Professional Documents
Culture Documents
BUSINESS ENVIRONMENT
Business Environment mainly refers to external forces that impact
business. Such forces include political-legal ,technological ,cultural ,economic and physical.
1. Micro Environment
• Micro environment is called as the task environment and operating
environment.
• Micro environment forces have a direct bearing of the operation of the firm.
• These factors are present in companies environment and affect on the
performance of the companies.
• Includes – suppliers ,marketing intermediaries .competitors,customers and
public.
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BUSINESS ENVIRONMENT BY PROF ANIL PANDE MFM2SEM1-2007
Customers:
o Business exists because of customers
o Monitoring customers sensitivity is perquisite
o The choice of customer by the firm can be on
a. Relative profitability
b. Dependability
c. Stability of demand
d. Growth prospects
o Today customer is global customer as exposed to global
products.
Competitions:
o Competition includes not only with competitors of same
product but all those who compete for discretionary income of
consumers.
o Eg : the competiton for T V firm may not be only from other
T V manufacturing but also from 2wheelers ,
refrigerators,cooking ranges,stereo sets etc,bank schemes.
o To influence basic desire of customer
o Generic competition: If the customer decides to spend
discretionary income on recreation , he come across
alternatives like, TV ,stereo ,2 in 1,3 in 1 P C etc.
o It is competition among alternative.
Marketing Intemediary:
o Firms that aid the company in promoting,selling and
distributing its grads to final buyers.
o Includes middlemen,agents,merchants,distribution
firms,warehouses,transportation firms,marketing,financial
intermediaries ,insurances etc.
Financiers
o Financiers of the company
o Their financial capability,policies, strategies.attitudes,ability to
provide non financial assistance.
Public
o Public is any group that has actual or potential interest I or
impact on organizations ability to achieves its interest.
o Media publics,citizens action publics,local publics
etc,consumers publics
o Issues against companies
o Tarnishing the image by media
o Environmental pollution
o Chills labour,sweat labour,cruelty against animals.
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2. Macro Environment
• Macro environment consists of larger societal forces that affect on companies
micro environment.
• Micro environment forces have a direct bearing of the operation of the firm.
• These factors are present in companies environment and affect on the
performance of the companies.
• Includes – suppliers ,marketing intermediaries .competitors,customers and
public.
The factor which have bearing on the strategy and decision making are
• Value system
Value system by founder has important bearing on
o Choice of business
o The mission
o Objective of the organization
o Business policies and practices
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BUSINESS ENVIRONMENT BY PROF ANIL PANDE MFM2SEM1-2007
• Miscellaneous Factors
o Other factors contribute to the success failure of business or influence
decision making are
Physical asset and facilities :-production
capacity,technology,distribution logistics,quality production.
R & D of technological Capabilities:-to innovate and compete
Marketing resources
Financial factors:- financial policies ,financial position,capital
structure etc.
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BUSINESS ENVIRONMENT BY PROF ANIL PANDE MFM2SEM1-2007
Domestic Environment
• Economic conditions
o Good export market
o But recession in other country can increase the impot threat and dumping
• International political factors can affect business like
o War
o Political tensions
o Uncertainties
o Strained political relations
o All may eliminate sanction
• Development in info and common technology facilities
o Cross border spread of culture
o Influence attitude
o Aspirations
o Tastes,preferences ,customs.
o Traditions and values.
Global Environment
• Domestic business is affected by global factors
• Global environment refers to
o WTO principles and agreements
o International environment
o Treaties
o Agreements
o Declaration
o Protocols
o Economic and business conditions
o Sentiments in others countries
o Developments like hike in oil prices
o WTO principles and regulation have for reaching impact on Indian business
Product patent acceptance – impact on pharma industry
The import and investment ,liberalization have charges competitive
environment in India.
o Global interdependence
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BUSINESS ENVIRONMENT BY PROF ANIL PANDE MFM2SEM1-2007
• 5 BASIC FORCES
o Rivalry among existing firms
Firms in industries are mutually dependent
Common competitive actions
• Price changes
• Promotional measures
• Customer service
• Warranties
• Product improvement
• New product launch
• Channel promotion
No’s of factors which influence rivalry
• No ‘s of firms ,their market share,strength
• State of growth of industries
• Fixed and storage exists
• Indivisibility of capacity augmentation
o Efforts to increase sales to achieve capacity
utilization,during economies of scale
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Strategic stake
• More rivalry of no of firms have high stake inachieving
success
Exit barriers
• High compensation of labour
• Emotional attachment etc
Switching costs:
• Cost of retaining employees
• Cost of new ancillary equipment
Expected retaliation
• Potential entrants expection about the reaction of existing
competitors.
• Economies of scale
o Keeps out small players
o Restricts large players because of risk of large stake
• Cost disadvantage and learning and experience curve
o Cost advantage by established firms
o Proprietory product technology,experience and learning
curve,removable access to material.location.govt
subsidies.
• Product differentiation
o Brand image ,customer loyalty,product attributes.
• Monopoly elements
o Proprietary product /technology
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BUSINESS ENVIRONMENT BY PROF ANIL PANDE MFM2SEM1-2007
o Threat of substitutes
Important forces power of substitute
Direct impact on the price
Low manufacturing cost / sub standard quality
COMPETITORS ANALYSIS
Necessary for formulating right strategies and determining position of the firm
• Basic questions of competitors analysis are
o Who are competitors of the firm?
o What are their current strategies?
o What are their future goals and strategies?
o What drives the competition?
o Where is the competitor vulnerable?
o How others are likely to respond to the strategies of different firms
o Porters framework suggestion
Future goals
Current strategies
Assumptions
Capabilities
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VALUE CHAIN
• Porter: value chain important determinant of competitive advantage.
• Value is amount buyer willing to pay for product
• Value chain displays total value activities and margins
• Primary activities
o Inbound logistics
o Operations
o Marketing and sales
o Services
• Support activities
o Procurement
o Tech development
o HRM
o Firm infrastructure and Management
Evaluation and
Implementation
Control
Determination
Choice of
of vision
strategy
Consideration
Establishing
of strategic
Objective
alternatives
SWOT
analysis
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Strategic Alternatives
• Question
o Why should Co go for this Business?
o If same Business what way?
Manufacturing completely
Establish manufacturing in free areas EPZ ,SEZ
Establish in foreign country
Manufacturing components at home and assemble foreign
Enter into licencing / franchising etc
Implementation
• Formulation of good strategy
o Corporate level strategy
o SBU level strategy(operating division)
o Functional level strategy
Evaluation .
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BROADLY 2 APPROACHES
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• Collection of information
o After determination of key variables
o Connect the information
o Involves identification of sources of info
o Determining type of info to be collected
o Selection of method of data collection
o Collection
TYPES OF FORECAST
• Economic forecast
o Important economic factors are
General economic condition
GDP growth rate
Per capita income
Distribution of income
Structural changes in GDP
Investment and output trends in sectors / industries
Prices trends
Trade and BOP trends
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BUSINESS ENVIRONMENT BY PROF ANIL PANDE MFM2SEM1-2007
o The macro economic forecasts serve base for the industry and company
forecast
o Sources are for short ,median and long term forecast
International organization like World Bank ,IMF,UN,WTO.
Regional organizations
Asian development bank
o When reliable forecast is not available from secondary source,firm has to
make own forecast.
o Reliable forecast give useful picture of future scenario
o Eg power development would indicate
Scope of investment in power sector
Prospects of related industries like generators ,transformers ,cables
switchgears, electric goods etc
Rural electrification will indicate demand for pump set and consumer
durables
o Short term economic forecast useful for demand and sales forecast and
marketing strategies formulation
o Quanti method ,econometric method,time series,trends.judgement method
used.
• SOCIAL FORECAST
Important factors
o Population growth / decline
o Age structure of population
o Ethnic composition of population
o Occupation of population
o Rural urban distribution of population
o Migration
o Factors related to family
o Lifestyle,income levels,expenditure paterns
o Social attitudes
o A wealth of published and unpublished data of forecast and social trend is
available
o UN and its organs,WORLD BANK,academic organization govt organization
are sources.
o Data is available regarding future trends in birth / death rate,population
size,age structure
o Social trends are vital for business strategies
o Social trends are vital for business strategies
o Quantitative techniques- series analysis , econometric methods,dolphin
methods are used
o Scenario building is useful.
• POLITICAL FORECAST
o Political shift (1980-USSR and Eastern Europe)
o Change in internal political power structure (China)
o Political alliance and political structure,ideologies has implications on
business
o Political forecast covers
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BUSINESS ENVIRONMENT BY PROF ANIL PANDE MFM2SEM1-2007
Industrial policy
Commercial policy
Fiscal policy
• TECHNOLOGICAL FORECAST
o Innovation and technical development alter usiness environment
o Technological forecast includes
Innovation
Pace and extent of diffusion and penetration of technology
o Technology is one component in world competitive report
o Technology vision 2020 for India
o Technology info ,forecasting and assessment council (TIFAC) established in 1988 in India.
o Brainstorming and Delphi methods are popular
• TREND EXTRAPOLATION
o Time series models
o Past is prologue to the future
o Simple linear relationship
o Non-linear relations
• SCENARIO DEVELOPMENT
o Royal Dutch Shell’s anticipation of crash in oil prices in future
o If projects emergence of future conditions and it consequences
o Eg Developing alternative scenario by planning commission of India
o Drawn different alternative scenarios for
Growth rates of different sectors
Poverty ratio
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• JUDGEMENT METHOD
o On opinions
• BRAIN STORMING
o Creative method of generating ideas and forecast
o Group of knowledge people are asked to generate ideas ,discuss and make
forecast
o Popular techniques for technological forecasting
• DELPHI METHOD
o More systematic than brain stroming
o Panels of experts opines on subject
o Can be semi structure quetionaire or interview
o RAND corporation formed this tech of for formation of OPEC on oil supplies
and prices
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BUSINESS ENVIRONMENT BY PROF ANIL PANDE MFM2SEM1-2007
ECONOMIC ENVIRONMENT
INCLUDE:
• STRUCTURE AND NATURE OF ECONOMY
• THE STAGES OF DEVELOPMENT OF ECONOMY
• ECONOMIC RESOURCES
• THE LEVEL OF INCOME
• DISTRIBUTION OF INCOME AND ASSETS
• GLOBAL ECONOMIC LINKAGES
• ECONOMIC POLICIES
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BUSINESS ENVIRONMENT BY PROF ANIL PANDE MFM2SEM1-2007
j. Democratic rights
k. Competition and consumer choice
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BUSINESS ENVIRONMENT BY PROF ANIL PANDE MFM2SEM1-2007
• INDUSTRIAL POLICY
a. DEFINE the scope and role of different sectors like
private,public,joint and co operative or large ,medium,small,tiny
b. It may influence the location of industry
Choice of technology
Scale of operation
Product mix etc
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Pre liberalization
a. The scope of large private sector was limited
b. The development of 17 most important industries was reserved for
state.
c. For another 12 major industries state had to play major role
d. Remaining industries,co operative,joint sector and SSI were getting
preferential treatment over large entrepreneurs
e. Production of large no of items was reserved for manufacturing of
SSI
f. In private sector entry and growth was regulated by licencing and
MRTP
g. Govt policies thus limited the scope of private business
h. Govt policy was constraint and registered growth
i. 1991 has wide open
j. But few industries for the private sectors
k. Changed the business environment
l. Expanded business opportunities
m. Increased competition
n. Thus was exist and entry of many old and new players.
• TRADE POLICY
a. Significantly affects the formation of the firm
b. Restrictive impot policy
c. Policy of protecting home firms
d. May help the impot competing firm
e. But liberalization of import may create difficulties to them
f. Trade policy often integrated with industrial policy
g. As part of economic liberalization ,WTO compliance ,India has liberalized
h. Companies face growing international competition in the domestic truf
• FISCAL POLICY
a. Govt strategy of public expenditure and revenue have impact on business.
b. Pattern of expenditure affects the development
c. In tax policy,govt can use tax incentive or disincentives to encourage activities
a. When industry suffers recession,reduction of taxes like excise duties,
sales tax may help improve demand.
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BUSINESS ENVIRONMENT BY PROF ANIL PANDE MFM2SEM1-2007
b. Reduction of rate of direct tax ,personal income tax and corporate tax
may increase disposable income,result increase in demand .
d. Govt or State may offer different fiscal incentive to two industries.
• MONETARY POLICY
a. The Central bank ,by its policy towards cost and availability of credit can
influence
a. Savings
b. Investments
c. Consumer spendings
ECONOMIC CONDITIONS
• Economies pass through boom and recession
• Boom is 1. High level of output 2. Employment and rising demand and prices
• Economies of oil exporting countries depends on extent of crude oil prices
• Economic condition related to major crops
o Eg :1997-2000 fall in coconut prices
o Loss of 10000 crores
o Rubber farmers
• Steel prices south east asian crisis 100% surge by Indian companies in US and
Europe.
• U S economy account for ¼ of global economy
• Thus trends in US affects the growth trend of global economy
• The balance of payment position of the country influence the economic policies and
business environment.
• a/c surplus encourage the Govt to liberalise the import and capital movement.
• India export performance is affected by 2 kinds of factors
o EXTERNAL FACTORS
The rate of growth of the economies of the importing countries
The rate of growth of the world trade
The rate change in the price level in the importing country
o INTERNAL FACTORS
The rate of growth of the Indian economy
The rate of change in the domestic price level
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BUSINESS ENVIRONMENT BY PROF ANIL PANDE MFM2SEM1-2007
• ECONOMIC CONDITIONS
a. Income levels
b. Distribution of income
c. GDP trends
d. Sectoral growth trends
e. Demand and supply trends
f. Prices trends
g. Trade and BOP trends
h. Foreign exchanges reserve position
i. Global economic trends
• ECONOMIC POLICIES
a. Industrial policy
b. Trade policy
c. Monetary policy
d. Fiscal policy
e. Foreign policy
f. Foreign investment and technology policy
• GLOBAL LINKAGES
a. Magnitude and nature of cross border: trade flows : financial flows
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• Actions by GOVT
o Govt pledged a part of gold reserve to meet foreign liabilities
o Govt arranged loan from IMF in short term
o Long term initiated for reaching reform programme include
Changes in trade policy economic policy
Structural reforms
Restoration of fiscal balance to contain inflation
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INDIAN SCENARIO
• Indian corporate sector needs proactive approach
• Should set up manufacturing unit abroad,sales office,staff
• Some firms are dishonest,do not disclose info
• Outlook is conservative
• Lack innovative ideas,proper ethics
• Need quality and cost improvement
• Should adopt Mckinseys 7 s framework
o Aditya Birla Group 1st established manufacturing abroad
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CORPORATE GOVERNANCE
The ways in which suppliers of finance to corporation exercise control and ensure
accountability of company so as to assure themselves best possible return on investment.
STRUCTURE
OF CHANNELS OF
FINANCIERS CONTROL OBJECTIVES LEGAL AND
REGULATORY
FRAMEWORK
EQUITY Board of Directors Share holders’ Ddisclosure rules
HOLDERS: managerial profit maximization Auditing rules
1.LARGE incentives 1 . profit Debt covenants
SHAREHOLDERS commitment and 2 . growth Bankruptcy rules
2.IDENTITY OF trust 3 . stability
SHAREHOLDERS Disciplines
1 . market for shares
DEBT 2 . takeover
HOLDERS : mechanism
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BUSINESS ENVIRONMENT BY PROF ANIL PANDE MFM2SEM1-2007
1.LARGE DEBT
HOLDERS
2.IDENTITY OF
DEBT HOLDERS
India 1st organized step was taken by CII a committee was formed under Rahul Bajaj
RECOMMENDATION
• Any listed company with 100 Crs turnover should be professionally
competent,independent.
• Non executive board directors should be atleast 30%
• Key info should be reported about
o Quaterly results of Co
o Performance,inrenal audit reports etc
• Kumar Mangalam Birla report under aegis of SEBI
• 2002 finance minister –Jaswant Singh formed Naresh Chandra committee on audit
and governance
MAJOR RECOMMENDATION
• 50% Seats on BOD of Co with paid up capital 10 Crs and above ,turnover 50 Crs goto
to independent Directors
• Nominees of financial institution cannot be counted as independent directors
• Setting up of quality review boards for ICAI,ICSI,ICWAI
• Annual account of the Co should be certified by CEO or CFO
• Amendments in Co act to order compliance with audits and provide powers to attach
bank account
• Beefing up staff and infrastructure in D .Co affairs
• Prohibiting audit firms to provide non audit services
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o STUCTURAL ADJUSTMENT
Phasing out subsidies
Dismantling of process controls
Introduction of market driven price environment
Public sector restructuring and disinvestment
Exit policy
LIBERALISATION MEASURES
INDUSTRIAL POLICY LIBERALISATION
FERA LIBERALISATION
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BUSINESS ENVIRONMENT BY PROF ANIL PANDE MFM2SEM1-2007
• LIBERALISATION OF FOREIGN
• INVESTMENT
• IMPORT
MRTP LIBERALISATION
• ABOLITION OF THRESHOLD
• ASSETS LIMIT
• NO MRTP CLEARANCE
CURTAILMENT OF PSU’S
• NEED FOR EXPANSION,MERGERS
• SEVERAL INDUSTRIES RESERVED FOR PSU OPEN TO PRIVATE
• ONLY 8 CRORE INDUSTRIES REMAIN RESERVED
• PURVIEW OF BIFR EXTENDED TO THE PUBLIC SECTOR
(c) Automatic clearance for capital goods and tech imports and royalty payments
Govt withdrew restrictions on divedend repatriation by foreign investors
• Exports encouraged
o Incentives for exports
o Abolition of export duties
o Cheaper export credit and cuts in import duties
o Duty draw back scheme
• Rupee made convertible: full convertibility on trade account 1993-94
• EPCGS /EOU/EPI/FTZ : export promotion capital goods scheme
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BUSINESS ENVIRONMENT BY PROF ANIL PANDE MFM2SEM1-2007
Global warming
Water pollution
Article 253 states- parliament has power to make law for whole or any part of India
OTHER ACTS
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BUSINESS ENVIRONMENT BY PROF ANIL PANDE MFM2SEM1-2007
o Liabilities
o Costs
o Documents to government
o Promote concern for society.
TECHNOLOGICAL ENVIRONMENT
1) ENGINEERING INDUSTRY – largest segment of Indian industry ,divided into
a. Electrical :- depends on investment in power industry
b. Non electrical:- driven by industrial investment
2) Always demand for equipments in following sectors
a. Cement
b. Chemical
c. Steel
d. Textile
e. Power
f. Petrochem
3) To sustain growth of 7.8% we need investment of 10% o GDP or $50bn per year
4) India strong base of engineering and capital goods base
5) Both sectors serve wide cross section of industry
a. Consumer durable ,chemical ,petrochem,fertilizers,defense
equipment,power,oil and gas ,mining,nuclear etc.
6) Deregulation in power derive higher growth eg ABB and BHEL derive 60% to 69%
revenue from suppliers
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BUSINESS ENVIRONMENT BY PROF ANIL PANDE MFM2SEM1-2007
7) Govt increased focus on infrastructure helped L&T like 35% sales from infrastructure
like engineering design and construction. i.e construction of hospital ,IT parks,express
ways,SEZ,ports,bridges etc
8) Recent budget govt had outlined Rs 100 bn for investing
TECH REACHES
PEOPLE RISE AND EXPECTATION
THROUGH INCREASED CHANGING DECLINE OF OF
BUSINESS PRODUCTIVITY SPEND ON R&D TECHNOLOGY PRODUCT CONSUMERS
BUSINESS
SOCIAL CHANGE
SCIENCE – refers to systematic body of knowledge and when this knowledge is put into
practice,it becomes technology. Awareness in science develops new technology
TECHNOLOGY IS CHANGING :
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BUSINESS ENVIRONMENT BY PROF ANIL PANDE MFM2SEM1-2007
Peter Druker – “Even within transational economic units,national politics over rule economic
rationality.”
FUNCTIONS OF STATE:
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BUSINESS ENVIRONMENT BY PROF ANIL PANDE MFM2SEM1-2007
Adam Smith wealth of nations-says “Economic growth and welfare are best achieved by the
free market mechanism and state should confined to core functions( law and order,defense).
GOVT : process of governing ,to exercise power condition of ordered rule. People who fill
the position of authority in the state . Manner ,method or system of governing in the society.
1. PARLIAMENTORY SYSTEM
a. Executive continuance depends on support of legislature
b. Member of executive are members of legislature
c. Prime minister powerful member
d. Important decision are taken collectively
2. PRESIDENTIAL SYSTEM
a. Executive position is independent of legislature
b. Member of executive not normally members of legislature
c. Ultimately decision making lies with one person the president
1) Unitary state : authority to make law is vested in the supreme legislature whose
jurisdiction covers whole country. Local legislature may exist,but with the sufferance of
the national legislature.
2) Federal state : local legislature are guaranteed measure of autonomous decision making
authority.
3) Confederation – groupof sovereign states each state remain sovereign
FUNCTION OF STATE
Addressing market failure Improving equity
Minimal Providing pure public goods Protecting the poor
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BUSINESS ENVIRONMENT BY PROF ANIL PANDE MFM2SEM1-2007
1) REGULATORY ROLE
a. Covers broad spectrum from entry into business to final results
b. Reservation of industries to sectors
c. Licensing system
d. Regulation of product mix
e. Promotional activities
f. Celings on prfit margins,divedend etc
g. Restriction on intra corporate investment,interlocking of directors,appointment of
sole selling agents
h. Control through fiscal monetary incentives
2) PROMTIONAL ROLE
a. Infrastructure facilities
i. Power ,transport ,finance market,institutions for training
ii. Various incentives through policies
3) Entrepreneursial role
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BUSINESS ENVIRONMENT BY PROF ANIL PANDE MFM2SEM1-2007
4) PLANNING ROLE
a. State as planner
b. 5 year planning
REGIME
1) NATIONAL DEMOCRATIC ALLIANCE (NDA)
a. Measure in electricity bill
b. Amendment in labour laws
c. Mamta banarjee,self styled opposition
d. Chandra Babu Naidu CO/ AP, vision and ideology
2) GOVERNMENT AND LEGAL ENVIRONMENT
a. Laws relating to consumer interest
b. Restraining children in commercial ads
c. Cigarette smoking
d. Statutory controls.
PREAMBLE- The people of India have solemnly resolved to constitute India into a
Sovereign,socialist,secular,democratic republic to secure all its citizens – justice,
liberty,equality,fraternity.
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BUSINESS ENVIRONMENT BY PROF ANIL PANDE MFM2SEM1-2007
o Internal relations
o National policies
FUNDAMENTAL DUTIES
42ND amendment of the constitution,1976 for
• To abide by constitution
• To define the country and render national services
• To promote harmony and spirit of brotherhood
• Article 39 legal system to promote justce and equal opportunity, legal aid
• Article 40 village panchayat
• Right to work sickning and disablement act 41
• Maternity relief 42
SEPARATION OF POWERS
IDEA that – that government functions must be bated on a tripartite division of
legislature,executive and judiciary.tech organ should be separate,distinct and sovereign in its
own allocated sphere.
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BUSINESS ENVIRONMENT BY PROF ANIL PANDE MFM2SEM1-2007
DIVISION OF POWERS
ITEMS FOR LEGISLATION AMONG THREE LISTS
1) UNION LIST
2) STATE LIST
3) CONCURRENT LIST
CONSTITUTION
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