“THE STUDY OF ENTREPRENEURS IN BIKANER CITY”

An Overview of Enterpreneurship With Respect to Bikaner.

Entrepreneurism, entrepreneurship are the lifeblood of any economy, more so in developing economy. In india entrepreneurism is in its cultural ethos.
The word ‘entrepreneur’ is derived from the French verb ‘entreprendre’ which means ‘to undertake’. Entrepreneur is an important input of economic growth. Basically he is the person responsible for setting up a business or an enterprise and more over we can say; with him we prosper without him we are poor.
Entrepreneur is not mere a word or neither it is confined to its literal meaning only; rather it has its symbolical significance also. Symbolically entrepreneurship is a journey of a person who is hand working, self motivating, self indulgent, inspired by his surroundings, with full of the sprit of doing some thing different and last but not least full of risk bearing ability, by assimilating in himself over the growth of become an entrepreneur.
Many scholars have defined the word ‘entrepreneur’ in their own language here we are taking some of those definitions to understand that who is an entrepreneur :
Francis A. Walter says that ‘The true entrepreneur is one who is endowed with more than average capacities in the risk of organizing and coordinating the various other factors of production.”1

{1} Source : “Dynamics Of Entrepreneurial Development And Management” A Book By Vasant Desai Chapter 2 page 21.
Peter F. Drucker defines an “Entrepreneur as one who always search for change, respond to it and exploit it as an opportunity. Innovation is the specific tool of entrepreneur, the means by which they exploit change as an opportunity for a different business or service.”2

King Martin Luther said, “I have a dream, and thousands followed in spite of overwhelming obstacles. In order to establish a new successful business venture the intrapreneurial leader must have a dream and work against all obstacles to achieve it.”3

So an entrepreneur is the person who deliberates his success story by elaborating it with his efforts and formed it with a kind of inspirational source, full of enthusiasm to the up coming generation.













{2,3} source: “Dynamics Of Entrepreneurial Development And Management” A Book By Vasant Desai Chapter 2 page 21.
Infrastructure :

· Electricity : The capacity of existing Grid sub-stations in Bikaner district is 62.0 MVA.

· Water : Ground water occurs in the rocks of the trans-Aravalli, Vindhyan and territory formations at depth of 60 meters which increases towards the west and north. Around Kolayat, the depth ranges from 100 m to 135 m. The Indira Gandhi Nahar Project will benefit 188 villages of the district and 2.60 million acres of land.

· Road Transport : The district is well connected with metallic roads with all nearby district namely Jodhpur, Nagaur, Churu and Sri Ganganagar. The National Highway No. 11 connecting Bikaner with Agra also ends in Bikaner itself. The total length of different category of roads in the district is about 3,624 kms as on 31 March 2000.

· Rail Transport : The total rail network found in the district has the rail length of 234.96 kms. The district is connected with Howrah by broad guage and with Delhi, Jodhpur, Jaipur, Sri Ganganagar, Agra and Bhatinda by metre guage railway line.

· Air Transport : The nearest airport is at Jaipur (320 Kms)

Industrial Scenario :

· No. of Large and Medium Scale Running : 6
· No. of Small Scale Units : 5,310
· No. of Industrial Areas : 5

1. Bichhwal
2. Bikaner
3. Khajuwala
4. Loonkaransar
5. Napasar

Source : http://www.investrajasthan.com

· Main Existing Industries :

Bathroom fittings, Bikaneri Bhujia, Carpet and shoddy yarn, cattle feed, cement, ceramic tiles, cotton (in bales) textiles, dairy products, groundnut oil, gypsum grinding, handicraft items, leather footwear, machine tools and parts, mosaic tiles, mustard oil, oil extraction and refinery, papad and mangori, plaster of paris, polythene film and bags, PVC cables, rasagollas, textiles, woollen blankets and shawls, woollen carpets, wood and wooden products.

· Export Items :

1. Bikaneri Bhujia
2. Leather Items
3. Woollen Carpets


Major Investment Projects In Bikaner
(as of Apr 2004)
Company/Ownership Project
Location
Industry/ Type of Project
Progress of Implementation



Cost (Rs. Crore)
Uttara Rajasthan Milk Union Ltd.


Announcement
Private (Indian)
Bikaner
Dairy Products
14.98
Dairy Project

New units

Neyveli Lignite Corpn. Ltd.


Proposed
Central Govt. Commercial
Barsingsar
Lignite
551.15
Entreprises

New Unit

Barsingsar Lignite Mine Project



Neyveli Lignite Corpn. Ltd.


Proposed
Central Govt. – Commercial
Barsingsar
Thermal Electricity
1138.34
Entreprises

New Unit

Barsingsar Thermal Power Project



Thermal – Lignite Based



Rajasthan Rajya Vidyut Utpadan Nigam Ltd.


Announcement
State Govt. – Commercial
Raneri
Thermal Electricity

Enterprises

New Unit

Raneri Lignite Based Power Project



Thermal – Lignite Based



Marudhar Power Pvt. Ltd.


Announcement
Private (Indian)
Raneri
Thermal Electricity

Raneri Power Project

New Unit

Thermal – Lignite Based



Total for the district


1704.47





CHAPTER – 2





PROJECT
PROFILE



2.1 Title of the study
2.2 Objectives of the study
2.3 Significance of the study
2.4 Scope of the study
2.5 Research design
2.6 .


2.1 Title of the study :-

The title of the study undertaken by the researcher is “THE STUDY OF ENTREPRENEURS IN BIKANER CITY”.

2.2 Objective of the study :-

v To gain familiarity with the subject.
v Analysis of the various aspects related to the settlement of an entrepreneurial firm of organization.

2.3 Significance of the study :-

Every research is conducted to fulfill certain objectives and these objectives in term fulfill some purpose. This research is significance of :

v To the researcher :-

MBA curriculum is designed to give more potential exposure to the student, so that she can make use of the theoritical knowledge in the real life situations, with this thrust, this project study has been included which provides opportunity to researcher to give practical in sight of the market. This rich experience will be of great help in fulfillment of MBA curriculum.

2.4 Scope of the study :-

The study was conducted in Bikaner City Only.

2.5 Research design :-

1. Type of research : Research is descriptive in nature.
2. Universe : Entrepreneurs of Bikaner & Bhilwara
3. Sampling Technique : Convenience Sampling through ….
4. Sample Size : 40 Entrepreneurs
5. Tools or data collection : Schedule

2.6

CHAPTER – 3



FACTS
AND
FINDINGS

Facts and findings

Demographics

v Respondent’s Profile of Age :- Table - 1

Age Group
No. of Respondents
Percentage
No. of Respondents
Below 30
15
37.5
15
30-40
8
20
8
40-50
6
15
6
50-60
5
12.5
5
Above 60
6
15
6

v Respondent’s Profile of Experience :- Table - 2

Experience
No. of Respondents
Percentage
Below 10
13
32.5
10-20
8
20
20-30
8
20
Above 30
11
27.5

v Respondent’s Profile of Educational Qualification :- Table - 3

Educational Qualification
No. of Respondents
Percentage
Matric
12
30
Under Graduate
14
35
Graduate
14
35
Post Graduate
0
0
Professional
0
0

v Respondent’s Profile of Family :- Table - 4

Type
No. of Respondents
Percentage
Nuclear
19
47.5
Joint
21
52.5

v Respondent’s Profile of Form of Organization :- Table - 5

Type
No. of Respondents
Percentage
Proprietor
12
30
Partnership
20
50
Pvt. Ltd.
8
20

v Respondent’s Profile of Type of Business :- Table - 6

Type
No. of Respondents
Percentage
Family
16
40
New
24
60

v Annual Turnover of Respondents :- Table - 7

Turnover
No. of Respondents
Percentage
Below 50 lacs
6
15
50 lacs – 1 crore
8
20
1 crore – 2 crore
12
30
2 crore – 3 crore
10
25
Above 3 crore
4
10



Q1. Which products are you manufacturing ?

Q2. Which markets you are catering to ? Table - 8

Response
No. of Respondents
Percentage
Local Markets
9
22.5
Within the state
3
7.5
Within Country
24
60
Export
4
10


Q3. What motivated you to start the business ? Table - 9

Response
No. of Respondents
Percentage
To run the family
10
25
For name and fame
9
22.5
Incentives provided by Govt.
3
7.5
Not satisfied with the job/Unemployed
18
45



Q4. Did you face any problem while setting up the unit ? Table - 10

Response
No. of Respondents
Percentage
Yes
32
80
No
8
20


If yes, which problems did you come across ?

I. Registration
II. Finance (Getting Loan)
III. Raw Materials (Inputs)
IV. Technology (Machinery)
V. Skilled Workers
VI. Legal Formalities
VII. Product Selection

Q5. Do you think joining family business is easier than setting up a unit from the beginning ?
Table - 11
Response
No. of Respondents
Percentage
Yes
26
65
No
14
35
Can’t say
0
0

Q6. Do you think moral support of family members works in setting up the business ?

Table - 12
Response
No. of Respondents
Percentage
Very much
22
55
To some extent
13
32.5
Not at all
5
12.5

Q7. Did you get financial support from the family for setting up the unit ?
Table - 13
Response
No. of Respondents
Percentage
Yes
22
55
No
18
45

Q8. Did you approach Banks/Financial Institutions for working capital / term loan ?
Table - 14
Response
No. of Respondents
Percentage
Yes
37
92.5
No
3
7.5

Q9. What different functions do you deal with ? Table - 15

Response
No. of Respondents
Percentage
Marketing
18
45
Production
6
15
Personnel
4
10
Finance
12
30



Q10. In managing the business do you face any problem ?

Table - 16
Response
No. of Respondents
Percentage
A
14
35
B
6
15
C
12
30
D
8
20

Q13. Are you satisfied with the present business ? Table - 17

Response
No. of Respondents
Percentage
Fully Satisfied
24
60
Partly Satisfied
16
40
Partly dissatisfied
0
0
Dissatisfied
0
0

Q14. Would you like to set up your own unit independently in future ?

Table - 18
Response
No. of Respondents
Percentage
Yes
13
32.5
No
27
67.5

CHAPTER – 4




ANALYSIS
AND
INTERPRETATION


Analysis AND Intrepretation

Demographics

v Respondent’s Profile of Age :- Table - 1

Age Group
No. of Respondents
Percentage
No. of Respondents
Below 30
15
37.5
15
30-40
8
20
8
40-50
6
15
6
50-60
5
12.5
5
Above 60
6
15
6


No. of Respondents

Out of total respondents 37.5% was below 30 years, 20% was between 30-40 years of age, 15% were from 40-50 years and remaining were above this age group.
v Respondent’s Profile of Experience :- Table - 2

Experience
No. of Respondents
Percentage
Below 10
13
32.5
10-20
8
20
20-30
8
20
Above 30
11
27.5


Out of total entrepreneurs only 33% have experience below 10 years, 28% have experience more than 30 years and the remaining ranges between 10 to 30 years.

v Respondent’s Profile of Educational Qualification :- Table - 3
Educational Qualification
No. of Respondents
Percentage
Matric
12
30
Under Graduate
14
35
Graduate
14
35
Post Graduate
0
0
Professional
0
0

Majority of the respondents are graduates and post graduates which implies that they are well educated to adhere to the needs of environment, satisfy customers and thus become a good entrepreneurs.

v Respondent’s Profile of Family :- Table - 4
Type
No. of Respondents
Percentage
Nuclear
19
47.5
Joint
21
52.5

Out of total respondents 48% were having nuclear family while 52% were having joint family.
v Respondent’s Profile of Form of Organization :- Table - 5

Type
No. of Respondents
Percentage
Proprietor
12
30
Partnership
20
50
Pvt. Ltd.
8
20



Out of total 40 respondents 30% possess proprietary form of organization structure, 50% have their partnership firm and the rest 20% have their private limited organisations.

v Respondent’s Profile of Type of Business :- Table - 6

Type
No. of Respondents
Percentage
Family
16
40
New
24
60


60% of the respondents opens a new business venture while remaining 40% have family business.

v Annual Turnover of Respondents :- Table - 7

Turnover
No. of Respondents
Percentage
Below 50 lacs
6
15
50 lacs – 1 crore
8
20
1 crore – 2 crore
12
30
2 crore – 3 crore
10
25
Above 3 crore
4
10


Out of total respondents 30% are having annual turnover between 1 crore – 2 crore, 25% are having between 2 crore – 3 crore, 20% are having between 50 lacs – 1 crore, 15% are having below 50 lacs and remaining are having turnover above Rs. 3 crore.

Q1. Which products are you manufacturing ?
v Carpet woollen yarn
v Insulated Electric wires and Cable’s etc.
v Spices
v Papad, Bhujia, and other food items.
v Hotel and Restaurent.
v Soya Badi and Besan.
v Bakery Products
v Cotton Dari / Goat, Camel Hair Dari / Silk / Woollen Dari etc.
v Packing Material
v Ceramic Products
v Marketing of Two Wheel


Q2. Which markets you are catering to ? Table - 8

Response
No. of Respondents
Percentage
Local Markets
9
22.5
Within the state
3
7.5
Within Country
24
60
Export
4
10



Out of 40 respondents 23% caters local markets, 60% does their production to satisfy the needs of people of their own country, 8% caters only their state and remaining are export oriented.

Q3. What motivated you to start the business ? Table - 9

Response
No. of Respondents
Percentage
To run the family
10
25
For name and fame
9
22.5
Incentives provided by Govt.
3
7.5
Not satisfied with the job/Unemployed
18
45



The main motivational factor was that most of the respondents i.e. 45% were not satisfied with their job or they were unemployed, the other factor was to run their ancestoral business and the least factor that motivates the respondents was the incentives that were provided by the Government.

Q4. Did you face any problem while setting up the unit ? Table - 10

Response
No. of Respondents
Percentage
Yes
32
80
No
8
20

Majority of the entrepreneurs i.e. 80% face problems while setting up a new unit. These problems have been elaborated in the following table and diagram :- Table – 10
Response
No. of Respondents
Percentage
Raw Material
6
18.75
Legal Formalities
8
25
Technology
2
6.25
Finance
9
28.13
Skilled Workers
4
12.5
Registration
3
9.37
Product Selection
0
0

Out of 32 respondents who face any difficulty while setting up new unit 28% face problem in getting loan or financial assistance, 25% face problem in fulfilling the legal formalities enforced, 19% face problem regarding non-availability of raw material, 13% face difficulty in getting skilled work force for their product, 10% face difficulty in getting registration, and the remaining face difficulty in copying up with the developed technology and machinery.
Q5. Do you think joining family business is easier than setting up a unit from the beginning ?
Table - 11
Response
No. of Respondents
Percentage
Yes
26
65
No
14
35
Can’t say
0
0


Majority of the respondents i.e. 65% agreed that joining family business is much more easier than setting up your own unit right from the beginning.

Q6. Do you think moral support of family members works in setting up the business ?
Table - 12
Response
No. of Respondents
Percentage
Very much
22
55
To some extent
13
32.5
Not at all
5
12.5


Out of total respondents 54% agreed that family members provides a great amount of moral support while 33% said that family support is necessary to some extent and the rest does not need any support from family while setting up new business unit.

Q7. Did you get financial support from the family for setting up the unit ?
Table - 13
Response
No. of Respondents
Percentage
Yes
22
55
No
18
45


Majority of the respondents i.e. 55% gets financial support from their family while setting up a new business venture and the remaining 45% remains needy.

Q8. Did you approach Banks/Financial Institutions for working capital / term loan ?
Table - 14
Response
No. of Respondents
Percentage
Yes
37
92.5
No
3
7.5



Large amount of entrepreneurs i.e. 92% approach Banks or financial institutions for their working capital or term loan while setting up a new production unit.



Q9. What different functions do you deal with ? Table - 15
Response
No. of Respondents
Percentage
Marketing
18
45
Production
6
15
Personnel
4
10
Finance
12
30


Majority of the entrepreneurs deals with marketing as their major functional area i.e. 45%, 30% deals with finance, 15% deals with production and remaining considers personel as their functional field.

Q10. In managing the business do you face any problem ?
Table - 16
Response
No. of Respondents
Percentage
A
14
35
B
6
15
C
12
30
D
8
20



Out of total entrepreneurs 35% said that they face problems related to personnel area, 30% said that they face problem while marketing their products, 20% said that they face problem while financing their unit and remaining face problem in production area.

Q11. Do you face any problem while travelling oustation ?
If Yes, (Please specify the Problems)
All the entrepreneurs are of the opinion that they do not face any problem while travelling outstation either in the context of their work of elsewith.

Q12. Do you think family business has its own limitations ?
If Yes (Please Elaborate)
According to the entrepreneurs family business have some limitations which are elaborated as follows :-
v Individual decisions have no value in business decisions.
v Less independent in business decisions.
v Less involvement in various functional areas i.e. Marketing, Finance etc.
v Less delegation of authority and responsibility.


Q13. Are you satisfied with the present business ? Table - 17

Response
No. of Respondents
Percentage
Fully Satisfied
24
60
Partly Satisfied
16
40
Partly dissatisfied
0
0
Dissatisfied
0
0


Majority of the entrepreneurs i.e. 60% satisfied with their current position and business and remaining are not satisfied with their work.



Q14. Would you like to set up your own unit independently in future ?

Table - 18
Response
No. of Respondents
Percentage
Yes
13
32.5
No
27
67.5


Out of the total entrepreneurs 67% are not willing to set up their own independent unit in future while remaining are ready to take risk and set up their unit in near future.

v If Yes, Why ?

The persons who are willing to set up a new business unit of their own in future, wants to opt this option because :-

v In order to gain experience of independent business.
v For name and fame.
.

1.
Family Businesses

In India family businesses account for about 70 percent of the total sales and net profits of the biggest 250 private sector companies. Big families have carved up the big industries. In vehicles, for example, the Tatas make lorries, the Birlas make Ambassador cars, the Bajaj family makes two whelers and the Mahindras make jeeps. They diversified into any business where they could get a permit to operate. Borrowing, mainly from public sector institutions, was easy, and company law make it simple to control subsidiaries through very small shareholdings. The Tata empire, for example, embraces some 70 companies, making everything from tea to watches, in which the parent company’s average stake is rarely above 15 per cent.

Entrepreneurship is not just a way to increase the level of innovation and productivity of organisations, although it will do total. More importantly, it is a way of initiating vast business so that work be comes a joyful expression of one’s contribution to society. The Indian entrepreneurs, intrapreneur and / or manager of the 90’s have to be moulded in phycho-philosophy rooted in the Indian context and values.

“The crisis in business is spiritual says Prof. Sitangshu Kumar Chakraborty, “All management ideas till now have been external-directed paradigms, developing behaviour and skills, not character and values. But meaning and richness must flow from mind to work, not the other way. We need a fundamental shift from the current reductionist, fragmentist, materialistic paradigm to one which recognises relationships, consciousness and spirit as the right aproach.”

The concept of entrepreneur and entrepreneurship incorporates basic qualities of leadership, innovation, enterprise, hard work, vision and maximisation of profits. All his socio-economic, organisational and managerial qualities are always directed towards the well being of the society and the community. He is committed to progress. He is a catalytic agent of development and change. Personal satisfaction and monetary rewards are blended with social betterment and welfare of mankind.
68-69.

Although many aspects of an entrepreneur’s background have been explored, only a few have differentiated the entrepreneur from the general populace of managers. The background areas explored include childhood family environment, education, personal values, age and work history.

Childhood family Environment.

Specific research topics concerning the family environment of the entrepreneurs include birth order, parents occupation(s) and social status, and relationship with parents. The studies of birth order have had conflicting results since Henning and Jardim found that female executives tend to be the firstborn. Being the firstborn or an only child is postulated to result in the child receiving special attention and thereby developing more self-confidence. For example in a national sample of 408 female entrepreneurs, Hisrich and Brush found 50 percent to be firstborn. Conversely, in many studies of male and female entrepreneurs, the firstborn effect has not been present. Since the relationship to entrepreneurship has not been established, further research on the firstborn effect is still needed to determine if it really does have an effect on an individual’s becoming an entrepreneur.

73

Moral Support Network

It is important for each entrepreneur to establish a moral-support network of family and friends – a cheering squad. This chearing squad plays a critical role during the many difficult and lonely times that occur throughout the entrepreneurial process. Most entrepreneurs indicate that their spouses are their biggest supporters and allow them to devote the excessive amounts of time necessary to the new venture.

Friends also pay key roles in a moral-support network. Not only can friends provide advice that is often more honest than that received from other sources, but they also provide encouragement, understanding, and even assistance. Enterpreneurs can confide in friends without fear of criticism.

Finally relatives (children, parents, grandparents, aunts, and uncles) can also be strong sources of moral support, particularly if they are also entrepreneurs. As one entrepreneur stated, “The total family support I received was the key to my success. Having an understanding cheering squad giving me encouragement allowed me to persist through the many difficulties and problems.

242

Why some Business Plans Fail

The entrepreneur has not made a total commitment to the business or to the family.

Lenders or investors will not be favorably inclined toward a venture that does not have full time commitment. Moreover, lenders or investors may expect the entrepreneur to make a significant financial commitment to the business even if it means a second mortgage or a depletion of savings.

The entrepreneur should also document customer needs before preparing the plan. Customer needs can be indentified from direct experience, letters from customers, or marketing research. A clear understanding of these needs and how the entrepreneur’s business will effectively meet them is vital to the success of the new venture.

19

Employment history also has an impact on entrepreneurial careers, in both a positive and a negative sense. On the positive side, entrepreneurs tend to have a higher probability of success when the venture created is in their field of work experience. This increased success rate makes the providers of risk capital particularly concerned when this work experience is not present. Negative displacement (such as dissatisfaction with various aspects of one’s job, being fired or demoted, being transferred to an undesirable location, or having one’s spouse take a new position in a new geographic area) encourages entrepreneurship, not only in the United States but in other cultures as well.

Although no definitive research has been done on the adult development history of entrepreneurs, it appears to also affect entrepreneurial careers. One’s development history has somewhat more of an impact on women, since they tend to start businesses at a later stage in life than men, usually after having experienced significantly more job frustration.

There is a similar lack of data on adult family/nonwork history. Although there is some information on entrepreneurs’ marital and family situations, the available data add little to our understanding of entrepreneurial career paths.

80

Is there something that differentiates an entrepreneur from the rest of the population? This chapter outlines the current thinking and research related to identifying the unique characteristics of a person who successfully launches a new venture. Developing an understanding of the characteristics and background of individuals starting new ventures is an important step in encouraging potential entrepreneurs and improving their probability of success.

A typical entrepreneurial profile in terms of experience and family background has been more clearly defined. Adult encouragement, successful entrepreneurial parents who serve as role models, and a supportive relationship that encourages in dependence and achievement are factors strongly linked to later entrepreneurial behaviour. Although there are personal characteristics and skills frequently present in successful entrepreneurs – such as leadership traits, experiences, and acquired skills differentiates a successful entrepreneur from an unsuccessful one, or even from a manager.

The research clearly indicates that there are many variables involved in the decision to become an entrepreneur. There are many successful corporate business careers. Perhaps these individuals lack an appropriate role model or support system. Watching a peer face the challenges and overcome risks associated with a new venture startup is frequently mentioned as a key influence in the entrepreneurial decision process. Although an individual can act as an inspiration to the new entrepreneur, a new venture is also in need of support from an individual or group providing information, advice, and guidance. There are many sources of support systems starting with friends and family and moving into the wider circle of professional contracts, clients, and industry organizations.

Significant growth in the number of women employed outside the home has created a new field of research that is concerned with the question of whether female employees, managers, and entrepreneurs are different from their male counterparts. It is clear that male and female entrepreneurs have much in common. Although some of the background and personality characteristics are quite similar, there are striking differences between the sexes in terms of motivation, departure point, and business skills brought to the venture. The difference in the types of businesses started can be attributed in large part to differences in education and work history.

In developing a unique description of an entrepreneur, there are several personality types that appear to be only entrepreneurial. One of these is the inventor, who can take on the role of an entrepreneur if a business is started around the product invented. Care needs to be taken to ensure that the business is not second in importance to the invention itself Other problem character traits include a lack of tenacity, perfectionism, the tendency to oversimplify, and paranoia.

368-369

After the entrepreneur, family and friends are the next most common source of capital for a new venture. They are most likely to invest due to their relationship with the entrepreneur. This helps overcome one portion of uncertainty felt by impersonal investors-knowledge of the entrepreneur. Family and friends provide a small amount of equity funding for new ventures, reflecting in part the small amount of capital needed for most new ventures. Even though it is relatively easy to obtain money from family and friends, like all sources of capital, there are positive and negative aspects. Even though the amount of money provided may be small, if it is in the form of equity financing, the family member or friend then has an ownership position in the venture and all rights and privileges of that position. This may make them feel they have a direct input into the operations of the venture, which may have a negative effect on employees, facilities, or sales and profits. Although this possiblity must be guarded against as much as possible, frequently family and friends are not problem investors and in fact are more patient than other investors in desiring a return on their investment.

In order to avoid problems in ths future, the entrepreneur must present the positive and negative aspects and the nature of the risks of the investment opportunity to try to minimize the negative impact on the relationships with family and friends should problems occur. One thing that helps to minimize possible difficulties is to keep the business arrangements strictly business. Any loans or investments from family or friends should be treated in the same businesslike manner as if the financing were from an impersonal investor. Any loan should specify the rate of interest and the proposed repayment schedule of interest and principal. The timing of any future dividends must be disowned in terms of an equity investment. If the family or friend is treated the same as any investor, potential future conflicts can be avoided. It is also beneficial to the entrepreneur to settle everything up front and in writing. It is amazing how short memories become when money is involved. All the details of the financing must be agreed upon before the money is put into the venture. Such things as the amount of money involved, the terms of the money, the rights and responsiblities of the investor, and what happens if the business fails must all be agreed upon and written down. A formal agreement with all these items helps avoid future problems.

Finally, the entrepreneur should carefully consider the impact of the investment on the family member or friend before it is accepted. Particular concern should be paid to any hardships that might result should the business fail. Each family member or friend should be investing in the venture because they think it is a good investment, not because they feel obligated.

482

To finance the assets and ensure that the new venture can meet its cash needs, it may be necessary for the entrepreneur to consider borrowing funds. Generally, to finance fixed assets the entrepreneur will assume long – term debt by borrowing from a bank. The bank’s collateral for such a loan will be the fixed asset itself. The alternatives to borrowing from a bank are to borrow from a family member, friend, or in the case of a partnership, having each partner contribute more funds to the business. A corporation may sell stock to raise funds for the new venture. This decision, however, may require the entrepreneure(s) to give up some equity in the business. Whatever the option chosen, the entrepreneur should consider the pros and cons of each.

597-599

SUCCESSION OF BUSINESS

Many new ventures will be passed onto family menbers. If there is no one in the family interested in the business, it is important for the entrepreneur to either sell the business or train someone within the organisation to take over.

Transfer to Family Members

Successfully passing the business down to a family member faces tough odds. Experts estimate that half of these attempts fail in the transition from first – to second generation ownership. Only about 14 percent make it to the third generation. The solution to minimize the emotional and financial turmoil that can often be created during a transfer to family members is a good succession plan.

An effective succession plan needs to consider the following critical factors :

The role of the owner in the transition stage : Will he or she continue to work full time, part time, or retire ?

Family dynamics : Are some family members unable to work together?

Income for working family members and shareholders.

The current business environment during the transition.

Treatment of loyal employees.

Tax consequences.

The transfer of a business to a family member can also create internal problems with employees. This often results when a son or daughter is handed the responsibility of running the business without sufficient training. A young family member can be more successful in taking over the business if he or she assumes various operational responsibilities early on. It is beneficial for the family member to rotate to different areas of the business in order to get a good perspective of the total operation. Other employees in these departments or areas will be able to assis in the training and get to know their future leader.

It is also helpful if the entrepreneur stays around for a while to act as an advisor to the successor. This can be helpful in the business decisions. Of course, it is also possible that this can result in major conflicts if the personalities involved are not compatible. In addition employees who have been with the firm since start up may resent the younger family member assuming control of the venture. However, while working in the organization during this transition period, the successor can help prove his or her abilities, justifying his or her future role.

Transfer to Nonfamily Members

Often a member of the family is not interested in assuming responsibility for the business. When this occurs, the entrepreneur has three choices: Train a key employee and retain some equity, retain control and hire a manager, or sell the business outright.

Passing the business onto an employee ensures that the new principal is familiar with the business and the market. The experience of the employee minimizes trasitional problems. In addition, the entrepreneur can take some time to make the transition smoother.

The key issue when passing the business onto an employee is ownership. If the entrepreneur plans to retain some ownership, the question of how much becomes an important area of negotiation. The new principal may prefer to have control, with the original entrepreneur remaining as a minority owner, stockholder, or consultant. The financial capacity and managerial ability of the employee will be important factors in the decision on how much ownership is transferred. In many cases the transfer or succession of a venture can take many years to meet all of the requirements of the parties involved. Since evidence indicates that most entrepreneurs wait until it is too late, it is important to begin the process long before there is a need to sell or transfer the ownership of the business. The U.S. Commerce Department indicates that about 70 percent of successful ventures never make it to the second generation of ownership.

Ron Noreli was one of the exceptions because he realized the importance of a succession plan and hired a search firm to help him find a successor. Unfortunately, even though he was able to hire someone who was to be groomed as his successor, the individual decided that he did not want to take the risk. Norelli had to start the process all over again and this time conducted the search personally by using his network of trusted business associates. After a number of candidates were evaluated and interviewed by the staff, they settled on a successor who would, over a number of years, buy Norelli out. Norelli went even further by promoting one of his staff to vice president with the intent that this individual would be a good candidate to succeed his successor. The entire process took about five years, and since he began the process early enough, it gave him the opportunity to leave the business gradually with the confidence that it would successfully continue in the future.

If the business has been in the family for some time and the succession to a family member may become more likely in the future, the entrepreneur may hire a manager to run the business. However, finding someone to manage the business in the same manner and with the same expertise as the entrepreneur may be difficult. If someone is found to manage the business, the likely problems are compatibility with the owners and willingness of this person to manage for any length of time without a promise of equity in the business. Executive search firms can help in the search process. It will be necessary to have a well-defined job description to assist in identifying the right person.

The last option, often referred to as harvesting, is to sell the business outright to either an employee or an outsider. The major considerations in this option are financial which will likely necessitate the help of an accountant and / or lawyer. This alternative also requires that the value of the business be determined.

.

proforma of synopsis

‘The Relationship between Emotional Intelligence and Career Achievement in Doctors’



Introduction:

Doctor, one of the most respectful profession of our society. They serve the patients with the objective of 100% successful in curing but still some of the Doctors are more successful than others. What is the measure of success? Is it only a strong scientific mind? No! It was, in the past, but now some fundamental new theories have been introduced: The Multiple Intelligences Theory (Gardner, 1983) & The Emotional Intelligence Theory (Mayer & Salovey, 1990; Goleman, 1995). Then we can say that success depends on several intelligences and on the control of emotions. IQ alone is no more the measure for success; emotional intelligence, social intelligence, and luck also play a big role in a person's success (Goleman, 1995). In the work place all kinds of articles are written, workshops and conferences are held to help doctors (Epstein, 1999), employees and managers (Abraham, 1999; Laabs, 1999; Barrier & Bates, 1999) become aware of the components of emotional intelligence so that they improve themselves. If emotional intelligence is considered .The purpose of this study is to see whether there is a relationship between emotional intelligence and career success. Do the high achiever Doctors have a high emotional intelligence level or isn’t there any relationship between their achievement and their emotional intelligence? Do the low achievers have a low emotional intelligence level or isn’t there any relationship between their achievement and their emotional intelligence either? So, the population of this study will be the Doctors in Bikaner city. The sample will be 300 Doctors from both from both public and private hospitals in Bikaner city. The sampling will be stratified, making sure that Hospitals, genders, socioeconomic statuses, and abilities will be appropriately represented. There will be two separate instruments for data collection. Together two research questions will be addressed : what is the relationship between emotional intelligence and career success, and what is the distribution of emotional intelligence scores for a Doctors with high intelligence quotients? The career success will be measured on the basis of some questions that will be asked to the respondents( Doctors), based on the five point scale. Accordingly high achievers will be seperatd from the from the middle and the low achievers.The second will be the web based test that measures emotional intelligence called the Mayer-Salovey-Caruso Emotional Intelligence Test. Afterwards both results will be compared to find out whether there is a relationship between emotional intelligence and career achievement or not, in order for us to be able to accept or reject our hypothesis.

Problem Statement

Understanding what makes career a success in an is very important in today’s complex and competitive environment. The importance of emotional intelligence has only recently become widely salient in the quest to identify high potential people in every field. The recent realization of the usability of EI to identify potential people, those who are most successful has left a gap between research and practice. With a limited amount of research into the subject there is a need for a study that evaluates the effect of EI on career success.
Research Questions
There are two research questions being investigated in this study.
Research question one (R1) is:
What is the distribution of emotional intelligence scores for a
Doctors with high intelligence quotients?
Research question two (R2) is:
What is the relationship between emotional intelligence and
career success?






Annexure II:

Importance of the proposed Research work or Relevance of the Study:


Today Intelligence and success in Career is not viewed the same way as they were before. New theories of Intelligence have been introduced and are gradually replacing the traditional theory. The growing rate of private hospitals and their success over government hospitals has raised an issue of not only the facilities and ambiance of hospitals but also the interpersonal skills and Emotional Intelligence of Medical Staff specially the Doctors with respect to patients.

This study is important because it will be the first research to examine emotional intelligence and its effect on career achievement among Doctors (specifically chosen for high intelligence). The career achievement or development of individual depends upon different qualities they posses. The individuals who selects a career in Healthcare industry should be able to manage good relations with clients as the success of this industry depends a lot on the relationship with the customers(patients) as observed. Emotions have to he positively managed to create better interaction with customers and for this, Emotional Intelligence will have self-awareness, self-control and social skills which will help an individual (Doctors) to have better relationship with customers (Patients) . This research will also answer the questions that, In the presence of high IQ, is EI and its effect enhanced, depressed or even reversed from what is seen in the generally? If this study is successful it will open the door on that question and lead the way to other studies to fully answer it.

This study will be important to analyze whether Doctors with high or low Emotional Intelligence get its effects on their career or not.

Annexure III:

Review of the work already done on the Subject:

The Construct of Emotional Intelligence

The use of IQ tests to identify the potential of a person has continued until this day, but new ideas of what it takes to be successful are taking hold. The construct of emotional intelligence was first introduced by Salovey and Mayer (1990). The surge in the scientific investigation of emotional intelligence began thereafter and has increasingly gained momentum. It gained its most momentum after becoming popularized by Daniel Golemans’s book, Emotional Intelligence: Why it can matter more that IQ, published in 1995. Goleman’s book was widely popular, and when introduced became a number one best seller on the New York Times list of best selling books. In his writing, Goleman stresses the importance of EI in people’s general work success and achievement in life. Other researchers since Goleman have claimed that EI does predict important occupational and educational variables (Fisher, & Ashkanasy, 2000; Fox, & Spector, 2000; Saarni, 1999). The work and writings of Daniel Goleman since the 1990’s has popularized the use of emotional intelligence to identify workers who can perform best. Goleman (2002) explains why those who score high on IQ tests are not always successful. Emotional intelligence is the ability to handle oneself and relationships. Unlike the way IQ has traditionally been seen as a fixed innate characteristic, Goleman has not defined EI as an innate characteristic. Though Goleman (2002) does not ground EI in fixed biological terms, he does attribute underlying causes to biology. Goleman (2002) explains that we rely on those around us for our own emotional stability. This is because the human brain is designed with an open-loop, limbic system. The limbic system controls our emotions and the “open-loop” refers to how it is inevitably influenced by the external environment. This external environment is made up of people, and all persons have emotions that are continually affecting each other. It is leaders that can use emotional intelligence to drive other people’s emotions in a positive and beneficial manner. Leaders of high emotional intelligence can enter the “open-loop” limbic system controls and effectively drive other people’s emotions in a positive and beneficial manner. In an effort to understand the role of EI verses IQ in career success, through his company Emotional Intelligence Services, Goleman (2002) has analyzed close to five hundred competency models from various businesses. His conclusion was that IQ does play a role in a person’s professional success though EI also does. The relative influence on
performance of EI and IQ, Goleman says, varies depending on the job. Goleman (2002) goes on to explain that for the most successful people at least eighty to ninety percent of their success can be attributed to EI.

Emotional Intelligence as Intelligence
Despite its gaining popularity, there is still debate about whether emotional intelligence is a “true intelligence” (Roberts, Matthews, & Zeidner, 2001). This is in part due to popularized style of Goleman (Mayer, Salovey, & Caruso, 2002). Goleman was a journalist in addition to a psychologist and his book was written for the general reader. In writing for the general public, Goleman stretched the definition of emotional intelligence so that it appeared to equate to good social behavior. The general concept of intelligence refers to one’s overall ability to adapt through effective cognition and information processing (Roberts, Matthews, & Zeidner, 2000). This involves the use of higher order mental abilities to perceive patterns and logically reason to solve problems. Abstract reasoning is said to be the main distinctive characteristic of intelligence (Mayer, Caruso, Salovey, & Sitarenios, 2001). Abstract reasoning may be the primary aspect of general intelligence but there are also other factors which affect the measurement of general intelligence. In a testing situation, the intelligence manifested by a person is dependent on the input a person is receiving and the general knowledge base from which that person operates. (Mayer, Caruso, Salovey, & Sitarenios, 2001). According to Mayer, Caruso, Salovey, and Sitarenios (2001) general intelligence is often broken down into different intelligences based on what inputs are being processed. It is common to see intelligence tests that specifically test for verbal intelligence and or spatial intelligence. So, emotional intelligence may be yet another intelligence, one that is referenced to emotional input. A relevant, organized, knowledge base assists in abstract reasoning. For instance, a person’s linguistic knowledge will assist them with solving problems on a verbal intelligence test. This becomes clear when nonnative speakers take a verbal intelligence test and score lower than native speakers. Similarly, there is emotional memory. This emotional memory is the knowledge base that comes from emotional experience and, as with linguistic knowledge, can help to guide abstract reasoning. Massy (2002) illustrates emotional memory by relating a study done by Ledoux, Wilson, and Gazzaniga (1977). In this study, Massy writes, “Ledoux, Wilson, and Gazzaniga showed disturbing images of people being thrown into flames to subjects wearing light refractive lenses, which channeled the information to the emotional brain but not to the rational brain. Afterward, the subjects had no declarative memory of what they had seen (p. 19).” Declarative memory is the memory for facts (Tulving, & Schater, 1990). Mass continues, “They could only describe a vague awareness of light and flashing. Yet, they felt quite upset and disturbed. Although they could not say why, they no longer liked the experimenter or felt comfortable in his presence (p. 19).” Emotional memories give insight into or expectations of situations we may not have otherwise achieved. The memories then play a role in determining how we will respond to situations that we have experienced in the past. The terrorist attacks of September 11, 2001 give us a clear example of emotional memory influencing actions. Although the odds remained small that a similar life ending event would occur if a person were to travel on an airplane many persons refused to fly. This is because of the fearful memories that were produced from watching the events of September 11, 2001 unfold. The rational understanding that flying was no more dangerous after the event was overshadowed by the emotional association in the decision to travel by airplane.

Career Success: EI & IQ
Changes in technology have brought about transformations in the way jobs are conducted and in turn have brought about changes in who succeeds or fails. Along with objective realities, perceived organizational needs often drive the success of persons in their careers. As tasks became more complex in organizations, a person’s “intelligence” gained more and more acceptance as a measure of potential. Organizations thought that those with the greatest intellectual abilities would be the most successful at work. The mindset that intellectual abilities determined one’s success or failure in life went hand and hand with the development of IQ testing. It was after Lewis Terman’s administration of his new IQ test to 1.75 million men for the army during WWI that IQ testing gained popularity. The proponents of IQ testing thought that it was a very decisive and fixed way to sort through persons. Debate still occurs regarding the nature of IQ, but there does seem to be a fixed genetic component that has great influence. SAT and ACT tests, like IQ tests, are to measure ones aptitude and are still used today as criteria for college admission. It is not always those who have the greatest success in their careers that have the highest IQs (Barth, 2003). Sometimes persons with low to average IQs come to be very successful and go far beyond the norm in their careers. This may be even truer in our current state of fast paced change than it was during the first half of the 20th century. The ability toadapt and work within a complex environment of information whichoverwhelms traditional intelligence, requires skill and traits that lie outside definitions of traditional intelligence. Emotional intelligence is but one of a number of intelligences theories that expand the concept of intelligence to better address the complexities of humans’ interaction with their environment. In 1983 Howard Gardner introduced his theory of Multiple Intelligences in his influential publication, Frames of Mind. Gardner’s theory has not been as directly influential upon the business world as it has been in educational spheres, but has played a role in reshaping how we think about intelligence. It was the predecessor to the popularization of Emotional Intelligence theory, and certainly played some role in helping open the doors to its acceptance. With Multiple Intelligence (MI) theory Gardner wanted to show that intelligence existed in many different dimensions unlike Binet’s single dimension. MI Theory took into account that persons worked within multiple different contexts that demanded different types and combinations of intelligences. The original seven intelligences Gardner (1983) identified are:
1. Linguistic: sensitivity to sound, meaning of words, and the function of language.
2. Logical/mathematical: ability to discern logical patterns, numerical patterns, symbols and complex chains of reasoning.
3. Bodily/kinesthetic: ability to control body movements and manipulate objects skillfully.
4. Spatial/visual: ability to accurately perceive the visual-spatial world and make transformations based on those perceptions.
5. Musical: ability to produce and appreciate rhythm, pitch, and musical expression.
6. Interpersonal: ability to sense and respond to the moods, temperaments, motivations, and desires of others.
7. Intrapersonal: ability to understand personal feelings that guide behavior, knowledge of personal strengths, weaknesses and desires.
One reason that MI Theory has not gained popularity in the business world is suggested by Weller (1999), “The reason for this is that there is an expectation that adults should possess the innate ability to learn and behave ‘intelligently’ according to the demands of the work environment they find themselves in.” Nonetheless, MI Theory can play an important role in career success. Persons tend to choose occupations that are aligned with their strengths. For instance, a sculptor would have strong spatial/visual intelligence and an accountant would likely have strong logical mathematical intelligence. Despite the lack of uptake of MI Theory by business organizations as a whole, the interpersonal and intrapersonal intelligences can be related to the concept of Emotional Intelligence which has been engaged by business (Weller, 1999). Interpersonal, intrapersonal and emotional intelligences all deal with how persons understand and react to various types of emotional input. This has become important for businesses because work has become more collaborative. Business organizations have been reshaped from once hierarchical entities relying on physical capital to organizations where people work on teams and rely on intellectual capital. People working in teams face many challenges beyond the simple creation of an outcome. Those involved in teams must work closely with one another and manage the social relationships as well as the duties they must perform. For work teams to be highly effective they must develop “emotionally intelligent” behaviors that do not hinder their work. Jarrett and Kellner (1996) point to what makes teams effective, “openness and mutual trust; free expression of feelings; common objectives; high commitment to shared task; conflict is surfaced and worked through; decisions are by consensus; and group process issues are an important part of work (p. 54).” The reality is that teams usually do not exhibit the behaviors that would make them most effective (Jarrett, & Kellner, 1996). Members of work teams are often afraid they will hurt someone’s feelings and do not exhibit needed openness regarding team behavior. One may also be worried about the political impact of their views if expressed. The things that hold back teams are often not a lack of intellectual abilities, but lack of intrapersonal and interpersonal abilities. Those who are best at addressing and dealing with emotional content within a team will often have greater career success.















Hypothesis / Objective of the study:

There is a significant Relationship between Emotional Intelligence and Career Achievements in Doctors.

Objectives of the Study:
To understand the Concept of Emotional Intelligence
To understand and analyze the different factors affecting Career Achievement.
To understand and analyze the Relationship between Emotional Intelligence and Career Achievement.
To Study the effect of high or low Emotional Intelligence on Career Achievement of Doctors.
To understand the distribution of emotional intelligence scores for Doctors with high intelligence quotients.
To Design some suggestions for the improvement of Emotional Intelligence level in Doctors.







Methodology:
a) Procedure:
The population of this study will be the 300 Doctors from both the government and private Hospitals of Bikaner city.
The Sampling will be stratified, making sure that Hospitals (Public & Private),gender( Male&Female), Socioeconomic status and abilities ( high & low achievers) will be appropriately represented.
b) Experimental Design and Method:
The 300 Doctors chosen from the different Hospitals will be given two separate tests for data collection to address two research together.: what is the relationship between emotional intelligence and career success, and what is the distribution of emotional intelligence scores for a Doctors with high intelligence quotients? The career success will be measured on the basis of some questions that will be asked to the respondents
( Doctors), based on the five point scale. Accordingly high achievers will be seperatd from the from the middle and the low achievers. The second will be the web based test that measures emotional intelligence called the Mayer-Salovey-Caruso Emotional Intelligence Test. Afterwards both results will be compared to find out whether there is a relationship between emotional intelligence and career achievement or not, in order for us to be able to accept or reject our hypothesis.







c) Data Collection:

The primary scale for measuring career success will be taken from Greenhaus, Parasuraman & Wormley (1990). They refer to the scale as measuring “career progress.” In this research the terms “career progress and “career success” are used interchangeably. The scale has an anchor 1 to 5, where 1=strongly dissatisfied, 3=neutral, 5=very satisfied.
The questions asked will be like: How satisfied are you with the following aspects
of your career? Participants will use the aforementioned scale and question
to rate themselves on the following aspects of their career success:
1. The progress I have made toward meeting my goals for advancement
2. The progress I have made toward development of new skills
3. The success I have achieved in my career
4. The progress I have made toward meeting my goals for income
5. The progress I have made toward meeting my overall career goals
This is clearly a subjective measure as respondents are asked to rate career success in their own terms. In addition to the subjective measure of career success, additional questions will be asked to obtain a more objective look at career success. These questions will inquire about the participant’s salary and promotion rate etc.
The MSCEIT is chosen to measure emotional intelligence because it is composed of tasks that must be performed (Mayer, Salovey & Caruso, 2003). This is similar to the composition of intelligence quotient tests. With task-based questioning this test avoids having participants choose what they perceive as the best answer over what they actually do, as often occurs in measures that rely solely on self reporting The MSCEIT adheres to Mayer and Salovey’s (1997) Four-Branch model of emotional intelligence. Each of the four Branches represents a different skill set within EI. The four branches in their model are: Perceiving Emotions, Facilitating Thought, Understanding Emotions and Managing Emotions (Mayer, Salovey, & Caruso, 2002).



d) Proposed Statistical Procedure:
Both the scores of the EQ tests and the results of being successful or not will be compared to analyzed and see whether there is a correlation between Emotional Intelligence and career achievement or not

e) Expected Outcome Results:

Based on the similar studies done in the past the researcher expects to accept the hypothesis and find the relationship between Emotional Intelligence and Career achievement.






















Chapter wise Details:

PART-I

1) Introduction
2) Review of the Literature
3) Research Design and Methodology

PART-II
4) Theories of Emotional Intelligence
5) Components and Measures of Emotional Intelligence.
6) Factors Responsible for Career Achievement.
7) Relationship between Career Achievements and Emotional Intelligence.

PART –III
8) Findings and Suggestions
9) Conclusion

Appendixes: Questionnaires, Details of the Respondents.
Bibliography




Chapter wise details of Proposed research:

The proposed research will contain the following chapters:
Chapter 1: Introduction:
Doctor, one of the most respectful profession of our society. They serve the patients with the objective of 100% successful in curing but still some of the Doctors are more successful than others. What is the measure of success? Is it only a strong scientific mind? The purpose of this study is to see whether there is a relationship between emotional intelligence and career success.
Chapter 2: Literature Review
A study of the relevant literature available on the chosen topic of various authors, their researches, papers and material available on the Internet will be incorporated to help gain a better insight in the topic
Chapter 3: Research Design and Methodology

The 300 Doctors will be chosen from the different Hospitals to give two separate tests for data collection to address two research together.: what is the relationship between emotional intelligence and career success, and what is the distribution of emotional intelligence scores for a Doctors with high intelligence quotients? The career success will be measured on the basis of some questions that will be asked to the respondents( Doctors), based on the five point scale. The emotional intelligence will tested on the basis of the Mayer-Salovey-Caruso Emotional Intelligence Test. Afterwards both results will be compared to find out whether there is a relationship between emotional intelligence and career achievement or not, in order for us to be able to accept or reject our hypothesis

Chapter 4: Theories of Emotional Intelligence

There are following theories of Emotional Intelligence:
1) The Multiple Intelligence Theory
2) Mayer and Salovey’s theory of Emotional Intelligence
3) Goleman’s theory of performance

1) The Multiple Intelligence Theory:
This theory was given by Gardner. In this theory seven kinds of Intelligence were described. Out of these two were different from usual skills related to intelligence like verbal or arithmetic skills. These skills were: a) Social Adaptive ness b) Knowing one’s inner world.
2) Mayer and Salovey’s theory of Emotional Intelligence:
In this theory of Emotional Intelligence Mayer-Salovey identified four abilities and skills required for Emotional Intelligence and called them four branches of Emotional Intelligence.
· The ability to recognize emotions
· The ability to use emotions to assist the thought process
· The ability of being aware emotions
· The ability to manage emotions

3) Goleman’s theory of Performance:
In 1995 Goleman proposed a theory in which he said that Emotional Intelligence can matter more in leadership qualities and effectiveness in work situation and explained in detail.




Chapter 5: Components and Measures of Emotional Intelligence:
The Components and measures of Emotional Intelligence is basically of two kinds:
1) Self-Report Measures
2) Ability – Based Measures

1) Self-Report Measures:
This measure of Emotional Intelligence includes:
a) Personal Competence
b) Social Competence
a) Personal Competence:

Self Awareness:
Recognizing and understanding your emotions in the moment, as well as your tendencies across time and situation.

Self-Awareness:
Using awareness of emotions to manage to response to different situations and people.

Social Competence
Understanding the perspectives of other people including their motivations, their emotions and the meaning of what they do and say.

Relationship Management:
Using awareness of one’s emotions and the emotions of others to manage relationships to a successful outcome.

2) Ability-cleared Measurement of Emotional Intelligence:
Ability based measure of Emotional Intelligence includes the following domains:
a) Experimental Area:
(i) Perceiving Emotions Branch
(ii) Facilitating Thinking Branch


b) Strategic Area:
(i) Understanding Emotional Meaning Branch
(ii) Managing Emotions Branch

Chapter 6: Factors Responsible for Career Achievement:
There is no single rather multiple factors affecting the Career Achievement:
1. Self-Confidence: Successful people often have self worth and self acceptance.
2. High IQ: Successful people have a high mental level.
3. High Emotional Quotient: High career achievers have a high capacity to understand oneself and others feelings and have a high adaptability to situations.
4. Personal Esteem: Person’s self-image is crucial to career effectiveness and success as what we believe do effect our outcome.
5. Persistence and perseverance: Persistence frequently is even more important for career success than talent or special skills.
6. Enthusiasm: When a person is enthusiastic, his perception of opportunities abounds, as does our ability.
7. The Luck Factor: Luck is essentially a readiness to perceive, opportunities, coupled with a willingness to take advantage of them. Many individuals fail not only to notice but to size opportunities.
8. Response to Failure: Characteristically, high-performing individual view mistakes and setbacks only as temporary detours or barriers to their goals.

Chapter 7: Relationship between Career Achievements and Emotional Intelligence:

Emotional Intelligence (EQ) is the ability of an individual to deal successfully with other people, to manage one’s self, motivate others, understand one’s own feelings and appropriately respond to the everyday environment. In essence, EQ is about interpersonal skills. Researchers and management scholars have found that individuals with high EQ are better at creating positive outcomes. A decrease in productivity occurs with each claim of harassment, incident of temper flair ups, and/or any inappropriate workplace conduct People who rise to the top of their field—whether it’s psychology, law, medicine, engineering or banking—aren’t just good at their jobs. They’re affable, resilient and optimistic, suggests a growing store of studies on professional leaders. Here the study will be done on the same lines with reference to Doctors.
Chapter 8: Findings and Suggestions:

The major findings of the study related to the relation between career success and Emotional Intelligence and the distribution of emotional intelligence scores for Doctors with high intelligence quotients will be incorporated here. An effort will be made to give suggestions for improving Emotional Intelligence of Doctors through training, if the Hypothesis proves.



Chapter 9: Conclusions

The research will involve various other areas, which will be highlighted during the course of the study. Such areas may need further research or interpretations. Such areas along with the major inferences will be included in this chapter.

Appendixes: Questionnaires, Details of the Respondents

Bibliography


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proforma of synopsis

“A Study on Investment Pattern of FDI’s
in Developing Countries with Special Reference to India.”


Introduction:

Foreign direct investment (FDI) plays an extraordinary and growing role in global business. It can provide a firm with new markets and marketing channels, cheaper production facilities, access to new technology, products, skills and financing. For a host country or the foreign firm which receives the investment, it can provide a source of new technologies, capital, processes, products, organizational technologies and management skills, and as such can provide a strong impetus to economic development. Foreign direct investment, in its classic definition, is defined as a company from one country making a physical investment into building a factory in another country. The direct investment in buildings, machinery and equipment is in contrast with making a portfolio investment, which is considered an indirect investment. In recent years, given rapid growth and change in global investment patterns, the definition has been broadened to include the acquisition of a lasting management interest in a company or enterprise outside the investing firm’s home country. As such, it may take many forms, such as a direct acquisition of a foreign firm, construction of a facility, or investment in a joint venture or strategic alliance with a local firm with attendant input of technology, licensing of intellectual property, in the past decade, FDI has come to play a major role in the internationalization of business. Reacting to changes in technology, growing liberalization of the national regulatory framework governing investment in enterprises, and changes in capital markets profound changes have occurred in the size, scope and methods of FDI. New information technology systems, decline in global communication costs have made management of foreign investments far easier than in the past. The sea change in trade and investment policies and the regulatory environment globally in the past decade, including trade policy and tariff liberalization, easing of restrictions on foreign investment and acquisition in many nations, and the deregulation and privatization of many industries, has probably been the most significant catalyst for FDI’s expanded role.
Proponents of foreign investment point out that the exchange of investment flows benefits both the home and the host country. Opponents of FDI note that multinational conglomerates are able to wield great power over smaller and weaker economies and can drive out much local competition. The truth lies somewhere in the middle.
For small and medium sized companies, FDI represents an opportunity to become more actively involved in international business activities. In the past 15 years, the classic definition of FDI as noted above has changed considerably. This notion of a change in the classic definition, however, must be kept in the proper context. Very clearly, over 2/3 of direct foreign investment is still made in the form of fixtures, machinery, equipment and buildings. Moreover, larger multinational corporations and conglomerates still make the overwhelming percentage of FDI. But, with the advent of the Internet, the increasing role of technology, loosening of direct investment restrictions in many markets and decreasing communication costs means that newer, non-traditional forms of investment will play an important role in the future. Many governments, especially in industrialized and developed nations, pay very close attention to foreign direct investment because the investment flows into and out of their economies can and does have a significant impact.
Changed in the Past Decade
As mentioned above, the overwhelming majority of foreign direct investment is made in the form of fixtures, machinery, equipment and buildings. This investment is achieved or accomplished mostly via mergers & acquisitions. In the case of traditional manufacturing, this has been the primary mechanism for investment and it has been heretofore very efficient. Within the past decade, however, there has been a dramatic increase in the number of technology startups and this, together with the rise in prominence of Internet usage, has fostered increasing changes in foreign investment patterns. Many of these high tech startups are very small companies that have grown out of research & development projects often affiliated with major universities and with some government sponsorship. Unlike traditional manufacturers, many of these companies do not require huge manufacturing plants and immense warehouses to store inventory. Another factor to consider is the number of companies whose primary product is an intellectual property right such as a software program or a software-based technology or process. Companies such as these can be housed almost anywhere and therefore making a capital investment in them does not require huge outlays for fixtures, machinery and plants.
In many cases, large companies still play a dominant role in investment activities in small, high tech oriented companies. However, unlike in the past, these larger companies are not necessarily acquiring smaller companies outright. There are several reasons for this, but the most important one is most likely the risk associated with such high tech ventures. In the case of mature industries, the products are well defined. The manufacturer usually wants to get closer to its foreign market or wants to circumvent some trade barrier by making a direct foreign investment. The major risk here is that you do not sell enough of the product that you manufactured. However, you have added additional capacity and in the case of multinational corporations this capacity can be used in a variety of ways.
High tech ventures tend to have longer incubation periods. That is, the product tends to require significant development time. In the case of software and other intellectual property type products, the product is constantly changing even before it hits the marketplace. This makes the investment decision more complicated. When you invest in fixtures and machinery, you know what the real and book value of your investment will be. When you invest in a high tech venture, there is always an element of uncertainty.
Therefore, the expanded role of technology and intellectual property has changed the foreign direct investment playing field. Companies are still motivated to make foreign investments, but because of the vagaries of technology investments, they are now finding new vehicles to accomplish their goals. With the help of-
Licensing and technology transfer. Licensing and tech transfer have been essential in promoting collaboration between the academic and business communities. Ever since legal hurdles were removed that allowed universities to hold title to research and development done in their labs, licensing agreements have helped turned raw technology into finished products that are viable in competitive marketplaces. With some help from a variety of government agencies in the form of grants for R&D as well as other financial assistance for such things as incubator programs, once timid college researchers are now stepping out and becoming cutting edge entrepreneurs. These strategic alliances have had a serious impact in several high tech industries, including but not limited to: medical and agricultural biotechnology, computer software engineering, telecommunications, advanced materials processing, ceramics, thin materials processing, photonics, digital multimedia production and publishing, optics and imaging and robotics and automation. Industry clusters are now growing up around the university labs where their derivative technologies were first discovered and nurtured. Licensing agreements allow companies to take full advantage of new and exciting technologies while limiting their overall risk to royalty payments until a particular technology is fully developed and thus ready to put new products into the manufacturing pipeline.
Reciprocal distribution agreements. Actually, this type of strategic alliance is more trade-based, but in a very real sense it does in fact represent a type of direct investment. Basically, two companies, usually within the same or affiliated industries, agree to act as a national distributor for each other’s products. The classical example is to be found in the furniture industry. A U.S.-based manufacturer of tables signs a reciprocal distribution agreement with a Spanish-based manufacturer of chairs. Both companies gain direct access to the other’s distribution network without having to pay distributor support payments and other related expenses found within the distribution channel and neither
company can hurt the other’s market for its products. Without such an agreement in place, the Spanish manufacturer might very well have to invest in a national sales office to coordinate its distributor network, manage warehousing, inventory and shipping as well as to handle administrative tasks such as accounting, public relations and advertising.
Joint venture and other hybrid strategic alliances. The more traditional joint venture is bi-lateral, that is it involves two parties who are within the same industry who are partnering for some strategic advantage. Typical reasons might include a need for access to proprietary technology that might tip the competitive edge in another competitor’s favor, desire to gain access to intellectual capital in the form of ultra-expensive human resources, access to heretofore closed channels of distribution in key regions of the world. One very good reason why many joint ventures only involve two parties is the difficulty in integrating different corporate cultures. With two domestic companies from the same country, it would still be very difficult. However, with two companies from different cultures, it is almost impossible at times. This is probably why pure joint ventures have a fairly high failure rate only five years after inception. Joint ventures involving three or more parties are usually called syndicates and are most often formed for specific projects such as large construction or public works projects that might involve a wide variety of expertise and resources for successful completion. In some cases, syndicates are actually easier to manage because the project itself sets certain limits on each party and close cooperation is not always a prerequisite for ultimate success of the endeavor.
Portfolio investment. Yes, we know that you’re paying attention and no we’re not trying to trip you up here. Remember our definition of foreign direct investment as it pertains to controlling interest. For most of the latter part of the 20th century when FDI became an issue, a company’s portfolio investments were not considered a direct investment if the amount of stock and/or capital was not enough to garner a significant voting interest amongst shareholders or owners. However, two or three companies with "soft" investments in another company could find some mutual interests and use their shareholder power effectively for management control. This is another form of strategic alliance, sometimes called "shadow alliances". So, while most company portfolio investments do not strictly qualify as a direct foreign investment, there are instances within a certain context that they are in fact a real direct investment.
FDI and global dreams of organizations
The simple answer is that making a direct foreign investment allows companies to accomplish several tasks:
· Avoiding foreign government pressure for local production.
· Circumventing trade barriers, hidden and otherwise.
· Making the move from domestic export sales to a locally-based national sales office.
· Capability to increase total production capacity
· Opportunities for co-production, joint ventures with local partners, joint marketing arrangements, licensing, etc;
A more complete response might address the issue of global business partnering in very general terms. While it is nice that many business writers like the expression, “think globally, act locally”, this often used cliché does not really mean very much to the average business executive in a small and medium sized company. The phrase does have significant connotations for multinational corporations. But for executives in SME’s, it is still just another buzzword. The simple explanation for this is the difference in perspective between executives of multinational corporations and small and medium sized companies. Multinational corporations are almost always concerned with worldwide manufacturing capacity and proximity to major markets. Small and medium sized companies tend to be more concerned with selling their products in overseas markets. The advent of the Internet has ushered in a new and very different mindset that tends to focus more on access issues. SME’s in particular are now focusing on access to markets, access to expertise and most of all access to technology.
Basic requirements of companies and FDI’s
Depending on the industry sector and type of business, a foreign direct investment may be an attractive and viable option. With rapid globalization of many industries and vertical integration rapidly taking place on a global level, at a minimum a firm needs to keep abreast of global trends in their industry. From a competitive standpoint, it is important to be aware of whether a company’s competitors are expanding into a foreign market and how they are doing that. At the same time, it also becomes important to monitor how globalization is affecting domestic clients. Often, it becomes imperative to follow the expansion of key clients overseas if an active business relationship is to be maintained.
New market access is also another major reason to invest in a foreign country. At some stage, export of product or service reaches a critical mass of amount and cost where foreign production or location begins to be more cost effective. Any decision on investing is thus a combination of a number of key factors including:
Assessment of internal resources,
Competitiveness,
market analysis
Market expectations. From an internal resources standpoint, does the firm have senior management support for the investment and the internal management and system capabilities to support the set up time as well as ongoing management of a foreign subsidiary? Has the company conducted extensive market research involving both the industry, product and local regulations governing foreign investment which will set the broad market parameters for any investment decision? Is there a realistic assessment in place of what resource utilization the investment will entail? Has information on local industry and foreign investment regulations, incentives, profit retention, financing, distribution, and other factors been completely analyzed to determine the most viable vehicle for entering the market (Greenfield, acquisition, merger, joint venture, etc.)? Has a plan been drawn up with reasonable expectations for expansion into the market through that local vehicle? If the foreign economy, industry or foreign investment climate is characterized by government regulation, have the relevant government agencies been contacted and concurred? Have political risk and foreign exchange risk been factored into the business plan?

5. Importance of Proposed Research Work:

Importance for Researcher:

The research will give an in-depth analytical view to the researcher for making an attempt to write a thesis on Foreign Direct Investment and its objectives, pattern and behaviour of investment in developing countries with special reference to Indian economy

Importance for Organizations:

The research will also provide the path to those organizations of developing countries which are financed by Foreign Direct Investment or highly or indirectly affected by same and it is also useful for those organizations which are investing in to the various economies for the different motives.

Importance for Others:

The research will also become a step towards the attempt done by other researchers in either the same field or the other similar areas of research related with the FDI’s or other economic financial patterns.


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(1987). Can the market alone manage structural upgrading? A challenge posed by interdependence. In Structural Change, Economic Interdependence and World Development,


7. Main Objectives of Proposed Research:

Following are the main objectives of proposed research

· To find out the Challenges of investment for developing countries

· To give an insight into the Status o FDI in India before fiscal reforms.

· To analyze the introduction of fiscal reforms in India and its impact on FDI’s

· To evaluate the Foreign Direct Investment and Indian Policy

· To Study of impact on economic growth from investment by
· FDI’s in India





8. Methodology:

The research will primarily be concerned with getting an insight in to the foreign direct investment and its impact on developing countries and policies adopted by FDI players in various sector in India and their changes in strategies. Study comprises the past status of Indian economy and present status for allowing the foreign investment in various areas of economy. It also comprises changes in investment pattern of foreign institution.

Following points are needed to be considered and studied to design and develop various areas of research for find out the actual impact.

1. Study past status of economy of developing countries with special reference to India.

2. Study of present status of foreign direct investment and its repercussion on economical development of developing countries.

3. An insight with in depth analysis of economic surveys of work already done by various organizations after the various steps taken by the Government to change in the Indian Economy.

4. The proposed research will be descriptive and analytical in nature.

5. Data’s collection will be with the help of analysis and data’s will be
Secondary in nature.

9. Chapter wise details of proposed research:

The proposed research will contain following chapters.

Chapter 1 Challenges of investment for developing countries

The development priorities of developing countries include achieving sustained income growth for their economies by raising investment rates, strengthening technological capacities and skills, and improving the competitiveness of their exports in world markets; distributing the benefits of growth equitably by creating more and better employment opportunities; and protecting and conserving the physical environment for future generations. The new, more competitive, context of a liberalizing and globalizing world economy in which economic activity takes place imposes
considerable pressures on developing countries to upgrade their resources and capabilities if they are to achieve these objectives. This new global context is characterized by rapid advances in knowledge, shrinking economic space and rapid changes in competitive conditions, evolving attitudes and policies, and more vocal (and influential) stakeholders.

A vital part of the new context is the need to improve competitiveness, defined as the ability to sustain income growth in an open setting. In a liberalizing and globalizing world, growth can be sustained only if countries can foster new, higher value-added activities, to produce goods and services that hold their own in open markets.

Chapter 2 Status of FDI in India before fiscal reforms.

Foreign investment in India is permitted through the following modes:[i]
a. Through the route of foreign collaborations
b. Through Joint ventures and technical collaborations
c. Through capital markets via euro issues[ii]
d. Through private placement or preferential allotment
Although, the Government of India has permitted FDI in crucial sectors such as power, aviations, telecommunications etc., the following sectors cannot benefit from inflows of FDI:
a. Arms and Ammunition:- National defense and security is solely within the control, regulation and supervision of the Central Government
b. Atomic Energy: Due to its impact on national security, this subject is under the sole control of the Central Government. The Constitution of India stipulates 3 lists for legislation of numerous subjects namely the Central list, State list and the Concurrent List. Atomic Energy finds a mark on the Central List and the Central Government has so sole control on legislation.[iii]
c. Railway Transport
d. Coal and Ignite
e. Mining of Iron, Manganese, Chrome, Gypsum, Sulphur, Gold, Diamonds, Copper and Zinc.
While the government has opened most sectors for FDI, there are certain sectoral caps[iv] that are imposed to ensure that domestic corporations are not left out of the greater participation in the privatisation schemes. Industry wide break –up in FDI ensures that inflows of FDI are concentrated only on priority sectors. In order to ensure sustained and accelerated growth in each sector, to increase the inflows of foreign capital and to introduce appropriate institutional arrangements and transparent procedures, the Government of India has structured a Committee that shall implement policies and shall grant approval for foreign investment in domestic corporations and State- owned Enterprises. This committee is called the Foreign Investment Promotion Board. [v] The Board is the sole authority to consider investment proposals.

Chapter 3 Introduction of fiscal reforms in India and its impact on
FDI’s

Prior to understanding the economic progress of India, it is vital to first identify the current economic status of India so that it is easy to retrace the process leading to the current status. India presently enjoys the status of an attractive emerging market. However, this status has been the result of numerous economic reforms adopted over the years. India intent to open its markets to foreign investment can be traced back to the economic reforms adopted during two prime periods- pre- independence and post independence.
Pre- independence, India was the supplier of foodstuff and raw materials to the industrialised economies of the world and was the exporter of finished products- the economy lacked the skill and means to convert raw materials to finished products. Post independence with the advent of economic planning and reforms in 1951, the traditional role played changes and there was remarkable economic growth and development. International trade grew with the establishment of the WTO. India is now a part of the global economy. Every sector of the Indian economy is now linked with the world outside either through direct involvement in international trade or through direct linkages with export and import transactions of other sectors in the economy.
Development pattern during the 1950-1980 period was characterised by strong centralised planning, government ownership of basic and key industries, excessive regulation and control of private enterprise, trade protectionism through tariff and non-tariff barriers and a cautious and selective approach towards foreign capital. It was a quota, permit, licence regime which was guided and controlled by a bureaucracy trained in colonial style. This inward thinking, import substitution strategy of economic development and growth was widely questioned in the 1980’s. India’s economic policy makers started realising the drawbacks of this strategy which inhibited competitiveness and efficiency and produced a much lower growth rate that was expected.
Consequently economic reforms were introduced initially on a moderate scale and controls on industries were substantially reduced by 1985 industrial policy.

This set the trend for more innovative economic reforms and they got a boost with the announcement of the landmark economic reforms in 1991. After nearly five decades of insulation from world markets, state controls and slow growth, India in 1991 embarked on an accelerated process of liberalization. The 1991 reforms ensured that the way for India to progress will be through globalization, privatisation, and liberalisation. In this new regime, the government is now assuming the role of a promoter, facilitator and catalyst agent instead of the regulator and controller of economic activities.
India has a number of advantages which make it an attractive market for foreign capital namely, political stability in democratic polity, steady and sustained economic growth and development, significantly huge domestic market, access to skilled and technical manpower at competitive rates, fairly well developed infrastructure. FDI has attained the status of being of global importance because of its beneficial use as an instrument for global economic integration.
Pre-Independence Reforms:
Under the British colonial rule, the Indian economy suffered a major set-back. An economy with rich natural resources was left plundered and exploited to the hilt under the English regime. India is originally a agrarian economy. India’s cottage industries and trade were abused and exploited as means to pave the way for European manufactured goods. Under the British rule the economy stagnated and on the eve of independence India was left with a poor economy and the textile industry as the only life support of the industrial economy.
Post – Independence Reforms:
India’s struggle post independence has been an excruciating financial battle with a slow economic growth and development which were largely due to the political climate and impact of the economic reforms. The country began it transformation from a native agrarian to industrial to commercial and open economy in the post independence era. India in the post independence era followed what can be best called as a ‘trial and error’ path. During the post independence era, the Indian Economy geared up in favour of central planning and resource allocation.

The government tailored policies that focussed a great deal on achieving overall economic self-reliance in each state and at the same time exploit its natural resource. In order to augment trade and investments, the government sought to play the role of custodian and trustee by intervening in the practice of crucial sectors such as aviation, telecommunication, banking, energy mainly electricity, petrol and gas.
The policy of central planning adopted by the government sought to ensure that the government laid down marked goals to be achieved by the economy thereby establishing a regime of checks and balances. The government also encouraged self sufficiency with the intent to encourage the domestic industries and enterprises, thereby reducing the dependence on foreign trade. Although, initially these policies were extremely successful as the economy did have a steady economic growth and development, they weren’t sustained. In the early 1970’s, India had achieved self sufficiency in food production. During the 1970’s, the government still continued to retain and wield a significant spectre of control over key industries such as power, mining, transportation and communications. [vi]
In the Early 1980’s-Macro-Economic Policies were conservative. Government control of industries continued. There was marginal economic growth & development courtesy of the development projects funded by foreign loans. The financial crisis of 1991 compelled drafting and implementation of economic reforms. The government approached the World Bank and the IMF for funding. In keeping with their policies there was expectation of devaluation of the rupee. This lead to a lack of confidence in the investors and foreign exchange reserves declined. There was a withdrawal of loans by Non Resident Indians (NRI’S).
Economic reforms of 1991:
India has been having a robust economic growth since 1991 when the government of India decided to reverse its socially inspired policy of a retaining a larger public sector with comprehensive controls on the private sector and eventually treaded on the path of liberalization, privatisation and globalisation.[vii]
During early 1991, the government realised that the sole path to India enjoying any status on the global map was by only reducing the intensity of government control and progressively retreating from any sort of intervention in the economy – thereby promoting free market and a capitalist regime which will ensure the entry of foreign players in the market leading to progressive encouragement of competition and efficiency in the private sector.

In this process, the government reduced its control and stake in nationalized and state owned industries and enterprises, while simultaneously lowered and deescalated the import tariffs. All of the reforms addressed macroeconomic policies and affected balance of payments. There was fiscal consolidation of the central and state governments which lead to the country viewing its finances as a whole. There were limited tax reforms which favored industrial growth. There was a removal of controls on industrial investments and imports, reduction in import tariffs. All of this created a favorable environment for foreign capital investment.
As a result of economic reforms of 1991, trade increased by leaps and bounds. India has become an attractive destination for foreign direct and portfolio investment..

Chapter4 Foreign Direct Investment and Indian Policy

FDI is investment of foreign assets into domestic structures, equipment, and organizations. It does not include foreign investment into the stock markets. FDI is thought to be more useful to a country than investments in the equity of its companies because equity investments are potentially “hot money” which can leave at the first sign of trouble, whereas FDI is durable and generally useful whether things go well or badly.
Emerging markets pose a significant potential for foreign investment both direct and portfolio. Foreign direct investment (FDI) is defined as the investment of foreign assets into domestic structures, equipment and organizations. However, it doesn’t include foreign investment in the stock markets. FDI is thought to be more beneficial to a country than its investment in equity of its corporations because equity is considered to be potential ‘hot money’, which can leave at the first sign of trouble. On the other hand FDI is durable and generally useful whether things go well or badly.
China currently ranks first among the top ten countries for foreign direct investment among developing countries in 2001.[viii] Mexico, Singapore, Brazil are also among the top ten. India although is also an attractive destination for foreign investment, it is not in the front line. This is a stark reality despite the fact that the Indian economic, political and social conditions stable.
India is one of the largest economies of the world. Its strategic location in the sub-continent provides it with continued access to South–Asian markets and middle-east markets. The country also enjoys a huge consumer markets. Fast moving consumer goods find a significant market share in India, providing a market conducive to trade and finance.
Foreign investment is open in India and there aren’t cumbersome procedures in force for approval of inflows of foreign capital.[ix] India is also an attractive destination for foreign investment because of its access to skilled labor at competitive costs. Being the one of the largest manufacturing sectors of the world, it has a market conducive to trade and production.
India also has in place well established legal and accounting system to ensure proper administration of foreign capital to key sectors. Also, the stability of the political environment is another factor which makes India an attractive destination for foreign capital

Chapter5 Study of impact on economic growth from investment by
FDI’s in India
Implications of Foreign Direct Investment:

Foreign direct investment affects economic growth through increased investment in the country. An increase in the inflows of FDI would essentially increase foreign savings and consequently would result in increased investment in the country. Another direct consequence of enhanced inflows of FDI is the positive impact on improvement in technology and infrastructure. FDI potentially brings new and emerging technologies to emerging and developing markets, and this can contribute to economic growth and development in the long run. Improved Technology also enhances the productivity of domestic enterprises and industries, thereby leading to efficiency and creation of competitive and open markets in sectors originally within the folds of state and central control.
Policy Regime:
Control and restraints on foreign investment has long been the subject of controversy and major political debate in India. India drafted two major legislations which directly address the issue of foreign capital namely the Foreign Exchange Regulation Act ( FERA) and the Foreign Exchange Management Act ( FEMA). The policy framework for FDI is as follows:
a. FDI in priority sectors like power and telecommunications enjoy automatic approval from the FIPB
b. All other proposals for foreign investment have to go through the FIPB approval route.
c. To provide enhanced and sustained access to foreign capital and to encourage modernisation of traditional and small scale industries, FDI up to the sectoral cap of 24% is permitted in traditional and small scale industries.
d. The Reserve Bank of India (RBI) – the apex central bank of India, grants automatic approval for all industries with respect foreign technology agreements and collaborations.
e. The licensing requirement which required industrial enterprises to apply for and obtain industrial licences was abolished to enhance competition and promote efficiency.
f. Majority investment by foreign parties is permitted. The FERA imposed equity participation limits on foreign corporations. The new FEMA has retrospectively altered this policy. As a result equity participation up to 51 % is permitted by foreign corporations.
The above policy design portrays that the government of India is making every endeavour to project India as global markets by diminishing and eliminating restrictions and restraints on the flow of foreign capital. The procedural framework for inflow of foreign capital has also been structured in a manner to ensure that foreign players are not dissuaded from investing because of cumbersome and tedious procedures. The policy also sought to ensure that the granting of approval for foreign investment was transparent and was not subject to whims, caprice and arbitrary decisions of the political; parties in power by formulating the formation of the FIPB..










10. Expected duration of work:
( Year wise schedule to be given )




S. No.

Time Duration (Tentative)

Research Work To be accomplished


01.

Till 1st March 2007`

Finalization of research Design


02.

From 2nd March 2007 to 1st Feb 2008

Facts and Data Collection

03.


From 2nd Feb 2008 to 30th June 2008

Analysis of Facts and Data’s

04.


From 1st July 2008 to 31st Oct 2008

Discussion and interpretation of Findings


05.


April 2009 First week


Submission of Report















11.Facilities available for the work :

(Details of facilities available duly attested by Principal/ HOD univ. Dept. to be enclosed)





To whom so ever it may concern


This is to certify that Mr. Aditya Sharma would be undertaking his research work for the award of Doctor of philosophy (Management) under the supervision and guidance of Dr. T.K.Jain He shall be provided with the following facilities in order to accomplish his research work if he is registered for PhD.

Library facilities, Computer, Software, Internet, Web camera, television, Audio visual Aids existing with Institution, projectors etc. Any other facilities for the research purpose may be provided, if feasible.


Principal

















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