjdtjb ti rjkamzj fkmds ivjr k tmcj pjrmib.


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IMA ?. R@J _MWJ IE MDBMKW CMBBAJ GAKWWGidtkgt Mdeircktmid

CKDKU O@KRMK RKDUJJ_ G@KDBIH _K]CIDB BJGZM_

Rja026 776 7

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