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1 Bmjvgx e vswks 1

2 Islami Banking September 2014 A Journal Published by Public Relations Division Islami Bank Bangladesh Limited Rbms hvm wefvm, Bmjvgx e vsk evsjv `k wjwg UW KZ K cöavb Kvh vjq: Bmjvgx e vsk UvIqvi 40, w`jkzkv evwywr K GjvKv, XvKv _ K cökvwkz wwrvbb: bvwn` wcöw Us G vw wwrvbb zwwi gy`ªy: 2 Bmjvgx e vswks

3 m~wpcî m úv`kxq 5 W. gvbrvi Kvn&d Bmjvgx A_ vqb: MZvbyMwZK e emv 7 Gg. AvwRRyj nk kixôavn& e vswks: cöÿvcu evsjv `k 33 gvnv ` Ave`yj gvbœvb Bmjvgx e vswks: Kj vygylx Avw_ K aviv 47 IAvBwm AvDUjyK wmwir, g 2012 IAvBwmfz³ `k jv Z Bmjvgx A_ vqb 53 Av`bvb ÎvwKK Bmjvgx e vswks I A_ vq b BD ivcxq ` wófw½ 71 Av `j Avn g` ˆewk K Avw_ K m¼u: Bmjvgx ` wó KvY 89 mvwq ` Zvwni Bmjvgx e vswks qi fwel r 107 Bmjvgx e vswks 3

4 4 Bmjvgx e vswks

5 m úv`kxq mv úªwzk mg q Bmjvgx e vswks qi Ae vnz cöe w Kej gymwjg `k jv ZB bq Agymwjg we k I GB wk íi RbwcÖqZv K GKwU bzzb gvîv w` q Q wek kz Ki kl `k K wek e vcx Avw_ K m¼u cöpwjz my`wfwëk e vswks e e vi AvwacZ K cö kœi gy LvgywL `vuo Kwi q `q jvf wzi Askx`vwiZ wfwëk Bmjvgx e vswks e e v cöpwjz e vswks qi wekí bv n ji GKwU UKmB cöwzc n e wkbv Zv wb q fve Z ïi K ib e vswks I A_ vqb wk íi m ½ mswk óiv GiB cwi cöw Z ÔBmjvgx e vswksõ Rvb v ji PjwZ msl vq G wk íi m ½ RwoZ ckvrxex, M elk, I GKv WwgK e w³ `i g a Bmjvgx e vswks PP v Ges Gi wek Rbxb Kvh KwiZv m ú K GKwU e nëi Dcjwä Rvi`v ii Rb wewfbœ wbeü Zz j aiv n q Q wekvkgvb Bmjvgx A_ I A_ vqb e e vi ZvwË K I cöv qvwmk wel qi Ici wfwë K i Gme cöeü Pqb Kiv n q Q Bmjvgx e vswks ev Bmjvgx A_ vqb wbzvš B GKwU e emv gymjgvb `i wbr ^ wek vm Abyhvqx Zv `i Avw_ K Rxeb cwipvjbvi AvKv ÿv _ K G A_ e e v m wói cö qvrbxqzv `Lv `q gvbwek cö qvr bi ZvwM ` Avw_ K jb ` bi Î Bmjvgx AvB bi e vl v-we k ly cö qvrb n q Q GB jb `b Ggb n Z n e hb Zv gvbe cök wzi m ½ m½wzc~y nq ÔBmjvgx A_ vqb: MZvbyMwZK e emvõ kxl K cöe Ü W. gvbrvi Kvn&d Bmjvgx A_ vq bi msáv wba vi Yi cvkvcvwk Gi ZvwË K I cöv qvwmk w`k jv LwZ q ` L Qb G Z Bmjvgx A_ e e vi bxwz-dcv`vb jv wb q Av jvpbv, A_ vq bi nvwzqvi wn m e kixôavn& Aby gvw`z wekí Bmjvgx Pzw³ jvi e vl v Ges Bmjvgx A_ e e vi me kl ms hvrb mykzk wb q Av jvpbv Kiv n q Q ez gvb we k GKwU greyz wfwëi Ici `vuwo q M Q Bmjvgx e vswks wkíwui AvR Ki Ae v b Avmvi c_wu wkš gm b wqj bv, Gi cq b i q Q A bk cöwzôvb I e w³i Amvgvb Ae`vb 1974 mv j WvKvi m j b IAvBwm m`m `k jvi AvBwWwe PvU v i ^v i `vb I c ii eqi RÏvq ÔBmjvwg Dbœqb e vskõ (AvBwWwe/IDB) cöwzôv ` k ` k Bmjvgx e vsk cöwzôv K Z ivwš^z K i Gg. AvwRRyj nk Zvui ÔkixÔAvn& e vswks: cö vcu evsjv `kõ kxl K cöe Ü `wl q Qb wewfbœ A½b _ K mgwš^z cö Póvi d jb 1983 mv j evsjv ` k kixôavnwfwëk e vs Ki HwZnvwmK hvîv ïi nq wemz 3 `kk a i Bmjvgx e vswks mgwók Avw_ K Kg KvÊmn A bk fvj Kv R Ae`vb i L P j Q Avi fwel Zi w` K ZvwK q GKwU `vwi`ª gy³ I mg evsjv `k Movi j Bmjvgx e vsk jvi HK e fv e KvR Kiv DwPZ BD ivcxq i bmvu I wkí-wec ei ga w` q ïiy nq AvaywbK e vswks e e vi wekvk BD ivcxq `i ivr bwzk wer q gymwjg we k I my`wfwëk e vswks e e v we vi jvf K i wkš GwU wek e vcx gymjgvbiv nvrvi eqi a i h Kj vy I Dbœqbagx A_ bwzk ms wzi wekvk NwU qwqj Zv a i ivl Z e _ nq wemz kz Ki ga fv M Jcwb ewkk eüb wkw_j niqvi m ½ m ½ gymwjg `k jv Z wbr ^ wek vm I PZbvi Av jv K GKwU A_ e e v M o Zvjvi cöqvm Rvi`vi nq Gi ZvwË K wfwë _ K lvu-gi `k K AvaywbK hy Mi cö_g Bmjvgx e vsk hvîv ïi K i gvnv ` Avãyj gvbœvb Zvui ÔBmjvgx e vswks: Kj vygylx Avw_ K avivõ kxl K cöe Ü Bmjvgx e vsk e e v wekv ki GB avivevwnkzv Zz j a i Qb wzwb j K ib Bmjvgx e vswks-gi AcÖwZ iva cöe w cöpwjz avivi A bk kxl vbxq e vs KI ÔkixÕAvn&m Z cy Õ wb q MÖvn Ki mvg b nvwri n Z eva K i Q ez gvb gymwjg wek Z_v IAvBwm-i ewkifvm m`m `k hme Dbœqb P v jä gvkv ejv Ki Q Zvi mgvavb i q Q ÔBmjvgx A_ vqbõ e e vq 2011 mv ji kl bvmv` we k Bmjvgx Avw_ K mev Lv Z kixôavn&m Z m ú `i gvu cwigvy `uvovq 1.1 wuªwjqb gvwk b Wjvi IAvBwm `k jv Gi 98%- Gi gvwjk wkíwui PgrKvi cöe w i cq b g~j PvwjKv wn m e KvR Ki Q Gme `k ÔIAvBwmfz³ Bmjvgx e vswks 5

6 `k jv Z Bmjvgx A_ vqbõ wel q IAvBwm AvDUjyK wmwir-gi cöe Ü `Lv bv n q Q, gymwjg we k i Av_ -mvgvwrk Dbœq b wkqz Bmjvgx cy I PP või Kvh KwiZv ek cömswkz n ji Gi Dbœqb cöwµqvq ÔBmjvgx A_ vq bõi cöfve GL bv gvsvwi Mv Qi cwikwíz SzuwKi gy L G wkí Aiw Z ZvB Bmjvgx Avw_ K e e vi wbf i hvm Zv AR bi c_ AbymÜvb GL bv GKwU P v jä GB cöe Ü IAvBwm `k jv Z Bmjvgx Avw_ K wk íi mgmvgwqk cöeyzv Ges cöpwjz my`wfwëk e e vi wekí wn m e GKwU g~javivi A_ e e vq cwiyz niqvi g Zv Gi mnrvz m vebv wb q Av jvpbv Kiv n q Q my`wfwëk cöpwjz e vswks I A_ vqb e e v cwðgv wek we klz BD iv ci gvby li Rb Aw izvi KviY n q `uvwo q Q my`wfwëk e vswks e e v ïay f½yib bq, GwU A bk mvgvwrk mgm vi Rb w` q Q d j BD ivcxq BDwbq bi (BBD) m`m `k jv Z Bmjvgx e vswks wkí cömv ii wecyj m vebv `Lv w` q Q B Zvg a BD iv ci A bk ` k cöpwjz e vswks-gi mgvš iv j Bmjvgx e vswks Kvh µg cwipvwjz n Q wkš BBD wb ` wkkvq Ô µwwu cöwzôvbõ Z_v e vsk-gi h e vl v `qv n q Q Zvi m ½ ÔBmjvgx e vskõ-gi msáv mvgäm c~y bq ÔBmjvgx e vswks I A_ vq b BD ivcxq ` wófw½õ cöe Ü Av`bvb ÎvwKK ÔBmjvgx e vswks I A_ vq bõi e vcv i BD ivcxq `i ` wófw½ e vl v K i Qb BBD-fz³ wewfbœ ` k wbewüz n Z Bmjvgx e vsk jvi Kvb wekí Dcvq Av Q wkbv Zv AbymÜvb Ges cöwzôvb jv mlv b hme evavi m ywlb n Z cv i Zv wb q Av jvpbv K i Qb ˆewk K Avw_ K m¼ Ui ZxeªZv I cybive wë iv ai GKwU Kvh Ki nvwzqvi n Z cv i SzuwKeÈb-wfwËK Bmjvgx A_ e e vñ G wel q A bk cwêz GKgZ F Yi QovQwo I Abygvbwbf i Avw_ K Kg KvÊB Avm j ez gvb m¼ Ui g~j KviY Bmjvgx A_ e e vi mnrvz cöeyzv GB SzuwK Kwg q Avb Z myi v ey n wnmv e KvR K i G e e vq A_ cöevn I FY m cömvi Yi m ½ Drcv`bkxjZv A_ vr cök Z A_ bwzk cöe w i g a me mgq GKwU wbweo hvmv hvm _v K cöv_wgkfv e GwU FY w` q cök Z cy I mev Kbvi my hvm K i `q G Z mzk Zvi m ½ F Yi SzuwK g~j vqb Kiv nq Ôˆewk K Avw_ K m¼u: Bmjvgx ` wó KvYÕ kxl K cöe Ü Av `j Avn g` Gfv e ˆewk K Aw_ K m¼u K we k ly K i Qb m¼u Gov Z GKwU UKmB Avw_ K wewa cöyq bi Rb G we k ly hgb iyz c~y, Zgwb jvf- jvkmvb fvm K i bqvi wfwë Z cwipvwjz bzzb GKwU e emvwqk g Wj AbymÜv bi Rb I Zv Ri wi gymwjg `k jvi cvkvcvwk Avš R vwzk we k I mymsnz Ae vb ˆZwi Z m g n q Q Bmjvgx e vswks I A_ vqb e e v wbqwgz cvvµ gi AvIZvq cvðvz I cöv P i A bk wek we` vjq Gi Dci cövwzôvwbk wwwmö w` Q GiciI G ch š AwR Z mvdj ervq i L wb R K wuwk q ivlv, h Kv bv wech q _ K myi v Ges wk íi wekvk mva bi g Zv Bmy i m ywlb Bmjvgx e vswks I A_ vqb GiKg wkqz cö kœi DËi LuvRvi Póv K i Qb mvwq ` Zvwni Zvui ÔBmjvgx e vswks qi fwel rõ kxl K cöe Ü Zvi cökœ j wqj Bmjvgx e vswks wk wu K _vk Z cvi e? A`~i fwel Z Kgb n e Bmjvgx e vswks? AvMvgx Z Kx ai bi P v j Äi m ylxb n Z cv i GB wkí? Bmjvgx e vswks wk mvaviy gvby li Rxebgv b Kvb cwiez b Avb e? Avm j ez gvb Ae vi Dci `uvwo qb wba vwiz n e fwel r Avi fwel r m vebv ez gvb K cöfvwez K i GiciI fwel r wb q D ØM Avjv`v Av jvpbvi `vwe iv L Avgiv Avkv KiwQ ÔBmjvgx e vswksõ Rvb v ji PjwZ msl vi cöeü jv G wk íi m ½ mswk ó QvÎ, M elk I ckvrxex `i wpš vi LvivK RvMv e Bmjvgx e vswks PP vi e vcv i me gn j GKwU Mfxi Dcjwä ˆZwi n e Rvb v ji j I D Ï k nvwm ji Rb M elk, cöeükvi, Abyev`K I cvv Ki cöwz Bmjvgx e vswks qi ZvwË K I cö qvwmk wel q Avgv `i Kv Q jlv cvvv bvi Aby iva KiwQ Zvn j Avgiv K ZÁ n ev mvwe K cöqvm m Ë I wkqz fzjîywu ez gvb jlv jv Z _ K M Q Avgiv mevi mü`q gvr bv Ges g~j evb gzvgz I civgk Kvgbv KiwQ 6 Bmjvgx e vswks

7 Bmjvgx A_ vqb: MZvbyMwZK e emv W. gvbrvi Kvn&d 1. m~pbv: Bmjvgx A_ vqb Kb? GB wbe Üi g~j jÿ n Q Bmjvgx A_ vq bi msáv wba viy Ges cöpwjz A_ e e vi m ½ Gi Zzjbv Kiv GUv Kiv n e ga cövp Ges `wÿy Gwkqvi `k jv Z Bmjvgx A_ vq bi h PP v Kiv nq Zvi ZvwË K I cöv qvwmk w`k jv LwZ q `Lvi gva g GQvov GB wbe Ü hyw³ `Lv bv n q Q h Bmjvgx A_ vqb wbzvšíb mvaviy e emvi g Zv GKwU e emv KviY, gvbwek cö qvr bi ZvwM `B Avw_ K jb ` bi ÿ Î Bmjvgx AvB bi e vl vwe køly cö qvrb n q Q ZvB GB jb `b Ggbfv e m úbœ n Z n e hb Zv gvbe cök wzi m ½ m½wzc~y nq h Kvb a g i wgkb n Q Zvi wek vm I wkÿvi m ½ m½wzc~y K i gvbe AvPi Yi cöwzwu w`k cybm Vb ev bzzb K i mvrv bv ev ˆZwi Gi GKwU w`k n jv, a g i Abymvix `i A_ bwzk I Avw_ K AvPiY ez gvb mg q gymwjg-agymwjg wbwe k l mevb Abyaveb Ki Z c i Qb h Bmjvg Kej gvbyl I m wókz vi g a GKwU mvaviy m úk bq GUv n jv GK c~y v½ Rxebweavb Rxeb m ú K Bmjv gi ` wófw½ PviwU g~jbxwzi Dci cöwzwôz: m wókz vi GKZ ev`; cybiæìv bi ci cöwzwu bvix I cyiæl K Zvi cöwzwu K ZK g i Rb Revew`wnZv; m wókz vi `qv weavb AbymiY I cöwiz cyiæl `i (hv `i g a me kl ivmyj gynv ` (m:)) `Lv bv c _ Zv g b Pjv Ges cöwzf~ (vicegerent) wn m e Kg m ú`vb k lv³wui gv b n jv gvby li Rb m ó GB wek RMZ K e envi Ges Gi Dbœq bi Rb Zv `i K KZ Z ev `vwqz `qv n q Q A_ev hvm Kiv n q Q gymjgvb `i GB wbr ^ wek vm Abyhvqx Zv `i Avw_ K Rxeb cwipvjbvi AvKv ÿv _ KB Bmjvgx A_ e e v m wói cö qvrbxqzv `Lv `q m Abyhvqx, Avj- KviAv b cö`wk Z Ges ivmyj gvnv ` (m:)-gi ewy Z wewaweavb, hv kixôavn& ev Bmjvgx AvBb bv g cwiwpwz, GUvB Bmjvgx Rxeb weavb ÔkixÔAvn&Õ kãwui A_ n jv Ôc_ ev iv ÍvÕ Gi D Ïk n jv bvixcyiæl I gvbe m úª`vq K gvbyl wn m e Zvi 5wU ˆewkó : Rxeb, gb ev hyw³evw`zv, ag, m ú` Ges AMÖMwZ ev fwel r cörb - G jvi Dbœqb, msiÿy I myiÿv cö`vb 1 m ú `i e vcv i kixôavn&-i jÿ n jv e w³mz m úwë I e w³mz Avqea b I myiÿv cö`vb GUv mikvwi m ú `ii Dbœqb Ges Zvi myiÿv `q G `yõai bi A_ bwzk e e vi g a GKwU 1 `Lyb, kl gvnv ` Zv ni, LyZev - The Objectives of the Islamic Sacred Law, cviqv hv e: com/khutbahs/khutba asp (visited Sept 10, 2006). Bmjvgx e vswks 7

8 mnve v bi aviyv Zz j a i Bmjvgx A_ e e v Bmjvgx A_ bwzk I Avw_ K e e vi PviwU gšwjk Í n jv: A_ bwzk ^vaxbzv, Ab e w³ ev mikv ii Rei`Lj _ K myiÿv, gvwjkvbvi `vq-`vwqz jvi g a my² fvimvg Ges abxi m ú ` AvjøvnÕi AwaKvi, hv `wi `ªi Rb I mvgvwrk Kg Kv Ð e q Kiv nq GB k lv³ Í wu, abvx m`m `i m ú `i Dci mgv Ri AwaKvi Gi b~ bzg e wßwu kixôavn& ek fv jvfv e wbw` ó K i w` q Q G K RvKvZ ejv nq GQvov evwk `i Rb GUv n jv ^ Qvg~jK, hv K mv`vkvn& ejv nq GB cöe Ü wzbwu Aa vq i q Q cö_g Aa v q Bmjvgx A_ e e vi bxwz-dcv`vb jv wb q Av jvpbv Kiv n q Q Gi c ii Aa v q A_ vq bi nvwzqvi wn m e kixôavn& Aby gvw`z wekí Bmjvgx Pzw³ jv e vl vi Póv Kiv n q Q cwi k l, G Z Bmjvgx A_ e e vi me kl ms hvrb mykzk ev Bmjvgx eû wb q Av jvpbv Kiv n q Q 2. Bmjvgx A_ vqb bxwz mkj AvB bi g Zv Bmjvgx AvBbI Pzw³ m úv` bi Rb `yb kªyxi bxwz Dc vcb K i: mvaviy Ges D Ïk wbw` ó cö_gz, Pzw³ m úv` bi mvaviy bxwzgvjvi g a i q Q gvby li ^vfvwek cöeyzv, m wz Ges ˆbwZK wfwë wkqz wkqz ÿ Î wem` k _vk ji mkj AvBbx e e v I mgv R G jv Awfbœ hgb Bmjvgx AvB b Kvb gvby li Avw_ K Pzw³ m úv` bi hvm niqvi eqm 18 eqi wba vwiz n ji Kvb Kvb `k GB eqmmxgv 21 wba viy K i Q mkj AvB bi wfwë ˆbwZK g~j ev ai Dci cöwzwôz n ji AvBbx KvVv gvi g a GB g~j eva mshy³ (incorporate) Ki Z wm q wkqzuv ni di N U wøzxq ch v qi bxwzgvjv jvq wkqz mywbw` ó ` wófw½i cöwzdjb N U Q G ÿ Î Bmjvgx AvB bi GKwU kw³kvjx Ges we Í Z cwim i bxwz/ ˆbwZK A½xKvi I evqwepvi i q M Q G Z h Kvb ai bi my`wfwëk Kvievi wbwl Kiv n q Q Ges G e vcv i K VviZv Aej ^b Kiv n q Q wbeüwu Z GB wøzxq ch v qi bxwzgvjvi Dci Av jvkcvz Kiv n q Q K. ˆbwZK c` vi (moral screen) we ÍvwiZ kixôavn&&-i ` wó Z MÖnY hvm n Z n j Kvb Avw_ K Pzw³ K ˆbwZK c` v ev Avei Yi `ywu Íi cvi n Z n e cö_gz Pzw³i m úk jv ˆbwZKfv e my n Z n e Gi AšÍwb wnz A_ n jv Ryqv Ljvi g Zv Pzw³, Kvb c ÿi eo ik gi AÁZv I AwbðqZvi wfwë Z Pzw³, weåvwšíki Z_, mswkøó cÿ jvi `vq`vwq Z i g a úóz fvimvg nxbzv, ev Íevq bi e vcv i Awek vm- G jv wbwl wøzxqz A_ vq bi jÿ -D Ïk Aek B kixôavn&-abyezx n Z n e Gi gv b n jv, Ggb Kvb Kv R A_ vqb Kiv hv e bv hv Bmjvg a g A bwzk e j we ewpz I wbwl ; hgb, g` LvIqv I a~gcvb, bxj Qwe, K vwm bv Ges ï qv ii gvsm Drcv`b I weziy 8 Bmjvgx e vswks

9 L. my` wbwl Ab vb G Kk iev`x a g i g Zv Bmjvg my`-gi wb `v Ges G K wbwl K i Q K Vvi Ges my úó fvlvq Bmjv g my` wbwl Kiv n q Q Avj- KviAv b ejv n q Q, ÒA_P AvjøvnZvqvjv Kbv epv K ˆea K i Qb Ges my` K i Qb wbwl ;Ó 2 Ges ÒAvjøvnZvqvjv my` K wbwðý K ibó; 3 Ges Ò n wek vmxmy, Zvgiv Avjøvn K fq K iv Ges my `i hmg Í e Kqv Av Q Zv cwiz vm K iv, hw` Zvgiv Cgvb`vi n q _v Kv AZtci hw` Zvgiv cwiz vm bv K iv, Z e Avjøvn I Zvi ivmy ji m ½ hy Ki Z cö Z n q hvi Ó 4 Avj- KviAv b Avi Kvb bv ni e vcv i Avjøvn I Zvi ivmy ji Zid _ K Ggb hy i NvlYv `qv nqwb! gnvbex nhiz gynv ` (m.)-gi nvw` m my `i wb `v Rvwb q eûevi mzk Kiv n q Q Ges G K Ggb GK gvivz K bv ni KvR wn m e we epbv Kiv n q Q hv AvjøvnÕi µva D `ªK K i GKwU nvw` m ivmyj mvjøvjøvû AvjvBwn Iqvmvvjøvg e j Qb: Òmy` MÖnYKvix, cö`vbkvix, Gi jlk I Ges Gi mvÿx `i Dci AvjøvnÕi Awfkvc Ó my`-gi Aviwe kã wiev hvi A_ n jv AbycvwR Z jvf ev e w wkš KviAv b wiev ej Z Kvb ai bi e w i K_v ejv nqwb GLv b we kl ai bi jb `b K eysv bv n q Q Avj- KviAvb bvwr ji mgq Avie Ges we k i Ab vb AÂ j cöpwjz GK we kl ai bi jb `b KB eysv bv n q Q ÔwievÕ w` q KviAv b mywbw` ó ÔAvwU KjÕ (article) w` q wiev-i welqwu D jøl Kiv n q Q wiev-gi gv b n j kövzv `i Rvbv Av Q Ggb mywbw` ó ai bi jb `b GUv `yõc wzi h Kvb GKfv e m úv`b Kiv nq: B Zvg a we` gvb Ggb FY wejw ^Z Kiv Ges FY K GKwU bzzb cwic Zvi w` K Ggbfv e wb q hviqv hb F Yi AsK e w cvq A_ev, Ggbfv e FY `qv hb fwel Z Kvb mg q Zv GKwU e w mn cwi kva Kiv nq Ab K_vq ÒwievÓ n jv mgq AwZevwnZ niqvi m ½ m ½ FYMÖnYKvixi Kv Q FYcÖ`vbKvixi A _ i cwigvy e w c Z _vkv GB Dcjwä KviAv bi ey bv ZB D jøl i q Q G Z ejv n q Q: ÒwKš, hw` Zvgiv ZIev K iv, Z e Zvgiv wb Ri g~jab diz c q hv e Zvgiv Kv iv cöwz Ab vq K iv bv Ges Zvgv `i cöwzi AwePvi Kiv n e bv Ó 5 KviAv bi GB Avqv Z `ywu iæz c~y wb ` kbv i q Q cö_gz G Z FY ev K h i Dci h Kvb ai bi e w KB wiev wn m e mywbw` ó K i `qv n q Q; Ges wøzxqz G Z IB ai bi e w K AwePvi wn m e D jøl Kiv n q Q Ab w` K, jvf ev 2 Avj- KviAvb, 2:275 3 Avj- KviAvb, 2:276 4 Avj- KviAvb, 2: Avj- KviAvb, 2:279 Bmjvgx e vswks 9

10 gybvdvi GK ai bi e w, hv Kvb c Y i g~ j i Dci AwR Z n q _v K GB gybvdv MÖn Yi wel q AbygwZ `qv n q Q Av ikwu Avqv Z 2:275: ÒwKš Avjøvn µq-weµq K ˆea K i Qb Ó 6 Av iv mywbw` ófv e ej Z M j, Avw_ K jb ` bi ÿ Î wiev n jv: mg qi mv _ mv _ FY-Gi g~ ji Dci h Kvb ai bi e w, GUvB n jv my` 7 AvBbMZ Ges Avw_ K Dfq ÿ Î my` K AwZwi³ wn m e D jøl Kiv n q Q hv FY MÖnxZv FY`vZv K FY cö`v bi Rb cwi kva K ib A_ev we` gvb FY cwic Zvi mgqmxgv e w i Rb cwi kva K ib kixôavn& G ai bi e w ev Gi Kvb cöwziƒc Aby gv`b K i bv ZvB, Kvb FY `qv n j Zvi Avm ji Dci h Kvb ai bi evowz cwi kvab n jv my` Ges KviAv bi fvlvq my úófv e Òmy` wbwl Ó M. my` Kb wbwl FY n jv GK ai bi Pzw³i d j Kvb GK c ÿi Dci m ó `vq, hv Ab c ÿi GKwU weg~z m ú` GK cÿ K Ab cÿ mev, cy ev A_ cö`v bi d j GB `vq/weg~z m ú` m wó nq FY cö`vbkvix ev weg~z m ú `i gvwjk GKwU FY m wó Ki Qb A_, cy ev mevi GKwU cwiewz Z iƒc GB weg~z m ú` F Yi cök wz Ggb n e h Zv `vq evov ei bv ev Kgv ei bv FY g~j m wó Ki Z cv i bv KviY, fvm wksev Drcv`b Kvb ch v qb Gi Kvb mnrvz Dc hvwmzv bb GUv Kej m ú `i GKwU Dcv`vb Ab K_vq, Kvb F Yi wewfbœ mgq I v b wewfbœ ikg g~j _vk Z cv i bv hw` bv fv Mi Dc hvwmzv m úbœ evowz wkqz (additives) m wó nq GKwU FY evrvi m wó Ges mg qi m ½ m ½ F Yi g~j wba viy I cwigvc bi gva g GUv Kiv nq AwaKš, F Yi Dci evowz KZUv aiv n e ZvI AbygvbwfwËK; GUv wbf i K i KvíwbKfv e m ó FY evrv ii cwiw wz I wewfbœ evwn K Ae vi Dci hviv FY evrvi I my` wb q Av jvpbv Ki Z Af Í Zv `i Kv Q Gme K_v we qki g b n Z cv i FY wk mwz B ev o ev K g? bvwk, g~j m wó Ki Z cv i? Aek B bv, KviY G jv n jv weg~z (abstract) Ges gšb (mute) m ú` wkš, Avgiv hlb Kvb wkqzi Rb evrvi m wó Ki ev mlv b `~ikíbvwfwëk (speculative) Pvwn`v I mieivn _vk e Ges G jv n e AvšÍtwµqvkxj gvbyl m~pk wb q jb `b Ki ji G jv KvbwKQzi gvwjkvbvi cöwzwbwaz K i bv GUv g b ivlv iæz c~y h kixôavn& memgq ev Íe m ú `i cök wz _ K D ~Z A_ev ev Íe m ú`, cy ev mevi Dci cök Z evrvi kw³i Kvh KvwiZvi d j (GUv `Lv hvq mnrvz g~j ev a, AbygvbwfwËK Kíbvq bq) m ó ev Íe e Ges ev Íe cöe w ev e w K ^xk wz `q 6 Avj- KviAvb, 2:275 7 GB msávq wiev Avj evbõ- K wb wz `qv n q Q Ges G e vcv i Bmjvgx mvwn Z Av jvpbv Kiv n q Q GUv A_ vq bi m ½ m úwk Z bq KviY Gi m ½ mg qi Dcv`vbwU Acwinvh fv e RwoZ bq gymwjg AvBbÁiv wiev Avj evbõ- K KwZcq mywbw` ó wrwbm hgb gy`ªv, Mg, evwj, LRyi, jeb, BZ vw`i wewbgq Pzw³ Z e w wn m e `L Qb Avgiv ez gv b A_ vqb K hfv e `LwQ, GUv Zgb Kvb A_ vqb bq 10 Bmjvgx e vswks

11 ZvQvov, e w c Z cv i Ggb ev Íe m ú` g~j nviv Z cv i d j hme Dcv`vb cöe w m wó K i m jvi gva g gvwjk ÿwzmö ÍI n Z cv ib Gi gv b n jv ev Íe m ú` Zvi gvwjk K m wó n Z cv i Ggb me ai bi e w i Dci ^Z evb K i GKB m ½ Gi e MZ AebwZ ev mieivn I Pvwn`v kw³i AvšÍtwµqvi d j m ó ÿwzi Zv K enb Ki Z nq wkš, m ú `i g a F YiB Kvb n«vm N U bv Ges Gi gvwjk K IB ai bi Kvb ÿwzi enb Ki Z nq bv KD KD ej Z cv ib h, Ljvcx niqvi SzuwK cök Z m ú `i g~j nviv bvi SzuwKi g ZvB GB hyw³ U K bv `yb Kvi Y: cö_gz bxwzmzfv e cöwzwu FY wewfbœ ai bi wbðqzv I Rvgvb Zi Øviv myiwÿz _v K ZvB Ljvcx niqvi SzuwK Kvh Z k~b wøzxqz Ljvcx niqvi SzuwKi cök wz, n«vm-e w i SzuwKi cök wz _ K wfbœ GUv cövk wzk Kvh KviY ev ev Íe evrvi kw³i Kg ZrciZv _ K D zz n Z cv i Ljvcx niqvi SzuwK F YiB GKwU Acwinvh kz GUv Kvb ÎæwUhy³ c Y i g Zv A_ev Ggb Kvb cy hv Pzw³i cy iv mgq Ry o Zvi ^vfvwek ˆewkó iÿv Ki Z cv i bv Ljvcx FY n jv wewµi Rb GKwU cpv Av cj mieiv ni g Zv G ai bi SzuwK, Av cj gvwjk h ai bi g~j SzuwKi m ywlb n Z cv ib, Zv _ K cy ivcywi wfbœ ikg Avi ZvB Ljvcx SzuwKi ÿwzc~iy n q _v K GKwU SzuwK wcöwgqvg, m e vcwi my` hv n jv ÔA _ i g~j Õ ev Av iv fv jvfv e ej Z M j ÔF Yi Rb mg qi g~j Ó Av iv hyw³ `Lv bv nq h FY`vZv GK ai bi Z vm Ki Qb G Rb Zvi Dci h evsv ˆZwi nq Zv en bi Rb wzwb ÿwzc~iy cöz vkv Ki Z cv ib hw`i Z v Mi aviyvwu ˆea wkš e w³ gvwjkvbvi gšwjk eywbqv` jv FYMÖnxZvi m ú `i g~j e w i h Kvb As ki Dci FY`vZvmn h Kvb c ÿi ^Z `vwei ˆeaZv m wó K evav `q GUv n jv e w³gvwjkvbv bxwzi cö_g Ges Aj Nbxq bxwz: wbr m ú `i h Kvb ev meai bi e w i GKgvÎ nk`vi n jb gvwjk wb R GKevi FY `qvi ci IB F Yi gvwjk n jb FYMÖnYKvix Ges wzwb wb Ri SzuwK Z, wb Ri g½ ji Rb Ges wb Ri wm vší gvzv ek Zv e envi Ki eb e Z wzwb FY`vZvi Kv Q e w³mz `vqe Zvq Ave n jb wkš Gi gva g Zvi m ú` _ K Av qi Dci Zvi c~y AwaKv ii e vcv i KvbiKg A úózv m wó n e bv GUv ïay Bmjv gi ˆewkó bq, mkj AvBb Ges mkj e e vq GUv ejv n q Q ZvB Bmjvgx A_ vqb GKwU MZvbyMwZK e emv Qvov Avi wkqz bq FYMÖnxZv FY`vZvi m ú` hgb e envi Ki Qb wzwb wb Ri m ú`i e envi Ki Qb FY`vZvi m ú `i ÿ Î Zvi `qv A_ GKwU weg~z m ú ` cwiyz n Q hv K FY ejv n Q 8 Gi d j Kvb e w³mz FY memgq e w³mzb _ K hv e KviY Zv FY`vZv I FYMÖnxZvi g a hvmv hvm I m ú K i wfwë Z e w³mzfv e `qv n q Q GUv avimönykvixi ab ev` cöz vkv Ki Z cv i; Zvi 8 GUv Kvb wbw Œq Askx`vi KZ K fâvi K vwcuvj wn m e GKB cwigvy A_ cö`v bi welq _ K cy ivcywi wfbœ G ÿ Î A _ i gvwjk m ú `ii GKRb gvwj K cwiyz nb hv mwµq Askx`v ii nv Z Zz j `qv nq GgbwK, cök Z cyuwr ga ezx cy ev P~ovšÍ c Y cwiewz Z niqvi cii KviY mwµq Askx`vi A_ m ú` e envi K ib Gi gvwj Ki GKRb G R U wn m e d j, cyuwri gvwjk ewa Z Ask cöz vkv Ki Z cv ib, hv Zvi m ú `i Øviv e w c q Q Bmjvgx e vswks 11

12 K ZÁZv eva I Zvi KvQ _ K cöksmv c Z cv i Ges GUv Avjøvn Zvqvjvi KvQ _ K cyi vii cöz vkv Ki Z cv i wkš GUv Kvb g~j m wó K i bv KviY FY`vZvi m ú`wu GKwU wbe vk weg~z m ú ` cwiyz n q Q N. ev ÍeZv ev ev Íe Rxe bi b vh Zv ev ÍeZv ev ˆeaZvi gv b n jv me ai bi Avw_ K Pzw³ Aek B Ôev ÍeÕ jb `b ev wewbg qi Dci cöwzwôz n Z n e Ab K_vq, Bmjvgx A_ vqb wejw ^Z cwi kv ai Rb cy wewµ A_ev mg qi mv _ mv _ Dc hvwmzv m wó nq Ggb BRviv-m ú` A_ev D vebx Kvh µ gi gva g g~j m wó nq Ggb e emv cök í Askx`vi niqvi gva g g~j m wó K i GB bxwzi A_ Bmjvgx A_ vqb n jv Ôm ú`-i-cy -wfwëkõ Ges GLv b dukvevwri (speculation)-i g Zv Pzw³ wbwl Kiv n q Q 9 Gi GKwU D`vniY n jv my` - Aw ÍZ Ges Gi nvi - Dfq ÿ ÎB Ab D`vniY wn m e Ryqv Ges wr RAvB ev GbGGmwWGwKDÕi g Zv m~pkwfwëk jb `b KviY, m~pk wbzvšíb GKwU gvbwmk wnmve-wbkvk Ges GUv Kvb ev Íe gvwjkvbvi cöwzwbwaz K i bv kixôavn&m Z Avw_ K Pzw³ kixôavn& my` Ges GKB ikg A_ vq bi Ab vb Aev Íe Kjv KŠkj wbwl Ki ji GUv mme gšwjk Avw_ K Pzw³ Aby gv`b K i h jv m wói cö_g w`b _ K gvbyl R b Avm Q G jv K ÔkixÔAvn&-i wekí Pzw³Õ ejvi KwVb KviY, G jv hgb kixôavn&-i gva g m ó bq, Zgwb Zv my `i wekíi bq G jv n jv A_ vq bi ev Íe cöyvjx, hv mkj mgv R memgq weivrgvb wqj G K MZvbyMwZK A_ vqb ejv hvq kixôavn&-i m ½ m½wzc~y Gme Pzw³ wb q M elyv Ki jb eysv hv e ÔwievÕ-i mwz Kv ii mxgv KvbwU Ges kixôavn&-q Gi wbwl niqvi KviYI wpwýz Kiv hv e G ai bi wekí Pzw³ wzb ai bi: Askx`vwiZ wfwëk, weµqwfwëk Ges BRvivwfwËK HwZnvwmK ` wó KvY _ K Bmjvgx A_ vqb Pzw³ jv K `ybfv M fvm Kiv hvq: K vwmk vj ev wpivqz Pzw³, hv kz kz eqi a i we` vgvb nhiz gynv ` (m.)-gi mg q gw`bvevmx h ai bi jb `b Ki Zb Zv _ K Gi g~j kz jv G m Q wøzxqwu n jv nvbweªw ev m¼i Pzw³ wemz 9 GUv dukvevwr wbwl i Kvb d Zvqv bq GUv Bmjvgx A_ vqb-g ev ÍeZv ej Z Kx evsvq Zvi GKwU e vl v gvî GLv b dukvevwr ej Z Òweï dukvevwró hgb Ryqv ev m~p Ki g Zv Aev Íe m ú `i gva g g~j m wó (Ges jvf- jvkmvb) eysv bv n q Q Ab _vq h Kvb e emvq dukvevwrõi Kvb bv Kvb Dcv`vb i q Q KviY Avcwb wk bb ev Drcv`b K ib, Avcbvi c Y i wewµ g~j wk n e Zv Rv bb bv 10 Ab w` K Kvb m~pkwfwëk Znwe j h KD Kvb BDwb Ui gvwjk niqv ev Kbv epv Ki Z cv i KviY GB Znwej Kv úvwbi kqv ii gvwjk Ges Zv m~p K AšÍfz ³ 12 Bmjvgx e vswks

13 Aa kzvãxkvj a i h jvi Dbœqb N U Q Ges h jv mgmvgwqk Bmjvgx A_ vqb I e vswks Lv Z PP v Kiv n Q 11 K. wpivqz Av_ vqb Pzw³ cö_g hy Mi kixôavn&-mswkøó jlbx Z Gme Pzw³i D jøl `Lv hvq Gi wkqz wkqz 12kÕ eq iii Av Mi G jv Z wzb ai bi Acwinvh Askx`vwiZ wfwëk A_ vqb Pzw³i D jøl i q Q: BKzBwUÕi Askx`vwiZ (gykvivkv), GKRb wbw Œq Askx`v ii m ½ BKzBwUÕi Askx`vwiZ (gy`vivev) Ges dm ji Askx`vwiZ (gyrvivnv) IBme jlbx Z wewµ-wfwëk wzb ai bi A_ vqb Pzw³i D jøl cviqv hvq G jv n jv: wejw ^Z ev wkw Í Z g~j cwi kva (Avj-ev q Avj AvwRj), AvMvg g~ j i wewbg q AvMvg wewµ (mvjvg) Ges Drcv`bkxj Lv Z A_ vqb (BmwZmbv) wewµ ZvQvov, K vwmk vj mvwn Z A_ vq bi GKwU aib wn m e BRviviI D jøl cviqv hvq Dc iv³ mvz ai bi Pzw³ K mvwn Z mw wjzfv e g bvbxz Pzw³ ev ÔAvj DK` Avj-gymv vzõ (nominate contracts) wn m e D jøl Kiv n q Q 1. Askx`vwiZ -wfwëk Avw_ K Pzw³ BKzBwU Z Askx`vwiZ Kvh Z A_ev gybvdv AR bi j ÿ m úvw`z Kvb Pzw³i dj ÔKvh Z BKzBwUÕ Z (de facto equity) Askx`vwiZ Kvh Z n Z cv i Awb Qvq (involuntarily), hgb DËivwaKvi m~ Î KD Kvb m ú `i gvwjk niqv A_ev ^ Qvq, KD hw` Ab Kvb e w³i m ú `i wkqz Ask hgb Nvov ev f~lð wk b bq ÔKvh Z BKzBwUÕi mn-askx`viiv ci úi _ K ^vaxb GLv b Av ik mn-askx`v ii m ú `i wel q Kvb wm vší bqvi GLwZqvi Aci mn-askx`v ii bb d j AwefvR m ú`wu e env ii Rb Gi gvwjk `i g a Zv `i cövc AvbycvwZK nv i eèb K i `qv nq AvaywbK Bmjvgx A_ e e vq ÔKvh Z BKzBwUÕ Askx`vwiZ ev mn-gvwjkvbv K mykzk Ges Bmjvgx Aw_ K BRvivÕi gva wgk evrvi m wói wfwë wn m e MÖnY Kiv n q Q Ab w` K ÔPzw³wfwËK BKzBwU kqvwisõ gybvdv AR bi j ÿ GKwU AskxgvwjKvbv m wó K i Gi wm všímöny cöwµqvq úóz GKwU Ôm wz-wfwëk cöwµqvõ (agreed upon process) cö qvrb nq d j ÔPzw³wfwËK BKzBwU kqvwisõ-g cö Z K Askx`vi K Ggb KZ Z `qv n q Q h G `i g a Kvb GKRb, Ab Rb ev mevi c ÿ Askx`vi `i jÿ -D Ïk nvwm ji Rb Zv `i m ú`wu e envi Ki Z cv ib 11 GLv b D jøl Kiv h Z cv i h kixôavn& cwðgv we k i AvBbx wewaweav bi g Zv wewae Kvb AvBb bq (coded as articles of law) KviY Bmjvg Kvb agx q Abyµg bq hv K AvBb cö`v bi KZ Z `qv n q Q Gi e` j mg qi m ½ m ½ kixôavn& m ú K cwðz I we klá `i Øviv kixôavn&-i wb ` kbv jv wjwce I cöwzwôz n q Q ZvB hviv kixôavn&-i wb ` kbv ev bwri jv Rvb Z Pvb Zv `i K kixôavn& mvwn Z Ôg bvbxz Pzw³Õ ej Z Kx eysv bv n q Q m wel q AbymÜvb Pvjv Z n e G jv n jv m ai bi Pzw³ h jv kixôavn& we kláiv wemz evikõ eqi ev ZviI ewk mgq a i Zv `i cvwðz c~y jlbx Z D jøl K i M Qb Avi Bmjvgx e vsk I Avw_ K cöwzôvb jv Kb Zv `i wbr ^ kixôavn&-dc `óvgðjx ev kixôavn& Dc `óv evw wb qvm K i GUv Zvi GKwU cöavb KviY Bmjvgx e vswks 13

14 BKzBwU kqvwis e e vcbv cwipvwjz nq ÔIqvKvjvnÕ (G RwÝ ev wm vší MÖn Yi KZ Z jvf) Pzw³i wfwë Z Gi GKwU iæz c~y Zvrch (implication) i q Q hv Pzw³wfwËK BKzBwU kqvwis K GKwU Pzw³i iƒc w` q Q B QvgvwdK GB Pzw³i Aemvb NUv bv hvq KviY Avcwb KvD K Zvi wb Ri e vcv i wm vší MÖn Yi ÿgzv Ab KvD K w` Z eva Ki Z cv ib bv Ab K_vq, Pzw³wfwËK BKzBwU kqvwis _ K Kvb Askx`vi h Kvb mgq wb R K cöz vnvi K i wb Z cv i Z e GB cöz vnv ii d j Ab Askx`vi `i Kvb ÿwz Kiv hv e bv A_ev Gi d j Kv iv Øviv Kvb ÿwz n j mrb Zv K ÿwzc~iy w` Z ivwr _vk Z n e Pzw³wfwËK BKzBwU kqvwis-gi ÿ Î Askx`vi `i Ae`vb mgvb ev wewfbœ n Z cv i cö Z K cÿ hlb m úwë I e e vcbvq Ask wb q _v K 12 ZLb G ai bi Pzw³ K ejv nq ÔgykvivKvÕ wkš hlb Askx`vi `i Ae`vb wewfbœ ai bi nq, hgb, GKRb Kej m úwë w` jb, Ab Rb w` jb e e vcbv mvgmöx; A_ev GKRb Rwg w` jb Ab Rb mlv b Pvlvev` Ki jb, ZLb Avgiv G jv K h_vµ g ewj Ôgy`vivevÕ Ges ÔgyRvivn&Õ Gi gv b n jv, gykvivkv, gy`vivev I gyrvivn& n jv Pzw³wfwËK BKzBwU kqvwis-gi wewfbœ cš v cyuwr n Z cv i A_, cy ev gvjvgvj A_ev A vei m ú` wkš, GUv KL bvb FY n Z cv i bv FY K Gi cök wzi Kvi Y cyuwr wn m e e envi Kiv hvq bv FY KL bv g~j ms hvrb NUvq bv FY hgb Drcv` bi Dcv`vb bq, Zgwb GUv gybvdv ev evowz m ú` Drcv` b mÿg bq GKRb e e vck ÔFYÕ w` q Kx Ki eb? Gi ZvrÿwYK DËi n Z cv i h, wzwb FYwU Av`vq K i mb A_ e emvq LvUv eb wkš, h gyn~ Z FY diz cviqv M jv ZLb Avi Zv FY ib jv bv ÔBKzBwU kqvwisõ Pzw³ Z Aek B GKRb e e vck K IB FY Av`v qi Rb Aby iva Kiv ˆea n e wzwb hlbb A_ nv Z c jb ZLb Zv K g~j wn m e a i bqv h Z cv i Ab K_vq, FY h nzz e w cviqv wksev Gi KvbiKg cwiez b n Z cv i bv, ZvB BKzBwU kqvwis Pzw³ Z FY KL bv g~j wn m e Kvh Ki n Z cv i bv FY GKiKg m ú`, Zv Z Kvb m `n bb wkš, GiciI GUv A-ea bkxj m ú` AwaKš kixôavn& Abyhvqx Pzw³i Askx`viiv h Kvb m vebvgq ÿ Î (potentialities) memgq gybvdvii Askx`vi n eb Askx`vi `i m wzi wfwë Z h Kvb Abycv Z gybvdv ewèz n Z cv i KD Av ikr bi P q ewk KvR Ki Z cv ib Avevi ÿwz ej Z h nzz GKvšÍfv eb wnmv ei gvckvwv Z g~j m ú` K g hviqv eysvq, ZvB cyuwr Z As ki wfwë Z ÿwzi mvgvbfv e ewèz n Z n e Gi evb i Ab Kvb kz evwzj e j MY n e ewkifvm cwðgv AvB b GgbUv cviqv hv ebv mlv b cyuwr Z As ki P q wfbœ nv i ÿwz ewèz n Z cv i 12 gy`vivev Ges mvaviyfv e Askx`vwiZ eysv Z K vwmk vj mvwn Z AvBbÁiv ÔAvgjÕ (Kg ) cwifvlvwu e envi K i Qb; GUv w` q g~jz wm vší MÖn Yi ÿ Î e e vcbv welqk GKwU kã eysv bv n q Q Z e G Z KvwqK kög, n Íwk íi (craftsmanship) g Zv KvR KI eysvq hlv b e e vck I köwgk GKB e w³ 14 Bmjvgx e vswks

15 ÔgykvivKvÕ n jv Ggb GK ÔBKzBwU kqvwisõ Pzw³ hlv b cö Z K Askx`vi cyuwr I e e vcbv hvmvb `b gykvivkv-i ÿ Î e e vcbvi IqvKvjvn-q Ab Askx`vi `i e e vcbvq Ae`vb K evwzj K i `q bv AwaKš, gykvivkvõq Askx`viiv Pzw³ Abyhvqx wbu gybvdv fvm K i b eb wkš cyuwri Ask Abyhvqx ÿwzi Ask enb Ki Z n e gy`vivev n jv gykvivkvõi GKwU we kl ÿî GLv b GKRb wbw Œq Askx`vi cyuwr mieivn K ib wkš wzwb e e vcbvq Askx`vi nb bv Ab w` K mwµq Askx`vi Kvb cyuwr mieivn K ib bv, wkš Pzw³ Abyhvqx me ai bi e e vcbv Kg m úv`b K ib gykvivkvõi g Zv GLv bi wbu gybvdv Pzw³i kz Abyhvqx ewèz n e wkš wbw Œq Askx`vi K ÿwz enb Ki Z n e Zvi mieivn Kiv cyuwri AvbycvwZK nv i Ab K_vq, gy`vivevõq wbw Œq Askx`vi K mkj ÿwz enb Ki Z nq gyrvivn& n jv f~wgi gvwjk I GKRb K l Ki g a dm ji Askx`vwiZ GLv b wbu gybvdvi cwie Z gvu ivr ^ ewèz nq Pzw³ Abyhvqx Pzw³i gqv` k l f~wg Gi gvwj Ki Kv Q diz hvq gyrvivn&õi Awbevh `ywu ewkó n jv: 1) gvu gybvdvi eèb; Ges 2) vei m ú` Gi gvwjk K diz `vb GB `yb ˆewkó K wl Lv Zi evb ii mgmvgwqk Bmjvgx A_ vqb e e v m wói GKwU wfwë wn m e KvR K i Q G ai bi gvu ivr ^ Askx`vwiZ Pzw³i GKwU D`vniY n jv Kvb AeKvVv gv gvwjkvbvq A_ vqb hgb Kvb Uvj Av`vq hvm mzz, wegvbe `i ev ij mok cök íi gvu ivr ^-Avq kzkiv nv ii wfwë Z eèb 2. wewµwfwëk A_ vqb Pzw³ kixôavn&-i K vwmk vj mvwn Z cöavbz wzb ai bi wewµwfwëk A_ vqb Pzw³ wb q Av jvpbv Kiv n q Q wejw ^Z ev wkw Í Z cwi kvwaz g~j, ZvrÿwYK cwi kv ai gva g AvMvg wewµ Ges Drcv`b (manufacturing) mvgmöx wewµ wejw ^Z ev wkw Í Z g~j cwi kva- Ggb wewµõi g Zv A_ vqb Avgiv cöwzw`bb we k i me Î ˆ`bw `b e emvwqk jb ` b `L Z cvb GLv b wejw ^Z ev A½xKviK Z cwi kv ai Rb wewµz mev ev m ú `i ZvrÿwYK mieivn cö qvrb nq hlb Kvb Kg Pvix cöwz `yb mßvn ci grywi wb Z ivwr nq m wejw ^Z cwi kv ai Rb wb Ri kög mev cö`v bi gva g Zvi wb qvmkz v K A_ vqb Ki Q GKB KvR Ki Q GKRb cvbkvwi we µzv m wzb gv mi evwk Z GKRb LyPiv we µzv K Zvi cy mieivn Ki Q wej ^ g~j cwi kv ai wfwë Z wewµi AbygwZ (permissibility) Avj- KviAv bi `qv n q Q AvqvZ 2:275 -G ejv n q Q, ÒZviv (my` MÖnYKvixiv) e j: Ôwewµ n jv my `i g Zv,Õ wkš, Avjøvn wewµ K ˆea K i Qb, Avi my` K K i Qb wbwl Ó GB Avqv Z wewµ ej Z A_ cö`v bi gva g wewµ K eysv bv n q Q KviY, A_ cö`v bi gva g wewµ, my`wfwëk av ii m ½ wg j wm q weåvwší m wó Ki Z cv i Ges Gi d j `vwe DV Z cv i h G jv GKB Ab w` K, Bmjvgx e vswks 15

16 A_ -cwi kv ai gva g wewµi m ½ my `i wfwë Z FY `qvi g a cv_ K A bk Ges G `ywui g a Kvb wgjb bb my ` FY `qvi m ½ huv wg j Zv n jv wbw` ó g~ j wejw ^Z cwi kv ai wfwë Z wewµ, hv bm ` Kbvi g~j _ K ewk nq grvi welq n jv, Avj- KviAvb GB `vwe AeÁv (degrade) A_ev G K A hšw³k wn m e AvL vwqz K iwb 13 Gi AšÍwb wnz Zvrch n jv, G jvi g a wkqz mvgäm Zv ^xkvi Kiv n q Q hw`i KviAvb Gi cicib G ai bi wewµi AbygwZi (permissibility) cöwz gb hvm w` q Q Z e my` K h wbwl Kiv n q Q Avev iv Zv Rvwb q `qv n q Q wkqz mvgäm Zvi K_v ^xkvi K i bqv n ji G jvi g a Ggb A bk cv_ K Av Q hvi d j wejw ^Z cwi kv ai wewµwfwëk A_ vq bi AbygwZ `qv n q Q GLv bi my` Ges FYwfwËK A_ vqb wbwl Kiv n q Q ZvB GB Avqv Z wejw ^Z cwi kva hvm A_ vq b wewµi AbygwZ `v bi wel q ej Z M j mkj gymwjg AvBb eëv GKgZ AvqvZ 2:275-Gi ci Av iv wkqz Avqv Z Gi mg_ b cviqv hvq K qk AvqvZ ci 2:282 Avqv Z wbðqzvi Rb Pzw³ Ges Zv wj L ivlvi wb ` k `qv n q Q KviY wejw ^Z cwi kva hvm wewµi d j FY ˆZwi nq, hv my`wfwëk F Yi g ZvB Gi Rb Pzw³bvgv cö qvrb 2:275 bs Avqv Zi Av ikwu cö qvm n jv (gybvdvmn) A_ vqb kixôavn&-g Aby gvw`z Ges ^xk Z G Avqv Z my`wfwëk F Yi wb `v Rvbv bv n ji G Z me ai bi wewµi AbygwZ `qv n q Q hv GKB ai bi D Ïk c~iy Ki e G Z wewµz c Y i mg qi Rb GKwU cöwz`vbi (reward) `qv n q Q Ab K_vq, KviAvb GKwU LyeB iæz c~y wewa cöwzwôz K i Q: wewµwfwëk A_ vq bi Av qvrb (arrangements) n jv GKwU MÖnY hvm I cöwz`vbg~jk ^vfvwek e emv Kvh µg Ab w` K my` (wiev) wbwl Gi G Kev i mvrvmvþv gv b n jv, FY m wó Ggb Kvb wrwbm bq hv wkbv kixôavn&-q wbiærmvwnz ev AcQ ` Kiv n q Q Ges FY m wó Gwo q Pjv wiev wbwl i (prohibition) Kvb D Ïk bq weåvwší `Lv w` Z cv i weavq GB Dcmsnvi LyeB iæz c~y Avi Bmjvgx A_ vqb wb q hz m jb, mfv- mwgbvi nq mlv b GB weåvwšíb Ny i eivq ZLb ejv nq ÒFYwfwËK A_ vq bi wecix Z Bmjvgx A_ vqb n jv GKwU m ú`wfwëk Pzw³ Ó Avmj K_v n jv, ez gvb Bmjvgx Avw_ K cöwzôvb I DcKiY jvi PP v ev Abykxj b Bmjvgx A_ vqb n jv fâvi K vwcu vj (venture capital) (gykvivkv) A_ vqb GUv FYwfwËK wewµ A_ vqb bq Ges GB e e vi Drm KviAv bi 2:275 bs AvqvZ G ai bi Abykxj b my `i wewbg q avi `qvi d j h FY m wó nq Zvi wecix Z wewµi gva g FY m wó nq ZvB Avgv `i K IB ai bi weåvwší _ K gy³ n Z 13 Awek vmx `i `ye j hyw³ I A hšw³k Z K i Rev e Avj- KviAv bi eû RvqMvq GiKg AeÁvm~PK f½x (degrading style) e envi Kiv n q Q Ggb A bk Avqv Z cöwzc ÿi Reve w` Z wm q KviAv b h ai bi kã mgwó (phrases) e envi Kiv n q Q: Ò... Zviv wk eys Z cv i bv?ó Ò... Zvgiv eys Z cvi e,ó Ò... Zvgiv wk eys Z cv iv bv?ó Ò... G Rb h Zvgiv nq Zv hšw³k n Z cvi eó Ò... Zvgiv wk hšw³k n e bv?ó Ò... Kej Zvgv `i hw` Kvb KviY _v K,Ó Ò... Zvgv `i Kvb hyw³ bb,ó BZ vw` 16 Bmjvgx e vswks

17 n e GB wbe Ü Zv Gfv e Zz j aiv n q Q: Bmjvgx A_ vqb n jv m ú`wfwëk GUv mwz Kv ii cy I mev wb q KvR K i GLv b Pzw³i gva g FY ev m ú `i gvwjkvbv m wó nq Kvb m ú` bm ` wewµ Kvh Ki Ki Z A_ vq bi Rb FYwU e envi Kiv n j bm` g~ j i P q wejw ^Z cwi kv ai Rb ewk `v g wewµ Kiv Ges my `i wewbg q avi `qvi g a wkqz úóz Ges eû-gvwîk (multi-facet) mvgäm i q Q cö_gz Dfq ÿ Î µzv Pzw³i mg qb m ú` ev cy wu jvf K ib Ges cwi kva K ib c i wøzxqz me k l µzv h g~j cwi kva Ki eb Zv Dfq ÿ Î mgvb n Z cv i hgb wej ^ g~j cwi kv ai Rb h evowz g~j w` Z n e Zv F Yi Dci my `i mgvb n Z cv i Z ZxqZ Pzw³ I g~j cwi kv ai g a mg qi e eav bi Rb we µzv ÿwzc~iy jvf K i Ges FY`vZvI GKB ai bi ÿwzc~iy cvq mg qi e eav bi Rb me k l wejw ^Z g~ j i Dci KR (debt) m wó nq hv bm` g~ j i P q ewk A_ev F Yi cwigv Yi m ½ hy³ niqv my` Ab w` K my`wfwëk A_ vqb I wewµwfwëk A_ vq bi g a eo ik gi cv_ K jv n jv, FY Pzw³i gva g my`wfwëk A_ vqb Kiv nq, hlv b FY `qv n q Q e w cviqvi Rb - Ggb we epbv (stipulates) Kiv nq Ab w` K wewµwfwëk A_ vqb g~j cwi kv ai ZvwiL I cy mieiv ni Dci wfwë K i Kej cy I mevi wewfbœ ai bi g~j n Z cv i cök wzmz Kvi YB F Yi ev ÍeZv n jv GUv evowz wkqz (increment) Drcv`b Ki Z cv i bv GUv n jv wbwl Ki Yi Av`wk K wfwë GB cv_ K i Zvrch A bk cö_gz F Yi e w (increment) NU Z cv i Ggb Aev Íe cöwzáv (premise) g b bqv G Z IB e w i g~j wba viy ev my `i nv ii e vcv i Av ikwu Aev Íe Dcjwä (assumption) m wó nq wøzxqz GKevi F Yi e w NU j m jv e w mn cybtzdwmjxkiywui MÖnY hvm n Z n e Gme ZrciZv g~j m wó K i bv; G jv Kej GKR bi KvQ _ K m ú` Av ikr bi Kv Q vbvšíi NUvq Z ZxqZ FY wb q e emv mgv R wekvj Kg KvÐ m wó Ki Z cv i cwðgv `k jv Z ez gv b hgbuv n q Q wkš GUv cy ivcywi GKwU Ôïb hvmdjõ-gi dukv e emv KviY, GUv Kej m ú` GKRb _ K Av ikr bi Kv Q wb q hvq GUv g~j ms hvrb NUvq bv Ges GUv Drcv`b ev ev Íe cy I mev _ K mwi q wb q wecyj cwigvy gvbe I e MZ m ú` wbt kl K i d j jb ` bi GB c wz cy I mevi cwigvy e w Ges A_ bxwzi Kj vy e q Av bbv e j kixôavn& g b K i GB dukvevwri Avw_ K jb `b Drcv`b ÿ Î Drcvw`Z e i msl v ev köwg Ki Drcv`bkxjZv e w NUvq bv G Z `v g cy -mvgmöxi cwigvyi ev o bv, fv³v `i Kv Q h cy I mev cš Q Zv ZI e w N U bv G jv Kej wkqz gvbyl K abx Kivi cvkvcvwk Ab `i `vwi `ªi gy L V j `q Bmjvgx e vswks 17

18 PZz_ Z FYwfwËK A_ vq b evowz e q I AvBb-Kvbyb (FYMÖnYKvixi Znwej e env ii ÿ Î kz v ivc Kiv Ges m jv cö qv Mi Rb bri`vwi cöwµqv m wói Rb ) Qvov ˆbwZK I mvgvwrk evq-wepvi (screen) Avg j bqv nq bv hw`i ˆbwZK I mvgvwrk evq-wepvi n jv wewµ A_ vq bi GKwU ^Kxq ˆewkó me k l FYwfwËK A_ vq bi ÿ Î A_ bxwz Z IB cwigvy A_ cök Z evrvi _ K wew Qbœ n q hvq mb m ½ GUv cök Z Drcv`b I wewbgq _ K wew Qbœ Ae vq wbr ^ Dcv q wb R wb RB m úªmvwiz n Z _v K ÔmvjvgÕ n jv Av ikwu wewµg~jk A_ vqb Pzw³ G Z ez gv b g~j cwi kv ai Rb fwel Z cy mieivn Kiv nq Pzw³ m úv` bi mgq weeiy `qv c Y i Aw ÍZ bvi _vk Z cv i weeiy w` qb cy wewµ Kiv nq Gi D Ïk n jv Drcv`bKvix K A_ RvMvb `qv, hb wzwb gvjvgvj msmön Ki Z cv ib Ges PjwZ e q wbe vn Ki Z cv ib G ai bi wewµ A_ vq b Aek B Ggb GKwU my úó me m Z Pzw³ _vk Z n e hlv b wewµz c Y i c~y weeiy, wba vwiz w`b I mieiv ni vb Ges gvu g~ j i K_v D jøl _vk e ÔmvjvgÕ GK ai bi AšÍtFYe Zv m wói gva g Kej Avw_ K SzuwKB m wó K i bv, G Z g~ j i wewfbœzv m wói evwywr K SzuwKI _ K hvq g~ j i e vcv i AvMvg aviyv Gov bvi Rb kixôavn& Kvb e i cy ivcywi AwaKvix niqvi Av M gvwjkvbvi cy wu wewµ Aby gv`b K i bv AšÍtFYe Zv cök wzi Kvi Y mdj cö qv Mi ÿ Î Ômvjvg A_ vqb Pzw³Õi Rb mywbw` ó evrvi cwiw wz cö qvrb hgb w wzkxjzv ev AvMvg ejv hvq Ggb cy g~j, SzuwK cökg bi ch vß Dcvq Ges GKwU `ÿ I mwµq cy evrvi, hv Z mieivn cövwßi cicib FY`vZv Zvi g~j DwV q wb Z cv ib me kl iæz c~y wewµwfwëk A_ vqb Pzw³i Av ikwu n jv ÔBmwZmbvÕ GUv Ggb GK wewµ A_ vqb hv cy ivcywi ewy Z, mywbw` ó, wbwg Z ev cö ZK Z c Y i wewbg q GKwU g~j, hv h Kvb mgq cwi kva Kiv n Z cv i GUv Ggb GK Pzw³ hv g~j cwi kv ai me m Z Zvwi Li wfwë Z Drcv`bKvix ev fv³v K A_ vq bi Rb e eüz n Z cv i Ges we µzv K cök Z Drcv`K niqvii cö qvrb bb ÔBmwZmbvÕ (g vbyd vkpvwis wewµ) mvjv gi g ZvB Dfq ÿ Î Ggbme mvgmöx wewµi Rb Pzw³ Kiv nq, h jv Pzw³ m úv`bkv j nvwri _v K bv G jv fwel Z mieivn Kiv nq ÔBmwZmbvÕi ÿ Î me P q iæz c~y cv_ K wu n jv GLv b AvMvg g~j cwi kv ai cö qvrb nq bv 3. BRviv Pzw³ BRviv ev wjr A_ vqb gv b n jv wba vwiz g~ j Kvb DRydiv³ (usufruct) wewµ, hvi g~j m Z h Kvb w`b cwi kva Kiv nq BRviv `qv e wu n jv Kvb `xn vqx m ú `i DRydiv³ ( Kvb m ú` e envi I Gi mydj fv Mi AwaKvi Ges Pzw³i mg qi ci Zv Gi gvwjk K diz 18 Bmjvgx e vswks

19 `vb) hv Pzw³i gqv`kv j Ôwbt kl K i fvmõ (consumable)-gi g Zv bq Bmjvgx BRviv A_ vq b BRviv`vZv (lessor) m ú`wu K e envi hvm Ae vq mieivn Ges BRviv gqv ` Gi e envi hvm Zv ervq ivlvi e vcv i `vqe BRvivZ`vi (leesee) fvov cö`vb Ges BRvivi gqv` k l m ú`wu BRviv`vZv K diz`v bi e vcv i `vqe m ú`wu h nzz BRviv`vi K Ac b Kiv n Q wzwb Kej Ace envi ev Ae njvi Kvi Y ÿwzi Rb `vqx n eb ^vfvwek e envirwbz web ói Rb `vqx n eb bv GLv b g b ivl Z n e h, BRviv A_ vq b m ú `i gvwjkvbv BRviv`vZvi bv g _vk ji BRviv GKwU FY-m wókvix Pzw³ KviY gqvw` fvov BRviv`v ii Rb GKwU FY m wó K i Ges GB FY h Kvb ai bi RvgvbZ I wbðqzvi gva g cwi kva Kiv hvq A bk ` k Ki e e v I wnmv ei gvb mwµq (operational) Ges Avw_ K (financial) BRvivi g a cv_ K m wó K i GB cv_ K g~jz BRviv gqv`kv j K deducting amortization allowances _ K jvfevb n Q Zvi wnmv ei wfwë Z Kiv nq kixôavn& GB `yõai bi BRviv Pzw³i g a cv_ K wb q ZZÿY ch ší Zgb gv_v Nvgvq bv hzÿy ch ší Dfq cökv ii BRviv Pzw³ AvBbMZfv e BRviv`vZvi Kv Q BRviv m úwë wn m e we ewpz nq Gi gv b n jv Avw_ K I e e vcbvmz BRviv Dfq ÿ Î GKB ai bi kz I AvBbMZ wewaweavb cöhy³ n e AwaKš, Kvb BRviv Pzw³ Z Ggb Kvb cö ÍveI AšÍfz ³ _vk Z cv i h m úwëwu µgvmz cöwµqvq BRviv`v ii Kv Q wewµ K i `qv n e µgvmz wewµ cöwµqvq gvwjkvbvi Ask cwiez bi m ½ m½wz i L fvovi cwigvy Kg Z _vkvi weavbi cö hvr kixôavn& Ges AwWwUs GÛ GKvDw Us AM vbvb Rkb Ad BmjvwgK wdbvwýqvj BÝwUwUDkÝ (GGIAvBGdAvB) 14 Avw_ K BRvivi wewfbœ aib ^xkvi K i Ges cöwzevi cwi kv ai m ½ m ½ Gi ^ Z i cwiez b bv NU ji BRviv m úwëwu wk b bqv n e Ggb k Z i AvIZvq gqvw` cwi kv ai m ½ m ½ µgvmzfv e gvwjkvbv vbvší ii aviyvwu g b bq 15 Ab vb we epbv, we kl K i Ki m úwk Z we epbvq kixôavn&õi Kvb wb laváv bb BRviv Pzw³ Aÿzbœ Ges BRviv`v ii ^v_ Aÿzbœ i L BRviv `qv m úwë wewµ, RvgvbZ wn m e e envi Ges evrv i jb `b Kiv h Z cv i bzzb gvwjk gvwjkvbv n ÍvšÍ ii w`b _ K fvov cövwßi nk`vi wn m e MY n e ez gv b bv _vk ji cy ivcywi ey bv `qv Av Q GiKg m úwëi Rb I BRviv A_ vqb Pzw³ Kiv h Z cv i 14 GB wkí m úwk Z GKwU ^vaxb ckv`vi ms v Gi m`i `dzi evnivb b Bmjvgx e vsk I Avw_ K cöwzôvb jv K w`kwb ` kbv cö`v bi ÿ Î GB ms v e vck mybvg AR b K i Q 15 GKvDw Us GÛ AwWwUs AM vbvb Rkb di BmjvwgK wdbvwýqvj BÝwUwUDkÝ, kixôavn& vûvw m, 2003, vûvw bs-9 Bmjvgx e vswks 19

20 AwaKš, RwoZ cÿ jvi A_ vq bi D Ïk c~iy K i Ggb h Kvb ci úim Z Dcv q fvovi nvi cyb:wba viy Kiv h Z BRviv`vZvi Avw_ K cö qvr b BRviv m úwëi fvov GKKvjxb AvMvg A_ev BRviv gqv `i k l cwi kva Kiv h Z cv i GUv eq ii ci eqi Pj Z cv i Ges Zv BRviv gqv `i m ½ wgj _vk Z n e Ggb Kvb K_v bb Kvb wba vwiz ev Pjgvb nv i fvovi cwigv Y n«vm-e w NU Z cv i hv Kvb evwn K Kvh Kvi Yi m ½ hy³ n e Ges cöwzwu fvov gqv `i ïiæ ZB hv Rvbv hv e BRviv`vZv I BRviv`v ii wewfbœ Avw_ K D Ïk c~i Yi Rb BRviv Pzw³i ˆewkó jv ek AbyK~j GB bgbxqzv Bmjvgx cyuwrevrvi m wói Kv R BRvivi aviyv e env ii ch vß my hvm m wó K i Q G Rb B wemz eqi jv Z wewfbœ ai bi ÔmyKzKÕ evrv i Qvovi my hvm n q Q me k l, kixôavn& g Z GKwU gvwjkvbvaxb DRydiv³ n jv GKwU ^vaxb m úwë hv Zvi wb Ri DciB wbf ikxj Ges Zv h Kvb m úwë Z Kvb ev me ai bi jb ` bi Kv R e eüz n Z cv i Gi Zvrch n jv, DRydiv³ wmwkdwiwu (security)-i cöwziƒc n Z cv i Ges kqvievrv i Qvov h Z cv i ZvB Zv GKwU bzzb ai bi wewb qvm c wz m wó Ki Z mÿg Avi GUvB wewfbœ ai bi mykzk (Bmjvgx eû)-gi kixôavn&mz wfwë GB mykzk Kej DRydiv³-Gi cöwziƒc 4. K vwmk vj Avw_ K Pzw³ jvi ˆewkó K vwmk vj Bmjvgx A_ vq bi 6wU cöavb ˆewkó cviqv cviqv hvq G jv ms ÿ c wb P Zz j aiv n jv: cö_gz, Bmjvgx A_ vqb K g~jz m ú`wfwëk A_ vqb wn m e ey bv Kiv n q Q KviY, GUv cy I m ú `i gvwjkvbv AR bi wfwë Z cöwzwôz AskwfwËK A_ vq bi ÿ ÎI GUv úó G Z Kvb Znwej hvmvb`vzvi Znwej w` q bzzb Kvb m úwë Kbv n j Zvi gvwjkvbv Znwej hvmvb`vzvi AwaKv i hvq BRviv A_ vq bi GUv úó BRviv`vZv fvovi cöz vkx KviY, BRviv `qv m úwëi gvwjk m GB ˆewkó jv wkqzuv wfbœ iƒ c wewµwfwëk Pzw³ jv Z i q Q wewµ A_ vqb g b K i we µzv Kvb cy, m ú` ev m úwëi gvwjk Ges GUv Zvi c~y AwaKv i i q Q Ges wzwb GwU evowz g~ j wewµ K ib ZvB wewµ A_ vqbi cy m ú` wfwëk KviY GUv m ú` w` q ïiæ hw`i kl ch v q GUv FY m wó Ki Z cv i wøzxqz, wewb qvm m ú` K Ggb n Z n e h wbr ^ cök wz ev ev Íe evrvi kw³ jvi (market forces) cöfv e Gi e w NU e ev GwU gybvdv m wó Ki e A_ vqbkvix K jvf G b w` Z cv i Ggb mkj m ú`b m úwë n Z cv i Gi g a wewµ hvm cy ev mev, cy ev mev Drcv` bi Rb we klfv e e eüz n Z cv i Ggb e MZ m úwë Ges Drcv`b I wecyb cöwµqvq cöhy³ n Z cv i Ggb c U U ev UªWgv K i g Zv A ú k (intangible) m ú` Ab w` K, FY ev AvgvbZ Pvwn`v (demand deposit) Kvb m ú` bq KviY, Dc iv³ Kvb cöwµqv ZB Zv e eüz n Z cv i bv 20 Bmjvgx e vswks

21 Z ZxqZ, Drcv`bkxj m ú` ev cy Ges mevi gvwjk niqv Bmjvgx A_ vq bi GKwU cö qvrbxq kz n ji Kej GUvB h _ó bq Bmjvgx kz vw` c~i Yi Rb A_ vqb K Av iv wkqz kz c~iy Ki Z n e GB kz jv n jv cök Z c ÿ Avgiv hv `wl, ev Íe Rxeb, cök Z gybvdv Ab K_vq, A_ vqbkvixi gybvdv wba vwiz nq cök Z evrv i GKBfv e AskwfwËK A_ vq bi gybvdvi wba vwiz nq cy I mev Drcv`b I wewµi evrv i Ges h evrvi _ K cöwzôv bi hvmvb Av m mlv b BRviv A_ vq bi gybvdv wba vwiz nq DRydiv³ evrv i Ges wewµ A_ vq bi gybvdv wba vwiz nq cy I mevi fwel r g~ j i evrv i PZz_ Z, Pzw³i b vh Zv, mzzv I fvimvg K vwmk vj Bmjvgx A_ vqb Pzw³ jv K ˆewkó gwðz K i Q Gme ˆewkó cökvk c q Q wewfbœfv e: gy³ Av jvpbv, mg SvZvi wfwë Z Pzw³, Pzw³ Abyhvqx gybvdv eèb I cyuwri Ask Abyhvqx ÿwz enb Ges wg_ v ey bv, A úózv (Nvivi) I AwZgvÎvq g~j wba vi Yi (Nveb) Dci wb laváv câgz, Bmjvgx A_ vq bi mnrvz ˆbwZK I mvgvwrk A½xKvi Ges evq-wepvi i q Q Bmjvgx A_ vq b Kv_vq A_ vqb Ki Z n e Zv wba viy GKwU iæz c~y welq KviY GUv Drcv`b, gvwjkvbv, wewµ ev BRvivi gva g n Z cv i Gi me jvb A_ hvmvb`vzv K - wzwb hlv bb A_ vqb Kiæb bv Kb - Zvi Drcv`b I wewµ cöwµqvi m ½ mivmwi RwoZ K i ZvB, kixôavn&m Z A_ vqb cöwµqvq ˆbwZK I mvgvwrk evq-wepvi hy³ Kiv n q Q GUv Pvwc q `qv evowz Kvb welq bq mvgvwrk I cwi ekmzfv e ÿwzki Ggb Kvb cy ev mevq A_ vqb wbwl K i Q kixôavn& Avcwb mlv b A_ vqb Ki Z cv ib bv Avcwb h jv Drcv`b ev gvwjk n Z cv ib bv! me k l, Bmjvgx Avw_ K Pzw³ jv nvbweªw ev m¼i ˆZwii Rb ek bgbxq Ges AbyK~j wb P Zv wb q Av jvpbv Kiv n jv GKwU jÿyxq grvi welq n jv, K vwmk vj Bmjvgx A_ vqb Pzw³ jv bzzb K i ch v jvpbv Kiv n j `Lv hv e m jv mywbw` ófv e BmjvwgK bq G jv mkj wek vm, ey, m úª`vq, vb, Kvj I hy Mi mvaviy gvby li ^vfvwek Abykxjb Gme Pzw³i gšwjk ˆewkó jvi g a Ggb wkqz bb hv GKvšÍfv eb BmjvwgK G jv Ggb me Avw_ K Pzw³ hv Bmjvg Avwef v ei A bk AvM _ K weivrgvb wqj Ges mevb G jv e envi I PP v Ki Zv Gme Pzw³ m ú K cövp evmxi hgb Rvbv wqj, Zgwb cöwzp evmxi wqj AeMZ G jvi e vcv i ez gvb hy Mi gvbyl hgb Rv b, Zgwb Rvbv wqj AZx Zi gvby li G jv G Kev ib MZvbyMwZK ai bi e emv ez gv b cwðgv RM Z AvwacZ we ÍviKvix FYwfwËK A_ vq bi m ½ Bmjvgx A_ vq bi me P q iæz c~y cv_ K wu n jv Bmjvgx A_ vqb KL bvb Aev Íe aviyv ev KíbvwfwËK wkqz MÖnY K ibv: hgb FY wn m e `qv A_ Av ikr bi m úwë wn m e e w c Z _vkv, hw`i ev Í e Zv e w cvq bv; Avevi FY jb ` bi Rb evrv ii Aw ÍZ Kíbv Kiv, hw`i ev Í e G ai bi evrvi GK ai bi cözviyv Qvov wkqzb bq; Ges F Yi GKwU e w i nvi (ev mg qi g~j ) Bmjvgx e vswks 21

22 _vk Z cv i e j g b Kiv n ji Avm j Zv GKwU wb f Rvj åg gvî Bmjvgx Avw_ K Pzw³ jv K AKcU mij wn m e we epbv Kiv h Z cv i, wkš G jv `y` všíikg ev Íe L. Bmjvgx Avw_ K Pzw³i m¼i kz kz eqi a i Bmjvgx AvBbÁ `i wewfbœ ipbvq K vwmk vj Bmjvgx A_ vqb Pzw³ jvi ey bv cviqv hvq G jv mvaviyz wøcÿxq m úk _ K D ~Z ez gv b A_ vqb hvmvb w` Q ga ZvKvix wewfbœ cöwzôvb Gme cöwzôvb hv `i Kv Q AwZwi³ m ú` i q Q Zv `i KvQ _ K Zv msmön K i m jv e emv I wkí cöwzôv b wewb qvm K i myzivs K vwmk vj Bmjvgx A_ vqb Pzw³ jvi ˆewkó ev jÿyxq wel qi wfwë Z ez gvb Bmjvgx e vsk jv kixôavn& we klá `i mnvqzvq Ggb ek wkqz m¼i (hybrid) A_ vqb Pzw³i D e NwU q Q h jv GKRb ga ZvKvix Ges Avw_ K ga ZvKvix wk íi f~wgkvi m ½ Lvc Lvq Avw_ K ga Zv Zzjbvg~jK GKwU bzzb wkí wemz wzb kzk a i cwðgv we k GB wk íi D e I wekvk N U Q hlb Kvb ewyk wejw ^Z g~ j wkqz wewµ K ib ev GKRb BRviv`vZv Kvb m ú` BRviv `b ZLb wzwb µzv ev BRviv`vi K A_ vqb K ib Gi wecix Z Avw_ K ga ZvKvix n jv Ggb GK K c v ikb hv AvgvbZKvixi KvQ _ K AvgvbZ msmön K i Zv IBme e emvq hvmvb `q h jvi wewb qvm cö qvrb Ab K_vq hviv AvgvbZ msmön K i Ges Znwej hvmvb `q Zv `i we klz n jv Avw_ K ga Zv Ab w` K ewyk I Drcv`Kiv cy I mevi Drcv`b I Kbv epv m úwk Z ˆ`bw `b wm vší jv wb q KvR K ib ez gvb hy Mi BmjvwgK e vswks Ggb Avw_ K ga Zvq we klvwqz h jvi Ggbme hyzmb I Dchy³ Avw_ K ÔUzjÕ i q Q hv w` q kixôavn&-i mxgv ilv j Nb bv K i wb Ri ˆewkó iÿv Kiv hvq Bmjvgx Avw_ K cö KŠk ji f~wgkv GUvB Gi ˆZwi Kiv cy (product) jv K ejv nq Bmjvgx m¼i Avw_ K Pzw³ Ab K_vq ejv hvq, m¼i Bmjvgx Avw_ K Pzw³ jv ez gvb we k i Bmjvgx e vswks I A_ vqb wk íi cöv qvwmk I e envwik giæ`ð ˆZwi K i Q 1970-Gi `k K Rb bqv GB wkí MZ wzb `kk a i cöwzeqi M o 14 kzvsk nv i e o DV Q ez gvb Bmjvgx e vsk jv mvaviyz 8 ai bi m¼i Bmjvgx A_ vqb Pzw³i PP v K i _v K: gyivevnv, wkw Í Z wewµ, gy`vivev wewb qvm AvgvbZ, wîcÿxq BmwZmbv, BRviv, wgkö mvjvg, evb e vk Ges ZvIqviiæK gyivevnv n jv Kbvi B Qv e ³Kvixi Kv Q Ggb wewµ Kvh µg hlv b g~j n jv ÁvZ `v gi m ½ GKwU ÁvZ jvf ev evowz A_ KD cy wu Kbvi B Qv e ³ Ki j Zvi mvg b c Y i g~j I Gi Rb evowz h jvf w` Z n e Zv úófv e Zz j aiv nq gyivevnv n jv µ qi Aby iva Rvbv bvi cvkvcvwk cybtµ qi A½xKvi GUv n jv e vsk KZ K A_ w` q Kbv Ges L Ï ii Kv Q wejw ^Z cwi kv a wewµ GKRb fv³v e vs Ki Kv Q µqv `k `vwlj Kivi ga w` q 22 Bmjvgx e vswks

23 GUv ïiæ nq GB µqv ` k A½xKvi Kiv nq h wzwb GKB wrwbm e vs Ki KvQ _ K wk b b eb µqv ` k cy, Gi cwigvy, `vg I mieivnkvix wbw` ó K i `qv nq Dfq cÿ hlb e vs Ki jv fi e vcv i g Z K cš Q ZLb e vsk A_ vq bi welqwu Aby gv`b K i Gici e vsk µzv K GKwU cviqvi Ae GUwb cö`vb K i hvi gva g e vs Ki G R U wn m e µzv mieivnkvixi m ½ bm` A _ Kbvi e vcv i GKwU Pzw³ K i Ges ev ÍweKfv e cy wui mieivn MÖnY K i mieivn bqvi ci e vsk I µzvi g a wøzxq GKwU µqpzw³ m úvw`z nq G Z Kbv cy jv µzvi Kv Q wewµ Kiv n jv e j Ges Dfq cÿ Kx cwigvy gybvdvq m Z n jv Zv D jøl _v K GLv b g~j cwi kva Kiv nq wej ^ Ges cwi kv ai ZvwiLwU wba vwiz _v K GUv A bk j ^v GKwU welq g b n ji Avm j me jv avcb cö Z Ae vq _v K Ges GKB m ½ ^vÿi Kiv nq Z e kz _v K h wøzxq µq Pzw³wU cy mieiv ni c ib Kej Kvh Ki n e gyivevnv wewµ A_ vqb Pzw³i GKwU m¼i Gi ˆewkó jv n jv: 1. ^í mg qi Rb n ji e vsk cy wui gvwjk nq ZvB kixôavn&õi ` wó KvY _ K e vs Ki gybvdv cviqvi AwaKvi ˆeaZv cvq 2. wbw` ó mgqwu Z gvwjkvbvi Rb e vsk `vq enb K i; G Z jb ` bi mz Zv m ú K cöwzôvbwu K m PZb n Z nq; G Z e vsk Kej A_ vqbkvix bv n q ev Íe µzv/ gvwj K cwiyz nq 3. GB jb ` b Kbvi Rb GKwU Av `k, wewµi GKwU A½xKvi, GKwU G RwÝ Pzw³ Ges `ywu wewµ Pzw³ _v K 4. GKwU ev Íe e GK nvz _ K Ab nv Z hv Q, G welqwu wbwðz Kiv Riæwi 5. cy g~j I gybvdvi mw wjz `v gi P q A_ vq bi AvKvi ewk n Z cvi e bv 6. evowz g~ j i wewbg q `vg cwi kv ai cybtzdwkjxkiy Ges g~j Qvo Aby gvw`z bq d j GLv b F Yi mâq ev Íi m wó n e bv 7. e vs Ki A_ ewi q hviqvi ga w` q jb `b ïiæ nq Ges A_ diz Avmvi ga w` q Zv kl nq 8. gyivevnv µzvi Rb cöpwjz e vsk jvi `qv F Yi g ZvB GKwU FY m wó K i 9. RvgvbZ, M vivw U, eükmn Ab vb Ljvcx SzuwK cökgb e e v MÖnY mv c ÿ GB gyivevnv FY `qv nq 10. GUv mij, mnr eva Ges cwi Qbœ GwU ez gvb Bmjvgx e vswks RM Z me P q RbwcÖq GKwU ixwz wkqz wkqz Bmjvgx e vsk Zv `i mvwe K A_ vq bi ch ší G ai bi A_ vqb K i _v K Bmjvgx e vswks 23

24 wkw Í Z wewµ gyivevnvõi g ZvB GLv b wkw Í Z g~j cwi kva Kiv nq ewkifvm Bmjvgx e vsk gyivevnv I wkw Í Z wewµi g a Kvb Zdvr K i bv Gi g a gvj qwkqv I eªæbvb e wzµg gvj qwkqvi K `ªxq e vsk G K GKwU ^vaxb Bmjvgx A_ vqb Pzw³ wn m e msávwqz K i Q Ges Gi cwifvlvwu Aviex bv gi mswÿß iƒ c weweg (evq we_vgvb AvwRj) e eüz nq e w³mz A_ hvmvb `qvi Rb ÔevB-e vkõ e e vi m ½ wgwj q cövqb GUv e envi Kiv nq gy`vivev wewb qvm AvgvbZ n jv GKwU Bmjvgx e vsk I GKRb AvgvbZKvixi g a GK ai bi gy`vivev A_ vqb Pzw³ IB AvgvbZ wb q e vsk Zvi A_ vqb e emvq wewb qvm Ki e Ges Gi gybvdv Znwe ji gvwjk I Znwej e e vck wn m e e vs Ki g a fvmvfvwm n e GB fvmvfvwm n e Dfq cÿ h Abycv Z fvm K i wb Z m Z n q Q Zvi wfwë Z K vwmk vj mvwn Z h ai bi mij gy`vivev `Lv hvq Zvi m ½ wzbwu ˆewkó hy³ K i Q ez gvb gy`vivev AvgvbZ Pzw³ GUv mkj AvgvbZKvixi Znwej GKm ½ wgwk q d j, GUv AvgvbZKvixi Znwe ji m ½ e e vc Ki Znwej K wgwk q d j Ges wbw` ó mg qi Av M Znwej cöz vnvi Kiv n j GUv wkqz wbqg-kvbyb Av ivc K i gy`vivev wewb qvm AvgvbZ n jv cöpwjz e vsk jvi gqv`x Avgvb Zi Bmjvgx wekí GLv b AvMvg-wba vwiz nv i gybvdv `qv nq bv ZvB AvgvbZKvixiv AZxZ Kvh `ÿzvi Dci wfwë K i wewfbœ Bmjvgx e vsk e Q bb GUv Db y³ wgdpzqvj dvû-g wewb qv Mi KvQvKvwQ Z e `yõ qi g a iæz c~y cv_ K wu n jv, gy`vivev AvgvbZ jv mvaviyz GKwU Aby gvw`z mg qi Rb n q _v K Bmjvgx e vsk jv wewfbœ gqv` hgb wzb gvm, 6 gvm, GK eqi I wzb eq ii Rb gy`vivev AvgvbZ MÖn Yi cö Íve w` q _v K wewfbœ gqv `i Rb jv fi nvii wewfbœ n q _v K cöwzôvb jv cvmeb ev ÿz`ª mâqx wnmv ei g Zv cöz vnv ii Rb I wewfbœ myweavi cö Íve w` q _v K e nr cwim i mvaviyz `yõai bi gy`vivev Avgvb Zi cö Íve `qv nq: mvaviy gy`vivev I mxgve gy`vivev e vsk Zvi mywe epbvi gva g meai bi A_ vqb e emv ZB mvaviy gy`vivev AvgvbZ e envi K i _v K mxgve gy`vivev µzvi cq ` I wba vwiz we kl cök í wewb qvm Kiv hvq G ai bi wewb qvm mvaviyz eo AvKv ii nq Ges Kvb cövb fu e vswks wwcvu g U- Gi gva g Zv wewb qv Mi cö Íve `qv nq wîcÿxq BmwZmbv K KL bv KL bv BmwZmbv A_ vqbi ejv nq e vsk Ges µzv ev L Ï ii g a GB BmwZmbv Pzw³ Z µzvi cq `g Zv wvkv`vi ev cy cö ZKvix Ges e vs Ki g a wøzxq Av ikwu BmwZmbv Pzw³ _v K GUv wbzvšíb GKwU cökí A_ vqb cöwµqv hlv b Kvb K c v ikb GKwU cökí ˆZwi ev gwkbvwi I hš cvwz wkb Z Pvq K c v ikb Zvi cök íi GKwU we ÍvwiZ eøywcö U ˆZwi K i Gici Zv Z A_ vq bi Rb cwikíbvwu Bmjvgx e vs K Rgv `q GLv b wzb c ÿi (e vsk, wvkv`vi I µzv) g a m úvw`z `ywu BmwZmbv Pzw³ GKwU `wj j GK Î Kiv nq GLv b e vsk I µzvi g a m úvw`z Pzw³ gvzv ek µzv K GKwU cöwzwbwaz g~jk 24 Bmjvgx e vswks

25 KZ Z `qv nq GB Pzw³ Z cök íi we ÍvwiZ, cöwzwu BmwZmbv Pzw³i A_ g~j (hv Z e vsk I wvkv`v ii g a bm` g~j Ges µzv I e vs Ki g a wejw ^Z ev wkw Í g~j AšÍfz ³ _v K), cöwzwu Pzw³i g~j cwi kv ai ZvwiL, cöwzwu ch v q mieiv ni ZvwiL Ges g~j e w i welq jv D jøl _v K Avw_ K BmwZmbv Pzw³ mvaviyz GKvwaK Bmjvgx e vsk ev Bmjvgx I cöpwjz e vs Ki g a wmwû Kk bi gva g eo ai bi cökí wn i n q _v K mikvi K FY `qvi wekí wn m ei ÔAvw_ K BmwZmbvÕ e envi Kiv nq 16 Bmjvgx Dbœqb e vsk Zvi Dbœqb cökí jv Z A_ vq bi Rb GB m¼i A_ vqb c wz AbymiY K i mvaviy BmwZmbvq e MZ FYMÖ ÍZv m wó nq hgb Drcvw`Z c Y i AvKv i hv wbwg Ze cök í e envi ev mieivn Kiv n e Ab w` K Avw_ K BmwZmbvq m wó nq Avw_ K FY KviY GKwU Pzw³i e MZ FY GKB ai bi Av ikwu Pzw³i gva g kva n q hvq Gi d j Avw_ K BmwZmbv Kg SzuwKc~Y Ges mvaviy BmwZmbv ev mvjvg Pzw³i P q G jv cwipvjbv Kiv mnr cvi PR AW vivi (purchase orderer)-gi Kv Q BRviv `qv n jv Ggb GK A_ vqb Pzw³ hv Z cvi PR AW vivi-gi gva g Zvi c ÿ bm` A _ hš cvwz wk b Avevi Zvi Kv QB m jv BRviv `qv nq GUv cvi PR AW vivi-gi Rb GKwU gyivevnv wn m e ïiæ nq wkš kl nq GKwU cöv qvwmk ev Avw_ K BRviv wn m e AwaKš Pzw³e mvgmöx ev cy hw` cö Z ev wbg vy Kiv nq Zvn j GUv mieivnkvix ev wvkv`v ii m ½ GKwU BmwZmbv Pzw³ m úv` bi wb ` k wn m e ïiæ n Z cv i Ges kl n Z cv i gvwjkvbv jv fi Rb BRviv (lease-to-own) Pzw³ wn m e cvi PR AW vivi- K BRviv `qv ÒˆZwi I vbvšíió-gi g ZvB GK ai bi A_ vqb G `yõ qi g a cv_ K AwZ mvgvb Pzw³ m úv` bi cöwzwu ch v q cök Z gvwjkvbv m wói gva g kixôavn&-i wb ` kbv c~i Yi Rb GB cv_ K jv m ó BRviv m úwëi Aw ÍZ _vkzk ev bv _vkzk A_ev GUv BRviv`vZvi AwaKv i _vkzk ev bv _vkzk BRviv Pzw³ h Kvb mgq ^vÿi Kiv h Z cv i Z e G Z D jøl _vk Z n e h hzw`b ch ší bv BRviv`vi m ú`wu bv cv eb ZZw`b Zv _ K BRviv`vZv Kvb fvov cövc n eb bv AwaKš BRviv`vZv K Aek B Kvb Avq-Drcv`K m ú `i cy ivcywi ev AvswkK gvwjk n Z n e Ab K_vq GKB m ½ Kvb m úwë wewµ I fvov `qv hvq bv cvi PR AW vivi- K `qv BRvivi mgvwß NU Z cv i BRviv`vi K m úwëwu Dcnvi wn m e w` q `qvi gva g (hlb Gi g~ j i m ½ fvov hvm K i wkw Í wba viy Kiv nq), BRviv`vi hlb c~e wba vwiz g~ j m ú`wu Kbvi B Qv cökvk K ib, BRvivi gqv` evwo q A_ev m úwëwu BRviv`vZvi Kv Q wdwi q w` q i `k Ki Mvovi w` K mšw` mikvi Zvi ev RU mnvqzvi Rb emikvwi e vsk jv _ K FY MÖn Yi wm vší bq ZLb Avj-ivwR e vswks K c v ikb di Bb f g U ( mšw` Avi ei GKwU Bmjvgx e vsk) wîcÿxq BmwZmbvi wfwë Z mikvwi zj wbg v Y A_ vqb K i GUv wqj UªRvwi eû Kbvi GKwU wekí Bmjvgx e vswks 25

26 Bmjvgx e vsk jv M nvqb ev Mvwo Kbvq cöpwjz eüwk ev BRvivi wekí wn m e cvi PR AW vivi- K BRviv `vb cöwµqv AbymiY K i GLv b BRviv`vZv Db y³ cö Ív ei gva g wkw Íi A _ i cwigvy evwo q Zvi m úwëi Ask BRviv`v ii Kv Q wewµ K i w` Z cv i wgkª mvjvg (compound salam)-gi ÿ Î Bmjvgx e vsk jv K vwmk vj mvjvg A_ vq bi g Zv e MZ FY Gwo q Pj Z Pvq GLv b Av ikrb L Ï ii m ½ GKwU wecixz mvjvg (reversed salam) Pzw³ m úv`b Kiv nq G Z Bmjvgx e vsk Av Mi mvjvg-g Kbv cy wui we µzvq cwiyz n e h nzz D ëv mvjvg A_ vqbk Z Znwej wdwi q Av b (mvjvg-g h nzz Pzw³ m úv`bkv j g~j cwi kva Ki Z nq), ZvB e vsk GKwU mvjvg-gi gva g Av ikwu mvjvg mvgvj w` Z Pvq bv Gi e` j Bmjvgx e vsk jv GKwU mvjv gi gvkv ejv K i GKB cwigvy cy Ab Av ikrb L Ïi K mvjvg A_ vqb Pzw³i g Zv gyivevnv A_ vq bi gva g Gfv e fwel Z mieivn Kiv n e Ggb wrwb mi e MZ F Yi wecix Z Zviv Zv `i m ú` Drcv`K `i A_ vq bi Rb e envi Ki Z cv i cy wu fwel Z mieivn Ges g~j cwi kv ai Rb mvjvg Ges fv³v K gyivevnv A_ vq bi gva g GUv Kiv nq GKwU wgkö mvjvg-gi Dcv`vb jv n jv: 1) GKRb Drcv` Ki Rb ( hgb K lk) mvjvg n jv m fwel Z mieivn Ki e Ges Zvi Rb GLbB g~j cwi kva Ki Z n e; 2) Kvb cvbkvix km we µzvi m ½ gyivevnv wewµ Pzw³ Z cy, cwigvy, mywbw` ó aib I fwel Z g~j cwi kv ai Rb mieivn ZvwiL D jøl (h_v cvbkvix we µzv K A_ vqb) 17 ; Ges 3) cvbkvix we µzv hv Z mivmwi K l Ki KvQ _ K mieivn MÖnY Ki Z cv i ZvB Zv K ÿgzv cö`v bi Rb GKwU G RwÝ Pzw³ cwi k l, hw`i GKwU Pzw³i e MZ FY Av ikwu Pzw³i gva g evwzj n q hvq, Gi cöwzwu Pzw³B h Kvb ev meai bi RvgvbZ ev wbðqzv MÖnY Ki Z cv i Bmjvgx e vski me kl µzvi P~ovšÍ Avw_ K F Yi Rb RvgvbZ wb Z cv i gvj qwkqv I eªæbvb-gi Bmjvgx e vsk jv g~jz e w³mz A_ vq bi Rb evb-e vk c wz Aej ^b K i GUv n jv GKRb L Ï ii gvwjkvbvaxb cy bm` A _ wk b bqv Ges GB cy evowz g~ j GKB L Ï ii Kv Q wej ^ g~j cwi kv ai Rb wewµ G ai bi Pzw³i GKwU ms iy n jv ÔevB wjr-uz-ib e vkõ (buy lease-to-own back) hw`i ewkifvm Bmjvgx e vs Ki kixôavn& civgk KMY G ai bi m¼i A_ vqb Pzw³ Aby gv`b K ib bv Zv `i g Z GUv Kej my` jykv bvi Rb wfbœ bv g GK ai bi avi gvî my`wfwëk 17 hme kixôavn& we klá g~j cwi kva I mieivn Dfq ÿ Î wejw ^ZKi Yi weiæ hyw³ `Lvb Zv `i Rb GB Pzw³ Z fwel Z Av ikwu Pzw³ m úv` bi Rb GKwU eva Zvg~jK A½xKvi MÖnY Kiv nq 26 Bmjvgx e vswks

27 F Yi m ½ Zzjbv K i wkqz we klá G K ^í ÿwzki e j D jøl K ib Z e my`wfwëk FY cwi kv ai Rb bm` A _ i cö qvr b Zviv GUv Aby gv`b K ib 18 GKRb L Ïi K bm` ev e w³mz A_ hvmvb `qvi R b ÔZvIqvi&iæKÕ Av ik ai bi A_ vqb m¼i ÔevB-e vkõ-gi g Zv GLv bi L Ïi K bm` A_ cö`v bi gv S wkqz cy ev m ú` hy³ Kiv nq Ges Zvi Rb L Ïi fwel Z evowz A_ cwi kva K i ÔZvIqvi&iæKÕ-G cvi PR AW viv ii m ½ GKwU gyivevnv Pzw³i cvkvcvwk Av ikwu G RwÝ Pzw³ _v K wøzxqwu Z L Ïi gyivevnv Pzw³i AvIZvq Kbv cy jv bm` A _ i wewbg q wewµ K i mb A_ L Ï ii nv Z Zz j `qvi Rb e vsk K KZ Z cö`vb K i vbxq cy hgb Mvwo ev mvaviy K A_ev AvšÍR vwzk gy`ªv evrv i AvšÍR vwzk cy Kbvi Rb ÔZvIqvi&iæKÕ c wz Aej ^b Kiv nq wøzxq ÿ Î A_ vq bi cwigv Yi Dci wfwë K i GKvwaK Ô úu K gvwwwuõ Pzw³ m úv`b Kiv nq Kbv epvq `vjv ji Kwgkb hy³ n q ÔZvIqvi&iæKÕ A_ vq bi e q e o hvq cy Kbv epv Kiv n ji GUv ev Íe wewbgq I Drcv`b evrvi _ K Bmjvgx A_ vqb K Avjv`v K i d j KviY wewbg qi D Ïk m jv bq Ges Drcv`K K KvbiKg Rvbvb bv w` qb cy jv evrv i wd i hvq ÔZvIqvi&iæKÕ Aev Íe jb ` bi gva g Ô úu gv K UÕ K K wîg Dcv q evwo q `q 19 gvj qwkqvq ÔZvIqvi&iæKÕ-Gi PP v Kiv nq bv GUv g~jz DcmvMixq A ji wkqz Bmjvgx I cöpwjz e vs K, we kl K i mšw` Avi e cöpwjz avivi e vsk jvi Bmjvgx jb `b wefv M GB c wz Pvjy i q Q Z e ewkifvm Bmjvgx e vsk I Zv `i kixôavn& Dc `óviv ÔZvIqvi&iæKÕ- K wfbœ bv gi Avov j jykv bv LvuwU my`wfwëk FY wn m e we epbv K ib Zviv G K Bmjvgx m¼i A_ vqb Pzw³i AšÍfz ³ K ib bv hw`i we kl K i mšw` Avi ei wkqz kixôavn& we klá G hyw³ Z Aby gv`b K ib h, GLv b eû msl K wewµi NUbv NU Q Ges cöwzwu Avjv`vfv e Aby gvw`z 1999 mvj _ K mšw` Avi ei Bmjvgx e vsk Ges cöpwjz avivi e vsk jvi Bmjvgx jb `b wefvm ÔZvIqvi&iæKÕ c wzi PP v K i Avm Q mšw` Avi ei Ôgymwjg Iqvì jxmõ-gi kixôavn& Dc `óv cwil` 2003 mv ji kl w` K ÔZvIqvi&iæKÕ m ú K GKwU gzvgz `q Zv Z ejv nq wewfbœ e vsk h ÔZvIqvi&iæKÕ-Gi PP v Ki Q Zv wbzvšíb my`wfwëk jb `b Qvov Avi wkqz bq Ges GUv kixôavn& Aby gv`b K i bv GKB m ½ Dc `óv cwil` Av Mi GKwU gz mg_ b K i Rvbvq, GUv hw` e w³mzfv e PP v Kiv nq Ges G Z wej ^ Kbv I wewµi Rb bm` A_ cö`vb wb q `ywu Avjv`v Pzw³ Kiv nq, Z e Zv Aby gv`b hvm Z e kz _v K h G Z e vskv ii g Zv Z Zxq Kvb cÿ RwoZ _vk Z cvi e bv 18 DcmvMixq A ji GKwU Bmjvgx e vsk 1999 mvj _ K buy and lease-to-own back c wzi PP v K i Avm Q GKvDw Us GÛ AwWwUs AM vbvb Rkb di BmjvwgK wdbvwýqvj BÝwUwUDkb (GGIAvBGdAvB) G ai bi m¼i A_ vqb Aby gv`b K i Q Z e kz _v K h BRviv Pzw³wU µq Pzw³ _ K Avjv`v I ^Zš n e Ges Gi GKwU Ab wui Dci wbf ikxj n e bv GKvDw Us GÛ AwWwUs AM vbvb Rkb di BmjvwgK wdbvwýqvj BÝwUwUDkb, kixôavn& vûvw m, 2003 vûvw 9-3/2, c : mv j mšw` Avi e Ggb NUbv N U ZLb GKwU e vsk ÔZvIqvi&iæKÕ jb ` b GKwU we`y r Kv úvwbi kqvi e vckfv e e envi ïiæ K i Gi d j kqv ii g~ j eo ai bi DØvwqZv `Lv `q hv Z kl ch ší e vskwu K ÔZvIqvi&iæKÕ-Gi ÿ Î K e envi e Ü eva Kivi Rb K `ªxq e vsk K n Í ÿc Ki Z nq Bmjvgx e vswks 27

28 M. Bmjvgx Avw_ K Pzw³i köyxwefvm Avw_ K Pzw³ jv K wzbfv M fvm Kiv hvq: c~y weeiy m ^wjz (full-disclosure) Pzw³, G jv K Avgvbvn Pzw³ ejv nq; Av vwfwëk Pzw³, G jv K ejv nq Avgvbvn-nv ` Pzw³; Ges Av jvpbvwfwëk Pzw³, G jv K ejv nq gymviqvgvn& Pzw³ Avgvbvn& Pzw³ Z g~j Ges jvf m ú K cy ivcywi mzzvi m ½ mewkqz Lvjvmv Kivi cö qvrb nq Gi me P q cöpwjz D`vniY n jv gyivevnv A_ vqb KviY GUv `v gi m ½ jvfhy³ GKwU A_ vqb wewµ GLv b jv fi cwigvy _vk ev GKKvjxb A_ev `v gi AvbycvwZK nv i n Z cv i G Z Pzw³i Dci Kwgk bi g Zv hv wkqz wewb qvmkvixi e q Kwg q `q Zv DcKvi fvmxi Dci avh Kiv A _ i cwigvyi GKB nv i Kwg q ` e Kvh m úv` bi Rb G RwÝ ev KZ Z i m~pbv NUvq Ggb me ai bi Avw_ K jb `b Avgvbvn&- nv ` Pzw³ jvi AšÍfz ³ Znwej e e vcbv Pzw³ Z GUv fv jvfv e jÿ Kiv hvq Znwej gvwjk `i ^v_ hv Z fv jvfv e iwÿz nq ZvB e e vck `i IB Znwej e envi I wewb qv M wm vší MÖn Yi cö qvrb nq Gi d j Zviv cözviyv, Ae njv ev Znwe ji Ace envi BZ vw`i Rb Awfhy³ n Z cv ib, wkš evrvi cwiw wz e` j hviqvi Kvi Y Kvb ai bi jvkmvb n j mrb Zv `i K Awfhy³ Kiv hv e bv gymviqvgvn& Pzw³ m jv hvi kz vewj Av jvpbv, ch v jvpbvi gva g mswkøó cÿ jv Pzw³ ^vÿ ii e vcv i GKgZ nq G Z gyivevnv-i gybvdv e w i nvi Kx n e A_ev gykvivkv I gy`vivevq Kvb nv i gybvdv eèb Kiv n e- Gme welq AšÍfz ³ _vk Z cv i cvi úwik Av jvpbv I m wzi wfwë Z Ges GKB m ½ cy ivcywi Ges mr cökv ki ga w` q h Kvb Pzw³ m úvw`z n Z cv i weavq Dc iv³ köyxwefvm kl K_v bq AwaKš Pzw³wU GKB m ½ gymviqvgvn& Pzw³ I Avgvbvn&-nv ` Pzw³ n Z cv i 4. mykzk I Bmjvgx kqvi evrvi wmwkdwiuvb Rkb ev kqv i cwiyz Kivi gv b n jv kqvi evrv i mve ŒvBe Kivi Dchy³ Ki Z Kvb m ú` K Avw_ K m ú ` iƒcvšíi m ú` K jb `b hvm `wj j cwiyz Kivi ga w` q GUv ïiæ nq K vwmk vj kixôavn& mvwn Z Ggb eû NUbvi D jøl i q Q hlv b m ú` K G ai bi `wj j cwiyz Kiv Ges wewbg qi NUbv N U Q Avj- KviAv bb FY jb `b K wjwce K i ivlvi ZvwM` `qv n q Q gvwjkvbv ev ^ Z i cöwzwbwaz K i GB `wjj 20 m Abyhvqx, hme m ú` kqv i cwiyz Kiv hvq Zvi g a i q Q e MZ m úwë (GUv vei ev A vei m úwë n Z cv i), A ú k ^Z ( hgb cökvkbv ev c U U ^Z ), DRydiv³ Ges 20 Avj- KviAvb: 2: Bmjvgx e vswks

29 FY (Avw_ K ev e MZ) Aek A_ I Gi AšÍfz ³ kixôavn& ` wó KvY _ K wewµ (ev qõ), gy`ªv wewbgq (mvid) I vbvšíi (nviqvjvn) mswkøó bxwz jv g~jab (principle) I kqvi-gi b Mvwk qwewjwu K wbqš Y K i 21 Ab vb AvBbx e e vi g Zv vqx m ú`, Bb fbuwi cy, ^Z, DRydiv³ Ges G jvi ev Ûj ev c v KR wewµi AbygwZ `q kixôavn& my `i wel q c~e mzk Zv wn m e kixôavn& e j GKB gy`ªvq hlb A _ i wewbgq NU e ZLb Aek B Zv AwfwnZ g~ j (face value) n Z n e Kvb ai bi gvwr b ev fwel r mvdi GLv b wbwl Ab K_vq gy`ªv wewbgq K Aek B `ywu kz c~iy Ki Z n e: wewbgqk Z Dfq gy`ªv cy ivcywi cwi kvwaz n Z n e Ges Pzw³i mg qb Zvi mieivn m úbœ n Z n e my` Gov bvi Rb cwic Zvi (maturity) cökœ QvovB FY vbvšíi m úbœ n Z n e Gi gv b n jv ÔAwfwnZ g~ j ÕB FY wewbgq Ki Z n e GUv F Yi h Kvb ai bi Ômgq gvbõ (time value) my úófv e A ^xkvi K i Gi gv b n jv mg qi m ½ m ½ F Yi cwiez b, n«vm-e w NU Z cv i bv GQvov, ev Íe Rxeb h nzz A bk KwVb ZvB ÒmsL vmwi ôi AvBbÓ kixôavn& Ges Ab vb AvBbx e e v ZI Aby gvw`z msl vmwi ôi AvBb e j h, ÒhLb e jv wgwköz nq, GKB c v K Ri AšÍfz ³ nq ev GKB m ½ evav nq ZLb msl vmwi ôi Dci cö hvr AvBbB cö Z KwUi Dci cö hvr m gvzv ek A_ Ges FY hlb Ab m ú `i m ½ wg k hvq ZLb mlv b hw` ewkifvm Ôe MZ m ú`-z_v- ^Z -Z_v-DRydiv³Õ nq Zvn j weµqwewa jv cö hvr n e weµqwewaõi gv b n jv g~j Av jvpbvmv cÿ, evrvi kw³i wfwë Z m wzµ g wba vwiz Ges ZvrÿwYK ev wej ^ cwi kvwaz n Z cv i wewµz cy ZvrÿwYK ev fwel Z wba vwiz Kvb mg q mieivn Kiv h Z cv i wecixzµ g A_ I FY hw` msl vmwiô nq ZLb ÔAwfwnZ g~ j Õi AvBb cö hvr n e cwi k l kqvi (security) h nzz Avw_ K m ú `i wbqk Dc vcbv gvî ZvB GLv b kixôavn&-i mme wewab cö hvr n e h jv m ú `i Dci cö hvr ZvQvov m ú `ib cöwzwbwaz K i kqvi Z e me ai bi m úwë `wj j cwiyz Kiv M ji kixôavn& Kej e MZ m úwë, A ú k ^Z, DRydiv³ Ges Gme m ú `i h Kvb cwigv Yi mgš^ q MwVZ Kvb ev Ûj ev c v KR kqv i cwiyzkiy K Aby gv`b K i wkš Kvb wmwkdwiwu hw` wkqz A_, Kvb FY ev A_ I F Yi Ggb Kvb ev Ûj nq hlv b gvu A_ I FY wg j cwigv Y ewk nq Zvn j mlv b ÔAwfwnZ g~j Õ AvBb cö hvr n e G ai bi wmwkdwiwu kqvievrv i jb `b Kiv hvq bv 21 ev qõ Pzw³ e MZ I Ae MZ m ú`, ^Z Ges DRydiv³ (DRydiv³-Gi ÿ Î mywbw` ó cwifvlv n jv BRviv Z e GUv DRydiv³ wewµ wn m e msávwqz Kiv n q Q), GK ai bi gy`ªvi m ½ Av ik ai bi gy`ªv wewbg qi Rb mvid Pzw³ AbymiY Kiv nq Ges nviqvjvn Pzw³ AbymiY Kiv nq GKRb _ K Av ik R bi Kv Q FY vbvší ii Rb Bmjvgx e vswks 29

30 K. kixôavn& ` wó KvY _ K Kvb ai bi wrwbm kqv i cwiyz Kiv hvq? úóz e MZ cy ev Bb fbuwi Kvb Kv úvwbi `v g _vk ji m jv kqvi ev wmwkdwiwu Z cwiyz Kiv hvq cvkvcvwk, A_ bwzk AwaKvi hgb c U U, UªWgvK, d«vývbr ivbu, G cøv ikb ivbu Ges e i fwel r cöev ni Dci AwaKvi I ( hgb, Kvb ZjK~ c Drcvw`Z Z ji 5 kzvsk A_ev Kvb Rbv iui ev we`y r K `ª Drcvw`Z we`y Zi 15 kzvs ki Dci AwaKvi) kqvi cwiyz Kiv hvq DRydiv³ A_ vr Kvb wbw` ó mg qi Rb Kvb vei m úwë e env ii AwaKviI kqv i cwiyz Kiv hvq AvBIBD Bmy K i mev kqv i cwiyz Kiv hvq; hgb B jw±ªwmwui wk jviqvu, dv bi wgwbu ev B Uvi bu ms hv Mi N Uv cwi k l, Dc i D jøwlz m ú` jvi h Kvb Abycv Zi wgköy K Avgiv kqv i cwiyz Ki Z cvwi GgbwK m jvi m ½ h Kvb cwigvy FY I A_ _vk ji Z e K_v _v K h k lv³ `yb m ú `i gvu cwigvy c v K R msl vmwiô n Z cvi e bv G ai bi c v K Ri me P q fv jv D`vniY n jv K 22 Gi d j evrv i kqvi h Kvb g~ j wewµ, evæv `qv ev mvipvh Av ivc Kiv hvq; G jv cy iv` i wewbgq hvm Ges evwy R i Dc hvmx Aciw` K, A_ wfwëk FY ( hgb, wmww, UªRvwi I K c v iu eû Ges gyivevnv Znwe ji BDwbU), 23 bm` A_ m ú`, ^Y, išc 24 Ges fwel r A_ cöev ni Dci AwaKvi - Gi me jv n jv Ggb m ú` kixôavn& g Z h jv mvid ev nviqvjvn& Pzw³ Abyhvqx ÔAwfwnZ g~ j Õ evwyr ev wewbgq n Z n e G jv evrvi ` i jb `b Kiv hv e bv Ges ÔwievÕ Gov bvi Rb G jv wb q Kvb Av jvpbvi Kiv hv e bv ZvQvov, kixôavn&-i ev ÍeZv, ˆeaZv Ges ˆbwZK gvb m úwk Z kixôavn bxwzgvjv Abyhvqx jb ` bi evb i _v K Ggb m ú `i msl v Kg Gi g a i q Q m~pk GUv Kvb ev Íe wrwbm I wek íi gvwjkvbvi cöwzwbwaz K i bv 25 L. Bmjvgx wmwkdwiwu-i aib Bmjvgx Uzj I wmwkdwiwu jv Drcv` ev MÖm- iwfwbd kqvwis wmwkdwiwu, A v mu BKzBwU jvi bu cöwdu ev Ûj wmwkdwiwu, bu cöwdu kqvwis gy`vivev wmwkdwiwu, w i AvqwfwËK BRviv- 22 A_ bxwz Z mvaviy K K Av qi fwel r cöev ni Dci AwaKvi e j msávwqz Kiv n q Q cwðgv AvBbx msávq hfv e mvaviy K K Kvb Kv úvwbi AvswkK gvwjkvbv wn m e `Lv n q Q Zvi m ½ kixôavn&-i msáv wg j M Q GB gvwjkvbv MvUv Kv úvwb Ges Gi m ú` I `v qi Dci ez vq 23 gyivevnv Znwe ji BDwbU jv Znwe ji m ú `i cöwziƒc G Z Kej gyivevnvm ó FY I bm` _v K 24 Avj- KviAvb bvwr ji mgq ^Y I išc gy`ªv wn m e e eüz n Zv Ges bexwr (m:)-gi K_vq Gi D jøl i q Q ZvB G jv K A_ wn m e we epbv Ki Z n e 25 IAvBwm wdkvn& GKv Wwg wekí jv K Avw_ K AwaKvi wn m e ^xk wz w` q Q Z e GB hyw³ Z Kbv epvi Aby gv`b hvm bq h, m jv Kbv epvi D Ï k B m wó Kiv n q Q Ges G jv evrv i wbr ^Zv ervq i L weivr Ki Z cv i bv GUv ev ÍeZv bxwzi Av ikwu cö qvm 30 Bmjvgx e vswks

31 m úwëi Pzw³, fvmgvb g~ j i DRydiv³ A_ev mev wmwkdwiwu wn m e MVb Kiv hvq 26 gvj qwkqv, B `v bwkqv, mšw` Avie, evnivbb, Kz qz, mshy³ Avie AvwgivZ I KvZv ii g Zv A bk gymwjg ` ki cyuwr evrv i Dc iv³ ai bi wmwkdwiwu jv we` gvb Aviex kã mykzk (GKeP b mvk)-gi A_ `wjj ez gv b Bmjvgx A_ vqb welqk mvwnz jv Z h Kvb ai bi Bmjvgx wmwkdwiwu eysv Z kãwu e envi Kiv nq GUv w` q mywbw` ófv e BRvivwfwËK wmwkdwiwu KI eysvq 27 wzb ai bi BRviv mykzk i q Q: cö_gz, `xn gqvw` (5-20 eqi) BRviv m ú `i cöwziƒc n jv mykzk GLvb _ K vqx Avq cviqv hvq wøzxqz, Av ik ai bi mykzk i q Q hv wi qj-g U ai bi m úwë hgb nv U ji Kÿ Ges my U Gi g Zv DRydiv³ GK Ki cöwziƒc Gme DRydiv³ mme m ú `i cöwziƒc m jv e env ii myweav QvovI jvf/ jvkmvb w` q _v K Z ZxqZ, BRviv m úwë I gyivevnv FY-Gi ewûj-gi cöwziƒc wn m e i q Q m¼i mymyk GLvb _ KI w i Avq cviqv hvq gy`vivev mvwu wd KU n jv Av ik ai bi Bmjvgx wmwkdwiwu G jv gy`vivev Pzw³wfwËK Ges 1980Õi `kk _ K cvwk Ív b mxwgz AvKv i Gi jb `b Pj Q gy`vivev mvwu wd KU ÔKgb KÕ-Gi g ZvB Z e G jv Zvi gvwjk `i fv Ui AwaKvi `q bv GKBm ½ G jv ÔwcÖdvW KÕ _ K wfbœ, KviY GLv b b~ bzg jvf hgb wbwðz bq, Zgwb ZijxKi Yi ÿ ÎI AMÖvwaKvi `qv nq bv GKwesk kzvãxi ïiæ _ K Bmjvgx A_ vq bi GKwU bzzb ch vq, mykzk exgvi DÌvb jÿ Kiv hvq 2000 mv ji MÖx IAvBwm wdkvn& GKv Wwgi m j b BRviv wmwkdwiwu wb q ch v jvpbv Ges BRviv m úwë wmwkdwiwu Z cwiyz Kivi bxwzgvjv Aby gv`b K i GKwU hymvšíkvix cö Íve cvm Kiv nq m jvi bvg ÔmyKzKÕ ivlvi cö Íve Kiv nq ZLb _ K ga cövp I `wÿy Gwkqvi `k jv Z wewfbœ K c v ikb I mikvi GB mykzk mieivn (issue) K i Avm Q grvi welq n jv 2002 _ K 2005 mvj ch ší RÏvi Bmjvgx e vsk, wek e vsk Ges Rvg vwbi wkqz AvÂwjK mikv ii g Zv AvšÍR vwzk KZ cÿ gymwjg wewb qvmkvix `i AvK ó Ki Z Bmjvgx mykzk mieivn cöeyzvq hy³ nq wemz eqi jv Z mykzk mieiv ni evwl K cöe w 20 kzvsk Qvwo q M Q 26 The example of these bonds is a bond that gives a time-sharing right of one week a year in a vacation apartment or hotel room for twenty years that begins, say, on January 1, This kind of bond presently exists in Saudi Arabia for hotels and suites around the Grand Mosque in Makkah and the Prophet s Mosque in Madinah. 27 mykzk kãwu mvk k ãi eûepb GB k ãi g~j G m Q dvwm kã ÔmvKÕ _ K Bs iws Ô PKÕ k ãi DrcwËI ÔmvKÕ Gi A_ `wjj, ^Z ev Pzw³ Bmjvgx e vswks 31

32 Dcmsnvi wesk kzvãxi c~e ezx `ybkõ eqi ev ZviI P q ewk mgq ewkifvm gymwjg ivóª wewfbœ gqv ` BD ivcxq Jcwb ewkk kvm bi hvzvk j wcó n q Q d j Gme ` ki cökvmb, e emv Ges `Iqvbx I dšr`vix AvBbKvbyb BD ivcxq wewae AvBb _ K M nxz n q Q Gme AvBb vbxq Av_ -mvgvwrk cwi ek cwiw wz wepvi bv K ib gymwjg `k jv Z cö qvm Kiv n q Q wemz Aa kzvãx Z Gme AvB bi wkqz wkqz ms kvab Kivi cii Av iv A bk AvBb ms kvab evwk i q M Q d j, Gme mgv R vbxq AvBb Ges Bmjvgx AvBb Dfq ` wó KvY _ K e emv cwipvwjz n q Avm Q GL bv Bmjvgx e vsk I Avw_ K cöwzôvb jvi m ½ e emv Kivi ÿ Î wewfbœ AvBbx RwUjZv, we kl K i we iva wb úwëi ÿ Î RwUjZv `Lv `q Bmjvgx e vsk jv mvaviyz meai bi Pzw³ Z Rvi `q h we iva wb úwë Ki Z n e kixôavn& AvB bi wfwë Z wkš, ewkifvm ÿ Î kixôavn& AvBb h nzz wewae Kiv nqwb ZvB AvBbx `wj j G ai bi GKwU aviv D jøl Kiv cö qvrb n q c o GLv b mzk Zvi m ½ mvwj ki Rb mywbw` ó AvBb Ges GKwU mvwjk KZ cÿ evqvb Kivi ÿ Î mzk Zvi m ½ gb hvm w` Z n e mšfv M i welq n jv, Bmjvgx e vsk jv G cö qvrbxqzv Abyfe Ki Z c iwqj hvi cwi cöwÿ Z 2005 mv ji GwcÖ j ÔB Uvib vkbvj BmjvwgK evw Ad Avwe Uªkb di wdbvwýqvj wwmwcduõ cöwzwôz nq Gi m`i `dzi mshy³ Avie Avwgiv Zi `yevb q Z e Aw ÍZ Ges ev Íe cö qvm Dfq w`k w` qb bzzb Bmjvgx A_ vqb- MZvbyMwZK e emv Qvov Avi wkqz bq Abyev`: gvmyg wejøvn 32 Bmjvgx e vswks

33 kixôavn& e vswks: cöÿvcu evsjv `k Gg. Avhxhyj nk mvims ÿc wewfbœ A½b _ K wkqz ev Íem Z mgwš^z cö Póvi d jb evsjv ` k Bmjvgx e vswks-gi D e N U Q Gme cö Póvi g a 1974 mv j WvKvi m j b IAvBwm (OIC) m`m `k jvi ciivóª gš x `i AvBwWwe (IDB) PvU v i ^vÿi `vb GKwU HwZnvwmK NUbv GiB cuf~wg Z 1975 mv j Bmjvwg Dbœqb e vsk-gi cöwzôv evsjv ` k e vwks Lv Z emikvwi D ` vm DrmvwnZ Kivi j ÿ mikvwi bxwzi cwiez b, ivóªvqz e vsk jv Z Bmjvgx e vswks kvlv Lyj Z cö qvrbxq c` ÿc MÖn Yi Rb K `ªxq e vs Ki Kv Q A_ gš Yvj qi bvu, ga cöv P Rwi ci Rb cöwzwbwa`j cöiy, K `ªxq e vsk KZ K cö qvrbxq wewfbœ D ` vm MÖnY, AvBwWwe (IDB) KZ K evsjv ` k Rwic wgkb cöiy, cö qvrbxq `ÿ Rbej M o Zvjvi D Ï k vbxq e vsk gvwjk I we klá `i Øviv cö qvrbxq cöwkÿy Kg m~wp MÖnY Ges AvBwWwe (IDB)-mn vbxq I we `kx D ` v³v `i cö qvrbxq g~jab wb q GwM q Avmv Ges me kl, K `ªxq e vs K m wz cö`v bi gva g 1983 mv j evsjv ` k kixôavn&wfwëk e vsk-gi HwZnvwmK c_ cwiµgvi m~pbv evsjv ` k cö_g Bmjvgx e vsk-gi Avwef ve I mvdj, kixôavn& e vswks-gi vqxz wb q mskq `~i K i Ges MÖvnK `i Pvwn`v wguv Z Av iv A bk e vsk GwM q Avm Z _v K ez gv b AvUwU cwic~y Bmjvgx e vsk Ges m ZiwU cöpwjz vbxq I ˆe `wkk e vsk 825wU kvlv I DB Ûv wb q Bmjvgx e vswks Kvh µg Pvwj q hv Q Giv evrv ii 22% m ú` `Lj Kivi ga w` q AwaKZi DbœwZ, gybvdv jvf I m ú `i gv bvbœqb Ges mgwómz mg w NwU q P j Q 1991 mv ji e vswks Kv úvwb AvB b kixôavn& e vswks-gi weavb/aviv ms hvrb, kixôavn&wfwëk e vs Ki Rb K `ªxq e vsk KZ K bxwz wba viyx wb ` kbv cöyq bi gva g mnvqk f~wgkv cvjb, K `ªxq e vsk KZ K Bmjvgx e vsk wb q M elyv, K `ªxq e vsk-g kixôavn&wfwëk e vs Ki Rb c _K wwweavb (DBI) MVb, Bmjvgx e vsk jvi Rb K `ªxq kixôavn& evw (wmgmweavbwe- CSBIB) MVb Ges Bmjvgx e vsk civgk K dvivg (IBCF) ` k kixôavn&wfwëk e vswks qi cö qvrbxqzvi hyw³ Rviv jv K i Q wemz 3 `k K Bmjvgx e vswks mgwómz Avw_ K Kg KvÐmn A bk AbvnwiZ m ú` RvZxq Dbœq bi wewfbœ LvZ hgb: wkí, e emv-evwyr, K wl, GmGgB, ÿz`ª A_ vqb, Kg ms vb m wó, `vwi`ª we gvpb, wmgmavi, meyr A_ bxwzmn A bk fvj Kv R Ae`vb i L P j Q Gg Avhxhyj nk, Bmjvgx e vwks wel q civgk K Bmjvgx e vswks 33

34 fwel Zi w` K ZvwK q evsjv ` ki Bmjvgx e vsk jv GLb _ KB K `ªxq e vs Ki ÒmgwóMZ cöe w i Rb mgwómz Avw_ K DÏxcbvÓ m wói wgk bi m ½ m½wzc~y GKwU `vwi`ª gy³ I DbœZ evsjv `k Movi wfkb K jÿ i L HK e fv e KvR Ki Z cv i Ges Kiv DwPZ GiB cwi cöwÿ Z Bmjvgx e vsk jv K wbr ^ `ÿ Rbej ˆZwii Rb mikvwi I emikvwi wek we` vjq jv Z kixôavn& e vswks wel q GKv WwgK Kvm Pvjyi Kv R mnvqzv `vb, Ab vb A bk ` ki AbyKi Y bxwz I wbqš Yg~jK mnvqzv jvf, kixôavn&m Z weavb mgfv e cö qvm, MÖvnK `i bvbvgylx Pvwn`v guv bvi j ÿ m Rbkxj mgvavb ei Kiv Ges Zv `i Øv i-øv i mev cš Q `evi ga w` q GB wfkb AR b Ki Z n e G ÿ Î AvBwmweGd (ICBF) bz Z `vb I mgš^qkvixi f~wgkv cvjb Ki Z cv i 1 f~wgkv evsjv ` k e vswks I Avw_ K e e vcbvi BwZnv m Bmjvgx e vswks-gi Avwef ve GKwU iæz c~y NUbv 1974 mv j hlb evsjv `k Bmjvgx Dbœqb e vsk (IDB) PvU v i ^vÿi K i Ges 1975 mv j AvBwWwe (IDB) Kvh µg ïiæ K i ZLbB gâwu ˆZwi nq ZviciB mikvwi ch vq _ K ïiæ K i K `ªxq e vsk Ges wewfbœ Av_ mvgvwrk ms vmn mkj A½b _ K mw wjz cö Póv ïiæ nq IAvBwm (OIC) KvVv gvi ga _ K mikvi jv wewfbœ kxl ˆeVK I m j b m`m `k jv Z Bmjvgx e vswks e e v Pvjyi h A½xKvi e ³ K iwqj Zv-B G A j evsjv ` ki gvwu Z me cö_g GKwU Bmjvgx e vsk cöwzôvi cö wzi c_ mymg K i IB ^cœ K ev Í e iƒc`v bi ÿ Î mikv ii m wz Ges K `ªxq e vsk-gi f~wgkvb wqj gyl ez gv b evsjv ` k Bmjvgx e vswks wzb `kk AwZµg K i Q GLb 8wU Bmjvgx e vsk I 17wU cöpwjz e vs Ki 825wU kvlv Ges DB Ûvi gva g AvnwiZ m ú `i cwigvy evsjv `kx gy`ªvq 10 nvrvi KvwU UvKv AwZµg K i Q hv e vswks Lv Zi gvu m ú `i 22% GLb ` ki Bmjvgx e vswks-gi mvgwmök cöÿvc Ui cövmw½k mkj welq wepvi we køly K i GKwU `vwi`ªgy³ ^wbf i evsjv `k Movi wfkb wb q mw wjzfv e mvg b GwM q hvevi eªz MÖn Yi mgq G m Q G cöe Üi ciezx Aby Q` jv Z evsjv ` k Bmjvgx e vsk Avwef v ei cöÿvcu, evsjv ` k Bmjvgx e vswks-gi ez gvb Ae vb, evsjv ` ki e vswks m± i Bmjvgx e vswks- Gi Askx`vwiZ I Ae`vb Ges h mkj c` ÿc MÖn Yi d j Bmjvgx e vswks ez gvb Ae v b G m Q, evsjv ` k Bmjvgx e vswks-gi Acvi m vebvi w` K jÿ i L fwel Z Kx Kx c` ÿc wb Z n e BZ vw` wel q Av jvkcvz Kiv n q Q 2 evsjv ` k Bmjvgx e vswks-gi Avwef ve 2 (1) mikvwi D ` vm IAvBwm (OIC) A_ gš x `i m j b (WvKvi, AvM 1974) evsjv `k mikvi KZ K AvBwWwe 34 Bmjvgx e vswks

35 (IDB) PvU v i HwZnvwmK ^vÿi`v bi ga w` q ` k kixôavn&wfwëk e vswks-gi cöv_wgk c` ÿcwu bqv n qwqj ciez x Z mikvwi ch v q h mkj iæz c~y c` ÿc bqv n qwqj m jv n Q: m`m `k jv Z ch vqµ g Bmjvgx e vsk cöwzôvi j ÿ c wzmz cö Póv Pvjv bvi Rb IAvBwm (OIC) ciivóª gš x `i m j b ( m bmvj, 1978) hme mycvwik Kiv n qwqj Zv Z evsjv `k mikv ii GKvZœZv cökvk `yevb Bmjvgx e vsk-gi Av` j evsjv ` k GKwU Bmjvgx e vsk cöwzôvi Rb gvnv ` gnwmb (BDGB- Z evsjv ` ki ivóª`~z, 1979) KZ K ciivóª mwp ei Kv Q wjwlz wpwv mkj m`m ivóª K wb q GKwU AvšÍR vwzk Bmjvgx e vsk e e v M o Zzj Z IAvBwm (OIC) ciivóª gš x `i m j b (Bmjvgvev`, 1980) ciivóªgš x Aa vck kvgmyj nk KZ K cö Íve DÌvcb Z Zxq IAvBwm (OIC) kxl m j b MYcÖRvZš x evsjv ` ki ivóªcwz KZ K cö`ë fvly: Òwb R `i g a e emv evwyr mnr Ki Z Bmjvgx `k jv Z wb R `i Rb GKwU Avjv`v e vswks e e v M o Zvjv DwPZÓ (g v I Zv qd, Rvbyqvwi 1981) kni I MÖvgv j ivóªvqë mkj e vs Ki mkj kvlvq cixÿvg~jkfv e GKwU K i Bmjvgx e vswks KvD Uvi Ly j mrb Avjv`v jrvi ivlvi wb ` kbv w` q K `ªxq e vs Ki Kv Q A_ gš Yvj qi wpwv cvvv bv (4 GwcÖj, 1981) emikvwi Lv Z e vsk cöwzôvi Rb cö Íve AvnŸv bi mikvwi wm vší (7 b f ^i, 1981) 2 (2) K `ªxq e vs Ki D ` vm Mfb i b~iæj Bmjv gi bz Z K `ªxq e vsk ` k Bmjvgx e vswks cöwzôvq A bk BwZevPK I mnvqk D ` vm MÖnY K i K `ªxq e vs Ki D ` vm jvi g a wqj: wewfbœ ` ki K qkwu Bmjvgx e vsk-gi Kvh µg I cwipvjbv c wz ch eÿy I ch v jvpbvi Rb GKwU M elyv cöwzwbwa `j cöiy (b f ^i, 1980) evsjv `k e vs Ki Mfb i KZ K XvKvq Bmjvgx e vswks wel q GKwU AvšÍR vwzk mwgbvi D Øvab Ges evsjv ` k Bmjvgx e vsk cöwzôvq GwM q Avmvi Rb AskMÖnYKvix `i Kv Q Aby iva (15 I 17 ww m ^i, 1980) ` k Bmjvgx e vsk cöwzôvi mycvwikmn M elk cöwzwbwa ` ji cöwz e`b ck LvZz g-g AbywôZ IAvBwm (OIC)-fz³ `k jvi K `ªxq e vsk Mfb i `i m j b evsjv ` ki K `ªxq e vsk Mfb i b~iæj Bmjv gi hvm`vb m j b m`m `k jv Z Bmjvgx e vswks 35

36 Bmjvgx e vswks m úwk Z cöwz e`b LwZ q ` L Zv wb q Avjvc-Av jvpbv Ges m`m `k jv Z Zv `i Z`viwKi e vcv ii Av jvpbv nq K `ªxq e vs Ki WcywU Mfb i gvnv ` Lvwj` Lvb weavbwegg-g (BIBM) (18 I 19 gvp, 1981) Bmjvgx e vswks m úwk Z 2 w`be vcx GKwU mwgbvi D Øvab K ib K `ªxq e vsk Mfb i-gi mfvcwz Z AbywôZ e vsk gvwjk `i 17Zg mfvq (13 GwcÖj, 1981) A_ gš Yvj qi civgk Abymv i ivóªqë mkj kvlvi cwie Z g UªvcwjUb I Rjv ch v qi mkj kvlvq Bmjvgx e vswks ïiæ Kivi wm vší bqv nq K `ªxq e vsk I evwywr K e vsk-gi wbe vwpz AskMÖnYKvix `i AvšÍR vwzk mwgbvi I cöwkÿy Kv m hvm`vb ( R bfv, 9-11 Ryb, 1981, Kvq iv, 29 AvM - 17 m Þ ^i, 1981) K `ªxq e vsk Mfb ii mfvcwz Z AbywôZ e vsk gvwjk `i 24Zg mfvq (16 A ±vei, 1982) g UªvcwjUb I Rjv kn i ivóªvqz e vsk-gi mkj kvlvq wkmwmib Bmjvgx e vswks Pvjyi wm vší bqv nq 2 (3) AvBwWwe (Bmjvgx Dbœqb e vsk)-gi f~wgkv emikvwilv Z hš_ Askx`vwi Z GKwU Bmjvgx e vsk cöwzôvi m ve Zv hvpvb qi D Ï k W. mwjg Rvdi KvivZvk-Gi bz Z GKwU AvBwWwe wgk bi mdi (b f ^i 1982) cöwzwbwa `jwu evsjv ` k Bmjvgx e vsk cöwzôvq AvBwWweÕi BKz BwUwfwËK Askx`vwi Z i mycvwik K i 2 (4) vbxq emikvwi D ` vm evsjv ` k Bmjvgx e vsk jvi Rb ckv`vi I bz Z i Yvewj m úbœ e vsk Kg KZ v I A_ bxwzwe` `i Afve c~i Yi j ÿ Bmjvgx e vswks-gi Rb MwVZ IqvwK s MÖæc (1979) Ges c~evjx e vsk-gi mv ek e e vcbv cwipvjk I K `ªxq e vs Ki WcywU Mfb i Gg Lvwj`-Gi bz Z MwVZ Bmjvgx e vsk gvwjk `i mwgwz (weavbweg, 1980) Bmjvgx e vswks m úwk Z cöwkÿy `v b GwM q Av m 2 (5) 1983 mv j D Øvab mswkøó mkj c ÿi wgwjz cö Póv Ges Bmjvgx e vswks ïiæi Rb K `ªxq e vsk-gi Aby gv` bi djköæwz Z evsjv ` k Bmjvgx e vswks-gi D b l N U Ges 1983 mv ji 30 gvp `wÿy-c~e Gwkqvi cö_g Bmjvgx e vsk wn m e ÔBmjvgx e vsk evsjv `k wjwg UWÕ AvZœcÖKvk K i 36 Bmjvgx e vswks

37 3. evsjv ` k Bmjvgx e vsk-gi ez gvb Ae vb 3 (1) cwic~y Bmjvgx e vsk ez gv b evsjv ` k 8wU cwic~y Bmjvgx e vsk Kvh µg Pvwj q hv Q: K) Bmjvgx e vsk evsjv `k wjwg UW (1983) L) AvBwmwe Bmjvgx e vsk wjwg UW, (2008) (1987 mv j Avj-evivKv e vsk bv g Ges 2002 mv j Iwi q Uvj e vsk bv g wbewüz) M) Avj-Avivdvn Bmjvgx e vsk wjwg UW (1995) N) mvkvj Bmjvgx e vsk wjwg UW (1995) O) kvnrvjvj Bmjvgx e vsk wjwg UW (2001) P) dv wmwkdwiwu Bmjvgx e vsk wjwg UW (1999, Bmjvgx e vsk-g iƒcvšíi 2009) Q) Gw g e vsk wjwg UW (Bmjvgx e vsk-g iƒcvšíi 2004) R) BDwbqb e vsk wjwg UW (2013) 3 (2) cöpwjz e vsk jvi Bmjvgx e vswks kvlv/evzvqb K) cövbg e vsk wjwg UW (1995) L) mvd_-b e vsk wjwg UW (2003) M) wcöwgqvi e vsk wjwg UW (2003) N) w` wmwu e vsk wjwg UW (2003) O) XvKv e vsk wjwg UW (2003) P) Gwe e vsk wjwg UW (2004) Q) hgybv e vsk wjwg UW (2004) R) e vsk Gwkqv wjwg UW (2008) S) Uªv e vsk wjwg UW (2008) T) vûvw e vsk wjwg UW (2009) U) mvbvjx e vsk wjwg UW (2010) W) AMÖYx e vsk wjwg UW (2010) X) c~evjx e vsk wjwg UW (2013) Bmjvgx e vswks 37

38 3 (3) ˆe `wkk e vsk jv Z Bmjvgx e vswks kvlv/db Ûv K) vûvw PvUvW e vsk (mvw`k; 2004) L) GBPGmwewm (Avgvbvn; 2004, ez gv b eü) M) e vsk Avj-Avivdvn (2005, GKwU kvlv) 3 (4) e vswks ewnf~ Z Bmjvgx A_ vqbkvix cöwzôvb K) BmjvwgK dvbb vý GÛ Bb f g U wjwg UW (AvBGdAvBGj) (2001) L) nr dvbb vý Kv úvwb wjwg UW (2006) 4 Bmjvgx e vswks-gi Askx`vwiZ I Ae`vb 4 (1) Bmjvgx e vsk jvi Askx`vwiZ I cöe w ww m ^i, 2013 ch ší Bmjvgx e vsk kvlv/db Ûv jvi gvu AvgvbZ, wewb qvm, Avg`vwb, ißvwb I iwgu vý-gi gvu cwigvy `vuwo qwqj evsjv `kx gy`ªvq h_vµ g wuªwjqb UvKv, 1.02 wuªwjqb UvKv, wewjqb UvKv, 566 wewjqb UvKv Ges wewjqb UvKv hv h_vµ g evrv ii 19.3%, 22.2%, 24.8%, 24.9% I 28.3% cöpwjz e vsk jv Z mv ji c~e ez x 5 eq i AvgvbZ e w cvq 22% A_P Bmjvgx e vsk jv Z e w c q Q 25.60% Aciw` K GKB mg q cöpwjz e vsk jv Z wewb qv Mi (AwMÖg) cöe w N U Q 20% Ges Bmjvgx e vsk jvi cöe w wqj 24.60% 38 Bmjvgx e vswks

39 4 (2) Bmjvgx e vsk jvi Ae`vb Bmjvgx e vsk jv ` ki wewfbœ ÿ Î eûgylx wekvk NwU q Q wb Pi jlwp Î `Lv hvq, 2013 mv ji m Þ ^i ch ší (evsjv `k e vs Ki GmweGm cö`wk Z) Bmjvgx e vsk jvi Ae`vb wkílv Z 19.8%, evwyr Lv Z 25.37%, vei m úwëlv Z 16.22%, K wllv Z 3.43% Ges cwienylv Z 22.57% kzvsk 5 D jøl hvm c` ÿc 5 (1) wek ch v q GK_v me Rb wew`z h AvšÍR vwzk A_ vqb e e vq BmjvwgK e vswks wkí `ªæZZg wekvkgvb LvZ jvi Ab Zg 1990-Gi `k Ki ga fv M ˆewk K Bmjvgx Avw_ K m ú `i cwigvy wqj 150 wewjqb gvwk b Wjvi Zv 2013 mv ji k l G m `uvovq 1.80 wuªwjqb gvwk b Wjvi Bmjvgx Avw_ K m ú `i cwigvy 2020 mv j 6.5 wuªwjqb gvwk b Wjv i DbœxZ n e e j aviyv Kiv n Q 2007 _ K 2012 mv ji ga ez x mg q wek e vcx Bmjvgx e vsk I Bmjvgx evzvqb jv Z wmgwravi (CAGR) 20.40% kzvs k cuš Q Q Bmjvgx A_ vqb e e v cöpwjz A_ vqb e e vi GKwU AvKl Yxq wek í cwiyz n q Q Bmjvgx e vswks Gi AvIZvaxb Ask ˆewk K Bmjvgx Avw_ K m ú `i 80.99% kzvsk wbqš Y Ki Q Gici mykzk 14.16%, Bmjvgx Znwej 3.83% Ges ZvKvdzj 1.02% wbqš Y Ki Q G avivevwnkzv BmjvwgK e vswks e e v K mvgvb Ae vb _ K g~javivq DËiY e j AwfwnZ K i Q wek e vsk Bmjvgx e vswks 39

40 Pvwn`v I mieivn e w Z mnvqk welq ˆewk K Avw_ K msk Ui ci _ K wek e vcx I Af šíixy A_ e e v cybiæ vi I cybtw wz Ae v wbwðzki Yi j ÿ Avw_ K e e vi wbqš Kiv Avw_ K mev I ev Íe A_ bxwzi gšwjk wfwëi g a m ú K i w` K g bv hvmx n Z ïiæ K ib d j Bmjvgx A_ vqb wkí wkqzuv DcK Z n q Q KviY AskxRbiv (stakeholders) µgea gvb nv i Bmjvgx Avw_ K e e v I ˆbwZK Avw_ K e e vi wel q LuvR Lei wb Qb KviY GwU cök Z A_ bxwzi gšwjkzvi mg_ bwenxb GK Kw `ªK I dukvevwr Kvh µg _ K ei n q Avmvi GKwU m ebvgq cš v e j we ewpz n Q ZvQvov Bmjvgx Avw_ K e e v Ggb GKwU wekí Kg KŠkj hv Ae vnzfv e my` p A_ bwzk mg w i Rb Bmjvgx Avw_ K `wjj hgb ÒmyKzKÓ-Gi gva g msm nxz Znwej-cyó A_ bwzk Kvh µg Øviv mnvqk f~wgkv cvjb Ki Z cv i wek e vcx Bmjvgx Avw_ K m ú` e w i KviY wek e vcx BmjvwgK e vswks I Avw_ K e e v m úªmvi Y h welq jv Ae`vb ivl Q Zvn Q: Pvwn`v e w kixôavn&m Z e e vi gva g mkj Avw_ K Kg m úv` bi cöwz gymwjg RbM Yi µgea gvb AvMÖn Ges GKB m ½ ˆbwZKZvwfwËK Avw_ K jb ` bi cöwz gvby li AvKv Lv/Pvwn`v e w wbqš Yg~jK mnvqzv myweav cö`vbkvix mikvwi Ges wbqš YKvix ms vi mnvqk f~wgkv GB wk íi mg w Z ivwš^z Kivi Rb Drmvng~jK e e vii cöez b Kiv n q Q Bmjvgx Avw_ K e e vi g~j gvb we epbv Bmjvgx Avw_ K e e vi wewfbœ Pzw³g~jK c wz h_v Kg SuywKc~Y wewµ I BRvivwfwËK c wz _ K ïiæ K i D P SuywKc~Y BKz BwUwfwËK A_ vqb c wz e vck Pvwn`v guv Z mÿg A_ vq b k~b Zv A_ vq bi ÿ Î k~b Zv c~i Y Bmjvgx A_ Ae v GKwU m ebvgq Avw_ K nvwzqvi iƒ c KvR Ki Z Ges A_ bwzk Kg Kv Ð MwZ mâv ii j ÿ Znwej msmö ni GKwU wekí e e vq Kvh Ki f~wgkv ivl Z cv i m ú` Avni Yi e vckzi wfwë K qk eqi hvez Z ji g~j e w i d j c UªvWjv ii cybtcyb e envi _ K m ó cöpzi Zvij cöevn 40 Bmjvgx e vswks

41 5 (2) evsjv ` k Bmjvgx e vswks cömv ii KviY mikvwi ch v q e vswks Kv úvwb AvBb, 1991-Gi ms kvabx Z Bmjvgx e vswks-gi aviv ms hvrb: K `ªxq e vsk Gi wb ` k e vswks Kv úvwb AvBb, 1991-G kixôavn& e vswks qi KwZcq gšwjk cwifvlv I kã ms hvwrz nq d j ckv`vi I mswkøó e w³ `i gv S A úózv `~i Ges m PZbv m wó nq Bmjvgx e vswks AvBb wb q Av jvpbv 2011 mv j A_ gš Yvjq welqk msm`xq vqx KwgwUi mfvq AvBwewmGd (IBCF) Bmjvgx e vswks AvBb cöyq bi welqwu DÌvwcZ nq msm`xq vqx KwgwU welqwu we epbv Ki Z m Z nq evsjv `k e vsk-gi M nxz c` ÿc K `ªxq e vs Ki wgkb: K `ªxq e vs Ki wgkb/ køvmvb ÒmgwóMZ mg w i j ÿ mvgwmök Avw_ K DbœwZÓ Bmjvgx e vswks A_ev kixôavn&wfwëk e vswks-gi PZbv I Afxó j ÿ i m ½ m½wzc~y K `ªxq e vs Ki AvnŸv b Bmjvgx e vsk jv wbr wbr D ` v M K lk, QvÎ, wkí köwgk `i Rb e vsk wnmve Ly j mgwómz e vswks-gi w` K GwM q hv Q wewfbœ mswgkö Yi e vswks Kvh µg Aby gv`b: K `ªxq e vsk cwic~y Bmjvgx e vsk cöwzôvb Aby gv`b K i Gi me kl ms hvrb n Q ÔBDwbqb e vsk wjwg UWÕ cöpwjz e vsk jv K Bmjvgx e vs K iƒcvšíi, cöpwjz e vsk jv Z kvlv I DB Ûv Lvjvi ga w` q mgwómz e vswks Kvh µg cömv ii c_ mymg Kiv kixôavn&wfwëk e vswks-gi Rb bxwzwbaviyx civgk cöyqb: K `ªxq e vs Ki cÿ _ K me P q iæz c~y c` ÿcwu n Q 2009 mv j ÒBmjvgx e vswks-gi Rb bxwzwba viyx civgk cöyqbó Gi g a Bmjvgx e vsk jvi Rb bxwz I Kg c wzg~jk wb ` kbv i q Q d j evsjv ` k Bmjvgx e vswks-gi wfwë my` p n q Q evsjv `k mikv ii Bmjvgx wewb qvm eû (BGIIB): K `ªxq e vsk-gi m ó 6 gvm gqv`x evsjv `k mikv ii Bmjvgx wewb qvm eû Bmjvgx e vsk jvi Rb cö qvrbxq Avw_ K `wjj ˆZwii c _ Av ikwu c` ÿc Bmjvgx AvšÍte vsk Znwej evrvi (IIFM): Bmjvgx e vsk jvi ZvrÿwYK Znwej Pvwn`v K `ªxq e vs Ki gva g AvšÍte vsk Drm _ K guv Z Av ikwu D ` vm d j Bmjvgx e vsk jv cö qvr b K `ªxq e vsk _ K Znwej msmön Ki Z cv i Bmjvgx e vswks 41

42 kixôavn&m Z c wz Z cybta_ vqb: K `ªxq e vsk ißvwbkvik `i Rb kixõavn&m Z c wz Z Bmjvgx e vsk jvi gva g evsjv `k e vsk-gi ißvwb Dbœqb Znwej _ K cybta_ vqb myweav Aby gv`b K i Q kixõavn&m Z e vsk jvi Rb GmGgBÕi cybta_ vqb myweavi `ªæZ Aby gv`b cv e Bmjvgx e vsk jvi Rb Avjv`v cwi`k K `j: evsjv `k e vsk Bmjvgx e vsk jv cwi`k bi Rb cwi`k K `j MVb K i Q d j Bmjvgx e vsk jvi Rb kixôavn& weavb g b Pjvi wel q bri`vwi Av iv Rvi`vi n q Q Ges G Ae v Av iv DbœwZi my hvm m wó n q Q AvšÍR vwzk Bmjvgx A_ e e v wbqš Kvix ms vi m ½ mn hvwmzv: K `ªxq e vsk, AvBGdGmwe (IFSB) Ges GGIAvBGdAvB (AAOIFI)-Gi g Zv AvšÍR vwzk gvb wba vik ms v jvi m ½ Nwbô m úk i L P j Q, hv Z we k Bmjvgx A_ vqb e e vi NUbvewj m ú K AeMZ _vkv hvq cöwkÿy Kg kvjv I mwgbvi Av qvrb: K `ªxq e vsk wbqwgz weiwz Z weavbwegg (BIBM) Ges wewewug (BBTA)- Z Bmjvgx e vswks I A_ e e vi welq I Bmy wb q cöwkÿy Kvm, mwgbvi I m jb K i Avm Q G Z Bmjvgx I cöpwjz e vsk _ K mswkøó e w³iv Ask wb Qb d j wewfbœ ch v qi AskMÖnYKvix `i gv S m PZbv m wó nq Ges Zv `i mÿgzv e w cvq Bmjvgx e vswks-gi cömvi I Kg ZrciZvi cöksmv: evsjv `k e vsk-gi me kl Avw_ K w wzkxjzv m úwk Z cöwz e` b (RyjvB 2013) D jøl Kiv n q Q h cöpwjz e vswks-gi m ú `i Zzjbvq cöe w, m ú `i gvb I BKz BwUi wfwë, AviIG (ROA) I AviIB (ROE) Gi ÿ Î evsjv ` k Bmjvgx e vsk Kvh µg Zyjbvg~jKfv e fv jv n q Q Zv `i GB K wzz Ab vb e vsk jv KI Bmjvgx e vswks ïiæ Ki Z DrmvwnZ Ki e Bmjvgx e vswks m ú K K `ªxq e vs Ki Mfb ii gšíe : evsjv `k e vsk Gi D ` v M Ges AvBGdGmwe (IFSB)-Gi Av qvr b ( m Þ ^i 2013) Òevsjv ` k Bmjvgx A_ e e vi m vebv I P v jäó kxl K GKwU AvšÍR vwzk mwgbv i Bmjvgx e vswks-gi ˆewkó D jøl K i K `ªxq e vs Ki Mfb i W. AvwZDi ingvb e jb ÒMÖvnK Pvwn`vi my` p wfwë, AvbycvwZK nv i ch vß g~ja bi ms vb, AKvh Ki F Yi AvbycvwZK Kg Dcw wz, cöpwjz e vsk jvi Zzjbvq AwaKZi fv jv Kg m úv`b, mg qi m ½ Zvj wgwj q GwM q Pjvi mÿgzvó AR b K i Q Bmjvgx e vsk Bmjvgx e vswks K wzwb Òg~j ms e`bkxj I ˆbwZKZvwfwËK, dukvevwr wegyl, SuywKi Askx`vwiZ, AwaKZi mgwók, w wzkxjzvi mnvqk weavq K wlkv h GmGgB (SME) ÿz`ª A_ vq b D jøl hvm f~wgkv cvjbkvixó e j D jøl K ib 42 Bmjvgx e vswks

43 5 (3) emikvwi ch v qi msmvb Bmjvgx e vs Ki civgk K dvivg (1995) evsjv ` k Bmjvgx e vswks-gi wekvk I Dbœqb m úwk Z mgm v I Bmy wb q G dviv g Av jvpbv nq Ges ev Íevq bi Rb KŠkj I bxwz cöyqb Kiv nq Bmjvgx e vsk jvi Rb K `ªxq kixôavn& evw (2001) wmgmweavbwe (CSBIB)Õi g~j D Ïk n Q mikvi, K `ªxq e vsk, wbqš YKvix ms v I m`m e vsk jv K mn hvwmzv I mnvqzv w` q evsjv ` k kixôavn&m Z e vsk jvi mwvk c _ AMÖmi niqvi Kvh µg jv mgš^q Kiv 6 m vebv I mycvwik 6 (1) m vebv hvîvi ïiæ _ K Ges mv úªwzk eqi jv Z Bmjvgx e vswks qi cöe w (wemz 5 eq i Bmjvgx e vswks qi evwl K AvgvbZ e w c q Q 25.60% Ges wewb qvm e o Q 24.60%), wek Bmjvgx e vswks qi AMÖMwZ (Bmjvgx e vswks ch v q mv ji ga ez x mg q Bmjvgx e vswks qi evwl K cöe w wqj 20.4%), evrv ii m vbrbk wnm v (Avgvb Zi 19%, m ú `i 22%), wekvj AbvnwiZ m ú`, e vswks qi evb i _vkv RbMY (45% Gi g Zv) kixôavn&wfwëk e vswks qi cöwz RbM Yi Av v - GmeB ` k kixõav&nwfwëk e vswks qi D¾ j m ebv wb ` k K i ZvQvov `ªæZ wekvkgvb A_ bwzk Dbœq b Ae`vb ivlvi ^v _ GB A ji Bmjvgx e vswks I A_ wk íi m úªmvi Yi AdzišÍ m ebv Kv R jvmv Z n e Bmjvgx A_ vqb e e v A bk iæz c~y wel q h_v mgwómz Avw_ K Dbœqb I AeKvVv gvmz wewb qvm cöf wz ÿ Î mnvqzv Ki Z mÿg 6 (2) mycvwikgvjv HK e wfkb wba viy: ` ki Av_ -mvgvwrk Dbœq bi j ÿ GB wkí K ciez x ch v q GKwU my` p Ae v b wb q h Z Bmjvgx e vsk I Avw_ K cöwzôvb jv K GKwU HK e wfkb wba viy Ki Z n e Bmjvgx e vswks I A_ vqb wk íi cvwicvwk K e e v ` pkiy: A_ bxwz Z Av iv ewk Ae`vb ivl Z Bmjvgx A_ vqb e e vi cvwicvwk K Ae v my` p I wbiwew Qbœ Dbœq bi Rb Bmjvgx e vswks, A_ e e v Ges exgvi ckvrxex I mswkøó e w³ `i K wbqš YKvix cöwzôvb jvi mnvqzvq A_ bxwz Z Ae`vb ivl Z mw wjzfv e KvR K i h Z n e Bmjvgx e vswks 43

44 cöe w Ae vnz ivlv: Bmjvgx e vsk jv K wemz 3 `k Ki gzb D P cöe w I `ÿzv AR b Ae vnz ivl Z n e hv Z Ab vb e vski Bmjvgx e vswks-gi cöwz AvK ó nq Ges wbqš KivI Av iv ekx Bmjvgx e vswks kvlv/db Ûv Lvjv ev Bmjvgx e vswks-g iƒcvšíwiz Kivi AbygwZ w` Z AvMÖnx nb gvbm úbœ I mgae v b Avbv: GGIAvBGdAvB (AAOIFI), AvBGdGmwe (IFSB) Ges/ A_ev evsjv ` k Bmjvgx e vsk jvi Rb K `ªxq kixôavn& evw KZ K kixôavn& e vswks-gi Rb wba vwiz gvb AbymiY Kiv I mgae v b wb q Avm Z n e hv Z MÖvnK `i Ges wbqš K `i Av v AR b Kiv hvq mÿgzvi wfwëi Dci e o IVv Dbœqb: B Zvg a mÿgzvi wfwëi Dci e o IVv Bmjvgx e vsk I Avw_ K cöwzôvb jv K Av iv DbœZ Rbkw³ ˆZix, kixôavn&wfwëk AvBwU (IT) ÿî; `ÿ MÖvnKwfwË I wbqš K `i mnvqzvi wfwë Z mg qi `vwe Ges P v jä gvkv ejvi Rb my` p wfwëi Dci `uvov Z n e kixôavn& e vswks wel q wkÿvg~jk Kg m~wp Pvjy: ez gv b ` ki e vswks wk íi 20% Bmjvgx e vswks-gi AvIZvaxb wkš G ÿ Î cöwkÿycövß Rbe ji Afve i q Q Bmjvgx Avw_ K cöwzôvb jv mikvwi I emikvwi wek we` vjq jv Z G wel q cvv m~wp Pvjyi `vwe Ges Avw_ K mnvqzv w` Z cv i ZvQvov e vsk jv AvBwmGjAvBGd (ICLIF) (A_ wel q bz Z `vbkvix AvšÍR vwzk K `ª, gvj qwkqv), AvBGbwmBAvBGd (INCEIF) (Bmjvgx A_ welqk wkÿvi AvšÍR vwzk K `ª, gvj qwkqv), AvBGmAviG (ISRA) (AvšÍR vwzk kixôavn& M elyv GKv Wgx, gvj qwkqv), GAvBGgGm (AIMS) (BmjvwgK dvbb vý, BD K) cöf wz ^xk Z wkÿv I ckv`vi cöwzôvb jv K kvlv Lvjvi my hvm K i w` Z cv i Bmjvgx e vswks wel q ww cøvgv/ggwegg: GB Lv Z cöwkwÿz Rbej M o Zvjvi D Ï k BÝwUwUDU Ae e vskvm evsjv `k (IBB) Bmjvgx e vswks wel q Avjv`v ww cøvgv Kvm Ges evsjv `k BÝwUwUDU Ae e vsk g v br g U (BIBM) Bmjvgx e vswks g v br g U-G gv vm / Ggwdj (M.Phil) Kvh µg ïiæ Ki Z cv i kxl cöwkÿy Bbw wudu: evsjv ` ki Bmjvgx e vsk jv mkj e vswks I A_ welqk cöwzôv bi Rb D PZi ch v q Bmjvgx e vswks I A_ wel q cöwkÿy I M elyvi Rb GKwU kxl vbxq cöwzôvb vc bi welqwu f e `L Z I D ` vm wb Z cv i bezi fvebv I m RbkxjZv: MÖvnK `i wewfbœgylx Pvwn`v guv Z Bmjvgx e vsk jv K kixôavn&m Z I m Rbkxj c _ mgvavb LyRu Z n e GQvovI wewb qv M wewfbœ c wz Z we kl K i gykvivkv I gy`vivev c wz Z A_ vq bi gva gi mgvavb ei Kiv h Z cv i G ÿ Î jvf jvkmv bi Askx`vwiZ g~jk A_ vqb c wz cöpj bi gva g e vswks I cök Z A_ bwzk Kg Kv Ði g a mivmwi m úk m wói e e v Ki Z K `ªxq e vski wb ` kbvg~jk I KvVv gvmz weavbvewj cöez b K i mnvqk f~wgkv cvjb Ki Z cv i 44 Bmjvgx e vswks

45 kixôavn& m ú K m PZbv m wó: kixôavn& e vswks e e vq hfv e cöe w N U Q, MÖvnK `i g a kixôavn& m ú K m PZbZv I aviyv mfv e m wó nqwb GB c wzi Ae vnz I vqx cöe w i D Ï k kixôavn& m ú K MÖvnK `i Dcjwä m wói kixôavn&wfwëk e vsk, kvlv I DB Ûv jv K G ÿ Î f~wgkv ivl Z n e Bmjvgx e vswks-g K `ªxq e vs Ki mnvqzvi aib: cybta_ vqb, ^í gqv`x Zvij Pvwn`v guv Z ^í gqv`x (7w`b/15w`b) Avw_ K `wjj ˆZwi Ges bzzb wkílv Zi Rb cöwz hvwmzvi cwi e k MÖvnK `i Kv Q Kg Li Pi Znwej hvmv Z Bmjvgx e vsk jv K K `ªxq e vs Ki m ½ wbweofv e KvR Ki Z n e hvkvz, IqvK&d I K` -Gi A_ msmön: ` ki m Qj RbM Yi KvQ _ K hvkvz, IqvK&d I K` -Gi A_ msmön K i mvgvwrk Kj vy I `vwi`ª we gvp bi Kv R e q Kivi ÿ Î Bmjvgx e vsk jv A cÿvk Z fvj Ae v b i q Q ` ki RbmsL vi AvbygvwbK 25% hvkvz`v bi mÿgzv m úbœ Ges RbmsL vi AvbygvwbK 23% hvkvz jv fi AwaKvix ZvQvov evsjv ` k cöwz eqi (evsjv `kx UvKvq) AvbygvwbK 25,000 KvwU UvKv hvkvz msmön Kiv m e AwaKZi bxwzmz I wbqš Yg~jK mnvqzv cö qvrb: G c wz K GKwU mgwš^z Bmjvgx e vswks AvBb-Gi AvIZvq wb q Avmv Ges G K my` p wfwëi Dci cöwzwôz Kivi Rb Av iv ewk msl K kvlv I DB Ûv Ly j kixôavn&wfwëk e vswks mev Øv i Øv i cš Q w` q ` ki mvwe K mg w i Rb e nëi Ae`vb ivl Z Bmjvgx e vsk jv K Av iv ewk bxwzmz I wbqš Yg~jK mnvqzv jv f m Pó n Z n e Dcmsnvi wemz 3 `k KiI ewk mgq a i Bmjvgx e vswks `xn c_ cwiµg K i Q GLb `k K ^wbf i I `vwi`ª gy³ Kivi D Ï k mswkøó mevb K GK m ½ ÔHK e wfkbõ mvg b i L ` p c` ÿ c GwM q h Z n e mvwe K A_ bwzk cö Póvi m ½ m e vëg MÖvnK mev I cwipvjbvmz `ÿzv AR bi ØvivB kixôavn& e vswks- K m ch v q wb q hviqv m e Abyev`: gvnveye-dj-avjg Bmjvgx e vswks 45

46 h mg Í cöeü/wbeü cvv Kiv h Z cv i: 1 Avng`, AvDmvd, Bmjvgx e vsk jvi Dbœqb I mgm v, Bmjvgx M elyv I cöwkÿy BÝwUwUDU, Bmjvgx Dbœqb e vsk, RÏv, mšw` Avie, 1407 wnrix nvbœvb, kvn Avãyj, Òevsjv ` k Bmjvgx e vswks Gi BwZnvm, c wz, mgm v I m vebvó (2004) 3 nvgy`, mvgx nvmvb, Bmjvgx e vswks qi AMÖMwZ: cöz vkv I ev ÍeZv, BmjvwgK BKbwgK vwwm, LÐ 2, msl v-1 ire 1415 wnt (ww m ^i 1994) Bmjvgx M elyv I cöwkÿy Bbw wudu, Bmjvgx Dbœqb e vsk, RÏv, KGmG 4 Lvb G Avi, kixôavn&wfwëk evwywr K e vswks-gi mgm v wpwýzki Yi cö Póv, XvKv wek we` vjq, evwyr M elyv mvgwqkx msl v 1, LÐ 12, ww m ^i Bmjvgx e vswks G cvv, evsjv `k Bmjvgx e vskvm G v mvwm qkb, evsjv `k e vsk A_ bwzk vwqz cöwz e`b: Zdwmjx e vskmg~ ni cwimsl vb: evsjv `k e vsk, m Þ ^i evsjv ` k cwipvwjz Bmjvgx e vsk jvi evwl K cöwz e`b 9 e vsk Kv úvwbr G v± Kz qz dvbb vý nvdr wimvp wjwg UW, b f ^i Bmjvgx e vswks

47 Bmjvgx e vswks: Kj vygylx Avw_ K aviv gvnv ` Ave`yj gvbœvb 1. Bmjvgx e vswks-gi µgwekvk BD ivcxq i bmuv I wkí-wecø ei mgmvgwqkkv j wekwkz nq AvaywbK e vske e v BD iv ci ivr bwzk wer qi mv _ mv _ GB e e v gymwjg `ywbqvmn mgmö we k we Ívi jvf K i gymjgvbiv nvrvi eqi a i wek e vcx h A_ bwzk ms wzi wekvk NwU qwqj, Kj vy I Dbœqbag x m e e vi avivevwnkzv iÿv Ki Z Zviv G mgq e _ nq Bmjvgx e vswks cö_ g wqj wpšív I Z Ë i g a mxwgz wemz kzvãxi Pwjøk I câvk `k K m` ^vaxb gymwjg `k jv Z Bmjvgx A_ e e v I e vske e v M o Zvjvi cöz vkv Ges G e vcv i wpšív I M elyv Rvi`vi nq lv Ui `k K wgm i AvaywbK hy Mi cö_g Bmjvgx e vsk cöwzwôz nq Bmjvgx Dbœqb e vsk (AvBwWwe) cöwzôvi gvî cuvp eq ii g a më ii `k Ki kl bvmv` `ywbqvi wewfbœ ` k KzwowUiI ewk Bmjvgx e vsk cöwzôv jvf K i kl mvc` Avng` jyzvn 1975 mv j `yevb BmjvwgK e vsk cöwzôv K ib 1977 mv j dqmvj BmjvwgK e vsk bv g wgmi I my`v b `yõwu Bmjvgx e vsk cöwzwôz nq GKB eqi Kz q Z kl Avng` evõwr Avj Bqvwmb cöwzôv K ib Kz qz dvbb vý nvdm cöv P i cvkvcvwk G mgq cvðv Z i WbgvK, jy gevm, mybrvij vû I hy³iv R Bmjvgx e vsk cöwzwôz nq Avwki `k Ki kl bvmv` `ywbqvi wewfbœ ` k 100wUi ewk Bmjvgx e vsk cöwzôv jvf K i Ges G jvi kvlvi msl v `k nvrvi Qvwo q hvq beÿb-gi `k K Bmjvgx e vsk jv wek e vcx e vskvi I A_ bxwzwe` `i g a BwZevPK mvov RvMvq Kzwo kz Ki kl bvmv` wzbkõi ekx Bmjvgx e vsk I Ab vb Avw_ K cöwzôv bi Rb nq ÔB Uvib vkbvj G mvwm qkb Ae BmjvwgK e vskmõ-gi D ` v M Bmjvgx e vsk jvi g a G mgq cvi úwik m úk I mn hvwmzv Rvi`vi nq 1994 mv ji 6 AvM ÔBK bvwg Õ Zvi Ômv f Ae BmjvgÕ bvgk cöwz e` b gšíe K i: ÔMZ K qk kz Ki gv S Bmjv gi eo mvdj n jv Bmjvgx e vswks e e v cöez b, hv cvðvz I MÖnY Ki Z cv iõ GKzk kz Ki cö_g `k K Bmjvgx e vswks PgrKvi mvdj AR b K i cupvëiwui ewk ` k Bmjvgx e vsk I Avw_ K cöwzôv bi msl v B Zvg a 500 Qvwo q M Q eûrvwzk eo e vsk jvi GLb ïay gymwjg Aay wlz ` k bq, cövp I cvðvz wbwe k l DbœZ I DbœqbMvgx gvnv ` Avãyj gvbœvb, e e vcbv cwipvjk Bmjvgx e vsk evsjv `k wjwg UW Bmjvgx e vswks 47

48 wewfbœ ` k Bmjvgx cövwv± Pvjy K i Q 2013 mv j Bmjvgx e vsk jvi m ú `i cwigvy 1.7 wuªwjqb gvwk b Wjvi AwZµg K i Q G cwigvy kxnª 5 wuªwjq b DbœxZ n e e j g b Kiv n Q RbM Yi wecyj mvov I mg_ bi d j we k i Ab vb v bi g Zv evsjv ` ki Aí mg qi g a Bmjvgx e vswks-gi Kvh µg AvkvZxZ we Í wz jvf I mdjzv AR b K i Q gvî wzb hy Mi g a Bmjvgx e vswks qi `ªæZ cömvi Ges Av_ -mvgvwrk Î G e vske e vi ewjô Ae`vb G ` ki A_ bxwzi avivq GK bzzb w`mší D b vpb K i Q Bmjvgx e vske e v K evsjv ` ki RbMY LyeB mgv` ii mv _ MÖnY Kivq Bmjvgx e vswks GLb GKwU `ªæZ wekvkgvb e e v wn m e we ewpz n Q evsjv ` k Bmjvgx e vswks ïiæ nq 1983 mv j ez gv b ` k 8wU c~y v½ Bmjvgx e vsk, mvzwu cöpwjz avivi e vs Ki 19wU Bmjvgx e vswks kvlv Ges Av iv mvzwu mikvwi I emikvwi e vs Ki 25wU kvlvq Bmjvgx e vswks DB Ûv Pvjy i q Q 2013 mv j ` ki mv o AvU kzvwak Bmjvgx e vswks kvlvq gvu AvgvbZ wqj cövq 1 jÿ 20 nvrvi KvwU UvKv Ges gvu wewb qvm 1 jÿ 4 nvrvi KvwU UvKv 2013 mv ji ww m ^i bvmv` ` ki Bmjvgx e vsk jvi AvgvbZ Ges wewb qv Mi evrvi kqvi e o `uvovq h_vµ g cövq 18 I 21 fvm 2. Bmjvgx e vsk e e vi ^vzš 2012 mv ji 25 m Þ ^i Ô vûvw GÛ cyiimõ-gi GK mwgbv i ejv nq: ÔBmjvgx e vswks B Zvg a cöpwjz e vsk e e vi cök Z wekí wnmv e Avwef~ Z n q Q g~jz Pjgvb ˆewk K Avw_ K msk U wech Í cöpwjz A_ vqb c wzi hvm Zi wekí wn m e Avwef ~Z n q Q Bmjvgx A_ vqb wkí Õ e vswks ÿ Î Bmjv gi A_ bwzk I Avw_ K bxwzgvjv ev Íevqb Kiv Bmjvgx e vsk e e vi D Ïk Bmjvgx e vswks Avw_ K ga Zvi Ggb GK c wz hv Zvi jb ` b my` MÖnY I cö`vb K i bv Ges Gi Kvh vewj Ggbfv e cwipvjbv K i hv Z Bmjvgx A_ bxwzi D Ïk AR b Z_v A_ bxwz Z b vqwepvi wbwðz nq Bmjvgx e vsk A_ bxwz, Avw_ K jb `b I e emv-evwy R ˆelg `~ixkiy, b vqbxwz cöwzôv Ges Av_ -mvgvwrk AeKvVv gv ˆZwi I Kg ms v bi my hvm m wói Rb KvR K i Bmjvgx e vswks cwipvwjz nq gvby li ^vfvwek Avw_ K jb ` bi mnrvz cöwµqv Abymv i cöpwjz avivi e vsk-e e vi mv _ Bmjvgx e vs Ki ^vzš ïay c wzmz ÿ Î bq my`gy³ jb `b G e e vi GKgvÎ ^vzš bq G e vswks-gi jÿ, D Ïk, bxwz I Kg aviv e vck RbM Yi Kj v Y wb ew`z G e e v wukzk gvby li jv fi (GREED) Pvwn`v c~i Yi Rb ïay jvf K me wkqzi Ici cövavb bv w` q mgv Ri mkj gvby li gšwjk Pvwn`v (NEED) c~iy K AMÖvwaKvi `q Gfv e Av_ -mvgvwrk mywepvi Kv q g Bmjvgx e vsk KvR K i 48 Bmjvgx e vswks

49 Bmjvgx e vsk e e vq e w³ ^v_ bq, mvgvwrk Kj v Yi Av`k g~j PvwjKv kw³ ˆbwZK k sljvi weavb AbymiY K i mvgvwrk Dbœq bi mv _ A_ bwzk Dbœq bi mgš^q mvab Kiv G e e vi Ab Zg Kg KŠkj Avw_ K jb ` b UvKvi epv Kbvi cwie Z cök Z c Y i (real asset) Kvievi Ges Askx`vwiZ g~jk cvi úwik mn hvwmzv I `i`wfwëk gvbem Z Kvh µg cwipvjbv Bmjvgx e vswks-gi ˆewkó ewâz I Afvex gvby li cöwz `vwqz cvjb, gy`ªvùxwz I ekvi Z i KviY `~ixkiy, Kg ms v bi my hvm m wó Bmjvgx e vs Ki Kg KŠk ji AšÍf y³ KejgvÎ m ú` Drcv`b bq, Drcvw`Z c Y i eè b mve Rbxb Kj v Yi Av`k AbymiY I MÖvnK `i mv _ `vzv- MÖnxZvi e` j Askx`vwi Z i m úk vcb Bmjvgx e vswks-g cövykw³ iƒ c KvR K i cöpwjz e vs Ki mv _ MÖvn Ki m úk FY`vZv I FYMÖnxZvi Aciw` K Bmjvgx e vsk UvKv K Kbv- epvi cy wn m e MY K i bv e Z UvKv wb R Kvb cy bq UvKv n jv n jv wgwwqvg ev wewbg qi gva g UvKvi f~wgkv Ô grviõ ev cwigvc, Ô vûvw Õ ev gvb Ges Ô viõ ev fvðviiƒ c G nb UvKv K K wîgfv e c Y i g Zv epv Kbv K i gybvdv AR b hyw³hy³ n Z cv i bv gybvdv n jv GKB mv _ D ` v³vi cyuwr, kªg I mgq wewb qv Mi dj Avi mb gybvdv c~e wba vwiz ev wbwðz bq gybvdv Awba vwiz, Awbw` ó I AwbwðZ Ab w` K UvKv epv Kbvi gva g cövß my` c~e wba vwiz, wbw` ó I wbwðz G Z GK c i jvf wbwðz, Ab c i jv fi Kvb wbðqzv _v K bv e emv q jvkmv bi SzuwK enb Ki Z nq, wkš my ` Kvb SzuwK bb UvKv epv Kbvi A ^vfvwek Kvievi c w_exi mkj ag I `k b wbwl wek wel vz `vk wbkmy my `i ÿwzki w`k jv we epbv K i Qb cövpxb MÖxK `vk wbk cø v Uv Zuvi ÔjRÕ bvgk MÖ š my` K gvbezv we ivax, Ab vq I Ryjyg Ges K wîg e emv e j Gi wb `v K i Qb Gwi vu ji g Z, A _ i GKgvÎ ^vfvwek KvR n Q wewbg qi gva g wn m e gvby li cvi úwik Afve c~i Y mvnvh Kiv my `i Kvievi mgv Ri ^í-weë wecyj msl K gvby li m ú` gywó gq jv Ki nv Z cyäxf~z K i Gici mb m ú `i mydj Av iv Kg msl K gvby li Kv Q K `ªxf~Z nq wkš Bmjvgx e vswks m ú` AveZ bi bxwzi Ici cöwzwôz G e vcv i Avj KziAv bi myiv nvk i ejv n q Q, Ôm ú` hb ïay Zvgv `i abx `i gv S AvewZ Z bv nqõ G bxwz g b Bmjvgx e vsk Drcv`b e w K DrmvwnZ Kivi mv _ mv _ Drcvw`Z c Y i mvgvwrk eè bi bxwz K iæz `q A_ vr m ú` Drcv`bB jÿ ev kl K_v bq Kx ai bi m ú` Kvi Rb Drcv`b Kiv n e Ges m Drcvw`Z m ú` wkfv e ewk DcKvi fvmxi Kv Q cušqv bv n e GwU Bmjvgx e vswks-gi iæz c~y AMÖvwaKvi 3. Bmjvgx e vs Ki AvgvbZ I wewb qvm bxwz AvgvbZ MÖnY I wewb qvm cö`v b Bmjvgx e vsk ^Zš bxwz I c wz AbymiY K i Bmjvgx e vsk mvaviy gvby li mvg b mâ qi GB wpî Zz j a i h, mâ qi gva g wzwb ïay wb RB jvfevb n Qb bv; eis mvgvwrk `vwqz I cvjb Ki Qb GB jÿ mvg b i L Bmjvgx Bmjvgx e vswks 49

50 e vsk mâ qi Af vm M o Zzj Z Drmvn hvmvq ïay eo mâ qi cöwz AvMÖnx bv n q QvU RgvKvix `i m ú` KI RvZxq Avw_ K cöev n wb q Avm Z Bmjvgx e vsk KvR K i mâqx MÖvnK `i mv _ Bmjvgx e vs Ki m úk gy`vivev bxwzi Ici cöwzwôz G Î MÖvnK Ômv n e gvjõ ev A _ i gvwjk Ges e vsk Ôgy`vwieÕ ev Avw_ K Kviev ii e e vck wnmv e `vwqz cvjb K i G bxwz Abyhvqx Bmjvgx e vsk jv ïaygvî Aby gvw`z I Kj vyki Lv Z ˆea c wz Z wewb qvm K i AwR Z gybvdv mâqx wnmveavix ev mvwn e gvj I gy`vwie ev e vs Ki gv S Pzw³i kz Abyhvqx eèb K i jvkmvb n j A _ i hvmvb`vzv mvwn e gvj Avw_ K jvkmvbi enb K ib Avi gy`vwie ev e vsk G e emv q h mgq, kög, gav I hvm Zv wewb qvm K i Q, mwu Zvi jvkmvbiƒ c we ewpz nq Bmjvgx e vsk e e vq e emv qi SuywK e vsk GKv enb K i bv RgvKvixMYI G SuywKi Askx`vi Bmjvgx e vsk Bmjvgx kixôavn&õi ÔAvj Iqvw`qvÕ bxwzi wfwë Z PjwZ Rgv MÖnY K i G Î MÖvnK Zvi A_ e vs Ki Kv Q webv jv f wbivc ` Mw QZ iv Lb e vsk MÖvnK K PvwnevgvÎ m A_ diz `qvi A½xKvi K i G wnmv e Mw QZ A_ MÖvn Ki AbygwZi wfwë Z e vsk e envi Ki Z cv i Bmjvgx e vsk jv wewb qv Mi ÿ Î cöavbz wzbwu c wz AbymiY K i K. ÔwkiKvZÕ ev Askx`vix c wz, L. ÔevCÕ ev c Y i epv- Kbv c wz Ges M. ÔBRvivÕ ev fvov c wz BRvivi ÿ Î Bmjvgx e vsk MÖvn Ki mv _ gvwjkvbvq Askx`vwi Z i wfwë Z Mvwo, evwo, gwkb, RvnvR BZ vw` µq K i e vsk Zvi Ask MÖvn Ki Kv Q fvov `q fvov cwi kv ai mv _ mv _ wkw Í Z g~j cwi kva K i MÖvnK m `ª e i gvwjkvbv AR b K ib wewb qvm Kvh µ g Bmjvgx e vs Ki g~jbxwz n jv wewb qv Mi LvZ I c wz ˆea n Z n e GQvov wewb qv Mi LvZ Ggbfv e wbe vpb n e hv Z mgv Ri gšwjk Pvwn`v jv µg-amövwakv ii wfwë Z c~iy n Z cv i G ÿ Î cö_g iæz cv e ÔRiæwiqvZÕ ev Riæwi cö qvrb Gici ÔnvwRqvZÕ ev Av qk e w Kvix mvgmöx G me Pvwn`v µg Abymv i c~iy nevi ci ÔZvnmvwbqvZÕ ev wejvm `ª e wewb qvm Kiv hv e m ú` eè bi GB Bmjvgx ` wófw½ wewb qvm Kvh µg K we klfv e cöfvwez K i wewb qv Mi Î Bmjvgx e vsk K gvkvwm ` kixôavn& ev kixôavn&i j A_ vr gvbwek I mve Rbxb Kj vy wbwðz Ki Z n e GRb Bmjvgx e vsk wewb qv Mi AvKvi, LvZ, A_ bwzk D Ïk, fšmwjk GjvKv cöf wz K we kl iæz `q mxwgz m ú` KZ ewk gvby li Kj v Y wb qvwrz n jv, Zvi wfwë Z Bmjvgx e vs Ki `ÿzv wbiƒwcz nq ïay jvf we epbv K i wejvm mvgmöx Z Bmjvgx e vsk wewb qvm Ki Z cv i bv eis mvaviy gvby li Acwinvh cö qvrb c~iy wewb qvm we epbvq cövavb cv e AbybœZ GjvKvq Avg`vwb wekí, AwaK Kg ms vbg~jk Kg Kv Ð wewb qvm Bmjvgx e vs Ki Ab Zg AMÖvwaKvi mkj Rbc `i gvbyl hv Z mgfv e GwM q h Z cv i, Zv `i ga Kvi e eavb hv Z n«vm cvq m w` KI bhi iv L Bmjvgx e vsk 50 Bmjvgx e vswks

51 4. Av_ -mvgvwrk Kj v Y Bmjvgx e vswks GK mgq my `i cöej we ivaxivi g b Ki Zb h my` Qvov e vswks m e bq m mskq B Zvg a Amvi cögvwyz n q Q my` _ K gy³ n q jvf- jvkmv bi Askx`vwiZ g~jk Kvievi wksev c Y i epv Kbv ev BRviv c wz Z e vswks e emv m e, Zv Bmjvgx e vsk I Avw_ K cöwzôvb jv cögvy Ki Z m g n q Q my `i Kvi Y hviv e vsk e e v _ K `~ i wq jb, Bmjvgx e vske e v Zv `i Rb I Av vi GKwU wvkvbv ˆZwi K i Q Avw_ K AšÍf yw³i gva g ewâz I `wi `ªi gzvqb Bmjvgx e vswks-gi iæz c~y Kg KŠkj G j Bmjvgx e vsk ˆewPÎ gq me e vswks mev Pvjy K i Q hvi gva g e vsk e e vi evb i _vkv wecyj Rb Mvôx K e vswks-gi AvIZvq wb q Avmv m e n q Q wewb qv Mi Î Bmjvgx e vswks RbKj vy I ` ki Ae nwjz A ji Dbœqbmn ` ki mvwe K Av_ -mvgvwrk Dbœq b KvR K i d j ` k wkívqb I Kg ms vb e w cvq GmGgB Lv Z wewb qv Mi gva g AvZ Kg ms vb Ges z`ª I gvsvwi wkívq b Bmjvgx e vsk jv iæz c~y f~wgkv cvjb Ki Q GQvovI Bmjvgx e vsk jvi i q Q RbKj vygylx wewfbœ we kl wewb qvm cökí ` ki wbgœweë I ga we Ëi Rxebgvb Dbœq b Gme cökí f~wgkv ivl Q cöku `vwi`ª `~ixki Y Bmjvgx e vsk jvi f~wgkv D jøl hvm G ÿ Î Bmjvgx e vsk evsjv `k wjwg UW gybvdvi wpšív K AMÖvwaKvi bv w` q MÖvgxY `vwi`ª `~ixki Y 1995 mv j cjøx Dbœqb cökí (AviwWGm) bv g Bmjvgx c wzi gvb µv dvbb vý cök íi KvR ïiæ K i ` ki 64wU Rjvq 17 nvrv ii AwaK MÖv gi mv o AvU jv Li AwaK MÖvn Ki gv S Bmjvgx e vsk G hvez 8976 KvwU UvKv wewb qvm K i Q 2012 mvj _ K GB e vsk kn ii fvmgvb I nz`wi`ª `i Rb ÔAvievb cyii W fjc g U w gõ (BDwcwWGm) bv g KvR Ki Q Bmjvgx e vswks gv bb meyr e vswks Bmjvgx e vsk Zvi mkj Kvh µ g mybxwz I Kj vy K cövavb `q e vswks Lv Zi meyrvq b Bmjvgx e vswks iæz c~y f~wgkv ivl Q mve Rbxb Kj v Y wb qvwrz Bmjvgx e vsk evsjv `k wjwg UW MZ 30 eq i ZvgvK I gv`k `ªe wksev cwi ekwe ivax Lv Z wewb qvm K iwb aymi Kvb wewb qv M GB e vs Ki AskMÖnY bb Dbœqb Kg Kv Ð bvix K AwaKZi m ú ³ Kivi Rb Bmjvgx e vsk ïiæ _ KB f~wgkv ivl Q Bmjvgx e vsk evsjv `k wjwg U Wi wewb qvm MÖvnK `i AšÍZ Avwk fvm bvix G QvovI bvixi gzvq b Bmjvgx e vs Ki cjøx Dbœqb cökí we kl iæz c~y f~wgkv i L Q Bmjvgx e vs Ki gvni wnmvei ^vgx KZ K xi gvnivbv Av`v qi GKwU mnr c wz iƒ c bvixi ÿgzvq b RbwcÖq n q Q Bmjvgx e vswks 51

52 5. kl K_v Bmjvgx e vswks M elyv, m ve Zv hvpvb I cix v-wbix vi bvbv ch vq cwi q cöv qvwmk mdjzv AR b K i Q Bmjvgx e vswks-gi AšÍwb wnz cövykw³ I ˆbwZK gv bi MfxiZv G e e v K AvMvgx we k i g~j avivi wbivc` Avw_ K g Wj wn m e Zz j ai e, G Avkvev` B Zvg a m wó n q Q evsjv ` ki gvî wzb `k Ki g a Bmjvgx e vswks-gi `ªæZ cömvi N U Q Ges Av_ mvgvwrk Î G e e vi Ae`vb bzzb m vebvi w`mší D b vwpz K i Q Bmjvgx e vswks- Gi bzzb bzzb cövwv± D veb I c wzmz Dbœq b mkj Bmjvgx e vsk Ges Bmjvgx kvlv I DB Ûvavix e vsk jvi g a mn hvwmzvi ÿî B Zvg a m úªmvwiz n q Q Bmjvgx e vswks wel q RbM Yi Kv Q ZË xq I Z_ MZ welq jv mnr I myjf Kivi Rb I G ÿ Î mk j GK hv M KvR Ki Z cv ib Gfv e Bmjvgx e vswks-gi mvd j i aviv Ae vnz i L gvbem Z Avw_ K Kvievi K Av iv e vck cwim i GwM q bqv hv e Z_ m~î 1. Pvcov Gg. Dgi (1985), UzqvW m G Rv gwbuwi wm g, BmjvwgK dvd Ûkb, hy³ivr 2. Pvcov Gg. Dgi (1979), Ae RKwUf Ae `v BmjvwgK B Kv bvwgkm, BmjvwgK dvd Ûkb, hy³ivr 3. Avi b GÛ Bqvs (2013), Iqvì BmjvwgK e vswks KgwcwUwUf bm wi cvu 2014, hy³ivr 4. wdbvwýqvj vwewjwu wi cvu 2013 (Bmy 4, Ryb 2014), evsjv `k e vsk 5. wmwïwk Gg. brvzyjøvn (1983), Bmy Bb BmjvwgK e vswks, BmjvwgK dvd Ûkb, hy³ivr 6. W fjcg v U Ae BmjvwgK e vswks Bb evsjv `k , M elyv wefvm, evsjv `k e vsk 7. ` v B Kv bvwg (AvM 6, 1994), mv f Ae Bmjvg, hy³ivr 8. ` v Møvevj cövm c±m di BmjvwgK wdb vý BÛvw «, mwgbvi ccvi ( m Þ ^i 25, 2012), GmGÛwc, `yevb 9. nvwg` Gg.G. (1999), Bmjvgx A_ bxwz, ivrkvnx wek we` vjq, A_ bxwz wefvm 52 Bmjvgx e vswks

53 IAvBwmfz³ `k jv Z Bmjvgx A_ vqb IAvBwm AvDUjyK wmwir, g 2012 m~pbv Bmjvgx mn hvwmzv ms v (IAvBwm)-i ewkifvm m`m `k eo ai bi hme Dbœqb P v jä gvkv ejv Ki Q Zvi mgvav b A_ vq bi wekí Drm wn m e Avwef~ Z n q Q Bmjvgx A_ vqb 2011 mv ji kl bvmv` mviv we k Bmjvgx Avw_ K mevlv Z kixôavn&m Z m ú `i gvu cwigvy `uvovq 1.1 wuªwjqb gvwk b Wjvi mw wjzfv e IAvBwm `k jv hvi 98%-Gi gvwjk Ges GB wk íi PgrKvi cöe w i cq b g~j PvwjKv wn m e KvR Ki Q Gme `k mv úªwzk mg q, mv ji ˆewk K Avw_ K I A_ bwzk m¼u cöpwjz Avw_ K e e vi w wzkxjzv I my Zvi m ½ hy³ eû welq K cö kœi gy LvgywL `vuo Kwi q Q d j GKwU AwaKZi UKmB mgvavb Lyu R c Z we` gvb AvšÍR vwzk A_ bwzk I Avw_ K KvVv gvi hšw³kzv wb q bzzb K i wek e vcx e vck cixÿv-wbixÿv ïiæ K i AvšÍR vwzk m úª`vq GB bzzb KvVv gv AbymÜvbKv j Avw_ K jb `b K Zvi gšwjk f~wgkvq wdwi q bqv, A_ vr cök Z A_ bxwz Z g~j hvm K i Ggb mev cö`v bi cö qvrbxqzvi e vcv i mvaviy HKgZ cöwzwôz nq kixôavn&wfwëk Bmjvgx A_ vq bi g~j PZbv GUvB Bmjvgx Avw_ K bxwzgvjvi m ½ cöpwjz e e v KZUv m½wzc~y m e vcv i eiveib D ØM wqj wu K _vkvi ÿgzv (sustainability) I `vwi`ª we gvp bi g Zv Av_ -mvgvwrk D Ïk jvi jvfrbkzv (profitability) evrvi-as ki m ½ KZUv m½wzc~y Zv eo ik gi P v j Äi m ywlb IAvBwm `k jvi Av_ -mvgvwrk Dbœq b wkqz Bmjvgx cy I PP või Kvh KvwiZv ek cömswkz n ji A b K hyw³ `Lvb Dbœqb cöwµqvq Bmjvgx A_ vq bi cöfve cöv_wgkfv e gvsvwi Mv Qi we kl K i cöpwjz cy jv cybm V bi gva g kixôavn-i kz c~i Yi Dc hvmx K i mvaviyz Bmjvgx Avw_ K c Y i iƒc `qv n q Q d j mv úªwzk Avw_ K m¼ukv j aÿs mi ØvicÖv ší DcbxZ niqv cöpwjz e e vi GKwU wbf i hvm wekí wn m e Bmjvgx Avw_ K e e v K Zz j aivi h my hvm m wó n qwqj Zv bó nq ZvQvov mv úªwzk m¼u h welqwu K iæ Z i m ½ Zz j a i Zvn jv cöpwjz e e vi g Zv Bmjvgx Avw_ K wkíwui cwikwíz SzuwKi gy L GKiKgfv e AiwÿZ ZvB Bmjvgx Avw_ K e e vi wbf i hvm Zv AR bi c_ AbymÜvb GL bv GKwU P v jä wn m e i q M Q Dc iv³ ch eÿ Yi Av jv K G wbe Ü IAvBwmfz³ `k jv Z Bmjvgx Avw_ K wk íi mgmvgwqk cöeyzv Ges cöpwjz my`wfwëk e e vi wekí wn m e GKwU g~javivi A_ e e vq cwiyz niqvi g Zv Gi h mnrvz m vebv i q Q Zv wb q Av jvpbv Kiv n q Q Bmjvgx e vswks 53

54 mv úªwzk Avw_ K m¼u I Bmjvgx A_ vqb e e v DcRvZ ZrciZvi (derivative activity) bwriwenxb e w, AwZgvÎvq SzuwK MÖnY cöeyzv, aÿsmvz K Avw_ K D veb Ges `ye j AvBwb Z`viwK 2000 mv ji kl w` K cöpwjz A_ vqb e e v K aÿs mi ØvicÖv ší DcbxZ K i wu K _vkv Avw_ K cöwzôvb jv Zv `i evrvi g~ j i GKwU eo Ask nvivq Av b GÛ Bqvs (2009)-Gi wnmv e, m¼ Ui mgq hy³ivóª I BD iv ci kxl 10wU cöwzôvb Zv `i mvwe K evrvi g~ja bi h_vµ g 50 I 56 kzvsk nvivq d j evrv i `ªæZ Av vczb N U (wpî 1) 1 wpî - 1: kxl 10 cöpwjz avivi Avw_ K cöwzôv bi gv K U K vwcuvjvb Rk b cwiez b m¼u c~e m¼u ciezx m¼u c~e m¼u ciezx hy³ivóª BD ivc wewjqb gvwk b Wjvi wmwu (-75%) weig (-51%) GAvBwR (-97%) I qjm dvi Mv (15%) k vwm (-39%) m~î: Av b GÛ Bqvs Iqvì ZvKvdzj wi cvu Mvìg vb mm (-58%) Rwc gm vb (-25%) gbyjvbd (-64%) BD.Gm. e vsk (-16%) Av gwikvb G cöm (-50%) GBPGmwewm (-30%) GwjqvR (-72%) B šímv Gm. (-61%) mvšív Üi (-44%) wegbwc (-49%) 14 AvBGbwR (-86%) BDweGm (-59%) GG G (-68%) wewewfg (-54%) Gm. R bivj (-63%) IB m¼u GL bv Kv Uwb Ges Zvi weiƒc cöfve GL bv cök Z A_ bxwz Z AvNvZ n b P j Q BD iv Rv bi `k jv Zv `i A_ bxwz Z GB m¼u `ªæZ Qwo q co Z ` L Gi bwzevpk cöfve KvwU q IVvi Rb GL bv Zviv jovb K i hv Q Ab w` K, cöpwjz e e vi we ivaxiv hyw³ `b, ˆewk K Avw_ K e e v cök Z A_ bxwz K mnvqzv `v bi c_ _ K m i M Q Ges GUv mgv Ri Rb Zgb Kvb Kg ms vb I cök Z m ú` m wó Ki Z cvi Q bv wb R `i hyw³i mg_ b Zviv DcRvZ ZrciZv jvi cöwz `vqmviv Mv Qi ` wó `b Ges e jb, mviv we k i ÔIfvi-`v-KvD UviÕ (IwUwm) evrv i 2008 mv ji Ryb ch ší DcRvZ I mv ji ga ezx mg q e vsk jv Z cwiez b Ges I Gi g a exgv Kv úvwb jvi cwiez b 54 Bmjvgx e vswks

55 cöeyzvi gvu cwigvy `uvovq 673 wuªwjqb 2 gvwk b Wjvi (wpî 2) hv ÔcvewjKwj Uª WW dvg Õ 3 - Gi gvu evrvi g~j Ges ˆewk K Drcv` bi P q cövq 11 Y ewk DcRvZ-mswkøó Pyw³ jvi evrvi g~j we epbvq bqv n j IwUwm DcRvZ jvi gvug~j 2007 mvj _ K wø Y e o, A_ vr 16 wuªwjqb gvwk b Wjvi _ K e o 2008 mv j 35 wuªwjqb gvwk b Wjv i `uvovq Gig a my `i nviwfwëk (AvBAvi) DcRvZ jvi Ae vb wqj kx l (wpî 2) wkš ˆewk K m¼u ïiæ niqvi ci 2009 mv j DcRvZ jvi g~j 10 wuªwjqb gvwk b Wjvi K g 25 wuªwjqb gvwk b Wjv i b g Av m hw`i G mg q DcRvZ Pzw³ jvi evrvig~j KZUv K g Q Zv wnmve Kiv nqwb wkš ˆewk K A_ bwzk Kg Kv Ði P q jb `b Kiv DcRvZ jvi evrv ii AvKvi wqj A bk eo Ges Gi Ôbwgbvj f vjyõ ^vfvwek Ae vq wd i Avmv m e wqj bv d j Av ikwu m¼u Awbevh n q c o Ab w` K, cöpwjz Avw_ K e e vi Ggb wech qi cii wemz `k K wek e vcx Bmjvgx A_ vqb m ú `i cöe w wqj AcÖwZ iva GB wk íi mvwe K AvKvi MZ `k Ki ïiæ Z hlv b wqj 80 wewjqb gvwk b Wjvi Zv jÿ Yxqfv e e o 2001 mv ji k l G m 1.1 wuªwjqb gvwk b Wjv i (wpî 3) `uvovq 2011 mvj ch ší IAvBwm `k jv wqj ˆewk K Bmjvgx A_ vqb m ú `i 98% As ki gvwjk wpî - 2: cöpwjz DcRvZ cy jvi bwgbvj (euv q) Ges evrvi (Wv b) g~j gvu wuªwjqb gvwk b Wjvi AvBAvi Ryb 1998 Ryb 2002 Ryb 2006 Ryb 2010 m~î: e vsk di B Uvib vkbvj m Uj g U (weavbgm) vwuw K 5 GdG 0 Ryb 998 Ryb 2002 Ryb 2006 Ryb 2010 wpî 3-G `ªæZ cöe w i h cöeyzv `Lv hvq, Zv Z we ep mg q Bmjvgx A_ vqb wk íi hšwmk cöe w nvi wqj 27% mg q Mo cöe w nvi wqj Av iv ewk (30%) 2009 mv ji ïiæ _ K we k i cök Z A_ bxwzi Dci wøzxq `dvq Avw_ K m¼ Ui bwzevpk cöfve AbyfzZ n Z 2 e vsk di B Uvib vkbvj m v Uj g U (weavbgm) 3 Iqvì dwv ikb Ae G PÄ _ K cövß Dcv Ëi wfwë Z Bmjvgx e vswks 55

56 ïiæ K i g~jz m ú`wfwëk A_ vqb Kg Kv Ði m ½ hy³ Bmjvgx Avw_ K cöwzôvb jvi mvwe K AR bi Gmgq ÿwzmö Í nq wøzxq `dv AvNv Zi Kvi Y cöe w i MwZ Z wkqzuv Uvb co ji ewkifvm kixôavn&m Z cöwzôvb I Zv `i m ú ` cöpwjz Avw_ K cöwzôvb jvi g Zv m¼ Ui cöz ÿ cöfve c owb hw`i GLb ch ší ˆewk K Avw_ K m ú ` Ô db gbvj cöe w Õ-i jÿy `Lv h Q bv: ˆewk K Avw_ K m ú ` Bmjvgx A_ vq bi Ask 1%-Gi g Zv G Z 2011 mvj ch ší ga cövp I `wÿy Avwd«Kv (GgBGbG) AÂ j IAvBwm `k jvi Ask wqj 79% ˆewk K Bmjvgx A_ vqb wk í DcmvMixq mn hvwmzv cwil `i (wrwmwm) 6wU m`m iv óªi Ask 40% ev 1.1 wuªwjqb gvwk b Wjvi Gwkqvi msl vmwiô gymwjg RbmsL vi `k jv Z G wk íi Dcw wz wkqzuv `ye j, gvî 15% ZvB G AÂ j Bmjvgx A_ vqb wkí we Ív ii e vck m vebv i q Q ˆewk K Bmjvgx A_ vqb evrv ii 5% i q Q A ªwjqv, BD ivc Ges Av gwikv AÂ ji Agymwjg msl vmwiô RbmsL vi `k jv Z Ab w` K, AeKvVv gvmz Dbœqb Znwe ji wekvj NvUwZ _vkv mve-mvnvivb Avwd«Kvi (GmGmG) `k jv Z ez gv b Bmjvgx A_ vq bi evrvi Zgb bb G AÂ ji AeKvVv gv Dbœq b wecyj A_ vq bi my hvm _vkvq AÂjwU Bmjvgx A_ vqb evrv ii GKwU bzzb Drm wn m e Avwef~ Z n Z cv i 56 Bmjvgx e vswks

57 AvÂwjK cöe w i wnmv e Bmjvgx A_ vqb wk íi cöe w Z GgBGbG-fz³ IAvBwm `k jvi Ae`vb me P q ewk ˆewk K Bmjvgx A_ vqb m ú `i cvup-pzz_ vs ki gvwjk Gme `k 2006 mvj _ K G Lv Z `k jvi hšwmk Mo cöe w nvi (wmgwravi) 26.4% (wpî 5) GKB mg q, we kl K i wrwmwm `k jv Z Bmjvgx A_ vqb m ú `i Mo hšwmk cöe w nvi (compounded average growth rate) wqj 27.7% Ab w` K G wk í Zzjbvg~jK Dcw wz Kg n ji A ªwjqv, BD ivc I Av gwikvi Agymwjg `k jv Bmjvgx A_ vqb wk íi bzzb K `ª wn m e M o DV Z ïiæ K i Q 2006 mvj _ K G A j Bmjvgx A_ vq bi evwl K Mo cöe w wqj 21.6%-Gi g Zv d j mg q G A j Bmjvgx A_ vqb m ú` wø YiI ewk e w cvq Gi ga w` q, Agymwjg A j Bmjvgx A_ vqb mev wk íi MÖvnKwfwË m úªmvi Yi wecyj m vebv m wó n q Q 6bs wp Î `Lv hv e Bmjvgx A_ vq bi eo K `ª jvi Ae vb ga cöv P Gi g a BivbI i q Q mvwe K Bmjvgx A_ vqb m ú ` Biv bi Ask 35.7%, mšw` Avi ei 13.9%, mshy³ Avie Avwgiv Zi 8.7%, Kz q Zi 7.3%, evnivb bi 5.3% Ges KvZv ii 4.8% GQvov Gwkqvi `k jvi g a G Lv Z gvjqwkqvi Ask 12.3% Gme ` ki Bmjvgx A_ vqb cöwzôvb jv GB wk íi Av iv cöe w AR b Ges bzzb evrv i G wkí m úªmvi Yi D ` vm b e e j Avkv Kiv hvq IAvBwm-fz³ Zzi, my`vb, wgmi, RW vb I wmwiqvi g Zv `k jv Z Bmjvgx A_ vqb wkí `ªæZ M o DV Q GmGmG-fz³ `k jvi g a bvb Rwiqv Bmjvgx A_ vqb wkí Kv R jvmv Z Rvi cö Póv ïiæ K i Q Bmjvgx e vswks 57

58 ˆewk K Bmjvgx A_ vqb wk í Gwkqvi Ab vb IAvBwm m`m hgb B `v bwkqv, evsjv ` ki g Zv msl vmwiô gymwjg RbmsL vi `k jvi cö Z Ki Ask 1%-Gi g Zv 58 Bmjvgx e vswks

59 Bmjvgx A_ vqb m ú `i g a i q Q Bmjvgx e vsk, Bmjvgx wewb qvm cöwzôvb, ZvKvdzj Ges Ab vb cöwzôvb wpî-7 G `Lv hvq, Bmjvgx A_ vqb i q Q Ggb `k jv Z GB wk íi GKwU eo Ask Ry o i q Q Bmjvgx e vswks Ab w` K Bivb, gvj qwkqv, mšw` Avie I Avie Avwgiv Zi g Zv `k jv Z ZvKvdz ji Dcw wz Zzjbvg~jK kw³kvjx Bmjvgx A_ vqb Kg KvÐ we epbvq wb j `Lv hv e, Kz q Z GB wk íi m ú` jvi g a iæz c~y Ask `Lj K i Av Q Bmjvgx wewb qvm mswkøó Kg KvÐ 2011 mv j mvwe K Bmjvgx A_ vqb m ú `i g a Biv bi m ú `i cwigvy wqj 388 wewjqb gvwk b Wjvi Gi c i i q Q h_vµ g mšw` Avie (151 wewjqb Wjvi), gvj qwkqv (133 wewjqb Wjvi), Avie AvwgivZ (94 wewjqb Wjvi), Kz qz (80 wewjqb Wjvi), evnivbb (58 wewjqb Wjvi), KvZvi (52 wewjqb Wjvi) I Zzi (28 wewjqb Wjvi) Bmjvgx A_ vqb wk í iæz c~y AMÖMwZ GKwesk kzvãxi m~pbvjmœ _ K Bmjvgx A_ vqb wk íi w`m ší me P q bvukxq cwiez b m~wpz nq ez gvb wek -A_ bwzk cwi e ki AmvaviY me P v jä I AwbðqZvi g a I Bmjvgx A_ vqb wek e vcx A_ vqb wk íi GKwU iæz c~y As k cwiyz n q Q Avi IAvBwm `k jv cwiyz n q Q Bmjvgx A_ vqb mevi cöavb mieivnkvix Z Bmjvgx A_ vq bi BwZnv m GKwesk kzvãxi cö_g `kk LyeB iæz c~y KviY G mg q Bmjvgx A_ vqb wk í A bk Zvrch c~y NUbv Bmjvgx e vswks 59

60 N U Ges wkíwu `ªæZ cöe w AR b mÿg nq MZ `k Ki me P q iæz c~y NUbv n jv Bmjvgx A_ vq bi AvšÍR vwzkzv Ges AvšÍR vwzk A_ vqb e e vq Gi µgea gvb f~wgkv AMÖMwZi GB aviv Ae vnz _vkvq PjwZ `k Ki ïiæ _ KI G wk í ek wkqz Zvrch c~y AMÖMwZ NU Q ` v wmwu BD KÕi (2012) mv úªwzk GK wi cv U 2011 mv j Bmjvgx A_ vqb wk íi Zvrch c~y AMÖMwZ jv Zz j aiv n q Q: QK mv j Bmjvgx A_ vqb wk íi iæz c~y AMÖMwZ b f ^i _gmb iquvm KZ K we k i cö_g Bmjvgx AvšÍte vsk iu, B Uvib vkbvj 2011 BmjvwgK eâgvk iu (AvBAvBweAvi) D Øvab, Bmjvgx Dbœqb e vsk (AvBwWwe), GmBGmAviAvBwm, GKvDw Us GÛ AwWwUs AM vbvb Rkb di BmjvwgK dvbb vwýqvj BÝwUwUDkbm (GGIAvBGdAvB), mb m ½ we k i me e nr e vsk jvi GKwU Kb mvwu qvg g 2011 Bmjvgx e vsk cöwzôvi AbygwZ `v bi wm vší bq Igvb G ÿ Î QqwU wrwmwm deªæqvwi 2011 ` ki g a Igvb wqj me kl Bmjvgx e vswks DBb Wvi gva g cöpwjz e vsk jvi kixôavn&&m Z cy mev cö`vb wbwl K i KvZvi GKwU cy iv` i Bmjvgx cyuwr evrvi MVb Ges Bmjvgx A_ vqb wkí K cöpwjz e e v _ K Avjv`v Kivi Rb AvBAvBweAvi-Gi hvîv wqj GKwU iæz c~y AMÖMwZ 1975 mv j cö_g Bmjvgx evwywr K e vsk vc bi ci _ KB Bmjvgx A_ vqb wkí Ggb GKwU wbr ^ eâgvk AbymÜv bi Póv Pvwj q AvmwQj hv we Í Z cwim i Bmjvgx A_ vqb c Y i g~j wba vi Y e envi Kiv hv e hvi g a _vk e ^í- gqvw` Zvij -mswkøó cy _ K `xn gqvw` wewb qvm cy ; hgb, Bmjvgx mykzk (Bmjvgx cyuwr evrvi) jûb eâgvk cö ÍvweZ nvi (GjAvBweIAvi)-Gi g Zv cöpwjz eâgvk -Gi wecix Z Bmjvgx A_ vqb wk í Ggb Kvb e e v GZw`b h NvUwZ wqj, GKwU wbf i hvm cöwzôvb wn m e AvBAvBweAvi Zv c~iy Ki e e j Avkv Kiv n Q hw`i GL bv kixôavn&&m Z AvšÍte vsk Znwe ji cöz vwkz gyivevnv gybvdv wnmve Ki Z AvBAvBweAvi K gvwk b Wjvi e envi Ki Z n Q ^vfvwek cök wzi-c wz wn m e AvBAvBweAvi Bmjvgx eâgvk KwgwU G KB e Q wb q Q m `n bb Gi d j gy`vivev, gykvivkv, mykzk I IqvKvjv-i g Zv Ab vb Bmjvgx A_ vqb c wz Z IB nv ii wfwë Av iv m úªmviy Kiv mnr n e GB c wz jv µ gb we Í Z cwim i AbymiY Kiv n Q Ab w` K, kixôavn&&m Z Bmjvgx Avw_ K mevi wecyj Pvwn`vi Kvi Y 2011 mv ji g- Z Igvb Zvi ` k Bmjvgx e vsk cöwzôvi AbygwZ `q GZw`b IB A ji Ab vb ` ki gva g G Pvwn`v c~iy Kiv nw Qj Bmjvgx e vsk cöwzôvi d j Igvb _ K GZw`b h Bmjvgx wewb qvm evb i P j hvw Qj Zvi cwigvy K g Avm e KvZv i cöpwjz e vswks-gi Dci mxgve Zv Av ivc Kiv n q Q Gi gva g cy ivgvîvq Bmjvgx e vswks Pvjyi my hvm Ges Bmjvgx e vswks-g bezi D veb DrmvwnZ n e e j Avkv Kiv hvq 60 Bmjvgx e vswks

61 Bmjvgx A_ vq bi P v jä I m vebv mv úªwzk ˆewk K Avw_ K m¼ukv j wu K _vkvi cixÿvq Bmjvgx A_ vqb e e v mvd j i m ½ Dr i M Q wvkb wkš IB m¼u GB wk íi wkqz iæz c~y P v jä KI mvg b wb q G m Q ez gv b IBme P v jä gvkv ejv Ki Q G wkí IAvBwm `k jvi cvkvcvwk e nr cwim i wek ch v q Bmjvgx A_ vq bi ^v_ mswkøó cÿ jv K mvg b GwM q h Z n j GB wkí K wn i _vkv eûmsl K Bmy wb q K_v ej Z n e Gme P v jä KvwU q DV Z mgq Ges cö Póv cö qvrb Z e Gi GKwUI A Rq bq we k RbmsL vi gvuvgywu GK Z Zxqvsk gymjgvb Ges IAvBwmÕi `k jv PviwU gnv ` k Qwo q Av Q wewfbœ m`m iv óª Bmjvgx A_ vqb e e vi we Í wz ZI i q Q e vck cv_ K Bivb I my`v bi A_ bwzk e e v cy ivcywi BmjvwgK IAvBwm-i G `yb m`m `k K ev` w` q wbw` ó K qkwu m`m iv óª Bmjvgx e vswks mev we Ív ii ch vq Ges Gme ` k gvu RbmsL vi KZ Ask gymjgvb Zv 7bs wp Î `Lv bv n q Q evsjv ` k Bmjvgx e vswks mev we Ív ii nvi m e v P GLv b mvwe K e vswks m ú `i 65%-Gi Askx`vi Bmjvgx A_ vqb evnivb b GB nvi 46% Ges mšw` Avi e 35% Z e, cvwk Ívb, Zzi, wgmi I B `v bwkqvi g Zv e nr gymwjg RbmsL vi (cövq 54 KvwU gvbyl) `k jv Z Bmjvgx e vswks-gi we Ívi mvwe K e vswks m ú `i gvî 4-5% úóz, IAvBwmfz³ A bk gymwjg msl vmwiô ` k Bmjvgx e vswks mevi GB Bmjvgx e vswks 61

62 ^í Dcw wz e j `q, Bmjvgx A_ vqb wkí mv úªwzk mg q h `ªæZ cöe w AR b Ki Q Zv a i ivlvi g Zv cöpzi my hvm i q M Q Gme ` k A bk MÖvnK nq agx q AbyfzwZi Kvi Y e vswks mev wb Z Drmvnx nq bv, A_ev Zv `i Avw_ K cö qvrb c~i Yi Rb cöpwjz e e vi Øvi bv n q Dcvq bb GL bv A bk IAvBwm m`m ivóª A _ i Afv e Zv `i A_ bwzk Dbœqb K GwM q wb Z cvi Q bv wmwrgwc-i dvbb vwýqvj G vk mm Rwic, 2009-Gi wfwë Z Iwjfvi IqvBg vb (2011) GK cöwz e` b D jøl K i: 70% gymjgvb KvbiKg gšwjk Avw_ K mev cvb bv; IAvBwm `k jv Z gvî 28% cövßeq gvbyl AvbyôvwbK Avw_ K ga ZvKvix e envi K ib; mve-mvnvivb Avwd«Kvi IAvBwm `k jv Z 50%-GiI Kg cövßeq gvby li mâqx wnmve i q Q DbœZ `k jv Z G nvi gvby li msl vi P q K qk Y ewk ez gvb M elyv ZI `Lv hvq, IAvBwm `k jv Z cöwz GK jvl cövßeq gvby li Rb M o 5wU e swks kvlv i q Q Ab vb Dbœqbkxj ` k GB msl v 10wUi g Zv Ges DbœZ ` k Zv 40wUi KvQvKvwQ (wmwrgwc dvbb vwýqvj G vk mm mv f, 2010) gymwjg we k ÔAvw_ K e e vq cö ekõ myweavi h NvUwZ Zv BmjvwgK A_ vqb wk íi BwZevPK Dbœq b Rb AvKl Yxq my hvm m wó K i Q Ab w` K, mv úªwzk ˆewk K Avw_ K m¼ Ui cvkvcvwk Av ikwu wel q D ØM `Lv `q Zv n jv, Bmjvgx Avw_ K c Y i ÿ Î AwZgvÎvq D vebcöeyzvi Kvi Y Bmjvgx AvBbkv i KwZcq gšwjk weavb D cwÿz niqvi Avk¼v Gi me P q D jøl hvm D`vniY m ez mykzk - GKmgq G K ÔBmjvgx eûõ bv gi WvKv n Zv G ai bi A bk Bmjvgx mykzk GZ`~i ch ší wm q Q h Zv cöpwjz e e vi my`wfwëk e Ûi bkj e j g b n q Q A_P Bmjv g my` m ú~y wbwl wemz 15 eqi a i, cöwzeqi Bmy Kiv mykzk-gi msl v D jøl hvm fv e e o Q 2011 mv j IAvBwm `k jv Z G ai bi mykzk Bmy i cwigvy `uvovq evwl K 84.5 wewjqb gvwk b Wjvi PjwZ `k Ki ïiæ _ K GB wk íi cöe w i BwZnv m Zv GKwU ikw (wpî 9) 62 Bmjvgx e vswks

63 IAvBwm `k jvi AeKvVv gv Dbœq b h wecyj As Ki A_ vqb cö qvrb Zvi Zzjbvq mykzk evrvi G Kev ib cöv_wgk ch v q ejv P j Ges Gi Av iv A bk Dbœqb cö qvrb Òdg - Ifvi-mve ÝÓ hyw³i wfwë Z Bmyy Kiv ÔKi cv iuõ A_ev Ômf ibbõ ai bi ewkifvm mykzk G ch ší e v jý wk Ui Rb Znwej msmö ni Dci gb hvm w` qq G Z BwZevPK Dbœq bi mnvqk e nr AeKvVv gvmz cök í A_ vq bi cö qvrbxqzvi Dci Rvi `qv nqwb AwaKš, IAvBwm `k jv Z ZvKvdz ji (Bmjvgx exgv) ^í Dcw wz Bmjvgx A_ vqb wk íi Rb Av ikwu P v jä cöavb ZvKvdzj evrvi wn m e IAvBwm m`m `k jv Z exgv wk íi GB bxpz nvi fwel Z GB wk íi evrvi wecyj m úªmvi Yi m vebv ˆZwi K i Q (wpî 10) ZvKvdz ji wek evrvi Kb GL bv G Kev i cöv_wgk ch v q, Zvi e vl v GLvb _ K cviqv hvq Av b GÛ Bqvs (2011we)-Gi wn m e 2011 mv j wek e vcx ZvKvdzj wcöwgqvg-gi AsK `vuovq 16.5 wewjqb gvwk b Wjvi ZvKvdzj wcöwgqvg msmö ni cwigvy me P q ewk Biv b 2011 mv j we k i gvu msm wnz ZvKvdzj wcöwgqv gi 30 kzvsk Kej G `k _ K msmön Kiv nq 2015 mvj bvmv` ˆewk K ZvKvdzj evrvi 25 wewjqb gvwk b Wjv i `uvov e e j Avkv Kiv n Q ˆewk K Avw_ K wk í Bmjvgx A_ vq bi Zzjbvg~jK ^í Dcw wzi g Zv ZvKvdzj evrvii ez gvb we k i exgv evrv ii gvî 1%-Gi Askx`vi (Av b GÛ Bqvs) MÖvn Ki Kv Q cšqv Ges ZvKvdzj K g~j cöwz hvwmzvg~jk Kivi g Zv Bmy jv mgvav bi c _ GL bv A bk KvR evwk Bmjvgx e vswks 63

64 m ú` ˆewPÎ m wói my hvm Kg _vkvq Bmjvgx Avw_ K cöwzôvb jvi SzuwK e e vcbvi mvg_ wkqzuv mxwgz wemz Avw_ K m¼ Ui mgq Gi cöz ÿ cöfve jÿ Kiv hvq G mgq `Lv hvq wi qj G U Lv Zi Dci Bmjvgx Avw_ K cöwzôvb jvi e vck wbf izvi Rb IAvBwm m`m `k jv, we kl K i GgBGbG A j Zrci Ggb eû cöwzôv bi m ú`g~ j eo ai bi czb N U Av b GÛ Bqvs (2011)-Gi GK M elyvq `Lv hvq, Bmjvgx A_ vqb wk íi Rb wi qj G U wbf izv GL bv GKwU eo D Ø Mi KviY GUv wk íi fwel r cöe w K ÿwzmö Í Ki Z cv i (wpî 11) ewkifvm IAvBwm ` ki KvVv gvmz mÿgzv AR bi Rb cö qvrbxq Avw_ K `ye jzv Bmjvgx A_ vqb wk íi cöe w Z Av ikwu eo evav welqwu wpî 12-G `Lv bv n q Q KvVv gvmz mÿgzvi g a i q Q weavwbk, wbqš K, AvBbMZ, wnmve, Ki, gvbe cyuwr Ges kixôavn&wfwëk e emv KvVv gv m`m `k jvi g a evnivbb, gvj qwkqv Ges mshy³ Avie AvwgivZ n jv Bmjvgx A_ vq bi Ab Zg e nr K `ª `k jvi AeKvVv gvi DbœZ wkš A bk `k, we kl K i Avwd«Kv A j KvVv gvmz mÿgzv ej Z wkqz bb d j mlv b A_ vqb kixôavn&&m Z bv niqvmn A bk SzuwK i q M Q Gme ` k Bmjvgx A_ vqb mev cö`v bi ÿ Î Bmjvgx Avw_ K cöwzôvb Ges e nr AvšÍR vwzk Avw_ K cöwzôvb jvi Bmjvgx evzvq bi (Islamic window) gva g mev cö`v bi g Zv GKwU bwzevpk DÏxcKI m wó n q Q 64 Bmjvgx e vswks

65 Bmjvgx A_ I cyuwr evrv ii Dbœq b eû wel qi g a Zvij e e vcbv c wz jv gvbm Z Kivi weavb, Bmjvgx Avw_ K cöwzôvb jvi cwipvjbvmz `ÿzv Dbœqb, c Y i gvb wba viy, wbqš K KvVv gv jv mymsmz Kiv Ges gvbe cyuwr mgv ek-gi g Zv welq jvi Dci Bmjvgx A_ vqb wk íi msmvbg~jk c` ÿc bqv cö qvrb fšmwjkfv e GL bv Bmjvgx A_ vq bi gvbwba vik cöwzôvb jv melv b cšqv Z cv iwb Ab w` K, G jvi wba vwiz gvb Kvh Ki Kivi ÿ ÎI A bk P v jä i q M Q Ab w` K, eû gymwjg we klá Ges ckv`vi e w³ Bmjvgx A_ vq bi `ÿzv K wek gv b DbœxZ I m úªmvwiz Kivi Dci iæz `b kixôavn&& evw jv Z wkqz kixôavn&& we kl Ái cöwzwbwaz i q Q AwZgvÎvq dvûm GU IqvK (2011)-Gi GK Rwi c `Lv hvq, gvî 20 Rb kixôavn&& we klá 619wU evw m`m c` `Lj K i Av Qb Gme ev W c` msl v 1,142wU mvg b A bk fxwzki P v jä _vk ji mieivn I Pvwn`v ÿ Î Bmjvgx A_ vqb wk íi mnrvz kw³ A bk GB kw³i Drm Bmjv gi AšÍwb wnz g~j eva GB mnrvz kw³ mwz Kvi PZbvi m ½ ev ÍevwqZ Kiv M j Bmjvgx A_ vqb wk íi cöe w eû Y e w cv e Bmjvgx e vswks 65

66 66 Bmjvgx e vswks G e vcv i mv úªwzk I AZx Zi Rwic jv jÿyxq G jv Z `Lv hvq cq ` Kivi my hvm c j ewkifvm gymjgvb Bmjvgx A_ vq bi wekík jvb e Q bb Gme Rwi ci K qkwu Ges G jvi djvdj 2bs QK-G `Lv bv n q Q hgb wdwjw Í bi K_v ejv hvq mlv b ^í-av qi ewkifvm cwievi cöpwjz Avw_ K e e vi P q Bmjvgx Avw_ K mev MÖn Y AvMÖnx Zv `i A a KB e j Qb, Bmjvgx Avw_ K cy MÖn Yi Rb D PZi g~j w` ZI Zviv ivwr QK 2 : gymwjg we k cq `i ÿ Î Bmjvgx A_ vqb K AMÖvwaKvi `vb `k Rwic (eqi) djvdj Avj Rwiqv d«v¼dzu zj Ae dvbb vý GÛ g v br g U (e vskgkv Wwg B Uvib vkbvj) (2006) B `v bwkqv RW vb GB Rwi c `Lv hvq, 20.7% ÿz`ª cöwzôv bi gvwjk g~jz ag xq Kvi Y Kvb F Yi Rb Av e`b K ibwb e vsk B `v bwkqv (2000) c~e Rvfvq 49% MÖvgxY RbMY my` K wbwl MY K ib Ges kixôavn&m Z Avw_ K cöwzôv bi m ½ jb `b cq ` K ib AvBGdwm Ges GdAvBGbwmG (2006) mvÿvzkvi `qv h_vµ g 25% I 32% gvbyl Rvbvb, Zviv agx q Kvi Y cöpwjz e vsk jvi FY bbwb GB Rwi c Av iv `Lv hvq, 18.6% DËi`vZvi FY bqvi ÿ Î wm vší MÖn Yi me P q iæz c~y GKK Dcv`vb n jv agx q