The Effects of Economic Growth on Olympic Performance Research Proposal

The Effects of Economic Growth on Olympic Performance - Research Proposal Example ent variable, Olympic performance will be considered in totality with regard to all the various factors that work together to affect the nature of the performance in a positive or negative way. The research question adopted for this study is important in three main perspectives. First, the question is designed to highlight the inherent challenges in Olympic performance as understood from the perspective of economic influences. It will help to enhance the understanding of any imbalances, advantages, and any other factors that promote or detract from the fairness and competitive nature of sports. This is a correlation study that seeks to establish the link between dynamics of economic growth and performance in Olympics. The aspect of economic growth shall be considered from the level of the participating countries. As such, the research question could provide a resourceful guide on the patterns of performance between the poor countries and the rich countries in line with past and recent studies that cited disparities in economic progress as the guiding factor towards the usual outcomes. Past empirical studies have shown that the performance in Olympics is significantly dependent on the level of economic development (Bian, 2004; Bhattacharya, 2006). Correlation research findings have indicated that the level of performance is significantly related to the Gross Domestic Product (GDP) of the participating countries (Nielsen, 2013). Precisely, countries with low GDP measures tend to show poor performance in athletics as compared to countries with relatively higher GDP values. The general thinking is that economic power provides the developed world with a higher advantage than the struggling economies. Rich countries invest larger sums of money into the development of sports infrastructure as compared to the poor countries. According to some studies, the difference in the level of investment is the baseline factor that creates the variations in performance (Kothari,

The Advantages Of Internet Censorship Media Essay

The Advantages Of Internet Censorship Media Essay Nowadays, the internet has been gaining its popularity at an amazing rate. The internet has become an important communicative tool, which brings significant convenience and efficiency for people. However, the internet also has severe weakness. Although the internet is comprehensive and the internet is not easy to limit, many countries are working on the censorship of the Internet. The issue of internet censorship is a complex and controversial one. As a matter of fact, the censorship of the internet is a double-edged sword. The censorship can work in some instances, but in others it can be detrimental to society. This essay will first explain the advantages of internet censorship. Then the essay will explain the harm of internet censorship to the society. The internet censorship can be a protection measure. As the internet is open and comprehensive, the quality and authenticity of internet information is questionable. There are a lot of undue materials online, such as pornography and violence, which undoubtedly exerts a negative influence on people especially children physically and psychologically. Although there are several laws which regulate the illegal information and illegal activities, the laws are not complete enough to regulate all the illegal or immoral activities. It is very hard to charge a person for internet crimes, especially if the person is from a foreign website. Thus, the illegal activities and undue information are still rampant on the internet. Thus, internet censorship is needed for internet regulation. The censorship of internet can cleanse the internet information and protect people to some extent. The censorship of internet can filter the inappropriate information online and protect children from disturbing websites, such as, child pornography, sexual violence and detailed instructions in crime or drug use. The undue internet information may weaken childrens moral consciousness and pollute childrens soul. Thus, the undue websites can have a severely bad effect on the healthy growth of children or even cause adolescent crime. However, children are easy to contact undue internet information. Since parents can not monitor the web pages that children browse in any time and at any place, the censorship of internet can help the parents to filter undue websites for children and protect them from the misguidance and negative influence of internet. An opinion survey carried out by a professor in Charles Sturt University found that parents were worried about the pornographic content on the internet. In order to protect children from the negative influence of extreme, violent and pornogr aphic information, 93% parents support the mandatory internet filtering. The censorship of internet can help women. In order to get more click rate and benefits, many adult websites advocate violent sexual abuse of women. Many women suffer from the hell made by the internet because the internet makes them sold into slavery through the international sex trade (Mallisk, D., 2009). The censorship of internet can block access to these websites, regulate or even shut down some of these websites, and thus reduce the sexual exploitation of women in the internet. Thus, the censorship of internet can protect women to some degree. The censorship of internet can guard people from the disturbing email spam. For many net citizens, junk email is a troublesome problem. Some junk emails may have malware, and the malware will be activated when net citizens open the email. Some junk emails may be phishing schemes that attempt to steal net citizens identity and threatens the economic safety and privacy. Some junk emails may be fraudulent schemes or offensive material. Besides, there are a lot of annoying unsolicited advertisements (Mallisk, D., 2009). Spam filters can block junk emails for net citizens and make their internet life more safe and simple. The censorship of internet can protect the life privacy of people. The inappropriate information has threatened the life privacy of Australian people. As the incident that Google Street View cars collected personal data by WiFi systems illegally was complained, the Australian Federal Police has involved in investigation. Australian Communications Minister Stephen Conroy accused Google of doing it deliberately and said the move was the single greatest breach in the history of privacy (Shears, R., 2010). Besides, there are some net citizens or websites that make a mala fide use of internet to diffuse others privacy, like others private video, private pictures and so on. The censorship of internet can prevent these duly. Thus, sometimes, in order to protect the privacy of people, the censorship of internet is necessary. The censorship of internet can protect peoples economic interest. Some internet information can threaten peoples economic interest. Internet banking frauds happens frequently. The censorship of internet can filter a great deal of fraudulent information in the internet and enhance the supervision and control of internet banking. Due to internet censorship, a great number of financial frauds, phishing, identity thefts, credits card thefts and many other illegal activities are prevented (Manohar, U., n.d). Therefore, the economic loss of internet users are reduced or avoided. The censorship of internet can decrease internet violence and protect peoples personal security. In Australia or even the whole world, internet bullying and violence has become a serous issue. There are many suicide cases caused by internet bullying. The internet users are anonymous and the information spread fast on the internet. Some users take advantages of internet to carry on internet violence. The users may slander, abuse others and expose others privacy, which will bring about great harm to the victims. Many stars are the victim of internet violence, which can even cause the outcome of suicide. Some websites make use of internet illegally, which will give rise to baneful influence and threaten peoples life security. Internet murders happen. Through social networking sites, internet users deceive and murder other users. There are some suicide websites that abet suicide, communicate suicide knowledge and provide suicide methods. The occurrence of all these incidents and similar incidents make the internet censorship necessary. Internet censorship can prevent unjustified defamation, limit internet violence and protect peoples life security. The censorship of internet can help to protect social stability and national safety. Since the internet censorship can help to curb the large number of illegal activities and internet crimes, it is good to the stability of society. Some illegal organizations or people may release black information which will disturb the national economy and polity. The terrorists and extremists may release false information to distort facts, confuse the public peoples mind and create fear and panic thorough internet. These kinds of information will sabotage the national safety and must be deleted or filtered to avoid the misunderstanding of the public. The protection is not only about the physical preservation of the people, and foremost, it is a force and guidance in the morals and values of the nation as a whole (Coleman, B., 2010). There are many inappropriate and immoral content and information on the internet which will have a severe negative influence on the moral and value shape of the public. The censorship of internet can help filter the undue information which may corrupt the moral standard and soul of the public. Thus the censorship of internet can protect to maintain the mainstream morals and values of the nation and help the public to form healthy and reasonable internet using consciousness. The censorship of internet attaches importance to the whole rather than individual. That is why China that believes in communism can implement stringent internet censorship. The disadvantages of internet censorship The most important point against the censorship of internet is that it is against the freedom of speech and it violates human rights. The internet is an important communicative tool, which provides a platform of people from all around the world to make free speech. It should be a place where people can express their views and position regardless of societys acceptance. However, the censorship of internet censor, filter and even delete some peoples free speech. This measure hinders the free spread of information. Peoples rights of free speech, rights of communication and right to know are violated. This breaches the spirit of democracy. This measure is detrimental to websites which express particular thoughts and view. It is an obstacle to the development of internet. People may be worried about that the government will abuse the right of censorship and violates the democracy of the society. The censorship is controlled by the government. The government may abuse the right of censorship to exclude the speeches and information opposed to the authority. The government may manipulate the rights of censorship to hide information which is disadvantageous to its policies. The government that has rights of internet censorship may silence anyone who doubt about the government. The political party in party may manipulate the rights of censorship to limit the power of political opponents. The publics right to know is deprived of and the public are controlled by the government. Consequently, without the supervision of public, the democracy of the nation is damage greatly, which will give rise to serious negative influence to the whole nation. Some undue websites, such as pornographic websites, no one wants that to be available. However, the real issues limit ed by the censorship of internet go far beyond the regime. In China, although many pornographic websites and forum are banned and blocked, the government, in fact, focus on the censorship of political website. The censor to the sensitive words such as Taiwan, religion, Tibet and human rights are very strict. Besides, some disputed information, such as euthanasia and homosexuals will be block. The public can not get enough information to these disputed issues. Thus, prejudices and intolerance emerges, which will bring unfairness to the society. The censorship can also have negative effect on the judicature of the society. In China, some people are accused of agitating people to topple government and arrested because they publish and spread articles and information to oppose and criticize government. However, the conviction criterion of this accusation is very vague. The judicial interpretation is not adequate. The government has to much space to determine this issue. Thus, many scholars and lawyers submit a joint letter to limit or abolish this accusation. Besides, many scholars and lawyers ask for the judicial interpretation of this accusation. The internet censorship may challenge the authority of judicature and cause the damage to the authority of laws. The censorship of internet will bring about great economic cost. First, the expanse on the work of filter can be very expensive (Nicholson, J. D., 2008). Further, a broad scale filter proposed by the Government may also drive up related costs, such as data center staff needed to deal with an increase in customer complaints when they can not access sites(Riley, D., 2009). Second, the Internet filter could ruin National Broadband Network (NBN) speeds. A test paper released by the Australian Communications and Media Authority showed that a proper implement of a censorship regime would likely, at best cause a 20% drop in internet speeds or even more higher speed drop (Riley, D., 2009). As the internet speeds are slowed down, that means longer time will be spent on doing business and the productivity will fall (Riley, D., 2009). It will make a big difference to business when a filtering slowdown, like downloading files. If clicking on something, it will waste lots of time to wait it open. Therefore, the Internet filter affects the efficiency of business and may bring about loss or waste of money. In addition, if there is Internet traffic, lots of filtering units and some mechanism are needed for changing the busy to small parts. These will cost lots of money. The whole efficiency of business is slowed down and this will cause great economic cost. The censorship of internet limits the development of on-line service trade. The internet is a global market. As the development of internet, electronic commerce based on the internet replaces the management frame of standard commerce in a great measure. Moreover, the electronic commerce has mostly covered other forms of transnational trade. As the development of internet market, it makes great contributions to the whole economy. The trade supervision problems of internet market are emphasized, which include trade restriction, undermining trade environment and electronic commerce investment, information service and internet transmission. One of these measures is to prevent the access to the website. The censorship of internet implemented by different nations is always against the rules of WTO. These nations always force some preponderant websites to conform to the censorship of these nations. As a result, the internet trade is influenced seriously. To the on-line trade, the internet c ensorship is a kind of non-tariff barrier. The censorship of internet will have a negative effect on the work, study and communication of net citizens. The filtering of key words influences the research of scholars, teachers and students. The Internet filter is software which controls access to online content. These methods are more commonly referred to as a black list or white list. The filter prevents inappropriate content with white list, black list or keyword system. As its name implies, a black list blocks all websites or material restricted by an authority. The reverse, a white list, bars access to all Internet content except items approved by the filter. Keyword system checks keywords entered, limiting some sensitive words, such as sex. By this way, many useful information and normal key words may be filtered. Because of the internet censorship, people can not express themselves freely and get much information as they want. The creativity of people is discouraged, which is bad for the political, technological can cultu ral innovation of the whole society. Conclusion In conclusion, the censorship of internet is a double-edged sword. The censorship can work in some instances, but in others it can be detrimental to society. The censorship of internet can reduce the illegal activities on the internet. It provides physical protection for net citizens. The censorship of internet can protect children from undue information. It can also help women. It can also protect the economic interest, life security, social stability and national safety. Besides, it protects people to sustain the moral safety of people and help people to form healthy internet using consciousness. However, the censorship of internet also has its detriment. It violates peoples rights of free speech and may sabotage democracy. It can bring about great economic costs and prevent the development of international on-line trade. Meanwhile, it limits people to get enough information to fulfill research and study, and thus the creativity of people may be discouraged. There is no absolute fr eedom in the world, thus the internet can be an absolute free place. Although the internet censorship has its disadvantages, the negative effects of internet censorship can not be overdrawn. However, the transparency of internet censorship must be enhanced. The internet censorship without supervision is dangerous.

Is Huck Finn Too Mature? Essay -- essays research papers

Is Huck Finn too Mature? Huck Finn knows more than a fourteen year old boy could possibly know. He has the maturity level of one in their twenties at least. Huck's knowledge and decisions in certain situations in the book exceed the intelligence in general fourteen year old boys. When Samuel Clemens wrote this book, he was well into his mature adult years. Huckleberry Finn represents the adventurous, free spirited life that we all would like to have led in our childhood years. Clemens wrote this book with the frame of mind of a fourteen year old. Huck Finn is Twain's dreams and childhood ambitions come to life. On Huck's adventure he encounters alot of different views of society. He experiences the restrictions of the company in which he surrounds himself. This knowledge that Huck get's first hand ultimately ends with Huck's mature decision to oppose the views of society and risks going to hell for his friendship with Jim. This is a very mature and noble decision for a boy of Huck's age to make. It is also noticeable that Huck is unlike other boys of his age with the introduction of Tom Sawyer. Tom is always thinking of amazing plans and activities. In contrast, Huck's ideas are sensible and well thought out. This fact shows that Twain made his own character superior in a way to the others, giving him a practical edge on situations. Huck is definitely superior to other boys of his age, but it may not be just his intelligence. Also, Huck has a tendency to confide in the wa...

Literal vs. Figurative Blindness

The importance of figurative vision as opposed to literal vision to the influence of an individual is emphasized by the power inner vision yields, even over the power of the gods. Homer first highlights the power of inner sight in the situation of Agamemnon and Aigisthos. This example demonstrates that even the authority of the Greek gods cannot overcome the imbalance of power caused by the lack of figurative vision, for â€Å"the gods may love a man, but they can’t help him when cold death comes to lay him on his bier,† (III, 255-256).The gods attempt to save Agamemnon from the consequences of his figurative blindness by warning Aigisthos against the betrayal, but even the interference of the gods cannot assist Agamemnon when he is weakened by lack of knowledge. Another circumstance where inner vision is indirectly shown to be more powerful than the strength of the gods themselves is in the case of Demodokus.Demodokus’ example is unique in the fact that it can b e argued that Demodokus’ literal blindness is a demonstration of the power of the gods to keep mortal power in balance, for though Demodokus was â€Å"that man of song whom the Muse cherished,† it was â€Å"by her gift he knew the good of life and the evil- for she who lent him her sweetness also made him blind,†(VIII, 67-70).However, this only bolsters the point that inner sight brings one level with, if not above, the Greek gods themselves in terms of influence. If not, the Muse would have had not felt the need to take away literal sight to limit the power wielded by Demodokus through inner vision. The gods themselves are the product of strong inner vision in conjunction with literal vision.While they do possess magical powers, it is their inner vision that truly gives them power over mortals. Clearly, the strength of inner sight, or the weakness caused by a lack thereof, is a force that even the power of the gods cannot overcome. It is clear that an eye for a n eye does not steady the imbalance of power caused by a mortal possessing or lacking inner vision, for an eye with figurative sight is far more powerful than an eye with literal vision. Literal vs. Figurative Blindness The importance of figurative vision as opposed to literal vision to the influence of an individual is emphasized by the power inner vision yields, even over the power of the gods. Homer first highlights the power of inner sight in the situation of Agamemnon and Aigisthos. This example demonstrates that even the authority of the Greek gods cannot overcome the imbalance of power caused by the lack of figurative vision, for â€Å"the gods may love a man, but they can’t help him when cold death comes to lay him on his bier,† (III, 255-256).The gods attempt to save Agamemnon from the consequences of his figurative blindness by warning Aigisthos against the betrayal, but even the interference of the gods cannot assist Agamemnon when he is weakened by lack of knowledge. Another circumstance where inner vision is indirectly shown to be more powerful than the strength of the gods themselves is in the case of Demodokus.Demodokus’ example is unique in the fact that it can b e argued that Demodokus’ literal blindness is a demonstration of the power of the gods to keep mortal power in balance, for though Demodokus was â€Å"that man of song whom the Muse cherished,† it was â€Å"by her gift he knew the good of life and the evil- for she who lent him her sweetness also made him blind,†(VIII, 67-70).However, this only bolsters the point that inner sight brings one level with, if not above, the Greek gods themselves in terms of influence. If not, the Muse would have had not felt the need to take away literal sight to limit the power wielded by Demodokus through inner vision. The gods themselves are the product of strong inner vision in conjunction with literal vision.While they do possess magical powers, it is their inner vision that truly gives them power over mortals. Clearly, the strength of inner sight, or the weakness caused by a lack thereof, is a force that even the power of the gods cannot overcome. It is clear that an eye for a n eye does not steady the imbalance of power caused by a mortal possessing or lacking inner vision, for an eye with figurative sight is far more powerful than an eye with literal vision.

The Portrayal of Women in Art: 1962-2002

We have, more or less, as an audience become used to the idealized depiction of women. Often, particularly in classical styles, they were portrayed as reclining nudes who were there for the viewer’s pleasure. With averted eyes, they touched themselves sensually, typically innocent and oblivious that there is someone painting her for all to see. When they weren’t sexual-fantasy fodder, they were servile and obedient–particularly in the 1940?s and 1950?s after the end of the strong women era of World War II. They wore their hair in perfect curls, with their perfect dresses and worked merrily away in their perfect kitchens. In Jack Levine’s Girl with Red Hair there is a shift away from the perfect, care-free woman that came before. Rather, nudity is embraced as an aspect of the woman’s power rather than the viewer’s object. The subject confronts the viewer with her gaze. This portrait is not a portrait of a naked girl, but rather, a girl who happens to be naked. There is no trace of sexiness or sensuality–we are drawn to her face so that we may attempt to discern what this girl is thinking. Though her breasts are there, they are poorly rendered compared to the depth of her face and do not trap the eye like the neatly depicted flesh of the reclining nudes. Hotline for Troubled Teens, 1970. Joe DeMers (1910-1984). Acrylic on board, 22 ? x 18 ? in. New Britain Museum of American Art, Gift of Walt Reed, 2000. 45. Through both this artistic empowerment of women and the then energized Feminist Movement, women became less objects for a viewer’s pleasure and instead independent characters. In Joe DeMers’ Hotline for Troubled Teens, the gender is nearly removed from the girl. She is seen wearing an over-shirt that hides her breasts and her other feminine features are minimized. The girl is entered into a narrative–no longer is there a displaced nude body just lying around. Instead, we are shown a girl in her not-so-ideal life. Her face is concerned and the telephone cord is wrapped about her shoulders and wrist. She appears to be entirely dismissive of her viewers–be they out on the street around her, or elsewhere. She is self-serving and concerned with only her present situation. The title even suggests that this girl is reaching out (at the time, even that would have been taboo) in order to help herself–a principle that began to empower women during the Feminist Movement. Laneisha II, 1996. Dawoud Bey (b. 1953). Polacolor ER prints, 90 x 45 3/4 in. New Britain Museum of American Art, Members Purchase Fund, 2000. 34. This is one of my favorite pieces of the collection for many reasons. Predominantly, the depiction of women has centered around the â€Å"ideal woman†Ã¢â‚¬â€œwhich, if you haven’t picked up a magazine lately, is typically white, attractive, young, thin and perky. The woman here, however, is the antithesis. Though she is attractive, she does not have the â€Å"elegant† features that a painter might have looked for in the first half of the century. She is fragmented into six pieces and while they mostly match up–in that there are no huge gaps of information–there is a significant deformation of her figure. Her face is extra wide and left arm seems oddly long. A clear difference between the perfectly kept and rendered women of the past, this modern woman allows her flaws and her discord to be reflected in between each frame. She is a woman, not an object to behold. Untitled, 2000. Cindy Sherman (b. 1954). Color photograph, edition 1/6, 32 1/2 x 22 in. Members Purchase Fund, 2000. 88. I particularly enjoy this piece for several reasons: like the piece above, she is not typically â€Å"beautiful†Ã¢â‚¬â€œparticularly for the era in which it was taken. Rather, her appearance is outdated–thick, dark eyebrows, slicked back hair and that awful blue blouse she is wearing. Instead of dismissing the woman as ugly, we are able to see past her physicality. She bears a face that almost says â€Å"Yeah, so what? ’ to her audience. She isn’t hip, nor is she young and beautiful (as dictated by the standards of society) any more. There is a bluntness to this photograph that disempowers the sitter; it almost seems as if she’s the one judging and not vice-versa. Beauty I, 2002. Mark Catalina (b. 1965). Acrylic on canvas, 72 x 72 in. New Britain Museum of American Art, Gift of the Artist, 2003. 01 Lastly, this piece seems to me to be the most poignant out of the bunch. We are not privy to the â€Å"real† image, but only its negative. In form, we might recognize the person as a female. They have breasts, long flowing hair, jewelry†¦ some of the key indicators of what we may associate with being a woman. However, with the inverted colors, we are shown someone with manly features and thus, the lines of gender are blurred. Clearly, the makeup the subject is wearing is exaggerated–dark lips and cat-like eyeshadow–and further masks the individual’s gender. This piece is so inexorably tied to the way in which sex and gender are separated and defined. In this, the artist is redefining the appearance of women, in that women may not even be â€Å"feminine† at all. This piece broaches the subject of femininity and womanhood in an entirely new way, and is entirely appropriate in the evolving context of women in art. What do you think about the portrayal of women in art? How has it changed in the last 500 years? 50 years? 5 years? How can women gain power through representation in art? How does this compare to men in art?

Yellowcake Essay Example

Yellowcake Essay Example Yellowcake Essay Yellowcake Essay Book Review Yellowcake I really enjoyed this book miellowcake by Ann Cummins. The beginning was hard to get involved with but past the first few chapters I found myself wanting to know what happens next. She really described the characters well. My favorite was Sam because he reminded me of my own dad. He was a free spirited man with his own agenda. This book takes place here in the four corner region and I was born and raised here. Which had the effect of feeling involved with the characters and their families. Ann Cummins had Navajo culture introduced through the Atcitty family. Reading the book, Cummins had great descriptions of the surroundings. I spent a lot of time this past summer at Morgan lake, and I was excited to read the part when Becky and her friend where there too. I again felt as if I was there with them in the story. I felt the purpose of her story was to tell the daily struggle of life these two families had to ncounter. For example, Ryland had a struggle with his sickness and how I affected him and his family. The constant worry if he was able to be a part of his owns daughters wedding or not. Beckys struggle with the passing of her dad, Woody. She knew it was coming for a long time, but she couldnt imagine a life without him. I believe she did a wonderful Job in the details of her story, but upset with the ending. It kind of left me hanging in what was going to happen next.

Argentina (Pollution) Essay Example

Argentina (Pollution) Essay Example Argentina (Pollution) Paper Argentina (Pollution) Paper Argentina: Like other countries Argentina suffers from environmental degradation. The main threats to its biodiversity and landscapes are deforestation and pollution. In Argentina, there are many environmental issues that include air pollution, inaccessibility, dissatisfaction with garbage disposal, dirtiness, water pollution etc. One of the biggest factors of pollution in Argentina would be air pollution, which to a certain extend is caused by the society. Despite knowing that transport vehicles such as private vehicles, taxis, and buses can cause urban IR pollution, we still need it by which the society is somewhat responsible. In Argentina aging diesel buses may be the primary culprits in deteriorating urban air quality. Another factor is factories with their subsidized smokestacks. Air pollution in Buenos Aries comes from residential, commercial and small industrial combustions and emissions from the domestic airport. The next issue is Deforestation in Argentina, which is due to agricultural expansion of soybean. Corrode has the highest level of deforestation in Argentina. All that remains is five percent of the 12 million hectares of native ores that the province had at the start of the 20th century. And fires that broke out in August and September devoured 40,000 more hectares of forests and grasslands in the hills. The Cardboard Environment Agency which is the government body in charge of environmental matters in the province, drew up a controversial bill that was voted into law this month. The new law bans clear-cutting over the next 10 years, but allows sustainable logging in native forests. One of the biggest pollution problems in Argentina is Polluted Rivers. The heavy polluted Montana-Reaching river basin. This river meanders for 40 miles through Buenos Aries. The people there can be partly blamed for the cause of this pollution, as the polluted rivers have been polluted for years by industrial waste, sewage, and everyday garbage. This has had a negative impact on the seven million people who are living near or along the river. As they get dirty water, dirty air and many more health problems. Polluted rivers have always been a problem in Argentina, and for nearly 200 years, the government is struggling to find a resolution to keep rivers clean. According o a report from the executive committee for the environmental management plan, that an average of 82,000 cubic meters of industrial waste enters the river daily. Zinc, lead, copper, magnesium and many more have a constant presence in the water. Its known that the area called Villa Inflammable, 50% of the children have lead in their blood, and some had chrome, and benzene in their urine. Benzene can impact the immune system, which can cause cancer. This shows how the polluted rivers have effected the environment in a negative way, that its becoming dangerous for people. How is Argentina helping? Due to the pollution in the rivers, residents have complained. In response to the lawsuit by residents affected by the pollution, the Argentine high court summoned 44 companies to report on the waste they dump into the Reachable River. The government has present a management plan called for a public hearing for all parties. Also the national supreme court said that companies must report in 30 days about the liquid waste they dump in the water, its treatment and if they insurance required by the environmental law o that they can respond if harm is caused. Soy is a key crop and major source Of income for Argentina, but to ensure its not at the expense of vulnerable natural areas such as the Atlantic Forest excretion, WFM is working along with businesses, government agencies, and Nags to develop alternatives. International standards to regulate air pollutants and make fuels cleaner are already practice in Argentina, but also around the world. Cleaner modes of transportation and energy generation using sustainable, renewable resources are growing in the region already.

A Short Quiz About Emphasis

A Short Quiz About Emphasis A Short Quiz About Emphasis A Short Quiz About Emphasis By Mark Nichol In each of the following sentences, there is a deviation from one of the conventions about how to convey emphasis in writing. Identify the error, and then check below for corrected versions followed by explanations. 1. â€Å"So-called ‘notification laws’ require businesses to notify customers when certain unencrypted customer data is improperly accessed.† 2. â€Å"Thus the question is not one of quality, but of quantity.† 3. â€Å"I suppose this was the moment when I was supposed to experience a sensation of ‘being one with the universe,’ but I just wasn’t feeling it.† 4. â€Å"With a strident vigor that arrested the attention of all present, she shouted, ‘YOU JUST DON’T GET IT, DO YOU?’† 5. â€Å"After seeing this movie, I just have one thing to say: ‘I want those two hours of my life back!!!’† Answers 1. â€Å"So-called notification laws require businesses to notify customers when certain unencrypted customer data is improperly accessed.† Explanation: Quotation marks employed to highlight a word or phrase, known as scare quotes, are almost invariably unnecessary, and are redundant to the phrase so-called. (Note that in the previous sentence, I didn’t enclose the introduced slang term â€Å"scare quotes† as I explained, these quotation marks are superfluous. However, I did use quotation marks around the phrase in this parenthesis, just as I italicized so-called above and here because that’s how open phrases and words or hyphenated phrases, respectively, are styled when used as names of concepts rather than as the concepts themselves.) 2. â€Å"Thus the question is not one of quality, but of quantity.† Explanation: Italicization of key words can be appropriate but is often overused. Use your judgment to determine whether your point needs such emphasis or whether you can rely on readers to get it without special treatment of words. Usually, they will, and if you doubt it, perhaps your point needs to be expressed more clearly. 3. â€Å"I suppose this was the moment when I was supposed to experience a sensation of Being One with the Universe, but I just wasn’t feeling it.† Explanation: Using quotation marks in this case isn’t necessarily the wrong approach, and it’s appropriate if someone a guru, for instance previously used these words, but if the intent is mockery, sarcasm, or irony, it may not be effective. Using headline-style initial capital letters is the conventional approach for conveying such a tone. 4. â€Å"With a strident vigor that arrested the attention of all present, she shouted, ‘You just don’t get it, do you!’† Explanation: Except in display copy (headlines, headings, and the like), using all capital letters is an awkward distraction. Let the narrative carry the emphasis; note that in the sample sentence, thanks to the expressive description in the introductory phrase, the quotation could even get by with a question mark alone (though, because it’s a rhetorical question, the exclamation point is suitable). 5. â€Å"After seeing this movie, I just have one thing to say: ‘I want those two hours of my life back.’† Explanation: Again, let the narrative do the work. Multiple exclamation points have no place in writing, except to mimic a hormone-addled adolescent. And avoid even single exclamation points; usually, they’re extraneous, and if they’re not, they’re probably a crutch for inexpressive writing. Isn’t the deadpan tone implied by the lack of an exclamation point in the sample sentence above more effective than the impotent peevishness that an exclamation point would suggest? Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Writing Basics category, check our popular posts, or choose a related post below:How to Format a UK Business LetterWhat's a Male Mistress?The "Pied" in The Pied Piper

Developing Business Processes and Operations Essay - 1

Developing Business Processes and Operations - Essay Example The organisation implemented a philosophy and culture which they called The Corus Way in order to sustain competitiveness, productivity and profitability. Along with this philosophy is the practice of continuous improvement programmes across the company. Specifically, this paper explores the problems at the Port Talbot Strip Products site. The site was experiencing lost, damaged and stolen equipments in their depot operations. Using quality tools and techniques, this paper arrives at a proposal for using an online computer based material resource programme as well as four recommendations for the improvement of the depot operations in accordance to the Corus Way. Corus Group is an international metals organization. The core competence of the company is providing steel and aluminium products and service to different market sectors. It is one of the top ten steel producers in the world. The customer base of Corus mostly comprises of businesses in the automotive, aerospace, packaging, engineering, building and construction markets (Datamonitor, 2008). Corus Group has operations in thirty different countries reaching over Europe, Asia and other international markets. In Europe, UK is the major market of the organization. The company is headquartered in London and employs 21,300 people in UK. (Datamonitor, 2008) Corus implemented a quality programme to create real value in steel. The programme was named – The Corus Way. Part and parcel of the programme is aiming at adopting world-class processes based on Continuous Improvement. The objective of continuous improvement is to eliminate and prevent waste. The continuous improvement programme focuses on making small improvements across all function. This paper aims at exploring and evaluating a selected business process and operations in Corus, particularly in the Port Talbot Strip

Applied economic Assignment Example | Topics and Well Written Essays - 750 words

Applied economic - Assignment Example Given that model 2 is the correct model, the Gauss-Markov theorem tells me that the model’s ordinary least square estimators are the best estimators under classical linear regression models. This implies that the coefficients are the best for the model and the R2 is the highest that the model can attain (Wooldridge 102). Suppose a test was conducted on the hypothesis at 15 percent level of confidence and a p-value of 0.119 obtained, the test result would mean that no significant relationship exist. This is because for a two tailed test, implied by the alternative hypothesis that ÃŽ ²1≠ -3, then the confidence level for the test is 0.075. The p-value is therefore greater that the confidence level and this means that the null hypothesis is not rejected. Conducting the test 10 percent level could change the conclusion on significance. This is because of the associated increment in confidence interval that could extend to cover the critical value. Assuming that Ram (2009) is correct in his model in which openness is a significant factor to government’s expenditure, then expected value of error term in the model that omitted the openness variable cannot be zero and the expression is not valid. This is because of effects openness that was factored in the error term and meant that what was perceived to be the error term was not error but effects of an unidentified variable. Even though both models leads to rejection of the null hypothesis, the greater absolute t-statistic from model two offers better evidence for rejecting the null hypothesis because it would ensure rejection of the null hypothesis at a greater level of precision than would model 1. The greater absolute value of the statistic in model two explains this because greater statistic than a reference value implies significance. Suppose population is added to model 1, then

Do you agree or disagree that city life is preferable over life in the Essay

Do you agree or disagree that city life is preferable over life in the country Defend your position, or choose ONE of the other following topics below - Essay Example If an individual gets pulled over by a cop, or is disciplined at work or school, the whole town knows before the person gets home. In the city, people do not know each other. This anonymity makes it easier to avoid gossip and rumors. Teachers, employees, and landlords do not know all of a person’s relatives in the city. This makes living up to a big sibling, parent, or other relative irrelevant. Anonymity can be peaceful after living in the country. Entertainment is another positive aspect of city life. In small communities or the country the only entertainment is television, drinking with friends, or other limited options. In the city, plays are scheduled at all hours. Movie theaters can be accessed twenty-four hours a day. Putt putt golf, skating rinks, and numerous other entertainment venues are available to city dwellers. In the city, entertainment is readily available at all hours. Instead of limited options, a whole world of possibilities is open to city dwellers. This is an advantage over country life. Convenience is another benefit to city dwellers. If a person does not want to cook a meal, they do not have to. Restaurants, delis, and other eateries are open. Some are open twenty-four hours a day. People that live in the country normally have to shop for groceries once or twice a month. In the city, people can shop daily. This allows the person to have fresher and healthier foods. If an individual gets hurt hospitals are easily accessed in the city. Country people might have to drive hours to reach the nearest hospital. Shops carrying clothes, hardware, and other necessities are also more convenient in the city. There are benefits to living in the country. Smaller crowds, cleaner air, and lower crime rates are some of these benefits. However, some individuals do not like the loneliness of the country. Air pollution is normally not noticed by those that live

Carbon dioxide emissions Essay Example | Topics and Well Written Essays - 2000 words

Carbon dioxide emissions - Essay Example During the process of burning fossil fuels such as petroleum, coal, and gas, carbon dioxide is released. Deforestation can be also a cause of carbon emissions, since the carbon sequestered in trees is released to the atmosphere, as there is shortage of trees to counter balance the gas. Nevertheless, transportation accounts for a high level of carbon emissions since vehicles, trains, planes, boats and trucks are involved in the production of carbon dioxide fumes. In addition, human beings greatly contribute to the emissions of carbon dioxide, through use of electricity in lighting, heating, and air conditioning service. This is because the generation of electricity leads to a high level of carbon dioxide emissions. The industry sector also plays a major role in the emission of carbon gasses; this is due to the processes involved in production and manufacturing of goods. According to Smith (2007), in the past 25 years, emissions of carbon dioxide in Australia have risen dramatically, due to a large number of fossil fuels being burnt in the country. In addition, despite Australia having a population of 0.32% of the world’s population, it produces a very high level of carbon emissions, which is 1.43%, meaning that each person pollution levels are 4.5 times the global average (Smith 2007). In addition, â€Å"over the past 25 years, the growth of carbon emissions in Australia, was twice the growth rate for the world as a whole, twice the growth rate for USA and Japan, and five times the growth rate for Europe† (Raupach, 2007).

Paraphrase for Discussion Essay Example | Topics and Well Written Essays - 500 words - 4

Paraphrase for Discussion - Essay Example The general assumption is that the object’s convection is higher in a vertical stream as a result of the extra free convection where the temperature would be expected to drop fast. However, it has been tested that free convection would be rather negligible in magnitude to the forced convection. The main reason for this negligible magnitude can be attributed to the aspect of velocity in free convection compared to forced convection. A faster velocity can lead to more energy being transferred into the system as molecules come into contact with the surface of the object while forced convection is mainly concerned with molecules being constantly being forced to the surface. As such, it can be observed that there is a correlation between linear convection coefficient and fluid velocity as shown by the experiment. However, the main source of error in this experiment was related to the time of sampling of every five seconds of the swinging action of the objects in the airstream. The biggest error is witnessed in the spikes of data especially on the convection verse time figures. As the object moved from the main airstream, it lost speed and force due to the fact that there was less air molecules contacting the surface of the object and the result was a drop in the temperature of the object. The hardware to collect temperature can be cited as the main cause of the error in this experiment. In real terms, energy is lost through convection as well as well as reduction of molecules as the object move from the main airstream. Given that more energy is lost to convection, it can be noted that the convection coefficients will appear higher than what is actually obtaining on the ground. It has therefore been recommended that future experiments should ensure that temperatures are increased where the an extremely thermal resistive material has to be used in order to hold the object against swinging while in touch

Management Principles of Pursuit of Happiness Term Paper

Management Principles of Pursuit of Happiness - Term Paper Example In any business, money is the language people speak, even in the business of families. When money is not smooth-flowing, members of a company or family could break apart, leaving broken relationships. This is a common mistake made by the untrained or novice businessman, foreseeing a great future in a business without making careful studies of the feasibility of an enterprise before investing in it. In the case of Gardner, he bought all the machines he could and though he worked hard to sell them compounded with good communication skills, he still lost his wife. However, serendipities could happen when perseverance is present as seen in the life of Gardner when his selling of the machines led him to places which brought him to the success in stockbrokerage. Gardner proved to have keen eyes for success when he looked enviously at a stockbroker’s car and asked him what he did and how he did it, showing qualities that are essential to successful management. He was not only observa nt but he had a way of expressing himself without reservations, he had good communication skills. Honesty was one he could have never thought would be the very key for his having a chance in his dream job as it is shown in his confession to the interviewers that he tried to make up a great story why he went to the interview dressed like a garbage man. Although choosing appropriate clothes is as important as the product in every business, Gardner was able to persuade his interviewers that he could do the job by selling himself first, his abilities and capabilities. Although he was a leader of a basic unit of society, his family; he seemed to be unsuccessful managing it, failing to keep his wife to work with him in their pursuit of the happiness they both longed for. Despite the trials they have been through, he stood to the discipline of never hitting a woman or leaving his son, borne of a desperate need for the father he never knew. This became his personal motivation, to stay with his son and not give him the chance to have a piece of the abuse he experienced in the hands of his stepfather when he was a child, and to work hard to give his son the care he needed as his wife left them for New York. Birthed from such a need, the high-paying job of a stockbroker became to him a challenge and a motivation as he had the opportunity to grab the job, with it not needing a college diploma to qualify as an applicant. Crossing the bridge to take the training as a stockbroker became painfully difficult when he learned that the six-month long training is without pay. Faced with the dilemma of raising his son alone, he had to stand firm, making sacrifices to be able to accomplish every task that was set before him. This is where Gardner’s planning and strategic management skills became evident when he had to work while training and at the same time attending to his parental responsibilities. He managed his time pretty well, studying in the train and working while ta king his leisure time with his son, juggling his various responsibilities and making wise use not only of his time but also of all resources available to him. Moreover, when he was in the training scene, Mr. Witter became one of his motivations, praising him for his wit and hard work, driving him all the more to be productive. He was a natural strategic planner, valuing every tick of the clock so that he even estimated an eight minute productive time he had, from refraining to drink, and hanging in between calls. He was a team-player,

Paraphrase for Discussion Essay Example | Topics and Well Written Essays - 500 words - 4

Paraphrase for Discussion - Essay Example The general assumption is that the object’s convection is higher in a vertical stream as a result of the extra free convection where the temperature would be expected to drop fast. However, it has been tested that free convection would be rather negligible in magnitude to the forced convection. The main reason for this negligible magnitude can be attributed to the aspect of velocity in free convection compared to forced convection. A faster velocity can lead to more energy being transferred into the system as molecules come into contact with the surface of the object while forced convection is mainly concerned with molecules being constantly being forced to the surface. As such, it can be observed that there is a correlation between linear convection coefficient and fluid velocity as shown by the experiment. However, the main source of error in this experiment was related to the time of sampling of every five seconds of the swinging action of the objects in the airstream. The biggest error is witnessed in the spikes of data especially on the convection verse time figures. As the object moved from the main airstream, it lost speed and force due to the fact that there was less air molecules contacting the surface of the object and the result was a drop in the temperature of the object. The hardware to collect temperature can be cited as the main cause of the error in this experiment. In real terms, energy is lost through convection as well as well as reduction of molecules as the object move from the main airstream. Given that more energy is lost to convection, it can be noted that the convection coefficients will appear higher than what is actually obtaining on the ground. It has therefore been recommended that future experiments should ensure that temperatures are increased where the an extremely thermal resistive material has to be used in order to hold the object against swinging while in touch

Free trade is the primary force driving economic development Essay

Free trade is the primary force driving economic development - Essay Example Trade liberalisation has become a focal point of many economic forums across the globe. Globalisation has made it easier for countries to look beyond their own borders for economic growth. Countries have recognised the fact that economic growth is a collective effort and all the countries need to work together on this front. Although many developed countries are still practising protectionism, they have realised the importance of free trade in economic development. Several bilateral agreements and multilateral agreements have been signed by many countries to allow flow of goods amongst the member countries. In most of the cases countries that have participated in free trade agreements have experienced rise in living standards, growth in income. This growth curve experience by several countries due to free trade agreements is clear indication of the importance of free trade agreement in economic development. Multilateral agreements drafted under World trade organisation (WTO) and Gene ral Agreement on Tariffs and Trade (GATT) are aimed at influencing nations to opt for trade liberalisation. There are many bilateral agreements which have been formulated between nations geographically located near to each other. Trade liberalisation is a well negotiated procedure where each party, agrees to make some concession in opening up their markets for foreign goods. Free trade has a huge impact on improving the quality and infrastructure of the host as well as the foreign country. Due to free trade, industry standards are raised high in order to compete with global scenario (Buckley & Boulle, 2008, p. 185-189). 2. Evolution of Free Trade Policy and Its Mechanism The international trade, especially during world war two suffered a huge loss. Most countries were involved in conflicts arising mainly due to trade disputes. These trade disputes were mainly caused by the discriminations and trade restrictions implied by the several countries to protect their markets from foreign p layers. It was in 1948 in Havana that a conference was held on trade and employment under the flagship of United Nations. The formation of International trade organisation (ITO) was a landmark in the attempt by international community to form an agency overlooking international trade issues. ITO was dissolved later as it did not get the green signal from the US congress. The US congress on the other hand opted for an ad-hoc agreement like General agreement on Tariffs and Trade (GATT). In 1947 at Geneva GATT was agreed on and signed by 23 countries. GATT was legally effective from 1948. GATT thereby is an agency which overlooks the rules and international laws governing international trade. All the trade disputes amongst the signatory parties are resolved by GATT. The most effective clause in GATT is the MFN clause, under which all participating nations are forced to treat all signatory nations as equal in all trade policies. GATT emphasises on influencing signatory countries to redu ce their tariffs and abolish any concessions given to a specific country. Though GATT gave more stability than ITO, it was often tainted by complaints from developing countries. Developing countries often complained about the policies formulated in GATT. The developed countries were often seen to follow protectionism in their trade policies. The formation of United Nations Conference on Trade and Development (UNCTAD) in 1964 was a direct implication of the dissatisfaction amongst the developing countries regarding GATT (Singh & Singh, 2005, p.1-9). One of the greatest outcomes of the Uruguay Round was the formation of World Trade Organisation (WTO). WTO was

Role Of Extra Regional Powers In The Indian Ocean Region

Role Of Extra Regional Powers In The Indian Ocean Region Zone of Peace. There have been numerous attempts to declare IOR as a Zone of Peace dating back to 1971. Various meetings to work out the modalities have been fruitless. Former United States, Secretary of State, Madeline Albright had said that the efforts to make the Indian Ocean Region a Zone of Peace should be disbanded because the region has too many states whose interests are far too varied and the IOR states maintain more important relations with foreign states than within themselves  [1]  . 2. Having seen the strategic relevance of IOR in Chapter 2, let us now analyse the role and interest of a few important extra-regional powers. USA 3. Genesis of Americas Role. The US strategic presence in the Indian Ocean Region grew with the process of decolonisation in IOR. The 1973 Arab-Israel war and the subsequent oil embargo resulted in strong efforts being made ensure oil traffic and price security. In his State of the Union Address on 23 Jan 1980, President Carter asserted that, Any attempt by an outside force to gain control of the Persian Gulf will be regarded as an assault on the vital interests of the USA, and such an assault will be repelled by any means necessary, including military force  [2]  . 4. US Naval Presence. The US Navy maintains a permanent presence of between 15 to 35 warships in the Indian Ocean at any given time. The US Fifth Fleet is based at Bahrain. Besides, the Fifth Fleet, the Sixth Fleet of the USCENTCOM and the Seventh Fleet of the USPACCOM are readily available to augment forces in the Indian Ocean  [3]  . US Pacific and Central Command 5. Interests. US role and policy in the IOR depends on fulfilling the following self-interests:- (a) Energy Security. (b) Economic Security. (c) Restrict Chinas influence in IOR. (d) Support/Basing facilities for War against Terror. (e) Strategic Partnership with India. United Kingdom 6. British Territory. In 1965, the British Indian Ocean Territory (BIOT) was formed out of individual groups of islands in the Western and Central Indian Ocean. In 1966, Diego Garcia was leased to US  [4]  . The British Royal Navy however maintains a permanent presence in the Persian Gulf in the form of multinational forces, UN Peace-keeping duties, and a Naval and Marine detachment at Diego Garcia. 7. Interests. Economically, the region is vital to UK being the source of about 40% of its oil supplies and an important supplier of non-ferrous metal imports. However there is no intention to maintain naval presence in the region though it is militarily supporting US policies in the region  [5]  . France 8. French Indian Ocean Territories. France possesses a large number of strategically located islands in the Western Indian Ocean, the largest of these being Le Reunion and Mayotte islands. France maintains a sizeable force in the IOR, comprising of about 10,000 men and 20 warships. Additionally, Djibouti is a major logistics base for French naval forces deployed from the Atlantic and Mediterranean commands. Owing to the islands, France considers herself to be a regional power in the Indian Ocean, rather than an extra -regional one. Consequently, France is a member of the Indian Ocean Commission (IOC), an organisation for regional cooperation, which includes Mauritius, Seychelles, Madagascar and Comoros. Frances deep involvement in the Indian Ocean is also evident from her defence agreements with Djibouti, Comoros, Saudi Arabia, Qatar, Madagascar and Mauritius  [6]  . Reunion Headquarters of French Forces in the Indian Ocean 9. French Interests. The French EEZ in the Indian Ocean amounts to a approximately 2  ½ million square kilometres, which is more than a quarter of the total French EEZ. Consequently, French naval activity in the waters of the Indian Ocean represents about 30 percent of the total French maritime activity. The French Indian Ocean territories are of strategic significance as they are on the cross roads of major commercial maritime traffic. There is extensive fishing, meteorological and geophysical research activity being undertaken by the French in these regions. France depends on West Asian oil and has trade interests with various littorals  [7]  . Japan 10. Japans proactive role in IOR is pre-requisite to Japan not only for its global status but also vital for its economic interests, especially since the sub-region is the source and transit for its energy lifeline. It is also wary of Chinas domination in South China Sea. 11. JMSDF is a large force which enforces a maritime control zone up to 1000 nm, thereby adequately addressing its security concerns and ensuring the protection of its EEZ assets. However, due to the constraint posed by the Japanese Constitution, it has been unable to assist the sub-region to secure the sea-lines against non- traditional threats. Japans commitment to Southeast Asia has thus been limited to financial and technological assistance for navigational safety and prevention of pollution  [8]  . 12. However, Japan is now actively considering a Constitutional review to break free from the legal handicap, including in terms of collective-security. This would make Japan more militarily assertive and enable it to safeguard its vital security interests in Southeast Asia  [9]  . Japan also recognises Indias strategic location in IOR and understands the vital role that India can play in securing its SLOCs. Russia 13. During Cold war, erstwhile USSR succeeded in gaining access to several bases in the IOR for forward basing and gathering intelligence. Infact, the number of Soviet bases and ships often exceeded those of US. Although it did have a lull period post 1992-1993, she still enjoys diplomatic relations with most of the littorals in IOR. These relations have great potential for cooperation in high technology, oil and gas pipelines. 14. Interests. The Indian Ocean Region is a vital link for Russia because it provides an all weather route for Russia between her Eastern and Western provinces. Besides Russia has security and trading interests in the northern reaches of the Indian Ocean. It also wants to maintain bases in the IOR to be able to influence world opinion in its favour. China 15. Chinese Influences. Over the years China has been widening her influence in the region. Today, China imports 32 percent of its oil needs, 58 % of which comes from Middle East. This figure is expected to double by 2012 with almost 70% oil requirement being met from Middle East  [10]  . Chinese state owned oil corporations are acquiring oil assets in Australia, Indonesia, Central Asia and Africa. The relationship between China and Myanmar (Communication facilities at Coco Islands, Sittwe Naval base), Bangladesh (Modernisation of Chittaong harbour), Sri Lanka (Construction of Hambantota harbour), Maldives (Submarine base) and Pakistan (Deep Sea port at Gwadar) have a strategic intention to strategically encircle India through String of Pearl  [11]  . The establishment of a free trade area with ASEAN countries is another important consideration. 16. Chinese Interests. Chinese interests in the IOR are growing and can be summarised as follows  [12]  :- (a) Containment of India. The efforts to contain India both economically and geopolitically, because it is the only regional nation that can pose a threat to its expansionist tendency in future. (b) Second Strike Capability. To maintain a second strike capability in the Indian Ocean. (c) Counter US Threat. To monitor activities in the Indian Ocean and counter increased US presence in the region. (d) Secured Oil Supply. Chinas energy needs are being fulfilled by import from Persian Gulf. Hence it is significant for China to safeguard these supply lines. Prognosis of Extra-Regional Influences 17. Indian Ocean region is potentially the most volatile and significant area, where the interests of the world powers are merging. All extra-regional powers have concerns over their energy security coming from Persian Gulf and through various choke points. The security of sea lanes against the threat of piracy and maritime terrorism is another threat. Additionally, these powers do not want the others to grow powerful by influencing the littorals in the IOR. And a few, such as France also need to maintain territorial integrity of their interests in IOR. 18. India has a geographically advantageous position in the IOR and finds herself in a position where she has to perform a balancing act to protect her interests in the region, which are vital to her progress and deal with the presence of extra regional powers. End Notes

confant Pride and Conflict of Law in Sophocles Antigone :: Antigone essays

Antigone - Pride and Conflict of Law Sophocles' Antigone, in its later phases is no longer about the conflict of law; It is about stubbornness and self will, about the sin of refusing to listen; about a man who has never been told. Conflict of law, presents the initial disturbance within Thebes. Creon, King of Thebes, refuses to bury the body of Polynices, for in his eyes Polynices is 'his country's enemy' Antigone pg.131. Thus, despite breaking the laws of the gods, Creon holds his power higher than that of God and heavens and enforces his law. As the story follows, Sophocles expands on the ignorance presented by Creon and Antigone, and it is also found that it is impossible to defeat an ignorant man, or woman in argument. It is this ignorance, that establishes the notion of the sin and punishment that both Creon and Antigone face due to their stubbornness and self will. Antigone holds her love of family, and respect to the dead, elevated beyond the laws of Creon, whom she believes, has no righteous justification to close his eyes to the honor of the deceased. In her determination to fulfill Polynices' rights, she runs directly into Creon's attempts to re-establish order. This leads to encounters of severe conflict between the dissimilarities of the two, creating a situation whereby both Creon and Antigone expose their stubbornness and self will. It is Antigone's morals, which drive her to betray the laws of man, in order to honor the laws of God. Knowing and comprehending the consequences of defying Creon's ruling do not restrain the intensity of Antigone's self will, yet it feeds her hunger to achieve her principles. Losing sight of her future, Antigone allows her stubbornness to consume her life, taking with it, the prospect of marriage, motherhood and friendship. As the story continues, we find that Antigone focuses more on the need to establish her human ethics in spite of Creon, rather than proving the incorrectness of man defying god's laws. Following the unlawful burial of Polynices, Antigone openly admits to Creon the knowledge of the following punishment by carrying out such a defying act. "I knew it naturally, It was plain enough." Antigone pg.138. With the intention of gratifying the laws of the gods, Antigone holds neither guilt nor regret as she feels that she has brought justice to the eternal rest of her brother.

Essay --

In the 1950s, space exploration represented the epitome of human scientific achievement. However, beginning in the 1970s, long-term goals of space exploration were shelved in favor of smaller projects that kept astronauts closer to Earth. Throughout the years, advocates have pushed for a return to space exploration, noting that valuable discoveries and technological advancements would likely emerge from such a program. In 2011, the United States ended its space shuttle program. While other countries such as China and Russia continue to expand their space programs today, American space exploration has been put to a halt. Many Americans believe that the United States space program requires a huge chunk of government funding. In reality, NASA (National Aeronautics and Space Administration) spending typically comprises of less than one percent of the federal government's budget ("Space Exploration"). Many Americans have called for an end to government-funded space exploration because they feel like the space program does not offer any benefits to the average citizen and that the money would be better spent on Earth-based efforts to improve the nation ("Space Exploration"). What if by traveling to space and exploring the unknown territory, we in fact improve our nation? What if Mars is capable of sustaining life? What if the cure for cancer is lying beneath the surface of a planet? If space exploration remains halted, there might be many questions left unanswered. In 2004, President George W. Bush announced the end of the US space shuttle program in 2010. He planned to replace it with a space program named Constellation, which aimed to return Americans to the moon to do more research and to tap into that body's frozen water for mak... ...chael Lind, an author and policy director at the New America Foundation, said: When the Apollo astronauts landed on the moon, many assumed that this was the first step toward the permanent colonization of the moon and journeys by astronauts to other planets. From today's perspective, though, the space race was like the races to the North Pole and the South Pole. Once explorers had reached those destinations, the world lost interest. Space exploration is something that is extremely important to the future of our nation. Leaving space undiscovered would leave many questions unanswered. The solution to many of our nation's problems could be found in space, but Americans will never know unless space exploration continues to be successful. If the government no longer wants to fund a space program, space exploration should become privatized so that progress can be made. Essay -- In the 1950s, space exploration represented the epitome of human scientific achievement. However, beginning in the 1970s, long-term goals of space exploration were shelved in favor of smaller projects that kept astronauts closer to Earth. Throughout the years, advocates have pushed for a return to space exploration, noting that valuable discoveries and technological advancements would likely emerge from such a program. In 2011, the United States ended its space shuttle program. While other countries such as China and Russia continue to expand their space programs today, American space exploration has been put to a halt. Many Americans believe that the United States space program requires a huge chunk of government funding. In reality, NASA (National Aeronautics and Space Administration) spending typically comprises of less than one percent of the federal government's budget ("Space Exploration"). Many Americans have called for an end to government-funded space exploration because they feel like the space program does not offer any benefits to the average citizen and that the money would be better spent on Earth-based efforts to improve the nation ("Space Exploration"). What if by traveling to space and exploring the unknown territory, we in fact improve our nation? What if Mars is capable of sustaining life? What if the cure for cancer is lying beneath the surface of a planet? If space exploration remains halted, there might be many questions left unanswered. In 2004, President George W. Bush announced the end of the US space shuttle program in 2010. He planned to replace it with a space program named Constellation, which aimed to return Americans to the moon to do more research and to tap into that body's frozen water for mak... ...chael Lind, an author and policy director at the New America Foundation, said: When the Apollo astronauts landed on the moon, many assumed that this was the first step toward the permanent colonization of the moon and journeys by astronauts to other planets. From today's perspective, though, the space race was like the races to the North Pole and the South Pole. Once explorers had reached those destinations, the world lost interest. Space exploration is something that is extremely important to the future of our nation. Leaving space undiscovered would leave many questions unanswered. The solution to many of our nation's problems could be found in space, but Americans will never know unless space exploration continues to be successful. If the government no longer wants to fund a space program, space exploration should become privatized so that progress can be made.

Abortion: Legal or Illegal Essay

While abortions are viewed as immoral and should be deemed illegal, women should have the right to choose what happens to their own body because abortions can be chosen as a way of getting rid of an undesired pregnancy for a rape or incest victim, abortions can be spontaneous or not planned at times, abortions have been around for centuries and abortions can also be medically induced due to medical issues with the mother or unborn child. First, women should have the right to choose what happens to their own body because abortion can be a way for a rape or incest victim to get rid of an undesired pregnancy that resulted from the attack. According to Rape, Abuse & Incest National Network or RAINN (2009), in 2004 and 2005 there were a total of 64,080 women that were raped. According to medical reports, the incidence of pregnancy for one-time unprotected sexual intercourse is 5%. By applying the pregnancy rate to the total number of women who were sexually assaulted or raped that would m ean there were 3,204 pregnancies as a result of rape during that period. See more:  Perseverance essay Not all of these women are going to want to carry the pregnancy full term. Victims of rape and incest can suffer from low self-esteem, depression, guilt, feelings of being unclean or dirty and even a dislike for sex and the opposite gender. This is an alarming statistic. It can also be broke down into smaller figures. One out of every six women has been the victim of rape before in her lifetime (RAINN, 2009). If these women want to have an abortion they should have the right to be able to get it and not have to worry about what everyone else believe. Additionally, abortions can be spontaneous at times and as a result completely unplanned. Spontaneous abortion is better known by people as miscarriages. There are some who think that there are several different causes for this. These different causes range from chromosome problems, physical abnormalities and immune disorders. In cases of spontaneous abortions there is usually no warning it is going to happen, as a result the woman does not have a say in the matter. However, the outside world still looks at a these women differently when it occurs. Some look with pity and others look with disgust in their eyes for these women. Some women who seek an abortion and can not get one for some reason have at times tried doing things that would cause a spontaneous abortion. There are times when a spontaneous abortion happens and not all the tissue from the fetus is passed in which case there are then two choices for the woman. The first choice is surgery. The second option is to take medication to be able to complete the abortion. If the spontaneous abortion is left untreated it can cause harm to the woman that is carrying the unborn fetus. However, if a woman has had three or more consecutive spontaneous abortions then the medical field will label her a habitual aborter (Abortion, 2009). Third, abortions have been around in history for centuries for women. Back when the settlers first arrived in the United States abortion was legal. Once then Constitution was adopted abortions before quickening were legal and very widely advertised (NAF, 2010). The Japanese have records that date back to the 12th century of inducing an abortion on women who choose to have one. Back in the 11th century authors would put such knowledge into poetry. However, the herbs were not always without side effects. Some of the herbs used during that time frame have been found to be poisonous. In 1898, it was recommended to use a mixture of yeast and pennyroyal tea to naturally cause a spontaneous abortion and bring menses back (Abortion, 1984, 1992, 1998). By 1880, most abortions had become illegal in the United States, except for those that are necessary to save the life of the woman. But due to the knowledge and acceptance of women’s right to an early abortion was rooted deeply in the U.S. society by that time; abortionists continued to practice openly with the support of the public, and since it was illegal by that time the abortio nist would be taken to court and the juries would refused to convict them of any wrong doing. Women who do not want to be pregnant have though out history seeked abortions or have taken the matter into their own hands. This changed in the 20th century with the Supreme Court ruling in Roe v Wade. The Supreme Court ruled in favor of permitting abortion during the first six months of a woman’s pregnancy. The base for the Supreme Court ruling is that the unborn fetus is not protected under the 14th amendment like the pregnant woman is because the fetus is not a person. The most important reason that women should have the right to choose what happens to their bodies is because abortions can be medically induced due to health issues with the mother or the unborn child. There are times when it is dangerous for the woman to carry the pregnancy at all. It is during times like these that women need the right to be able to choose what is best for them. If abortions were illegal these women would be subjected to the choice of carrying the pregnancy with all the medical problems that will come along with it or seeking an illegal abortion. Illegal abortions can be very risky and can cause death from blood loss or even partial births were the woman ends up giving birth to a dead fetus later in the pregnancy. However, women should have the right to choose what is best for them and the unborn fetus. If the fetus would develop damaged in some way that it would not be able to sustain life outside of the womb then women should have the right to seek out an abortion if they want it. However, on the contrary the religious beliefs of some see abortion as immoral and would like to see it become illegal. These people view abortion as murdering a helpless little person who can not defend themselves. They believe that life starts at the moment of conception. The Roman Catholic Church stated that â€Å"the deliberate ending of a pregnancy† is never acceptable, even if it is to save the life of the woman (Abortion and Religion, 2011). Gwendolyn Brooks, famous poet, wrote in her poem â€Å"A Street in Bronzeville† back in 1945 that â€Å"Abortions will not let you forget, you remember the children you got that you did not get.†(Abortion, 2003) These are sound arguments against abortion. However, women have the right to say what happens to their own bodies. The unborn fetus is within a woman’s body. Therefore, the woman has the right to say if it should stay or go. To make women do something against their will, like being pregnant, is to take away their freedom to act in a way that is best for them. According to the Supreme Court, the unborn fetus is not a person. Therefore, since the unborn fetus is not a person it can not be considered murder. It is not murder until life begins and the fetus can survive outside the woman. Indeed, while abortions are viewed as immoral and should be illegal, women should have the right to choose what happens to their body. References Abortion. (1984, 1992, 1998). Our Bodies, Ourselves for the New Century. Retrieved from http://www.feminist.com/resources/ourbodies/abortion.html Abortion. (2003). In Propaganda and Mass Persuasion: A Historical Encyclopedia, 1500 to the Present. Retrieved from http://www.credoreference.com/entry/abcprop/abortion Abortion. (2004). In Encyclopedia of Women’s Health. Retrieved from http://www.credoreference.com/entry/sprwh/abortion Abortion. (2008). In The Columbia Encyclopedia. Retrieved from http://www.credoreference.com/entry/columency/abortion Abortion. (2009). In Taber’s Cyclopedic Medical Dictionary. Retrieved from http://www.credoreference.com/entry/tcmd/abortion Abortion and Religion. (2011, June). Retrieved from http://www.efc.org.uk/PDFs/Abortion%20and%20 religion%20leaflet%202011.pdf BBC. (2012, May 22). Abortion: Historical attitudes to abortion Retrieved from http://www.bbc.co.uk/ethics/abortion/legal/history_1.shtml NAF. (2010). National Abortion Federation. Retrieved from http://www.prochoice.org/about_abortion/history_abortion.html RAINN. (2009). Retrieved from http://www.rainn.org/get-information/statistics/sexual-assault-victims Trupin, S. R. (2007, June 20) Abo rtion – Types Preparation and Procedure Information. Retrieved from http://www.emedicinehealth.com/script/main/art.asp?articlekey=59088&pf=3&page=1

Impact of Fdi in Life Insurance Sector

A Comprehensive Project ON â€Å"Impact of Foreign Direct Investment in life Insurance Industry† Submitted to Gujarat Technological University IN PARTIAL FULFILLMENT OF THE REQUIREMENT OF THE AWARD FOR THE DEGREE OF MASTER OF BUSINESS ADMINISTRATION UNDER THE GUIDANCE OF Prof. Himanshu Chauhan Submitted by Pratik PanchalEnrollment No. :117010592053 Ajay vajaEnrollment No. :117010592077 YEAR: 2011-2013 MBA SEMESTER III Affiliated to Gujarat Technological University Ahmedabad| DECLARATIONWe, Panchal PRatik and Ajay Vaja student of AHMEDABAD INSTITUTE OF TECHNOLOGY hereby, declare that the Project report on â€Å"Impact of Foreign Direct Investment on Indian Insurance† is our original work and has not been published elsewhere. This has been undertaken for the purpose of partial fulfillment of GUJARAT TECHNOLOGICAL UNIVERSITY requirement for the award of the degree of Master of Business Administration. (Signature) Date: __/__/2012Pratik Panchal Place: Ahmedabad Ajay Vaja Ac knowledgement Perseverance, inspiration and motivation have played a great role in the success of any venture.We are thankful to our collage for giving us the opportunity to work with such an eminent section of Indian financial sector. We are grateful to our faculty mentor Prof. Himanshu Chauhan for guiding us throughout the project and for supporting us through his constant guidance and encouragement. For their immense help in making our project fruitful. Finally, not to miss anyone, we thank all the people who have directly or indirectly helped us a lot throughout the project time period and in completion of our project successfully. Panchal Pratik P. Ajay Vaja MBA- IIIInstitute’s Certificate â€Å"Certified that this Comprehensive Project Report Titled â€Å"Impact of Foreign Direct Investment inlife Insurance Industry† is the bonafide work of Mr. Pratik Panchal (Enrollment No- 117010592053. )& Ajay Vaja (Enrollment No- 117010592077. ) who carried out the research under our supervision. We also certify further, that to the best of my knowledge the work reported herein does not form part of any other project report or dissertation on the basis of which a degree or award was conferred on an earlier occasion on this or any other candidate.Signature of the Faculty Guide (Prof. Himanshu Chauhan) (Dr. NehaParashar) (Certificate is to be countersigned by the HoD) INDEX CHAPTER NO. | NAME| PAGE NO. | 1. | INTRODUCTION Introduction of Life Insurance industryIntroduction of FDIImpact of FDI in INDIA| | 2. | LITERTURE REVIEW| | 3. | RESEARCH METHODOLOGY| | | a) OBJECTIVES OF THE STUDY| | | b) SCOPE OF THE STUDY:| | | C)RESEARCH DESIGN| | | c) RESEARCH SAMPLE| | | d) SOURCES OF DATA 😠 | | e) SAMPLING PLAN| | | f) DATA ANALYSIS| | | g) DATA COLLECTION 😠 | | CONCLUSION| | 4. | REFERENCES| | Life InsuranceLife insurance  was initially designed to protect the income of families, particularly young families in the  wealth accumulation  pha se, in the event of the head of household's death. Today, life insurance is used for many reasons, including  wealth preservation  and  estate tax  planning. Life insurance provides you with the opportunity to protect yourself and your family from personal risk exposures like repayment of debts after death, providing for a surviving spouse and children, fulfilling other economic goals (such as putting your kids through college), leaving a charitable legacy, paying for funeral expenses, etc.Life insurance protection is also important if you are a business owner or a key person in someone else's business, where your death (or your partner's death) might wreak financial havoc. Life insurance is a great financial planning tool, but should never be thought of as a savings vehicle. In general, there are often far better places to hold and grow your money as you get older. History of Life Insurance in India In India, insurance has a deep-rooted history. It finds mention in the writ ings of Manu (Manusmrithi), Yagnavalkya (Dharmasastra) and Kautilya (Arthasastra).The writings talk in terms of pooling of resources that could be re-distributed in times of calamities such as fire, floods, epidemics and famine. This was probably a pre-cursor to modern day insurance. Ancient Indian history has preserved the earliest traces of insurance in the form of marine trade loans and carriers’ contracts. Insurance in India has evolved over time heavily drawing from other countries, England in particular. 1818 saw the advent of life insurance business in India with the establishment of the Oriental Life Insurance Company in Calcutta. This Company however failed in 1834.In 1829, the Madras Equitable had begun transacting life insurance business in the Madras Presidency. 1870 saw the enactment of the British Insurance Act and in the last three decades of the nineteenth century, the Bombay Mutual (1871), Oriental (1874) and Empire of India (1897) were started in the Bombay Residency. This era, however, was dominated by foreign insurance offices which did good business in India, namely Albert Life Assurance, Royal Insurance, Liverpool and London Globe Insurance and the Indian offices were up for hard competition from the foreign companies.In 1914, the Government of India started publishing returns of Insurance Companies in India. The Indian Life Assurance Companies Act, 1912 was the first statutory measure to regulate life business. In 1928, the Indian Insurance Companies Act was enacted to enable the Government to collect statistical information about both life and non-life business transacted in India by Indian and foreign insurers including provident insurance societies.In 1938, with a view to protecting the interest of the Insurance public, the earlier legislation was consolidated and amended by the Insurance Act, 1938 with comprehensive provisions for effective control over the activities of insurers. The Insurance Amendment Act of 1950 abolished Principal Agencies. However, there were a large number of insurance companies and the level of competition was high. There were also allegations of unfair trade practices. The Government of India, therefore, decided to nationalize insurance business. Birth of Life Insurance of IndiaAn Ordinance was issued on 19thJanuary, 1956 nationalizing the Life Insurance sector and Life Insurance Corporation came into existence in the same year. The LIC absorbed 154 Indian, 16 non-Indian insurers as also 75 provident societies—245 Indian and foreign insurers in all. The LIC had monopoly till the late 90s when the Insurance sector was reopened to the private sector. The history of general insurance dates back to the Industrial Revolution in the west and the consequent growth of sea-faring trade and commerce in the 17th century. It came to India as a legacy of British occupation.In 1968, the Insurance Act was amended to regulate investments and set minimum solvency margins. The Tariff Advis ory Committee was also set up then IRDA and Opening of Life Insurance Business in India This millennium has seen insurance come a full circle in a journey extending to nearly 200 years. The process of re-opening of the sector had begun in the early 1990s and the last decade and more has seen it been opened up substantially. In 1993, the Government set up a committee under the chairmanship of RN Malhotra, former Governor of RBI, to propose recommendations for reforms in the insurance sector.The objective was to complement the reforms initiated in the financial sector. The committee submitted its report in 1994 wherein, among other things, it recommended that the private sector be permitted to enter the insurance industry. They stated that foreign companies are allowed to enter by floating Indian companies, preferably a joint venture with Indian partners. Following the recommendations of the MalhotraCommittee report, in 1999, the Insurance Regulatory and Development Authority (IRDA) w as constituted as an autonomous body to regulate and develop the insurance industry. The IRDA was incorporated as a statutorybody in April, 2000.The key objectives of the IRDA include promotion of competition so as to enhance customer satisfaction through increased consumer choice and lower premiums, while ensuring the financial security of the insurance market. The IRDA opened up the market in August 2000 with the invitation for application for registrations. Foreign companies were allowed ownership of up to 26%. The Authority has the power to frame regulations under Section 114A of the Insurance Act, 1938 and has from 2000 onwards framed various regulations ranging from registration of companies for carrying on insurance business to protection of policyholders’ interests.Today there are 23 life insurance companies operating in the country, including LIC a public sector company and 22 other private sector life insurance companies competing with LIC for Life insurance busines s from the customers in India. Regulatory Framework for Life Insurance in India The main regulation that regulates the life insurance business is the Life Insurance Corporation Act, 1956. DepositsEvery insurer should, in respect of the insurance business carried on by him in India, deposit with the Reserve Bank of India (â€Å"RBI†) for and on behalf of the Central Government of India the following amounts, either in cash or in approved securities estimated at the market value of the securities on the day of deposit, or partly in cash and partly in approved securities: * In the case of life insurance business, a sum equivalent to one per cent of his total gross premium written in India in any financial year commencing after the 31 day of March, 2000, not exceeding rupees hundred million..Investments Every insurer is required to invest and keep invested cert ain amount of assets as determined under the Insurance Act. The funds of the policyholders cannot be invested (directly or indirectly) outside India.An insurer involved in the business of life insurance is required to invest and keep invested at all times assets, the value of which is not less than the sum of the amount of its liabilities to holders of life insurance policies in India on account of matured claims and the amount required to meet the liability on policies of life insurance maturing for payment in India, reduced by the amount of premiums which have fallen due to the insurer on such policies but have not been paid and the days of grace for payment of which have not expired and any amount due to the insurer for loans granted on and within the surrender values of olicies of life insurance maturing for payment in India issued by him or by an insurer whose business he has acquired and in respect of which he has assume liability. Every insurer carrying on the business of life insurance is required to invest and at all times keep invested his controlled fund (other than funds relating to pensi ons and general annuity business and unit linked life insurance business) in the following manner, free of any encumbrance, charge, hypothecation or lien:For the purposes of calculating the investments, the amount of deposits made with the RBI by the insurer in respect of his life insurance business shall be deemed to be assets invested in Government securities. In computing the assets to be invested by the insurer, any investment made with reference to the currency other than the Indian rupee which is in excess of the amount required to meet the liabilities of the insurer in India with reference to that currency to the extent of such excess and any investment made in purchase of any immovable property outside India or on account of any such property shall not be taken into account.Further, an insurer should not out of his controlled fund invest any sum in the shares or debentures of any private limited company. Where an insurer has accepted reassurance in respect of any policies of life insurance issued by another insurer and maturing for payment in India or has ceded reassurance to another insurer in respect of any such policies issued by himself, the assets to be invested by the insurer shall be increased by the amount of the liability involved in such acceptance and decreased by the amount of the liability involved in such cession.In case of an insurer incorporated or domiciled outside India or an insurer incorporated in India whose share capital to the extent of one-third is owned by, or the members of whose governing body to the extent of one-third consists of members domiciled elsewhere than in India, the assets required to be invested should, (except to the extent of any part which consists of foreign assets held outside India) be held in India by way of a trust for the discharge of the liabilities.Every Insurer shall invest and at all times keep invested his segregated fund of unit linked life insurance business as per pattern of investment offered to and approved by the policy-holders. The insurer is permitted to offer unit linked policies only where the units are linked to categories of assets that are both marketable and easily realizable. However, the total investment in other approved category of investments should at no time exceed twenty five per cent of the funds. List of Life Insurance Companies in India 1. Bajaj Allianz Life Insurance Company Limited . Birla Sun Life Insurance Co. Ltd 3. HDFC Standard Life Insurance Co. Ltd 4. ICICI Prudential Life Insurance Co. Ltd 5. ING Vysya Life Insurance Company Ltd. 6. Life Insurance Corporation of India 7. Max Life Insurance Co. Ltd 8. Met Life India Insurance Company Ltd. 9. Kotak Mahindra Old Mutual Life Insurance Limited 10. SBI Life Insurance Co. Ltd 11. Tata AIA Life Insurance Company Limited 12. Reliance Life Insurance Company Limited. 13. Aviva Life Insurance Company India Limited 14. Sahara India Life Insurance Co, Ltd. 15. Shriram Life Insurance Co, Ltd. 6. Bharti AXA Life Insurance Company Ltd. 17. Future  Generali India Life Insurance Company Limited   18. IDBI Federal Life Insurance 19. Canara HSBC Oriental Bank of Commerce Life Insurance Company Ltd. 20. AEGON Religare Life Insurance Company Limited. 21. DLF Pramerica Life Insurance Co. Ltd. 22. Star Union Dai-ichi Life 23. IndiaFirst  Life Insurance Company Limited 24. Edelweiss Tokio Life Insurance Co. Ltd. Types of Life Insurance Life insurance protection comes in many forms, and not all policies are created equal, as you will soon discover.While the death benefit amounts may be the same, the costs, structure, durations, etc. vary tremendously across the types of policies. WHOLE LIFE Whole life insurance  provides guaranteed insurance protection for the entire life of the insured, otherwise known as permanent coverage. These policies carry a â€Å"cash value† component that grows tax deferred at a contractually guaranteed amount (usually a low interest rate) until the contra ct is surrendered. The  premiums  are usually level for the life of the insured and the  death benefit  is guaranteed for the insured's lifetime.With whole life payments, part of your premium is applied toward the insurance portion of your policy, another part of your premium goes toward administrative expenses and the balance of your premium goes toward the investment, or cash, portion of your policy. The interest you accumulate through the investment portion of your policy is tax-free until you withdraw it (if that is allowed under the terms of your policy). Any withdrawal you make will typically be tax free up to your basis in the policy. Your basis is the amount of premiums you have paid into the policy minus any prior dividends paid or previous withdrawals.Any amounts withdrawn above your basis may be taxed as ordinary income. As you might expect, given their permanent protection, these policies tend to have a much higher initial premium than other types of life insuran ce. But, the cash build up in the policy can be used toward premium payments, provided cash is available. This is known as a participating whole life policy, which combines the benefits of permanent life insurance protection with a savings component, and provides the policy owner some additional payment flexibility. UNIVERSAL LIFEUniversal life insurance, also known as flexible premium or adjustable life, is a variation of whole life insurance. Like whole life, it is also a permanent policy providing cash value benefits based on current interest rates. The feature that distinguishes this policy from its whole life cousin is that the premiums, cash values and level amount of protection can each be adjusted up or down during the contract term as the insured's needs change. Cash values earn an interest rate that is set periodically by the insurance company and is generally guaranteed not to drop below a certain level.VARIABLE LIFE Variable life insurance  is designed to combine the t raditional protection and savings features of whole life insurance with the growth potential of investment funds. This type of policy is comprised of two distinct components: the general account and the separate account. The general account is the reserve or liability account of the insurance provider, and is not allocated to the individual policy. The separate account is comprised of various investment funds within the insurance company's portfolio, such as an equity fund, a money market fund, a bond fund, or some combination of these.Because of this underlying investment feature, the value of the cash and  death benefit  may fluctuate, thus the name â€Å"variable life†. VARIABLE UNIVERSAL LIFE Variable universal life insurance combines the features of universal life with variable life and gives the consumer the flexibility of adjusting premiums, death benefits and the selection of investment choices. These policies are technically classified as  securities  and are therefore subject to  Securities and Exchange Commission  (SEC) regulation and the oversight of the state insurance commissioner.Unfortunately, all the investment risk lies with the policy owner; as a result, the death benefit value may rise or fall depending on the success of the policy's underlying investments. However, policies may provide some type of guarantee that at least a minimum death benefit will be paid to  beneficiaries. TERM LIFE One of the most commonly used policies is  term life insurance. Term insurance can help protect your beneficiaries against financial loss resulting from your death; it pays the face amount of the policy, but only provides protection for a definite, but limited, amount of time.Term policies do not build cash values and the maximum term period is usually 30 years. Term policies are useful when there is a limited time needed for protection and when the dollars available for coverage are limited. The premiums for these types of policies a re significantly lower than the costs for whole life. They also (initially) provide more insurance protection per dollar spent than any form of permanent policies. Unfortunately, the cost of premiums increases as the policy owner gets older and as the end of the specified term nears. Term polices can have some variations, including, but not limited to:Annual Renewable and Convertible Term: This policy provides protection for one year, but allows the insured to renew the policy for successive periods thereafter, but at higher premiums without having to furnish evidence of insurability. These policies may also be converted into whole life policies without any additional  underwriting. Level Term: This policy has an initial guaranteed premium level for specified periods; the longer the guarantee, the greater the cost to the buyer (but usually still far more affordable than permanent policies).These policies may be renewed after the guarantee period, but the premiums do increase as th e insured gets older. Decreasing Term: This policy has a level premium, but the amount of the death benefit decreases with time. This is often used in conjunction with mortgage debt protection. Many term life insurance policies have major features that provide additional flexibility for the insured/policyholder. A renewability feature, perhaps the most important feature associated with term policies, guarantees that the insured can renew the policy for a limited number of years (i. e. term between 5 and 30 years) based on attained age. Convertibility provisions permit the policy owner to exchange a term contract for permanent coverage within a specific time frame without providing additional evidence of insurability. Food for Thought Many insurance consumers only need to replace their income until they've reached retirement age, have accumulated a fair amount of wealth, or their dependents are old enough to take care of themselves. When evaluating life insurance policies for you and your family, you must carefully consider the purchase of temporary versus permanent coverage.As you have just read, there are many differences in how policies may be structured and how death benefits are determined. There are also vast differences in their pricing and in the duration of life insurance protection. Many consumers opt to buy term insurance as a temporary risk protection and then invest the savings (the difference between the cost of term and what they  would  have paid for permanent coverage) into an alternative investment, such as a brokerage account, mutual fund or retirement plan. Section I: Industry overviewThe insurance industry in India has come a long way since the time when businesses were tightly regulated and concentrated in the hands of a few public sector insurers. Following the passage of the Insurance Regulatory and Development Authority Act in 1999, India abandoned public sector exclusivity in the insurance industry in favor of market-driven competi tion. This shift has brought about major changes to the industry. The beginning of a new era of insurance development has seen the entry of international insurers, the proliferation of innovative products and distribution channels, as well as the raising of supervisory standards.Evolution of the industry The growing demand for insurance around the worldcontinues to have a positive effect on the insurance industryacross all economies. India, being one of the fastest-growingeconomies (even in the current global economic slowdown),has exhibited a significant increase in its GDP, and aneven larger increase in its GDP per capita and disposableincome. Increasing disposable income, coupled with the highpotential demand for insurance offerings, has opened manydoors for both domestic and foreign insurers. The followingtable briefly depicts the evolution of the insurance sectorin India.Exhibit. 1. 1. Tracing the chronological evolution of the insurance industry Year | Event| 1818| Oriental Li fe Insurance Co. was established in Calcutta. | 1870| The first insurance company, Bombay Mutual Life Insurance Society, was formed. | 1907| The Indian Mercantile Insurance Limited was formed. | 1912| * Life Insurance Companies Act and the Pension Fund Act of 1912 * Beginning of formal insurance regulations| 1928| The Indian Insurance Companies Act was passed to collect statistical data on both life and non-life. 1938| The Insurance Act of 1938 was passed; there was strict state supervision to control frauds. | 1956| * The Central Government took over 245 Indian and foreign life insurers as well as provident societies and nationalized these entities. * The LIC Act of 1956 was passed. | 1957| The code of conduct by the General Insurance Council to ensure fair conduct and ethical business practices was framed. | 1972| The General Insurance Business (Nationalization) Act was passed. | 1991| Beginning of economic liberalization| 1993| The Malhotra Committee was set up to complement the reforms initiated in the financial sector. 1994| Detariffication of aviation, liability, personal accidents and health and marine cargo products| 1999| The Insurance Regulatory and Development Authority (IRDA) Bill was passed in the Parliament. | 2000| * IRDA was incorporated as the statutory body to regulate and register private sector insurance companies. * General Insurance Corporation (GIC), along with its four subsidiaries, i. e. , National Insurance Company Ltd. , Oriental Insurance Company Ltd. , New India Assurance Company Ltd. and United India Assurance Company Ltd. , was made India’s national reinsurer. 2005| Detariffication of marine hull| 2006| Relaxation of foreign equity norms, thus facilitating the entry of new players| 2007| Detariffication of all non-life insurance products except the auto third-party liability segment| In India, the Ministry of Finance is responsible for enacting and implementing legislations for the insurance sector with the Insurance Regul atory and Development Authority (IRDA) entitled with the regulatory and developmental role. The government also owns the majority share in some major companies in both life and non-life insurance segments.Both the life and non-life insurance sectors in India, which were nationalized in the 1950s and 1960s, respectively, were liberalized in the 1990s. Since the formation of IRDA and the opening up of the insurance sector to private players in 2000, the Indian insurance sector has witnessed rapid growth. Current scenario A growing middle-class segment, rising income, increasing insurance awareness, rising investments and infrastructure spending, have laid a strong foundation to extend insurance services in India. The total premium of the insurance industry has increased at a CAGR of 24. % between FY03 and FY09 to reach INR2, 523. 9 billion in FY09. The opening up of the insurance sector for private participation/global players during the 1990s has resulted in stiff competition among t he players, with each offering better quality products. This has certainly offered consumers the choice to buy a product that best fits his or her requirements. The number of players during the decade has increased from four and eight in life and non-life insurance, respectively, in 2000 to 23 in life and 24 in non-life insurance (including 1 in reinsurance) industry as in August 2010.Most of the private players in the Indian insurance industry are a joint venture between a dominant Indian company and a foreign insurer. Life insurance industry overview The life insurance sector grew at an impressive CAGR of25. 8% between FY03 and FY09, and the number of policies issued increased at a CAGR of 12. 3% during the same period. As of August 2010, there were 23 players in the sector(1 public and 22 private). The Life Insurance Corporation ofIndia (LIC) is the only public sector player, and held almost 65% of the market share in FY10 (based on first-year premiums).To address the need for hi ghly customized products andensure prompt service, a large number of private sector players have entered the market. Innovative products, aggressive marketing and effective distribution have enabled fledgling private insurance companies to sign up Indian customers more rapidly than expected. Private sector players are expected to play an increasingly important role in the growth of the insurance sector in the near future. In a fragmented industry, new players are gnawing away the market share of larger players.The existing smaller players have aggressive plans for network expansion as their foreign partners are keen to capitalize on the enormous potential that is latent in the Indian life insurance market. ICICI Prudential, Bajaj Allianz and SBI Life collectively account for approximately 50% of the market share in the private life insurance segment. To tap this opportunity, banks have also started entering alliances with insurance companies to develop/underwrite insurance products rather than merely distribute them. Non-life insurance industry overview Between FY03 and FY10, the non-life insurance sector grew at a CAGR of 17. 05%.Intense competition that followed the de-tariffication and pricing deregulation (which was started during FY07) decelerated the growth momentum. As of August 2010, the sector had a total of 24 players (6 public insurers, 17 private insurers and 1 re-insurer). The non-life insurance sector offers products such as auto insurance, health insurance, fire insurance and marine insurance. In FY10, the non-life insurance industry had the following product mix. Private sector players have now pivoted their focus on auto and health insurance. Out of the total non-life insurancepremiums during FY10, auto insurance accounted for 43. % of the market share. The health insurance segment hasposted the highest growth, with its share in the total non-life insurance portfolio increasing from 12. 8% in FY07 to 20. 8% in FY10. These two sectors are highl y promising, and are expected to increase their share manifold in the coming years. With the sector poised for immense growth, more players, including monocline players, are expected to emerge in the near future. The last two years has seen the emergence of companies specializing in health insurance such as Star Health & Allied Insurance and Apollo DKV.In the last decade, it was observed that most players have experienced growth by formulating aggressive growth strategies and capitalizing on their distribution network to target the retail segment. Although the players in the private and public sector largely offer similar products in the non-life insurance segment, private sector players outscore their public sector counterparts in their quality of service. Growth drivers > India’s favorable demographics help strengthen market penetration The life insurance coverage in India is very low, and many of those insured are underinsured.There is immense potential as the working popu lation (25–60 years) is expected to increase from 675. 8 million to 795. 5 million in the next 20 years (2006–2026). The projected per capita GDP is expected to increase from INR18, 280 in FY01 to INR100, 680 in FY26, which is indicative of rising disposable incomes. The demand for insurance products is expected to increase in light of the increase in purchasing power. > Health insurance attracts insurance companies The Indian health insurance industry was valued at INR51. 2 billion as of FY10. During the period FY03–10, the growth of the industry was recorded at a CAGR of 32. 9%. The share of health insurance was 20. 8% of the total non-life insurance premiums in FY10. Health insurance premiums are expected to increase to INR300 billion by 2015. Private sector insurers are more aggressive in this segment. Favorable demographics, fast progression of medical technology as well as the increasing demand for better healthcare has facilitated growth in the health ins urance sector. Life insurance companies are expected to target primarily the young population so that they can amortize the risk over the policy term. >Rising focus on the rural marketSince more than two-thirds of India’s population lives in rural areas, micro insurance is seen as the most suitable aid to reach the poor and socially disadvantaged sections of society. Poor insurance literacy and awareness, high transaction costs and inadequate understanding of client needs and expectations has restricted the demand for micro-insurance products. However, the market remains significantly underserved, creating a vast opportunity to reach a large number of customers with good value insurance, whether from the base of existing insurers or through retail distribution networks.In FY09, individuals generated new business premium worth INR365. 7 million under 2. 15 million policies, and the group insurance business amounted to INR2, 059. 5 million under 126 million lives. LIC contribut ed most of the business procured in this portfolio by garnering INR311. 9 million of individual premium from 1. 54 million lives and INR1,726. 9 million of group premium under 11. 1 million lives. LIC was the first player to offer specialized products with lower premium costs for the rural population. Other private players have also started focusing onthe rural market to strengthen their reach.Government tax incentive Currently, insurance products enjoy EEE benefits, giving insurance products an advantage over mutual funds. Investors are motivated to purchase insurance products to avail the nearly 30% effective tax benefit on select investments (including life insurance premiums) made every financial year. Life insurance is already the most popular financial product among Indians because of the tax benefits and income protection it offers in a country where there is very little social security. This drives more and more people to come within the insurance ambit. Emerging trendsExplo ring multiple distribution channels for insurance products: To increase market penetration, insurance companies need to expand their distribution network. In the recent past, the industry has witnessed the emergence of alternate distribution channels, which include banc assurance, direct selling agents, brokers, online distribution, corporate agents such as non-banking financial companies (NBFCs) and tie-ups of parabanking companies with local corporate agencies (e. g. NGOs) in remote areas. Agencies have been the most important and effective channel of distribution hitherto.The industry is viewing the movement of intermediaries from mere agents to advisors. Product innovation With customers asking for higher levels of customization, product innovation is one of the best strategies for companies to increase their market share. This also creates greater efficiency as companies can maintain lower unit costs, offer improved services and distributors can increase flexibility to pay high er commissions and generate higher sales. The pension sector, due to its inadequate penetration (only 10% of the working population is covered) offers tremendous potential for insurance companies to be more innovative.Consolidation in future The past few years have witnessed the entry of many companies in the domestic insurance industry, attracted by the significant potential of insurance sector. However, increasing competition in easily accessible urban areas, the FDI limit of 26% and the recent downturn in equity markets have impacted the growth prospects of some small private insurance companies. Such players may have to rethink about their future growth plans. Hence, consolidation with large and established players may prove to be a better solution for such small insurers.Larger companies would also prefer to take over or merge with other companies with established networks and avoid spending money in marketing and promotion. Therefore, consolidation will result in fewer but str onger players in the country as well as generate healthy competition. Mounting focus on EV over profitability Many companies are achieving profitability by controlling expenses; releasing funds for future appropriations as well as through a strong renewal premium build up. As a few larger insurers continue to expand, most are focused on cost rationalization and the alignment of business models to ground level realities.This will better equip insurers to realize reported embedded value (EV) and generate value from future new business. In the short term, companies are likely to face challenges to achieve the desired levels of profitability. As companies are also planning to get listed and raise funds, the higher profitability will help companies to get a better valuation of shares. However, in the long term, companies would need to focus on increasing EV, as almost 70% of a company’s EV is influenced by renewal business and profitability is not as much of an indicator for valua tion.Hence, players are now focusing on increasing their EV than profitability figures. Rising capital requirements Since insurance is a capital-intensive industry, capital requirements are likely to increase in the coming period. The capital requirement in the life insurance business is a function of the three factors: (1) sum at risk; (2) policyholders’ assets; (3) new business strain and expense overruns. With new guidelines in place, capital requirements across the sector are likely to go up due to: Higher sum assured driving higher sum at risk Greater allocation to policyholders’ assets due to lower chargesBack loading of charges is resulting in high new business strain, and expense overruns due to low productivity of the newly set distribution network (and inability to recover corresponding costs upfront) For non-life insurance companies, the growing demand for health insurance products as well as motor insurance products is likely to boost the capital requiremen t. With the capital market picking up and valuations on the rise, insurance companies are exploring various ways of increasing their capital base to invest in product innovation, introducing new distribution channels, educating customers, developing the brand, etc.This is due to the following reasons: A major portion of the costs in insurance companies is fixed (though it should be variable or semi-variable in nature). Hence, the reduction in sales will not result in the lowering of operational expenses, thus adversely impacting margins. As such, reduced margins would impact profitability, and insurers would need to invest additional funds. The sustained bearishness in capital markets could further pressurize the investment margins and increase the capital strain, especially in the case of capital/return guarantee product.Besides, companies are likely to witness a slowdown in new business growth. Companies may also opt for product restructuring to lower their costs and optimally uti lize capital. According to IRDA Regulations 2000, all insurance companies are required to maintain a solvency ratio of 1. 5 at all times. But this solvency margin is not sustainable. With the growing market risks, the level of required capital will be linked to the risks inherent in the underlying business. India is likely to start implementing Solvency II norms in the next three to four years.The transition from Solvency I norms to Solvency II norms by 2012 is expected to increase the demand for actuaries and risk management professionals. The regulator has also asked insurance companies to get their risk management systems and processes audited every three years by an external auditor. Many insurance companies have started aligning themselves with the new norms and hiring professionals to meet the deadline. Contribution of the insurance sector to the economy Insurance has had a very positive impact on India’s economic development.The sector is gradually increasing its contr ibution to the country’s GDP. In addition, insurance is driving the infrastructure sector by increasing investments each year. Further, insurance has boosted the employment scenario in India by providing direct as well as indirect employment opportunities. Due to the healthy performance of the Indian economy, the share of life insurance premiums in the gross domestic savings (GDS) of the households sector has increased. The increased contribution of the insurance industry from the household GDS has been ploughed back into the economy, generating higher growth.The following factors showcase how the contribution of the insurance industry has strengthened economic growth: Contribution of insurance to FDI The importance of FDI in the development of a capital deficient country such as India cannot be undermined. This is where the high-growth sectors of an economy play an important role by attracting substantial foreign investments. Currently, the total FDI in the insurance sector, which was INR50. 3 billion at the end of FY09, is estimated to increase to approximately INR51 billion in FY10.It is difficult to estimate, but an equal amount of additional foreign investment, can roughly flow into the sector if the government increases the FDI limit from 26% to 49%. The insurance sector, by virtue of attracting long-term funds, is best placed to channelize long-term funds toward the productive sectors of the economy. Therefore, the growth in their premium collections is expected to translate into higher investments in other key sectors of the economy. Therefore, the liberalization of FDI norms for insurance would not only benefit the sector, but several other criticalsectors of the economy.Section II:Industry at cross-roadsof development Insurance industry: significantly untapped latent potential India’s insurance industry has witnessed rapid growth during the last decade. Consequently, many foreign companies have expressed their interest in investing in d omestic insurance companies, despite the Government of India’s regulation, which mandates that the foreign shareholding limit is fixed at 26% for the life as well as non-life insurance sectors. The country’s strong economic growth in recent years has helped increase penetration levels substantially. Premium income, as a percentage of GDP, increased from 3. % in FY03 to 7. 6% in FY09. However, the penetration of insurance in India still continues to be low, as compared to other developed and developing economies. The Indian life insurance sector has witnessed exponential growth, driven by innovation in product offerings and distribution owing to market entrants since the opening up of the sector in 2000. Currently, it is the fifth-largest life insurance market in Asia. The rapid expansion in the life sector coincided with a period of rising household savings and a growing middle class, backed with strong economic growth. Innovative product design (e. . launch of ULIPs) and aggressive distribution strategies (e. g. development of banc assurance) by private sector players have significantly contributed to strong premium growth. The following diagram shows the increasing premium per capita during the same period. The global economy has slowly started recovering from the economic recession. Lagging employment, coupled with declining aggregate wages, a weakened residential and commercial real estate market, tight credit and a behavioral shift on the part of consumers from consumption to savings are factors contributing to a delayed recovery.Although the global insurance industry has not been impacted by the financial crisis as much as the banks, it still has its set of issues. The leading five issues on the global insurance watch list are: * Managing risk: The most significant concern for insurance companies is risk in all its forms. Increasingly, insurance companies are adopting an enterprise-wide view of managing risks—employing a framework to address them across the organization. * Promoting compliance: The cost of regulatory compliance and the attendant reputational risk of non-compliance are on the rise. Growing globally: The expansion into new markets is expected to help drive profits, as developed economies witness slower growth in the demand for insurance. * Lack of innovation around products and delivery: Theuse of technology and emphasis on innovation will helpprovide better service and delivery. Institutions can alsostrengthen their ties with customers and differentiatethemselves from competition. * Adapting to demographic shifts: The demographicchanges in North America, Europe, Japan and other areasis starting to shift assets from equities to annuities as wellas other fixed-income products.According to Swiss Re, among the key Asian markets, India is likely to have the fastest-growing life insurance market, with life premium poised to grow at a CAGR of 15% for the next decade, slightly faster than the 14% expect ed for China. The growing consumer class, rising insurance awareness and greater infrastructure spending have made India and China the two most promising markets in Asia. Europe and the Americas represent relatively mature insurance markets. Though India’s penetration appears higher, it is not excessive, given the high level of investments in insurance policies underwritten.Nonetheless, besides India, Taiwan is the other Asian market that shares similar characteristics. Taiwan has the highest insurance penetration in Asia, largely driven by the immense popularity of ULIPs. The progress of the Indian insurance industry over the last decade has been the most crucial period in the establishment of this industry; post the formation of IRDA in 2000. The initial four to five years witnessed the entry of many private players, each trying to acquire market share.The latter part of this phase witnessed a heightened focus on the expanding product range, developing innovative products a nd building a robust distribution channel. The last one to two years have been very critical as the industry is trying to sustain its growth in light of the new regulationsbeing formulated. The Indian insurance industry is at a threshold from where it can witness the next growth wave, if presented with a favorable policy framework and an enabling distribution environment. The industry is poised to witness the emergence of new leaders who would carve a niche for themselves by using nstruments such as alternative channels of distribution, cost management and product innovation, among others. At this cross section, the role of the regulator is very significant. IRDA is in the finalization stage of most of the regulations pertaining to the industry. The regulator has introduced certain regulations to help improve disclosures, profitability, capital, consumer protection, etc. Promoting health insurance * IRDA has allowed insurance companies to offer â€Å"Health plus Life Combi Product, † a policy that would provide life cover along with health insurance to subscribers.Under the guidelines issued by the IRDA, life and non-life insurance firms can also partner in offering the healthplus- life cover. The combi products may be promoted by all life insurance and non-life insurance companies, however, a tie up is permitted between one life insurer and one nonlife insurer only. Thus, a life insurer is permitted to enter an alliance with only one non-life insurer and vice-versa. * The sale of combi products can be made through direct marketing channels, brokers and composite individual and corporate agents, common to both insurers.However, these products are not allowed to be marketed through â€Å"bank referral† arrangements. The regulator further specified that the guidelines do not apply to micro insurance products, which are governed by IRDA (Micro Insurance) Regulations, 2005. * Under the †Combi Product,† the underwriting of the respective po rtion of the risks will be underwritten by respective insurance companies, i. e. , life insurance risk will be underwritten by the life insurance company and the health insurance portion of risk will be underwritten by the non-life insurance company. ImplicationsLife insurance has a much deeper penetration in India, as compared to the non-life insurance segment. This step is in sync with the government’s, regulator’s and the insurance company’s strategy to cover more people under the insurance umbrella. As insurers leverage on the marketing and operational network of their partner insurers, the proposed product innovation is expected to facilitate policy holders to select an integrated product of their choice under a single roof without shopping around the market for two different insurance coverage options from two different insurers.Therefore, insurers are expected to offer appropriate covers as an attractive proposition for the policyholders. India Foreign Di rect Investment Trends India FDI Inflows a The decade gone by would be considered as the golden year for foreign direct investment (FDI) in India. Between year 2000-11, India attracted cumulative FDI inflow of USD 237 Bn. 70% of this FDI constituted equity inflows, rest being re-invested earnings and other zcapital. Over the last decade, FDI in India grew at CAGR 23% The bull run in India FDI started in FY 2006-07 when it grew at 146% over the previous year.FDI peaked in year FY 2007-08 and only marginally declined in the following years of economic crisis. For the eight months of FY 2011-12 (Apr- Nov 2011), India has already garnered USD 33 Bn. of FDI matching the full year FDI of the previous year. Share of top five investing countries in India stood at 69%. Mauritius was the top country of origin for FDI flows into India primarily driven by the tax haven status enjoyed by Mauritius. Services sector (Financial & Non-financial) attracted the largest FDI equity flows amounting USD 3 1 Bn. (20. % share). Other high share sectors in top five were – Telecom (8%), Computer Software & Hardware (7%), Housing & Real Estate (7%) and Construction (7%). Over the years, Automatic route has become the most used entry route for FDI investments in India indicating the gradual liberalisation of FDI policy. In FY 2010-11, 64% of Equity FDI inflows in India came via â€Å"Automatic Route† almost trebling from 22% share in FY 2000-01. â€Å"Acquisition of shares† constituted 25% and â€Å"FIPB/SIA† constituted 11% of equity inflows in 2010-11.India’s FDI policy has progressively liberalised since nineties and only a few sectors, primarily in services sectornow has FDI cap on investment. India’s inward investment regime is now be considered most liberal and transparent amongst emerging economies. Financial Sector FDI Over the last decade, BFSI (Financial, Insurance & Banking services) was the most preferred destination for FDI in India. F DI in the BFSI sector accounted for over 12% of the total cumulative FDI inflows into India and over 59% of the FDI in Services sector.Between 2000-11, Services sector (BFSI and Non-Financial) attracted FDI of USD 31 Bn. With a 59% share, BFSI FDI share amounted to USD 18 Bn. The subsectors with BFSI attracted the following FDI equity inflows – Financial : USD 13 Bn. , Banking: USD 2. 9 Bn and Insurance:USD 2. 3 Bn. Cumulative Inflows Mauritius had the largest share of FDI investment at 43% amongst top countries investing in Indian Financial services sector. Singapore (14%), UK (11%), USA (8. 5%) and Cyprus (3%) were the other countries in the top five lists.Top 10 BFSI FDI Equity inflows in India over the last decade amounted USD 4. 2 Bn. Key US investors in Indian BFSI sector included Merill Lynch, Morgan Stanley, Bank of New York Mellon, JP Morgan, Citibank Overseas, Franklin Templeton, New York Life, Metlife, AIG, Pramerica and PE/VC firms like Warburg, Blackstone, Carlyl e, KKR & Co. and Apollo. Development of Indian capital markets (especially corporate bond markets) and further policy liberalisation in commercial banking will be the key for future investments in Indian BFSI segment.FDI Inflows from United States United States of America has been one of the top FDI investors in India. Reported cumulative FDI Equity Inflows from USA into India between 2000 –2011 were $9. 8 Bn,placing it at rank 3rd after Mauritius & Singapore. If we account for the US FDI equity inflows into India routed through tax havens, the FDI number will be considerably higher. Keeping up with overall trend, the Services sector (Financial & Non-Financial) accounted for the highest share of cumulative FDI equity inflows from USA with share of 22% amounting USD 2. Bn. USA FDI equity inflows in services sector represented 7% of the total FDI equity inflows in Indian services sector and in Financial services sector represented 8. 5% of the total FDI equity inflows from all countries amounting USD 2. 6 Bn. Following were the top FDI inflows from USA in Indian financial services: #1 Citibank Overseas Investment Corp. into E-serve International: USD 112 Mn. #2 Bank of New York Mellon into Kotak Mahindra Bank: USD 102 Mn. #3 JP Morgan International Finance into JP Morgan Securities India Ltd. : USD 75 Mn.FDI in Insurance sector Indian insurance sector got liberalised in 2001. Since then the sector has grown at 20% annually and have seen entry of 41 private insurance companies (Life: 23, General: 18) with many of them choosing to enter with a foreign joint venture partner. Investment through the FDI can be a maximum of 26%. In 2011, India was ranked 9th in life insurance business and 19th in general insurance business globally. The insurance density stood at USD 64. 4 (USD 9. 9 in 2001) and insurance penetration was 5. 2% (2. 3% in 2001).India has 49 life and general insurance companies with total investment of USD 6 Bn. as of March 2011. There are 24 comp anies operating each in the life insurance and general insurance with an investment of USD 4. 7 Bn. and USD 1. 3 Bn. respectively. One company operates in re-insurance sector. FDI in Indian insurance sector stood at USD 1. 36 Bn of which life insurance comprised USD1. 1 Bn and general insurance comprised USD 0. 2 Bn of FDI. American companies have been investing in the Indian insurance sector since it opened up in 2001.As of March 2011, there are four American insurance players operating in India as joint venture partners namely – New York Life, Metlife, AIG and Pramerica Financial. In 2011, Berkshire Hathway announced its entry into India Life insurance segment and Libery Mutual Group also got necessary approvals from IRDA for entry into general insurance business with an Indian partner. Besides insurers, US based brokers like Marsh & McLennan and Aon corp have also entered Indian markets. The total investment by American insurance companies in India is USD 315 Mn contributi ng 26% equity capital of USD 1. Bn. Share capital of the entities they were joint venture partners of. American origin FDI constituted 23% of FDI. India’s insurance industry is expected to reach USD 350-400 Bn. in premium income by 2020 making it among the top 3 life insurance markets and amongst top 15 general insurance markets. It’s estimated the Indian insurance sector would attract USD 15-20 Bn. of investments in next couple of years. Liberalization of foreign investment in insurance sector thereby permitting up to 49% FDI will accelerate this flow f investments putting Indian insurance sector on a fast track to the top of the global insurance market. FDI in Financial Inclusion Indian Financial Inclusion sector is predominantly characterized by rural retail banking, Non-Banking Financial Corporations & Micro Finance Institutions (MFIs). For over a decade now, the Indianmicrofinance industry has been a posterchild of Indian Financial Inclusion. As of2010, microfinan ce institutions had a clientbase of 26 million borrowers and the totalloan outstanding was in excess of $3 Bn.The number of clients is expected toincrease to 64 million in 2012. Investments in NBFCs & MFIs not traded on the stock exchange fall under the purview of Foreign Investment Promotion Board (FIPB). FIPB has set the following rules for FDI in start-up companies. From a slow start in 2006, equity investments in the Indian Microfinance sector skyrocketed in the 3 years from 2006 to 2009. The sector saw a total of 32 deals with a total invested capital of ~$230 mnbetween 2006 to 2009. Private equity investments constitute ~70% of the total investments in Indian Micro Finance sector. 0% is constituted by Microfinance focused funds and private investors. US based private equity firms, Sequoia capital, Silicon Valley Bank & Sandstone capital have invested ~$150 mn in the Indian Microfinance sector. Another area within Financial Inclusion which has attracted private equity investors is technology services for microfinance institutions. US based Private equity firms like Blackstone, Intel Capital has invested ~$50 mn in Financial Information Network & Operations (FINO), a technology services company in the Financial Inclusion sector.The large size of the unbanked population means that there is great potential for continued high growth. Although the MFI sector is currently tweaking its business model to new regulatory reality, the high growth potential holds a significant promise for the investors in years to come FDI in Capital Markets Indian bourses both securities & commodities are amongst the favorite hunting spots for foreign investors betting on India’s growth story. These businesses appeal to investors as theyhave long term horizons and signify bets onthe country’s growth.In 2004, 13% of thetotal PE investments made in the banking &financial services space were in stockexchanges. Since the beginning of 2007, 17 transactions (including consor tium deals)took place with a disclosed deal value ofmore than $1. 15 billion. Out of this, 8 dealswith disclosed value of more than $268million happened in 2010 only. In 2010, NSE had 12 foreign investors with a total foreign investment of 32% compared to BSE which had 8 foreign investors with share of 27% investments. In the same period, MCX had 22% foreign holding & NCDEX 15% foreign investments.Some of the key US investors active in Indian exchanges are NYSE group, Atlantic LLC, Goldman Sachs, Morgan Stanley, Citigroup, Northwest Venture Partners, George Soros, Argonaut ventures. Fidelity, Intel Capital, Merril Lynch, and Bessemer Capital are some of the US investors. Most of the transactions involving these exchanges have been secondary in nature. The change in regulations (restricting the single investor holding to 5%) also added to the spurt in secondary deals. The lucrative exchange space continues to attract more players who are looking to increase their market shares.India outward FDI in USA Strong economic growth and progressive liberalization has induced Indian companies toexpand their presence into new markets and USA is the largest recipient of Indian outboundinvestments. During 2004-09, India invested USD 5. 5 Bn. in US across 127 Greenfield projects. 80% ofthis investment went into five sectors – Metals, Software & IT services, Leisure &Entertainment, industrial machinery, equipment & tools and financial services. The topthree states for Indian investments were Minnesota, Virginia and Texas. 10 Indiancompanies accounted for more than 70% of the US $5. Bn invested in Greenfield initiativesin US. In the same period, Indian companiesinvested USD 21 Bn. in mergers &acquisitions in United States. 83% of M&Ainvestments from India were in thefollowing sectors – Manufacturing, IT & ITenabled services, Biotech, Chemicals &Pharmaceuticals, Automotive and Telecom. As of FY2010, US accounted for 6. 5% ofIndia’s outward FDI flows making Indiathe second largest investor in USA. As far as Indian Financial services sector investments in US goes, only a few public and private sector banks have expanded in USA by providing niche services (e. g. remittances).Indian outbound deals in the US are predominantly majority stakes paid in cash and financed with debt. In future, the nature of collaboration is likely to evolve with Indian companies seeking more alliances and transactions involving minority stakes & joint ventures rather than focusing on majority stakes. US offer Indian companies many benefits for investment notably – abundant naturalresources, large consumer markets and access to innovation. Reciprocally, India’sinvestment in this world’s largest recipient of FDI brings new skills, strengthenmanufacturing and will create jobs in the US. Literature review Dunning and Narula, 1996) Export growth in India has been much faster than GDP growth over the past few decades. Several factors appear to ha ve contributed to this phenomenon including foreign direct investment (FDI). However, despite increasing inflowsof FDI especially in recent years there has not been any attempt to assess its contribution to India's exportperformance one of the channels through which FDI influences growth. The Government of India recognizes thesignificant role played by foreign direct investment in accelerating the economic growth of the country and thusstarted a swing of economic and financial reforms in 1991.India is now initiating the second generation reformsintended for a faster integration of the Indian economy with the world economy. As a consequence of theintroduction of various policies, India has been quickly changing from a restrictive regime to a liberal one. Now FDIis also encouraged in most of the economic activities under the automatic route. Studies about Western firms propose that market size and expected growth are the most essential determinants ofFDI into the area. Political and e conomic stability is also an important factor affecting FDI.Over the past 30 years,there have been various studies done on the impact of outbound and inbound activity of multinationals on thegrowth and fiscal restructuring of the economies that they operate in. These studiessuggest that this is dependent on three main variables; the type of FDI taken on, the composition of the localresources and capabilities of the country, and the economic and organizational policies followed by governments. Firms employ FDI in order to best utilize or manage more efficiently the existing competitive advantages. (Love and Lage-Hidalgo, 2000)Labor cost which is one of the main components of the cost function also influences FDI. Some studies find verylittle or negative relationship between wages and FDI, Some studies suggest that higher wages do not alwaysdiscourage FDI in some markets and therefore there is a positive relationship between wages and FDI. As higher labour costs leads to higher produc tivity which gives better quality goods. Latelystudies are aimed towards the impact of specific policy variables on FDI in the host country. Trade, tariff, taxes andexchange rate are included in these policy variables. Asied (2002).Emphasize on policy reforms in developingcountries that act as a determinant of FDI. They state the corporate tax rates and the sincerity to foreign investmentare important determinants of FDI. Horizontal FDI is linked with market seeking behavior and is induced by lowtrade costs. Therefore high tariff barriers motivate firms to take on horizontal FDI. Thus production abroad byforei