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ASSIGNMENT
| Course Code | MS-03 |
| Course Title | Economic and Social Environment |
| Assignment Code | MS-03/TMA/SEM-I/2015 |
| CREDIT | 4 |
| MAX.MARKS | 60 |
Note: Answer all questions. Kindly note that answers for 10 marks questions should be approximately of 400 words. Each question is followed by evaluation scheme.
1 Explain environment of business in detail and examine the interaction between economic environment and business management giving suitable examples.
Answer: A business organization cannot exist a vacuum. It needs living persons, natural resources and places and things to exist. The sum of all these factors and forces is called the business environment.
Business environment is of two types-
- Micro environment or the internal environment
- Macro environment or the external environment
(i)Micro environment / Internal Environment of Business
Micro environment comprises of the factors in the immediate environment of the company that affect the performance of the company. In includes the suppliers, competitors, Marketing intermediaries, customers, pressure groups and the general public.
- Evaluate the working and performance of public sector in India.
Answer: Banks in India have been under the clutches of a few individuals and trusts before their nationalization. In 1969 after the post-nationalization and subsequently in 1980’s after the second phase of nationalization banks have expanded phenomenally and have ventured into new areas. After the advent of liberalization in the 90’s and the entry of
- a) Describe the salient features of the protective policy adopted by the government for Small Scale Industry (SSI).
Answer: Some of the Government Policies for development and promotion of Small-Scale Industries in India are: 1. Industrial Policy Resolution (IPR) 1948, 2. Industrial Policy Resolution (IPR) 1956, 3. Industrial Policy Resolution (IPR) 1977, 4. Industrial Policy Resolution (IPR) 1980 and 5. Industrial Policy Resolution (IPR) 1990.
Since Independence, India has several Industrial Policies to her credit. So much so that Lawrence A. Veit tempted to say that “if India has as much industry as it has industrial policy, it would be a far well-to-do nation.” With this background in view, in what
- b) State the objective and achievements of administered price mechanism.
The price of a good or service as dictated by a governmental or other governing agency. Administered prices are not determined by regular market forces of supply and demand.
Examples of administered prices included price controls and rent controls. Administered prices are often imposed to maintain the affordability of certain goods and to prevent price gouging during periods of shortages (such as gas prices). Rent controls are intended to stabilize rent in certain cities, where rents are reviewed by a standard of reasonableness.
Objectives: To analyse level of awareness in public on the
- a) Analyse the need for foreign capital for a developing country. Give illustrations.
Answer: Foreign direct investment (FDI) has proved to be resilient during financial crises. For instance, in East Asian countries, such investment was remarkably stable during the global financial crises of 1997-98. In sharp contrast, other forms of private capital flows—portfolio equity and debt flows, and particularly short-term flows—were subject to large reversals during the same period (see Dadush, Dasgupta, and Ratha, 2000; and Lipsey, 2001). The
- b) Define Balance of Payments (BoP). Briefly discuss the significance and composition of BoP.
A statement that summarizes an economy’s transactions with the rest of the world for a specified time period. The balance of payments, also known as balance of international payments, encompasses all transactions between a country’s residents and its nonresidents involving goods, services and income; financial claims on and liabilities to the rest of the world; and transfers such as gifts. The balance of payments classifies these transactions in two accounts – the current account and the capital account. The current account includes transactions in goods, services, investment income and current transfers, while the capital account mainly includes
- Briefly review the impact of economic reforms in India in terms of achievements and failures.
Answer: The economy of India is one of the fastest growing economies in the world. Since its independence in the year 1947, a number of economic policies have been taken which have led to the gradual economic development of the country. On a broader scale, Indian economic reforms have been a blend of both social democratic and liberalization policies.
Due to the fall of the Soviet Union and the problems in balance of payment accounts, the country faced economic crisis and the IMF asked for the bailout loan. To get out of the situation, the Finance Minister, Manmohan Singh initiated the economic liberation reform in the year 1991. This is considered to be one of the milestones in India economic reform as it changed the market and financial scenario of the country. Under the liberalization program,
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