Illegal Immigrants in The United States Essay -- Mexican immigrants, i

The legal nature of cards payment and the risk of insolvency Essay

The lawful idea of cards installment and the danger of bankruptcy - Essay Example There exists a relentless rivalry that wins in the Visa showcase in UK as there is an elevated level of card education among British buyers and this has brought about the development of the market, with the quantity of cards and card exchanges are indicating a twofold development in late periods regardless of worldwide monetary downturn. Further, spending through charge cards in UK saw an emotional increment and rose to ? 41 billion out of 1995 from only ?10 billion out of 1985 and afterward up to ? 101 billion in 2002.1 This examination exposition will break down in insight regarding Mastercards, platinum cards, check cards, charge cards, and so forth and the legitimate idea of the above cards and how they vary from one another and precautionary measure to be embraced by customers while managing each kind of cards in a thorough way. Charge cards Credit cards are given dependent on the bank’s customer’s record as a consumer, his all out riches and his pay level. As far as possible beginnings from a couple hundred pounds to a large number pounds. The customer utilizes these cards to purchase items and appreciate administrations or to get money from the card specialist organization. The client is required to take care of his obligation inside the installment time frame and if there should arise an occurrence of any default, intrigue will collect. Mastercards have a few impediments as it couldn't be utilized for huge or extremely little installments. For little installments, Mastercards can't be utilized as it would not legitimize the expense of utilization for the equivalent. The Mastercards will consistently have a security limit and because of security issues, these Visas have a cutoff and can't be utilized for enormous business transactions2. Made sure about Credit Cards Under collateralised or made sure about charge cards, the quantum of credit is chosen by the quantum of fluid guarantee one ready to give and in spite of one’s past awful record of loan repayment, Visas are given to candidates. Along these lines, made sure about Visas are given to those with awful record as a consumer, individuals with no financial record or people who don't fit the bill for customary charge cards. To be qualified for this, a client needs to make a store typically for a ?500 or more for one year or year and a half by method of declaration of store with the giving investor which holds it as a security. At that point, the client has as far as possible to the estimation of the store and in the event that the client makes a default, at that point, the bank may utilize the store to alter against the extraordinary. Regardless of the reality, these cards despite everything draw in yearly expenses and intrigue charges that are equal or more prominent than those of customary credit cards3. Check Cards Check cards are indistinguishable all in all appearance and in size to that of Mastercards and contain analogs comparable subtleties. All signi ficant British banks and Irish banks are giving these kinds of cards. Under this class, the bank gives a card that bears the name of the bank, its location, the customer’s example mark and his name, an exceptional check card account number and as far as possible pertinent. The check card giving bank guarantees to respect the checks drawn by its client for outsiders, gave the cutoff referenced in the check card doesn't surpass the sum on each check. Before giving the check cards, the banks ought to need to set up the financial soundness of their customers4. It is being embraced by the check card giving bank that any check not surpassing a specific sum fixed by the bank will be regarded subject

EtG Test for Confirming Alcohol Abstinence

EtG Test for Confirming Alcohol Abstinence Addiction Alcohol Use Print EtG Test for Confirming Alcohol Abstinence By Buddy T facebook twitter Buddy T is an anonymous writer and founding member of the Online Al-Anon Outreach Committee with decades of experience writing about alcoholism. Learn about our editorial policy Buddy T Medically reviewed by Medically reviewed by Steven Gans, MD on October 09, 2019 Steven Gans, MD is board-certified in psychiatry and is an active supervisor, teacher, and mentor at Massachusetts General Hospital. Learn about our Medical Review Board Steven Gans, MD Updated on October 15, 2019 Peter Dazeley Collection/Photographers Choice/Getty Images More in Addiction Alcohol Use Binge Drinking Withdrawal and Relapse Children of Alcoholics Drunk Driving Addictive Behaviors Drug Use Nicotine Use Coping and Recovery The ethyl glucuronide (EtG) test is widely used to detect the presence in the urine of ethyl glucuronide, a breakdown product of ethanol, the intoxicating agent in alcohol. It can also screen for EtG in your blood, hair, and nails, but the urine test is the most widely used.  The main purpose of an EtG test is to document?  alcohol abstinence. What the EtG Test Is Used For The test for EtG is widely used to detect alcohol abstinence in situations that do not allow drinking, including: Alcohol treatment programs??A DUI or DWI programLiver transplant patients??Schools or the militaryProfessional monitoring programs (for example, airline pilots, healthcare professionals, attorneys)Court cases (for example, child custody)Probation programs Its important to note that the EtG test is not recommended for use in workplace testing programs as it does not measure current impairment from alcohol. Detection Time Frame The EtG test is quite sensitive and can detect even low levels of alcohol. In fact, the test can detect alcohol in the urine up to five days after consumption. In studies of participants without alcohol-use disorders, EtG has been detected in urine samples for up to 80 hours (3.3 days) after heavy alcohol exposure. Limitations A problem with the EtG test is that it can produce a positive test from the mere exposure to alcohol thats present in many daily use products.?? Examples of environmental or home products that contain alcohol include: Foods prepared with or flavored with alcoholCleaning productsMouthwashesBreath spraysHand sanitizersHygiene products like antiperspirantAftershaveCosmeticsHair dye The reality is that there are hundreds of household products that contain ethanol, according to the National Library of Healths Household Products Database, and exposure to them could possibly lead to a false positive on the EtG test. Interpreting Results The following cutoff values have been proposed: High positive EtG test (for example, 1,000ng/mL) may indicate: Heavy drinking on the same day or the previous day??Light drinking on the same day as the test Low positive EtG test (for example, 500 to 1,000ng/mL) may indicate: Heavy drinking within the last one to three daysLight drinking within the last 24 hoursRecent intense exposure to environmental products containing alcohol (within the last 24 hours)?? Very low positive EtG test (for example, 100 to 500 ng/mL) may indicate: Heavy drinking within the last one to three daysLight drinking within the last 12 to 36 hours??Recent exposure to environmental products containing alcohol SAMHSA lists EtG as a test that can help both rule in or rule out whether someone has been drinking with high accuracy. The EtG test accurately detects a person who recently consumed alcohol 70 percent or more of the time. One study showed that for moderate to heavy drinking, this number jumps to 85 percent. A Word From Verywell All in all, the EtG test is considered a highly useful test for detecting recent alcohol consumption. But like any test, there is the possibility for a false positive. This is why a positive test should be confirmed either with another test or with verification from the person that he or she did indeed drink alcohol.   Hopefully, as the research on EtG and other alcohol biomarkers unfold, there will be increasingly accurate ways to distinguish between true alcohol use and exposure to alcohol in environmental products.   How a CDT Test Detects Dangerous Alcohol Consumption

Personal Essay Getting The Call - 848 Words

Getting the Call June 26th, 2013 my phone rings, it is my father calling, I can tell by the sound of his voice that what he has to say is not positive, I know it is related to his health. He begins to cry, now I am crying, he says â€Å"Honey, I have cancer†. My sight is blurry, I can not see through my tears, my nose is running. I am trying to breathe but my chest is tight, I am breathing, it is labored and fast, my head is spinning. My heart is beating fast, too fast. My legs are heavy, I feel as though I might vomit. I can hear my dad on the other end sobbing, I have never heard my dad cry like this before. I do not know what to say, there is a long pause, silence, as we both cry. I try to speak but nothing comes out, then I manage to say†¦show more content†¦I terribly want to be with my family, I feel an overwhelming sense of aloneness. I cry myself to sleep. The Day My Dad Dies September 8, 2013 I spend the day at Whitehorse General Hospital, knowing that in a few short hours I will have to say goodbye to my dad, possibly for the last time. The doctor keeps telling us he is close to dying, it is clear to see. He cannot speak, open his eyes or eat, he lays there near lifeless. His body is withering away. I sit with him and talk to him, hoping that he can hear me. I want him to squeeze my hand and let me know he can hear me. I cannot stop crying. I have no desire to eat, food doesn’t taste good. I am anxious knowing I have to leave, my body is tired from many late nights, little sleep and four days of crying. I have to say goodbye to my dad, I scan the room, it smells of sanitizer and sweat. I hold my dads hand, I kiss him on his forehead, his body is motionless, it feels clammy and cold. His eyes are closed and sunken into his face, his lips parted as he breathes softly, inaudibly. I barely recognize him. I touch his face, it still holds life, even th ough he is not present I can still feel his love. My tears cloud my vision as I move in closer and put my forehead to his. I whisper â€Å"I love you dad, and I will never forget you. If you are ready to go you have my permission. I do not want to see you suffer any longer†. I lay there like this for a few minutes, my tears falling onto his face. IShow MoreRelatedHow to Write a Reading Response Essay1453 Words   |  6 PagesHow to Write a Reading Response Essay   What is a Reading Response Essay? A Reading Response essay: * Summarizes what you read. * Gives your reaction to the text. Your reaction will be one or more of the following: * Agreement/disagreement with the ideas in the text. * Reaction to how the ideas in the text relate to your own experience. * Reaction to how ideas in the text relate to other things youve read. * Your analysis of the author and audience. * Your evaluation of how thisRead MoreMy First Year Experience Program1134 Words   |  5 Pages101 assignment that I have chosen best demonstrates my progress as a writer is our Personal Narrative Essay. Though this was our first essay of the semester, I did receive my highest grade on this assignment and believes that it reflects my abilities as a writer. Because it was a Personal Narrative, writing the narrative came easy to me but along the way I faced a couple road blocks. With it being my first college essay, I referred to the Writing Center in the Mortvedt Library for guidance outside theRead MoreClass Today : America And Its Universal Influence On The Lives Of Americans1311 Words   |  6 Pagesthe odds being stacked against minorities, women, and those living below the poverty line experience obstacles that limit personal success. In his text, Class in America, Gregory Mantsios examines the myths and realities behind the truth about class in America and its universal in fluence on the lives of Americans. He argues that the rich are getting richer and the poor are getting poorer due to many different factors. Similarly, in her text, Serving in Florida, author Barbara Ehrenreich writes aboutRead MorePastoral Ministry1579 Words   |  7 Pagesï » ¿Ray Odom Pastoral Ministries Final Project Essay 1 A. Compare the terms shepherd and pastor. – In the New Testament the bible says, and he gave some, apostles; and some, prophets; and some, evangelists; and some, pastors and teachers (KJV Ephesians 4:11). The word pastor used here in Greek is πΠ¿ÃŽ ¹ÃŽ ¼Ã¡ ½ µÃŽ ½, or poimeÌ„n meaning shepherd, is to tend as a shepherd or as a supervisor; to rule. The truth is, the word pastor(s) is used only one time in the New Testament with the word being translated toRead MoreThe Success Of Journalism Lies1502 Words   |  7 PagesThe success of journalism lies in its ability to grasp and hold the attention of its readers, and multimodal articles excel at getting and retaining their readers’ interest. Multimodal articles, text articles heavily incorporating various modes of communication such as pictures, videos, and soundbites, have gained popularity in recent years. They enhance the reading experience for a variety of topics, especially when explaining crime stories. Th ese technology-infused articles use different formsRead MoreWhy DonT We Complain Essay1653 Words   |  7 Pagesargument, or claim. In the essay, Why Don’t We Complain, by William Buckley, one of his main points is that people today are not complaining and speaking up. In another essay, The Paranoid Style of American Policing, by Ta-Nehisi Coates, one of his main points is that violence is not always necessary to solve a problem. Both authors use appeals such as pathos, logos, or ethos to make their arguments stronger. Both authors have similar arguments, that the government is getting too much power from theRead MoreLiving with Strangers by Siri Hustvedt934 Words   |  4 PagesLiving with strangers In the text â€Å"Living with strangers† Siri Hustvedt discusses the lack of solidarity and the social rules, one may meet in a big city, like New York City. Siri Hustvedt starts the essay by describing, the big difference she felt, when moving from rural Minnesota to New York City. She begins by briefly describing to the reader, how one was expected to behave, where she grew up. Whenever you encountered someone on the road, whether you knew them or not, you should alwaysRead MoreAnalysis Of The Odds And Against The Common Good990 Words   |  4 Pagesassumptions periodically throughout her essay that are balanced. Overall her assumptions were spot on but there were various assumptions that were feeble. An example of a strong assumption is when Jimenez states â€Å"If it is wrong to encourage people to gamble, it is hardly relevant to say the game (lottery) is run honestly† (Jimenez, pg.118). 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African Masculinity And The African Continent - 916 Words

The African continent has been riddled with western ideologies and stereotypes for centuries. Even before the institution of colonization was implemented across the continent, western visitors who saw the world through their western ideologies and â€Å"eyes† labeled African men, women, and societies as barbaric, and inferior. These ideologies of Africans continued from slavery, to colonization and even into the ideology of western nations today. Africans today are working to change the ideologies placed on them by westerners and create their own definition of what it means to be an African. Through photographs, African artists such as Rotimi Fani-Kayode are working to dispel ideologies about African masculinity that is now ingrained in the minds of many westerners. His photograph Adebiyi (1989), which translates to â€Å"crown like this† is one example of art that counters western ideologies about African men. He uses a striking image of a masculine man in a feminine pose to defiantly resist western ideologies of African masculinity and sexuality. His photograph is among the set of tools being used by many Africans to reimagine Africans in media across the world and redefine western ideologies about African men. In his essay â€Å"The White of Their Eyesâ€Å" Stuart Hall defines ideology as â€Å"a socially created idea that is reproduced† (1990). Ideologies are present in every society and as they are repeated, they can generate and produce relationships of inequality. An â€Å"us† versus â€Å"them†Show MoreRelatedAfrican Americans During The Age Of Exploration1568 Words   |  7 PagesExploration, Africans did not designate themselves as Blacks; however, Europeans used the term â€Å"blacks† to differentiate themselves. 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It is considered toRead MoreThings Fall Apart By Chinua Achebe Essay1203 Words   |  5 PagesMost Africans lost what they had called home for many years due to Europeans, who took their land for monetary gain. This was a dark period of time for Africans that live there. The U.S. Civil War and The Great Depression both can be related, in this instance, to how down their people were because of what happened. Chinua Achebe said it best, â€Å"I would be quite satisfied if my novels...did no more than teach my readers of their past...was not a long night of savagery from which the first EuropeanRead MoreHeart Of Darkness And Things Fall Apart1580 Words   |  7 PagesHeart of Darkness, Joseph Conrad shows Africa through the perspective of the colonizing Europeans, who tend to depict all the natives as savages. 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However, others would argue that countries such as China, Saudi Arabia and Russia and few others have notRead MoreA Vey Brief History fo South Africa803 Words   |  3 PagesSouth Africa for thousands of years and were members of the oldest surviving people of the land, the Khoisan language groups. With just a few left in South Africa mostly located in the sections of the western region. But mostly today black, South Africans belonged to the Bantu language group, which migrated from central Africa, settling in the Transvaal region around 100 A.D. (South Africa: History, 2012). Also the Nguni people who were ancestors of the Zulu and Xhosa occupied most of the easternRead MoreThings Fall Apart By Chinua Achebe993 Words   |  4 PagesIn African villages around the continent and even in other countries around the world women s roles were always subpar to men. 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Fdi Inindia Ananalysis on Theimpact of Fdi in Indias Retail Sector- Free Essays

FDI in India: An analysis on the impact of FDI in India’s Retail sector Submitted By: Subhajit Ray Department of Humanities and Social Sciences IIT Kharagpur Kharagpur-721302 1 Introduction: Initially the Indian policy makers were quite apprehensive about the flow of foreign capital into the economy. This can be attributed to the colonial past which saw large investments being made by their colonial rulers in the form of major infrastructure instruments like railways but only to make huge gains for themselves and sucking the host country of its resources. But currently the global economy has been witnessing an incessant form of economic growth characterized by the flow of capital from the developed world to the developing countries. We will write a custom essay sample on Fdi Inindia Ananalysis on Theimpact of Fdi in Indias Retail Sector- or any similar topic only for you Order Now During the 1990s Foreign Direct Investment (FDI) became the single largest source of external finance for the developing countries. When faced with an economic crisis during the same period the Indian policy makers had to open up the Indian market and accordingly India has been seeing a consistent increase in FDI inflows. Indian economy has been showing high growth rates in the post liberalization era. In the last fiscal year according to the Planning commission’s data the Indian economy recorded a growth rate of 8. 6% and 8% in the year before. This is reason enough to call it a high performing economy. All Multi National Enterprises (MNEs) have been eyeing the Indian market ever since they have opened up. The policy makers have been vigorously pursuing the reforms program as they believe that high growth has been the resultant of economic liberalization. FDI has been seen as a dominant determinant to achieve high rate of economic growth because of the ease with which it can bring in scarce capital, triggers technology transfer and enhances the efficiency by increasing the competitiveness of the market. Also FDI as a form of policy instrument to raise capital is usually preferred over other forms of external finance because they are non-debt creating, non-volatile and their returns depend on the performance of the projects financed by the investors. FDI is successful in human capital formation, increases total factor productivity and efficiency of resource use. But such benefits are highly dependent on the policies of the host government. It is furthermore described as a source of economic development, modernization, and employment generation. Several factors both political and apolitical have led to a greater acceptance of FDI. The envisioned role of FDI has evolved from that of a tool to solve the crisis under the license raj system to that of a modernizing force of the Indian economy. In support of their endeavor the policy makers have often cited the example of the Chinese experience of achieving high growth rate through foreign direct investment. India has opened up its economy and allowed MNEs in the core sectors such as Power and Fuels, Electrical Equipments, Transport, Chemicals, Food Processing, 2 Metallurgical, Drugs and Pharmaceuticals, Textiles, and Industrial Machinery as a part of reform process started in the beginning of 1990s. Currently FDI is also permissible in the Telecommunications, Banking, Insurance and IT sector. Currently there is huge debate going on about allowing FDI in retail. This paper aims to discuss the critical aspects of FDI in India, present a case study on the success of reforms in the telecommunications sector, analyze both sides of the arguments currently going on regarding FDI in retail and conclude with suggestive measures on the part of the government which can eliminate the negative effects of allowing FDI in India’s retail sector. Assessing the impact of FDI on host economy- a review of various economic literatures: FDI inflow into the core sectors is assumed to play a vital role as a source of capital management and technology in countries of transition economies. It implies that FDI can have positive effects on a host economy’s development effort (Caves, 1974; Kokko, 1994; Markusen, 1995; Carves, 1996; Sahoo, Mathiyazhagan and Parida 2001). It has been argued that FDI can bring the technological diffusion to the sectors through knowledge spillover and enhances a faster rate of growth of output via increased labour productivity. There have been a lot of empirical studies to assess the impact of FDI in developing economies and the results to this date have been found to be mixed. Many reports have questioned the positive effects of the FDI inflow in the host country. Some studies done earlier had found that FDI has a negative impact on the growth of the developing countries (Singer,1950; Griffin, 1970; Weisskof, 1972). Multinational Enterprises (MNEs) in the name of FDI may drive out the local firms because of their oligopolistic power, and also, the repatriation of profit may drain out the capital of the host country. The main argument in this regard was that the main component of FDI in less developing countries was in the primary sector. Then these primary products were exported to the developed nations and processed for import back to the developing nations and thus resulted in the host nations receiving a lesser value for their resources. Hanson (2001) argues that evidence that FDI generates positive spillovers for host countries is weak. In a review of micro data on spillovers from foreign-owned to domestically owned firms Gorg and Greenwood (2002) conclude that the effects are mostly negative. Lipsey (2002) takes a more favorable view from reviewing the micro literature which argues that there is evidence of positive effect. He also argues that there is need for more consideration of the different circumstances that obstruct or promote positive spillovers. Rodan (1961), Chenery and Strout (1966) in the early 1960s argued that foreign capital inflows have a favorable effect on the economic efficiency and growth towards the developing countries. It has been explained that FDI could have a favorable short-term effect on growth as it expands the economic activity. However, in the long run it reduces the growth rate due to dependency, particularly due to â€Å"decapitalization† (Bornschier, 1980). This is due to the reason that the foreign investors repatriate their investment by contracting the economic activities in the long run. FDI is an important vehicle for the 3 transfer of technology and knowledge and it demonstrates that it can have a long run effect on growth by generating increasing return in production via positive externalities and productive spillovers. Thus, FDI can lead to a higher growth by incorporating new inputs and techniques (Feenstra and Markusen, 1994). Aitken, et al. 1997) showed the external effect of FDI on export with example of Bangladesh, where the entry of a single Korean Multinational in garment exports led to the establishment of a number of domestic export firms, creating the country’s largest export industry. Hu and Khan (1997) attribute the spectacular growth rate of Chinese economy during 1952 to 1994 to the productivity gains largely due to market oriented reforms, especially the expansion of the non-state sector, as well as Chinaâ €™s â€Å"open-door† policy, which brought about a dramatic expansion in foreign trade and FDI. A study by Xu (2000) found a strong evidence of technology diffusion from U. S. MNEs affiliated in developed countries (DCs) but weak evidence of such diffusion in the less developed countries (LDCs). It concluded that in order to benefit from the technology transfer by the MNEs a country needs to achieve a basic minimum human capital threshold. A recent study by Banga (2005) demonstrates that FDI, trade and technological progress have differential impact on wages and employment. While higher extent of FDI in an industry leads to higher wage rate in the industry, it has no impact on its employment. On the other hand, higher export intensity of an industry increases employment in the industry but has no effect on its wage rate. Technological progress is found to be labor saving but does not influence the wage rate. Further, the results show that domestic innovation in terms of research and development intensity has been labor utilizing in nature but import of technology has unfavorably affected employment in India. The study by Sharma (2000) concluded that FDI does not have a statistically significant role in the export promotion in Indian Economy. This result is also confirmed by the study of Pailwar (2001) and the study also argues that the foreign firms are more interested in the large Indian market rather than aiming for the global market. The study by Sahoo and Mathiyazhagan (2003) also support the view that FDI in India is not able to enhance the growth of the economy. Though there is a common consensus among all the studies in the Indian context that FDI is not growth stimulant rather it is growth resultant. A study by Dr Maathai K. Mathiyazhagan(2005) demonstrate that the flow of FDI into the sectors has helped to raise the output, labour productivity and export in some sectors but a better role of FDI at the sectoral level is still expected. Results also reveal that there is no significant co-integrating relationship among the variables like FDI, Growth rate of output, Export and Labour Productivity in core sectors of the economy. This implies that when there is an increase in the output, export or labour productivity of the sectors it is not due to the advent of FDI. Thus, it could be concluded that the advent of FDI has not helped to wield a positive impact on the Indian economy at the sectoral level. Thus, in the eve of India’s plan for further opening up of the economy, it is advisable to open up the export oriented sectors so that a higher growth of the economy could be achieved through the growth of these sectors. 4 Foreign Direct Investment policy of India: Foreign direct investment policy of the government of India has been gradually liberalized. As early as in the year 1948 and 1956 (two industrial policy resolutions) government policy clearly reflected the need to supplement foreign capital and technology for rapid economic growth. The core objective of the foreign capital policy was that the control of industrial undertaking should remain in the Indian hands. However, the government had granted permission in certain cases for allowing establishment of exclusive foreign enterprises. Foreign capital was preferred in specific areas which bring in new technology and establish joint ventures with Indian partners. Government also granted tax concessions to foreign enterprises and streamlined industrial licensing procedures to accord early approvals for foreign collaborations. In the case of 100 per cent export of output, foreigners were allowed to establish industrial units. It needs to be noted here that under the Foreign Exchange Regulation Act (FERA) 1974 only upto 40 per cent of the equity holding of the foreign firms were permitted. Foreign investment was permitted under designated industries along with restrictions in terms of local content clauses, export obligations, promotion of R and prohibition by law the use of foreign brands (Hybrid domestic brands were promoted such as Ford Escort and Hero Honda). It needs to be pointed out here that the restrictions have been flouted frequently and relaxations were also granted. This process has culminated into gradual liberalization of government policy towards foreign capital. It is reflected in continuous increase in the number of approvals granted. During the period 19611971, the number of foreign collaborations approved was 2475 which were increased to 3041 during the period 1971-1980. There was dramatic increase in the foreign collaboration approvals during the period 1981-1990 (7436 collaborations were approved). This policy enabled to build domestic technological capability in many branches of industry but generally considered very restrictive. It has been widely accepted that protection of domestic industry for a longer period of time resulted into high cost production structure along with poor quality. Foreign direct investment policy announced by the government of India in July 1991 was regarded as a dramatic departure from the earlier restrictive and discretionary policy towards foreign capital. The FDI policy of 1991 proposed to achieve objective of efficient and competitive world class Indian industry. Foreign investment was seen as a source of scarce resource, technology and managerial and marketing skills. The major feature of policy regarding foreign investment up to 51 per cent of equity holding was permitted too. Automatic approvals were also allowed to foreign investment up to 51 per cent equity in 34 industries as well as to foreign technology agreements in high 5 priority industries. The Foreign Investment Promotion Board (FIPB) was set up to speedily process applications for approvals of the cases which were not covered under the automatic route. Laws were amended to provide foreign firms the equivalent status as the domestic ones. Government of India, however, put in place the regulatory mechanism to repatriate payments of dividends through Reserve Bank of India so that outflows are balanced through export earnings during stipulated period of time. Further liberalization measures with regard to foreign investment were taken during 1992-93. The dividend balance conditions were revoked except in the case of consumer goods industries. Non Resident Indian (NRI) and Overseas Corporate Bodies (OCB) were permitted in high priority industries to invest up to 100 per cent equity along with repatriation of capital and income. Apart from expansion of the area of operation for FDI in many new economic activities, the existing companies were also allowed to increase equity participation up to 51 per cent along with disinvestment of equity. Foreign direct investment policy has been changed frequently since 1991 to make it more transparent and attractive to the foreign investors. FDI up to 100 per cent is allowed under automatic route for all sectors/activities except activities that attract industrial licensing, proposals where foreign investors had an xisting joint venture in same field, proposals for acquisition of shares in an existing Indian company in the financial sector and those activities where automatic route is not available. The only sectors/activities where FDI is not permitted are agriculture and plantations excluding tea plantations, real estate business (excluding development of townships, housing, built up infrastructure and construction development projects-NRI/OCB investment is allowed for the real estate business), retail trade, lottery, security services and atomic energy. Government has simplified procedure, rules and regulations on a regular basis since 1991 to make Indian economic environment foreign investor friendly. Attempt has been made through FDI policy to make India the hub of global foreign direct investment as well as in economic activities. Trend and Dimension of FDI inflow in India: The dimensions of the FDI flows into India could be explained in terms of its growth and size, sources and sectoral compositions. The growth of FDI inflows in India was not significant until 1991 due to the regulatory policy framework. It could be observed that there has been a steady build up in the actual FDI inflows in the post-liberalization period (Figures 1. 1 and 1. 2). Actual inflows have steadily increased from US $ 143. 6 million in 1991 to US $ 37763 million in 2010. This results in an annual average growth rate close to 6 per cent. However, the pace of FDI inflows to India has definitely been slower than some of the smaller developing countries like Indonesia, Thailand, Malaysia and Vietnam. In fact, India had registered a declining trend of FDI inflows and the FDI- GDP ratio especially in 1998 and 2003 could be attributed to many factors, including the US sanctions imposed in the aftermath of the nuclear tests, the East Asian meltdown and the perceived Swadeshi image different political parties, which was 6 ruling government during this period in India. It is also important to note that the financial collaboration has out numbered the technical collaboration over the years. But since 2006 India has seen a remarkably higher growth of FDI in accordance with the general trends of the global conomy with a slight dip in the year 2009-2010. This can be attributed to the recessionary situation in the global economy. In recent years, India’s share in the global FDI inflows has increased substantially. Year wise FDI inflow in the post reforms era (1990-2001) 1999-2000 2439 1998-1999 1997-1998 1996-1997 FDI 1995-1996 1994-1995 1993-1994 1992-1993 0 1000 2000 3000 4000 US $ MILLIONS Figure 1. 1 Year 1992-93 1993-94 1994-95 1995-96 1996-97 1997-98 1998-99 1999-00 FDI 393 654 1374 2141 2770 3682 3083 2439 7 However, China receives a greater percent of global FDI inflows. India’s effort have not yet realized in comparison to the changes which has been made in the FDI policy. Year wise revised FDI inflow since 2000-2001 with expended coverage to approach International Best Practices. 2009-2010 2008-2009 2007-2008 2006-2007 2005-2006 FDI 2004-2005 2003-2004 2002-2003 2001-2002 2000-2001 0 10000 20000 30000 40000 US $ MILLIONS Table 1. 2 Year 200001 200102 200203 200304 200405 200506 200607 200708 200809 200910 FDI 4029 6130 5035 4322 6051 8961 22826 34835 37838 37763 Capital goods sector has more or less been bypassed by FDI. This clearly points out the tendency of foreign investment to exploit the pent up domestic demand 8 for consumer durable goods. Further more, there is a gradual increase in the mergers and acquisitions during the 1990s which show a tendency of FDI inflows to acquire existing industrial assets and managerial control without actually engaging in new productive activities (Nagraj, 2006). India’s large size of domestic market seems to have been the major attraction for foreign firms. SHARE OF TOP INVESTING COUNTRIES FDI EQUITY INFLOWS Others France Germany Cyprus Country Japan Netherlands U. K U. S. A. Singapore Mauritius 0 10 2 2 4 4 9 % 4 5 7 9 42 20 30 40 50 %age to total Inflows (in terms of US $) The analyses of the origin of FDI inflows to India show that the new policy has broadened the source of FDI into India. There were 86 countries in 2000 which increased to 106 countries in 2003 as compared to 29 countries in 1991 whose FDI was approved by the Indian Government. The co untry-wise analysis of the FDI inflows shows that Mauritius, which was not in the picture till 1992, is the highest contributor of FDI to India. A major share of such investment is represented by the holding companies of Mauritius set up by the US firms. It means that the investment flowing from the tax havens is mainly the investment of the multinational corporations headquartered in other countries. Now an 9 important question arises as to why the US companies have routed their investment through Mauritius. It is because, firstly, the US companies have positioned their funds in Mauritius, which they like to invest elsewhere. Secondly, because the tax treaty between Mauritius and India stipulates a dividend tax of five per cent, while the treaty between Indian and the US stipulated a dividend tax of 15 per cent (World Bank, 1999). Telecommunications Sector- A success story: Further narrowing of FDI in sub-sectors reveals the success story of the telecommunications sector. Research into Telecommunications furthers the haphazard nature of FDI investment and policy making. The current process for FDI in telecommunications can be attributed to two policies that were undertaken by the government: National Telecom Policy of 1994 and New Telecom Policy of 1999. Before the economic reforms ‘teledensity’ was low, infrastructure growth was slow, and the lack of reforms restricted investments and adoption of new technologies. The existing legislative and regulatory environment needed major changes to facilitate growth in the sector. It was 1991 when the programme was undertaken to expand and upgrade India’s vast telecom network. The programme included: complete freedom of telecom equipment manufacturing, privatisation of services, liberal foreign investment and new regulation in technology imports. Simultaneously, the government-managed Department of Telecommunications (DoT) was restructured to remove its monopoly status as the service provider. The government programme was formalised on a telecom policy statement called National Telecom Policy 1994 on 12 May 1994. However the 1994 policy was not sufficient to make the India’s telecommunications sector fully open and liberalised. The incumbent monopoly (DoT) was indifferent in implementing the national telecom policy effectively due to its lack of commitment. This paved the way for designing a new policy framework for telecommunications which was called the New Telecom Policy 1999. The New Telecom Policy 1999 (NTP99) was developed after the reform process began in 1991. The interest of the government led to the new policy. As a result in addition to the sectoral caps, the government policy played a major role in the liberalization of the telecom sector. As a result a large number of private operators started operating in the basic/mobile telephony and Internet domains. Teledensity has increased, mobile telephony has established a large base, the number of Internet users has seen a steep growth, and large bandwidth has been made available for software exports and IT-enabled services, and the tariffs for international and domestic links have seen significant reductions. Total FDI in Telecommunications sector is over US $ 15 billion. The takeover of Hutch by Vodafone is one of the largest FDI deals for an amount of US $ 11 billion. Tariff 10 rates are the lowest in the whole world and there are more than 250 million users. The Retail sector in India: The retail industry in India is one of the fastest growing. Even without FDI driving it, the corporate owned retail sector is expanding at a furious rate. AT Kearney, the well-known international management consultancy, recently identified India as the ‘second most attractive retail destination’ globally from among thirty emergent markets. It has made India the cause of a good deal of excitement and the cynosure of many foreign eyes. With a contribution of 14% to the national GDP and employing 7% of the total workforce (only agriculture employs more) in the country, the retail industry is definitely one of the pillars of the Indian economy. . Trade or retailing is the single largest component of the services sector in terms of contribution to GDP. Its massive share of 14% is double the figure of the next largest broad economic activity in the sector. The retail industry is divided into organised and unorganised sectors. Organised retailing refers to trading activities undertaken by licensed retailers, that is, those who are registered for sales tax, income tax, etc. These include the corporate-backed hypermarkets and retail chains, and also the privately owned large retail businesses. Unorganised retailing, on the other hand, refers to the traditional formats of low-cost retailing, for example, the local kirana shops, owner manned general stores, paan/beedi shops, convenience stores, hand cart and pavement vendors, etc. A simple glance at the employment numbers is enough to paint a good picture of the relative sizes of these two forms of trade in India – organised trade employs roughly 5 lakh people whereas the unorganized retail trade employs nearly 3. 95 crores. Given the recent numbers indicated by other studies, this is only indicative of the magnitude of expansion the retail trade is experiencing, both due to economic expansion as well as the ‘jobless growth’ that we have seen in the past decade. It must be noted that even within the organised sector, the number of individually-owned retail outlets far outnumber the corporate-backed institutions. Though these numbers translate to approximately 8% of the workforce in the country (half the normal share in developed countries) there are far more retailers in India than other countries in absolute numbers, because of the demographic profile and the preponderance of youth, India’s workforce is proportionately much larger. That about 4% of India’s population is in the retail trade says a lot about how vital this business is to the socio-economic equilibrium in India. 1 Arguments against adoption of FDI in India’s Retail sector: FDI driven modern retailing is labour displacing to the extent that it can only expand by destroying the traditional retail sector. Till such time we are in a position to create jobs on a large scale in manufacturing, it would make eminent sense that any policy that results in the elimin ation of jobs in the unorganised retail sector should be kept on hold. Studies suggest that about 5 crore jobs will be lost and only 20 lakhs new jobs will be created. With their incredibly high capital FDI driven retailing units such as Wal-Mart will be able to sustain losses for many years till its immediate competition is wiped out. This is a normal predatory strategy used by large players to drive out small and dispersed competition. This entails job losses by the millions. Even the organised retail sector may face serious problems and may eventually be wiped out. The FDI driven retail units will typically sell everything, from vegetables to the latest electronic gadgets, at extremely low prices that will most likely undercut those in nearby local stores selling similar goods. They would be more likely to source their raw materials from abroad, and procure goods like vegetables and fruits directly from farmers at pre-ordained quantities and specifications. This means a foreign company will buy big from India and abroad and be able to sell low – severely undercutting the small retailers. Once a monopoly situation is created this will then turn into buying low and selling high. Such re-orientation of sourcing of materials will completely disintegrate the already established supply chain. In time, the neighbouring traditional outlets are also likely to fold and perish, given the ‘predatory’ pricing power that a foreign player is able to exert. As Nick Robbins wrote in the context of the East India Company, â€Å"By controlling both ends of the chain, the company could buy cheap and sell dear† It is true that it is in the consumer’s best interest to obtain his goods and services at the lowest possible price. But this is a privilege for the individual consumer and it cannot, in any circumstance, override the responsibility of any society to provide economic security for its population. Clearly collective well-being must take precedence over individual benefits. The primary task of government in India is still to provide livelihoods and not create so called efficiencies of scale by creating redundancies. 12 Arguments in favour of adoption of FDI in India’s Retail sector: The main driver for adoption of Retail in India seems to be the recognition that the Indian economy faces serious supply-side constraints, particularly in the food-related retail chains. The government would like to improve back-end infrastructure, and ultimately reduce post-harvest losses and other wastage. There is also a general concern, highlighted by the persistence of food inflation, that intermediaries obtain a disproportionate share of value in this chain and farmers receive only 15% of the end consumer price. Now the farmers will be able to get a better price for their products. With easy credit availability through foreign direct investment the situation of farmer suicides in India will improve. With foreign capital flowing into the economy the current inflationary situation will be tamed. One key point is that we must differentiate between the interests of consumers, who constitute our population of nearly 115 crore, from the interests of retailers, who may number near five crore. The larger supermarkets, which tend to become regional and national chains, can negotiate prices more aggressively with manufacturers of consumer goods and pass on the benefit to consumers. Undoubtedly, lower prices psychologically propel buyers to spend more than they otherwise would. The resulting growth in private consumption creates jobs. The tax collection of the government will improve as it is mpossible to tax the unorganised retail sector. The revenue collected by the government can be used for infrastructure development. Also India has had several retailers with deep pockets and access to skills. That they have not been able to swamp the domestic small retailer says something about consumer behaviour and small retail’s resilience. The argument that the advent of FDI and super markets will displace a large number of kirana shops is similar to the argument used during the era of industrial licensing, which was meant to protect small-scale industries. But eventually the inefficiencies and quality standards of the protected small-scale companies become apparent even to socialist politicians and licensing was abolished. Even a modest chain of 200 supermarkets, to be set up all over India in selected towns and cities in the next three years, will require an investment of about Rs 2,000 crore (Rs 20 billion), at the rate of Rs 10 crore (Rs 100 million) per supermarket to cover the infrastructure and working capital. Each supermarket may take 2 or 3 years before it becomes profitable. There is a risk that a few of them may even fail. No Indian entrepreneur will be willing and able to commit this level of investment and undertake the risks involved. That is where the 13 international experience and skills that may come with FDI would provide the confidence and capital. Apart from this, by allowing FDI in retail trade, India will become more integrated with regional and global economies in terms of quality standards and consumer expectations. Supermarkets could source several consumer goods from India for wider international markets. India certainly has an advantage of being able to produce several categories of consumer goods, viz. fruits and vegetables, beverages, textiles and garments, gems and jewellery, and leather goods. The advent of FDI in retail sector is bound to pull up the quality standards and costcompetitiveness of Indian producers in all these segments. That will benefit not only the Indian consumer but also open the door for Indian products to enter the wider global market. Suggestive measures to eliminate the negative effects of FDI in India’s Retail sector: FDI in the retail sector should be accompanied by policy formulations that encourage the growth of manufacturing sector in India. A growing manufacturing sector can accommodate the people who will loose their jobs due to the adoption of retail in India. FDI should be aggressively promoted in case of relatively less sensitive sectors like entertainment, R etc. Moreover import duty should be imposed to protect domestic production units. Strict labour laws should be imposed to ensure that no management jobs are outsourced. The government should also ensure the local population gets competitive wages and the working environment is proper. Jobs should be reserved for the poor people. If the language of operation is English then it will act as a hindrance for job creation for the underprivileged people. Hence Hindi and local languages as a mode of operation should be encouraged. Cooperative societies should be formed for the farmers and other agricultural suppliers to take care of their rights and to ensure that they are getting a fair price from the FDI driven big retail units. Strict corporate governance should be ensured to prevent the acquisition of local business units by foreign firms and to promote investor friendly trade practices. The foreign retail units should be made to divest a certain percentage of their equity in the Indian financial markets. Only strict governance can ensure that the foreign firms adhere to competitive trade practices. Social infrastructure like schools, colleges and hospitals should be developed to promote human capital formation as several studies suggest that such initiatives could enhance the spillover effects of FDI. Furthermore it will help in creating 14 jobs in the high technology sectors and will put India in the global technology scenario. Social security should be ensured through different policy measures like pension plans, employment guarantee programmes and free health care. Strict environmental laws should be enforced to ensure that the foreign firms do not indulge in unsustainable trade practices. Conclusion: The growth rate of the Indian economy has been very high in the post reforms era. And hence India has become the cynosure of investment by foreign multinational enterprises. The relationship between FDI and other macro economic variables like growth rate, export, employment and productivity has been found to vary. It has been found that to gain a positive impact of technology spillovers via FDI the host country should achieve a basic minimum human capital threshold. Studies exist both in support and against the positive impact of FDI in the Indian economy. It is self conclusive that the growth of FDI in India is growth resultant and not growth stimulant. The positive impact of FDI has been felt in the high technology sectors like telecommunication and IT. The success story of the telecom sector is a real confidence booster in this regard. It is clearly visible that the MNEs are more interested in exploiting the Indian markets rather than investing in capital goods. The retail sector is one of the fastest growing sectors of India. It also employs a huge proportion of the population. Hence any measure regarding this sector such as approval of FDI in the Indian retail sector will have a gigantic impact on Indian economy. FDI in the Indian retail sector will work wonders in terms of controlling inflation, creating new jobs and increasing the efficiency and productivity of the Indian economy. But many believe that it may lead to wide scale unemployment, drainage of capital from the Indian economy and social inequity. Hence FDI in India’s retail sector should be accompanied by stringent policy measures on the part of the government so that the majority of the population can benefit from the positive spillover effects of FDI. Government should encourage FDI in the manufacturing sector along with the retail sector to compensate for the loss of jobs that will be created due to the advent of FDI in retail. Government should also build social infrastructure to enhance the human capital formation so that the positive spillover effects of FDI are greatly felt. 15 References †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ FDI in India’s Retail Sector More Bad than Good? By Mohan Guruswamy Kamal Sharma Jeevan Prakash Mohanty Thomas J. Korah Rethinking the linkages between foreign direct investment and development: a third world perspective By: Shashank P. Kumar India’s Economic Growth and the Role of Foreign Direct Investment: By Lakhwinder Singh 2006. India’s FDI inflows Trends and Concepts By K. S. Chalapati Rao Biswajit Dhar Impact of liberalization on FDI structure in India. By Dr. Gulshan Kumar. Impact of foreign direct investment on Indian economy: A sectoral level analysis. By Dr Maathai K. Mathiyazhagan. Foreign Direct Investment in Post-Reform India: Likely to Work Wonders for Regional Development? By Peter Nunnenkamp and Rudi Stracke. FDI in India in the 1990s. Trends and issues. By R Nagaraj. Economic Reforms, Foreign Direct Investment and its Economic Effects in India by Chandana Chakraborty Peter Nunnenkamp. March 2006. China and India: Any difference in their FDI performances? By Wenhui Wei. June 2005 Fact sheet on FDI in India by the Planning Commission. Data on GDP growth rate from the Planning Commisiion. Wikipedia. com Planningcommission. nic. in 16 How to cite Fdi Inindia Ananalysis on Theimpact of Fdi in Indias Retail Sector-, Papers

The Rise and Spread of Islam free essay sample

The rise of the religion of Islam can be traced to the seventh century. In its usual view Islam is often seen solely in terms of its origins in the barren peninsula of Arabia. It is true that Islam can be traced to the Arabian city of Mecca, where it was revealed to the Prophet Mohammad, during the years 610 to 632 AD. Prophet Muhammad was born in the city of Mecca in Arabia around 570 A. D. in the Qureshi tribe. Mohammed not only established a new religion, he would establish a complete new system of government, one that would eventually spread to every corner of the globe, usually through military conquest, especially in the years following Mohammed’s death. The rise of Islam is truly a religion revolution. Muhammad, an orphan from the merchant class of Mecca, was raised by his grandfather and uncle. He married a wealthy local widow and businesswoman named Khadija. We will write a custom essay sample on The Rise and Spread of Islam or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page About 610, Muhammad experienced the first of a number of revelations that he believed came from the archangel Gabriel. In these revelations he was told that there is only one God, called Allah in Arabic. Although the peoples of the Arabian peninsula had already been exposed to monotheism through Jewish traders and Arabic converts to Christianity, Muhammads fervent proclamation of the existence of only one god angered the merchants of Mecca, who anticipated decreased profits from pilgrimages if the revelations of Muhammad were widely accepted. In 622, realizing that his life was in danger, Muhammad and his followers fled to the city of Yathrib (later called Medina), about 200 miles northwest of Mecca. Here Muhammad was allowed to freely exercise his role as prophet of the new faith, and the numbers of believers in the new religion grew. The flight of Muhammad from Mecca to Medina, called the hijrah, became the first year in the Muslim calendar. In Medina, Muhammad oversaw the daily lives of his followers, organizing them into a community of believers known as the umma. The well-being of the umma included programs concerning all aspects of life, from relief for widows and orphans to campaigns of military defense. In 629, Muhammad and his followers journeyed to Mecca to make a pilgrimage to the Kaaba, now incorporated as a shrine in the Islamic faith. The following year they returned as successful conquerors of the city, and in 632, they again participated in the hajj. In 632, Muhammad died without appointing a successor, an omission that would have a profound effect on the future of Islam. The Islamic state expanded very rapidly after the death of Muhammad through remarkable successes both at converting unbelievers to Islam and by military conquests of the Islamic communitys opponents. Expansion of the Islamic state was an understandable development, since Muhammad himself had successfully established the new faith through conversion and conquest of those who stood against him. Islam were soon established empires the Abbasids, Fatimids, Almoravids, Seljukids, Ajuuraan, Adal andWarsangali in Somalia, Mughals in India and Safavids in Persia and Ottomans were among the largest and most powerful in the world. The people of the Islamic world created numerous sophisticated centers of culture and science with far-reaching mercantile networks, travelers, scientists, hunters, mathematicians, doctors and philosophers, all of whom contributed to the Golden Age of Islam. The term Islam means submission, while the name Muslim, applied to the followers of Islam, means one who submits. Muhammad viewed his revelations as a completion of those of Judaism and Christianity and perceived himself not as a deity but as the last in a series of prophets of the one god, Allah. He considered Abraham, Moses, and Jesus also among the prophets of Allah. According to the teachings of Islam, the faithful must follow a set of regulations known as the Five Pillars. They include: Faith, Prayer, Fasting, Alms-giving, and The hajj. Islam was