Reaction paper Essay

Last summer term, in relation to our subject Business Policy and Strategy, our professor required our class to attend a seminar about the programs being held by a non-government organization, which is the Development Action for Women Network (DAWN). At first, I don’t even know that an organization like this exists and I don’t have any idea on what is it all about, or what are the activities it is engaged into. Before going to the seminar’s venue, I had a presumption that it will be about how to develop a good business strategy, or some kind of an inspiring speech from someone successful. Upon arriving at the venue, I’m quite disappointed because the seminar is almost halfway through. I already had the mindset that I wouldn’t learn anything from it because, in addition to the fact that we were late, we were also had no choice but to take the seats at the last rows of the venue. But, when the speaker said something about the Filipino women and their half-Japanese, half-Filipino children, it stirred my curiosity and tried really hard to listen, to concentrate and to cope-up with the talk. And that’s when I have learned what DAWN is all about. Based on the speeches of those people involved with DAWN, their main advocacy is to help promote human rights and welfare, particularly of those Filipino women who migrated in Japan and their Japanese-Filipino children. I was disturbed by the specificity of their objective, I mean, why for Filipino women who migrated in Japan only? Then, I came to realize that maltreated and violated Filipinas from Japan are very common, so why not? I became interested to learn more about DAWN because their vision and missions are inclined to the promotion of equality between men and women and also the protection of women rights for the betterment of their families. Of course, this is a very important matter for a woman like me. I was also amazed by the number of programs they have to provide services to their clients, like providing health assistance, legal and paralegal assistance, educational assistance, temporary shelter, case management services, and even air/travel assistance. But more than these programs, the speakers also mentioned about their other activities that would provide long-term help to their clients. These are the alternative livelihood programs they’re implementing, like the Sikap Buhay (SIKHAY) and the DAWN Multipurpose Cooperative Inc. Through these, their clients can start rebuilding their lives, and at the same time regain their sense of dignity and self-worth through participating actively in productive activities. One of the speakers also mentioned that DAWN also provides further assistance to interested women clients in acquiring new skills that are apt to the changing times, such as hands-on computer training. These helpful programs show that DAWN is really willing and is committed in helping their clients. So, I think, that was the seminar is all about – to inform us about DAWN and its undertakings and to encourage us to support, and if possible, to participate in their activities. But the main objective of this paper is to be able to relate what we’ve learned in the said seminar to our subject, Business Policy and Strategy. So, the question is, how can we incorporate a good business strategy into DAWN’s activities? I can see many possible ways. One good business strategy is to use their advocacy to promote possible profit-oriented programs. The use of ideals or principles that promote, for example, human rights, will enhance the image of a company, and will in turn, may attract investors, sponsors, or even customers. Another strategy is to build a separate branch or a firm that will provide the same programs (i.e., training, counselling) to other group of people that has the capability to pay for such services. They have an advantage because they already have experience and are already known in providing those kinds of services. Another strategy is to use their network groups in promoting their possible â€Å"profit-oriented† activities. Since they have developed and maintained strong linkages with their fellow NGOs and also to some government agencies, they can utilize it to have better access to resources and to the market. And besides, their relationship with the other organizations also adds to the credibility of the company. Finally, another strategy that I can think of is the proper utilization of their research and development facilities to be able to expand and improve the business. This is also a possibility and can likewise provide an advantage because DAWN has established an extensive network with research institutions for ready access to vital research findings as well as for immediate response to needs for other areas for research. It is an edge over their competitors who don’t have established relationships with research institutions. And that is how I see the relationship between DAWN and business strategy. I therefore conclude that no matter what your line of business is, there can always be a good strategy available for you to have an edge over the others. All you have to do is to utilize what you have and be the best in it, just like what DAWN is doing.

Is India Ready For Sovereign Wealth Funds Finance Essay - Free Essay Example

Sample details Pages: 20 Words: 5861 Downloads: 10 Date added: 2017/06/26 Category Finance Essay Type Argumentative essay Did you like this example? Introduction Can India boast of any preparedness to give wings to a proposal to establish its very own Sovereign Wealth Fund. The reactions to this question vary from emphatic agreement to vehement opposition. The question has been on many minds. Its been the talk around town, the objet de ragots of the intellectual circles; and not without merit. Everyone from economic analysts to RBI spokespersons, from class room students to the Finance Minister everyone has their own take on the matter. Everyone else seems to be doing it. UAE has the Mubadala, Singapore has the Temasek and China has the China Investment Corporation. 17 such SWFs have come up in the last 4 years alone. Predictions place their purchasing power at approx. US $15 trillion by 2015.[2]SWFs are here and they are making themselves count. Then, why is it that India is sitting out on the action? Don’t waste time! Our writers will create an original "Is India Ready For Sovereign Wealth Funds Finance Essay" essay for you Create order In the midst of this contemporary debate is a lesser heard, yet incisive, opinion but, arent we there already? However, we shall put this argument to the test at a later stage. For now, it suffices to say that the deliberations have brought to the fore a wide array of intriguing challenges. Analysts, arguing fastidiously from both sides, have taken great pains in contributing towards what exists today as a heap of literature on this issue, albeit predominantly of the paper-less kind. To add flavor to the discussion, rumors abound that the Indian decision makers have, in fact, been seriously contemplating floating such an enterprise. Nonetheless, the question remains even if a SWF based on Indian soil is on the horizon; is India sufficiently equipped to handle this 20th century global phenomenon which seem to have a knack of remaining embroiled in political controversy? An answer to this query would necessarily entail two parallel issues. Firstly, all factors considered, is India capable of venturing into the league of those nations which operate SWFs? Secondly, do Indian laws and regulations have the potential to adequately regulate the outgoing investments from India and the incoming investments from other SWFs? The bulk of this essay shall analyze the first of these issues, for it has attracted a much wider and divergent assortment of viewpoints. In its span, the essay shall examine some of the most fundamental questions which have proved to be the most contentious. After looking at The When?, i.e. at what point of time should a sovereign turn towards SWFs as tools of economic and strategic development, it shall present a study closer home, Is India There Yet?. Going beyond, we shall consider The Why? which shall consist of the quintessential arguments put forth by those who voice support for the assertion that India should consider setting up a SWF, and the Why Not? which shall argue against such a conclusion. Using the findings to the above queries as a foundation, the remainder of the essay shall present a model for a possible course of action for India in the coming years. The When Sovereign Wealth Funds the Common Wisdom While there are a multitude of reasons why countries around the world establish SWFs[3], the unsaid rule which dictates their creation is the existence of excessive surpluses[4]in the coffers of the initiating nation. Also, it is interesting to note that a SWF is defined more so by the source of its funds than by the targets that such a fund seeks to acquire. SWFs[5]usually consist of balance of payment surpluses, other fiscal surpluses, official foreign currency operations, proceedings of domestic privatization, receipts from commodity exports, etc. It is not by mere coincidence that the countries which have made vigorous forays into SWFs can be categorized as either oil-rich nations or profiteers of commodity exchanges. As the story goes, nations which had gained excessively during the oil-boom years and from trade activities sought to diversify their investment portfolios. Since their economies were heavily dependent upon either oil production or commodity exchange, those investments which offered their economies protection against adverse events (such as international trade price fluctuations) were the obvious choice for them to utilize their excessive reserves. Soon enough, with the success of this investment model and the discovery of other strategic benefits which were accrued on to the SWF nations, the trend caught along. This shapes our understanding of what constitute the preferred prerequisites for when any country looks to give impetus to its SWF program. In particular, a correlation can be drawn between heavy investment into SWFs in those years in which there were exceptionally high earnings from oil and gas production and/or there was sizeable liquidity created on account of exports.[6]Foremost examples of SWFs constituted out of surpluses from oil and gas exports include countries like Saudi Arabia, Abu Dhabi, Norway, Kuwait and Russia.[7] It must be noted that this does not preclude non-oil and non-commodity rich nations from indulging in SWFs. Several countries, such as China and Singapore, have invested in SWFs after recording year on year accumulation to their reserves through non-oil and non-commodity fiscal surpluses. Experiences in these nations suggest that governments show an inclination towards creating SWFs at times where budgetary surpluses are excessive or when there is negligible international debt or the same has at least been reasonably curtailed. Therefore, it is safe to assume that more than anything else it is the accumulation of a buffer-stock of reserves from fiscal surpluses[8]which determines the right time for any country to set up a SWF. Is India There Yet? The aforementioned criterion represents an informal, yet precise, account of most of the SWFs which control nearly US $4 trillion[9]in the global economy today. To ascertain whether such a model can be replicated in India, we would need to examine several domestic as well as international fiscal and non-fiscal factors which would come in to play along with a cost-benefit analysis of executing such a program. For the sake of our convenience, we may divide these factors into two categories those which would influence us to conclude that India is not prepared for SWFs since the possible repercussions of implementing such a program would prove to be detrimental to our interests, and those which place the gains from such implementation at a considerably higher pedestal than the collateral expenses which would be incurred. Part I: The Why Not India Isnt Ready for a Sovereign Wealth Fund (i) Our Reserves: What Do They Really Represent? India currently faces the highest fiscal deficit it has recorded in the past decade and a half a staggering 6.8%.[10]While it is reassuring to think of our reserves in terms of their current value, which stands at over US $270 billion,[11]this figure betrays the truth of what it actually represents. Unlike most other countries, Indias reserves do not represent its actual net savings. Instead, these reserves merely reflect the surplus of capital inflows over its current account deficits.[12]They are in the form of extra-commercial borrowings, or portfolio investment inflows. In actuality, these reserves are either debts which need to be paid back, or funds which may flow out of India at a moments notice.[13] Even if the current reserves could be put aside for SWF investment, there is little confidence that the current growth rate of our surpluses can be maintained. This implies that, over time, not only would our reserves be unfit for diversion for a SWF, but it would become costlier to maintain the same level of the reserves. Therefore, we face a situation dissimilar to the traditional SWF investing countries we do not have surpluses in our reserves which we can invest! A move to divert these funds from these reserves to form a SWF would be fraught with danger since it could prove to be disastrous in the event of a need to liquefy the reserves. (ii) Risky Investments vs. Safe Bets: Assessing Indias Risk Appetite Currently, the RBI is entrusted with the responsibility of handling Indias reserves. These reserves are invested in the US treasury bills, which result in relatively low yields but are acknowledged as safe investments. This also reflects on Indias risk appetite. SWFs are generally considered to have an affinity for risky and potentially high yielding investments. This aspect becomes even more highlighted in the light of the current post-crisis effect looming over the uncertain and volatile markets. Furthermore, in the absence of cautious planning, withdrawing vast sums of Indian investments from the US treasury may pave the way for further volatility in the global economy. This would also translate into the reduction of Indias export competitiveness since the current reserves ensure that an appropriate level of currency prices is sustained. (iii) The Institutional Bend: A System of Inherent Risk Aversion The management of our current reserves is the function of a complex system of checks and balances. This system, in several ways, exerts an inherent pressure which is biased against making risky investments. Given this fact, would it be possible for an Indian origin SWF to break lose of these shackles to make unclouded judgments as to where the SWF would make its investments? Or would such investments prove to be far too adventurous for our taste? For instance, who is to say that even after a SWF is established, the investments would not be channeled to the same low-yield, high-safety assets through the nugatory effect of these internal pressures? (iv) The Times They Are A Changing: The Post Recession Blues It has been opined that since the market situations have considerably improved over the recent months, India should look to take advantage of a short window of opportunity to set up a SWF and acquire assets at inexpensive rates. However, it must be borne in mind that Indian companies have fared exceedingly well over the past couple of quarters, bettering expectations, because of a combination of various stimulus packages made available to them. On the other hand, the current fiscal deficit, a trade deficit of over US $70 billion, an external debt of nearly US $200 billion, surging oil prices and the spiking inflation levels are indicative of the real situation which, on the whole, is far from favorable. Therefore, despite a promising market performance, SWFs may prove to be far less yielding than expected, or may have longer gestation period for maturity. The question then is can India afford to gamble its reserves on such an unsure bet? Or, would Indian have the luxury to patiently wait for these investments to mature? Furthermore, in the recent past, other SWFs have recorded negative growth (Norway, 1st quarter of 2009, -4.8%) and have incurred mammoth losses. A comprehensive risk assessment is, therefore, not only advisable but, in fact, necessary prior to the formulation of any concrete SWF policy. (v) The Realities of Sovereign Boundaries Cross-Border Politics SWFs offer certain non-economic benefits on the side platter. These include the strategic edge that they provide to a sovereign through its overseas economic influence. However, such influence is often aggressively resisted by local governments and politicians sometimes in a state of frenzy, despite bonafide motives of the investors. In the aftermath of 9/11, an offer to acquire an American port-operating company by a fund stationed in Dubai was subjected to strict political resistance, as was an offer by China to takeover an American oil company. These cases exposed the vulnerability of overseas transactions to the will of the local politicians. It also raises the question of certainty how safe and certain are SWF investments from turbulence in the local political establishment?[14]SWF investments are usually characterized by voluminous transactions. The case of Hugo Chavez canceling Exxon Mobils contracts demonstrated the potential hazards that such transactions could face in situations of friction with the local government. (vi) Management the Lessons Learnt Thus Far: Pleading for Accountability Several issues related to the management of the SWF crop up, which primarily include, but are not restricted to, the potential interference with the decision making of the SWF. These impediments may be direct or indirect in nature. SWFs have faced the heaviest criticism for being perceived as intimidating and unaccountable enterprises, which are likely to skirt regulatory and transparency frameworks. Unless the highest standards of transparency and accountability are maintained, the discretionary powers conferred upon the SWF may result in an abusive situation wherein vested interests may reign supreme. On the other hand, if mechanisms which are put in place to restrict such arbitrary decision-making are allowed to gain a choke-hold on these powers, a lack of independence given to the management would also lead to a detrimental situation drastically reducing the potential benefits from the SWF. Since India has battled problems with opaqueness and distrust in the sphere of governance, we are more than just acquainted with these troubles. This explains the relatively low enthusiasm on the level of accountability that can be expected from an Indian SWF. Unless a fine balance can be maintained to ensure adequate implementation of the established principles of good governance, such as the Santiago Principles,[15]the principles enumerated in the Linaburg-Maduell Index,[16]and by borrowing a leaf from the books of seasoned SWFs such as the Norwegian model in addition to drawing from Indias past experiences with such problems, the very purpose behind the SWF would stand to be defeated. Lastly, who would be entrusted with the responsibility to manage the affairs of the SWF? Even though the RBI, which is the top monetary regulator in the country, may be lauded for its past efforts and achievements, the fact remains that the body could make do with an internal boost for better efficiency and infrastructure. In dealing with the complexities of Indias regulatory demands, does the RBI not already have enough on its plate? Wouldnt the RBI efforts be best directed towards ensuring the smooth functioning of its existing mandates than the imposition of additional duties of regulating a SWF? (vii) Domestic Needs vs. Overseas Projects: Quenching Whose Thirst First? Another very important aspect regarding the setting up of SWFs is that these funds are normally set up in countries which do not have challenging domestic needs. In other words, a poverty struck country like India setting up a SWF is, at best, unusual.[17] India, at the moment, faces various domestic challenges and would need to divert its attention inwards and give a higher priority to the problems of poverty, infrastructure development, fiscal deficits and other developmental projects for which heavy doses of investment are desired. In the backdrop of these requirements, should Indias reserves be utilized for the purpose of yielding higher returns or quenching its thirst for development? The same argument may be looked at from the point of equity. Bettering returns on investments is likely to affect only a handful of Indian citizens, depending upon the manner in which these returns are distributed between the citizens. On the other hand, by focusing on the pressing domestic needs, India would further its mandate as a welfare state and benefit its citizens, across the board, in an equitable fashion. (viii) The Grey Areas: SWFs Regulations SWFs are a recent phenomenon. Although SWFs can be traced back to the early 1950s, they did not acquire their current shape, structure and dominance in the international financial markets until much later. In fact, the term sovereign wealth fund gained usage as late as half a decade into the 21st century. While much of the debate circulating around SWFs has dealt with their financial, political and strategic prowess, little is known about their interaction with law and policy. Law and policy, true to the dynamism which binds them to the society, have recently taken cognizance of these developments and regulatory frameworks are being erected to tackle some inherent problems with these funds. For instance, the very nature of the investor in these transactions may open up a few issues to debate. Since a SWF does not possess a legal personality distinct from the State, the question of State Immunity crops up. In such cases, what begs attention is the commercial nature of the transactions.[18]Under the UN Convention on Jurisdictional Immunities of States and Their Property, which codifies the customary international law relating to State immunities, the defence of State immunity may not be available to a State if the activities undertaken are of a commercial nature or relate to the participation of the State in a company. This is also reflected in other international conventions, such as Article 6 of the EU Convention on State Immunity. While the principles of sovereign immunity may be better situated to tackle with jurisdictional problems related with SWFs, the possibility of the investor altering the ordinary course of business in the host economy poses regulatory threats. Moreover, the persuasive effect of the SWFs is almost always much larger than what meets the eye because while a country may have invested only a fraction of its reserves in its SWF, it may enjoy far more diplomatic and financial clout than the mere quantity of reserves controlled by its SWF. Also, the principles of governance which have been evolved such as the Santiago Principles, only make such norms voluntary, and not binding, upon a given SWF. In the absence of clearly defined regulations which take them into account,[19]SWFs may be able to slip through the cracks in the existing legal framework. Therefore, this is a crucial point interface between SWFs and the law which needs careful examination for outgoing, as well as incoming investment. As for an Indian origin SWF is concerned, due care must be taken in ensuring that the investments are free from potential hurdles which may threaten to restrict their scope or tie them up in unnecessary conflict or expose our investments to more risk than anticipated. At the receiving end, SEBI and RBI have put in effect adequate measures for foreign SWFs (which are treated as Foreign Institutional Investors) and must continue to remain vigilant about the motives behind the investments. However, the tendency to over-regulate such investments must be resisted to ensure that the enthusiasm of the foreign SWFs is not driven away. A Tentative Conclusion: Too Soon To Draw? In view of the eight broad arguments elucidated above, the natural conclusion which can be reached at this point is obvious certainly, India is not prepared to taken on the challenges posed by SWFs. Not yet, anyways. However, that is only one side of this curious debate. The forthcoming section of the essay shall take up the counter-arguments, which make an attempt at persuading the reader otherwise. Part II: The Why India Is Ready for a Sovereign Wealth Fund (i) The Times They Are a Changing: The Post-Recession Groove In response to a conservative approach to SWFs which put forward the view that the current market scenario, clubbed with Indias budgetary constraints which limit the losses that it can afford to take on its investments, it must be noted that with cautious planning and execution, the situation could work to Indias advantage. This is so because despite the constraints which may limit an allocation for the SWF, India finds itself ready to take on this porthole of an opportunity to obtain assets, which may otherwise be expensive, despite a shoestring budget.[20]However, this would not justify unnecessarily high investments, say more than a mere fraction of its US $270 billion reserves, in extremely risk-prone assets without scrutiny. So long as these requirements can be fulfilled, India would be in a position to sit out and patiently wait for the investments to bear returns. (ii) Indias Current Financial Restraints: What Do They Really Restrain Us From? Admittedly, our reserves may not exhibit true savings. However, this does not prevent us from managing these reserves to the best of their potential.[21]Analysts even argue that given the size of the Indian economy, its balance of payment and trade deficits are stable.[22]Moreover, India figured in the list of countries with the most accumulated reserves. There is absolutely no dispute over the fact that our reserves have crossed over to the excessive grade. With a fractional fund earmarked for a SWF, India can start a relatively smaller SWF, say to the tune of US $5-US $10 billion, with minimal to no threat to its economy. With the subsequent returns from SWF investments over the next few years, India can move towards reducing its fiscal deficit. However, what shall be most interesting would be that since this would also be the teething period for an Indian SWF, this phase could be effectively used as a benchmark of knowledge gathering and practicing for the purposes of our future endeavors in SWF investments which could then focus on bigger investments. (iii) Strategic Investments A Gain in Exchange Globally, SWFs have come to be regarded as incredibility useful tools of non-economic value creation, which can then be used to create opportunities for economic and other benefits. Investments through SWFs are often used subserviently to fulfill the objectives of a wider economic and/or political strategy of a country. For instance, an investment made using a SWF can further economic relations between the host and the investor country, and can be translated into mutually beneficial terms of development. This was seen in the case of Temaseks recent investment in the Indian banking sector. Temasek Holdings, one of Singapores two SWFs and estimated at US $122 billion, invested in the Indian bank, ICICI. This investment strengthened the trust and the financial relationship between the two countries. There has been global skepticism over the motives behind acquisitions by several SWFs. These apprehensions are further fueled by the lack of transparency in the operations of many SWFs. Countries like France and Germany have gone on record in their protest against such operations. However ruthless such actions may appear, the reaction of the global community furnishes evidence of what weve already known SWFs successfully transfer strategic advantages across borders. In the day and age of globalization, when the focus has shifted on to India as a burgeoning world-power, can India afford to sit out and overlook such strategic affairs? As a by-product of setting up an Indian SWF, there would be other associated strategic gains as well. Since the creation of the SWF would necessarily entail the foundation of an independent body, on the lines of SEBI, to deal exclusively with SWFs, this body would undertake monitoring, management and regulatory functions as well. This would prove to be a strategic gain, since this body would be better equipped to monitor the incoming investments from foreign SWFs. (iv) Mitigating Risks: Securing Future Needs the All Eggs in One Basket Syndrome The raison dtre of SWFs is their tendency to palliate investment risks along with creating higher yields from foreign exchange reserves. The yields on Indian investments in the US treasury bills are dismally low and with the dwindling dollar rate, the future of our investments looks bleak. Moreover, these current investments are riddled with inherent costs. The univocal investment advice for India would be to diversify its investments. If India was to utilize a fraction of its investments, through SWFs, in, say, the energy sector, it would be a step in the right direction.[23]The reasons are two-fold. Firstly, this would protect Indias long term needs. Secondly, it would mitigate the risks attached with our single-target investment strategy. With the opening up of the Indian economy, India is vulnerable to the fluctuations in the global markets. In the near future, instabilities such as a surge in the oil prices can seriously damage our economy. Therefore, investments which can down-play this threat must be viewed with optimism. On the other hand, with the dollar losing its world-dominance and the emergence of other global currencies, investments in the US treasury bills are not without risk either. It would make much sense in diversifying this investment to safeguard our economy, lest we expose ourselves to the risk of depleting reserves in the event of a falling dollar. (v) Domestic vs. Abroad As regard the issue of prioritizing investment into the investment thirsty domestic economy over economies abroad, the answer would lie in balancing the two investments by weighing their respective investment potential. This essentially means investments overseas must be considered if they are financially more appealing. A blanket-ban policy to needlessly restrict all our investments within India is a two-edged sword, as explained below. It is estimated that India requires nearly US $500 billion to bolster its domestic infrastructure and development projects. This requirement far exceeds what India is capable of self-financing. Therefore, it is without doubt that India needs to look at alternate sources of funding for these projects. This should dispel any misgivings about whether our reserves can be funneled to aid domestic growth. However, our reserves can be usefully deployed to create an atmosphere more conducive to domestic growth. Considering the sheer strength of our reserves, it is inconceivable why a fractional sum cannot be put aside for use in SWFs independent of our pursuit of developmental aspirations. Since none of these arguments raise any doubts as to demonstrate that investing in a SWF would compel India to take anything away from domestic development, an investment equivalent to a marginal proportion of the reserves into SWFs may be acceptable. In fact, the returns from these investments can be cycled back into aiding domestic development. (vi) Good Governance: The Way Out of Other Expected Problems? Several of the associated concerns with SWF can be dealt with through an institutionalized system which imbibes an appropriate balance between autonomy and accountability. If all investments are made in adherence to the strictest norms of pre-investment assessment and are conducted in a manner which is laced with transparency and inspires confidence, almost all of the other claims of those who express reservations about Indias readiness to take a plunge into a SWF can be satisfactorily redressed. Tentative Conclusion: So, Is India Ready for SWFs? A Sneak Peek: What May Come Next Considering these six broad justifications, can we say with conviction that India is prepared to assume the liabilities and challenges which SWFs bring with them in tow? Perhaps, yes. But, this concurrence comes with a rider that, a lot shall depend on the actual means of implementation of the SWFs in India. As far as inward directed SWF investments are concerned, were already there and must continue to exhibit the same level of precaution that we have thus far. Since the investments made by SWFs are set to multiply over the years, it may be useful for us to reinforce our regulatory mechanism by setting up an altogether separate wing to look into SWF investments. Coming to outward directed SWF investments, most certainly, there are numerous permutations and combinations involved in India launching its SWF; a variety of models which we can put to practice. The subsequent segment of the essay shall suggest a suitable model of implementation for India giving due regard to our level of preparedness and our existing frameworks. Conclusion: so, what is the best policy forward? Indias SWF: Approach Underlying Principles Indias maiden foray in to a SWF should adopt an eclectic approach and seek to incorporate the most fitting tried and tested operational models from around the world. Amongst them, the models developed by Norway and Singapore are likely to hold promise for India. Consistently ranked high on efficiency and transparency indices,[24]these models are most appropriate in the Indian setting where opaqueness and accountability are likely to wither away the confidence from the SWF and increase the probability of abuse. Even from a functional aspect, transparency with respect to the governance structures, the actual owners, vital investment decision-makers, audit provisions, etc. are invaluable in building the domestic trust and an internationally projected face of any SWF. This, to a large extent, determines the success of the fund. We find an acknowledgment of this fact in the recently established set of 24 principles which set the benchmark for all practice in the field the Santiago Principles. The principles cover a wide range of areas which vary from a supporting legal framework to correlation of SWF objectives with the countrys macroeconomic goals; and from the tweaking of an institutional framework to setting up effectual governance structures. It also brings under its fold the investment and risk management framework for the funds.[25] Besides these principles, countries like Norway have framed specific ethical guidelines which translate into binding considerations while making investment decisions. As per these guidelines, prior to commitment of funds, recipients undergo a strict scrutiny by a council[26]established for this purpose. If the council is convinced that going ahead with an investment in a potential recipient would be contrary to its ethical guidelines, it has the power to veto such a transaction.[27] Taking a cue from such vibrant developments in the field of SWFs world-over, India would enjoy the luxury of observing the successes and failures of other SWF set ups over the last five decades, of which it should pay close attention to detail over the last decade or so, while determining specific policy objectives and operational requirements. The Funds This brings us to the next issue that of the specifics of the Indian SWF. A small fund, representing funds in the vicinity of, but not more than, 5% of Indias reserves, should be sufficient for India to embark on its short-term SWF related objectives. With future accumulation of reserves, and depending upon the fiscal conditions over the coming years, India can divert more funds into this venture. The Decision Makers Other Specifics But, who shall captain this ship? It is of utmost importance to fortify Indias SWF from misdirected and unwarranted political interference. For this purpose, an autonomous body, akin to the RBI or SEBI, should be established pursuant to a Parliamentary enactment. The gravity of this need is further accentuated on a close examination of the mandate of the RBI under the RBI Act, 1934 which does not confer any powers upon the monetary regulator to invest outside of foreign government treasuries.[28] Once enacted, the law must lay down the procedure of appointment of decision-makers, safeguards against political interference, certain minimum standards of transparency, other confidence inspiring and accountability ensuring governance structures,[29]procedures for systematic disclosures, etc. Preferably, this body should also regulate the incoming SWF investments in tandem with other regulatory bodies, along with an ethical and financial assessment of outgoing investments. It must possess the characteristics of a body which is State owned, but is not State directed. We may refer to Singapores model in Temasek: an incorporated body as a private company with a sole shareholder the Ministry of Finance. A majority of the board of directors should be independent directors from the private sector, such as professional and experienced fund managers, who would necessarily need to approve the investment strategies. Investments This is, arguably, the trickiest of all questions. Where will the funds be invested? Will they look to capture markets abroad, or invest in the domestic sector as well? A major criticism leveled against the SWFs has been its inclination towards prioritizing overseas investments over similar domestic projects. Indias SWF should look at both domestic and foreign assets. The decisions should be weighed primarily on the investment potential of the assets, and wherever an equal opportunity exists, preference must be given to domestic investment. However, we would need to exercise caution as to not dictate such terms to the SWF whether through statutorily incorporated instructions or through political pressures. Instead, the decision should be left at the discretion of the fund managers, with a recommendation in the fund guidelines to this effect. In order to forge friendly and progressive economic relationships with nations and to avoid international frictions at a time when SWF activities are viewed by host countries with extreme paranoia, India must ensure that its investments in foreign assets do not exceed a prescribed maximum limit, of say 1 2%, of ownership. Clarity in its investment objectives would go a long way in ensuring that our fund does not succumb to the lab rat syndrome of frequent experimentation. Like other countries, such as the USA, a detailed, yet broad, account of the purpose and strategies must be laid out.[30] Singapores model has another lesson for India to learn from that of suggested quota allocations. That is, the objectives could make a recommendation as to what proportion of the fund should be invested domestically, regionally and globally. However, even though these stipulations would not be binding on the fund, the SWF managers must strive to meet such criteria, wherever it is so possible. India should have its investment objectives clear before treading into experimenting with SWFs. It needs to reflect on issues like purpose of the fund, its time horizon, rules governing allocation of withdrawal and investment strategies and implementation policies. Incoming Investments As mentioned earlier, the authority which is established to tend to the operations of the SWF hosted in India could also regulate the incoming investments of foreign SWFs. At the same time, India must look to keep abreast of the motives behind investments by foreign SWFs and consider the possibility of entering into agreements with investor nations, like the US,[31]regarding their SWF policies. Evidence That We Are There Already Coming to a point raised at the onset of this essay in one way, India has already set out on its journey to set up a SWF. In his budget speech in February, 2007, the Finance Minister had announced a scheme for the setting up of a special purpose vehicle (SPV) to meet the domestic needs of the infrastructure sector. Hence, India Infrastructure Finance Corporation Ltd. was created. In the technical sense of the word, such an SPV qualifies as a SWF since it uses Indias foreign exchange reserves to the tune of US $5 billion for its funding. This, more than any argument can, should drive home the point that India is prepared to invest in such project. The proposal, a prototype, was met with high industry enthusiasm and was seen as a progressive step. Conclusion In the meantime, as the world awaits the culmination of this debate and the commencement of a sluggish parliamentary process, India watches with great interest, with a glint in its eyes, as the saga of the SWF dominance unfolds in the arena of international finance and diplomatic relations. Slowly, but steadily, it is gaining confidence that somewhere out there, there is a very relevant role for it to play as well. Until then, we prepare ourselves. Yes, we are ready. Now, all we need are the structures.

My Primary Purpose Of Marriage - 1867 Words

Marital Goals: My primary purpose of marriage would be to find someone that I love and want to spend the rest of my life with. Almost just as important, for me personally, would be â€Å"starting a family† by having children, something that would make me feel like I have a greater purpose, and hopefully providing a good life for my children at that. Marriage has been a goal of mine forever and still is. Aside from me personally wanting to marry, I know my parents would want it too, and I have been encouraged by their marriage and life they have given me and have learned some things too. Definition of Terms: Commitment would be one of the most important terms to me as it encompasses so many things that relationships are founded on. It would mean commitment to one another, commitment to being faithful, commitment to care for each other, commitment to do what is necessary to maintain a positive relationship between us and our families. Commitment also ties into the term Responsibility, meaning it’s our responsibility to take care of each other’s health, emotion, and physical needs. My relationship would be heavily reliant on Trust. I have to trust that my partner is always being honest, that they will always make their greatest effort to care for me and make me feel loved (and vice versa.) I would want to trust that my partner would always do what’s in the best interest of our family when making financial, health, and personal decisions. Intimacy would probably be what brought usShow MoreRelatedThe Theory Of Human Nature1723 Words   |  7 Pages future marriage, couple, and family counselor it is important for me to have an awareness and understanding of the various theories that are available to use in counselling sessions. As my career evolves, so will my therapeutic orientation. I expect that my theoretical lens will shift slightly. 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The numberRead More`` Nathan The Wise `` And Francoise De Graffigny s Letters From A Peruvian Woman1506 Words   |  7 PagesDuring the eighteenth century, marriage was a representation of not only the unity between man and women but it was also a representation of a woman taking a servile, less meaningful role in the household. Once married, women were expected to be completely submissive to their husbands. This was the norm across Europe and even in enlightened society. These relationships were hierarchical. It was not customary for women to attend schools that educated men the math and sciences. Women holding privilegedRead MoreSame Sex Marriage Should Be Legalized1309 Words   |  6 PagesKaterina Do Dr. Clay ENGL 1302-013 29 September 2015 Issue Proposal I would introduce this issue to an audience explaining that same-sex marriage, also called gay marriage, is a marriage or a civil union between couples of the same sex. 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The Start of Sociological Issues Today

The Start of Sociological Issues Today Nonetheless, there are many criticisms against boarding schools citing sociological and mental problems. The ASA maintains the Code might be interpreted differently based on the qualities of a particular circumstance. The Unexposed Secret of Sociological Issues Today Public schools which do not receive high standardized test scores aren't being funded sufficiently to actually reach the utmost level of education their students ought to be receiving. The economy plays an important role in social issues that affect students and schools. As shown by a study performed by the Georgetown Center on Education and the Workforce, women will need to earn an additional degree to be able to possess the exact same salaries as men. Most colleges provide sociology majors. The Little-Known Secrets to Sociological Issues Today Society must tackle the underlying issues which make children carry weapons. Many wrongly think that the mentallly ill are more inclined to commit crimes. The Great Depression led to a rise in crime and the beginning of our country's prison overcrowding crisis. It isn't possible that each individual has the ideal body. There are lots of young people around who do not desire to accept things as they are. If a woman becomes angry, she's accused of having PMS, but if a man becomes angry, then it's viewed as normal and he is simply blowing off steam. Because it's a woman from a class that you've had uncomfortable experiences with. A History of Sociological Issues Today Refuted There is a particular fragility of revenue and social position in France. The problem is that all these of the players don't have anything to lose because they are frequently caught as soon as they have entered professional sports, so they can't be punished as severely. How another nation addresses the problems of a developing nation may influence its relationship with that nation and the remainder of the world for many years to come. As a consequence, social issues can be raised by the unequal distribution of funding between public schools, including that seen in the United States of america. Conflict theory doesn't consider population growth to be a significant problem. In reality, a minumum of one study showed using lockup quotas. The Basics of Sociological Issues Today Drugs are at times the reason behind social difficulties. Reasons for Dog Separation Anxiety There are lots of explanations for why a dog has separation anxiety problems. Privacy has emerged as an intriguing concept in the present digital age. Gender roles are an intricate thing. Health status is a clear measurement of socio-economic status. If there are not any key problems, gradually separate it longer. There are certainly many possible problems, trends, and events from which to pick. There are lots of key ideas which make up economic sustainability. Technology can dramatically alter the company environment, overnight. B asically, the help desk that numerous organizations have today is thought to be a sort of consumer support. The Hidden Truth About Sociological Issues Today Such growth creates crowding and can use up valuable resources like food, and it could also harm the surroundings. Although the government faces many problems as it implements the program over the span of several decades, it's an essential improvement since increasing the caliber of our education is essential to our country's success. Some emerging studies suggest that the wellness benefits might be the very same for grape juice and wine. Then there are the wellness concerns.

Significance of Organization Change for Business -Free-Samples

Questions: 1.What is Organisational Change? 2.Discuss why it is necessary for Contemporary Organisations to appreciate the scale and scope of the change they are facing. 3.Discuss some reasons whysome change programs in Organisations fail, or under-achieve, on the intended goals and then illustrate with a case example. 4.Discuss further reasons why some change programs in Organisations fail, or under-achieve, on the intended goals, and then illustrate with a different case example. Answers: 1.Organizational change is an crucial business process that potentially contributes in continuous organizational quality improvement process. It is about reviewing the organizational procedures and modifying them, according the current requirement and scope of improving the quality of business procedures. Changes are important for evolution and advancement. To stay a step ahead in the competitive market, organizations should look forward for adapting and conducting procedures that would help in enhancing organizational sustainability, while making the business processes more cost effective. There are several external and internal factors that can either drive or hinder adaption of change in an organization (Laamanen, Lamberg Vaara, 2016) Adapting change may be difficult and risky for the organization, which is due to resistance from the stakeholders. However, successful organizational change leads to improved quality of organizational functions and satisfaction of stakeholders, whil e accomplishing the goals of the organization successfully. 2.Organizational change can be considered as the ladder, through which the companies climb up to the top level of success and business sustainability. There are several reasons, why organizations should always cherish or appreciate their scale and scope of change adaptation. For instance, change is crucial for being competitive or building up competitiveness. It is not always necessary that change adaptation will lead to some major transformation. Change helps the organization to explore the scope or opportunities the organization has, in order to improve the organizations position or brand image in the local or wider business market (Platzek, Pretorius Winzker, 2014). In todays era, it is very important to be accustomed with technological advancement, which can be introduced in an organization through transparent change implementation, which would help to scale up the organizational status to its customers, thereby leading to satisfaction of both customers and employees. 3.There are several factors, which are significant contributors in the failure of organizational change. For instance, the organization should have a clear focus about its performance and there should be a relation between the change expectations and business results. In absence of a clear focus and understanding the current needs of the target market, change program may lead to failure. Another aspect is a winning strategy; while adapting a change, there should be an appropriate plan that would surely lead to success. A poor and non-transparent planning of change would lead to failure. Another reason of failure is lack of communication about the change by the management with all the stakeholders. In addition, change should be systematic and controlled properly (Bridges Bridges, 2017). A well known bookseller, i.e. Borders failed to attain these criteria, when they attempted to bring a revolution in book retailing. On achieving market dominance, the organization attempted aggressive steps; lack of control over internet sales channel, poor attention, lack of clear focus led to decline in their productivity and led to major wastage 4.Several internal and external factors are contributing to the success of a change program in an organization. Lack of attention or consideration of these factors may lead to failure of successful implementation of these plans. For instance, lack of commitment is great flaw; especially from the leaders perspective, as a leader is the key to drive the change through his fellow. Nokia is a key example of failure in leadership commitment and lack of attention towards the advancement of the particular business market and customer demands. They failed to develop the necessary technologies. They lost relation with their customers, though they were recognized as customer-centric organization initially (Laamanen, Lamberg Vaara, 2016). The result led to failure in accomplishing change implementation. The organization needs to provide training to the managers as well as the employees so that they can focus on their working. In such way, the organization will be able to implement the plans. Reference List Bridges, W., Bridges, S. (2017).Managing transitions: Making the most of change. Da Capo Press. Hayes, J. (2014).The theory and practice of change management. Palgrave Macmillan. Laamanen, T., Lamberg, J. A., Vaara, E. (2016). Explanations of success and failure in management learning: What can we learn from Nokias rise and fall?.Academy of Management Learning Education,15(1), 2-25. Platzek, B. P., Pretorius, L., Winzker, D. H. (2014). The vital entrepreneurial learning organization: a corporate mindset for entrepreneurial change management.International Journal of Innovation and Technology Management,11(06), 1450044.

Lawyers School And Salaries Essays - Legal Professions, Lawyer

Lawyers School And Salaries I am entering Georgia Tech as an international affairs major. I hope to enter law school after I graduate and pursue a career in international law. A long term goal of mine is to become a state or federal judge after having experience as a lawyer. Other fields of law that I find interesting are environmental, civil, probate and elder law. I interviewed a lawyer concentrated in the field of civil law. Mr. Douglas Noonan grew up in Louisville, Kentucky and attended the University of Kentucky where he majored in English. Because of his excellent grades and LSAC score he was then accepted to the University of Kentucky Law School. Both Mr. Noonan and I share some common interests: history, politics, foreign languages and English. He also informed me how the practice of law involves a lot of responsibility and time commitment. Often, he works over fifty hours a week in order to analyze new and complex cases. One of my major worries is in the difficulty of raising a family and having such a time consuming job. I would like to have a family with children without having to send them to daycare. Mr. Noonan agreed with me in that it is a big challenge but the respect and confidence that go along with the job are worth it. There is a lot of training required to become a lawyer. Educational requirements are four years in college, three years in law school and completion of the BAR examination. For admission to law school you must also take the LSAC (Law School Admissions Council). It is one of several factors used in assessing students. Mr. Noon agreed the BAR examination was one of the hardest parts in becoming a lawyer. However, to practice law a person must be licensed and admitted to the BAR Association. Competition is fierce to get into law school but there are many schools. Requirements include work in history, English, political science and foreign language. Transcripts, scores from the LSAC, letters of recommendation, personality, leadership qualities and extracurricular activities in college are all evaluated. Even though money is not a reason to choose a career, a lawyer's salary can be fairly high. Even though there is extreme competition for jobs there also will be a continuing demand. The average salary of a practicing lawyer is around $78,170. However, Mr. Noonan earns way above this figure. This is because he has his own practice located in Roswell, Georgia. The highest paid lawyers work for typical legal services firms or for the federal government. It can take a while for increase in salary since the median salary of a lawyer six months after graduation from law school is only $45,000. Salary also varies greatly from practice to where the lawyer works geographically. Mr. Noonan educated me on how there are many different types of lawyers. Lawyers act as advocates by either representing their clients or presenting evidence in trial or by counseling their client concerning legal rights. The career of a lawyer is also high specialized. Mr. Noonan informed me many lawyers spend most of their time outside the courtroom, while others do not. In order to pursue my goal to become a judge he recommended I specialize in trial work to become familiar with the courtroom. I can move on from there to become a judge. Because judges apply the law, their decisions often affect the daily lives of many people. They often have to make life changing decisions as when deciding the guilt or innocence of a criminal. However, almost all judges work just as a lawyer before being appointed as a judge. I also might possibly want to become employed as a lawyer for the government. Lawyers who work for the state or federal government play a key role in the criminal justice sys tem. Law is the most appealing area of work for me. I want to become a lawyer or judge and will be happy to reach this goal. I hope my grades and LSAC score will permit me to take the next steps in becoming a lawyer. By interviewing Mr. Noonan, I was able to realize this is the best career path for me. Bibliography none Movies and

Punk

Punk Punk Punk By Maeve Maddox One post often leads to another. When I wrote about the word steampunk, I learned things about the word punk that I hadn’t known before. Three meanings I’ve always attached to the word punk are: 1. punk (noun): a smart-alecky, no-account adolescent boy. Leo [Gorcey] was the filmic prototype of the young  punk. Justin Bieber is a punk, a product of social media. 2. punk (noun): a long skinny taper used to light fireworks. Fireworks should be lit with  punk  or an extended butane  lighting  device.   Dont leave matches and  lighted punk  where ladies may tread on them.   3. punk (adjective): in poor health, under the weather. Sadie is feeling punk: I think her tooth is bothering her. I woke up feeling punk, but now I feel better. Here are some other uses of the noun punk: Note: The dates refer to citations in the Oxford English Dictionary. The first is the earliest citation; the second is the most recent. a prostitute (1575-1983) a boy or young man kept as a passive sexual partner by an older man (1698-2001) the young male companion of a tramp, especially one kept for sexual purposes (1907-2002) derogatory term for a homosexual man (1935-1999) a person of no account; a petty criminal; a hoodlum, a thug (1893-2004) a coward or a weakling (1939-2003) an amateur; an apprentice (1920-1989) a performer or fan of punk rock (1976-2003) Meanings of punk as an adjective include: contemptible, despicable; thuggish; inexperienced (1907-2001) The OED offers the following definition of the word punk relating to the lighting of fireworks: soft decayed or rotten wood, especially as used for tinder 1678-1994) slang term for bread (1891-1991) incense, especially Chinese incense (1844-2000) A piece of a material that smolders when ignited, used to light fireworks or the like (1852-2005) something worthless; foolish or meaningless talk; nonsense, rubbish 1869-1973) New meanings for this old word are still developing, including a verb, â€Å"to punk.† Apparently the past participle is punk’d: Taylor Swift gets Punk’d by Justin Bieber Jusin Bieber gets punk’d by Ashton Kutcher. The odd spelling is from a candid camera show called Punk’d. Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Vocabulary category, check our popular posts, or choose a related post below:Direct and Indirect ObjectsHow to spell "in lieu of"Few vs. Several