Business Government and Society

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Contents Chapter I Nature ucture Natur e and str uctur e of the economy ........................................................................ 1 1.1 Nature and Structure of the Economy .................................................................... 1 1.2 Functions of the State and the Economic Role of the Government ................... 3 1.3 The Legal and Constitutional Environment ........................................................... 5 1.3.1 Company Laws ................................................................................................... 6 1.3.2 Foreign Exchange Regulation Act .................................................................. 7 1.3.3 The Sick Industrial Companies (Special Provisions) Act, 1985 ............... 7 1.3.4 The Monopolies and Restrictive Trade Practices Act(MRTP),1969 ........ 8 1.3.5 The Consumer Protection Act, 1986 .............................................................. 8 1.3.6 The Environment Protection Act, 1986 .......................................................... 9 1.4 Demographic Facts ..................................................................................................... 10 Summing Up ....................................................................................................................... 10 Self-assessment ................................................................................................................ 11 Chapter II The social environment and its influences on business ...................................... 12 2.1 Parameters of Quality of Life .................................................................................... 12 2.1.1 The Physical Quality of Life Index ................................................................. 14 2.1.2 Introduction to the Human Development Index .......................................... 14 2.2 Socio Economic Protective Legislations .................................................................. 15 2.2.1 Prevention Of Food Adulteration Act (1954) ................................................ 15 2.2.2 The Drugs And Cosmetics Act (1940) .......................................................... 16 2.2.3 Standards of Weights And Measures Act (1956) ......................................... 16 2.2.4 Public Liability Insurance Act ......................................................................... 16 2.3 Consumer Protection Overview ............................................................................... 16 2.3.1 Shortcomings of the CP Act, 1986 .................................................................. 17 2.3.2 Other Dimensions of the CP Act, 1986 .......................................................... 17 Summing Up ....................................................................................................................... 17 Self-assessment .................................................................................................................. 18 Chapter III Industry ............................................................................................................................... 19 3.1 Privatisation .................................................................................................................. 19 3.1.1 Ownership Measures ........................................................................................ 20 3.1.2 Organisational Measures ................................................................................. 20 3.1.3 Operational Measures ...................................................................................... 21 3.2 Disinvestment .............................................................................................................. 21 3.2.1 The Rangarajan Committee on Disinvestment ............................................ 21 3.3 Privatisation in India and the World: ....................................................................... A comparison of Political dynamics ......................................................................... 22 3.3.1 Privatisation or Disinvestment? ...................................................................... 24 3.3.2 Privatisation in India: A Balance Sheet ......................................................... 24 3.4 Competition Policy and Law ...................................................................................... 26 3.4.1 The MRTP: A redundant Act? ......................................................................... 26 3.4.2 The New Competition Law: an advance over MRTP .................................. 27 3.5 Industrial Reforms ...................................................................................................... 27 Summing Up ....................................................................................................................... 29 Self-assessment ................................................................................................................ 29

I/MITSDE

Business, Government, and Society

Chapter IV The Financial System ....................................................................................................... 30 4.1 Money Market ............................................................................................................. 30 4.1.1 Money Market in India .................................................................................... 31 4.1.2 Instruments traded in the Money Market .................................................... 31 4.2 Gilt Edged Market or Government Securities Market ........................................ 34 4.2.1 Zero Coupon Bonds ........................................................................................... 35 4.2.2 Floating Rate Bond ............................................................................................ 35 4.2.3 Tap Stock ............................................................................................................. 35 4.2.4 Partly Paid Stock ............................................................................................... 35 4.2.5 Capital Indexed Bonds ..................................................................................... 35 4.3 Capital Market Reforms .............................................................................................. 36 4.3.1 Primary Market Reforms ................................................................................. 36 4.3.2 Secondary Market Reforms ............................................................................ 36 4.4 Buy back Ordinance .................................................................................................. 37 4.4.1 Buy back and experience with MNCs ........................................................... 38 4.5 Banking Sector Reforms ............................................................................................ 38 4.6 An Introduction to Fiscal, Monetary and Credit Policy ....................................... 41 4.6.1 Fiscal Policy ........................................................................................................ 41 4.6.2 Monetary and Credit Policy ............................................................................ 44 Summing Up ....................................................................................................................... 46 Self-assessment ................................................................................................................ 46 Chapter V Political System ......................................................................................................... 30 Evolution and History of Democracy ...................................................................... 47 Parliamentary and Presidential Forms of Democracies ...................................... 48 Direct and Indirect Forms of Democracies ........................................................... 49 Direct Democracy: An Experience .......................................................................... 49 Constitutional Reforms ............................................................................................... 50 5.5.1 Controversy Regarding Constitutional Reforms .......................................... 50 5.6 Judicial Reforms in India ........................................................................................... 53 Summing Up ....................................................................................................................... 53 Self-assessment ................................................................................................................ 54 Chapter VI International Inter national Linkages ..................................................................................................... 55 6.1 GATT and WTO .......................................................................................................... 56 6.1.1 WTO: A negotiating Forum ............................................................................. 56 6.1.2 WTO: A system of rules ................................................................................... 56 6.1.3 WTO: A dispute settlement body .................................................................... 56 6.1.4 Principles of WTO ............................................................................................. 56 6.1.5 Agreements under WTO .................................................................................. 57 6.2 Agriculture and WTO ................................................................................................ 58 6.3 Agreement on Sanitary and Phytosanitary Measures ......................................... 59 6.4 Agreement on Technical Barriers to Trade .......................................................... 59 6.5 Agreement on Textiles and Clot