M Q D@UKGSLER& CEFIJUH
LKWS@GUBWL@K
If`cjf Rbekjsl` `d Bjrwlkir
B`hqewlwl`k njr cs`uinw lk hjk| bnjkier lk wne yj| d`ukgsler ureg w` dukbwl`k ejsfl( es+ Wnere gj|r wne `tesrejr hjsoewr jse gehjkglki f`y b`rw& i``g zujflw| qs`gubwr ylwn `k wlhe gefltes|+ Ylwn lkwekre b`hqewlwl`k ds`h `wnes kjwl`kr floe Bnlkj& lw‐r h`se floe wne Ru s( tltjf `d wne Dlwwerw wne`s| wnere gj|r+ K`y& d`ukgsler rn`ufg rwjsw f``olki d`s e~q`sw hjsoewr jkg e~qf`se wne `qq`swuklwler& ylwn Eus`qe jkg UR+ Wne if`cjf qs`gubwl`k `d dess`ur jkg k`k(dess`ur bjrwlkir lr erwlhjweg jw >1 Hlffl`k w`kr& tjfue e~beeglki UR ' :11 Clffl`k+ Wne if`cjf wsjge lk hewjf bjrwlkir lr erwlhjweg jw UR ' :1 Clffl`k jkg lr e~qebweg w` hufwlqf| lk wne b`hlki |ejsr+ Jgtjkbeg b`ukwsler jse b`k( ds`kwlki j hjsoeg bnjkie lk wne curlkerr bflhjwe jkg slre lk qs`gubwl`k b`rwr+ Jr j serufw wne| jse `qwlki d`s fjsie rbjfe `uwr`usblki w` b`ukwsler rubn jr Lkglj& Bnlkj& Csj}lf& Rqjlk& He~lb` jkg b`ukwsler `d wne esrwynlfe Ejrwesk Cf`bo+ Wnere b`ukwsler jse k`y jg`qwlki fjwerw hjku( djbwuslki webnklzuer lk `sges w` heew wne keegr `d wne jgtjkbeg b`ukwsler+ D`ukgsler njte w` uqgjwe wnehrefter lk weshr `d webnk`f`i|& rn`ufg ceb`he h`se burw`hes rekrlwlte $ `slekweg& buw g`yk uq`k wne rnlqqlki gefj|r& d`burer `k zujflw| jkg rwlff ce f`y `k b`rw+ Jbbusjwe Ok`yfegie jc`uw wne rekrlwltlw| `d burw`hes keegr lr j hjlk is`ywn djbw`s+ W` rurwjlk b`kwlku`ur is`ywn lk etes| jrqebw& wne d`ukgs| lkgurws| njr w` ehcsjbe bnjkie? bnjkie w` Webnk`f`ilbjf lkk`tjwl`k& bnjkie w` lhqs`teg hjkudjbwuslki qsjbwlber w` eknjkbe b`rw eddebwltekerr jkg bnjkie w` uqisjge nuhjk ser`usbe rolffr+ Jff wnere jse bsubljf lk ijlklki j b`hqewlwlte egie+ Y`sfgylge bjrwlki rnlqhekwr b`kwlkueg w` lkbsejre lk 3115& gerqlwe j rflinw gs`q lk wne w`wjf kuhces `d hewjf bjrwlki djblflwler& jbb`sglki w` wne 24 kjwl`kr qjswlblqjwlki lk H@GESK BJRWLKI‐r 71wn Jkkujf Bekrur `d Y`sfg Bjrwlki Qs`gubwl`k+
W`wjf if`cjf w`kkjie rn`yeg j 9+5% lkbsejre& cjreg `k wne h`rw sebekw gjwj jtjlfjcfe d`s jff qjswlblqjkwr+ Klke `d wne y`sfg‐r w`q (wek bjrwlki qs`gubesr lhqs`teg wnels w`wjfr d`s wne
|ejs+
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Geqjswhekw Geqjswhekw `d HCJ
:
M Q D@UKGSLER& CEFIJUH
Y`sfg Qs`gubwl`k Fejgesr
:+ Bnlkj 3+ U+R+ 2+ Surrlj 7+ Mjqjk 5+ Lkglj 4+ Ieshjk| 9+ Csj}lf >+ Lwjf| <+ Dsjkbe :1+ O`sej
Lkgljk Rbekjsl` `d Bjrwlki
Qli Ls`k lr hjlkf| bjwei`sl}eg lkw` wy` hjm`s w|qer= j, )Cjrlb Isjge) ls`k ureg d`s rweef hjolki jkg c, ‛D`ukgs| Isjge‐ ls`k d`s hjolki ls`k bjrwlkir ynlbn dlkg jqqflbjwl`kr lk lkgurwsljf jkg
`wnes rebw`sr+ Lk wne getef`qeg b`ukwsler qli ls`k lr jfr` ureg jr j rbsjq rucrwlwuwe lk wne bnjsie ( hl~ `d Efebwslb Jsb Duskjber .EJDr,+
Rwjcfe ukgesf|lki eb`k`h| ruqq`swlki is`ywn
Lkglj lr jh`kirw wne djrwerw is`ylki eb`k`hler& ylwn rwjcfe hjbs`eb`k`hlb lkglbj( w`sr+ Lkglj bf`boeg j IGQ is`ywn sjwe `d >+5% guslki wne D\ 3112(17+ Wne i`teskhekw lr wjsiewlki j IGQ is`ywn sjwe `d >% `tes wne ke~w 5 |ejsr+ Wne h`rw rlikldlbjkw jrqebw jc`uw wne IGQ lr wne gebsejrlki b`kwslcuwl`k `d wne jislbufwusjf rebw`s w` wne IGQ djblflwjweg c| j rlhufwjke`ur lkbsejre lk wne b`kwslcuwl`k `d restlber $ lkgurwsljf rebw`sr+ Wnlr qs`tlger rwj( clflw| w` wne IGQ is`ywn& jr jislbufwusjf rebw`s lr fjsief| geqekgekw `k wne h`kr``kr& ynlbn jse ukqseglbwjcfe+ Wne b`ukws|)r d`selik e~bnjkier serester jse jw jk jff(wlhe nlin `d js`ukg URG :21 ck+ E~q`swr ds`h Lkglj njte ceek slrlki+ Wne Cjfjkbe `d Wsjge .E~q`swr ( Lhq`swr,& jfwn`uin& rwlff keijwlte& njr sehjlkeg rwjcfe `tes wne fjrw dey |ejsr+ Jff wnere djbw`sr b`uqfeg ylwn qs`( sed`sh hejruser `d wne i`teskhekw njte nefqeg Lkglj jcr`sc e~weskjf rn`bor rubn jr wne se( bekw `lf qslbe nloe& ylwn`uw jk| hjm`s lhqjbw `k wne eb`k`hlb is`ywn+
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Geqjswhekw Geqjswhekw `d HCJ
3
M Q D@UKGSLER& CEFIJUH
Wne lkweserw sjwer njte ceek djfflki b`krlrwekwf| `tes wne |ejsr ynlfe wne i`teskhekw njr hjkjieg w` oeeq wne lkdfjwl`k sjwer jw 7(5% fetefr+ Wnur& wne sejf sjwe `d lkweserw njr b`he g`yk+ F`yes sjwe `d lkweserw jf`ki ylwn ejr| jtjlfjclflw| `d dlkjkbe njr rqusseg b`kruhqwl`k gehjkg jh`ki n`uren`fgr+ @wnes geh`isjqnlb djbw`sr rubn jr is`ylki y`solki q`qufjwl`k& djt`sjcfe uscjkl}jwl`k wsekgr& lkbsejre lk wy`(lkb`he n`uren`fgr& ewb+ njte jfr` b`kwslcuweg w` wne lkbsejre lk b`kruhqwl`k gehjkg+
S`fe `d Juw`(B`hq`kekw Lkgurws|
Wne Lkgljk juw`h`wlte b`hq`kekw lkgurws| hjkudjbwuser j ylge sjkie `d qjswr lk( bfuglki bjrwlkir& d`silki& dlklrneg jkg rehl(dlklrneg b`hq`kekwr& jrrehcfler jkg rucjrreh( cfler+ Lwr getef`qhekw njr ceek jlgeg c| wne jssltjf `d @EHr w` Lkglj lk wne :<<1r jkg wne lkbsejrlki e~q`ruse `d Lkgljk b`hqjkler w` lkweskjwl`kjf b`hqewlwl`k jkg cerw qsjbwlber+ Lkglj)r juw`h`wlte b`hq`kekwr lkgurws| lr celki usieg c| wne i`teskhekw w` qjswkes ylwn `tesrejr dlshr ylwn wne jlh `d hjolki Lkglj j qfjwd`sh d`s `uwr`usblki jr yeff jr j if`cjf S$G nuc+ Jr wne Lkgljk tenlbfe qs`gubwl`k lkgurws| njr is`yk& r` njr wne g`herwlb ruqqfles lkgurws|+ Cuw wne if`cjf juw` lkgurws|)r rejsbn d`s f`yes b`rw jkg h`se lkweskjwl`kjf `uwr`usblki njr feg w` j rnjsq is`ywn lk b`hq`kekw `uwquw jkg e~q`swr lk sebekw |ejsr+ B`hqjkler rubn jr IH& D`sg& GjlhfesBns|rfes jkg W`|`wj& ree Lkglj jr j b`rw b`h( qewlwlte cjre d`s qjswr r`usblki+ Jh`ki Wles :& Gefqnl& Tlrwe`k& C`rbn& Buhhlkr jkg Gekr` njte `qesjwl`kr lk Lkglj+ Cnjsjw D`sie ylwn lwr jbzulrlwl`k `d Bjsf Gjk Qegglkin`ure .BGQ, lk Ieshjk| njr k`y ceb`he y`sfg)r reb`kg fjsierw d`silki b`hqjk|+ Djbw`sr rubn jr ruqesl`s ekilkeeslki rolffr& h`gerw g`herwlb hjsoew is`ywn& wne r`( qnlrwlbjwl`k `d lwr LW lkgurws| jkg lkbsejrlki dsee wsjge jiseehekwr lk jgglwl`k w` f`y b`rw& jse e~qebweg w` c``rw Lkglj)r juw`(b`hq`kekw rebw`s is`ywn `tes `wnes b`ukwsler lk wne ektls`k( hekw `d `dd(rn`slki w` f`y(b`rw b`ukwsler+ J sebekw rwug| b`kgubweg c| HbOlkre| ruiierwr wnjw Lkglj)r juw`(b`hq`kekwr e~q`swr njr wne q`wekwljf w` is`y ds`h ': ck lk 3112 w` '31(35 ck lk 31:5+ wne flcesjfl}jwl`k rweqr& rubn jr& sefj~jwl`k `d wne d`selik e~bnjkie jkg ezulw| seiufjwl`kr& segubwl`k `d wjslddr `k lh( q`swr& jkg sedlklki wne cjkolki q`flbler& lklwljweg c| wne I`teskhekw `d Lkglj& njte qfj|eg jk ezujff| lhq`swjkw s`fe lk cslkilki wne Lkgljk Bjrwlki lkgurws| w` isejw nelinwr+ Lw lr erwlhjweg wnjw wne rjfe `d qjrrekies bjsr njte wslqfeg b`hqjseg w` wnels rjfe lk wne fjrw dlte |ejsr+ J hjsoew ruste| qs`tlger j gewjlfeg jkg lkgeqekgekw jkjf|rlr `d :>7 Lkgljk d`ukgsler `ddeslki rqebljfl}eg bjrwlki jkg d`ukgs| djblflwler+ Lw lr jk lktjfujcfe r`usbe `d lkd`shjwl`k d`s cu|esr ylwn serq`krlclflw| d`s r`usblki b`hq`kekwr lk wne h`rw b`rw(eddebwlte yj|+ Lwr (
Geqjswhekw Geqjswhekw `d HCJ
2
M Q D@UKGSLER& CEFIJUH
b`hqsenekrlte wjcufjs lkd`shjwl`k jff`yr jk eddebwlte b`hqjslr`k w` ce hjge cewyeek bjk( glgjwe ruqqflesr jkg r` jlgr wne bn`lbe `d wne slinw qjswkes d`s wne qs`gubwl`k `d j tes| ylge sjkie `d lkgurwsljf qs`gubwr+ Wne seq`sw get`wer qjswlbufjs jwwekwl`k w` wne webnk`f`iler wnjw jfsejg| e~lrw lk Lkglj rwjswlki ds`h qjwwesk hjolki w` h`ufglki& hewjf qseqjsjwl`k& jkg lk( rqebwl`k jkg werwlki qsjbwlber+ Lw ilter j b`hqfewe qlbwuse `d ejbn d`ukgs| jf`ki ylwn wnels sefetjkw b`kwjbw gewjlfr+ Lw jfr` e~jhlker `sijkl}jwl`kjf gewjlfr `d d`ukgsler jkg oe| qesd`s( hjkbe lkglbjw`sr jr yeff jr b`teslki wnels lkrwjffeg jkg rqjse bjqjblwler jf`ki ylwn wne yelinw sjkie `d bjrwlkir njkgfeg+ Lw lkbfuger tjfujcfe lkd`shjwl`k `k bussekw lkglbjwlte qslber d`s j ylge sjkie `d d`ukgs| i``gr jkg njr j ureduf rebwl`k `k wne f`ilrwlbr `d qs`busehekw lk Lkglj+
Lhq`swjkw key hjsoew seq`sw `k wne Lkgljk bjrwlkir lkgurws|
Qs`tlger gewjlfeg qs`dlfer `d :>7 b`hqjkler ylwn j b`hqsenekrlte gerbslqwl`k `d wne bjqjblwler `d ejbn
Jk lktjfujcfe iulge lk hjolki wne cerw jkg h`rw b`rw(eddebwlte bn`lbe `d Lkgljk qjsw( kes d`s r`usblki j ylge sjkie `d bjrwlkir
B`tesr bjrwlkir d`s jff hjm`s lkgurwsljf jqqflbjwl`kr
Errekwljf lkd`shjwl`k d`s rekl`s qesr`kkef ylwn cu|lki jkg r`usblki serq`krlclflwler Lkglj `ddesr if`cjf lkgurwsler wne `qq`swuklw| w` cu| zujflw| qs`gubwr jw e~wsehef|
b`hqewlwlte qslber+ Lw njr ceb`he j hubn djt`seg r`usbe d`s bjrwlkir& jkg cu|esr ds`h js`ukg wne y`sfg njte rn`yk wsehekg`ur lkweserw lk Lkgljk d`ukgsler+ N`yetes& r`usblki ds`h Lkglj lr j bnjffekilki wjro& erqebljff| lk wne hjwwes `d refebwlki wne slinw qjswkes yn` ylff heew wne rqebldlb sezulsehekwr `d wne cu|es+ Wnlr ruste|& bjssleg `uw c| OQF Lkweskjwl`k( jf Flhlweg& Lkglj& lr j iulge d`s `tesrejr cu|esr jkg qserekwr jff wne lkd`shjwl`k sezulseg w` dlkg rulwjcfe qjswkesr lk Lkglj+ Lw ceilkr c| b`hqjslki wne Lkgljk rbekjsl` w` wne if`cjf rbeke& get`wlki qjswlbufjs jwwekwl`k w` webnk`f`iler wnjw jfsejg| e~lrw lk Lkglj& ds`h qjwwesk hjolki w` h`ufglki& hewjf qseqjsjwl`k& jkg lkrqebwl`k jkg werwlki qsjbwlber+ Wne iulge ilter b`hqfewe b`kr`flgjweg ge( wjlfr d`s tjsl`ur d`ukgsler jf`ki ylwn b`kwjbw gewjlfr .jggserr& qn`ke kuhces& jkg b`kwjbw qesr`k& kjher `d BnjlshjkGlsebw`s& e(hjlf jggserr jkg yecrlwe,+ Lw jfr` e~jhlker wne `sij( kl}jwl`kjf gewjlfr `d d`ukgsler rubn jr w|qe `d `sijkl}jwl`k& |ejs `d lkb`sq`sjwl`k& sjkie `d qs`gubwr& zujflw| beswldlbjwl`k .LR@ZR& ewb+,& hjkq`yes lk tjsl`ur geqjswhekwr& lkgurws| reb( w`sr bjweseg d`s& djblflwler jkg lkdsjrwsubwuse+
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Geqjswhekw Geqjswhekw `d HCJ
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M Q D@UKGSLER& CEFIJUH
Wne oe| qesd`shjkbe lkglbjw`sr `d d`ukgsler lkbfuglki jkkujf wusk`tes& e~q`sw dli( user& qs`gubwr e~q`sweg jkg b`ukwsler e~q`sweg w`+ Lkd`shjwl`k lr jfr` iltek `k lkrwjffeg jkg rqjse bjqjblwler `d wne d`ukgsler jr yeff jr wne yelinw sjkie `d bjrwlkir njkgfeg+ B`hhesbljf jrqebwr qsetjlflki lk wne lkgurws| jse jfr` e~jhlkeg& rubn jr qjwwesk getef`qhekw wlhe& rjh( qfe ruchlrrl`k wlhe jkg qj|hekw weshr+
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Geqjswhekw Geqjswhekw `d HCJ
5
M Q D@UKGSLER& CEFIJUH
QJSW J LKGURWS\ QS@DLFE
Wnese jse 4&511 d`ukgs| uklwr lk Lk( glj& `uw `d ynlbn 251 uklwr jse lk Ojskjwjoj& ynlbn b`krwlwuwer `kf| 5% `d w`wjf d`ukgsler lk Lkglj& njtlki jk lkrwjffeg bjqjblw| `d jq( qs`~lhjwef| 2 hlffl`k w`kr qes jkkuh+ Ojs( kjwjoj‐r qs` gubwl`k bjqjblw| `d bjrwlkir lr
1+7 hlffl`k w`ker+ Wne hjm`slw| .kejsf| <5%, `d wne d`ukgs| uklwr lk Lkglj djffr ukges wne bjwei`( s| `d rhjff(rbjfe lkgurws|+ Wne d`ukgs| lk( gurws| lr jk lhq`swjkw ehqf`|hekw qs`tlges jkg qs`tlger glsebw ehqf`|hekw w` jc`uw njfd j hlffl`k qe`qfe+
J qebufljslw| `d wne d`ukgs| lkgurws| lk Lkglj lr lwr ie`isjqnlbjf bfurweslki+ R`he `d wne hjm`s d`ukgs| bfurwesr lk wne b`ukws| jse rn`yk lk wne hjq+ Wnere 5111 uklwr `uw `d ynlbn >1% bjk ce bfjrrldleg jr Rhjff Rbjfe uklwr $ :1% ejbn jr Hegluh $ Fjsie Rbjfe uklwr+ Jqqs`~ 511 uklwr jse njtlki Lkweskjwl`kjf Zujflw| Jbbseglwjwl`k+ Wne fjsie d`ukgsler jse h`gesk $ if`cjff| b`hqewlwlte $ jse y`solki jw kejsf| duff bjqjblw|+ H`rw d`ukgsler ure buq`fjr urlki FJH B`oe+ Wnese lr is`ylki jyjsekerr jc`uw ektls`khekw $ hjk| d`ukgsler jse rylwbnlki `tes w` lkgubwl`k duskjber $ r`he uklwr lk Jisj jse bnjkilki `tes w` b`oe ferr buq`fjr+
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Geqjswhekw Geqjswhekw `d HCJ
4
M Q D@UKGSLER& CEFIJUH
Wne Lkgljk Hewjf bjrwlki .D`ukgs| Lkgurws|, lr yeff erwjcflrneg+ Jbb`sglki w` wne se( bekw Y`sfg Bekrur `d Bjrwlkir c| H`gesk Bjrwlkir& URJ& Lkglj qs`guber jk erwlhjweg 4 Hlffl`k HW `d tjsl`ur isjger `d Bjrwlkir jr qes Lkweskjwl`kjf rwjkgjsgr+
Wne tjsl`ur w|qer `d bjrwlkir ynlbn jse qs`gubeg jse dess`ur& k`k dess`ur& Jfuhlkuh Jff`|& isjgeg bjrw ls`k& gubwlfe ls`k& Rweef ewb d`s jqqflbjwl`k lk Juw`h`clfer& Sjlfyj|r& Quhqr B`hqserr`sr $ Tjfter& Gleref Ekilker& BehekwEfebwslbjfWe~wlfe Hjbnlkes|& Jes` $ Rjklwjs| qlqer $ Dlwwlkir ewb $ Bjrwlkir d`s rqebljf jqqflbjwl`kr+ N`yetes& j Ise| ls`k bjrwlki lr wne hjm`s rnjse jqqs`~ 91 % `d w`wjf bjrwlkir qs`gubeg+ Lhq`swjkw Bfurwesr=
Wnese jse retesjf d`ukgs| bfurwesr+ R`he `d wne hjm`s bfurwesr jse jr cef`y+ Ejbn bfurwes lr ok`yk d`s lwr w|qe `d qs`gubwr+
W|qlbjff|& ejbn d`ukgs| bfurwes lr ok`yk d`s bjweslki w` r`he rqebldlb ekg(ure hjsoewr D`s e~jhqfe& wne B`lhcjw`se bfurwes lr djh`ur d`s quhq(rewr bjrwlkir& wne O`fnjqus jkg wne Cef( ijuh bfurwesr d`s juw`h`wlte bjrwlkir jkg wne Sjmo`w bfurwes d`s gleref ekilke bjrwlkir+
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Geqjswhekw Geqjswhekw `d HCJ
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M Q D@UKGSLER& CEFIJUH
D`ukgs| Bfurwes= Cefijuh
Cefijuh& f`bjweg lk wne rwjwe `d Ojskjwjoj& lr jk lhq`swjkw d`ukgs| bfurwes+ Wnese jse jc`uw :21 d`ukgs| uklwr jw Cefijuh ynlbn b`kwslcuwer 2>% `d bjrwlkir qs`gubwl`k lk Ojskj( wjoj+ Wne qs`gubwl`k bjqjblw| `d Cefijuh d`ukgsler lr :+5 Fjonr w`ker `d bjrwlkir& ynlbn b`kwslcuwer 2>% `d qs`gubwl`k lk Ojskjwjoj rwjwe+ Wne ie`isjqnlbjf rqsejg `d wne bfurwes lk( bfuger Ug|jhcji jkg Hjbnne lkgurwsljf jsejr+ Wnere uklwr jse bfjrrldleg lkw` rhjff& hegluh $ fjsie rbjfe rqsejg lk jsej `d 4 Joesr+ Wne w|qer `d bjrwlkir qs`gubeg lk Cefijuh jse ise| ls`k& hjffejcfe& r i ls`k $ k`k(dess`ur+ Wne wusk`tes `d d`ukgsler lk Cefijuh lr jqqs`~( lhjwef| 911 Bs`ser jkg :9511 qe`qfe jse glsebwf| ehqf`|eg lk wnlr+ Wne d`ukgs| lkgurws| jw Cefijuh bjhe uq qslhjslf| w` bjwes w` wne keegr `d wne juw`h`clfe lkgurws| jw Quke+ Cefijuh lr seb`ikl}eg w` ce j sefljcfe r`usbe `d nlin qseblrl`k& nlin t`fuhe jkg eb`( k`hlbjf bjrwlkir+ J rlikldlbjkw qesbekwjie .jfh`rw 31%, `d wne d`ukgs| uklwr jw Cefijuh njr LR@ <111 beswldlbjwl`k jkg e~q`sw bjrwlki+ Wne d`ukgs| lkgurws| jw Cefijuh bjwesr w` j ylge tjslew| `d ekg(ure jqqflbjwl`kr jr bjk ce reek ds`h wne wjcfe cef`y+
Glrwslcuwl`k `d d`ukgs| uklwr jw Cefijuh c| ekg(ure hjsoewr
Juw`h`wlte`lf ekilker
2: %
Quhqrtjfter
3: %
Efebwslb h`w`sr
:1 %
Wsjbw`srjislbufwusjf lhqfehekwr
9%
D``g qs`berrlki lkgurws|
5%
@wnesr
34 %
Buq`fj lr wne h`rw b`hh`k hefwlki duskjbe jw Cefijuh+ Wnsee `uw `d etes| d`us d`ukgs| ure buq`fj jr wnels hjlk hefwlki duskjbe+ H`rw `d wne buq`fjr jse `d b`ktekwl`kjf gerlikr+ Gltlgeg cfjrw buq`fj lr k`w tes| b`hh`k |ew lk wne bfurwes+ F`y jrn b`oe lr b`h( h`kf| ureg lk wne buq`fjr+ Jc`uw 71% `d wne d`ukgs| uklwr njte efebwslb lkgubwl`k duskjbe& ynlbn jse ureg elwnes jr wne hjlk hefwlki duskjbe `s d`s guqfe~lki ylwn buq`fj+ J sefjwltef| rhjff qesbekwjie .jc`uw 5%, `d wne d`ukgs| uklwr urer s`wjs| duskjber+
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M Q D@UKGSLER& CEFIJUH
Qs`gubw Hl~
Wne Lkgljk D`ukgs| Lkgurws| lr ws|lki w` d`bur `k nlines tjfue jggeg bjrwlkir w` cejw wne b`hqewlwl`k+ Ise| ls`k lr wne hjm`s b`hq`kekw `d qs`gubwl`k d`ff`yeg c| rweef& gubwlfe ls`k $ k`k dess`ur jr Rn`yk cef`y
E~q`swr
Wne E~q`swr jse rn`ylki Nejfwn| wsekgr jqqs`~ 35(21% \@\ jr bjk ce reek ds`h wne bnjswr cef`y+ @uw `d :21 d`ukgsler lk Cefijuh 34 d`ukgsler jse ekijieg e~q`swlki curlkerr( er+ Etes| |ejs :1111 w`ker `d bjrwlkir jse e~q`sweg+ Cebjure `d ynlbn 51 Bs`ser `d d`selik bussekb| b`her w` Lkglj+ Qslhjslf| e~q`sw lr g`ke w` Jheslbj& UO& UO& Ieshjk|& Rqjlk& Rqjlk& Cef( iluh $ Hlggfe Ejrw b`ukwsler+
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M Q D@UKGSLER& CEFIJUH
Ehqf`|hekw
Wne lkgurws| glsebwf| ehqf`|r jc`uw 5& 11&111 qe`qfe $ lkglsebwf| jc`uw :& 51&111 qe`qfe $ lr fjc`s lkwekrlte+ Wne rhjff uklwr jse hjlkf| geqekgjkw `k hjkujf fjc`s N`yetes& wne hegluh $ fjsie uklwr jse rehl fjsief| hebnjkl}eg $ r`he `d wne fjsie uklwr jse y`sfg bfjrr+ H`rw d`ukgsler ure buq`fjr urlki FJH B`oe+ Wnese lr is`ylki jyjsekerr jc`uw ek( tls`khekw $ hjk| d`ukgsler jse rylwbnlki `tes w` lkgubwl`k duskjber $ r`he uklwr lk Jisj jse bnjkilki `tes w` b`oe ferr buq`fjr+
Lkterwhekwr
Lkglj y`ufg keeg jqqs`~+ ' 2 Clffl`k lk lkterwhekw w` heew wne gehjkg `d is`ylki g`herwlb lkgurws| jkg rws`ki e~q`sw gslte+ D`ff`ylki wne eb`k`hlb sed`shr wne I`tw+ `d Lkglj njr segubeg wjslddr `k lhq`sweg bjqlwjf i``gr jr j serufw wne jkkujf jtesjie jh`ukw `d DGL lr seq`sweg w` njte lkbsejreg cuw lr rwlff `ke wekwn `d wne jkkujf DGL lk Bnlkj+ Wne sed`shr jfr` ekb`usjie wne qsltjwl}jwl`k `d lkgurws| ekjcflki d`selik b`hqjkler w` lkterw `s ekwes lkw` m`lkw tekwuser ylwn Lkgljk D`uk( gsler+ DGL qs`mebwr jse qeshlwweg jk juw`hjwlb jqqs`tjf qs`berr+ Retesjf Lkweskjwl`kjf b`sq`( sjwe ds`h URJ& EU jkg Ejrw Jrljk B`ukwsler njte lkbsejreg `tesrejr d`ukgs| `qesjwl`kr lk Lkglj l+e+ T@FT@ d`ukgsler lk Bnekkjl jkg Ru}uol lk Njs|jkj+ Rukgjsjh Bfj|w`k njr m`lkeg njkgr ylwn Buhhlkr+ N|ukgjl H`w`sr& Gefqnl& D`sg Lkglj& Wjwj(Buhhlkr& IH jkg D`sg njte b`kwsjbwr `d d`ukgs| qs`gubwr d`s e~q`sw ylwn j tjfue `d ' 71 Hlffl`k+
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Geqjswhekw Geqjswhekw `d HCJ
:1
M Q D@UKGSLER& CEFIJUH
Sjy hjwesljf $ Ekesi|
Rlkbe 3112 wne rweeq lkbsejre lk b`rw `d sjy hjwesljfr jkg ekesi| njte serufweg lk wne bf`ruse `d jqqs`~+ 511 uklwr& @tesjff Lkglj lr e~q`swes `d Qli Ls`k cuw hurw lhq`sw Rbsjq hew( jfr jkg B`oe ewb+ B`rw seb`tes| d`s hjwesljf jkg ekesi| lr tes| glddlbufw jr h`rw b`kwsjbwr jse f`ki wesh b`kwsjbwr ylwn`uw jk| bfjure d`s qslbe jgmurwhekw+ Lkglj njr w` lhq`sw b`oe $ rbsjq+ H`ufglki rjkg lr f`bjff| jtjlfjcfe $ Lkglj njr jk jgtjkwjie `k wnlr jbb`ukw+ Ekesi| b`rw w|qlbjff| tjs| cewyeek :3(:5%
Fjc`s
Lkglj njr hjm`s b`hqewlwlte jgtjkwjie `tes wne d`ukgs| lkgurwsler lk wne getef`qeg b`ukwsler+ Wne w`wjf fjc`s b`rw jbb`ukw d`s :3(:5%
Webnk`f`i|
I`tw+ `d Lkglj .I@L, njr ekb`usjieg webnk`f`i| wsjkrdes wns`uin MT ylwn d`selik B`hqjkler jkg I@L njr b``qesjweg ylwn UKLG@ ylwn hjk| d`ukgs| bfurwesr+ Lkgljk d`uk( gs| lkgurws| njr jk egie `tes Bnlkj d`s qs`gublki b`hqfe~ hjbnlkeg jkg qseblrl`k bjrwlkir jr qes lkweskjwl`kjf zujflw| rwjkgjsgr+ Wne I@L jfr` nefqr uqisjge d`ukgs| bfurwesr+ Wne bfur( wesr lk Cefijuh& B`lhcjw`se jkg N`ysjn jse ukgesi`lki h`geskl}jwl`k ukges wne lkgurwsljf lkdsjrwsubwuse uqisjgjwl`k rbnehe+ H`se `d rubn bfurwesr jse floef| w` d`ff`y Wne Lkrwlwuwe `d Lkgljk D`ukgs| hek njr qfjkr w` rwsekiwnek jkg getef`q tjsl`ur d`ukgs| bfurwesr+
I`teskhekw Rbneher
:+ Rhjff Lkgurws| Bfurwes Getef`qhekw Qs`isjh ( D`s qs`h`wlki webnk`f`i| uqisjgj( wl`k lk bfurwesr d`s j is`uq `d RRL uklwr `d `ke lkgurws|+ 3+ Bseglw Flkoeg Bjqlwjf Rucrlg| Rbnehe d`s Webnk`f`i| Uqisjgjwl`k ( Wnlr setlreg rbnehe jlhr jw djblflwjwlki webnk`f`i| uqisjgjwl`k c| qs`tlglki :5 qes bekw uqds`kw bjql( wjf rucrlg| ylwn eddebw ds`h wne 3+3114 (
Geqjswhekw Geqjswhekw `d HCJ
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M Q D@UKGSLER& CEFIJUH
2+ Bseglw Iujsjkwee Rbnehe ( B`ffjwesjf dsee f`jkr uq w` j flhlw `d Sr+35 Fjonr ( d`s lkgl( tlgujf RRLr+ 7+ LR@ <111/LR@ :711: Beswldlbjwl`k Selhcusrehekw Rbnehe ( Lkbekwlte Rbnehe `d Selhcusrehekw `d e~qekrer d`s jbzulslki Zujflw| Hjkjiehekw R|rweh .ZHR, LR@ <111 beswldlbjwl`kektls`khekw hjkjiehekw .EHR, LR@ :711: beswldlbjwl`k w` wne e~wekw `d 95% `s Sr+95& 111( ynlbnetes lr f`yes+ ( D`s lkgltlgujf RLRLr/Jkblffjs|/wlk|/RRRCE uklwr ( E~wekrl`k ylwn lkbfurl`k `d NJBBQ Beswldlbjwl`k LR@=<11::711: selhcusrehekw
rbnehe njr ceek e~wekgeg d`s wne ::wn dlte |ejs qfjk jkg wne rbnehe njr ceek ekfjsieg w` lkbfuge NJBBQ Beswldlbjwl`k& jfr` rucmebw w` hj~lhuh selhcusrehekw flhlw `d Sr 95&111( .gewjlfr w` ce k`wldleg rn`swf|,+ 5+ Qjswlblqjwl`k lk Lkweskjwl`kjf Djlsr ( Duff rucrlg| `k rqjbe sekw jkg rnlqhekw `d e~nl( clwr `d RRL uklwr ( d`s lkgltlgujf RRLr 4+ Qusbnjre jkg Qslbe Qsedesekbe Q`flb| ( Wnlr lr jghlklrweseg wns`uin wne Rlkife Q`lkw Seilrwsjwl`k Rbnehe `d KRLB+ Ukges wnlr& 25> lwehr jse seresteg d`s e~bfurlte qusbnjre ds`h RRL c| Bekwsjf I`teskhekw+ @wnes djblflwler lkbfuge wekges g`buhekwr dsee `d b`rw& e~ehqwl`k ds`h ejskerw h`ke| jkg rebuslw| geq`rlw jkg :5% qslbe qsedesekbe lk Bekwsjf I`teskhekw qusbnjrer ( d`s lkgltlgujf RRLr 9+ Lkweisjweg Lkdsjrwsubwuse Getef`qhekw .LLG Rbnehe, ( Jrrlrwjkbe uq w` 71% `s Sr+3+11 Bs`ser& ynlbnetes lr ferr d`s rewwlki uq lkgurwsljf erwjwer d`s RRL uklwr+ D`s KE& jrrlrwjkbe lr >1% `s Sr+7+11 Bs`ser ( d`s Rwjwe I`teskhekwr/lkgurws| jrr`bljwl`kr/ KI@r+
>+ Hlkl W``f S``hr ( Jrrlrwjkbe uq w` <1% `s Sr+<+11 Bs`ser& ynlbnetes lr ferr d`s rewwlki uq key Hlkl W``f S``hr+ D`s uqisjgjwl`k `d e~lrwlki W``f S``hr& jrrlrwjkbe lr 95% `s Sr+9+5 Bs`ser ( d`s Rwjwe I`teskhekwr+ <+ Werwlki Bekwesr ( Jrrlrwjkbe uq w` j 51% `s Sr+51 Fjonr& ynlbnetes lr ferr d`s rewwlki uq Werwlki Bekwesr ( d`s lkgurws| jrr`bljwl`kr :1+ Ruc(B`kwsjbwlki E~bnjkier ( @ke wlhe isjkw d`s qs`busehekw `d njsgyjse jkg wnesejd( wes hjwbnlki isjkw `k wjqeslki cjrlr jw 51%& 21% jkg :1% `d sukklki e~qekrer& k`w e~( beeglki Sr+ :+35 Fjonr& Sr+ 1+95 Fjonr jkg Sr+ 1+35 Fjonr serqebwltef| guslki wne lklwljf wnsee |ejsr& rucmebw w` j belflki `d Sr+ :+59 Fjonr qes e~bnjkie ( d`s lkgurws| jrr`blj( wl`kr+
::+ RRL HGJ ( Wne rbnehe `ddesr dukglki uq w` <1% lk serqebw `d w` jkg ds` jls djse d`s qjs( wlblqjwl`k c| RRL Ekwseqsekeusr lk `tesrejr djlsrwsjge gefeijwl`kr+ Wne rbnehe jfr` qs`( (
Geqjswhekw Geqjswhekw `d HCJ
:3
M Q D@UKGSLER& CEFIJUH
tlge d`s dukglki d`s qs`gublki qucflblw| hjwesljf .uq w` 35% `d b`rwr, Rebw`s rqebldlb rwu( gler .uq w` Sr+ 3 Fjonr, jkg d`s b`kwerwlki jkwl(guhqlki bjrer .51% uq w` Sr+ : Fjonr, ( d`s lkgltlgujf RRLr $ Jrr`bljwl`kr+
:3+ Jrrlrwjkbe w` Ekwseqsekeusrnlq Getef`qhekw Lkrwlwuwer ( D`s rwsekiwneklki wsjlklki lkdsjrwsubwuse lk EGLr& jrrlrwjkbe uq w` 51% `s Sr+ 51 Fjonr ynlbnetes lr ferr ( d`s Rwjwe I`teskhekwr+
:2+ Rbnehe `d Hlbs` Dlkjkbe Qs`isjh :7+ Qslhe Hlklrwes)r S`}ijs \`mjkj(QHS\ .Rbnehe `d Hlklrws| `d JSL, ( Qs`mebw flhlw uq w` Sr+ : Fjonr d`s curlkerr jkg Sr+3+11 Fjonr d`s `wnes jbwltlwler& rucrlg| jkg hjsilk h`ke| uq w` 31% `d qs`mebw ylwn cjfjkbe jr f`jk+ Rucrlg| d`s KE wylbe wnjw `d serw `d Lk( glj ( d`s ekwseqsekeusr+ RRLr
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Geqjswhekw Geqjswhekw `d HCJ
:2
M Q D@UKGSLER& CEFIJUH
JC@UW WNE B@HQJK\= M+ Q+ D@UKGSLER
NLRW@S\& CJBOIS@UKG $ LKBEQWL@K=
Hs+ Tlkj| Mjwnjs rwjsweg M+ Q+ Ekwesqslre jf`ki ylwn Hs+ Qsjojrn Qjkglw lk wne |ejs :<>:+ Ne sekweg j rhjff qsehlre lk wne lkgurwsljf jsej `d Ug|jhcji& Cefijuh jkg bjssleg `k wne wsjglwl`kjf d`ukgs| curlkerr ylwn jk lklwljf lkterwhekw `d 2+5 Fjonr& fjwes ne sekjheg wne uklw w` M+ Q+ D`ukgsler lk wne |ejs :<<>+ M+ Q+ D`ukgsler hjkudjbwuser qs`gubwr rubn jr lkkes jkg `uwes nejg `d b`hqserr`sr& df| yneef d`s gleref ekilker& b|flkgesr d`s qslkwlki hjbnlker& n`urlki d`s ejswnh`tesr& w`szue b`kteswesr n`urlki& quffe|r ewb+ Wne uklw rwjsweg ylwn :1 y`soesr& k`y lw njr :54 jsgu`ur ehqf`|eer jr lwr jrrewr yn` b`kwslcuwe w` wnels dlsh+ Wnese lr j rqebljf olkg `d sefjwl`krnlq `ke bjk ree cewyeek ehqf`|eer jkg hjkjiehekw lk M+ Q+ D`uk( gsler d`s e+i+ Jr j w`oek `d jqqsebljwl`k w` wnels y`so& Hs+ Mjwnjs glrwslcuweg wne bjrn qsl}e wnjw ne sebelteg ds`h Qslhe Hlklrwes J Q M Jcguf Ojfjh w` wneh+ J y`so ektls`khekw e~lrwr lk ynlbn wnese lr j rqlslw `d `kekerr+
LR@ :711:=3117 EHR Uklw+ M Q D`ukgsler njr erwjcflrneg jkg jqqfler jk ektls`khekwjf hjkjiehekw r|rweh+
M Q D`ukgsler& jk LR@ <11:=3111 uklw& yjr erwjcflrneg lk :<>: c| e~qeslekbeg Webnk`( bsjwr jkg qs`derrl`kjfr+
M Q D`ukgsler qs`guber nlin isjge BL jkg RI Ls`k Bjrwlkir+ Wne Zujflw| Jrrusjkbe djblf( lwler b`kd`shlki w` lkweskjwl`kjf rwjkgjsgr ekruse b`krlrwekw nlin zujflw|+
MQ D`ukgsler lr hjkjieg c| qs`derrl`kjfr jrrlrweg c| j wejh `d h`wltjweg& e~qeslekbeg& b`hhlwweg jkg wsjlkeg y`sod`sbe+
M Q D`ukgsler njr djblflwler d`s qs`gubwl`k `d lkwslbjwe& qserruse wlinw bjrwlkir yelinlki cewyeek :+1 Oir w` 211 Oir& lk tjsl`ur isjger jr qes wne sezulsehekw `d Lkgljk $ Lkwes( kjwl`kjf bflekwefe c`wn lk hjbnlkeg jkg uk(hjbnlkeg b`kglwl`k& lk rhjff cjwbn zujkwlwler+
M Q D`ukgsler qs`guber bjrwlkir c| Rjkg H`ufglki jr yeff jr Rneff Qs`berr+
M Q D`ukgsler qs`guber sejg| w` ure duff| hjbnlkeg N`urlki df|yneef bjrwlkir & B|flkges Nejgr& B`hqflbjweg Bjrwlkir `d B`hqserr`sr& R I Ls`k Bsjkornjdwr & Cejslki bjqr & Bjrwlkir d`s hjbnlke w``fr+
BSLRLF njr jrrlikeg jr #RHE(3# sjwlki w` M Q D`ukgsler+ Wnlr sjwlki lkglbjwer NLIN FETEF @D BSEGLW Y@SWNLKERR& Y@SWNLKERR& jr jgmugieg jg mugieg lk sefjwl`k sefjw l`k w` `wnes RHEr)
Rjfer Wusk`tes= Lw njr rn`yk b`krlrwekbe is`ywn `d 31% w` 35% etes| |ejs+
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Geqjswhekw Geqjswhekw `d HCJ
:7
M Q D@UKGSLER& CEFIJUH
Q@FLBLER=
TLRL@K= ‖W@ CE WNE CERW R@USBE @D BJRWLKI CJREG QS@GUBWR D@S @US
BURW@HESR JKG CE WNE QSE DESSEG EHQF@\ES+‘
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RUQQF\ @D DUFF\ HJBNLKEG BJRWLKIR& D@BUR @K TJFUE JGGLWL@K + ‘
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W` b`kwlkujff| lhqs`te bjrwlki zujflw| c| uqisjglki rolffr& qs`berrer jkg lkdsj( rwsubwuse
3+
W` segube burw`hes ekg semebwl`kr jkg b`hqfjlkwr
2+
W` bsejwe y`so ektls`khekw wnjw d`rwesr wejh rqlslw jh`kirw jff+
7+
W` b`kwslcuwe d`s wne yefdjse `d wne r`blew|+
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Geqjswhekw Geqjswhekw `d HCJ
:5
M Q D@UKGSLER& CEFIJUH
QS@GUBWR=
Qjswr `d Gleref Ekilker=
B|flkges Nejgr
Hjkld`fg
N`urlki d`s Fuc @lf Quhq
B`kkebwl`kr
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N`urlki Df| Yneefr
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:4
M Q D@UKGSLER& CEFIJUH
Qjswr `d B`hqserr`sr=
B|flkges
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Nejg Rw`bo N`urlki
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Hjbnlkeg Wussew C`g|
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Iulger& Rflger& N`urlki+
W`q wjcfe& Rjggfe+
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Wjlf rw`bo iulger+
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W``f Wussewr d`s BKB wusklki bekwes
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Bsjko Rnjdw
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Hjlk Cejslki Bjq
:9
M Q D@UKGSLER& CEFIJUH
Rneff Rjkg Bjrwlkir=
Lhqeffes C`g|
Fucslbjwl`k Quhq
Rneff Rjkg Bjrwlkir
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Ds`kw B`tes
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Geqjswhekw Geqjswhekw `d HCJ
B`tes @lf B``fes
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M Q D@UKGSLER& CEFIJUH
JSEJ @D @QESJWL@K
Wnese jse wy` hjlk qs`gubwl`k uklwr `d wne b`hqjk| jse rlwujweg lk Cefijuh+ @ke lr lk Ug|jhcji jkg `wnes lr bjffeg jr MQ D`ukgsler Uklw ( 3 f`bjweg lk Hjbnne+ Jggserrer= M+Q+ D`ukgsler ‒ Uklw :
M+Q+ D`ukgsler ‒ Uklw 3
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Jrr`bljwer= Jff lwr jrr`bljwer jse jfr` f`bjweg lk Cefijuh+
Qsjojrn N`he Lkgurwsler
Hjkudjbwuses `d Sjgljf Gslfflki Hjbnlker& Rusdjbe Islkgesr jkg Rneew Hewjf b`hq`( kekwr floe n`urlki d`s jls bfejkesr& rlfekbesr& csjboewr& dsjher& Lkwjoe jkg E~njurw hjkld`fgr& qlqe cekglki ( `k BKB hjbnlker+ Hjbnlklki `d bjrwlkir ( b`ktekwl`kjf jkg BKB hjbnlker
Qsjojrn Rjfer Jiekbler
Juwn`sl}eg Refflki jiekwr d`s Hjbnlke W``fr& Hjwesljf Njkgflki Ezulqhekwr& B`h( qserr`sr& Iekesjw`s Rewr& jkg Juw` Restlblki Ezulqhekwr ewb
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JOQ D`ukgsler& Cefijuh
Jffubjwr& Jffleg D`ukgsler& Cefijuh
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M Q D@UKGSLER& CEFIJUH
LKDSJRWSUBWUSE
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M Q D@UKGSLER& CEFIJUH
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M Q D@UKGSLER& CEFIJUH
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M Q D@UKGSLER& CEFIJUH
D`shjfl}lki E~jbw Sezulsehekwr ‒ Qfjkklki
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M Q D@UKGSLER& CEFIJUH
wek urlki yjrwe nejw+ Wne duskjbe b`hh`kf| ureg lk wne lkgurws| lr gerbslceg cef`y+ Lk wsjgl( wl`k qs`berrer hewjf lr ruqesnejweg k wne duskjbe+ H`fwek hewjf lr wsjkrdesseg ds`h wne dus( kjbe w` j fjgfe jkg nefg ukwlf lw sejbner wne gerlseg q`uslki wehqesjwuse+ Wne h`fwek hewjf lr q`useg lkw` wne h`ufg jkg jff`yeg w` r`flgld|+ Rjkg Sebfjhjwl`k
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B+ ZJG ( LKRQEBWL@K $ ZUJFLW\ B@KWS@F
Wne lk(n`ure lkrqebwl`k seq`swr `d d`ukgs| jkg lkrqebwl`k seq`swr `d wne juwn`sl}eg lkrqebw`s ylff ce setleyeg w` b`kdlsh wne jbbeqwjkbe ced`se glrqjwbner `d qs`gubwr jse hjge+ Lkrqebwl`k lr g`ke w` bnebo ynewnes wne bjrwlki hjwbner wne sezulseg rqebldlbjwl`k0 G`er lw njte qs`qes njsgkerr0 Jse wnese jk| cf`y n`fer lkrlge wne bjrwlki0 $ Yelinw `d wne bjrwlki0 Ewb+ G+ QUSBNJRE GEQJSWHEKW
F`bjwl`k `d M+ Q+ D`ukgsler lr tes| b`kteklekw d`s wne r`usblki `d sjy hjwesljf ds`h tjsl`ur f`bjwl`kr+
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21
M Q D@UKGSLER& CEFIJUH
D+ JBB@UKWR GEQJSWHKEW
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ROLFFR
Rolffr nese sedes w` wne rolff rew q`rrerreg c| wne ehqf`|eer jr j serufw `d wsjlklki qs`( isjhr lk wne `sijkl}jwl`k+ D`ff`ylki jse wne rweqr wjoek w` lhqjsw keberrjs| rolffr= @k wne m`c wsjlklki Wnlr lr `ke `d wne `fgerw hewn`gr& ukges wnlr hewn`g? wne lkgltlgujf lr qfjbeg `k wne seiufjs m`c jkg lr wjuinw wne rolff keberrjs| w` qesd`sh wnjw m`c+ @k wne m`c wsjlklki njr wne jgtjkwjie `d iltlki dlsrwnjkg ok`yfegie jkg e~qeslekbe ukges wne jbwujf y`solki b`kglwl`kr+ Wnlr wsjlklki lr iltek w` ehqf`|eer+ @dd wne m`c Wsjlklki Lk wnlr hewn`g wne wsjlkee lr reqjsjweg ds`h wne m`c rlwujwl`kr jkg nlr jwwekwl`k lr d`( bureg uq`k fejsklki wne hjwesljf sefjweg w` nlr duwuse m`c qesd`shjkbe+ Wnese lr jk `qq`swukl( w| d`s dseeg`h `d e~qserrl`k d`s wne wsjlkeer Ehqnjrlr `k ehqf`|ee wsjlklki
Wne ok`yfegie& rolffr jkg b`hhlwhekw `d lwr ehqf`|eer jse oe|r w` wne rubberr `d wne b`hqjk|+ Ynesetes wne| y`so& wne| hjoe j tjfujcfe b`kwslcuwl`k w`yjsgr ekruslki wnjw ruq( qfler jkg restlber heew wne gehjkglki sezulsehekwr rew c| lwr burw`hesr+ Lk sewusk& wne b`h( qjk| uwlfl}er j ylge sjkie `d hejruser w` ekruse wnjw lwr ehqf`|eer getef`q wnels qs`derrl`kjf
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2:
M Q D@UKGSLER& CEFIJUH
rolffr duswnes& wnjw wne| zujfld| d`s gehjkglki wjror jkg e~wekg wnels iekesjf ok`yfegie w` heew rqebldlb gehjkgr+ Wne q`rrlclflwler sjkie ds`h wjolki qjsw lk lkweskjf b`usrer w` jwwekg( lki rehlkjsr nefg jw w ne b`hqjk|‐r Rwjdd Jbjgeh|+ M+ Q+ D`ukgsler lr ehqnjrl}lki h`se `k
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RW\FE / BUFWUSE=
Jff `sijkl}jwl`kr njte wnels `yk glrwlkbw bufwuse jkg hjkjiehekw rw|fe+ Lw lkbfuger wne g`hlkjkw tjfuer& cefledr jkg k`shr ynlbn getef`q `tes wlhe jkg ceb`he sefjwltef| ek( guslki dejwuser `d wne `sijkl}jwl`kjf flde+ Lw jfr` ekwjlfr wne yj| hjkjiesr lkwesjbw ylwn wne ehqf`|eer jkg wne yj| wne| rqekg wnels wlhe+ Wne curlkerrer njte wsjglwl`kjff| ceek lkdfu( ekbeg c| wne hlflwjs| rw|fe `d hjkjiehekw jkg bufwuse ynese rwslbw jgnesekbe w` wne uqqes hjkjiehekw jkg qs`beguser yjr e~qebweg ds`h wne f`yes(sjko ehqf`|eer+ N`yetes& wnese njte ceek e~wekrlte edd`swr lk wne qjrw b`uqfe `d gebjger w` bnjkie w` bufwuse w` j h`se `qek& lkk`tjwlte jkg dslekgf| ektls`khekw ylwn deyes nlesjsbnler jkg rhjffes bnjlk `d b`hhjkg+ Bufwuse sehjlkr jk lhq`swjkw b`krlgesjwl`k lk wne lhqfehekwjwl`k `d jk| rwsjwei| lk wne `s( ijkl}jwl`k+ Wne rw|fe ynlbn lr q`swsj|eg w` wne `uwrlge y`sfg lr geslteg ds`h wne rw|fe jkg cenj( tl`sr e~nlclweg lkrlge `sijkl}jwl`k+ Wne lkweskjf rw|fe `d wne `sijkl}jwl`k jddebwr n`y wne key rwjdd deefr& wnlko jkg g` wnels m`cr+ Wnesed`se jk `sijkl}jwl`k lr j sedfebwl`k `d lwr rwsubwuse+ j, W`q g`yk C`ww`h uq Jw wne wlhe `d q`flb| dsjhlki& dsjhlki& wne rw|fe df`yr ds`h w`q w` c`ww`h+ Ld j q`flb| njr w` ce dsjheg wnek wne q`flb| njr w` ce wjoek c| uqqes fetef $ lw df`yr w`yjsgr f`yes fetef+ Cuw ynek wne `qlkl`k `d wne q`flb| lr w` ok`yk& jw wnjw wlhe wne rw|fe df`yr ds`h c`ww`h w` uq+ Wnlr lr w` ok`y wne jwwlwuger `d wne ehqf`|eer jc`uw wne q`flb| ynlbn lr dsjheg c| wne hjkjiehekw+ c, Juwn`slwjsljkQjswlblqjwlteB`ffjc`sjwlte Wne rw|fe `d dukbwl`klki d`ff`yeg jw M+ Q+ D`ukgsler lr Juwn`slwjsljk+ Jff geblrl`kr jse wjoek jw wne w`q fetef+ Rlkbe wne `sijkl}jwl`k rwsubwuse lr rhjff jkg flhlweg k`+ `d eh( qf`|eer y`solki lk djbw`s|& `ykesr `d wne b`hqjk| njte cewwes b`kws`f `tes geblrl`k hjolki+ Wne `sijkl}jwl`kr njte ceek d`ff`ylki j cusejubsjwlb(rw|fe qs`berr h`gef ynese h`rw geblrl`kr jse wjoek jw wne nlines hjkjiehekw fetef jkg wnese jse tjsl`ur jkg r`he( wlher ukkeberrjs| sezulsehekwr d`s j rqebldlb geblrl`k .e+i+ qs`busehekw `d gjlf| ure i``gr, w` ce wjoek+ (
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23
M Q D@UKGSLER& CEFIJUH
LT
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RWJDD=
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Wne |`uki q`qufjwl`k lr duefflki is`ywn? iewwlki hjssleg& cu|lki n`her& cu|lki bjsr jkg ynlwe i``gr ewb+
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F`y setekuer qs`nlclwlki key lkterwhekwr lk wne rebw`s
Lk wne qjrw retek |ejsr k` key d`ukgs| `d jk| rlikldlbjkw bjqjblw| njr ceek culfw+ Jff lkterwhekwr jse lk zujflw|& qs`gubwltlw| jkg jggeg tjfue lhqs`tehekwr+
Slrlki b`rw `d sjy hjwesljfr
Ld wne slrlki b`rw `d sjy hjwesljfr bjkk`w ce b`hqekrjweg d`s c| lkbsejrlki wne qslbe `d qs`gubwr& d`ukgsler ylff ylwkerr etek f`yes setekuer+
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Geqjswhekw Geqjswhekw `d HCJ
24
M Q D@UKGSLER& CEFIJUH
QJSW G
Ruhhjs| `d fjwerw jkkujf seq`sw `d wne b`hqjk|=
Rlkbe M+ Q+ D`ukgsler lr j qsltjwe flhlweg `sijkl}jwl`k? wne| glgk‐w qs`tlge jk| lkd`shjwl`k seijsglki b`hqjk|‐r dlkjf jbb`ukwr $ cjfjkbe rneew+ Jbb`sglki w` b`hqjk|‐r q`flb|& lw lr j
b`kdlgekwljf hjwwes jkg bjkk`w ce glrbf`reg w` jk| `uwrlge qesr`k+
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Geqjswhekw Geqjswhekw `d HCJ
29
M Q D@UKGSLER& CEFIJUH
QJSW E
IF@CJF D@UKGS\ LKGURWS\ DUWUSE
Webnk`f`i|& Lkk`tjwl`k jkg Nuhjk Rolffr ylff ce wne oe| gsltesr `d wne bjrwlki lkgur( ws| lk wne kejs duwuse+ Urjie jkg jgtjkbehekw lk jfweskjwe hjwesljfr floe b`hq`rlwer jkg qfjr( wlbr jse jfsejg| j wnsejw w` wne hewjf bjrwlki lkgurws|+ Lw ylff ce lhqesjwlte d`s hjkudjbwusesr w` se`slekw wnels `tesjff jqqs`jbn c| jg`qwlki wne cerw qsjbwlber w` ce b`hqewlwlte ds`h jff qesrqebwlter+ Nese jse r`he glrwlkbw getef`qhekwr lk wne bjrwlki lkgurws| `d fjwe+
B`hquwes Cjreg Gerlik .BJG, d`s rlhufjwl`k `d bjrwlki jkg w``f hjkudjbwuse+
Jfweskjwlte h`fg jkg b`se hjwesljfr+
Nlin Qserruse h`fglki webnklzuer+
Sjqlg qs`w`w|qlki+
Jgtjkber lk F`rw D`jh& Lkterwhekw Bjrwlki jkg Hefwlki Webnklzuer+
Hebnjkl}jwl`k lk dewwflki jkg bfejklki `qesjwl`k `d bjrwlkir+ Lkweskjwl`kjf d`ukgs| e~nlclwl`k lr b`kgubweg etes| |ejs+ LDE^ 311> lr jk Lkweskj(
wl`kjf D`ukgs| E~nlclwl`k wnjw e~qebwr ylge qjswlblqjwl`k c`wn ds`h Lkglj jkg `tesrejr+ Wnlr etekw lr jk jqqs`qsljwe qfjwd`sh w` sedfebw wne qserekw rwjwe `d wne d`ukgs| webnk`f`i| y`sfg( ylge& rqsejg `tes ::111 rzujse hewesr+
Qs`dlfe `d if`cjf qjswlblqjkwr ylff lkbfuge Bjrwlki Cu|esr& D`ukgsler& D`ukgs|( Ezulqhekw hjkudjbwusesr& Sjy Hjwesljf ruqqflesr& Hjbnlklki jkg R`dwyjse r`fuwl`k qs`tlgesr+
Jk e~beffekw `qq`swuklw| d`s lkgurws| ruqqflesr jkg cu|esr w` wsjkrjbw curlkerr d`s huwujf cekedlw+
Jk lgejf jkg lkd`shjf qfjwd`sh d`s tlrlw`sr w` lkwesjbw ylwn e~nlclw`sr d`s reeolki r`( fuwl`kr w` wnels bjrwlki keegr ce lw lk wne refebwl`k `d qs`berrer& hjbnlkes|& qs`gubwr `s webnk`f`i| d`s e~qjkrl`k `s ektls`khekw b`kws`f+
Ylff jfr` rn`y bjre fjwerw r`dwyjse r`fuwl`kr jkg hjbnlklki ezulqhekwr
Ylff ce nefg jw wne Bnekkjl Wsjge Bekwse& ok`yk d`s lwr rwjwe(`d(wne jsw djblflwler+
Lk weshr `d wne is`ywn `d hjkudjbwusesr& wne rjfer t`fuhe `d quse(qfj| d`ukgsler ylff hjlkwjlk :2+7 qesbekw is`ywn sjwe jkg wne curlkerr rbjfe y`ufg sejbn '25+914 clffl`k c| 31::+ D`s k`k quse(qfj| d`ukgsler& wne jkkujf is`ywn sjwe `d wne rjfer t`fuhe ylff ce 4+2 qesbekw jkg wne curlkerr rbjfe y`ufg sejbn '7+992 clffl`k c| 31::+
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Geqjswhekw Geqjswhekw `d HCJ
2>
M Q D@UKGSLER& CEFIJUH
QJSW D
FEJSKLKI E^QESLEKBE
@SIJKLRJWL@K RWUG\ jw M+ Q+ D`ukgsler qs`tlgeg he j tes| i``g `qq`swuklw| w` ok`y jc`uw wne `sijkl}jwl`kjf rwsubwuse& d`shjwl`kr jkg lwr y`solki nefqr w` ijlk qsjbwlbjf ok`yfegie jc`uw glddesekw dukbwl`kr `d tjsl`ur geqjswhekwr `d wne b`hqjk|+ Jff wne rwjdd lk wne b`hqjk| yjr tes| hubn b``qesjwlte jkg tes| oeek w` e~qfjlk ejbn jrqebw+ Wnlr wsjlklki nefqr w` hjoe j wn`s`uin rwug| `d wne b`hqjk|‐r b`hqjk|‐r jbwltlwler lk ejbn rebwl`k jkg jkg w` jbzulse jbzulse qsjbwlbjf ok`yfegie lk wnlr dlefg+ Wnlr rwug| ylff ce `d isejw cekedlw d`s wne duwuse bjsees+ D`us yeeor @sijkl}jwl`k rwug| ijte jk `qq`swuklw| w` ok`y jc`uw wne lkgurwsljf y`sfg+ Celki ylwn wne b`hqjk| nefqeg w` fejsk n`y wne hjkjiehekw wne`sler jkg b`kbeqw jse jqqfleg lk jk `sijkl}jwl`k+ Lw ilter jk `qq`swuklw| w` ree n`y dey hjkjiesr hjkjieg j fjsie kuhces `d ehqf`|eer jkg hjbnlker w` suk wne b`hqjk| ylwn j qs`dlw+ H`se `tes wne lk(qfjkw wsjlklki yjr j i``g e~q`ruse w` fejsk jc`uw wne y`solki b`kglwl`kr `d wne `sijkl}jwl`k+ Jk`wnes lhq`swjkw jrqebw k`wlbeg lk wne b`hqjk| yjr seijsglki wne glrblqflke d`ff`yeg lk wne `ddlbe+ Wne ehqf`|eer ehqf`|eer yese tes| dslekgf| dslekgf| jkg b`( `qesjwlte+ W` `ker ukgesrwjkglki `kf| j qjsw `d wne wne`sewlbjf jrqebwr lr celki lhqfehekweg lk qsjbwlbjf y`solki `d wne `sijkl}jwl`k+ Wnlr yjr etlgekwf| ylwn seijsg w` hjsoewlki yese lw geqekgeg `k wne rlwujwl`kr+ rlwujwl`kr+ Wne nlesjsbn| d`ff`yeg d`ff`yeg yjr jfr` k`w hubn hubn slilg+ Geblrl`kr jse wjoek zulbof| jkg lkrwjkwjke`urf|+ Wne ehqf`|ee jkg ehqf`|es yese tes| dslekgf| jkg `qek sefjwl`kr jkg y`soeg jr j wejh+ Wne y`sor jse r|rwehjwlbjff| gltlgeg jh`ki wne ehqf`|eer jkg jse jrrlikeg m`cr `k wnels wnels rolffr+ Wne ekwlse r|rweh lr lr yeff `sijkl}eg ylwn ehlkekw kuh( ces `d ehqf`|eer w` njkgfe glddesekw y`sor+ Wlhe yjr jk lhq`swjkw qjsw `d wne wsjlklki& ynlbn yjr d`ff`yeg rwslbwf| jkg njg w` se( q`sw wne `ddlbe jw :1 jh+ Guslki wnlr qesl`g lw lr j cur| rbnegufe lk wne `ddlbe jkg wne eh( qf`|eer jse geglbjweg w` wnels cur| rbnegufe `d y`sor+
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Geqjswhekw Geqjswhekw `d HCJ
2<
M Q D@UKGSLER& CEFIJUH
QJSW I M+ Q+ D@UKGS\ EHQF@\EER WSJLKLKI SEB@SGR Cjbois`ukg jkg lkbeqwl`k `d Sezulsehekw
M+ Q+ D`ukgsler NS geqjswhekw lr hjlkwjlklki seb`sgr `d wsjlklki iltek w` ejbn eh( qf`|ee+ Sebekwf| NS geqjswhekw lhqfehekweg j rwsjwei| `d iltlki hlklhuh :11 Nsr lk j h`kwn d`s ehqf`|eer wsjlklki+ Qsetl`urf| wne| yese hjlkwjlklki wnere seb`sgr lk j y`sg dlfe d`shjw jkg yese djblki qs`cfehr lk hjlkwjlklki jkg uqgjwlki wnere seb`sgr+ Cuw k`y j keeg defw wnjw wnese rn`ufg ce jk jqqflbjwl`k ynlbn ylff nefq lk qs`qes hjlkwjlklki wne seb`sgr `d wsjlklki iltek w` ehqf`|eer+
W``fr ureg d`s getef`qlki Jqqflbjwl`k
W` getef`q wnlr jqqflbjwl`k Hlbs`r`dw‐r Tlrujf Cjrlb 4+1 lr ureg d`s getef`qlki ds`kw (
ekg d`sh jkg gjwjcjre lr hjlkwjlkeg lk Hlbs`r`dw Jbberr+ Seq`swr jse gerlikeg lk Tlrujf Cj( rlb Gjwj Seq`swr+
Gjwjcjre
Nese wy` glddesekw wjcfer jse sezulseg w` hjlkwjlk wne seb`sg gewjlfr+ @ke wjcfe lr bsejweg d`s hjlkwjlklki ehqf`|ee‐r gewjlfr floe Ehqf`|hekw K`+& Kjhe& M`lklki Gjwe& Zujf l(
dlbjwl`k ewb+ reb`kg wjcfe lr bsejweg w` hjlkwjlk gewjlfr jc`uw wsjlklki iltek w` ejbn ehqf`|ee+ Wnlr wjcfe b`kwjlkr gewjlfr jc`uw wsjlklki w`qlb& gusjwl`k& wsjlklki gjwe& eddebwltekerr ewb+ Wjcfe : ‒ ehq .Ehqf`|ee Gewjlfr,
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Geqjswhekw Geqjswhekw `d HCJ
Wjcfe 3 ‒ wsjlk .Wsjlklki Gewjlf,
71
M Q D@UKGSLER& CEFIJUH
Ds`kw ‒ Ekg
D`s getef`qlki ds`kw ekg L‐te ureg fjcefr& lhjier& we~wc`~er jkg cuww`kr+ Wy` d`shr
jse getef`qeg ylwn `ke seq`sw+ Dlsrw f`ilk d`sh rn`yr f`ilk gljf`i c`~+ Nese uresr njte w` ekwes f`ilk gewjlfr w` ure wne jqqflbjwl`kr+ Wnlr juwnekwlbjwl`k lr lhq`swjkw w` qsetekw ukju( wn`sl}eg jbberr `d jqqflbjwl`k+
Ds`kw ekg d`sh nefqr w` tley& jgg& eglw& jkg uqgjwe seb`sgr+ Rejsbn djblflw| lr jfr` qs`tlgeg w` dlkg wne sezulseg seb`sg+ Gjwe d`shjw ureg lr HHGG\\+ Geqjswhekwr jkg isjge gewjlf lr jfsejg| dlffeg lk jqqflbjwl`k+ Ures njr w` refebw wne sezulseg gewjlf ds`h b`hc`( c`~+ @GCB b`kkebwl`k ekilke lr ureg w` flko wne gjwjcjre w` ds`kw ekg jqqflbjwl`k+
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Geqjswhekw Geqjswhekw `d HCJ
7:
M Q D@UKGSLER& CEFIJUH
Seq`sw
Dlkjff| j seq`sw lr sezulseg w` rn`y jff wne gewjlfr `d lkgltlgujf wsjlklki seb`sgr+ Wnlr seq`sw ylff jqqejs ynek qslkw cuww`k lr bflboeg+ D`ff`ylki lr wne rjhqfe seq`sw ynlbn ylff ce glr( qfj|eg w` ures+
B`kbfurl`k jkg Duwuse Rb`qe
Wnlr jqqflbjwl`k lr ures dslekgf| jkg ylff nefq w` hjlkwjlk seb`sgr lk ejr| jkg eddebwlte yj|+ Duswnes wnlr r`dwyjse bjk ce lhqs`teg c| qs`tlglki hufwl(ures jbberr jkg lkwesdjbe+ B`hqfe~ seq`swr bjk ce gerlikeg w` rn`y gewjlfr `d ehqf`|eer lk etes| geqjswhekw jkg ruhhjsl}eg seq`sw gewjlfr+
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Geqjswhekw Geqjswhekw `d HCJ
73
M Q D@UKGSLER& CEFIJUH
QJSW N SEB@HHEKGJWL@KR
M+Q+ D`ukgsler lr ehqnjrl}lki h`se `k wsjlklki jkg seiufjs heewlkir+ H`rw `d wne wlhe `ddlbe rwjdd lr ekijieg elwnes lk wsjlklki `s lk heewlki+ Dey wlher lw glg njqqek wnjw Ld j qesr`k b`her ds`h `uwrlge w` tlrlw dlkg k`c`g| lk jghlk geqjswhekw+
Wsjlklki keeg njr w` ce jrrerreg b`ssebwf|+ Lw rn`ufg ce jfr` `cresteg ynewnes wsjlklki iltek `k j qjswlbufjs w`qlb lr celki jqqfleg lk gjlf| qsjbwlber `s k`w+ L `cresteg wnjw j tes| gewjlfeg wsjlklki `k Hr(e~bef lr lhqjsweg w` rwjdd ynlbn hj| njsgf| ce ureg lk gj|(w`(gj| jbwltlwler+
M+ Q+ D`ukgsler yec q`swjf lr k`w uqgjweg qs`qesf|+ Wne lkd`shjwl`k qs`tlgeg `k yecrlwe lr `uwgjweg jkg `fg+
Lw lr `cresteg wnjw y`soesr bney w`cjbb`& gslkor blijsewwe kejs `s lkrlge fjtjw`s|+ Wnlr rn`ufg ce b`krlgeseg+
Rqjbe kejs Fjtjw`s| lr k`w bfejkeg qs`qesf|+ Jfr` wnlr qfjbe lr k`w uwlfl}eg+
M+ Q+ D`ukgsler rn`ufg f``o w` lkbsejre qs`gubwltlw|? qs`gubwl`k njr w` ce lkbsejreg w` heew wne gehjkg+
M+ Q+ D`ukgsler bjk y`so `k wne lhqs`tehekw `d ijsgek& bfejkflkerr jkg jfr` culfg j b`hq`ukg yjff ynlbn g`er k`w e~lrw jw qserekw+
M+ Q+ D`ukgsler bjk e~wekg wne `ddlbe qsehlrer jkg hjoe lw h`se b`hd`swjcfe+
M+ Q+ D`ukgsler bjk y`so w`yjsgr ehesilki jr j wles(L ruqqfles w` `slilkjf ezulqhekw hjkudjbwusesr .@EH, ds`h wne bussekw wles(LL wles LLL ruqqfles rwjwur+
Uwlfl}jwl`k `d lkd`shjwl`k webnk`f`i| .LW, lk `qesjwl`kr jkg qs`gubw getef`qhekw y`ufg nefq lk wne is`ywn `d wne `sijkl}jwl`k+
Serejsbn $ Getef`qhekw bekwse bjk ce rewuq lk M+ Q+ D`ukgsler
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Geqjswhekw Geqjswhekw `d HCJ
72
M Q D@UKGSLER& CEFIJUH
QJSW L B@KBFURL@K
@sijkl}jwl`k rwug| qs`isjhheg jw M+ Q+ D`ukgsler d`s j qesl`g `d 7 yeeor qs`tlgeg j i``g fejsklki e~qeslekbe+ Jff wns`uin lw nefqeg w` ijlk j f`w `d qsjbwlbjf ok`yfegie jfr` jkg ukgesrwjkg wne y`solki `d jk `sijkl}jwl`k+ Wne @sijkl}jwl`k rwug| jfr` qs`tlgeg wne `qq`s( wuklw| w` ce j qjsw `d wne `sijkl}jwl`k jkg ukgesrwjkg wne y`solki+ Lw jfr` nefqeg w` sefjweg w` wne ukgesrwjkglki `d tjsl`ur b`kbeqwr rwugleg guslki wne b`usre jkg lwr lhqfehekwjwl`k lk qsjbwlbjf y`solki `d jk `sijkl}jwl`k+ Wns`uin wne wsjlklki& lw lr ukgesrw``g wnjw `kf| j qjsw `d wne wne`sewlbjf jrqebwr jse celki lhqfehekweg lk qsjbwlbjf y`solki `d wne `sijkl}jwl`k+ Wnlr @sijkl}jwl`k rwug| ylff duswnes nefq w` ukgesrwjkg wne rwu( gler jkg njr nefqeg w` ijlk j f`w `d ok`yfegie jc`uw wne y`solki `d jk `sijkl}jwl`k+
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Geqjswhekw Geqjswhekw `d HCJ
77
M Q D@UKGSLER& CEFIJUH
CLCFL@ISJQN\
M+ Q+ D`ukgsler lkweskjf seb`sgr&
yyy+mqd`ukgsler+b`h
yyy+lkgljkd`ukgs|+b`h
yyy+d`ukgs|lkd`(lkglj+`si
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Geqjswhekw Geqjswhekw `d HCJ
75