Industrial development bank of india - Free Essay Example

Sample details Pages: 20 Words: 5964 Downloads: 4 Date added: 2017/06/26 Category Statistics Essay Did you like this example? INTROUCTION The Industrial Development Bank of India Limited, was established as wholly-owned subsidiary of Reserve Bank of India. The foundation of bank was laid down under an Act of Parliament, in July 1964. The main aim behind the setting up of IDBI was to provide credit and other facilities for the Indian industry, which was still in the initial stages of growth and development. In February 1976, the ownership of IDBI was transferred to Government of India. After the transfer of its ownership, IDBI became the main institution, through which the institutes engaged in financing, promoting and developing industry were to be coordinated. In January 1992, IDBI accessed domestic retail debt market for the first time, with innovative Deep Discount Bonds, and registered path-breaking success. The following year, it set up the IDBI Capital Market Services Ltd., as its wholly-owned subsidiary, to offer a broad range of financial services, including Bond Trading, Equity Broking, Client Asset Management and Depository Services. Don’t waste time! Our writers will create an original "Industrial development bank of india" essay for you Create order In September 1994, in response to RBIs policy of opening up domestic banking sector to private participation, IDBI set up IDBI Bank Ltd., in association with SIDBI. In July 1995, public issue of the bank was taken out, after which the Governments shareholding came down (though it still retains majority of the shareholding in the bank). In September 2003, IDBI took over Tata Home Finance Ltd, renamed IDBI Home finance Limited, thus diversifying its business domain and entering the arena of retail finance sector. The year 2005 witnessed the merger of IDBI Bank with the Industrial Development Bank of India Ltd. The new entity continued to its development finance role, while providing an array of wholesale and retail banking products (and does so till date). The following year, IDBI Bank acquired United Western Bank (which, at that time, had 230 branches spread over 47 districts, in 9 states). In the financial year of 2008, IDBI Bank had a net income of Rs 9415.9 crores and total assets of Rs 120,601 crores. The Present Today, IDBI Bank is counted amongst the leading public sector banks of India, apart from claiming the distinction of being the 4th largest bank, in overall ratings. It is presently regarded as the tenth largest development bank in the world, mainly in terms of reach. This is because of its wide network of 688 branches, 1139 ATMs and 457 centers. Apart from being involved in banking services, IDBI has set up institutions like The National Stock Exchange of India (NSE), The National Securities Depository Services Ltd. (NSDL) and the Stock Holding Corporation of India (SHCIL). Products Services Personal Banking Deposits Loans Payments Tax Payments, Stamp Duty Payments, Easy Fill, Bill Payment, Card to Card Money Transfer, PayMate, Online Payments Mutual Fund Demat Account IPO Insurance FamilyCare, Weathsurance Cards Debit Card, Credit Card, Cash Card, Gift Card, International Debit-cum-ATM Card, World Currency Card Institutional Banking Lockers India Post NRI Services Phone Banking SMS Banking Account Alerts Internet Banking Corporate Banking Project Finance Infrastructure Finance Syndication, Underwriting Advisory Services Carbon Credits Business Working Capital Cash Management Services Trade Finance Tax Payments Derivatives Technology Upgradation Fund Scheme (TUFS) Film Financing Scheme Direct Discounting Bills Rehabilitation Finance Others SME Finance Agri-business Products Main Functions of IDBI- IDBI coordinates between various financial institutions who are highly involved in provide financial assistance, promoting, and developing various industrial units IDBI is also engaged in a variety of promotional activities such as development programs for the fresh entrepreneurs, planning of consultancy services for both the small scale enterprises and the medium sized industrial units IDBI works for the advancement of technology and other welfare schemes to ensure economic development. Industrial Development Bank of India acts as a catalyst in various industrial development programs. IDBI provides financial assistance to all kinds of industrial units which comes under the provisions of the IDBI Act. IDBI has served various industrial sectors in India for about three years and has grown leaps and bounds in its size and operating units. IDBIs role as a catalyst IDBIs role as a catalyst to industrial development encompasses a wide spectrum of activities. IDBI can finance all types of industrial concerns covered under the provisions of the IDBI Act. With over three decades of service to the Indian industry, IDBI has grown substantially in terms of size of operations and portfolio. Developmental Activities of IDBI Promotional activities In fulfillment of its developmental role, the Bank continues to perform a wide range of promotional activities relating to developmental programmes for new entrepreneurs, consultancy services for small and medium enterprises and programmes designed for accredited voluntary agencies for the economic upliftment of the underprivileged. These include entrepreneurship development, self-employment and wage employment in the industrial sector for the weaker sections of society through voluntary agencies, support to Science and Technology Entrepreneurs Parks, Energy Conservation, Common Quality Testing Centres for small industries. Technical Consultancy Organizations With a view to making available at a reasonable cost, consultancy and advisory services to entrepreneurs, particularly to new and small entrepreneurs, IDBI, in collaboration with other All-India Financial Institutions, has set up a network of Technical Consultancy Organizations (TCOs) covering the entire country. TCOs offer diversified services to small and medium enterprises in the selection, formulation and appraisal of projects, their implementation and review. Entrepreneurship Development Institute Realising that entrepreneurship development is the key to industrial development, IDBI played a prime role in setting up of the Entrepreneurship Development Institute of India for fostering entrepreneurship in the country. It has also established similar institutes in Bihar, Orissa, Madhya Pradesh and Uttar Pradesh. IDBI also extends financial support to various organisations in conducting studies or surveys of relevance to industrial development. IDBI Lending Process, Institutional Structure, Training, Information and Data Needs IDBI was established in 1964 under an Act of Parliament for providing credit and other facilities for the development of industry. It also acts as the principal financial institution for coordinating the activities of institutions engaged in the finance, promotion, or development of industry. The Government of Indias shareholding in IDBI amounts to 72% and the rest of the shares are owned by the general public. IDBI has also offered specialised schemes for energy conservation viz. Equipment Finance for Energy Conservation and Energy Audit Subsidy Scheme. Presently, IDBI provides rupee and foreign currency term loans for the acquisition and installation of energy conservation equipment, and for pollution control and prevention projects in highly polluting industrial sectors, funded inter alia, out of World Banks Industrial Pollution Prevention Project (IPPP) or the US Agency for International Development-funded Greenhouse Gas Pollution Prevention (GEP) Project. Besides, finance is made available for EE/EM out of the on-going Industrial Energy Efficiency Project of the ADB of which the TA forms a part. Under this project, finance is given to industrial units in rupee as well as in foreign currency. Additional funding needs left unmet by the ADB funds are supplemented by IDBIs own funds as well. 3.1 IDBI Institutional Structure IDBI is governed by a Board of Directors and its operation is carried out under the supervision of the Chairman and Managing Director assisted by four Executive Directors and one Adviser. With its head office in Mumbai, IDBI has 43 additional offices throughout India. As of November 1998, IDBI was structured into 33 departments, which are organized into five groups to facilitate proper distribution of responsibility. Among these departments, the ones relevant to the efficient lending for ee/em activities are briefly described below. 3.1.1 Project appraisal department The Project Appraisal Department (PAD) appraises all the industrial project proposals. PAD projects constitute the majority of projects sanctioned by IDBI in terms of value. Besides a number of smaller projects are funded at the branch level. 3.1.2 Corporate finance departments The three Corporate Finance Departments (CFDs) follow up on the projects that have already been sanctioned, in order to ensure their timely implementation and proper utilization of funds. In addition, a new concept of a Relationship Manager was instituted within the CFDs. These managers will be dedicated to manage IDBIs interactions with a major industrial (ownership) group, such as Reliance Industries, the Tata Group, etc. While the relationship manager system works well from the perspective of consolidating knowledge about an industry group, it may not work as well where the focus has to be on an aspect of technology within an industry sector. For example, a relationship manager cannot be expected to be an expert on energy efficiency in every industry sector that forms a part of the industry group being dealt with by him/her. Hence, in order to develop some expertise in some of the industries, which are not necessarily dominated only by a few major industry groups, industry-sector-wise approach is also adopted. Thus the organization of a CFD is a workable mix of industry group and industry sub-sector, with the expertise of one Dealing group drawn upon by another. 3.1.3 Forex services and treasury departments: The Treasury and Funding Division contracts, decides on utilization and monitors all lines of credit from multi-lateral institutions like the World Bank (WB) and the Asian Development Bank (ADB). It manages the various specialized loans and grants for energy and environmental technology projects, including this TA project. Organizational Structure IDBIs organization structure is driven by its business objectives of offering the best services to the major industry groups. At the same time it is so organised to have industry specialists in important industrial sub-sectors as well. The organisational structure is geared to provide the best products and services in the present competitive environment while simultaneously attempting to meet its developmental role governed by issue-based lending. Following financial sector liberalisation, the environment has turned highly competitive compelling IDBI to organise itself in a manner to prioritise the objective of offering the best services to the major industry groups over focus exclusively for energy efficiency and environmental activities. There is a need to create a home or center for energy and environmental technical activities. This center needs to be located at the highest level within IDBI in order to ensure visibility, and to provide a resource base, which could be accessed by all the concerned departments described above. IEEP and other such lines of credit are being managed by the FSD, which is not directly engaged in either project appraisal or in implementation. Hence its role is one of being a facilitator and co-ordinator for giving the needed focus to the ee/em activities. It is quite possible for this Section to be upgraded to be the home suggested above with appropriate technical staff for policy making, facilitation of the lines of credit, developmental activities, etc. in ee/em issues. This will help clarify the varied roles of CFD and FSD and avoid duplication of effort, better coordination and communication between the FSD and the CFD. A system of built-in incentives for co-operation and co-ordination between the concerned departments will also aid the organisation in playing a more effective role in ee/em activities relating to policy formulation, loan approvals and subsequent disbursement. 3.3 IDBI Lending Procedure The current procedure for lending at IDBI includes: (1) an inquiry stage, (2) an application stage, (3) site visits, (4) preparation of an appraisal note, (5) an evaluation by IDBI committee, (6) the issuance of a Letter of Intent, and (7) preparation of a legal agreement for lending for suitable projects. IDBI also operates special credit lines for the mitigation of pollution, implementation of the Montreal Protocol commitments, modernization and expansion of energy intensive industry, etc. The technical norms for these lines were determined individually, but the lending procedure is the same as that for other IDBI projects. The lending procedure followed by IDBI is comprehensive, based on accepted methods of evaluation and collective wisdom, and is transparent. The procedure, however, does not provide for a serious attempt to evaluate the energy and environmental components of any lending proposal. At each stage of the application for a loan, a company is required to provide information on energy consumption, along with that of other utility services. Energy consumption information is disaggregated into fuels and electricity categories. The company is not required to provide indicators of energy use to IDBI, which makes the information difficult to evaluate. Indicators could link the energy (fuel and electricity) consumption to physical activity levels and permit comparison with best practice in India and abroad. IDBI could also ask for additional information on technical indicators in the loan application that industries are required to complete. Conclusions and Recommendations Our evaluation of IDBIs institutional structure, lending procedures, and training and information needs revealed that there is a clear need for greater focus towards ee/em activities, by strengthening the existing institutional structure and capability in this area. This strengthening can be accomplished through the creation and establishment of a resource center that will provide the necessary technical backup for IDBI officers at all levels. The center resources will include access to technical experts, handbooks, and databases. The technical experts will assist in the organization of seminars, workshops, and training programs. Role of Financial Institutions in industrial development To accelerate the process of industrialization, immediately after independence, Government of India took appropriate steps to create a network of financial institutions to fill the gaps in the supply of long-term finance to industry. IFCI was the first institution which was set-up in 1948 followed by SFCs established by different States/Union Territories under the SFCs Act.1951. The NIDC (1954), ICICI (1955), NSIC (1955), and RCI (1958) were established. IDBI was established in 1964 as the apex institution in the field of industrial finance. UTI was also established in the same year. LIC came into existence in 1956 and GIC in 1972. SIDCs/SIICs strengthened institutional set-up at regional level. IRCI was set-up in 1971 which was later renamed as IRBI. Reserve Bank has played an important role in creation of all these institutions. Thus, structure of financial institutions in India has become so greatly diversified and strengthened that it has the ability to supply finance to a variety of enterprises in diverse forms. In this , an attempt has been made to analyze the role of specialized financial institutions in meeting the term-requirements of our growing industrial sector. For this purpose, an effort has been made to ascertain the extent and rapidity of financial assistance granted by financial institutions to industrial sector in general and private sector in particular. Apart from analyzing purpose wise, industry wise and state wise assistance granted by financial institutions, special attention has been given to evaluate their role in removal of regional imbalances through provision of finance to projects located in identified backward areas of the country. In order to make an in depth study, three financial institutions of diverse nature namely, IDBI, ICICI and SFCs have been chosen which together provided about two-third of the total financial requirements of the industrial sector. During 1970-90 assistance sanctioned and disbursed by IDBI has increased at an annual average growth rate of 32.3 per cent and 27.7 per cent respectively, which were higher than the growth rate of sanctions and disbursements of all financial institutions. IDBI has granted 37.4 per cent of its total assistance by way of direct assistance and remaining 62.6 per cent indirectly through other financial institutions. Loans were major form of direct assistance with 88.7 per cent share, while refinance of industrial loans with 59.5 per cent share was the major form of indirect assistance. Private sector has been the largest beneficiary of IDBIs assistance followed by public, joint and cooperative sectors. IDBI has taken keen interest in granting finances to small scale sector which received 30 per cent of the total assistance sanctioned by IDBI. More than half of its assistance has gone to basic and capital goods industries while consumer goods and services have got a little more than one-third of total assistance of IDBI. It has paid equal attention to new and existing projects in its financing operations. Though IDBIs assistance is spread over all State and Union Territories, but its substantial proportion is concentrated among few relatively developed and large states. Similarly, a major part of its total assistance granted to projects located in identified backward areas, which formed about two-fifth of its total assistance, has gone to few developed and large states. In chapter five, the contribution of ICICI in meeting the financial requirements of the industrial sector has been analysed. During 1970-90 assistance sanctioned by ICICI increased at a rate of 26.5 per cent per annum while disbursements increased 23.1 per cent. In accordance with its objective, ICICI has sanctioned 35.7 per cent of its total assistance in the form of foreign currency assistance. Rupee loans constituted 37.5 per cent of total assistance sanctioned by ICICI. More than four-fifth of its total assistance has gone to private sector. ICICI has granted greater part of its assistance (61.7 per cent) to existing projects for their expansion, modernisation, etc. while new projects accounted for 38.3 per cent of total assistance. More than two-third of ICICIs assistance has gone to non-traditional growth oriented industries like chemicals and chemical products, Iron and Steel, Machinery, etc. Assistance of ICICI is basically concentrated among few relatively developed states despite some reduction during eighties. Over the years, ICICI has been granting an increasing proportion of its total assistance to backward areas of the country, but its major part has gone to backward areas of few developed states. Household sector has contributed an increasing share in the total financial resources of ICICI, while governments share has declined. SFCs which are state level development banks set-up for financing small and medium scale industries in their respective states. Till about 1970, operations of all SFCs grew at a slow pace but during seventies there was rapid growth in their operations and the pace has been sustained during eighties also. During 1970-90 sanctions of SFCs increased at a rate of 20.5 per cent per annum while disbursements increased by a marginally higher rate of 21.2 per cent. Performance of different SFCs has varied from one another and from year to year. In accordance with their basic objective, 76.1 per cent of total assistance sanctioned and 91.4 per cent of the total number of units assisted by SFCs were in the small scale sector. Services have been the largest beneficiary of SFCs assistance followed by chemicals and chemical products, food products, textiles, etc. SFCs have, by and large, confined their assistance to new projects which accounted 84.4 per cent of total assistance. SFCs have granted more than half of their assistance to projects located in identified backward areas of their respective states. An important feature is that SFCs of relatively backward states have performed better in this regard than that of developed states. However, SFCs depend heavily on government sources for their financial requirements. The aggregative role of all financial institutions in the industrial development of the country. It clearly reveals that industrial concerns in India depend more on financial institutions to finance their ventures than raising funds directly from the capital market. Conclusions of this study have been given in the last chapter. Major findings of this study are summarised below: During the last twenty years assistance granted by financial institutions has increased at a significantly high rate leading industrial concerns to depend more and more on them. In terms of growth rate of sanctions, IDBI and ICICI have outstripped the average growth rate of sanctions of all financial institutions, but SFCs have fallen behind this trend. The gap between assistance sanctioned and disbursed is more pronounced in case of IDBI and ICICI but it is relatively narrower in case of SFCs. Private sector has been the largest beneficiary of assistance of financial institutions followed by public sector. Proportion of investment-savings gap filled up by financial institutions has increased in private and public sector both during eighties. Financial institutions have provided assistance to new as well as existing projects. However, SFCs have confined their financing operations basically to new projects. IDBI and ICICI have granted major part of their assistance to basic and capital goods industries but SFCs have paid greater attention on consumer goods industries. Statewise break-up of assistance provided by financial institutions reveals considerable concentration among few developed and large states despite some reduction during eighties. North-Eastern states have been almost completely neglected by all financial institutions. A significant part of the total assistance granted by financial institutions has gone to projects located in identified backward areas of the country, but its statewise distribution has helped to reduce intra-state disparities in industrial development and increased inter-state disparities between developed and backward states. Finally, IDBI and ICICI have generated a significant part of their resources from the household sector but SFCs are largely dependent upon the government sources. Role of Financial Institutions in Foreign Investment in India Financial Institutions plays a significant role in Foreign Investment in India. There are various financial institutions in India which undertake significant initiatives to ensure foreign investment inflows in the industrial units in India. The main role of the financial institutions in India in respect to foreign investments is to aid foreign investors in investment activities in India. The funds from overseas countries come in two forms: Foreign direct Investments and Joint Ventures of the foreign companies with Indian companies. Foreign direct investments inflows are approved through automatic route or through government route. Those units that require government approval to get funds require the FIPB approval. Foreign Direct Investment through automatic route, on the other hand, does not require FIPB approval. All these allocation of financial assistance to various industrial units in India are guided by the financial institutions set up in various parts of India. Some of the leading financial institutions in India that play an important role in foreign investments in India are RBI, IDBI Bank, IFCI Bank, ICICI Limited and EXIM Bank. RBI in Foreign Investment- RBI works through automatic route and government route in allocating funds in various sectors of the Indian industry. Its mandatory for all the foreign investors to get approvals from RBI in order to carry out invest activities in the industrial units in India. FDI is allotted up to 100 percent under automatic route and it does not require approval from FIPB. IDBI in Foreign Investment- IDBI acts as a financial institution which allots financial assistance to the industrial sectors which are mainly involved in manufacture or processing of goods, mining, transport generation and distribution of power both in private and public sectors. Industrial Development Bank of India (IDBI) has been a fully owned subsidiary bank of the Reserve Bank of India till February 1976 after which it was disconnected from RBI. ICICI Limited in Foreign Investment- ICICI Limited was set up in the year 1994 and ICICI Bank is a entirely owned subsidiary of ICICI Limited. ICICI Limited is known as one the best financial institutions in India as it offers a wide spectrum of services to its customers. ICICI bank offers a wide array of banking products and financial services to corporate and retail customers through various delivery channels, specialized subsidiaries and affiliated firms, venture capital units, non-life insurance sectors, and so on. EXIM Bank in Foreign Investment- EXIM Bank plays a pivotal role in providing financial assistance to encourage the export production in India. Direct financial assistance, Foreign investment finance, Term loaning options for export production and export development, Pre-shipping credit, Export bills rediscounting, and Refinance to commercial banks are some of the services that EXIM Bank has specialized in. Role of IDBI in Foreign Investment The role of IDBI in Foreign Investment is mainly to provide financial assistance on a consortium basis to various industrial units in India which are mainly involved in manufacturing or processing of goods, mining, transport generation and distribution of power. Industrial Development Bank of India (IDBI) has been a fully owned subsidiary bank of the Reserve Bank of India till February 1976. It was then disconnected from RBI and was made an autonomous corporation owned by the Government of India. IDBI is known to be the tenth largest bank in the world in terms of carrying out developmental activities. Some of the financial institutions set up by IDBI to carry out the activities are The National Stock Exchange (NSE), The National Securities Depository Services Ltd. (NSDL), and Stock Holding Corporation of India (SHCIL). Role of IDBI in Foreign Investment It manages various financial institutions working under IDBI bank Provides financial assistance to various industrial units in terms of developments It also offers refinancing options including term loans to the suitable financial institutions It provides funding to the industrial units that are involved in manufacture or processing of goods, mining, transport generation and distribution of power both in private and public sectors It also provides finance to various projects, expansion of any project, diversifications, or even developing the projects which will exceed Rs. 30 million and it also provides funding to those projects which cost less than Rs. 30 million through indirect means as it offers refinancing to the main financial institutions such as SFC/Commercial Banks etc OBJECTIVES OF IDBI IDBI is the apex institution in the area of long term industrial finance. It was established under the IDBI Act 1964 as a wholly owned subsidiary of RBI and started functioning on July 01, 1964. Under Public Financial Institutions Laws (Amendment) Act 1976, it was delinked from RBI. IDBI is engaged in direct financing of the industrial activities as well as in re-finance and re-discounting of bills against finance made available by commercial banks under their various schemes. The objectives of this institution are to create a principal institution for long term finance, to coordinate the institutions working in this field for planned development of industrial sector, to provide technical and administrative support to the industries and to conduct research and development activities for the benefit of industrial sector. It raises funds by way of market borrowing by way of bonds and deposits, borrowing from Govt. and RBI, borrowing abroad in foreign currency and lines of credit. Its functions include: -direct loans (rupee as well as foreign currency) to industrial undertakings as defined in the Act to finance their new projects, expansion, modernisation etc. -soft loans for various purposes including modernisation and under equipment finance scheme -underwriting and direct subscription to shares/debentures of the industrial companies. -sanction of foreign currency loans for import of equipment or capital goods. -short term working capital loans to the corporates for meeting their working capital requirements. -refinance to banks and other institutions against loans granted by them. Of late, with the reforms in the financial sector, IDBI has taken steps to re-shape its role from a development finance institution to a commercial institution. It has floated its own bank IDBI Bank as also a Mutual Fund. During the financial year 1999-2000 IDBIs total sanctions were Rs.28308 cr (19.2% increase), the total assets were Rs.72169 cr, net worth at Rs.9025 cr, capital adequacy ratio of 14.5%, DER 6.8:1 and PBT Rs.1027 cr (1301 cr previous years). To meet emerging challanges, it has been introducing new products, setting up Mergers Acquistions Divn, increasing fee based business such as corporate advisory services, credit syndication, debenture-trushtee ship etc., setting up of IT sector subsidiary-IDBI Intech Ltd, venture capital fund, joint ventures and transfer of not less than 51% of IDBIs share capital in SIDBI to PSBs as a result of SIDBI (Amendment) Act 2000 effective from 27.03.2000. IDBI scouting for buyouts, two banks on radar After acquiring United Western Bank three years ago, IDBI Bank is at it once again and has identified two domestic lenders as possible targets. Disclosing this, the public sector banks Chairman and Managing Director Yogesh Agarwal told reporters here today that talks were on with the two banks. He did not divulge the identities of the two banks. IDBIs move is in line with the central governments thinking favoring a consolidation in the Indian banking sector. IDBI does not need to raise funds for the acquisitions but may look at capital raising to finance its business growth. The bank has dropped its earlier plan to sell its Pune-based home loan subsidiary, IDBI Home Finance (IHFL). Review of Progress (Operations) IDBI has given special attention to better regional development and innovational and promotional activities. It has conducted surveys of backward regions. It has given special help to backward regions on concessional terms. IDBI is playing a more dynamic role in promoting growth of industries as an innovator in the area of industrial finance. The financial resources are being diverted into socially more desirable channels. Emphasis is being placed on assistance to small and new entrepreneurs and units located in underdeveloped regions in the country. IDBI is the major source of industrial finance. Its sanctioned and disbursed amount is 37% and 40% respectively of the total sectioned and disbursed amount of all the term-lending institutions. In the field of company promotion, IDBI has set up technical consultancy organisation which helps in the preparation of feasibility studies, project reports, guidance in the economic, financial and managerial aspects of the new prospect. Refinance of export credit is offered at a lower rate of interest. In the field of export financing, it was acting as an export bank. It is due to the fact that IDBI is the apex bank in the world of industrial finance and it must act primarily as a residual lender of last resort and fill up the gaps in industrial finance which are left out by other financial institutions. Critical Evaluation The IDBI, during 35 years of its working has done commendable job in different areas. It has given special attention to better regional development and innovational and promotional activities. It has conducted surveys of backward regions. It has provided special help to backward areas of the country on concessional terms. The financial resources of IDBI are being directed into socially more desirable channels, refinance of export credit is offered at the lower rate of interest. It sanctioned and disbursed amounts are nearly 37% and 40% respectively of the total sanctioned and disbursed amount of all the term lending institutions of India. Thus, under the able leadership of IDBI, the specialized term financial institutions of our country are poised to play a vital and dynamic role in the process of industrial development of our country. Investment Industrial Scenario: The rising trends in gross domestic investment and savings, as depicted in figure 1, augur well for the sustainable development of the economy. Trends in Investments Savings (as % of GDP): Year Gross Domestic Investment Gross Domestic Savings 2003-04 27.5 29.8 2004-05 32.1 31.7 2005-06 35.5 34.2 2006-07 36.9 35.7 2007-08 39.1 37.7 During the fiscal year 2008-09, Index of Industrial Production (IIP) recorded a growth of 2.4% as compared to a growth of 8.5% achieved during 2007-08. As per use-based classification, growth in IIP was largely driven by capital goods (7.0%) and consumer goods (4.4%). Sectoral Growth of IIP (%): 2007-08 2008-09 Basic Goods 7.0 2.7 Capital Goods 18.0 7.0 Intermediate Goods 8.9 -2.7 Consumer Goods 6.1 4.4 IIP (General) 8.5 2.4 The index of six infrastructure industries (accounting for a weightage of 26.7% in IIP) viz. electricity, crude oil, petroleum refinery products, coal, finished steel and cement witnessed a growth rate of 2.7% during 2008-09 (5.9% during 2007-08). Foreign Exchange Reserves Exchange Rates: As at March 31, 2009, Indias foreign exchange reserves stood at USD 251.99 billion, which were lower by USD 57.74 billion compared to end-March 2008. During 200809, forex market exhibited turbulent features owing to failure of globally active banks. Exchange rate for USD as at end-March 2009 stood at Rs.50.95 as compared to Rs.39.97 as at end-March 2008. IDBI provide financial assistance to industrial development IDBI Bank provides financial assistance to industrial concerns by way of a variety of products and services which include project finance, equipment finance, asset credit, equipment lease, technology upgradation fund scheme, refinance for medium scale industries and bills finance. It provides project-related finance for the establishment of the new industrial projects as well as for expansion, diversification and modernization of existing industrial enterprises. In response to the changing financial needs of industries, IDBI Bank has also designed other products to meet the short term funding, core working capital and other short term requirements of industrial units. It also offers fee-based services in the areas of merchant banking, corporate advisory services, forex services, etc. IDBI Bank has also set up subsidiaries and associates to offer banking products services, capital market and trusteeship services, as also registrar and transfer services structured to meet customized c lient requirements. For meeting the fund requirements thereof as well as towards its various other business operations, IDBI Bank raises resources directly from the market (at market related interest rates) from retail as well as institutional investors both within India and abroad, through a variety of investor-friendly instruments. IDBI Banks resource raising efforts have brought it closer to all sections of society. Resource Raising IDBI Bank has been mobilizing resources through a combination of debt and equity. It made a public issue of equity shares in 1995 in terms of the Offer Document approved by SEBI. IDBI Banks shares are listed on National Stock Exchange and Mumbai Stock Exchange. The shares can be held in dematerialised (demat) form in National Securities Depository Ltd. (NSDL) or Central Depository Services (India) Ltd. (CDSL). NSDL/CDSL are depositories where the securities of an investor are held in electronic form through the medium of Depository Participants (DPs). This facility obviates the difficulties of loss, signing of transfer deeds, delay in transfer, etc. and offers scope for paperless trading. IDBI Bank also raises funds from the public through public issues of unsecured bonds. The objective of various bond issues is to part finance funding requirement of IDBI Bank and at the same time provide appropriate investment opportunities for the retail investors. The three Registrars appointed by IDBI Bank for various public issues have also been retained for servicing the public issues of IDBI Bank. Code of Business Principles Business Partners IDBI Bank is committed to establishing mutually beneficial relations with its customers and business partners. It also expects its partners to adhere to business principles consistent with its own, in all its business dealings. Business Integrity IDBI Bank shall not give or receive, whether directly or indirectly, bribes or other improper advantages for business or financial gain. No employee may offer, give or receive any gift or payment, which is, or may be construed as being, a bribe. Any demand for, or offer of, a bribe must be rejected immediately and reported to management. Community Involvement IDBI Bank strives to be a trusted corporate citizen and, as an integral part of society, to fulfil its responsibilities to the societies and communities in which it operates. REFINANCING OPTIONS OF IDBI Education loans IDBI Bank aim at providing financial support to deserving/ meritorious students for pursuing higher education in India and abroad. With an array of courses to choose from and easy repayment options, IDBI Bank makes sure you get complete financial backing. Home loans: Home, sweet home, built out of your dreams. A place where you return after a hard days work and relax, a place where you share precious moments with your family. A place that gives you a sense of belonging. IDBI Bank helps you realize your long cherished dream of owning your home through hassle free and customer friendly home loans. Loan against property: We realize how important it is to raise money in the face of exigencies. We help you through these difficult situations through our customer friendly loans against property (residential commercial) product. Business loan: IDBI Bank offers Business Loan to business people for their short or long term financial needs. A lot of times it is important for businessmen to acquire a certain amount of money for running their enterprise. It is well known that without the required capital no business can run. Personal loan: You dont have to wait till you save enough money to fulfill a dream thats just a step away with a Personal Loan from IDBI you can go ahead and have all the things youve been dreaming of without even worrying how to repay it. Personal Loans from IDBI comes with an insurance cover. You can also transfer your existing loan to IDBI and save up to Rs 50,000

Influence Of The Human Development Across The Life Span

Through this course, we have learned that there are many factors which can influence the human development across the life-span. Some of these factors include the art of outdoor play when we are children and the concept of religion versus spirituality as we enter young adulthood. Though these are great factors to discuss, for my paper, I chose to discuss factors contributing to the last few stages of the life-span where individuals start to need more assistance. These factors include government provided funds for the elderly, the act of caregiving, and the idea of curing old age. For this assignment I chose the following news article: â€Å"White House Vows Fight Against Alzheimer’s, Better Nursing Homes.† This article outlines the problem we, as a country, are facing when providing for our elderly. It goes on to describe the increasing numbers of those over sixty-five, the baby boomer population, and how this increase could affect our economy. It is suggested that as t he number of senior citizens increase, the number of those supported by the government will also increase. The article then proceeds to discuss the way our aging society will affect governmental programs such as Medicare and Medicaid, and how these programs will be affected financially. Not only does this article assert that our nations expenses will rise, but it also describes that the need for health providers and caregivers will continue to rise as well. Because of this newfound need of assistance, theShow MoreRelatedLife Span Development1429 Words   |  6 PagesIntroduction The goal of the life span perspective of development is to understand how and why all different kinds of people, everywhere, and of every age, change over time (Berger, 2011). Developmental psychologists study the constant changes we experience throughout life, including physical, emotional, social, and cognitive development. 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Why Metal Music Does Not Create Violence in Teenagers Free Essays

Loud, aggressive, and fast, metal music has been accepted worldwide as an acceptable genre of music. Yet, some people cannot comprehend a genre of music that thrives on being the horror movie of music, and purposefully creates controversy at nearly every turn. â€Å"The media has irresponsibly finger-pointed† (Sterngold). We will write a custom essay sample on Why Metal Music Does Not Create Violence in Teenagers or any similar topic only for you Order Now One of the most recent examples of metal being blamed for a national tragedy was in the shooting of Congresswoman Gabrielle Giffords. Here, a song by Drowning Pool was blamed as the sole motivator for the shootings. However, the most prolific example of the media irresponsibly finger-pointing at metal music has to be the case of Columbine. After the Columbine shootings, the authorities placed sole blame on Marilyn Manson and his music for the shootings suggesting that Manson’s music, or his fans, incite violence (Sterngold). The only problem with their claims was the fact that the two shooters did not listen to, nor where they fans of, Manson’s controversial music. This brings the question of whether or not the claims placed on metal music for leading to violent behavior are true and can be supported. An example of what those who think metal has a direct correlation to violence say that Manson’s music promotes â€Å"hate, violence, death, suicide, drug use, and the attitudes and actions of the Columbine High School Killers (D’Angelo). However, the other side of the story can be best stated by Slayer drummer Dave Lombardo when he said, â€Å"We’re telling stories. It’s not actions-it’s just music. It’s fantasy stuff, just putting thoughts on paper, that’s a crime? † (Considine). Although metal is dark, heavy, and often times inappropriate, it does not have a negative effect on an otherwise normal and productive listener, especially teenagers, because metal is just a different genre of music, meaning that its lyrics do not have a negative affect on an otherwise normal listener. To begin, artists are too often misinterpreted and bashed with claims that are stretched to the point of lies, creating the opinion that all of their listeners can be stereotyped into a select, violent, group. One case of this can be with the band Slayer, one of the most popular thrash metal bands of all time. Slayer has been sued multiple times and is one of the most controversial bands in history. The band was sued twice by California parents who claimed their daughter was murdered in a ritual inspired by Slayer’s music, yet both suits where dismissed (Considine). It also really frustrates the musicians who work so hard to make music, only to see themselves harmed because of it. As Lombardo says sarcastically, â€Å"If they take my drums away, I guess I can’t play any more. But I don’t see that happening, unless I’m living in a Communist culture. † (Considine). It also agitates the fans who feel that they are misconstrued and all used as inferior examples of what music can do to people. Slayer’s fanbase contains more MENSA members than any other metal band (Considine). At this point in time it is also safe to say that people know what they are getting into and what to expect from a band named Slayer. No, this is no band for virgin ears, but this does not give reason for it to be said that they immediately turn everyday human beings into monsters. Slayer knows that where they go, controversy will naturally follow, and this for years has been a successful marketing tool (Considine). Although Slayer is only one example, this idea spreads all the way to people trying to explain violence, and finding scapegoats throughout the media with similar attributes to metal. Also, violence in the media has often been exaggerated, and statistics are often inaccurate to the point where a consistent thesis is no longer possible. According to James K. Fitzpatrick, a former teacher at a Catholic school, his former students who listened to metal went on to lead successful, calm, lives, which in his opinion, proved that the lyrics of songs do not have long term effects on the listener. It also brings to mind exactly why kids in an environment like this would choose metal, when it is certainly not condoned or accepted. It can be inferred that they chose this because of the idea that it would offend adults and others in their lives. According to Fit zpatrick, perfectly normal kids listen to â€Å"shock rock†. There are certain types of kids who like being associated with music that offends some adults (Fitzpatrick). There is an emphasis with Fitzpatrick that lyrics are not detrimental to listeners in the long term and that they are in the end generally meaningless in the quality of a persons life. He states that â€Å"I have seen fans of other rock groups that caused great anxiety to parents in the 1980s†¦mature in a similar way. † (Fitzpatrick) Another reason for the explanation of why violence is often exaggerated can be the fact that violence is so often overstated since we see so little of it. As Rhodes said ‘we live in one of the least violent eras in peacetime history’†(O’Hehir 32). Our society has surely changed in the way we view violence since we are exposed to so little of it. Out society has also changed because of the way we deal with violence. It used to be that we ensured we avoided it all times. Now it seems like we almost react positiv ely to certain types of violence. By viewing violent entertainment individuals will leave with pent up tendencies gone, and anger released (Sparks 115). It seems as though times are truly changing and that in fact violent lyrics do not make mad men, and violence can in fact do some good for certain people. Next, is the fact that metal music is often scapegoated for events where people’s emotions run high, and accusations fly because people feel a need to know a reason. Metal is often first blamed but a majority of these claims are false and without proof. A majority of these claims stating that metal lyrics lead to long term mental problems have been biased, in-conclusive, or accurate. As Harvard physiologist Steven Pinker wrote, â€Å"Media violence research has been flawed and in-conclusive at best, and a great funding scam at worst. † (O’Hehir 25). These claims are strong, and his claims have been backed up by other sources fighting against the claims of others. MIT Professor Henry Jenkins observed that the idea that violent entertainment had consistent and predictable effects on viewers was â€Å"inadequate and simplistic. † (O’Hehir 27). Another reason for the increased blame put on metal is the rise of the digital age, and with it the rise in metal music videos and horror movies. Some would go as far to say that these videos alter the mind producing a mentally unstable person. Yet, as others would claim, media depictions of violence are inherently attractive to the masses, only truly affecting a few people, and are never the sole reason for any mental instability. This is called the Aesthetic Theory of Vandalism or The Aesthetic Theory of Destruction. The theory states that the same things that account for the enjoyment associated with socially acceptable experiences are similarly responsible for the pleasure associated with acts of destruction. Not to mention the fact that from what limited televised media there was in the 1950s and 1960s, a majority of it was uncensored, and unregulated. 50s TV was profoundly routed in guns and gunfire, to a degree that would provoke outspread outrage today (O’Hehir 31). The explanations for blaming metal are not true and barely factually based. Furthermore, metal does not have an affect on the mental stability of a listener, and the there have yet to be a definitive solution to explain that it does. In short, it becomes apparent that there is no correlation between metal and violent behavior, and in fact anger can released when listening to metal. It is also true that metal being blamed for social problems can be generalized into the topic of media violence being blown out of proportion when in fact, our society is generally less violent and more regulated than in previous generations. The question becomes, what can be done about it? The gap between the fans of metal and those against it has always been a large gap, and one that has rarely attempted to be bridged. First, it takes understanding that it is not okay to generalize fans and bands into a group of â€Å"evil† people, and understand also that a majority of the listeners understand that indeed the music they listen to is offensive, and that they enjoy that aspect of it. Certain people who want to listen to this music will, and if they like it, obviously they will continue (Fitzpatrick). It is also important to truly know the person, and never assume that something like listening to a genre of music immediately translates into a personality characteristic or flaw. People like violent in your face things in spite of, not because of, violence only in rare circumstances where the media itself is too good for the violence to negatively affect the experience. † (Sparks 115). When debating the human psyche it is important not to let emotions, biases and judgments interfere with rationale. It is important to listen, and look at facts, proof, and remember that those who appear like a â€Å"metalhead† would, are very different people than you may think. How to cite Why Metal Music Does Not Create Violence in Teenagers, Papers

Auditing Concepts Accounting Theory and Application

Question: Discuss about the Auditing Concepts for Accounting Theory and Application. Answer: Introduction The study elucidates aspects of positive or renders scientific approach aligning with accounting research. In other words, focus has been given on defining the major objectives pertaining towards human behavior causes and making the necessary accounting settings. The study is based on an article titled as Half a Defense of Positive Accounting Research (Dunmore 2011). This article explains the set of ontological and epistemological assumptions needed for scientific research for viewing at the feasibility aspects for intellectual projects. This is in regard with certain assumptions that turns out to be wrong, illogical or sometimes absurd in some cases (Watts and Zimmerman 2013). The present segment explains positive research in accounting especially at the time of defensive activities. In some cases, accounting becomes defensible in nature and hard to manage in the upcoming financial year. Therefore, the study enhances in gaining understanding over the level of progress and logics by using the data collection methods such as Qualitative and Quantitative Research (Wolk and Tearney 2012). Summary of the Article This study is based on an article titled as Half a Defense of Positive Accounting Research. The article aims at explain the auditing concepts rendering typical good work. This illustrates on how far practices falls short especially in case of Popper prescriptions (Warfield, Wild and Wild 2013). On the contrary, the article is summarized whereby qualitative researchers make use of theories and conduct hypothesis for testing purposes. It requires underpinning the observational findings aligning with the accounting research. Quantitative Researchers aims at conducting hypothesis testing that is less rigorous after comparing it with Popper prescription. It is combined featuring the detection of actual incorrect hypothesis by the quantitative researchers (Thomas 2014). On summarizing the article, it has been argued that both qualitative and quantitative research methods used for signifying much of a confidence after accepting the observational findings and mistaken ideas correctly. The un derlying success lies in the concept of positive accounting after understanding the artifacts of operations for setting the low standards. In Kuhn description, it is mentioned regarding the normal sciences that fit the major purpose of positive accounting research after comparing it with traditional sciences (Sorter 2014). Therefore, a final prospect explains the underlying fact when Kuhnian crisis as well as resolution takes place by way of explaining the positive accounting. Suggestions are made for rendering practical acts of resistance depending upon the existing system like bringing change in upcoming years. Summarizing the article elucidates discussing upon Kuhnian crisis and revolutionary aspects concerning liberation of positive accounting research for achieving high level of potential advantage (Mautz and Sharaf 2013). Henceforth, there will be many cases offered especially in practical acts of resistance depending upon existing system for bringing change management. This u ndertakes the prospects as discussed regarding Kuhnian crisis and revolution after liberation of positive accounting research in achieving the high level of potential (Scott 2013). It is important to claim the fact whereby Positive Accounting Theory is taken as broader sense concerned with research programs for developmental aspects in causal explanations of human behavior. In other words, this accounting setting compares with PAT existence in accounting research (Schroeder, Clark and Cathey 2012). Therefore, the study summarizes aspects of ontology and epistemology for investigative the programs. Some of the common problems mentioned include casual construction of theoretical models in order to test undue reliance considering hypothesis logics. This reveals lack of interest as presented in the numerical values of parameters and facing insufficient replication. It means gaining proper level of confidence after considering accepted findings as well as use of theoretical approach after examining qualitative data. As far as positive research in accounting is concerned, it deals with examining the large attributes for capabilities in achieving scientific objectives . Furthermore, Kuhn Description explains normal sciences that fit positive accounting research in the most appropriate way (Milne, 2012). After summarizing the article, it has been noted that positive approach explains the concept of accounting research (Mautz and Sharaf 2013). Addition to that, Positive accounting research aims at considering major part of wider intellectual projects especially for scientific research after gaining understanding for cause as well as effect relationship. This means describing the streaming critical accounting research that falls after defining the subject towards critical arguments. This means setting of accounting aspects that causes human behavior in multinational organization (Warfield, Wild and Wild 2013). It requires in undertaking face-to-face interaction after replacing less personal or personal systems in the final decision-making process. Therefore, it means understanding the aspect of importance and deficiencies of positive accounting research especially for wider intellectual projects. It means aligning the concepts based upon ontological as well as epistemological assumptio ns (Mathews and Perera 2014). Research Question Explain the concept of Positive Accounting Research used in accounting. Explain how positive accounting concept can develop causal relationship of human behavior. How Kuhn Description does explains normal sciences concerned with accounting research? Theoretical Framework According to Dunmore (2011), empirical question explains comprehensive causal theories of human behavior and limiting the theory application. Addition to that, there are given extensive areas specifies situation of actions of people in order to offer interpretive research. It means aligning positive, epistemology and ontology in explaining the theories. This means researchers aims at observing imperfections as modified in the social world after constructing potential actions (Littleton and Zimmerman 2012). As rightly put forward by Deegan (2013), scientific research considers data collection that can be either quantitative or qualitative. Some of the theories suggest accumulated data after showing the induction process based on certain assumptions. It means considering some logical support evidence from the acceptance theories as understood by Popper. Addition to that, there occur certain testing predictions of new theories by implementing new observations in certain situations. It means considering old and new theories and forming innovative predictions at the same time (Gray, Owen and Adams 2014). As opined by Dunmore (2011), Popper suggests new theories based on observed regularities as well as proved observations. It takes into consideration inductive observation especially for pure creative and imaginative process especially in empirical data. Addition to that, it includes testing of two theories n case of single theory concern. Therefore, it is argued that falsification means considering inoperable assumptions based on theoretical predictions. Therefore, theories are considered after falsification of anomalous tracks of Pioneer 10 and 11 spacecraft (Wolk and Tearney 2012). As rightly put forward by (Dunmore (2011) there are many science that influences different scale of parameters ranging from macro to mid-range activities in a given situation. Addition to that, it requires testing the descriptions like cause and effect relationship after considering understanding of accounting aspects. It should be kept in consideration involving qualitative sciences such as botany, geology and zoology as developed by Darwin theory of evolution. It was one of the common mistakes especially in social sciences after assuming quantitative research (Mautz and Sharaf 2013) According to Dunmore (2011), there are major two distinct purpose used for undertaking qualitative research by the researcher. Addition to that, it means collection of data for assisting ways in order to develop preliminary understanding of major phenomenon at the time of attempting quantitative measurement. In other words, it requires sorting out questions from positive context of audit pricing research (Warfield, Wild and Wild 2013). The current study focus on regression analysis for understanding the auditor pricing as presented in the audit report. Therefore, it means data gathering aspects after determination of tender bid, differentiating behavioral pattern, and presenting strategies adopted by audit partners (Wolk and Tearney 2012). Significance and Limitations of the article The major significance of the article is written in the version of Popper Logic. In other words, it requires measuring the test statistics used for viewing at the certainty as well as incompatibility of concepts from null hypothesis (Warfield, Wild and Wild 2013). It requires eliminating shifting of conventional significance for threshold attributes by keeping p as 0.00001. Therefore, it requires considering re-attribution of true positives after accepting statistical findings at the time of demanding for gaining stronger evidence. On the contrary, it has been noted that there are mainly two distinct motives behind replicating previous studies like determination of whether original results views at the sampling error. Addition to that, it explores limits for application of previous findings for future analysis purpose. Several significant factors are mentioned in the article used for hypothesis testing. It mentions literature aspects ranging with 1% to 5% after looking at the statistical issues. It requires viewing at the significant levels of misstated figures of regression specifications after publishing the specification. Authors aim at working diligently for trying out the alternative proxies and functional forms based on econometric assumptions. There are some of the non-significant data resulting from false positives after comparing replicating the work (Mautz and Sharaf 2013). There are various motivation concepts designing after replicating the study in a way by accepting samples. This means undertaking same proxies after taking the functional forms and satisfying the econometric assumptions for data collection process by using alternative specifications. It aims at focusing on attributes for testing the level of significance widely depending upon the sample size and residual variance at the same time (Warfield, Wild and Wild 2013). As far as limitations of the study are concerned, it requires huge improvement by the researchers for future scope of research. At times, it can be termed as a disappointing process at the time of conducting positive accounting research while directing towards the consequences (Mautz and Sharaf 2013). It takes into consideration aspects on ad hoc basis like implementing quantitative models after maintaining relationship between the two variables. There are various models used for actual analytical research in well-structured way. This requires extreme measuring the concepts in given subsequent studies after comparing it with re-invention of measurement. In other words, reliable audit measurement concerns with high level of complexity for estimating the parameters (Wolk and Tearney 2012). Conclusion From the above discussion, it can be understood that the article examines the aspects related to ontology and epistemology. In other words, it is regard with understanding the concept of current policies of accounting research as used for operating research programs. The current segment explains implementation of better theoretical models for detailed testing that is highly specified as well as vulnerable in nature. It requires better measurement techniques that should be rigorously tested after conducting theoretical models. Therefore, concepts explain careful implementation of making proxies for establishing reliable relationships. It means selection of correct functional forms of linear relationship between unique concepts. Reference List Deegan, C., 2013.Financial accounting theory. McGraw-Hill Education Australia. Dunmore, P.V., 2011. Half a Defence of Positive Accounting Research.Available at SSRN 1955419. Gray, R., Owen, D. and Adams, C., 2014.Accounting accountability: changes and challenges in corporate social and environmental reporting. Prentice Hall. Littleton, A.C. and Zimmerman, V.K., 2012.Accounting theory, continuity and change. Prentice-Hall. Mathews, M.R. and Perera, M.H.B., 2014.Accounting theory development. Nelson. Mautz, R.K. and Sharaf, H.A., 2013.The philosophy of auditing(No. 6). American Accounting Association. Milne, M.J., 2012. Positive accounting theory, political costs and social disclosure analyses: A critical look.Critical perspectives on accounting,13(3), pp.369-395. Schroeder, R.G., Clark, M.W. and Cathey, J.M., 2012.Financial accounting theory and analysis: text and cases. John Wiley and Sons. Scott, W.R., 2013.Financial accounting theory(Vol. 2, No. 0, p. 0). Upper Saddle River, NJ: Prentice hall. Sorter, G.H., 2014. An" events" approach to basic accounting theory.The Accounting Review,44(1), pp.12-19. Thomas, A.L., 2014.The allocation problem in financial accounting theory(No. 9). American Accounting Association. Warfield, T.D., Wild, J.J. and Wild, K.L., 2013. Managerial ownership, accounting choices, and informativeness of earnings.Journal of accounting and economics,20(1), pp.61-91. Watts, R.L. and Zimmerman, J.L., 2013. Positive accounting theory: a ten year perspective.Accounting review, pp.131-156. Wolk, H.I. and Tearney, M.G., 2012.Accounting theory: A conceptual and institutional approach. Thomson South-Western.

Atticus FInch Character Analysis Essay Example

Atticus FInch Character Analysis Essay Example Atticus FInch Character Analysis Paper Atticus FInch Character Analysis Paper Only Man Of His Kind The main characters in Harper Lees To Kill A Mockingbird are Scout and Jem but their father Atticus finch is the character the reader should care about the most. Atticus is a great father in many ways, he is loyal, he teaches his children by example and he always does what is right. Because of his age, he has lived through many experiences that have taught him great life lessons that he teaches to his children to help them make the right decisions. The definition of loyalty is: a feeling or attitude of devoted attachment and affection. Jem and Scout are very loyal to their father, they efend him when necessary and they obey every command he gives them. Even after their mother died of a heart attack, Atticus did not give up on his responsibilities in life. He kept up with his Job as a lawyer, he kept up with his bills, groceries, etc, he kept up with everything that was necessary as a single parent. One day Jem and Scout were home alone and wanted to build a snowman but there wasnt enough snow so they dug up some of the yard and molded one out of mud. When Atticus returned home, Jem thought he would be furious but instead, he was impressed with Jems creativity: l didnt know how you were going to do it, but from now on Ill never worry about whatll become of you, son, youll always have an idea (67). Atticus also teaches Jem and Scout to not let what others affect them- mfou Just hold your head high and keep those fists down. No matter what anyone says to you, dont let em get your goat. Try fighting with your head for a change its a good one, even if it does resist learning (76). He is teaches his children that theres always someone that will be Judging you and that you have to keep your head held high and to not stoop down to their level. Walk away and be the bigger person. No matter what obstacles appeared in his life, he always found ways to overcome them and do what was best for his children. Life lessons are probably the most important things that Atticus teaches his children. He teaches them that they are always good enough no matter what anyone tells them. When Atticus sister otherwise known as Aunt Alexandra comes into town, she tries to change scout into less of a tomboy and more of a lady: He said there were already enough sunbeams in the family and to go about my business, he didnt mind me much the way I was(86). Atticus says that Scout is Just ine the way she is and he doesnt want what Aunt Alexandra says to affect the way Scout feels about herself. He also teaches them to always keep your head up and to not let what others say affect you. Mrs. Dubose is a mean woman that doesnt agree with some of Atticus choices and she is always rude and Judgemental to Atticus, Jem and Scout but everyday Atticus decides to be the bigger person: When the three of us came to the house, Atticus would sweep off his hat, wave gallantly to her and say, Good evening, Mrs. Dubose! You look like a picture this evening. I never heard Atticus say like a picture of what. He would tell her the courthouse news, and would say he hoped with all his heart shed have a good day tomorrow. He would return his hat to his head, swing me to his shoulders in her very presence, and we would go home in the twilight. It was times like these when I thought my father, who hated guns and had never been to any wars, was the bravest man who ever lived(95). This and it will always make you look better. The most valuable characteristic that applies to Atticus Finch is that he always does what is right. Atticus believes that you must take a step in someone elses shoes before you Judge them- mfou never really nderstand a person until you consider things from his point of view; until you climb into his skin and walk around in it (30). Everyone has their own personal issues in their life, and no one has the right to Judge them based on whats on the outside. Atticus believes that is the right thing to do in every situation. Another thing that Atticus believes is the right thing to do is to never hit his children: Atticus aint ever whipped me since I can remember and I wanta keep it that way (90). Around the time period that To Kill a Mockingbird was written, it was very common for parents to hit their children when they misbehaved. Atticus believed that that was an unfair, useless punishment and used different discipline methods instead. The main reason that Atticus Finch is considered a person that always does what is right no matter what is the fact that he stood up for Tom Robinson, a black man that was accused of raping a white female: And Tom Robinson now sits before you having taken the oath with the only good hand he possesses his RIGHT. I have nothing but pity in my heart for the chief witness for the State. She is the victim of cruel poverty and ignorance. But my pity does not extend so far as to her putting a mans life at stake, hich she has done in an effort to get rid of her own guilt(204). No matter what the situation is, Atticus always does what is right and stands up for others and puts other peoples needs in front of his own. Because Atticus is such an amazing person in Maycomb, he is well known and is respected by many. Although, there are some people that have no respect such as Mayella Ewells husband Bob Ewell: Jem see if you can stand in Bob Ewells shoes a minute. I destroyed his last shred of credibility at that trial, if he had any to begin with. The man had to have some kind of comeback, his kind always does. So if spitting in my face and threatening me saved Mayella Ewell one extra beating, thats something Ill gladly take. He had to take it out on somebody and Id rather it be me than that household full of children out there(231). Bob is upset with Atticus because he stood up for Tom Robinson, the man that supposedly raped his wife. Throughout the whole book, Atticus always respects people that respect him and he always puts their needs ahead of his as well as not following the people of Maycomb by respecting negros and treating them all equally, making Atticus Finch an overall amazing character in To Kill a Mockingbird.

Free Essays on Eragon

Eragon The author Christopher Paolini wrote Eragon at the age of 15. The story takes place in a huge kingdom called Alagaà «sia where the evil Dragon Rider emperor, Galbatorix, rules with his black dragon, Shruikan, and the Thirteen Forsworn Riders that followed Galbatorix. In this kingdom, a boy by the name of Eragon lives in the small village of Carvahall. Eragon is fifteen years old and has dark hair, brown eyes, and a little fit. While Eragon was out hunting for deer in the Spin, an untamed mountain range, he found an oval shaped, dark blue stone with veins of white that spider webbed across it. He remembered how the old stories told to treat magic, and those that use it, with caution. After a while of thinking it over, he decided to keep the stone just in case it was worth some money. When he finally got home, he wrapped it up and stuck it on the shelf in his room. The next day, a traveling caravan came to town. The caravan came once a year and brought items to sell from all over the kingdom, and to buy items from the villagers. Eragon’s most trusted friend Brom, the village’s storyteller, took him to a man that could tell Eragon how much his stone was worth. The jeweler was amazed by the stone but was unable to tell exactly how much it was worth. That night, Eragon awoke to a startling rattle. He looked around his room to make sure no one, or nothing, was there. Just then, the stone rolled off the shelf onto the floor. Eragon watched the stone from his bed as the stone started shaking and made strange noises. He walked over to the stone and noticed that it was starting to crack open, and out of the opening hole popped a lizard looking head. As the creature came more out of the stone, he realized it was really a dragon’s egg he had found. He named the dragon Saphira and made a house for her in the forest behind his home. One day, three dark strangers, the Ra’zac, appeared in the village asking if anyone kne... Free Essays on Eragon Free Essays on Eragon Eragon The author Christopher Paolini wrote Eragon at the age of 15. The story takes place in a huge kingdom called Alagaà «sia where the evil Dragon Rider emperor, Galbatorix, rules with his black dragon, Shruikan, and the Thirteen Forsworn Riders that followed Galbatorix. In this kingdom, a boy by the name of Eragon lives in the small village of Carvahall. Eragon is fifteen years old and has dark hair, brown eyes, and a little fit. While Eragon was out hunting for deer in the Spin, an untamed mountain range, he found an oval shaped, dark blue stone with veins of white that spider webbed across it. He remembered how the old stories told to treat magic, and those that use it, with caution. After a while of thinking it over, he decided to keep the stone just in case it was worth some money. When he finally got home, he wrapped it up and stuck it on the shelf in his room. The next day, a traveling caravan came to town. The caravan came once a year and brought items to sell from all over the kingdom, and to buy items from the villagers. Eragon’s most trusted friend Brom, the village’s storyteller, took him to a man that could tell Eragon how much his stone was worth. The jeweler was amazed by the stone but was unable to tell exactly how much it was worth. That night, Eragon awoke to a startling rattle. He looked around his room to make sure no one, or nothing, was there. Just then, the stone rolled off the shelf onto the floor. Eragon watched the stone from his bed as the stone started shaking and made strange noises. He walked over to the stone and noticed that it was starting to crack open, and out of the opening hole popped a lizard looking head. As the creature came more out of the stone, he realized it was really a dragon’s egg he had found. He named the dragon Saphira and made a house for her in the forest behind his home. One day, three dark strangers, the Ra’zac, appeared in the village asking if anyone kne...

ECON 2337 - Money, Finance, and the Modern Consumer Essay

ECON 2337 - Money, Finance, and the Modern Consumer - Essay Example at can only be satisfied through products and service of consumers are safety needs, physiological and biological needs, and esteem needs (Schor, 13). On the other hand, the needs that can only be satisfied though the products and services of non-consumers are love needs and belongingness, and self-actualization Conspicuous consumption is a type of consumption where consumers buy expensive commodities to display income and wealth rather than covering their real needs. Such consumers use such behaviors in maintaining or gaining a higher social status. In modern America, there is emerging conspicuous compassion, where Americans have publicly donated great amounts of money to charity organization so that their social prestige can rise. In the Maslow’s hierarchy of needs, conspicuous consumption fits in the esteem need status where it is characterized by status, reputation, responsibility, and achievement. What people acquire and later own is bound to the personal identity. Most people compare their possessions and lifestyle to a selected group that they most respect and like. This is what we call the competitive acquisition. Due to the evolution of 20th century, the focus groups are not their neighbors but rather those people that earn 3 to 5 times their income. This phenomenon has led to the national culture of new consumerism (Schor, 63). The new family groups entail the television families, models, and celebrities. In new consumerism, it is now built on the standard’s relentless ratcheting. The society has now grown on what they need. Today, there is a downshifting trend where the people dropping from the society, living ideologically and communally motivated. They now exist in the midst of American mainstream. However, those people swim against the current progress of the economy. The principles behind the shift include the control desire, voluntary restraints, and commerc ializing the rituals. The social media has had a hand in the competitive acquisition.

The constitutional jurisprudence of the European Court of Justice is a Essay

The constitutional jurisprudence of the European Court of Justice is a paradigm of judicial Activism. Discuss in relation to Art. 234 EC - Essay Example , the judicial activism of the European Court of Justice has been one of the most intriguing aspects of the evolving legal and judicial framework in Europe, because it â€Å"appoints the European Court as meeting place between the legal order of the Community and those of its member states.†3 It has in fact, represented the driving force of European integration through the fashioning of a constitutional framework for a federal type of structure within the European Union.4 The legislative process within the European Union has often been characterized by inertia, as a result of which the ECJ has had to exercise judicial creativity, to address the gap between voter wishes and political decisions which is not well defined in the European Community as it is in a democracy.5 In the context of Article 234 of the EC Treaty that places the European Court of Justice in the role of interpreter of the aims and objectives of the Treaty, creative European jurisprudence has often required that the ECJ not send away an individual litigant or a national Judge without an answer, in order to avoid denial of justice. As a result, this has often required creative judicial interpretation that has caused it to be accused of judicial activism.6 The Court has adopted the teleological method in its approach to judicial interpretation, wherein a rule is interpreted by taking into account the purpose of the rule and the aim and objective it seeks to accomplish, as stated in the case of CIFLIT, â€Å"every provision of Community law must be placed in its context and interpreted in the light of the provisions of E.C. law as a whole, regard being had to the objectives thereof and to its state of evolution at the date on which the provision in question is to be applied.†7 The factor that will determine when judicial activity strays into the field of judicial activism is determined by the extent to which the judicial function strays into the political realm. The European Court of Justice has

Impression on Gothic stained glass Research Paper

Impression on Gothic stained glass - Research Paper Example This informed the research and evolution of the pre historic stained glasses manufactured by the Egyptians and Romans to the modern day fully fledged industry responsible for the creation of the three dimensional impressions with their stained glasses. The manufacture of stained glass is both an art and craft that requires artistic dexterity to create unique designs capable of communicating idealistically and effectively. Additionally, the art requires engineering knowhow to balance the several features of construction to develop a strong window or door. A window particularly the large ones are heavy, additionally, glass naturally heavy and fragile, in designing such doors, the engineers must therefore balance the weight of the structures to resist the tendency of glasses breaking. Windows and doors resist other external pressures such as wind, these have the force capable of breaking a glass, the design of a glass window therefore incorporates the capabilities to resist such externa l forces but remain light enough to avoid piling pressure on frames. Additionally, window and doorframes are made in particular designs and shapes. Glass is known for its ease to break, this makes manipulating one difficult. The creation of a stained window or door glass therefore considers all these features making it quite a profession. The early western civilization involved extensive usage of stained glasses to decorate their buildings. It was one of the key indicators of social status owing to their high prices. The glasses were therefore commonly used in churches and other public structures such as county halls and in the decoration of royal palaces. The early civilization used these glasses to communicate, arts communicates through diverse means. The manipulation of the stained glasses offered unparalleled mode of communication that could be used to preserve images besides decoration. Most church windows frames were therefore fitted with religious portraits of the heavenly beings such as angels, Jesus and God Himself. These collectively aided the creation of a spiritual theme around churches and other religious places. Arts make use of a number of elements to communicate the ideas of the artists. One of these elements is color, every color has a meaning, this therefore implies that the use and choice of a speci fic color is determined by the message that the artist intended to communicate. The stained glasses communicate through color; they largely employ the use of different colors to create different illusions thereby communicating differently depending on the purpose of the glass and its creator. To decorate places and royal facilities, artists used a gold impression, these gave the facilities an aspect of importance and class. Royalties always portrayed an essence of more self worth, they therefore demanded the creation of exceptionally beautiful structures manufactured and coated with the most expensive rocks (Elizabeth 45). Gothic artifacts are scary impressions; some that portray instill fear in their audience, the stained glass technology excels in the creation of such thereby developing a horrific feeling in a room fitted with such windows and doors. The glass stained windows are deigned either figuratively or non figuratively. A figurative design relates a story behind the design . In churches, the stories

Age Related Nuclear Cataract Treatment

Age Related Nuclear Cataract Treatment P750 LOGBOOK 5 STUDENT ID : 6469969 Age related nuclear cataract is the anterior segment disease and it is the clouding of ocular lens characterized by reduced antioxidant levels in the lens core. Antioxidant cystine is a amino acid having molecular weight 240.3 g/mol and solubility of 50 mg/ml in 1 M Hcl is used to prevent cataract formation. To treat cataract, cystine is applied topically in the form of eye drops. The factors that reduce cystine bioavailability are, Tear film :- Topically applied drugs will first encounter tear film and it is considered as first protective structure. Nasolacrimal drainage system :- After the application cystine eye drops tear fluid turnover doubles it is called as washout effect. Due to pH and foreign body sensation reflex tearing will occur. Cornea :- It is the main mechanical barrier. Due to its sandwich like structure drugs with molecular weight less than 5 K Da and partition coefficient of 10 to 100 can pass through it. Cornea is composed of three layers, the outermost layer is epithelium which is lipophilic in nature, middle layer is stroma which is hydrophilic in nature and innermost layer is endothelium which is lipophilic in nature. FORMULATION PARAMETERS : The formulation parameters to be considered in formulating a topical cystine eye drops are, Physico chemical drug properties :- Partition coefficient log p of the formulation should range from 10 to 100. Molecular weight – molecular weight of the formulation should be less than 5 K Da. Charge – charge of the drug should be positive. Buffer capacity and pH :- eye drops should be formulated with a pH range of 7.0 to 7.7. If the pH is 7, 99% of the drug remains in unionized form and favors the permeation through lipophilic epithelium. If the pH is more than 7, most of the drug ionizes and easily diffuses through the hydrophilic stroma. Viscosity : viscosity of the eye drop preparation must be around 15 m Pa. Instillation volume :- instillation volume must be less than 30 Â µl because cul – de – sac can hold up to 30 Â µl. Osmotic pressure :- osmotic pressure of the eye drop must range between 310 to 350 m osm/kg Antioxidants :- cystine itself acts as a antioxidant, no other preservatives are required. FORMULATION APPROACH : Colloidal ocular delivery systems like micro emulsions are used to deliver the antioxidant cystine in the form of topical eye drops. Micro emulsions : Micro-emulsions acts as vehicles for the delivery of antioxidant cystine in the form of topical eye drops. In micro emulsions phase transition will occur between the bi-continuous micro-emulsion, oil in water emulsion, water in oil emulsion, and lamellar crystals. Components of micro emulsions are, Water. Oils like mineral oil, vegetable oils, di and triglycerides, fatty acid ester. Surfactant – non ionic, amphoteric and less commonly anionic and cationic surfactants are used. Co-surfactant – short and medium chain alcohols are used as co-surfactants. Advantages of phase transitions of micro-emulsions W/O micro :-emulsion : these micro-emulsions are responsible for protection of water soluble drugs and sustained release of water soluble drugs. O/W micro-emulsions :- these micro-emulsions are responsible for increasing solubility of lipophilic drugs. Bi-continuous micro-emulsions :- these micro-emulsions are having good wetting and spreading properties on the ocular surface hence these are used in ocular drug delivery systems. Micro-emulsions are having low viscosity hence it is easy to instill. These micro-emulsions are thermodynamically stable. These are easy to prepare, no mixing is required. In these micro-emulsions we can detect the phase separation easily, drug precipitation and microbial contamination. Micro-emulsions are used as vehicles due to solubilization of hydrophilic and lipophilic drugs. By using the micro-emulsions as vehicles we can increase the bio-availability of drugs. Glaucoma is anterior segment disease characterized by raised intra ocular pressure, which results in the loss of regional ganglia cells and degeneration of optic nerve. Glaucoma is the main ocular disease responsible for blindness. Antisense oligonucleotides (As ODN) helps in curing glaucoma disease. Antisense oligonucleotides (As ODN) : These are single stranded DNA fragments of 10 to 30 nucleotides, complementary to the target mRNA. Mechanism of action – Generally, DNA transcripts mRNA in the nucleus and this mRNA enters into the cytoplasm and ribosomes translate the mRNA. Finally results in the formation of proteins. Antisense oligonucleotides (As ODN) having complementary base sequence to that of mRNA binds with mRNA and prevents the formation of Cx proteins from it. Delivery route : I would like to choose intra-vitreous delivery route because, periocular injections of antisense oligonucleotides is responsible for poor stability and it is difficult for antisense oligonucleotides to penetrate through the cells. Intra-vitreous injection : It is the injection of antisense oligonucleotides into the vitreous with the help of a needle. In the treatment of many of the ocular diseases intra-vitreous administration of drugs is used. Advantages of intra-vitreous injection : This delivery route is responsible for achieving high concentration of drug in the vitreous. There will be no side effects, because it is not a systemic administration. Disadvantages of intra-vitreous injection : From the vitreous, many drugs are rapidly cleared due to blood – retinal barrier, therefore repeated dose administration is required. Frequent injections leads to endopthalmitis, lens damage, detachment of retina. FORMULATION PARAMETERS :- Chemical modification : chemical modification of antisense oligonucleotides leads to increased or decreased solubility, stability etc.. Phospho-diester group :- By replacing oxygen from the phospho-diester group with sulphur, stability and solubility increases and RNase H cleavage will occur. By replacing oxygen with methyl group there is increased stability but decrease in solubility, due to lack of charge cellular uptake will not occur, no RNase H activity. Sugar moiety modification :- By adding a alkyl group at the 2nd position of ribose, there is increase in hydrophilicity and binding affinity but mismatches will occur and no RNase H cleavage. Other modification :- Replacement of phospho-diester group with polyamide results in high affinity to mRNA but aqueous solubility decreases, cellular uptake decreases and no RNase H cleavage. FORMULATION APPROACH :- To prevent antisense oligonucleotides (As ODN) from enzymatic degradation and to improve the cellular uptake a variety of formulation approaches have been put forward. They are, liposomes, nanoparticles, peptides, dendrimers, and physical methods. Among these i would like to choose multi functional dendrimer carriers. Dendrimer carriers :- Dendrimers are branched molecules and spherical in nature. Dendrimers are divided into low molecular weight and high molecular weight species. The properties of dendrimers depends on the functional groups at their molecular level. Dendrimers are cationic in nature and possess positive charge on it. Antisense oligonucleotides shows its therapeutic effect at cytoplasmic level and these antisense oligonucleotides are anionic in nature and possess negative charge. During the formulation, dendrimer undergoes complexation and condensation with antisense oligonucleotides. The functional groups present at the molecular level are. Cell penetrating peptide :- TAT peptide is derived from human immunodeficiency virus and it acts as a cell penetrating peptide. TAT helps in cellular uptake of dendrimer antisense oligonucleotide complex. Fusogenic peptide :- Dendrimer- antisense oligonucleotide complex binds to the cell membrane than enters in to the cell through endocytosis. These fusogenic peptide helps in endisomal escape. Influenza virus hemagglutinin subunit-2 is a fusogenic peptide. Lipoamino acid :- This functional group helps in improving permeability and stability. Example, C14 Disadvantage of dendrimer carrier : cytotoxicity increases due to the presence of cell penetrating peptides and fusogenic peptides REFERENCE :- Dr Ilva Rupenthal lecture notes given on 4th April 2014.

Nature of the Mind Essay -- Poetry

William Blake, a poet that strongly believed in the power of mind, once wrote, "if we see with imagination, we see all things in the infinite." The Romantic poets use their imagination when gazing at nature, and therefore see and feel the infinite through their poetry. William Wordsworth expresses the serene beauty that nature possesses and its calming effects on the mind. Samuel Taylor Coleridge, one of the poetic geniuses of the age, uses nature and his imagination to create surreal atmospheres. Another Romantic poet, by the name of Percy Bysshe Shelley, shows great longing for the freedom that nature possesses and the freeing effect it has on him. These poets of the Romantic period look at nature from a higher consciousness called the imagination. William Wordsworth, through many of his poems, expresses the serene beauty contained in nature and its tranquilizing effects on human thoughts. In "Lines Composed a Few Miles from Tintern Abbey", the speaker looks "on nature...to chasten and subdue...the mind" and bring peace to his thoughts. Looking deeply into nature brings the feelings of sublime contentment and new feelings of inspiration that one cannot find in any alternate surrounding. In Wordsworth's "I Wandered Lonely as a Cloud," the speaker, when "in vacant or in pensive mood," recalls a memory of a past picturesque outdoor scene that "is the bliss of [his] solitude." His mind's pencil edges a lasting portrait of a scene in nature and the emotions of its beauty in the speaker's mind. The "dancing daffodils" will stay with the speaker even when the original drawing has faded. Another poem, "Composed upon Westminster Bridge," expresses the lulling atmosphere of the early morning and its encompassing calm a... ...s are "profuse strains of unpremeditated art," singing exactly what it feels, without restraint. Percy Shelley imagines these feelings of freedom and artless beauty in nature's creations that without imagination would never be conceived. Through poetry, the Romantics, Wordsworth, Coleridge and Shelley, make many connections between the human mind and its natural surroundings by way of imagination. William Wordsworth emphasizes nature's soothing powers on the mind and its short term and long term effects. Shelley, on the other hand, expresses the boundless life of nature and its ability of uninhibited expression. Samuel Coleridge, the true believer in the mind's versatility, focuses on the flexibility of one's imagination in the presence of nature. Because of these poets and their poetry, the rest of the world is tempted to take a step into the imagination. Nature of the Mind Essay -- Poetry William Blake, a poet that strongly believed in the power of mind, once wrote, "if we see with imagination, we see all things in the infinite." The Romantic poets use their imagination when gazing at nature, and therefore see and feel the infinite through their poetry. William Wordsworth expresses the serene beauty that nature possesses and its calming effects on the mind. Samuel Taylor Coleridge, one of the poetic geniuses of the age, uses nature and his imagination to create surreal atmospheres. Another Romantic poet, by the name of Percy Bysshe Shelley, shows great longing for the freedom that nature possesses and the freeing effect it has on him. These poets of the Romantic period look at nature from a higher consciousness called the imagination. William Wordsworth, through many of his poems, expresses the serene beauty contained in nature and its tranquilizing effects on human thoughts. In "Lines Composed a Few Miles from Tintern Abbey", the speaker looks "on nature...to chasten and subdue...the mind" and bring peace to his thoughts. Looking deeply into nature brings the feelings of sublime contentment and new feelings of inspiration that one cannot find in any alternate surrounding. In Wordsworth's "I Wandered Lonely as a Cloud," the speaker, when "in vacant or in pensive mood," recalls a memory of a past picturesque outdoor scene that "is the bliss of [his] solitude." His mind's pencil edges a lasting portrait of a scene in nature and the emotions of its beauty in the speaker's mind. The "dancing daffodils" will stay with the speaker even when the original drawing has faded. Another poem, "Composed upon Westminster Bridge," expresses the lulling atmosphere of the early morning and its encompassing calm a... ...s are "profuse strains of unpremeditated art," singing exactly what it feels, without restraint. Percy Shelley imagines these feelings of freedom and artless beauty in nature's creations that without imagination would never be conceived. Through poetry, the Romantics, Wordsworth, Coleridge and Shelley, make many connections between the human mind and its natural surroundings by way of imagination. William Wordsworth emphasizes nature's soothing powers on the mind and its short term and long term effects. Shelley, on the other hand, expresses the boundless life of nature and its ability of uninhibited expression. Samuel Coleridge, the true believer in the mind's versatility, focuses on the flexibility of one's imagination in the presence of nature. Because of these poets and their poetry, the rest of the world is tempted to take a step into the imagination.