Ethical Issues Of Financial Accounting - 984 Words

Another important point is the reporting to whom. Financial accounting is meant for external reporting to all who are interested in the company’s activities. But in management accounting it is altogether an internal reporting aimed at helping managers in discharging their responsibilities. Financial accounting basically contains monetary information. But managerial accounting will contain both monetary and non-monetary issues that are helpful to the management. For example financial accounting will show only finance related data on a new product developed. But managerial accounting in addition to those data may also show other non-monetary data like expected time to develop the product, possible yield and risk associated with it, expected†¦show more content†¦Important parts of corporate codes of conduct are integrity, performance of duties, and compliance with the rule of law. They also uniformly prohibit the acceptance of kickbacks and improper gifts, insider trading, and misappropriation of corporate information and assets. Describes at least three managerial accounting techniques available and their application within a business or organization: Management accounting techniques give business leaders the tools to measure and increase profit margins while lowering operating expenses. The scope of analytical techniques is large enough to fill college textbooks, and the Institute of Management Accountants offers certifications highly valued by the accounting industry. Through careful application of management accounting techniques, leaders are able to steer their organizations in the right direction and enhance profitability. Breakeven Analysis: A breakeven analysis allows members of management to gauge how much of a product or service they need to sell to recoup operating costs and turn a profit. This involves calculating variable costs, fixed costs and expected sales volumes. Although the calculation is straight-forward in nature, determining the variable and fixed costs takes careful analysis. Administrative costs, rent and insurance are among the expenses that factor into the equation. If a breakeven analysis is performed properly, businesses stand a better chance of generating a

The Nineteen Five Theses On The Power And Efficacy Of...

When Martin Luther wrote the â€Å"Ninety-Five Theses on the Power and Efficacy of Indulgences† in 1517, he was making a bold and unprecedented move: challenging the Catholic Church. As a German Catholic priest himself, Luther was not afraid to condemn the Catholic Church, even publicly, which is how he displayed the original copy of the theses. Luther’s issue with the church wasn’t personal but was instead based on what he saw as violation of the religious morals and teachings of God. For example, he highly disapproved the church’s several claims of salvation and forgiveness on earth. The ninety-five theses acted as Luther’s tool of protest against the church and also acted as enlightenment to the masses. Publication of the theses is also often noted as the spark that initiated the Protestant Reformation after centuries of religious tension buildup. Luther’s overall disapproval was â€Å"against the corruption† and dishonesty of the c hurch (Bishop, p.1). In the theses, Luther outlined what and how he believed the Catholic Church was doing wrong and how it should be corrected. He argues against the church’s abuse of power and the way it took advantage of its members. What the ninety-five theses did was outline two major points: the selling and buying of indulgences as well as the issue of purgatory regarding to God, the Catholic Church and the Pope. The forefront issue in the ninety-five theses deals with indulgences. Luther delves deeply into how and why indulgences were sold by theShow MoreRelatedOne Significant Change That Has Occurred in the World Between 1900 and 2005. Explain the Impact This Change Has Made on Our Lives and Why It Is an Important Change.163893 Words   |  656 Pagesdetermining beginnings and endings that accord with major shifts in political and socioeconomic circumstances and dynamics rather than standard but arbitrary chronological break points. In the decades that followed the Great War, the victorious European powers appeared to have restored, even expanded, their global political and economic preeminence only to see it eclipsed by the emergence of the Soviet and U.S. superpowers on their periphery and a second round of even more devastating global conflict.Read MoreStrategic Marketing Management337596 Words   |  1351 Pages14.5 Summary 15 Modelling approaches – 2 15.1 Learning objectives 15.2 Introduction 15.3 Allowing for risk and uncertainty 15.4 Matrix models 15.5 The marketing performance assessment model 15.6 Some other approaches to modelling 15.7 Summary Stage Five: How can we ensure arrival? Strategic implementation and control 16 Problems to overcome 16.1 16.2 16.3 16.4 16.5 16.6 16.7 16.8 16.9 Learning objectives Introduction Pressures Problems in the marketing subsystem Problems of marketing feedback Information

Aeneid Book 8 Essay Example For Students

Aeneid Book 8 Essay Aeneid: Book 8Book eight of the Aeneid starts with Aeneas in an anxious and nervous mood. With Turnus rallying his troops, and the uncertainty of aid from other territories, Aeneas mind is in turmoil. His thoughts are further confused when he sleeps that night and has a prophetic dream. He dreams he is lying on the bank of a river when the God of the Tiber river appears. He eases Aeneas troubled mind by saying that he has made it to the new Trojan home. He goes on to say that if he doubts this vision, he will find a white sow on a riverbank the following day, with thirty young pigs around it. He further explains that Aeneas must head for Pallanteum and seek an alliance with the ruler of this land, Evander. The dream ends as the Tiber river tells Aeneas that he will aid him with fair currents. Aeneas sets sail the next day on a calm river, on his way to visit Evander. He finds the king in the middle of a celebration honoring Hercules. Aeneas and Evander talk and discover that they are actually distant relatives, and Evander agrees to help Aeneas in the coming war. Evander then goes on to invite the Trojans to the feast. At the feast, Evander relates the story of how his people came to celebrate Hercules on a special day. The story goes that there was a half-man half-monster named Cacus who would terrorize and kill the people of this town. One day, Hercules was traveling through this land with his cattle. Cacus then stole some of the cattle and Hercules chased him to his mountain hideaway. Hercules lifted the entire mountain up, found Cacus, and killed him. As the night comes, Aeneas and Evander sleep as Venus and Vulcan stay up. Venus uses her powers to seduce Vulcan and convince him to do her a favor. Vulcan went to the Cyclops forge on his island to do work for his wife. He employed all the Cyclops to help him in his task of making new armor for Aeneas. In the meantime, Aeneas and Evander are preparing for war. They wake early to have a meeting and decide leadership. Evander chooses to put Aeneas in control in accordance with a prophet he received saying: No Italian, by right, may rule your assembly. Choose a foreign leader. Then minutes before the battle, Venus appears and brings the forces under Aeneas weapons. Aeneas uses this appearance from heaven to motivate his troops for the battle. Lastly, she gave Aeneas the armor that Vulcan had been preparing. The armor was made out of gold and silver, with a breastplate that reflected the sun so violently that it would blind others. The shield depicted scenes of Roman history. Vulcan, knowing the fate of Rome, had carved in events that would shape what Rome would be. First, on the shield, was an illustration of a mother wolf nursing two twin babies. Next was a picture of the rape of the Sabine women attending games. Following that was a scene depicting Mettus being drawn into pieces by four horses, all pulling in different directions. On the top of the shield was Manlius, guarding the Capitol Hill. Next was a scene warning of the Gauls who appeared on the shield with wild hair and all were carrying spears. Also on the shield was a picture showing Cataline dangling from a rope. The final scene was in the center of the shield, and it depicted the great battle at Actium, between Augustus and Antony. Two fleets were shown amidst turbulent waters, fiercely battling. The chapter ends with a des cription of Caesar Augustus riding through Rome, celebrating with his countrymen. It shows people of all races who had been conquered by Romes greatest ruler. .u626439fca1a02eb1e11fd9862eb7d0b2 , .u626439fca1a02eb1e11fd9862eb7d0b2 .postImageUrl , .u626439fca1a02eb1e11fd9862eb7d0b2 .centered-text-area { min-height: 80px; position: relative; } .u626439fca1a02eb1e11fd9862eb7d0b2 , .u626439fca1a02eb1e11fd9862eb7d0b2:hover , .u626439fca1a02eb1e11fd9862eb7d0b2:visited , .u626439fca1a02eb1e11fd9862eb7d0b2:active { border:0!important; } .u626439fca1a02eb1e11fd9862eb7d0b2 .clearfix:after { content: ""; display: table; clear: both; } .u626439fca1a02eb1e11fd9862eb7d0b2 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u626439fca1a02eb1e11fd9862eb7d0b2:active , .u626439fca1a02eb1e11fd9862eb7d0b2:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u626439fca1a02eb1e11fd9862eb7d0b2 .centered-text-area { width: 100%; position: relative ; } .u626439fca1a02eb1e11fd9862eb7d0b2 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u626439fca1a02eb1e11fd9862eb7d0b2 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u626439fca1a02eb1e11fd9862eb7d0b2 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u626439fca1a02eb1e11fd9862eb7d0b2:hover .ctaButton { background-color: #34495E!important; } .u626439fca1a02eb1e11fd9862eb7d0b2 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u626439fca1a02eb1e11fd9862eb7d0b2 .u626439fca1a02eb1e11fd9862eb7d0b2-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u626439fca1a02eb1e11fd9862eb7d0b2:after { content: ""; display: block; clear: both; } READ: Diabetes EssayBook eight is a perfect transition between books seven and nine. It finishes what is started in book seven, and sets the stage for book nine. At the same time, it provides information that will be vital later on in the Aeneid. In book seven, the Trojans realize that this is to be their new homeland, which is further shown by the god Tibers message in Aeneas dream. Also, what was started in book seven, Turnus reacting to Junos rage and declaring war on the Trojans, is further expanded in book eight with the alliance between Aeneas and Evander, and the Trojans preparing for war. Also, we meet Pallas in this book, who will be the cause of much grief to Aeneas in a later book. Book eight also serves as a catalyst to book nine. All of book eight builds up to the war that will be experienced in book nine. Book eight lays the groundwork for the war that will be the subject of the rest of the book. It gets all the formal alliances and arrangement out of the way, so the rest of the books can be nothing but action. Under the Volcano, an article written by Patricia A. Johnston, discusses Vergils use of volcanoes in the Aeneid. Much of the article is about Vergils two references to volcanoes in book eight. The first is the referral to the demon Cacus who lived in the middle of a mountain (8.190). The second referral is to the instance in which Vulcan is preparing to create Aeneas armor, and he goes to the island Vulcania, and under a volcano to his forges(8.416-421). The study points to the similarities between Cacus and Polyphemos of Homers Odyssey. Both live in caves, are shepherds, giants, and are sons of Vulcan. The article points to the fact that whenever there is an eruption in a literary work by Vergil, there is a non-human responsible for it. Furthermore, it also states that, Vulcans well run workshop is at the heart of the volcano. This implies that not only is Vulcan the blacksmith of the gods, but also in control of volcanoes on earth, thus making him a much more important and relevant god to mankind. The article is well organized, giving information on instances not only in the Aeneid. It is convincing from the standpoint that it uses logic and citation to back up its new ideas. It also goes into great detail of each part of a volcano eruption and why they believe it happens. the Cyclopes instigate volcanic activity by heating iron, beating it into shape, and tempering it in cool water; hence the flames, sound and steam produced by a volcano.The essay goes on to explain that some volcanoes, like Vesuvius in AD 79, erupt very abruptly without warning. Others, however, would erupt with great frequency without causing damage to anything. This suggests that as often as Vulcan and his workers make anything, there will be at least a minor eruption. Vergil, even thousands of years before any system had been developed, seemed to be trying to classify different types of volcanoes by explaining what creature lived underneath them. It can be said, then, that Vergil was inventing his own myt hology to explain how a natural event was occurring.

Dual Identification of Contract Workers†Free Samples to Students

Question: Discuss about the Dual Identification of Contract Workers. Answer: Introduction: The paper is based on how the organization identification of the different contract workers is based on the two organizations. It includes the prospects related to the employers as well as the client of the company, which will help in analysing about the issues with the working on the employing and the client organizations. With the research, there are traditional organizational settings with the research based on the categories of the different factors. The identification is also exhibited based on how the individuals tend to incorporate for the self-definitions which are impersonal. The organizational identification of the contract workers is based on how the contract workers wok on the different clients with the employing of organization. The perceptions belong to the individual to define and meet the different employees with enhancing the self-esteem. The other individuals and the contract workers also work towards the research which includes the impersonal and the personalized a ntecedents. The research is based on the perceived prestige for the clients and employing organizations that is found to be more for the contract workers with the identification for every organization. The categorization is a major part of the collective help that leads to the reduction of the social uncertainty perceptions, attitudes and the behavior. The identification with the organization is distinctive and relative to hold the social identity. The research paper also focusses on the perceived distinctiveness of the client and the other employing organizations which are set in respect to the organizations. The self-integrity across the organizations and the argument set parallel to the ideas of the person organization fits the values as the organizations try to provide with the contexts that are consistent with the definitions of themselves. The greater the congruence between the attributes, the contract worker value is found to be important in the client and the employing organ izations. Here, the argument is also on the mentoring which increase the organizational identification with the positive regards that relate to the authorized figure and representation of the organization to the employees. The greater the contract workers trust in the management of the client, there is a possibility of a better identification as well. The social identity and the categorization is based on working over the contracts which are self-found and coordinated through the work arrangements from the politics, incompetency and the inequity. The tenure and the organizational identification is for the relational and the collective self-definitions that is associated with the patterns set for the development of clear prototypes. The exposure is mainly to the self-categorization and the membership in the centralized form. The longer the contract worker tenure, the better is the possibility that the client or the other employing organizations are able to work on the different organ izations. The potential contexts are related to provide with the sufficient information about how the different beliefs and the values are associated to the construction of the organization with identification. Reference George, E., Chattopadhyay, P. (2005). One foot in each camp: The dual identification of contract workers.Administrative Science Quarterly,50(1), 68-99.

Fdi in Indian Retail Sector free essay sample

What is FDI Foreign direct investment (FDI) in its classic form is defined as a company from one country making a physical investment into building a factory in another country. It is the establishment of an enterprise by a foreigner. Its definition can be extended to include investments made to acquire lasting interest in enterprises operating outside of the economy of the investor. What is Retailing Retailing is a distribution channel function where one organization buys products from supplying firms or manufactures the product themselves, and then sells these directly to consumers. A retailer is a reseller (i. . , obtains product from one party in order to sell to another) from which a consumer purchases products. Indian Retail Sector Indian retail industry is the largest industry in India, with an employment of around 8% and contributing to over 10% of the countrys GDP. According to this year’s Global Retail Development Index, India is positioned as the leading destination for retail investment. We will write a custom essay sample on Fdi in Indian Retail Sector or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page There are about 300 new malls, 1,500 supermarkets and 325 departmental stores being built in the cities very soon. The Indian retail sector is now worth about $250bn (? 140bn) a year, but it is heavily underdeveloped. Well over 95% of the market is made up of small, uncomputerised family-run stores. Now there are finally signs that the Indian government is dropping its traditionally protectionist stance and opening up its retail market to greater overseas investment. Recently it eased restrictions on foreign investment, allowing overseas retailers to own 51% of outlets as long as they sell only single-brand goods. A shopping revolution is ushering in India where, a large population between 20-34 age groups in the urban regions is boosting demand by 11. 1 percent in 2004-05 to an Rs 23,308 purchasing power. This has resulted in huge international retail investment and a more liberal FDI. Evolution of Indian Retail The era of Indian retail began with weekly markets and village fairs, which catered to the daily necessities of villagers. Village fairs were larger in size with a wide variety of goods sold from food, clothing, cosmetics and small consumer durables. Then came the emergence of Kirana stores and mom-and-pop stores. These stores used to cater to the local people. This was followed by the era of government supported rural retail and many indigenous franchise stores came up with the help of Khadi Village Industries Commission. The KVIC has a countrywide chain of 7000 plus stores in India. The Modern era has a host of small and large formats with exclusive outlets showcasing a complete range of products. The department stores and shopping malls targeting to provide a complete destination experience for all segments of the society. The hyper and super markets are consistently trying to provide the customer with the 3 Vs (Value, Variety and Volume). Classification of Indian Retail Sector The Indian retail sector is broadly classified into the organized sector (modern retailers) and the un-organized sector (traditional retailers). The organized sector refers to licensed retailers, that is, those who are registered for sales tax, income tax, etc and primarily consist of Hypermarkets, Supermarkets, Multi Brand Outlets, Department Stores, Malls and Discount Stores. The un-organized sector on the other hand, refers to the traditional formats of low-cost retailing requiring limited investment such as hand cart and pavement vendors, mobile vendors, the local kirana shops and local village fairs and melas. Categories of the Retail Sector The Indian retail sector is extremely fragmented, with over 12 million outlets across all sectors. These are typically small family owned over-the-counter stores with an average size of 100 square feet. Organised retail is mostly developed in segments such as clothing (14% organised), watches (40%) and footwear (25%). The major players in these sectors have set up labelled stores in order to differentiate their brands. However, some of the largest segments such as food (1% organised retail) and jewellery (2%) are barely organised, thus contributing to the low overall average. Fastest growing retail segment Watches and jewellery – 18% Furniture and fixtures – 27% Clothing – 55% Durables – 18% Food and grocery – 91%Pharmacy – 27% (Source: India’s Retail Survey 2005, KPMG) Estimated Growth in 4 largest segments (US $ mn): 20022007CAGR* (%) Food †¢ Chain stores †¢ Single large stores391 326 651624 1462 16233% 35% 20% Clothing †¢ Manufacturer retailers †¢ Chain stores †¢ Single large stores1075 293 315 4672266 590 852 824 16% 15% 22% 12% Consumer durables †¢ Manufacturer retailers †¢ Chain stores †¢ Single large stores 359 141 98 120 822 284 298 24018% 15% 25% 15% Books Music †¢ Chain stores †¢ Single large stores 97 54 43 310 22 10826% 30 20% Source: Economic Times Retail Knowledge Series Compound annual growth rate Changing Indian Consumer Over the years, as a result of the increasing literacy in the country, exposure to the west, satellite television, foreign magazines and newspapers, there is a significant increase of consumer awareness among the Indians. Today more and more consumers are selective on the quality of the products/services. This awareness has made the Indian consumers seek more and more reliable sources for purchases such as organized retail chains that have a corporate background and where the accountability is more pronounced. The consumer also seeks to purchase from a place where his/her feedback is more valued. Indian consumers are now more aware and discerning, and are knowledgeable about technology, products and the market and are beginning to demand benefits beyond just availability of a range of products that came from ‘trusted’ manufacturers. Purchasing power of Indian urban consumer is growing and branded merchandise in categories like Apparels, Cosmetics, Shoes, Watches, Beverages, Food and even Jewellery, are slowly becoming lifestyle products that are widely accepted by the urban Indian consumer. Shopping in India has witnessed a revolution with the change in the consumer buying behaviour and the whole format of shopping also altering. Industry of retail in India which has become modern and can be seen from the fact that there are multi- stored malls, huge shopping centres, and sprawling complexes which offer food, shopping, and entertainment all under the same roof. India’s Top Retailers Pantaloon Retail (India) It is headquartered in Mumbai with 450 stores across the country employing more than 18,000 people. It can boast of launching the first hypermarket Big Bazaar in India in 2001. An all-India retail space of 5 million sq. ft. which is expected to reach 30 mn by 2010. It is not only the largest retailer in India with a turnover of over Rs. 20 billion but is present across most retail segments Food grocery (Big bazaar, Food bazaar), Home solutions (Hometown, furniture bazaar, collection-i), consumer electronics (e-zone), shoes (shoe factory), Books: music gifts (Depot), Health Beauty care services (Star, Sitara and Health village in the pipeline), e-tailing (Futurbazaar. com), entertainment (Bowling co. ) K Raheja Group They forayed into retail with Shopper’s Stop, India’s first departmental store in 2001. It is the only retailer from India to become a member of the prestigious Intercontinental Group of Departmental Stores (IGDS). They have signed a 50:50 joint venture with the Nuance Group for Airport Retailing. Shoppers Stop has 7, 52, 00 sq ft of retail space with a turnover of Rs 6. 75 billion. The group has announced plans to establish a network of 55 hypermarkets across India with sales expected to cross the US$100 million mark by 2010. Lifestyle Growing from one store in Bahrain in 1973, the NRI-led Landmark Group today operates over 5 million sq ft in the Middle East and India. The group’s first Lifestyle store in India opened in Chennai in 1999. Now it has 325,000 sq ft in Chennai, Hyderabad, Bangalore, Gurgaon and Mumbai. Its first hypermarket, branded as ‘Max’, is expected to open soon. Reliance Retail Mukesh Ambani’s 15,000-people Reliance Retail has opened 250 convenience stores, branded as ‘Fresh’, across the southern states. It is now planning to launch 30 such outlets in Mumbai. Reliance Retail plans to invest Rs 25,000 crore on hypermarkets, supermarkets and specialty stores in the next four years. The first hypermarket will be up in Ahmadabad by the end of July. Aditya Birla Retail The company, which will operate under the brand ‘More’, has selected two formats — hypermarkets and supermarkets — for its initial foray. The first store has opened in Pune. Last January, the company acquired Trinethra Super Retail, which has given it more than 5,00,000 sq ft and a strong presence in the South. The Birla’s outlay for the business over the next three years is Rs 9,000 crore. Anticipated Growth of Indian Retail Sector India has been topping the AT Kearneys annual Global Retail Development Index (GRDI) for three consecutive years, thus presenting itself as an attractive market for retail investment. The Indian retail market is the fifth largest retail destination globally. According to leading industry estimates, the Indian retail is estimated to grow from the US$ 412 billion in 2008 to US$ 483 billion by 2010 and $860 billion by 2018. In the same manner; modern retail, presently accounting for 4 per cent of the total market, is likely to increase its share to 25 per cent by 2018. The future outlook of the Indian retail market appears to be bright, with Euro monitor expecting the Indian Retail market to grow in value terms by a total of 39. 6 per cent between 2006 and 2011, averaging growth of almost 7 per cent a year. BMI (Business Monitor International) is anticipating the strongest growth in India’s hypermarket sector, with sales set to grow by an explosive 1025% to reach US$1. 35bn in 2011. Supermarket sales will increase by 119. 1%, discount stores by 242. 9% and convenience stores by 134. 1%. Reasons for Growth This anticipated growth of the Indian retail sector is owing to the following factors, which include favourable demographics, rising consumer incomes, real estate developments, availability of better sourcing options both from within India and overseas and changing lifestyle. The retail sector in India is highly fragmented and unorganised and two thirds of the sector’s output coming from this area which require minimal rental costs, cheap labour and negligible overheads and taxes, these factors of the unorganized retail sector is reasons for growth of the entire retail sector. India is witnessing a change in the age and income profiles of its over 1 billion population, which is likely to fuel accelerated consumption in the years to come. Besides, the gradual disintegration of the traditional Indian joint family system has led to nuclearisation of families, which in turn has led to enhanced demand. More Indian households are getting added to the consuming class with the growth in income levels. This large base of households with growing disposable income is expected to drive demand for organised retail. In addition increase in the number of international brands available in the Indian market, economic implications of the government, increasing urbanization, credit availability, improvement in the infrastructure, increasing investments in technology and real estate building a world class shopping environment for the consumers, falling real estate prices, increase in expenditure for luxury items have all reasons for growth of the sector. FDI in Indian Retail Sector FDI in India are approved through two routes: ?Automatic approval by RBI Foreign Investment Promotion Board (FIPB) recommendation’s of FDI FDI in India was initiated in 1992, streamlining of the procedures and substantial liberalization has been done since 1995. India at present allows 100% FDI in the wholesale cash-and-carry business (operating on a basis of cash payment for goods that are taken away by the purchaser) and 51% FDI in single-brand retailing. No foreign equity, however, is permitted in multi-brand reta iling these companies are only allowed to give logistical support to domestic multi-brand retail companies. As FDI’s influence on the Indian retail sector sets in, the total size of the retail trade is expected to grow extensively in the coming years and the consumer segments patronizing the big malls will create frenzy for organized retailing predicting a growth of 25-30 per cent per annum over the next decade. Indian retail chains would get integrated with global supply chains since FDI will bring in technology, quality standards and marketing thereby, leading to new economic opportunities and creating more employment generation. FDI over the years in the Indian retail sector has seen an impressive growth. In 2007-08, India’s FDI touched US$ 25 billion, up 56 per cent against US$ 15. 7 billion in 2006-07. In 2005-06, the growth was even sharper at 184 per cent, up from US$ 5. 5 billion in 2004-05. Projections say that the country will attract US$ 35 billion in FDI in 2008-09 (as per data released by the Ministry of Commerce and Industry). Investment in Indian Retail Sector *2008-09 projected figures; Figures in US $ billion International Retailers in India International retail brands like Wal-Mart, GAP, JC Penney and Target have doubled their sourcing operations from India. Since quotas were dismantled early last year, new entrants like Steve Barry’s are cashing in on the cost advantage and setting up their entire operations in India. Put together, Wal-Mart, JC Penney, GAP and Target account for 50% of the apparel outsourced from India in ’05. While Target, the US-based value retail chain is looking to triple its business from India to $300m from $120m in ’03, GAP is looking to touch about $650m, from $500m last year. Wal-Mart already outsources over $1bn worth of supplies from India. These companies are now rationalising their vendor bases and limiting their sourcing from fewer countries like India and China. India is specialising in value-added products unlike China which produces larger volumes. American retail chain Steve Barry’s University Sportswear has made India its procurement hub since ’01 through its affiliate company 4004 Incorporated. They supply about 20m units annually to the company, and are able to cut costs by 40-60%. Mast Industries, which procures for the $2bn Limited Brands which includes Victoria’s Secret, The Limited, Express and Bath Body Works among others, does $40m worth of business from India. It is looking to double its business in the next year. French Connection, UK (FCUK) is also sourcing 30m worth of apparel from India, which accounts for 35% of its business. A number of these retail chains are already eyeing the Indian market, and once they are allowed it would help them to further increase their sourcing from India. Benefits of Foreign Direct Investment in the Indian Retail Sector Gradual opening up of the retail segment for FDI wil l work to the advantage to government, consumers and existing retailers in the following manner. ?Generate huge employment for the semi-skilled as well as illiterate population, which will ultimately increase the per capita income and increased tax paying population. Indirect employment generation channel by training and employing people in the transportation and distribution sectors such as drivers, mechanics etc. ?Increased investment in technology in the form of cold storage chains, food processing sector as well as better operations in production cycle and distribution will decrease the wastage to a considerable mount. ?Traditional retailers can use this situation in their favour by taking franchisees of the mega players of this industry. ?The indirect benefits like better roads, online marketing, expansion of telecom sector etc. ill give a ‘big push’ to other sectors like agriculture, small and medium size enterprises. ?The consumer gains from the wide variety of c hoices and a more diversified basket of prices available under one roof. ?The huge tax revenue generated from these retail giants will gradually wipe out the ugly looking fiscal and revenue deficits. ?The transaction in foreign currencies by these MNCs will create a balance in exchange rate and will bring in stable funds in the economy as opposed to FIIs. ?Gains would flow from higher exports when the global chains are allowed in other sectors such as readymade garments. As for monopolistic pricing practices, the best safeguard would be in permitting all global chains to set up shops. The competition among them (as has happened in the automobile industry) would ensure better prices for consumers and suppliers alike. Role of government in the Indian Retail Sector Despite the benefits received by the government from the retail sector, which is illustrated by the below figure, The government has no plans to change the present policy on foreign direct investment in retail, as it seeks to afeguard small retailers from adverse impact of growing organised retail. Policy makers say retail is the second largest employer after agriculture and the government does not want to antagonise the labour-intensive sector, particularly at a time when the economy is facing a slowdown. Concerns Regarding FDI ?Foreign Players would displace the unorganized retailers because of their superior financial strengths. ?The entry of large global retailers such as Wal-Mart would k ill local shops and millions of jobs. The global retailers would collude and exercise monopolistic power and promote cartels to raise prices and reduce the prices received by the suppliers where by both the consumers and the suppliers would lose, while the profit margins of such retail chains would go up. ?Induce unfair trade practices like predatory pricing, in the absence of proper regulatory guidelines. ?Give rise to cut throat competition rather than promoting incremental business. It would lead to lopsided growth in cities, causing discontent and social tension elsewhere. Increase in real estate prices and marginalize domestic entrepreneurs. Most competitive spot in Indian Retailing The most competitive spot in present retailing is definitely the food and mobile communication. There is a huge competition in both of these. As the modern retail sector in India is reflected in sprawling shopping centres, multiplex- malls and huge commercial complexes offer shopping, food and enter tainment all under one roof, the concept of shopping has changed in terms of new trends and consumer buying behaviour, lead to a revolution in retail sector or shopping in India. The market players continuously come up with the offer of lowest possible price to drive sales and to survive in the cut throat competition. Some of the major players in food retailing are- Reliance Fresh, Kishore Biyanis Food Bazaar, Aditya Birla Groups, Piramyds Tru Mart, ITCs Choupal, Subhiksha and many more. The major players in the newly discovered and rapidly growing mobile retailing based on advanced retailing formats include- Vodafone Essars Mobile Store, Bharti telecom, Spice Telecoms Hot Spot, Future Groups M- Bazaar, Reliance Info comm. Subhiksha Mobile, Tata Indicom and many more. Why India as a FDI Destination The trends that are driving the growth of the retail sector in India are ? Low share of organized retailing ?Falling real estate prices ?Increase in disposable income and customer aspiration ?Increase in expenditure for luxury items Other credible factor in the prospects of the retail sector in India is the increase in the young working population. In India, hefty pay packets, nuclear families in urban areas, along with increasing working-women population and emerging opportunities in the services sector. These key factors have been the growth drivers of the organized retail sector in India. Future Steps of FDI in Indian Retail Sector India has emerged as the most attractive destination for global retailers amongst emerging markets. The government is now set to initiate a second wave of reforms in the segment by liberalizing investment norms further. This will not only favour the retail sector develop in terms of design concept, construction quality and providing modern amenities but will also help in creating a consumer-friendly environment. Retail industry in India is at the crossroads but the future of the consumer markets is promising as the market is growing, government policies are becoming more favourable and emerging technologies are facilitating operations in India. And this upsurge in the retail industry has made India a promising destination for retail investors and at the same time has impelled investments in the real estate sector. As foreign investors cautiously test the Indian Markets for investments in the retail sector, local companies and joint ventures are expected to be more advantageously positioned than the purely foreign ones in the evolving Indias organized retailing industry. CASE STUDY: BHARTI-WALMART DEAL Indias Bharti group and Wal-Mart, the worlds largest retailer, opened their first cash-and-carry joint venture store on an investment of $7 million. They also plan to open at least 15 outlets across the country in the next three years. The stores will be run under the brand name of Best Price Modern Wholesale. It will offer an assortment of around 6,000 items, including food and non-food items, at competitive wholesale prices. Over 90 per cent of the goods will be sourced locally, helping keep down costs. This deal will provide employment for 5,000 people. They are planning to establish ventures in Punjab, Haryana, Uttar Pradesh and Madhya Pradesh. In addition, Bharti Enterprises’ 100% subsidiary Bharti Retail, that will own and manage the retail stores, has entered into a franchise agreement with Wal-Mart which will provide technical support to Bharti Retail. Bharti Wal-Mart Private Limited will bring modern supply chain and back-end logistics expertise to India, bringing Wal-Mart’s global best practices in such areas as just-in-time inventory, retail information systems, cold chain infrastructure, GPS for truck and trailer tracking, and fuel management systems. This deal is a paradigm to say that India is alluring the top foreign brands to invest in the retail sector and is turning out to be a hot spot for retail investment. Conclusion: The retail industry in India has a very bright future prospect. It is expected to enrich the Indian economy and employment generation. Investing in organised retail sector in India is a beneficial scheme for an investor. The Retail industry is going to be the next boom industry after IT. Indian retail chains would get integrated with global supply chains since FDI will bring in technology, quality standards and marketing thereby, leading to new economic opportunities and creating more employment generation.

Change of women essays

Change of women essays The 1920s were a time of change. Many old ideas were being questioned as well as challenged by the Lost Generation. Americans were reaching new heights and discovering innovative hobbies. With these new discoveries came criticism. The Scopes Trial, change in womans status and the arrival of jazz, among others, led to the tension between the old and the new, which were manifested by the Ku Klux Klan, Tennessee Evolution Case and the Womens Christian Temperance Union. What led to the trepidation between the former and the new? The Scopes Trial was one event that contributed to the tension. The Scopes Trial also known as the Tennessee Evolution case questioned the evolution of mankind. The belief that everything in the Bible should be accepted as it is given was contradicted when Darwin concluded that humans came from an animal. This made many turn towards science for answers, leaving Christianity irrelevant to the Lost Generation. Females of the Lost Generation were also involved in another change. Change in womens status was another idea that led to the tension. Women before the 1920s were formal, conservative and bland. The new women were aggressive, confident, and opinionated. They began to search for their position in society and to level their shoulders with men in equality. They cut their hair, smoked, danced, wore short dresses, and called themselves flappers. According to the Marriage and Divorce graph, the ratio of divorces to marriages of 1-17 in 1890 went to 1-7 in 1920. If they did not feel a marriage was candid, they got divorced. Women became more independent and recognized for themselves what was right and what was not. Women were not the only ones making the headlines; jazz was also one of the hot topics of the 1920s. Jazz comes from African-American musical traditions. It differs from the older formal music. Jazz was widely accepted a ...

(Authors Choice) One Flew over the Cuckoo's Nest discussion and Essay

(Authors Choice) One Flew over the Cuckoo's Nest discussion and summary - Essay Example It turns out that patients in the asylum have no rights and no life of dignity. The ward in the mental institute, where McMurphy gets to, is run by Nurse Ratched, who is a tyrant with sadistic inclinations. She cows and terrorizes the patients, most of whom have admitted the asylum on their own desire. McMurphy sees that many of the patients are not insane and he revolts against Nurse Ratched and her methods of â€Å"treatment† and â€Å"care†. He wants to teach people to be free and happy. In the course of the film, you see that sanity is a matter on question, while nurse Ratched seems to be more abnormal and socially dangerous then most of the patients do. Besides, you can’t get rid of indignation about the humiliating position that the patients of the mental institute are put into, as well as start doubting as to the appropriateness of many methods of treatment and the verity of some diagnosis set. McMurphy finds close friends in the ward. He treats Billy Bibbit, a patient with suicidal syndrome, permanently humiliated and frightened by nurse Ratched, as his younger brother, who needs his support and guard. â€Å"Chief† Bromden, a huge Native American, considered to be deaf and submitted with schizophrenia, becomes McMurphy’s confidant, after he learns that Chief is not deaf and is quite sane. McMurphy decides to treat patients in his own way. He teaches them to enjoy life, playing cards and basketball with them, and taking them fishing on a boat without permission. Having learnt that many of the patients were submitted to the ward voluntarily, he attempts to show them the prerogatives of the free life outside the hospital. Despotic Nurse Ratched starts putting screws on patients. For the first time, they are severely punished by electro shock (which is to be a way of treatment but not punishment). It is surprising that the rest of the staff doesn’t resist the obviously illegal actions of their chief as if everything that