Financial development in the country of choice Essay

Financial development in the country of choice - Essay Example A non-transparency in the transactions and interactions of the main participants of the financial market persisted (Mohan, 2004b). The financial environment in these years consequentially was featured by segmented and underdeveloped financial markets and banking in these years was essentially governed by fiscal priorities rather than optimal financial management and commercial motives. Although the financial sector was kept under administrative control with the objective of preventing mismatching alignment problems caused by market exploiting motives, by the end of the 1980s it was recognised that such attempts actually had led to declining transparencies, accountabilities and efficiency seeking motives and thus had defeated the initial purpose of achieving efficiency through effective co-ordination (Reddy, 2007). Financial sector reforms became warranted with the dawning perception of the inability of the present system to achieve efficient allocation of resources (Mohan, 2006). In the remainder of this brief note, we shall briefly look at the development of the banking sector and the financial markets since the reforms. We shall mention the major reforms and briefly note their effects as observed over the course of the last 15 years or so in the degree of detail as allowed by the scope. The Reserve Bank of India (RBI) was nationalized as the central banking authority of the Indian economy in 19482. The Indira Gandhi Government nationalised 14 banks in 1969 and six more in 1980. Sectors like agriculture, small-scale industry, retail trading were declared as priority sectors and the banks were directed to forward 40 % of their net credits to these sectors (Datt & Sundharam, 2005). The basic Banking structure since then has remained the same. There has been a significant increase in total deposits by 32.6 times for the time period 1971 to 1991 while notably this rise

Operations Management Principles Research Paper

Operations Management Principles - Research Paper Example According to the study conducted management has always been important to businesses and sustainability of organizations nowadays. All the functions and activities in a group of people must have proper management to ensure the success and that efforts given will not be put to waste. It also allows people to coordinate with one another in working and achieving certain goals. Management can be considered to be a field of study, a class of people, and a process. Management as a field of study means focusing on the principles, functions and techniques in the practice of that profession. Management may pertain to a class or level of people which can be seen in all organizations. They are responsible for practicing the managerial activities while process is the managerial activities itself. The activities involve POSDICON or planning, organizing, staffing, directing, and controlling. Management can be compared to investment as its goal is to maximize the results from the resources used. It focuses on getting the highest possible return from all resources involved in the process. In simple terms, management is concerned with how things are accomplished. It involves the ways on how a group or individuals get the set goals which is said to be both an art and a science. Management is considered as an art when it focuses on the method of doing things. When management is considered as an art, it must be able to apply the skills needed by a person on certain practice and can be enhanced through experience. It requires the manager to use his knowledge, experience and skills in making solutions to existing problems. Ernest Dale even pointed out that management involves more art than science since the managerial abilities is owned by personnel that requires thinking. On the other hand, management is considered as a science when it involves a system which means the discipline is an organized body of knowledge following certain verified principles and outcomes. It should be able to prove results as true in any kinds of situations. It is different from physical sciences which are very specific and exact since management involves people and human behavior is changing and hard to predict making management to be categorized under social sciences (Khandkar, n.d.). Now that management is thoroughly discussed, operations management would be the next to be defined. Operation management concentrates on managing processes to create desired outcomes and products. Product development, production and distribution are under the focus of that discipline or profession. It is also associated with process controls like inventory control and quality control. Purchases must be studied thoroughly as to be exact with the needed amount of products to be made. Processes are also analyzed and studied to ensure their effectiveness. In that discipline, standards and measurements are needed to enhance the performance of the internal processes. The way operations management is observed in a business depends upon the industry in which the organization falls under (McNamara, n.d.). Usually, operations managers perform the following tasks: budget preparations for programs, company programs for the company, inventory control, logistic responsibilities and employee supervision.