Absolute Essay

â€Å"There really are [or are not] ‘absolutes’ upon which a universal truth can be based that can be applied for establishing ethical behavior in business. † The world of business would be such a chaotic place sans universal truth that can be applied to establish ethical behavior. If they are no â€Å"absolutes† then everything else is relative; that state of being depends on how many factors and those factors include how one feels on a certain issue, the norms in a society that one lives in, the definition of right and wrong being subjective, and religious beliefs. In the instance where an individual will act as they feel and not per universal absolute truth, then the individual may decide not to pay for the services rendered to them or merchandise that they procured because that is how the individual feels about the situation even if the renderer of service or seller may feel that they ought to be paid for their services or goods. They feelings in this case are only true to them and not the buyer as the buyer has a different feeling about the situation. In the case where the norms of a society dictate the ethical behavior of a society, it would also mean that there is relative subjectivity to the whole notion of ethics as societies can have norms which are not at all right as seen in the case of the Hutus and Tutsis in Rwanda. The Hutus were a majority (85%)of the population and through political propaganda they were incited to kill the minority Tutsis (14%). 800,000 people were murdered in the name of tribal cleansing and at that point in time it was alright for a Hutu to kill a Tutsi as per what had become the norm. The entire world condemned this sordid act even though it was relatively â€Å"right† in the Hutu society. This might sound extreme but it only shows us a norm in a society does not make it a right thing to be done. The same applies for business in that what is a norm for business in one society would be considered gross corruption in another and also what might mean integrity in one society would be condemned in another as lack of business acumen as in not being able to accept business opportunities regardless of how the can be obtained. We cannot therefore base ethical behavior on societal norms and behaviors and not to say that they are not any of those norms that are acceptable and of very high standards that could very well be ethical, however the The definition of right or wrong if treated as relative subject will influence the way one perceives issues in terms of being ethical or unethical. When right and wrong is relative it means what might be right for one might just be wrong for me, there is no absolutes. A classical example is the Nigerian immigration as it purportedly used to be in past, this writer does not have first hand knowledge of the said instances. It is said that when one travelled to Nigeria, one could not get their passport stamped by the immigration officer if they did not put some money in the passport. The officer would hand one back the passport and advise them that there is a †page† missing in the passport. The â€Å"page† meant a dollar bill. For people who grew up in that tradition it was an expected thing to do and that was how it was supposed to be supposedly but for a foreigner, say an American, that would be so wrong a thing to do because in the USA, that is corrupting a public officer and that is a crime in itself that one could go to jail for. There is the issue of religious beliefs and religion and lack thereof. It is said that religious beliefs help to foster stronger ethical behavior, as religions tend to be black and white on what is wrong and what is right. Yet there are different religions and needless to say the different religions have different sets of ideals whether it be ethics or morals. To highlight that is the tragic case of Sept11, 2011 when the USA was attacked by the Muslim terrorists. These terrorists according to what they believed, they were doing the right thing and had been taught so that when they die like that they are martyrs of their religion and they will go to heaven for doing the will of their God. Beliefs in the different religions vary and notwithstanding those without any religion, it is reasonable to say that in this case it is relative as in what a person believes in. If there has to be consistency in any transaction of business, there therefore has to be absolutes upon which a universal truth can be based that can be applied for establishing ethical behavior. It should not matter how one feels, what norms are in one’s society, how one defines right or wrong, and what one’s religious beliefs are. There are absolutely ethical elements in all the above that can be applied to all business ethics to enhance the ethical behavior but there definitely should be a standard that is universal and expected to be followed by all involved in business. It is so fundamental because it is the basis on which all business is going to be transacted upon. One cannot go into business with a partner who will run one out of business or someone who will not do what they say they will do and do it right.

Dignity in Care Essay

Definition of dignity; the quality or state of being worthy of esteem or respect.(the free dictionary 2011).This definition seems short, however the concept of dignity is more profound, the nurse should use her inner tool thus being feelings , empathy, compassion and use these productively.(Haddock 1996). The reasonable expectation that an older person , may have of dignified, nursing ,care in clean surroundings in hospital is not being fulfilled in some cases This essay will discuss the concepts of dignity, and discuss the importance of dignity in nursing care. Illustrating the significance in protocols, and furthermore, giving the patient the best possible outcome. We shall examine the guidelines set by the Nursing and midwifery council (NMC) and how important it is for nurses to uphold these standards, when delivering care to the patient. We shall also look at the aging process, and how illnesses cannot simply be put down to ‘age’, discussing how medication can affect the elderly and also how it can help. Highlighting the need for nurses not to become robotic at tasks as delicate as the one giving throughout this essay , the need to empathise and give the patient as much dignity as possible. Also looking at infection control, and how critical it is in the clinical setting for the health care team, and also for the patient’s health. Following guidelines from National institute for health and clinical excellence (NICE), the Department of Health (DH) and several studies with regards to infection control , and health matters such as health promotion and how it can empower the patient which can help in their dignity. Looking at how the muti-disciplinary team help with the overall care and how important to work as a team to gain the best outcome. Reviewing my own personal journey as I have done research into dignity and reflect upon my own practice, and how it may change or enhance my future nursing care. Len Chambers is an elderly gentleman in your care. He is not confused or disorientated but is anxious, hard of hearing and physically frail, needing assistance to walk. The doctor has just finished the consultation and tells  you that â€Å"Mr. Chambers needs to go to the toilet†. There is a smell of faeces, Mr. Chamber’s trousers and shoes are wet with urine, and he appears agitated and upset. With reference to the NMC Professional Code of Conduct (2008) describes the actions that you will take to promote and maintain this client’s dignity. MAINBODY The concept of dignity is an individual right, everyone has equal worth has human beings. To treat someone with dignity, is by giving that person worth in a way that values them as an individual, as suggested by Milburn patients like to be recognized and treated with respect (Milburn et al 1995), and with this being their birthright, it must also continue after death. Dignity should be applied equally to people who have the capacity or not, whether that is of a physical or mental state, what must be paramount is the individuals self value and worth. In care circumstances, the concept of dignity can be encouraged or weakened depending on factors such as environment and attitude of healthcare staff. By giving the patient dignity, this then empowers them to make choices, which then gives them confidence to make decisions on their care. (NMC 2008). The code of professional conduct (NMC 2008) will guide my actions, in giving the care for Mr Chambers. The code of conduct states to treat the patient as an individual, and respect their dignity. Approaching Mr Chambers, I would introduce myself and ask him how he would like to be addressed; the rationale for this is to let Mr Chambers know who he is talking to and also gives him the respect of name choice, thus keeping in with the guidelines of the code and promotes autonomy. However reflecting back on my own practice and some male patients can be uncomfortable with a female nurse, I would ask him if he preferred a male nurse to assist him, and taking into account Mr Chambers body language, and the tone of his reply, and also being aware of my own aura at such a sensitive time. Mr Chambers has become incontinent of faeces and urine, an assessment of incontinence would need to be carried out by a specialist nurse, to establish if he is incontinent. Urinary incontinence is a common and distressing problem, taking into account Mr Chambers is anxious, coming from a generation which can be proud in nature,  so it is completely understandable why the need for sensitivity is required. Making sure this is fully explained (after nursing care as been given) to Mr Chambers, and gaining his full consent for a referral to the correct health professional, but before doing so a routine urinalysis test should be carried out, to rule out any infection present, firstly by doing a dipstick test and any signs of infection can then be sent to the correct department for further tests. The fact that Mr Chambers has difficulty walking maybe the only reason he was incontinent, simply because he didn’t make it to the toilet, however in most cases an underlying medical problem maybe present, and referring him to the correct department will be able to rule this out. Age is also a factor according to research , as we age we are more likely to need medication, for blood pressure for instance , and these medications can have an effect on the bladder (Avom.J et al 2003) so maybe a review of his medication can help. The frail elderly (age 65+) are likely to be more intolerant of drugs than their fit age group (Cussack.B.J 1989), and are particularly at risk from, adverse reactions (Williamson .J, Chopin J. 1989) These are the predictable, dose-dependent and common manifestations of toxicity that cause considerable morbidity in the frail population (Thompson JW, Rawlins MD) Mr Chambers has difficulty hearing and this could affect his communication, which could lead to anxiety. By providing the right environment, making time so that the patient does not feel rushed, and Provide some privacy when talking about sensitive and important issues, ensuring the patient has any communication aids that they need e.g. hearing aid, when you are talking to them. (Leveson.R 2007).This upholds the confidentiality, privacy and dignity of Mr Chamber; this is working within the code of practice, of confidentiality and consent. Has Noted Mr Chambers is a frail gentleman who will require assistance with his activities of daily living, and may need to be referred to the continuing health care team to place a package of care for him, also the physiotherapy team to help with his mobility. After gaining consent, and reassuring Mr Chambers we shall work together, offering him the choice of either attending the bathroom, or wishing to stay in the bay area. This is adhering to the code of collaborating with the ones  in your care (NMC 2008). Mr Chambers appears agitated and upset, whilst faecal/urine incontinence can have a psychological affect on him. Studies have shown this can be; tearfulness stress, distress, anxiety, exhaustion, feeling dirty, anger, humiliation, depression, isolation, secrecy, frustration and embarrassment (Chelvanayagam S, Norton C 2000.) To avoid any further humiliation, and suggesting to Mr Chambers a shower would be appropriate, however before doing so, assist him to undress and wash in the bay area first, to avoid walking down the ward in his current circumstances. The rationale for doing this is to keep Mr Chambers dignity, thus avoiding more distress. Gathering the equipment required to carry out this task and following guidelines/polices o f infection control. Infection Control; It is estimated that health care infection (HCAI) affects one in 10 national health service (NHS) patients each year, and costs the NHS one billion per year. (DH 2003) The hands of healthcare workers can be one of the main sources of transmitting infection, therefore it is vital hands are washed at every patient contact, and any connection with contaminated equipment (DH 2001).However studies have been shown that the technique of hand washing is generally not carried out properly (creedon 2005). A selection of protective equipment should be based on an assessment of the risk of transmission of bacteria to the patient, and the risk of contamination of the healthcare practitioner’s clothing and skin by patients body fluids, secretions or excretions.(NICE 2003) The rationale for following the protocols of infection control is to minimise /eradicate the risk of transmissions of infections, and reflecting back on my own practice ,this assures the patient that you are clean, and also prompts/promotes them to wash their hands which will reduce any infection. In the NMC code of conduct 2008 states to ‘make the care of people your first concern, treating them as individuals and respecting their dignity’ (NMC 2008). Keeping Mr Chambers dignity in thought, and maintaining health promotion, I assist him to undress and wash, asking his preferences and how he normally carries out this task, encouraging him when needed, this helps promote confidence in his own abilities. Gaining his consent, with regard to assisting him in bathroom to shower, and if he would like hospital garments if he has no clean garments, as he can be anxious about his soiled clothing. Assisting , Mr Chambers to wash hard to reach areas ,however also to give him independence  when necessary, having the patience and time to listen to his needs, and actively listening how he may have done things in his own environment, can help with dignity. Patient-centred nursing is a style of practice that demonstrates a respect for the patient as a person. Through ‘being with’ rather than merely ‘doing to’ the patient and offering personal support and practical expertise(Nursing Times 2005) Has Mr Chamber needs assistance when mobile, a referral to the physiotherapist will be required. Furthermore, to Use this opportunity to assess how Mr Chambers copes with his Activities of daily living (ADL). The rationale is to see how much assistance Mr Chambers requires, and to inform the correct health care professional of any progress, in addition to this making sure the correct data (e.g. Risk assessments, personal preferences), is transferred to his file and to avoid any inconsistencies, also to elude any awkward situations in his future nursing care. Reflecting on Mr. Chambers and the care provided how difficult it must be for an elderly to be independent all their lives then having a younger person to take over their care. This generation seems notoriously proud, and keeping within policies of care, and trying to give him his dignity, is quite hard to balance, an example of this would be infection control, having to wear gowns and gloves because of protocols, however this must be degrading in some respects for Mr Chambers. These procedures can have an effect on him psychologically, conversely he may understand if I explained to him why these measures are in place. Seeing Mr Chambers upset can be daunting at first, but to realise why he his upset is the key to a happy outcome. So communication is very important in this situation, and to actively listen to his concerns will also be very beneficial to me as a nurse. For instance he may state how he keeps soiling himself, would suggest he has incontinence problems rather, other than he just couldn’t make it to the bathroom. Mr. Chambers mobility was an issue, and again this must be difficult to express to younger active person, it would most probably also be embarrassing, as they were young once, and after all it is the body that ages. My concern would be to try and empathise with him, and keep the communication open using methods such as eye contact and body language to help me, and maybe use an experience of my own, such as family members, which may help him relax some more, and hope that this helps my future practice . When you feel dignified, you have the sense of self  Ã¢â‚¬â€œworth, confident, happy , it also builds a trust with the person who is nursing you , without it you can feel devalued, no confidence, low self –esteem thus leading to patients unable to carry out tasks such as (ADLs) where they maybe of been capable of doing so before. I aim to enhance my Nursing care and hope that I learn something new in every given situation, to help build on my knowledge which in turn will give excellent care to the most important person the patient, and also to share my knowledge within the team of healthcare professionals, and in turn learn from others experience and value each patient like you would your own family regardless of their condition, mood ,ethnicity, religion we are all equals and sometimes this can be lost in organizations. Nursing is lifelong learning matter, and patients can be unpredictable everyday is new, challenges will arise from patients, demands will have to be met, stressful situations will be dealt with, but this is the profession I choose to be in, and my future Nursing will always be to remain professional, Contrary to this what should be predictable, or should be practiced throughout the healthcare settings is the concept of dignity. I will continue to reflect on my own practice and learn more from every given situation whilst keeping within the code of conduct set out by the NMC. REFERENCES Avom R (2003) principles of pharmacology newyork springer Chelvanayagarns (2000) Quality of life with faecal incontinence problems. Nursing times 2000 pg 6 Creedon (2005) compliance with recommended guidelines. J adv nurs( pg 208-216) Cussack BJ (1986 ) special considerations in the elderly ;the practice of geriactrics Boston Department of Health (2001) Standard principles for preventing hospital-Aquired infection . J Hosp Infect.47-48 Department of Health (2003) Winning Ways: Working Together to Reduce Healthcare Associated Infection in England. London: DOH Haddock (1996) Journal of Advanced Nursing 1996 Nov;24(5):924-31. Levenson, R. (2007). The challenge of Dignity in Care: Upholding the rights of the individual. Help the Aged: London. Milburn et al (1995) www.intermid.co.uk Accessed online (20/7/2011) NMC (2001,2008) www.nmc-uk.org/) Accessed online (18/7/2011) Nursing Times (2005) A systematic approach to the improvement of patient care. VOL: 101, ISSUE: 24, PAGE NO: 34-36 Nice (2003) w.nice.org.uk/nice/pdf/22_FINALpressrelease_infewwctioncontro. Accessed online (18/07/2011) The free Dictionary (2011) www.thefreedictionary.com.dignity. Accessed online (20/07/2011) Thompson JW, Rawlins MD. (1998) Journal of Medicine, New Series 68, No. 255, pp. 505-506. Williamson J, Choplin J (1988) British Medical journal (Clin Res Ed). 1988 ; 296(6636): 1551–1552.

Mutual Fund in India

Master of Science in Management Specialization in Banking & Finance Research Methodology & Decision Analysis for Business (RMDAB) Assignment 2 Literature Review TOPIC: MUTUAL INVESTMENT FUNDS IN INDIA Student Name: Sangawar Pratik Shankar Batch: MFBD51217A FIN: G1190040U Table of Contents: 1. Background†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Pg. 3 2. Literature Review on Mutual Investment Funds†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. Pg. 7 3. Conclusion†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Pg. 21 4. References†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Pg. 23 Background a)Introduction The Four Basic Components on which Indian financi al system is based on are Financial Market, Financial Institutions, Financial Service and Financial Instrument. One of the most important components of Financial Instrument is Mutual Investment Fund (mutual fund). (Jaspal Singh, 2004) (Mason Dave, 1999) â€Å"A mutual fund is a pool of money contributed by numerous investors, the capital gathered is invested to buy a hefty portfolio of securities† There are essentially three categories of mutual funds i. e.Money Market, Fixed Income and Stocks within each category there are variety of funds. (Mason Dave, 1999) An investment company is a body with trained portfolio managers as investment experts, they pool up the investors’ small capitals or funds for the reason of bankroll in securities. The most well-known form of Investment organisation is the open-end management association. The Other type of investment funds are closed-end funds, exchange-traded funds, business development organizations and unit investment trusts. (Jaspal Singh, 2004)The all above mentioned are civil funds the reason for that is, their share are publicly issued to investors and thus the funds and their shares are requisite to be registered with the Security Exchange Board of India (SEBI). Investment organisation/association that are secretly tender and issue their shares to investors/buyers are called private or hedge funds. The mutual or investment funds industry was started in early 1960’s with the configuration of Unit Trust of India, as an inventiveness of the Government of India and Reserve Bank of India. Jaspal Singh, 2004) Mutual fund is said to be investment as subject to market risk. As the capital is invested in the stock market to earn profits in terms of dividends, bonus shares of company, trading-buying and selling on higher prices. A common investor may not have adequate knowledge of the share market and the technical terms of the investment as how to create a good capital portfolio, which helps an invest or to play safe in the market.Now this situation of lack of investment knowledge creates an demand for mutual investment fund in mutual investment funds many small investor come together with their minor investment capital or funds and deposit it to a mutual fund investment company, organization or bank which acts as there agents or can be said as representatives in the stock market and for that service they take commission whenever the trading or buying or selling of shares is done, the commission may vary as per the investment companies. Amporn Soongswang, 2011) Mutual fund is the pool of invested money it based on the investment company which invests the savings of an amount of investors here the investors share a common financial objective, it in the ways of capital appreciation and earning incomes in the form of dividends. The funds are collected from the investors by the investment company and invested into capital markets instruments such as shares, debentures and overseas ma rket. Investors invest money and get the units as per the Net Asset Value (NAV).NAV is the current value of the money in the financial market or it can be explained as the present value of the fund in the financial market. (Bello, 2009) As mentioned that Mutual fund is the appropriate investment mode for the common man or the ordinary investor as it offers an investment prospect to invest in diversified portfolio management, high-quality research panel, proficiently manage Indian stock as well as the foreign market, the most important objective of the fund manager is to give the investor the safest investment and a balanced capital portfolio to play safe with maximum returns with good capital appreciation.The fund manager should also look after the trading of the stock i. e. buying and selling of stock or shares and through this the fund manager should generate revenue for the investor and should be able to give fair returns to the investors. (Dave, 1992) This helps the investment c ompany to keep up their promise of profit generation and maximization through mutual funds and it can be done through good diversification of capital portfolio. (Patzelt, 2009) (b)Brief History of Mutual Investment FundMutual Investment as per the dates support was started in 19th century it was introduced in Europe, in exacting, Great Britain. Robert Fleming was the person to set up the first investment trust called Foreign and colonial investment trust as per the records it was in 1868. The Foreign and colonial investment trust and other investment which had their located in Britain and the U. S. , are known as close-ended mutual funds today. Massachusetts investor’s trust was the first trust in the U. S. , it was established in March 1924 it was an open-ended mutual fund. Ramola, 1992) Innovation in the products and services of financial market improved the popularity of mutual investment funds in 1950s and 1960s. The first global stock mutual investment fund was introduce d in the U. S in year 1940. This financial market or can called as finance industry witnessed substantial growth in the 1980s and 1990s. In present the mutual funds are major source of ‘safe’ investment and it is a very successful product of financial market. (Ramola, 1992) Literature ReviewTHE EMERGENCE OF mutual funds was the outcome of the requirement to assemble small savings of domestic sector and to channelize it for productive measures through stock market or can be said as financial market. In the early stage of industrial revolution which was in early 1970’s in India, the deposits with the banks and other financial institution lost their importance with the growth of capital market and the declining interest rates. The new investors or small investor demonstrating their risk adverse nature shifted from less rollback bank deposits and low fluidic investment like LIC, Provident Fund and Pension Funds etc. owards fluidic, momentary investments like units, s hares, and debentures. (Bhapkar, 2007) However, an boilerplate or common investor is scared of fundamental market and hence cannot take decision or can be said as no path to walk on or no way can be seen, the condition was not at all decision making for investment, for small or average investor as, in which security to make the investment and when to make investment. This as a conclusion led to the advancement of mutual funds/bond funds in Indian financial industries.As mentioned above that in early 1970’s it was an start of industrial revolution in India and in that period of time there was high industries setting up in India and it created a high requirement of funds, so as the reaction of this action was public issue of for gathering of capital, but the amount which was collected was in bulk or we can say that investment which was asked by the companies or industries was a huge amount in this situation the small investors was not able to invest and enjoy the ownership and were also not having the knowledge of investment, so as to overcome this problem the mutual funds came into introduction, and the financial institution such as bank, mutual fund investment companies came to represent the investors in the market and help them invest into correct or good company. (Furfine, 2001) Here in Mutual Fund Company the funds were gathered from small investors and pool up capital and make a huge or bulk of capital and in exchange they were given NAV â€Å"Definition of ‘Net Asset Value – NAV' A mutual fund's price per share or exchange-traded fund's (ETF) per-share value. In one and the other cases, the per-share dollar amount of the capital is determined by segmented the total value of all the securities in its portfolio, less any liabilities/amenabilities, by the number of fund shares outstanding† . (Iqbal Mansur, 2010) Mutual funds units are investment vehicles that help new investors to take a ong ride through capital market, which is no t possible individually with small amount of investment. It provides a means of involvement in the financial market for investors who don’t have the time or perhaps the expertise to take direct investment decisions in equities successfully. (Dr. Rajesh Bahunguna, 2010) The basic need and objectives of the fund assembled by mutual funds in India has been on the exaggerated since their initiation in 1964 i. e. with introduction of US 64, the flagship scheme of UTI. A further it was in 1987 and 1989, when the investors. Distant, accumulating in measure with the objectives of distinct commercial policy of 1991, mutual fund market was open to the clandestine sectors in the country i. e. India. (Dr.Rajesh Bahunguna, 2010) Since 1993 the opening year of clandestine sector mutual funds, the investment inclination deviated more in favour the private sector funds. The swelling collection of mutual funds crossed Rs. 120000 billion (SGD $ 2666. 66 billion) marks in India by November, 200 2 with almost 59. 78% of the total investment going into private sector mutual investment funds. (Dr. Rajesh Bahunguna, 2010) The fact that the money so invested comes out of the hard earned savings of the investors apparently bring home the desired need of studying what the investors think about the mutual funds. It may also be mentioned here that less or small effort has been devoted or done by researchers in India to study the perceptions of investor towards mutual funds. Haugen, 1986) In the antecedent phase in India it was found that in general less knowledgeable mutual fund investors were found to be lacked in knowledge and were not autonomous in making fund investment decision making. Rather, they are the easily lured and motivated lot to get their investment made in any recommended mutual fund. Hence, to make this research meaningful, the focus is more on the educated and informed investors. Hence to invest in mutual funds the factor describes that investor’s preferen ce for mutual fund investment because of the professional expertise of fund managers which can be said as the representatives on behalf of investors and in return they commission as there fees. (F. A.Abeer, 2012) The risk exposure that has to be faced for directly investing in stock market obviates the need for professionally expert managers for managing investment in stock market. We can take one more explanation to get some more knowledge of mutual funds; the first category of Contribution Company was the entity trust, which was a fixed pool of securities that, conflicting a mutual fund was not intensely managed. The first unit trust was bringing about in England in 1868. In contrast to the entity investment trusts, these funds were awful leveraged and formularised in market performance and their amount collapse during the great stock market clash of 1929. Open end and closed funds that bought their capital managers the potential to convert the concealed structure of securities. I qbal Mansur, 2010) Mean while past years, closed-end investment organisation were another prevailing category of fund. A considerable aspect of this closed-end organisation was that they use leverage to play safe in the field. Closed-end organisation applied Leverage by allotting bonds and issuing shares in the financial market offering shares to the public. This helped to the company to raise funds that were used to purchase portfolio securities which were a very important part. The extensive aberration among a closed-end fund and an open-end fund is that the mainstay of an open-end fund stance equipped to regain shares while and are redeemable. Kirsch, 2011) As it becomes very flexible for choices of mutual funds as they are redeemable and irredeemable it depends upon the investor that in which form they feel safe and are willing to invest. Mutual Funds have such structure to endow with utmost benefits to the investors, and the authorised person in Investment Company which is the fund manager has research team to attain the objectives of the scheme. Mutual Fund Investment Company has different units of sector funds; the requirement of these units to achieve the maximum market return is proper planning for strategic investment. (William Fung, 2008) There should be a planned and unique diversification for the capital portfolio as per the market condition and investors or Investment Company’s resistance capacity.A planned portfolio helps to resist in the market as if the one part of the investment occurs loss the other stock or unit may bear it through generating profits and balance the situation, it is seen when the capital investment portfolio of the investor is very strong and well planned. For strong portfolio there should be professional Management here the fund manager should undergo throughout different research works and has adequate investment skills which promise high returns to the investor than what the investor can cope on his own. (Rainish Robert, 2002) Investment through mutual funds by a mutual fund investment company reduces risk factor, as the financial market is very dynamic in nature and requires high and accurate quality of analysis to generate good amount of return which very worth for an investor after taking such risk.Investing in mutual fund through an investment company diversifies the portfolio of securities yet with little investment in a mutual fund. The risk is diverted in a diversified portfolio than investing in just in 2 or 3 securities. (Palmiter, 2009) There are low transaction expenses due to the economies of scale (repayment of larger volumes), because of that reason mutual funds pay lesser transaction costs and the paybacks are passed to the investors. Mutual funds units have a great advantage of liquidity as in case an investor may not be capable to sell the shares hold by him effortlessly and swiftly, while units of mutual funds are more liquid to sell off and regain the invested capital as p er the current value.Mutual funds are said to be investor oriented as it gives investors a wide range of investment schemes with different investment objectives. Investor has the choice of investing in a scheme which provides him the association between its investment aims and desired financial goals. As every investor wants to get higher return but with that they have right to know that where the capital is invested, so for such course of action mutual funds provides investors with the latest updated information pertaining to the markets and the investment schemes in the financial markets. All required material is disclosed to the investor as per the requirement of the regulator. Shah, 2000) As mutual funds have liquidity, security, transparency, low transaction cost and fair returns, it makes it very flexible. Investor can also control their holdings from a debt scheme to equity scheme and vice-versa. There is alternative of organized investment and withdrawal at regular time inte rvals is also offered to investors in open-end schemes. As mutual fund industry is a regulatory, it has its rules and regulation it is an element of well synchronized investment environment in this environment the interests of the investors are confined by the supervisory body. All the transactions and funds are registered in up to date manner with SEBI and complete transparency is kept. (Dr.Rajesh Bahunguna, 2010) In spite of ample amount of positive terms there are some disadvantages of mutual funds such as the fund manager may always not be able to manage to generate profits he might create loss as the whole control is in hand of the fund manager as the capital is of the investor but there is no control of the investor on his own capital. The fund has its own strategy for investment to sell, to hold, to buy time period. The cost control is not in hand of the investor, investors are applicable to pay the investment management fees and also the fund allocation costs as a proportion of the capital value of his investment as long as the investor holds the funds or units it is irrespective of the performance of the fund in the financial market.The capital portfolio is decided by the fund manager and also the decision of the investment of securities is in hands of the fund manager here investor has no right to get in the way on the decision making procedure of the investment by the fund manager, which some of the investors find as disadvantage in achieving their financial objectives. (Furfine, 2001) As mutual fund offers a range of investment schemes, so the investors finds it difficult to select the one in which he invests his capital it because the investor is lacking in that knowledge that is the reason he is investing his money through mutual funds but still the investor has to take decision to choose the scheme for this, they may have to take advice of the financial planners in order to make safe investment and invest in the right fund to gain profits throug h the invested funds which the major objective of the investors and let their money bloom. (Cornaggia, 2009)It is mentioned by many authors that investment funds are one of the important institutions for investing capital in to the financial market which is along with many risks for various investors especially the new and inexperienced ones which are lacking in the market conditions knowledge or we can say investment knowledge. Mutual investment companies act as financial intermediaries for non-professional investors they also respond to the requirement of the investors by making different types of capital portfolios with different configurations of securities. Since the market conditions are very dynamic in nature as mentioned earlier, investors are lacking in experience or almost new to the financial industry and they do not have knowledge of the markets professional literature and culture of the stock. (F. A. Abeer, 2012)The financial market in very wide in nature of investment and has an insufficient financial tools for investment and further support of small investor rights in neither regular nor efficient, and investing directly in capital market without any professional’s advice is rather very risky to invest until and unless the investor is an professional himself or has an adequate knowledge of financial industry and other important financial tool thus forecasting and establishing financial intermediary associations such as mutual fund investment companies is important and should be done by the financial market custodians. (F. A. Abeer, 2012) There are some main characteristics of mutual funds which have to be kept in mind while investing and which are very useful for an investor even if the investor is investing through an investment company such as, the mutual investment funds are purchased or the capital is invested through fund or broker of the fund so in this case the investor cannot sell it in the secondary market to other buyers or inve stors.The price of mutual fund each unit is decided according to the net value of the asset of investment unit and additional of wages that are occurred at the time of purchase. The investment unit can return to the fund or the broker as the units are redeemable. The return price of the each unit is as per the current net value asset with deduction of the transaction fees. The buying and selling of units is and continues process and continue constantly. There are different types of mutual funds it is based on the different investment objectives along with the various amount of risk involved, investment expenses and the fluctuations of the unit fund. Garmhausen, 2012) There are some types of funds such as close end fund; some features of these funds are the investment companies having fixed capital and in spite of being redeeming stocks makes its trading in secondary market for investors and hence can traded in secondary market, here the investors are able to purchase the funds direc tly and solely. Units or stocks of closed end funds are not available in stock or financial market for selling continuously these funds is just issued at their stocks in Initial Public Offering (IPO) for selling and investors willing to invest in funds can buy or invest their capital at the time of IPO or issue made the company and then those shares can easily trade in the secondary stock markets, here the stock can be traded. (Glassman, 2004) After the issue or the IPO and the stock price designated in the market according to the market’s conditions and influence, because of this sign of action it can be lower or higher that the NAV of each unit or share.Basically closed end funds are divided based on their approaches, risks, return patterns, investment objectives and portfolios are separated to different types and as according to that they have various levels of risk, volatility and fees variances. There is another category of funds which is said to be Index funds it is par t of investment fund the most important feature of the index fund is the low cost, low tax and fees as compared to the other funds which are active in the financial market. The portfolio for the index funds is fixed, so they have lesser flexibility as compare to other funds. (Glassman, 2004) The major objective of the fund is to reach the return of the selected index such as National Stock Exchange (NSE) Index.There are some very important stock exchanges in India such as follows: Bombay stock exchange, Ahmedabad share and stock brokers association, Calcutta stock exchange association Ltd, Delhi stock exchange association Ltd, Madras stock exchange association Ltd, Indore stock brokers association Ltd, Bangalore stock exchange, Hyderabad stock exchange, Cochin stock exchange, Pune stock exchange, Uttar Pradesh stock exchange, Ludhiana stock exchange, Jaipur stock exchange Ltd, Gauhati stock exchange Ltd, Mangalore stock exchange, Maghad stock exchange Ltd, Patna, Bhuvaneshwar stock exchange association Ltd, Over the counter exchange of India, Bombay, Saurastra kuth stock exchange Ltd, Vsdodard stock exchange Ltd, Coimbatore stock exchange Ltd, The Meerut stock exchange, National stock exchange, Integrated stock exchange. (Dr. Rajesh Bahunguna, 2010) The mentioned are the stock exchanges of India but are driven by the major stock exchanges which are Bombay Stock Exchange (BSE) and National StockExchange (NSE) these are the major index setters in the market are the regulatory which governed them id the Security Exchange board of India (SEBI). Exchange Traded Fund is a type of fund which is also called as ETF; ETF shares are not sold directly to the individual investors the ETF shares are mostly issued in the stock exchange in big blocks which been called creating and issuing units, and then the offers are given to the institutional investors. The sales of ETF are in non cash way for issuing and creating units to institutional investors and investors bring in the ir portfolio instead of cash and their portfolio is mostly same as the fund portfolio.After the purchase of the large blocks of ETF units the institutional investors divide the large stock into smaller parts or units and then it is ready to trade in the secondary market and is offered to the individual investors. (Dr. Rajesh Bahunguna, 2010) Then after the trading in secondary market, individual investors have two ways to trade the ETF’s shares or funds which are selling the stock to the other willing investors or returning them to the institution. Returning shares is only possible at the creation stage, issuing units scale and in non-cash ways. In layman’s words, instead of cash money, investors are allotted with existing securities at the portfolio of the funds. (Dr.Rajesh Bahunguna, 2010) The two main features of Mutual Investment Fund are said to be management and high liquidity: -Outside management: As the nature of mutual investment fund is different from joint s tock company’s shares in one major issue, i. e. they are not managed by the inside management of the company. The important part of the Administrative and Operations of the mutual investment funds are done by the service providers from outside of the fund. There are some important fund operations and duties such as portfolio management, distribution of investment units, marketing and other activities which are directly affecting the service provider company; it uses existent specialty association’s facilities and abilities in the field of finance industry. The administrative and public expenses can be saved by outsourcing of main activities and small organizational core work. Klinger, 1992) -Variable capital and high liquidity: There is no fixed/closed capital for mutual investment fund and the difference in their capital is seen at the time of issue and redeeming investment units, while there are no limitations for buying and redeeming as they are continuous in nature and investors can always buy and sell the mutual fund investment units and can be freely traded. Here the investors holding the fund unit can redeem the entire or part of their investment holdings and can change it to liquid cash on the basis of the Net Asset Value (NAV) of the funds. (Klinger, 1992) – Daily pricing of investment units: There is daily pricing of the fund units as mentioned early that it depends upon the NAV of the fund.The daily NAV is the sum of the market value of the portfolio minus funds debt and divided by the total amount of units have purchased by the investor. – Professional Management: Involvement of professional investment consultant gives a feature of Professional Management; the consultant has done with comprehensive research and having abundant information of the market situation and conditions. This feature is very important for any service provider as the investors may not have adequate knowledge of the investment planning and making a strong capital portfolio and this feature also helps investors to get familiar with the mechanism of Stock Exchange system. Klinger, 1992) – Diversification of securities and risk management: As investing in different securities and assets reduces the influence of reduction of value of the investment, the mutual funds manage the risk factor by diversifying configuration of different companies in different industries securities and use an expert or professional for maintenance of capital portfolio. (Klinger, 1992) Mutual Funds Classification: Mutual funds have been divided into three main groups which are as follows- I. Mutual funds that invest in companies stock II. Mutual funds that invest in securities with fixed income III. Mutual funds that invest in the money market All types of Mutual funds have been placed in one of the three above-mentioned groups. Mutual Investment Funds have wide range of investment objectives and it can be classified from conservative to aggressive and offer wide range of options and flexibility of investment of the funds to investor. (Dr. Rajesh Bahunguna, 2010) Conclusion:The study focuses on mutual funds risks and advantages, the findings may not be appropriate for an investor to understand the condition but with the above research we can get a picture of mutual fund and the risks allotted with it. The outputs of the research will let the investors understand mutual funds and market better. With the help of the information a new investor can get a basic idea or can understand the concept of mutual fund, the above research also helps in exploring the risk factors of mutual funds. It also mentions the advantages of mutual funds which help investors to make good decision for investing their hard earned money and with they can play safe in the market and gain good profits.As the research of mutual fund is an continues process because the market condition are very dynamic in nature and continuously changing are they directly af fect the funds as it gives an direct impact on the funds the market conditions are need to be watched or observed very closely by the experts and investors as well. Market situation needs to be observing very closely to play safe in the market and help the investors to grow their funds and earn a fair income. India is a developing economy with many emerging industries and companies; the current situation in India today is that a common investor in general is found to be confused regarding his or her selection of investment in mutual investment funds it may be due to dynamic economy or various scheme that are available in the market, so the selection process becomes very important for investors that in which fund to invest in?The above study was trying to resolve the problem of investment decision with giving a brief introduction to the nature and characteristics of mutual investment funds and the finance industry. (Words-4,698) Bibliography/References Amporn Soongswang, Y. S. , 2011 . Equity Mutual Fund: Performances, Persistence and Fund Rankings. Journal of Knowledge Management, 1(6), pp. 11-76. Bello, Z. Y. , 2009. On The Predictability Of Mutual Fund Returns. Journal Of Business & Economic Stidies, 15(1), pp. 70-89. Bhapkar, R. , 2007. 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Investment with a Conscience: Examining the Impact of Pro-Social Attitudes and Percieved Financial Performance on Social Responsible Investment Behvior. Journal of Bussiness Ethics, 10(1), pp. 308-322. O'Neal, S. E. , 2000. Real estate mutual funds: Abnormal performance and fund characteristics. Journal of Real Estate Porfolio Management, 6(3), pp. 239-354. Palmiter, A. R. T. E. A. , 2009. Star Creation: The Incubation of Mutual Funds.Vanderbilt Law Review, 62(5), pp. 1483-1491. Palmiter, A. R. T. E. A. , 2009. Star Creation: The Incubation of Mutual Funds. Vanderbilt law Review, 62(5), pp. 1487-1498. Patari, E. J. , 2007. Do Hot Hands Warm the Mutual Fund Investor? The Myth of Performance Persistence phenomenon. International Research Journal Of Finance and Economics, 1(4), pp. 118-135. Patzelt, K. a. H. , 2009. Por tfolio Strategies of Life Science Venture. Journal of Small Business and Entrepreneurship, 22(2), pp. 87-100. Rainish Robert, P. G. , 2002. 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Mobile Banking Technology and Innovation Management - Essay Example Management has to face several challenges in the overall process of introducing the innovation in the market (Barton and Kraus, 1985). MOBILE BANKING TECHNOLOGY: There has been ongoing process of introduction of new technologies in the market every other day. However, all new technologies are not able to succeed and capture the considerable amount of market share. This requires proper and well thought planning and management. It should be ensured that the new technology which is introduced in the market is according to the needs and requirements of the customers (Souder and Sherman, 1994). Apart from this, the new technology should be user friendly and easy to use. All these factors increase the acceptance of the innovative technology. Mobile banking is one such technology, which have been introduced in order to provide customers with ease and comfort in the process of banking. In the start of banking facility, customers have to be physically present at the bank in order to make any kind of transaction. This requirement of physical presence gradually disappeared with the advent of different new technologies and facilities with passage of time. ... Mobile banking allows the customers to perform important transactions through their mobile phones and there is hardly any need of going to banks or being physically present there for the purpose of making transactions (Stair and Reynolds, 2009). There are several benefits of the mobile banking, not only for customers but also for the bank which is providing this facility. This facility of mobile banking can facilitates banks in reducing the charges associated with transactions, as low level of cost is associated with mobile banking. Along with this, the facility of mobile banking is easy and convenient for the consumers as it enables them to quickly access their bank account at any place and at any time (Krugel, 2007). INNOVATION AND CHANGE MANAGEMENT: The process of implementation of any change or innovation is always associated with several challenges and issue. These challenges and issues should be managed in an effective and efficient manner in order to ensure the successful impl ementation of the innovation. The process of innovation management is a complete change management process. Management has to conduct force field analysis in order to identify important restricting and supporting forces. Next step is to come up with effective strategies and tactics in order to minimize the restricting forces and maximizing the supporting forces (Tidd, 2001). The restricting forces can be both external and internal. Innovation or new technology not only faces resistance on part of the customers but sometime employees are also responsible for the failure of any new technology or innovation. It is important for the management to keep in consideration

Act of Kindness Essay Example for Free

Act of Kindness Essay Today i will be telling you about one of my act of kindness, but before i do that i will be giving you hints as to what your about to read. It happen at a store that was one city over from me and was one of the best places to be be around because of the places near it. I was really young and it happen in the toy aisle because when your little and a boy its your favorite place. There was a young boy who was crying out for his mom. I was a worried alot when i was little and so i had my older sister help me look for the kids mother so he could smile. Those are my hints to what your about to read in my essay about my act of kindness. My act of kindness takes place at Kmart in Simi Valley, Califronia. I lived one city over from Simi and it was the only major shopping store close to us that was like a Walmart. I loved going to Kmart with my mom and sister because i would most likey get a toy for going with them. Once before when i went to Kmart with my mom i got lost from her and it was the scariest thing a young boy can feel being lost from his mother. When i got lost there was someone there to help me get back to my mom, so i always felt that i should help someone else who was lost from someone they love. MY act of kindness happened in Kmart but to be more precise it happened in the toy aisle in Kmart. When your a young boy the toy aisle is like a candy shop and every toy is like a different flavor. I was six years old with my mom and sister and i would always go to the toys to look and see what i wanted for chrismas because chrismas was like a month and a half away. I saw a little boy in the toy aisle with me he had his hands on his face and i didnt know what he was doing. The little boy was three years old and his hands were over his face because he was crying and i didnt know why he was crying i was thinking it was for a toy and he mom wouldnt let him get it. Then i hear him starting to cry mama mama where are you mama. I started to worry for the three year old boy even though i was only six years old i worried and to this day i still worry about stuff. When i went up to my mom i told her i think that boy is lost from his mom. I got to the point where i didnt want him to be sad any more because i knew when i got lost from my mom someone helped me. I ask my sister if she would help me with looking from his mom, my sister was 12 so she was older than me and could do alot more than i could. We started to look around the toy aisle because that where the three year old boy was so we thought his mother would be close by. Then we started to look other places we went to the food  aisle and the young kids clothing aisle. We looked everywhere we were thinking his mom left Kmart and left her son in the toy aisle. We went to the cash register have an employee page that a little boy lost his mom, but right when we got there we heard the mom yell the three year old boys name and he yelled mommy and she thanked us for helping her son look for his mom and i was happy knowing he got back with his mom. That is one of my act of kindness but to me this is one of the biggest act of kindness i have done because i was six when i did this act of kindness. To some people it might not seem like a big act of kindness but even the littlest acts of kindness can help someone in the long run. So if i could say that someones act of kindness to me made me in turn help someone else. I hope what you get from this story is that you can help someone no matter the age or the place. These are my words of wisdom for someone who was helped and who in return helped someone else.

Paradigm in Nursing Essay Example for Free

Paradigm in Nursing Essay Nursing as any science is a tentative, testable and falsifiable discipline. It undergoes: empirical observation, hypothesis development, experiment, results/finding and finally conclusion. Basing on the finding, one can accept or reject the hypothesis. Theory has been seen as the model of the ethics of conducting a set up and while forth is in position to predict future occurrences or observations of the same kind and capable of being tested through experiment or otherwise verified through observation. Each theory has set principles on how to verify it known as paradigm. Discussion Paradigms are a set of postulations; practices shared by a particular body, say a community of researchers and stems from a single theme. The paradigm seeks to regulate inquiry into the discipline that is concerned. It can therefore be viewed as the norm which the scientists or researchers can use as platform which they can agree of disagree depending on their findings. The various paradigms have one thing in common. They are characterized by ontological, epistemological and methodological differences in their approaches to conducting research (Demarest, et al 1993). This in return contributes to paradigm shift. Paradigm is seen to supersede mere interpretation of the tabulated finding or basic understanding in general. Superstition of paradigm consequently gives varied contribution in the area of disciplinary knowledge construction. Depending on the researchers sentiments/he may consider these differences so vast that one paradigm is inequivalent to another. Alternatively, these differences may be ignored or combined so as to conduct the research needed. To accomplish the task of developing nursing knowledge for use in practice, there is a need for a critical, integrated understanding of the paradigms used for nursing inquiry. This is arising due to the fact that each paradigm has a shift (Demarest, et al 1993). For instance, Child development defects will be viewed from various aspects and hence differing paradigm. A biologist my evaluate child development in perspective that children will naturally gain knowledge as they physically grow and become older, provided that they are healthy. Others may view that the child gains knowledge depending on its surrounding or what it interact with; while others view that a child is due for school after it starts interacting with environment and people as well. A nurse scholar can thus decide to combine the three theories or ignore all to achieve what s/he is researching on. Conclusion In conclusion the nurse researcher should weigh the pros and cons of a particular paradigm in his/her approach to assess of existing knowledge and thereby fill the informational gaps. This is because dominance of a particular paradigm is influenced by a number of factors. These may include: the source of finance for the research, government influence, biases from the journal and editors of the print, conferences and symposiums held, coverage by the media, educators who are responsible of spreading the paradigm to their students as well as the professional bodies which may favor a particular paradigm. However, paradigm should be natural and operational in all times.

The Unsustainable To Sustainable Development Environmental Sciences Essay

The Unsustainable To Sustainable Development Environmental Sciences Essay From Unsustainable to Sustainable development; Urban problems related to energy; Water conservation, rainwater harvesting, watershed management, Resettlement and rehabilitation of people; its problems and concerns. Case Studies; Environmental ethics: Issues and possible solutions; Climate change, global warming, acid rain, ozone layer depletion, nuclear accidents and holocaust. Case Studies; Wasteland reclamation; Consumerism and waste products; Environment Protection Act; Air (Prevention and Control of Pollution) Act; Water (Prevention and control of Pollution) Act; Wildlife Protection Act; Forest Conservation Act; Issues involved in enforcement of environmental legislation; Public awareness. 6.1 Unsustainable to Sustainable development Sustainable development is not a new concept. It means living in harmony with the nature in full recognition of the needs of all other species. It is no just the survival of the fittest, we must help even the weakest of the species to survive because each species has a role to play that is ultimately beneficial to the earth and all its human population. Our forefathers preached us the need to coexist with the environment in a balanced manner. The needs of the people in different parts of the world may be different, but our dependence on the Nature is similar. The most important thing to remember is that we have only one earth and if we destroy it by our actions, our children will not have a place to live. The first comprehensive definition of sustainable development was given by the Brundtland Commission in 1987: Sustainable development is development that meets the needs of the present without compromising the ability of future generations to meet their own needs. [Brundtland, G (ed) (1987). Our Common Future: The World Commission on Environment and Development, Oxford: Oxford University Press]. Any development activity can be sustainable, if it is .. a dynamic process which enables all people to realize their potential, and to improve their quality of life, in ways which simultaneously protect and enhance the Earths life support systems. (Forum for the Future, Annual Report 2000). In short, if we care for the comfort of the present generation only and do not think of the needs of the future generations, and we damage the environment by various development activities, these activities will be termed as unsustainable. In taking every action, small or big, the possible damages to the environment must be given full consideration and the action must not leave behind a degraded environment. Technically, sustainable development is defined as a path of development in which no permanent and irreparable damage is done to the environment and the resources are kept intact for the future generations. The earth has everything for each generation, but it depends on the proper use. The present generation can survive very well on the resources available, but they must also leave behind enough resources for the future generations. It is necessary that a sustainable development path do not have any negative factor that is responsible for causing adverse impacts on the environmen t. A sustainable development programme is friendly to the ecosystem in all respects and has the capacity to absorb abrupt changes of the present and the future. Sustainable development has also a strong element of socio-political development. Thus, sustainable development programme must have equal concern for all sections of the society with a balanced economic development and environmental protection. The programme should have a log-term view of future consequences of any action taken today. In short, sustainable development has become the cornerstone of development planning today and has also become a principal tool of negotiation in international aid packages to the countries. The sustainable development can be broadly classified into three different kinds, viz., environmental sustainability (no permanent damage to the environment), economic sustainability (economy remains stable with equitable sharing of resources) and sociopolitical sustainability (maintaining social harmony and political stability). Historical milestones The Brundtland Commission, formally the World Commission on Environment and Development (WCED), known by the name of its Chair Gro Harlem Brundtland, was convened by the United Nations in 1983. The commission was created to address growing concern about the accelerating deterioration of the human environment and natural resources and the consequences of that deterioration for economic and social development. In establishing the commission, the UN General Assembly recognized that environmental problems were global in nature and determined that it was in the common interest of all nations to establish policies for sustainable development. The Commission was asked to focus mainly on the following: To propose long-term environmental strategies for achieving sustainable development to the year 2000 and beyond; To recommend ways in which concern for the environment may be translated into greater co-operation among developing countries and between countries at different stages of economic and social development and lead to the achievement of common and mutually supportive objectives which take account of the interrelationships between people, resources, environment and development; To consider ways and means by which the international community can deal more effectively with environmental concerns, in the light of the other recommendations in its report; To help to define shared perceptions of long-term environmental issues and of the appropriate efforts needed to deal successfully with the problems of protecting and enhancing the environment, and a long-term agenda for action during the coming decades. The need to protect and enhance the human environment within a common framework and principles led to the Brundtland Report and subsequently, the United Nations Conference on Environment and Development (UNCED), more commonly known as the Earth Summit, took place in Rio de Janeiro, in 1992. This conference was designed to help governments to rethink economic development and find ways to stop pollution and the destruction of natural resources. The conference documents included: Rio Declaration on Environment and Development United Nations Framework Convention on Climate Change United Nations Convention on Biological Diversity Statement of Forest Principles Agenda 21 Agenda 21 and Sustainable Development At the Earth Summit in 1992, an agenda on worldwide sustainable development was formulated. This agenda, known as the Agenda 21, is a blueprint on how to make development socially, economically and environmentally sustainable into the next century. It addresses economic and development issues and the conservation and management of the worlds resources. The implementation of Agenda 21 has been made the responsibility of Governments, non-governmental organizations (NGOs), industry and also the general public. Agenda 21 provides a global framework for tackling global environmental problems like climate change, ozone depletion, biodiversity loss, desertification and deforestation. The Earth Summit was followed by a conference in Johannesburg, South Africa in 2002 where the stakeholders from international institutions and corporations to national, regional and local governments have accepted that the principle of sustainable development will be at the core of all policy making. A few of the areas highlighted by the Agenda 21 are: (i) Combating Poverty. Poverty and environmental degradation are directly related to one another and it is imperative on the part of the governments that they should focus on poverty alleviation in order to protect the environment. The national programmes should aim at sustainable use of resources and should enable the poor to earn a living without destroying the environment. It is envisaged that the people should have a say in the development process and that local groups should be involved in the planning and execution of anti-poverty programmes. In this way, the people will become a party to sustainable development and environmental protection. (ii) Changing Consumption Patterns. Agenda 21 calls for a change in the existing patterns of production and consumption so that the damages to the environment may be minimized. For this purpose, the industrialized countries have been asked to play a leading role. National programmes should give more emphasis to more efficient production processes so that emissions and waste generation are brought down to minimum. All processes of production and consumption should conform to the principle of sustainable development i.e. no harm to the environment. The Governments should discourage all production processes which are not environment-friendly and should levy taxes on goods that are produced through such processes. The use of eco-labels on appliances should be encouraged and efforts should be made to raise public awareness on energy efficiency and recycling of wastes. (iii) Population and Human Health. The rapidly increasing population has created much pressure on natural resources, employment, social and health services. Sustainable development is not possible if the population is not appropriately controlled. Agenda 21 calls for the governments to adopt measures that take into account the links between population dynamics and sustainability, and identify carrying capacities. Poor health is often a result of poverty, especially in developing countries. Agenda 21 recommends that every national health programme should provide for the development of basic health care facilities with emphasis on training of doctors, nurses and other personnel, strengthen immunization programmes to control communicable diseases, and provide specific healthcare measures for the most vulnerable groups, including infants, women and indigenous peoples. (iv) Human Settlements. Migration towards the urban centers has been continuously increasing and the towns and cities are overcrowded with people. Slums have expanded and basic facilities such as supply of clean drinking water, sanitation and sewerage facilities, healthy living conditions, etc., are becoming scarce. Traffic congestion, poor air quality, waste dumping and unhygienic conditions have multiplied in most cities. Agenda 21 calls for appropriate urban renewal projects and transportation strategies, the provision of access to land, and credit and low cost building materials for the poor. Migration to big cities can be reduced only by improving living conditions and employment opportunities in rural areas and Agenda 21 lays stress on the development of the rural areas. (v) Atmospheric Protection. The atmosphere can be protected by reducing emissions to it. For this purpose, Agenda 21 calls for action in the energy production sector, transport and industry, through the promotion and development of energy efficient programmes, regional energy plans, public-awareness campaigns of environmentally sound energy systems, and research into more fuel-efficient transport systems. (vi) Ecosystems. Ecosystem conservation and protection is considered as a major item in sustainable development. For this purpose, Agenda 21 calls for governments, business houses and NGOs to introduce programmes of afforestation, reforestation, and sustainable land use and water resource management. The education programmes should be reoriented towards environmentally sustainable resource management. (vii) Sustainable Agriculture and Rural Development. While agriculture should yield enough food for the rising population, the farming practices should not lead to land erosion, desertification and deforestation. Current methods of farming, particularly in developing countries, should be carefully examined and unhealthy practices should be discontinued. Agenda 21 urges the development of long-term land conservation and rehabilitation programmes, by encouraging people to invest for the future through land ownership. (viii) Conservation of Biological Diversity and Management of Biotechnology. Habitat destruction, over-harvesting, pollution and introduction of foreign species are recognized as the main factors behind loss of biodiversity. Agenda 21 calls for governments to undertake national biodiversity assessment programmes and formulate strategies to conserve the existing biological diversity without further damage. (ix) Protecting and Managing the Oceans and Fresh Water. Agenda 21 calls for nations to develop policies, which address unsustainable fishing practices, the creation of marine protection zones, and the surveillance and enforcement of fisheries regulations. The agenda further requires that the National water management practices are integrated into economic and social policies. Agenda 21 sets 2025 as the realistic target date for ensuring universal water supplies, and to develop low-cost services, which can be built and maintained at the community level. (x) Managing Wastes. Agenda 21 calls for an international strategy to manage the production and disposal of wastes, including hazardous waste, solid waste and sewage, and radioactive waste. Governments should encourage and assist industry in achieving cleaner production technologies, and promote changes in lifestyles, production and consumption, through recycling and fund public education initiatives. Countries, which generate nuclear waste, should adopt an integrated approach to the safe management, transportation, storage and disposal of radioactive wastes. (xi) Implementing Sustainable Development. All nations will have to make political, social and economic commitments to ensure that the Agenda 21 can be properly implemented and that necessary resources are available for the same. The Agenda asks international funding organizations such as the International Development Association and the Global Environment Facility to help developing countries in meeting additional expenses in implementing all measures required for sustainable development. Developed countries should help promote the transfer of technology to developing countries. It is necessary to monitor the implementation of Agenda 21. Laws should be enacted to secure a balance between the needs for development and environmental protection. The main objectives should include: international standards in environmental protection taking into account the different situations and abilities of individual countries; review of all environmental laws making them more effective; and measures to avoid or settle international disputes. Meeting the aims and objectives of Agenda 21 within the time frame established by the 1992 Earth Summit will pose great social, economic and technological difficulties, both for developing and developed nations. The development that has been witnessed during the 20th century has brought unprecedented changes to biodiversity, the atmosphere and global climate. These are to be reversed. The new challenge for todays society is to ensure that future development and the use of the Earths resources is managed in a sustainable way, and in every action, the quality of life is preserved for generations of the 21st century and beyond. For sustainable development, human population growth has to be controlled. Otherwise, no invention and development in science and technology will be able to prevent irreversible degradation of the natural environment and to alleviate continued poverty in large parts of the world. The natural and social sciences will be crucial in developing new options for limiting population growth, protecting the natural environment, and improving the quality of human life. These should be the perspectives in all short and long term planning for all governments so that the challenges of the present and the future can be adequately addressed. 6.2 Urban problems related to energy use With massive urbanization occurring on a global scale, the state of the environment and human health in the cities of the world has become a prime concern. It is estimated that by the year 2025, over five thousand million people will be living in the cities. In the developing countries of the world, already more than 200 cities have populations of one million or more. Living in cities has many positive benefits, such as increased job opportunities and better access to essential services and facilities. However, many environmental, health and development problems have reached near-crisis dimensions in cities all over the world. Urban growth has exposed populations to serious environmental hazards and has outstripped the capacity of municipal and local governments to provide even basic amenities (water, sanitation, power) and essential health services. Millions of people in the urban areas of developing countries are living under life- and health-threatening conditions. Cities have a s ignificant impact on the broader hinterland and global environment and the fate of cities will have a major influence on the fate of nations and of the planet. Poverty and health Despite the unprecedented creation of wealth worldwide in the past two decades, the number of people living in absolute poverty is growing steadily. Poverty remains the number one killer, with the poor bearing a disproportionate share of the global burden of ill health. The poor live in unsafe and overcrowded housing, often in semi-urban and urban slums, with practically no access to safe water or to sewerage. These people are also exposed to pollution, traffic and industrial and other risks at home, at work or in their communities, much more than the wealthy people living in the same cities. They have insufficient food that too of poor quality from the point of nutrition. Even in rich countries, the poor suffer worse health than do the better off. Children are particularly affected in the poorest regions of the world, one in five children dies before his or her first birthday, mostly from environment-related diseases such as acute respiratory infections, diarrhea and malaria. Not only are children more heavily and frequently exposed to threats to their health in the environment, but also they are more vulnerable to the ill effects on health. For example, in the USA and parts of Europe, lead poisoning illustrates the unequal burden of risk borne by poor inner-city children, who are more heavily exposed to sources of lead in and around the home and are also more affected by the toxicity of lead. Energy consumption Compared to the rural areas, people in towns and cities consume large amount of energy. For example, the old type of Indian houses were made of wood, mud and unburnt bricks which required very little temperature adjustments and consequently very little energy was required for heating and cooling. The present buildings in towns and cities are mostly made of concrete, cement, steel, aluminium, marble, well-burnt bricks and glass. These materials are energy intensive and the houses made with them require a lot of power to keep them comfortable during the winter and the summer and also for lighting and decoration. The process of manufacture of these materials also consumes enormous amount of energy in different forms. At earlier times, people used fuel wood or charcoal in kitchens for making food and also in the living rooms for heating. This did not create any environmental problem such as that of smoke because the houses had separate kitchens at a distance from the main living quarters and the houses were tall having provision of chimneys. This is no longer possible in todays housing blocks where the living quarters are not separated from the kitchens; the RCC structure does not allow having tall roofs and also chimneys. Therefore the fuel type has to be changed as otherwise there will be serious smoke and associated health problems. Kerosene replaced firewood and charcoal as the favourite fuel for the urban homes. Later kerosene gave way to natural gas and electricity during the 1970s. The dependence on firewood has continued in the rural areas particularly for people living in the far-flung areas of the foothills and the forests. Newer tools of comfort came to be used in the urban centers. The use of electric fans during the summer has become a common practice but the effluent has gone for air-conditioning in their houses. As the houses have become almost like glass towers and since glass is a very bad conductor of heat, this has created problem of large temperature difference between outside and inside of a house requiring much energy to be spent on air-conditioning. Additional energy need has become necessary for running the lifts and operating a large number of other gadgets of modern life The other major urban energy need is for transport. The towns and cities are roaming with buses, trucks, cars, two- and three-wheelers all of which depend on fossil fuels, namely petrol and diesel. The number of vehicles has increased at a very fast rate during the last few years despite the higher price of fuel. Small, narrow and improperly maintained roads and overcrowding have further aggravated the problem. Traffic congestion has become a serious problem in all urban areas. Slower moving vehicles burn more fuel and thereby the energy efficiency is further reduced. This has also given rise to problems of carbon monoxide pollution, smog and other environmental problems affecting peoples health particularly through various respiratory diseases. Time has come to design an efficient public transport system, which will lead to substantial energy saving, minimize congestion and reduce pollution problems. 6.3 Water conservation, rainwater harvesting, and watershed management All living organisms need water, plants use it in photosynthesis, humans and other animals drink it, and aquatic plants and animals live in it. Water also plays an important part in many natural and human processes and is a critical component of countless physical and chemical reactions. It also supports many economic activities. The amount of water in the world has remained constant. In fact, water hasnt changed in amount or nature for millions of years. It just keeps cycling and recycling from atmosphere to earth and back again. Freshwater is a precious resource as it makes up less than 3% of the earths total water resources. Because freshwater is so limited and plays such a key role in world health, economies, and environmental stability, it must be conserved and used in a sustainable manner. The efficient use of water implies doing more with less. Efficiencies can be gained in all sectors, including agriculture, municipal, domestic, and industry. Central to a successful water conservation program are an understanding of The water resource itself (baseline data and monitoring) How, when, and why water is used (water audits and metering) The full cost of providing water of suitable quality and disposing of wastewater Alternative water-efficient technologies, processes, and practices Attitudes and values related to water and the environment. Public education and awareness are necessary in implementing water conservation. However, they may need to be supplemented by appropriate legislation and regulations and economic incentives and disincentives, including consumption-based pricing. Demand for more water has been very common. This demand can be reduced by careful planning. This involves the following measures: More-efficient irrigation systems Drought-resistant cultivars and crop rotations More-efficient livestock watering systems Water metering and charging for water Use of effluent and wastewater for irrigation Household water conservation. The water resources have to be carefully managed through the following steps: Dividing water resources into various divisions for effective supply Laying a network of supply pipelines Building reservoirs for storing water Increasing water availability through groundwater extraction Treatment of wastewaters and making arrangement for their reuse Reducing losses through seepage and evaporation. Managing Excess Water. Sometimes, more water is available than the actual need. In such cases, the management of the excess water can be achieved by taking it to deficient areas through drainage: Many agricultural areas are low lying or located in flood plains and require drainage to be profitable. Good drainage improves plant growth and crop productivity, helps to reduce soil salinity and erosion, and allows farmers a wider selection of crops and a longer growing season, all of which help to reduce the costs of production. There are two types of artificial drainage system: surface and subsurface. Surface systems may contribute to declining water quality in watercourses by releasing drainage water containing sediments, nutrients, and chemicals. Subsurface systems release substances that leach through the soil, such as nitrate, pesticides, and bacteria. Drainage systems can also alter the environment by draining wetlands, removing riparian zones, increasing runoff, and changing a regions hydrology. Proper design and maintenance of drainage systems may alleviate some of these effects, but lost riparian and wetland systems are usually difficult and expensive to replace. On-farm drainage systems are not able to handle large volumes of stormwater received from developed uplands. Properly designed regional drainage systems may be needed to protect lowland agricultural areas. Even so, damage from major floods cannot always be prevented. Maintaining Reliable Water Supplies A sufficient supply of good quality water is needed for agricultural activities such as irrigation and livestock watering, as well as for domestic, municipal, industrial, recreational, and other uses. Water needs to be conserved for the lean periods such as drought. Droughts are very common but difficult to predict. They occur most often in dry regions, but other regions may also have shorter, less serious periods of drought. Drought threatens both crop and livestock production. With the potential threat of global warming and increasing trends in population, urbanization, and consumptive use, the impacts of drought can become more serious. The development of storage reservoirs is essential for maintaining adequate year-round supplies, particularly during the dry season. Groundwater is an important source of water and although the groundwater level goes down during the dry season, sufficient water can be extracted for meeting different needs. Sustainable use of groundwater resources depends on withdrawing water at rates that do not exceed recharge rates. Deep aquifers recharged only by water filtering through overlying materials are particularly at risk of over-withdrawals. Measures have been taken throughout the world for reuse of wastewater at least for irrigation and other non-drinking uses. An adequate supply of good-quality water available round the year is essential for all human activities. Concerns continue to mount regarding the availability of water as demands and competition for water grow in all sectors of society. Management of water supplies must consider all competing uses of water, including those associated with agriculture, industry, municipalities, recreation, and aquatic ecosystems. Drought Drought is a prolonged period of abnormally dry weather that depletes water resources. Because most human activities and ecosystems are dependent on reliable and adequate water resources, the impacts of drought are far reaching. Drought affects our lives by Putting stress on water and food supplies Degrading the environment through poorer water quality and more forest fires, soil erosion, and insect infestations Affecting the economy by reducing the capacity for agricultural production, power generation, transportation, and manufacturing, Causing soil moisture deficit in farmland soils and thereby threatening both crop and livestock production resulting in severe financial losses to farmers. Global warming scenarios predict that unless the warming is controlled, the frequency and severity of drought will increase and the occurrence will be unpredictable with respect to time and location. Three basic types of drought may occur separately or simultaneously: Meteorological drought occurs when precipitation is significantly below normal over a long period. Agricultural drought occurs when low soil moisture and scarce water supplies stunt crop growth, reduce crop yields, and endanger livestock. Hydrological drought occurs when a lengthy meteorological drought causes a sharp drop in the levels of groundwater, rivers, and lakes. The timing of a drought may determine its effects. For example, summer drought usually causes more problems because it coincides with the time of highest water demand. It is to be noted that drought is the result of several factors such as Below normal precipitation Extended hot dry air Already low soil moisture. Because of this complexity, a large range of climatic and hydrological variables are needed to monitor and detect drought, including temperature, precipitation, soil moisture, stream flows, and water supply conditions. The serious impacts of drought call for an integrated effort from the physical, biological, and social sciences to develop effective responses. Surface water management Surface water management requires effective measures to control the extremes of floods and droughts, while maintaining a reliable water supply to meet the basic needs of human life and the demands of economic development. Because of the high degree of variability of precipitation, water storage is a must to provide a year-round supply of water. The storage in the form of reservoirs, dams, dugouts, and natural lakes has been a common practice. A significant challenge to water managers is locating surface water supplies relative to that of water users. Water users (domestic, municipal, agricultural, and industrial) usually require a number of resources and services and are not always located near the water sources. Providing a reliable supply of water to users often requires distribution networks consisting of canals and pipelines. Wetlands Wetlands are areas saturated with water for long enough to significantly alter soil and vegetation and promote aquatic processes. The five main types of wetlands-bogs, fens, swamps, marshes, and shallow water-are characterized by A seasonal or permanent covering of shallow water A water table at or near the surface for most of the growing season Saturated organic soils, or peat, the productivity of which depends on the nutrient status and the pH of the site Water-loving plants, such as cattails, rushes, reeds, sedges, dogwood, willows, and cedars. Wetlands provide a number of environmental benefits, i.e. they provide habitat for wildlife, improve water quality by serving as biological filters and mechanical settling and filtering ponds, which help to remove impurities from the water, recharge groundwater, augment low flow in watercourses, serve as a buffer against drought, reduce the risk and damage of flooding by storing large volumes of water during heavy rainfall, rapid thaws, or runoff events, and stabilize shorelines. The other important services rendered by wetlan