2015 Global Opportunity Index Milken Institute

8/20/2019 2015 Global Opportunity Index Milken Institute

1/50

@hct`hr Wmfercncrcf`m cob Ehmt` Vcvcrb

GAKJCA

KTTKZRXOMR]

MOBHP

Cttrcftmog Ikrhmgo MovhstnhotVhfkob Hbmtmko

Luoh :438


2/50

@hct`hr Wmfercncrcf`m cob Ehmt` Vcvcrb

GAKJCA

KTTKZRXOMR]

MOBHP

Cttrcftmog Ikrhmgo MovhstnhotVhfkob Hbmtmko

Luoh :438


3/50

Cfeokwahbgnhots

R`h cut`krs wms` tk t`coe Vhomkr Hbmtkr Hbwcrb Vmavhr ikr mnprkvmog t`h ncousfrmpt. R`hy wkuab cask ameh tk t`coe

Ncocgmog Bmrhftkr Nmoby Vmavhrsthmo ikr `hr fkotmouhb suppkrt ki t`h Mobhx.

Cjkut t`h Nmaeho Mostmtuth R`h Nmaeho Mostmtuth ms c okoprkffit, okopcrtmsco t`moe tcoe bhthrnmohb tk mofrhcsh gakjca prksphr mty jy cbvcofmog

fkaacjkrctmvh skautmkos t`ct wmbho cffhss tk fcpmtca, frhcth lkjs cob mnprkvh `hcat`. Wh bk t`ms t`rkug` mobhphobhot,

bctc-brmvho rhshcrf`, cftmko-krmhothb nhhtmogs cob nhcomogiua pkamfy momtmctmvhs.

©:438 Nmaeho Mostmtuth

R`ms wkre ms ncbh cvcmacjah uobhr t`h thrns ki t`h Frhctmvh Fknnkos Cttrmjutmko-OkoFknnhrfmca-OkBhrmvs 6.4 Xopkrthb

Amfhosh, cvcmacjah ct ̀ ttp


4/50

Fkothots

Hxhfutmvh Vunncry ............................................................................................... 3

Motrkbuftmko............................................................................................................ 6

Mobhx Kvhrvmhw< R`h Ycauh ki Imocofmca Bhhphomog ................................................8

Mobhx Fkostruftmko cob Zhsuats ..............................................................................7

Zcoemogs ikr :438 ....................................................................................................=

Zhgmkoca Csshssnhots ..........................................................................................37

Fknpksmth Vfkrh F`cogh< :44= R`rkug` :438.....................................................:6

Fkrrhactmog t`h Gakjca Kppkrtuomty Mobhxtk Ikrhmgo Movhstnhot .......................................................................................... :8

Fkofausmko..............................................................................................................:7

Cpphobmxhs ........................................................................................................... :=

Cjkut t`h Cut`krs ................................................................................................ 22


5/502

Gakjca Kppkrtuomty Mobhx< Cttrcftmog Ikrhmgo Movhstnhot

KO R@H WHJ

Bctc ikr hcf` octmko cob mothrcftmvh tkkas

fco jh ikuob ct www.gakjcakppkrtuomtymobhx.krg


6/50

Hxhfutmvh Vunncry

Cs t`h gakjca hfkokny fkotmouhs tk rhgcmo mts ikktmog ikaakwmog t`h ffiocofmca frmsms cob Grhct

Zhfhssmko, t`h Gakjca Kppkrtuomty Mobhx coswhrs c prhssmog ohhb ikr moikrnctmko t`ct”s vmtca

tk movhstkrs cob pkamfyncehrs. W`ct pkamfmhs fco gkvhronhots pursuh tk cttrcft ikrhmgo bmrhft

movhstnhot (IBM), hxpcob t`hmr hfkoknmhs cob cffhahrcth lkj frhctmko; W`ct bk nuatmoctmkoca

fknpcomhs, kt`hr movhstkrs, cob bhvhakpnhot cghofmhs ohhb tk eokw jhikrh ncemog acrgh-

sfcah, frkss-jkrbhr fknnmtnhots ki fcpmtca cob kt`hr rhskurfhs;

Octurca hobkwnhots cob `crbwkremog phkpah ncy okt jh hokug`, okr hvho c skp`mstmfcthb

jcoemog systhn cob mobustrmca jcsh, mi t`h fksts cob fkobmtmkos ki bkmog jusmohss prknpt

movhstkrs tk akke hashw`hrh. Mo c wkrab mo w`mf` bmstcofhs bmnmoms` hvhry bcy, t`ct”s hcsmhr tk

bk t`co hvhr jhikrh. Amehwmsh, fkuotrmhs t`ct movhst mo t`hmr moircstrufturh, supprhss fkrruptmko,

cob ncmotcmo skuob rhguactmkos s`kuab jh eokwo cob rhwcrbhb ikr t`ksh fknpcrctmvh

cbvcotcghs. Mo ncoy fcshs, t`h wcy octmkos phrikrn ko t`hsh mnpkrtcot stcobcrbs ncy

fkotrcbmft hxphftctmkos, mofaubmog t`ksh ki t`h fknpcomhs t`hnshavhs t`ct shhe ohw thrrcmo.

R`h Kppkrtuomty Mobhx ms bhsmgohb tk cssmst fknpcomhs cob fkuotrmhs cs t`hy hxpakrh

IBM kppkrtuomtmhs. Mt ffiaas gcps mo moikrnctmko t`ct irhquhotay bmsfkurcgh nutucaay jhohffifmca

trcoscftmkos t`ct spur bhvhakpnhot cob lkj grkwt`. Nkrhkvhr, t`h mobhx prkvmbhs c jcshamoh

csshssnhot ikr fkuotrmhs shhemog tk mnprkvh t`hmr jusmohss hovmrkonhots cob cttrcft ikrhmgo

movhstkrs, t`h emob t`ct fknnmt fcpmtca tk strcthgmf prklhfts rct`hr t`co nkvh mt crkuob cs c

hhtmog pkrtikamk tcftmf.

Kur mobhx stcobs kut cnkog t`h ncoy t`ct frkwb t`h mothroctmkoca movhstnhot spcfh.

Mt okt koay fkosmbhrs jcsmf hfkoknmf vcrmcjahs t`ct mouhofh movhstnhot cftmvmty, jut cask

hxcnmohs ehy jusmohss, ahgca, cob rhguactkry pkamfmhs t`ct gkvhronhots fco nkbmiy tk

suppkrt cob kitho brmvh IBM. Mt ms jumat ko c skamb ikuobctmko, wmt` strkog t`hkrhtmfca cob

hnpmrmfcaay thsthb uobhrpmoomogs jcshb ko ounhrkus stubmhs.

Ikr :438, t`h mobhx rcoes 369 fkuotrmhs ko smx fkotmohots ikr w`mf` bctc ms cvcmacjah.

Vmxty-koh vcrmcjahs crh csshsshb cfrkss ikur fcthgkrmhs rhacthb tk octmkoca hfkoknmhs cob

suppkrtmog moircstrufturh.

Cs mo kur prhvmkus rhahcsh ki t`h Mobhx, Vmogcpkrh cob @kog Ekog ahcb t`h rcoemogs, wmt`

Ohw \hcacob, Fcocbc, Okrwcy, Ncacysmc, cob ikur fkuotrmhs irkn t`h Hurkphco Xomko

rkuobmog kut t`h tkp 34. Hcf` ki t`h tkp ikur ms c ahcbhr mo koh fcthgkry< Vmogcpkrh ahcbs

mo Bkmog Jusmohss, @kog Ekog ahcbs mo Hfkoknmf Iuobcnhotcas, Imoacob ahcbs mo Sucamty

ki Zhguactmkos, cob Ohw \hcacob ahcbs mo t`h Zuah ki Acw. Mobhhb, mo Bkmog Jusmohss,

Vmogcpkrh sfkrhb mo t`h `mg`hst phrfhotmah ikr hmg`t ki t`h 3= vcrmcjahs, mofaubmog hcsh ki

stcrtmog c jusmohss, fkotrcft hoikrfhnhot, rhskavmog moskavhofy, cob c thosmko-irhh movhstnhot

famncth. R`us mt ms okt surprmsmog t`ct IBM `cs fkotmoucaay jhho c skurfh ki fcpmtca ikr

Vmogcpkrh, hvho w`mah tcemog c `mt burmog t`h gakjca ffiocofmca frmsms.


7/50:


Cat`kug` t`h nclkrmty ki fkuotrmhs mo t`h rcoes ki t`h tkp :4 nmg`t jh prhbmftcjah (phr`cps

wmt` t`h hxfhptmko ki Ncacysmc), t`h mobhx ms nkst ushiua ikr t`h rhncmomog fkuotrmhs‒w`hrh

movhstnhot ms ohhbhb nkst. R`us, koh s`kuab rhnhnjhr t`ct t`hsh rcoemogs crh sujlhft

tk f`cogh. Thrikrncofh ko t`h mobmfctkrs t`ct nceh up t`h mobhx fco jh nkbmffihb jy

gkvhronhot pkamfy. Mobhhb, f`cogh ms hvmbhot t`rkug`kut t`h :44=-38 phrmkb. Wh shh c

ghohrca, jut rhactmvhay sncaa, bhfamoh mo sfkrhs cnkog bhvhakphb fkuotrmhs cob ghohrcaay

pksmtmvh f`coghs mo t`h bhvhakpmog wkrab, `mg`amg`tmog t`h `mt t`ct bhvhakphb ncrehts tkke

burmog t`h gakjca ffiocofmca frmsms cs whaa cs fkotmoumog rhikrns mo c ounjhr ki hnhrgmog

ncreht octmkos.

R`hrh ms c rkjust rhactmkos`mp jhtwhho t`h Gakjca Kppkrtuomty Mobhx cob ikrhmgo bmrhft

movhstnhot5 t`h `mg`hr t`h sfkrh, t`h grhcthr t`h mokws. R`h mobhx fco hxpacmo nkrh t`co

87 phrfhot ki t`h vcrmctmko mo IBM phr fcpmtc cfrkss cbvcofhb, hnhrgmog, cob irkotmhr octmkos.

Jcshb ko t`ms hstmncthb rhactmkos`mp, hcf` koh-uomt mofrhcsh mo t`h mobhx ms csskfmcthb wmt` c

2: phrfhot mofrhcsh mo IBM phr fcpmtc.

Ikr fkuotrmhs tk jkkst t`hmr sfkrhs cob jhfknh jhohffifmcrmhs ki IBM, t`hy wmaa ohhb tk

mnprkvh t`hmr hfkoknmf iuobcnhotcas cob hcsh ki bkmog jusmohss cakog wmt` qucamty kirhguactmkos cob ruah ki acw. R`h Gakjca Kppkrtuomty Mobhx ms c skamb rhnmobhr cob gumbh tk

t`h pkamfmhs cob phrikrncofh ohhbhb tk suffhhb cnmb t`h mohvmtcjah f`caahoghs.


8/50

Motrkbuftmko

Mo rhfhot bhfcbhs ffiocofmca gakjcamzctmko `cs fkotrmjuthb tk co mnprhssmvh rmsh mo mothroctmkoca

trcbh cob prkbuftmko, w`mah cask prknktmog gakjca grkwt` cob rmsmog stcobcrbs ki amvmog.

Vmofh t`h ffiocofmca frmsms cob Grhct Zhfhssmko, t`h pcfh ki gakjcamzctmko cob ncoy ki mts

cofmaacry ihcturhs `cvh hxphrmhofhb s`crp shtjcfes. Cat`kug` X.V. hqumtmhs cob ffixhb-

mofknh shfurmtmhs phrikrnhb whaa burmog t`h Ihbhrca Zhshrvh”s hiikrts tk fknjct t`h frmsms

t`rkug` qucotmtctmvh hcsmog, t`h scnh fcookt jh scmb ikr ncoy kt`hr csshts gakjcaay.

C grhct bhca ki uofhrtcmoty hxmsts cs t`h gakjca hfkokny ms fkoirkothb wmt` jmiurfcthb

grkwt` prksphfts. R`h Xomthb Vtcths, Xomthb Emogbkn cob c nmokrmty ki kt`hr fkuotrmhs,

pcrtmfuacray mo hnhrgmog Csmc, shhn pkmshb tk cf`mhvh sustcmocjah hfkoknmf grkwt` ct,

kr cjkvh, t`hmr pkthotmca. Mo fkotrcst, Hurkphco fkuotrmhs, Lcpco cob c ounjhr ki smgomffifcot

hnhrgmog fkuotrmhs crh struggamog tk rhgcmo grkwt` nknhotun w`mah jcttamog bhctmko.

R`ms `cs fkotrmjuthb tk pkamfy bmvhrghofh, rhsuat mog mo surghs cob puaajcfes ki fcpmtca

kws, hsphfmcaay burmog s`mits mo G6 nkohtcry pkamfy. Fcpmtca kws cask `cvh jhho mouhofhb

jy s`mits mo t`h bhgrhh ki rmse cpphtmth cob phrfhmvhb vuaohrcjmamtmhs cnkog hnhrgmog

ncreht fkuotrmhs.

W`mah nuf` ctthotmko `cs jhho pcmb tk t`h hxtrckrbmocry nkohtcry nhcsurhs ushb tk jkkst

gakjca amqumbmty ikaakwmog t`h ffiocofmca frmsms, mt ohvhrt`hahss ms t`h fcsh t`ct t`h stkfe ki gakjca

hxthroca csshts `cs stcgocthb smofh t`h frmsms, cs grkss gakjca fcpmtca kws `cvh fkotrcfthb

s`crpay, cffkrbmog tk t`h MNI. Gakjca fcpmtca kws whrh $0.8 trmaamko mo :447, jut t`h coouca

cvhrcgh burmog t`h pcst t`rhh yhcrs `cs jhho lust $6 trmaamko. Ncturh ncrehts `cvh hxphrmhofhb

c smgomffifcot brkp-kii mo kws, w`mah fcpmtca kws tk hnhrgmog ncrehts `cvh jhho jhtthr

sustcmohb ct rkug`ay $3 trmaamko phr yhcr. Okoht`hahss, t`hsh kws `cvh bhfamohb ncrehbay mo

rhactmko tk GBT.

Wmt` fcpmtca kws jhfknmog nkrh vkactmah, pkamfyncehrs `cvh struggahb tk bhca wmt` t`h

smtuctmko. Vknh fkuotrmhs `cvh rhskrthb tk usmog fcpmtca fkotrkas, bcnphomog t`h mnpuash

tkwcrb nkrh gakjca fcpmtca nkjmamty. Mo fkotrcst tk t`h sknhtmnhs cbvhrsh hovmrkonhot

csskfmcthb wmt` pkrtikamk kws, t`ct surrkuobmog gakjca ikrhmgo bmrhft movhstnhot (IBM) kws

`cs jhho nuf` nkrh fkostcot. IBM kws burmog t`h phrmkb :434-36 cvhrcghb crkuob$3.8 trmaamko, smnmacr tk t`hmr :448-47 cvhrcgh, wmt` t`hmr s`crh mo tktca prmvcth fcpmtca kws

t`us mofrhcsmog. R`ms stcjmamty rhhfts okt koay frkss-jkrbhr movhstnhot cftmvmty ki ncturh

hfkoknmhs, jut cask t`ct ki hnhrgmog hfkoknmhs, mofaubmog vmc skut`-tk-skut` IBM kws,

w`mf` `cvh jhfknh nkrh mnpkrtcot tk t`ms grkup ki hfkoknmhs.

Kur shfkob hbmtmko ki t`h Gakjca Kppkrtuomty Mobhx fco `hap movhstkrs cs t`hy ocvmgcth

t`rkug` c wkrab ki s`mitmog fcpmtca kws, f`cogmog phrfhptmkos ki fkuotrmhs” hfkoknmf cob

ffiocofmca skuobohss, bmvhrgmog ncfrkhfkoknmf pkamfmhs, cob uftuctmog rmse cpphtmth.


9/502


R`h Mobhx ms c ushr-irmhobay tkka ikr t`ksh jusmohss-bhfmsmko ncehrs akkemog tk movhst jhykob

t`hmr `knh ncreht. Ikr pkamfyncehrs, t`h mobhx kiihrs c gumbh tk icftkrs t`ct `hap frhcth c

strkog ikuobctmko ikr bmrhft movhstnhot. Ncoy ki t`h mobhx mobmfctkrs cask crh cppamfcjah tk

gcugmog t`h strhogt` ki vcrmkus hahnhots t`ct fkuab ciihft pkrtikamk movhstnhot bhfmsmkos.

Jy wkremog tk rcmsh mobhx sfkrhs, pkamfyncehrs fco cttrcft fknnmtthb fcpmtca cob movhstnhot

t`rkug` mnprkvmog t`hmr jusmohss cob hfkoknmf famncths. Mo cbbmtmko, t`ms fco jrmog pksmtmvh

spmaakvhr motk prkbuftmko thf`okakgy kr ncocghrmca jhst prcftmfhs ct t`h ffirn ahvha.

W`mah t`h Gakjca Kppkrtuomty Mobhx fco jh c ushiua tkka tk movhstkrs cob pkamfyncehrs cameh,

t`h wcy ikrwcrb tk hofkurcgmog grhcthr mothrfkoohfthbohss cnkog jkt` ffiocofmca cob oko-

ffiocofmca ffirns fkuab jh c bmiffifuat koh. R`h hvhotuca okrncamzctmko ki nkohtcry pkamfy shttmogs

mo ncturh hfkoknmhs fkuab frhcth smgomffifcot `hcbwmobs‒hsphfmcaay mi ncreht pcrtmfmpcots

crh surprmshb jy t`h tmnmog cob pcfh ki t`h wmt`brcwca ki nkohtcry suppkrt cob t`h pkssmjah

iurt`hr cpprhfmctmko ki t`h X.V. bkaacr. Hnhrgmog hfkoknmhs, mo pcrtmfuacr, fkuab icfh grhcthr

prhssurh tk rhay nkrh ko ikrhmgo bmrhft movhstnhot. Nkrhkvhr, ohw rhguactmkos ko fcpmtca cob

amqumbmty cs prhshothb mo t`h Jcsha MMM ircnhwkre fkuab ahcb jcoes mo ncturh hfkoknmhs tk

sfcah bkwo hvho nkrh t`h ghkgrcp`mhs cob jusmohss amohs mo w`mf` t`hy kphrcth.

Rk kvhrfknh t`hsh kjstcfahs fkuotrmhs wmaa ohhb tk mnprkvh t`hmr hfkoknmf iuobcnhotcas

cob hcsh ki bkmog jusmohss cakog wmt` t`h qucamty ki rhguactmkos cob ruah ki acw. R`h Gakjca

Kppkrtuomty Mobhx ms c skamb rhnmobhr cob gumbh ki t`h pkamfmhs cob phrikrncofh ohhbhb tk

fkph wmt` t`h f`caahoghs c`hcb.


10/50

Mobhx Kvhrvmhw< R`h Ycauh ki Imocofmca Bhhphomog

Cffhss tk fcpmtca, w`ht`hr t`ct mofaubhs ikrhmgo bmrhft/pkrtikamk movhstnhot, jcoe ahobmog,

cob/kr fcpmtca ncreht bhvhakpnhot, ms hsshotmca ikr sustcmocjah bhvhakpnhot, grkwt` cob

hfkoknmf stcjmamty. Ikrhmgo bmrhft movhstnhot (IBM) `cs jhfknh co mnpkrtcot skurfh ki

iuobmog ikr bhvhakpmog hfkoknmhs, jkt` mo thrns ki fcpmtca cffhss cob hfkoknmf grkwt`.

Mt ms bmiihrhot irkn kt`hr skurfhs ki hxthroca fcpmtca kws mo t`ct mt ms ncmoay nktmvcthb jy

movhstkrs” akog-thrn movhstnhot strcthgy cob bhsmrh ikr prkffits.

Irkn t`h cfcbhnmf phrsphftmvh, c ounjhr ki smgomffifcot stubmhs `cvh bhnkostrcthb t`h

jhohffits ki IBM cob hxcnmohb t`h mouhofhs t`ct mofrhcsh mts kw. Ikr hxcnpah, Jussh

cob Grkmzcrb (:440) pkmot kut t`ct shvhrca stubmhs ‑ffiob t`ct fkuotrmhs wmt` jhtthr ffiocofmca

systhns cob ffiocofmca ncreht rhguactmkos fco hxpakmt IBM nkrh hiffifmhotay cob cf`mhvh c

`mg`hr grkwt` rcth.„ Mo cbbmtmko tk t`h mnpkrtcofh ki ffiocofmca systhns, Burjco (:442) ikuob

t`ct fkuotrmhs wmt` nkrh bhvhakphb mostmtutmkoca ircnhwkres fco `crohss IBM kws tkwcrb

rhca kutput hxpcosmko. Bujjc-Okrrms ht ca. (:434) ikuob t`ct ikr akw-mofknh fkuotrmhs,

t`h jhohffits ki IBM whrh cffhotucthb jy jhtthr moircstrufturh cob mostmtutmkoca qucamty.

R`us, pkamfy f`kmfhs cob mostmtutmkoca fkobmtmkos wmt`mo c fkuotry fco `cvh bmrhft mnpcft

ko ikrhmgo movhstnhot cob hfkoknmf grkwt`. Mobhhb, c grkwmog jkby ki amthrcturh `cs

`mg`amg`thb w`y t`h qucamty ki mostmtutmkos nctthrs ikr cttrcftmog IBM.3 Imrst, pkkr mostmtutmkos

fco jrmog cbbmtmkoca fksts tk IBM, cs mo t`h fcsh ki fkrruptmko (Whm, :444). Ikrhmgo bmrhft

movhstnhot ms cask vuaohrcjah tk uofhrtcmoty, mofaubmog hxprkprmctmko rmse cob c whce prkphrty

rmg`ts rhgmnh (F`cog, :4465 Ohmnco cob R`mhs, :43:), whce movhstkr prkthftmko (Ahh cob

Tcre, :436), cob t`h ahgca hovmrkonhot (Vtccts cob Gmjacmshr, :43:). Jhocssy-Suhrh ht ca.

(:447), mo csshssmog jmacthrca IBM kws jhtwhho `kst cob skurfh fkuotrmhs, ffiob t`ct t`h

qucamty ki mostmtutmkos mo c `kst fkuotry `cs c smzcjah mnpcft ko mowcrb IBM.

R`h Gakjca Kppkrtuomty Mobhx ikfushs ko t`hsh mostmtutmkoca bhthrnmocots. Ikr movhstkrs,

t`h mobhx cfts cs c gumbh tk icftkrs t`ct mouhofh t`h bhpakynhot ki fcpmtca. Ikr t`h

fkuotrmhs rcoehb `hrh, hiikrts tk rcmsh t`h qucamty ki mostmtutmkos fco `hap t`hn fkovhrgh

tkwcrb t`ksh ki skurfh fkuotrmhs, w`mf` ncy brcw nkrh IBM tk bhvhakpmog fkuotrmhs cob

spur hfkoknmf grkwt`.:

3. Vhh Jakomgho (:448) ikr c fknprh`hosmvh rhvmhw ki t`h amthrcturh ko t`h bhthrnmocots ki IBM.

:. Rms pkmot wcs nkst rhfhotay brmvho `knh mo ‑W`y Octmkos Icma„ (:43:) jy hfkoknmst Bcrko Cfhnkgau cob pkamtmfca sfmhotmst LcnhsZkjmosko. Rhy crguh t`ct t`h ehy bmfflhrhotmctkr jhtwhho ‑strkog„ cob ‑whce„ stcths crh mostmtutmkos< Rksh t`ct bhvhakp mofausmvh hfkoknmfcob pkamtmfca mostmtutmkos t`rmvh, w`mah t`ksh t`ct icma tk bk sk, kr frhcth whce kohs, bk okt iuaay bhvhakp hfkoknmfcaay cob pkamtmfcaay.


11/509


Cbbmtmkoca Bhthrnmocots ki IBM Iakws

W`mah t`h ikfus mo t`ms shftmko `cs jhho t`h mostmtutmkoca bhthrnmocots ki ikrhmgo bmrhft movhstnhot, kt`hr icftkrs fco

mouhofh akfctmko bhfmsmkos. Sucotmtctmvhay, t`hy crh nhcsurcjah koay ct t`h jmacthrca kr ffirn ahvhas, w`mf` ms kutsmbh

t`h sfkph ki t`ms mobhx.6

Ncreht smzh Ncreht smzh ncy kr ncy okt jh c smgomffifcot puaa ikr IBM. Mi mt ms

ncreht-shhemog movhstnhot, t`ho ncreht smzh, cs nhcsurhb jy

pkpuactmko kr GBT, wmaa nctthr. @kwhvhr, mi mt ms hiffifmhofy-shhemog

IBM, t`ho pkpuactmko ncy nctthr ahss t`co akw-fkst cob/kr semaahb

acjkr cs whaa cs kt`hr prkbuftmko icftkrs.

Rcx mofhotmvhs Rcx mofhotmvhs‒w`ho `kst fkuotrmhs nceh tcx fkofhssmkos

tk ffirns tk mouhofh t`hmr movhstnhot bhfmsmkos‒ncy `cvh co

mnpcft ko w`hrh ffirns movhst. W`mah t`ms ncy jh c icftkr mo c

ounjhr ki fcshs, rhfhot rhshcrf` `cs s`kwo t`ct tcx mofhotmvhs

crh koay koh ki ncoy bhthrnmocots w`ho t`hy nctthr ct caa.

R`h prhshofh ki jmacthrca movhstnhot trhctmhs (JMR)cob/kr bkujah tcxctmko trhctmhs (BRR) jhtwhhoskurfh cob ̀ kst fkuotrmhs

Jmacthrca movhstnhot trhctmhs kiihr prkthftmkos cob rmg`ts ikr movhstkrski koh stcth w`k movhst mo cokt`hr. R`h cmn ki t`h JMR ms kitho

tk kvhrrmbh mostmtutmkoca bhffifmhofmhs, suf` cs mo fkuotrmhs w`hrh

prkphrty rmg`ts cob movhstkr prkthftmkos crh acfemog, jy prkvmbmog

mothroctmkocaay hoikrfhcjah prkthftmkos. BRRs hamnmocth kr rhbufh

t`h tcxctmko ki ffirn hcromogs mo jkt` t`h skurfh cob `kst fkuotry,

usucaay sk t`ct t`h movhstnhot wmaa jh tcxhb koay ct `knh.

Bmstcofh, motrcrhgmkoca byocnmfs, cobohmg`jkr`kkb hiihfts

Bmstcofh ncy jh co mnpkrtcot bhthrnmocot ki fcpmtca kws,pcrtmfuacray ikr hiffifmhofy-shhemog IBM. Movhstmog fakshr tk ykur

ncmo ncreht ncy rhbufh t`h hxpamfmt cob mnpamfmt fksts ki suppay

f`cmo akgmstmfs cob trcospkrt. Bmstcofh ms cask mnpkrtcot ikr

motrcrhgmkoca IBM cnkog bhvhakpmog fkuotrmhs. ‑Ohmg`jkr`kkbhiihfts„ nctthr, cs smnmacr mostmtutmkoca ncehup ncy nceh

mostmtutmkoca mostcjmamty mofkoshquhotmca.

6. Vhh Jhocssy-Suhrh, ht ca., ikr co cocaysms ki jmacthrca IBM bhthrnmoc.


12/50

R`h Gakjca Kppkrtuomty Mobhx jhof`ncres cob trcfes fkuotrmhs” prkgrhss ko 93 vcrmcjahs

cggrhgcthb mo ikur fcthgkrmhs< Hfkoknmf Iuobcnhotcas, Hcsh ki Bkmog Jusmohss,

Zhguactkry Sucamty, cob Zuah ki Acw (shh Cpphobmx 3 ikr c amst ki vcrmcjahs ikr hcf` fcthgkry).

Hcf` fcthgkry nhcsurhs co csphft ki t`h pkwhr ki hfkoknmf cob mostmtutmkoca icftkrs tk

cttrcft ikrhmgo bmrhft movhstnhot. R`h cssmgohb fknpksmth mobhx vcauh ms t`h cvhrcgh sfkrh

ki t`h ikur fcthgkrmhs (fcaahb fknpkohot sfkrhs). Hcf` vcrmcjah ms okrncamzhb irkn 4 tk 3.

Wmt`mo hcf` fcthgkry, t`h okrncamzhb vcrmcjahs crh t`ho gmvho hquca whmg`t cob cggrhgcthb,

rhsuatmog mo c okrncamzhb fcthgkry sfkrh jhtwhho 34, mobmfctmog t`h nkst icvkrcjahfkobmtmkos ikr movhstnhot, cob 4, smgocamog t`h ahcst icvkrcjah.2

R`h :438 mobhx fkvhrs 369 fkuotrmhs, w`mf` crh rcoehb mo Rcjah 3. Ikr rhihrhofh,

Cpphobmx 6 ̀ cs rcoemogs irkn :44= t r̀kug` :436.8 Cs stcthb mo t`h :436 mocugurca rhahcsh

ki t`h Gakjca Kppkrtuomty Mobhx, mobhx nht`kbkakgy ms rhvmhwhb ikr hcf` pujamfctmko tk rhhft

f`coghs mo bctc skurfhs kr kt`hr cblustnhots. Ikr t`ms rhpkrt wh rhbufhb t`h ounjhr ki

vcrmcjahs cob fcthgkrmhs ko t`h jcsms ki t`hkrhtmfca fkosmbhrctmkos cob bctc cvcmacjmamty.

HFKOKNMF IXOBCNHORCAV (HI)

Hfkoknmf Iuobcnhotcas nhcsurhs t`h hxthot tk w`mf` c fkuotry”s ncfrkhfkoknmf

hovmrkonhot ms fkobufmvh tk ikrhmgo bmrhft movhstnhot. C vcauh ki 34 mobmfcths vhrystrkog hfkoknmf iuobcnhotcas, w`mah c vcauh ki 4 mobmfcths rhactmvhay whce fkobmtmkos.

R`h sujfknpkohots<

Ncfrkphrikrncofh

Kphoohss tk trcbh cob IBM

Sucamty cob strufturh ki t`h acjkr ikrfh

T`ysmfca moircstrufturh

2. Hquca whmg`ts crh ushb mo t`h frhctmko ki t`h fknpksmth mobhx sfkrhs/rcoemogs mo t`h pcghs t`ct ikaakw. Wh cask ush hquca whmg`tmog ikr t`hfkrrhactmko cob rhgrhssmko rhsuats mo t`h ncmo jkby ki t`ms rhpkrt. Zhcbhrs crh cask hofkurcghb tk whmg`t t`h fknpkohot sfkrhs cffkrbmogtk t`hmr prhihrhofh ct t`h Gakjca Kppkrtuomty Mobhx whjsmth.

8. Rh yhcrs sphfmffihb rhihr tk t`h yhcrs w`ho t`h prhvmkus mobhx wcs rhahcshb, kr yhcrs w`ho t`hy wkuab `cvh jhho. Hcf` yhcr ms fkostrufthbirkn t`h nkst rhfhot cvcmacjah bctc, w`mf` ms usucaay c yhcr kr twk jhikrh t`h rhahcsh bcth. Ikr mostcofh, t`h :44= mobhx, rhahcshb t`ct yhcr,wcs fkostrufthb wmt` bctc prmncrmay irkn :447.

Mobhx Fkostruftmko cob Zhsuats


13/500


HCVH KI BKMOG JXVMOHVV (BJ)

Hcsh ki Bkmog Jusmohss nhcsurhs hxpamfmt cob mnpamfmt fksts csskfmcthb wmt` jusmohss

kphrctmkos. C vcauh ki 34 mobmfcths vhry akw fksts ki bkmog jusmohss mo c fkuotry, w`mah c

vcauh ki 4 mobmfcths vhry `mg` fksts. R`h sujfknpkohots<

Cffkuotmog cob bmsfaksurh rhqumrhnhots

Fksts ki thrrkrmsn cob frmnh

Rcx jurbho

Fksts ki stcrtmog c jusmohss 9

Fksts ki hoikrfmog fkotrcfts

Fksts ki rhskavmog moskavhofy

SXCAMR] KI ZHGXACRMKOV/ZHGXACRKZ] JCZZMHZV RK MOYHVRNHOR (SZ)

Sucamty ki Zhguactmkos/Zhguactkry Jcrrmhrs tk Movhstnhot csshsshs t`h hiihftmvhohss kipkamfyncemog cob hoikrfhnhot mo c fkuotry cob smnmacray rhhfts t`h hxthot tk w`mf` c

fkuotry”s acws cob rhguactmkos prhvhot t`h irhh kw ki trcbh cob movhstnhot. C vcauh ki

34 mobmfcths hiffifmhot hoikrfhnhot ki pkamfmhs cob nmomnca jcrrmhrs tk fcpmtca kws, w`mah c

vcauh ki 4 mobmfcths t`h kppksmth. R`h sujfknpkohots<

Hxthot cob jurbho ki rhguactmko

Fkrruptmko

Rrcospcrhofy

Hxthot ki fkotrkas ko fcpmtca

ZXAH KI ACW (ZA)

Zuah ki Acw rhhfts t`h hxthot tk w`mf` c fkuotry”s ahgca systhn prkthfts movhstkrs cob

prkphrty rmg`ts tk suppkrt cob ho`cofh jusmohss movhstnhot. C vcauh ki 34 mobmfcths

fknnmtnhot tk t`h ruah ki acw, w`mah c vcauh ki 4 mobmfcths t`h kppksmth. R`h sujfknpkohots<

Ahgca moircstrufturh

Trkthftmko ki prkphrty rmg`ts

Trkthftmko ki movhstkr rmg`ts

9. Rh bctc ikr t`ms sujfknpkohot fknh irkn t`h Wkrab Jcoe”s ‑Bkmog Jusmohss„ rhpkrt cob bctcjcsh, w`mf` ms upbcthb cooucaay. Okth t`ctmts vcrmcjahs (fkst ki stcrtmog c jusmohss, ounjhr ki prkfhburhs, cob ounjhr ki bcys) trcfe t`h mnpamfmt cob hxpamfmt fksts ikr bknhstmfffirns koay. Ikr t`h fkst tk ikrhmgo ffirns, t`h Wkrab Jcoe `cs frhcthb t`h Movhstmog Cfrkss Jkrbhrs (MCJ) bctcjcsh. Jkt` skurfhs crhmnpkrtcot ikr IBM. @kwhvhr, wh `cvh okt mofaubhb t`h MCJ bctcjcsh buh tk t`h amnmthb ounjhr ki fkuotrmhs trcfehb (07 vhrsus 30= ikr‑BJ„) cob t`ct t`h pujamf bctc ms cvcmacjah ikr koay koh yhcr, prhvhotmog fknpcrmsko. Mo stctmstmfca cocaysms, t`h twk bctcjcshs crh `mg`ayfkrrhacthb. Iurt`hr, t`h MCJ mobhx mofaubhs nhcsurhnhot ikr shvhrca vcrmcjahs trcfehb mo t`h mobhx, mofaubmog fcpmtca fkotrka rhguactmkos.Rus, wh ihha fkoffibhot mofaubmog t`h koh bctc skurfh ikr jusmohss fksts.


14/50

Zcoemogs ikr :438

Rcjah 3 (shh pcgh 33) s`kws t`h :438 Gakjca Kppkrtuomty Mobhx sfkrhs cob rcoemogs.

Vmogcpkrh cob @kog Ekog ahcb t`h rcoemogs, cs mo kur prhvmkus rhahcsh, wmt` Ohw \hcacob,

Fcocbc, Okrwcy, Ncacysmc, cob ikur fkuotrmhs irkn t`h Hurkphco Xomko rkuobmog kut t`h

tkp 34. Hcf` ki t`h tkp ikur ms c ahcbhr mo koh fcthgkry< Vmogcpkrh ahcbs mo Bkmog Jusmohss,

@kog Ekog ahcbs mo Hfkoknmf Iuobcnhotcas, Imoacob ahcbs mo Sucamty ki Zhguactmkos,

cob Ohw \hcacob ahcbs mo t`h Zuah ki Acw. Mobhhb, mo Bkmog Jusmohss, Vmogcpkrh sfkrhb

mo t`h `mg`hst phrfhotmah ikr hmg`t ki t`h 3= vcrmcjahs, mofaubmog hcsh ki stcrtmog c jusmohss,

fkotrcft hoikrfhnhot, rhskavmog moskavhofy, cob c thosmko-irhh movhstnhot famncth. R`us mtms okt surprmsmog t`ct IBM `cs fkotmoucaay jhho c skurfh ki fcpmtca ikr Vmogcpkrh, hvho w`mah

tcemog c `mt burmog t`h gakjca ffiocofmca frmsms. (Vhh Imgurh 3.)

4

34,444

:4,444

64,444

24,444

84,444

94,444

74,444

XV$ nmaamko

3 = = 4

3 = = 3

3 = = :

3 = = 2

3 = = 8

3 = = 7

3 = = =

: 4 4 4

: 4 4 :

: 4 4 2

: 4 4 8

: 4 4 7

: 4 4 =

: 4 3 4

: 4 3 :

: 4 3 6

: 4 3 3

: 4 4 0

: 4 4 9

: 4 4 6

: 4 4 3

3 = = 0

3 = = 9

3 = = 6

IBM Rktca Moiakws tk Vmogcpkrh 3==4-:436

Vkurfh< Xomthb Octmkos Fkoihrhofh ko Rrcbh cob Bhvhakpnhot.

I M G X Z H < 3


15/5034


@kog Ekog”s tkp s`kwmog mo Hfkoknmf Iuobcnhotcas ms cof`krhb jy c strkog ncfrkhfkoknmf

hovmrkonhot, mofaubmog ncreht fcpmtcamzctmko, jcoe csshts, bknhstmf frhbmt tk t`h prmvcth

shftkr, cob kphoohss tk trcbh cob movhstnhot. IBM `cs mofrhcshb smofh :44:, rhfkvhrmog

irkn c pkst-‑Csmco IBM jkkn„ saunp7 (shh Imgurh :)5 `kwhvhr, mt rhncmos tk jh shho w`ct

mnpcft mofrhcsmog ncmoacob F`mohsh fkotrka wmaa `cvh ko t`h ikrnhr Jrmtms` thrrmtkry.

4

:4,444

24,444

94,444

04,444

344,444

3:4,444

XV$ nmaamko

3 = = 4

3 = = 3

3 = = :

3 = = 2

3 = = 8

3 = = 7

3 = = =

: 4 4 4

: 4 4 :

: 4 4 2

: 4 4 8

: 4 4 7

: 4 4 =

: 4 3 4

: 4 3 :

: 4 3 6

: 4 3 3

: 4 4 0

: 4 4 9

: 4 4 6

: 4 4 3

3 = = 0

3 = = 9

3 = = 6

IBM Rktca Moiakws tk @kog Ekog 3==4-:436

Vkurfh< XOFRCB.

I M G X Z H < :

R`h akwhst rcoes ki t`h mobhx, w`hrh Yhohzuhac, ]hnho, @cmtm, cob shvho suj-Vc`crco Cirmfcofkuotrmhs fknprmsh t`h jkttkn 34, rhprhshot fkuotrmhs wmt` shvhrh mostmtutmkoca bhffifmhofmhs.

@kwhvhr, cob nkrh kptmnmstmfcaay, t`hy cask rhprhshot fkuotrmhs wmt` t`h nkst kppkrtuomty ikr

cbvcofhnhot. Mobhhb, w`mah Juruobm ms rcoehb 368 kut ki 369, lust cjkvh acst-pacfh Gumohc,

mt ̀ cb t`h ̀ mg`hst phrfhotcgh mofrhcsh mo fknpksmth sfkrh smofh :436, rmsmog cankst 68 phrfhot.

R`ms sujstcotmca mnprkvhnhot `mg`amg`ts t`h mnpkrtcofh ki mostmtutmkos cob rhguactmkos t`ct

prknkth ikrhmgo movhstnhot.0

Cat`kug` t`h nclkrmty ki fkuotrmhs mo t`h rcoes ki t`h tkp :4 nmg`t jh prhbmftcjah (phr`cps

wmt` t`h hxfhptmko ki Ncacysmc), t`h mobhx ms nkst ushiua ikr t`h rhncmomog fkuotrmhs‒w`hrh

movhstnhot ms ohhbhb nkst. R`us, koh s`kuab rhnhnjhr t`ct t`hsh rcoemogs crh sujlhft

tk f`cogh. Thrikrncofh ko t`h mobmfctkrs t`ct nceh up t`h mobhx fco jh nkbmffihb jy

gkvhronhot pkamfy.

7. Rh Xomthb Octmkos Fkoihrhofh ko rcbh cob Bhvhakpnhot (XOFCB) `cs prkpkshb shvhrca rhcskos ikr t`h IBM jkkn mo @kog Ekog mo:444, w`mf` fco `hap tk hxpacmo t`h sujshquhot bhfamoh mo mokws< ‑Imrst, mt rhhfts c rhfkvhry irkn t`h hfkoknmf turnkma ki t`h rhfhotpcst. Vhfkob, Utrcosoctmkoca fkrpkrctmkos^ pacoomog tk movhst mo ncmoacob F`moc `cvh jhho ‐pcremog” iuobs mo @kog Ekog, mo cotmfmpctmkoki F`moc²s hxphfthb hotry motk t`h WK. Rmrb, t`h mofrhcsh rhhfts c nclkr frkss-jkrbhr nhrghr cob cfqumsmtmko (N&C) mo thahfknnuomfctmkos,w`mf` cakoh cffkuothb ikr ohcray koh-t`mrb ki @kog Ekog²s tktca IBM mokws. Ikurt`, t`hrh ms co hahnhot ki mofrhcshb ‐trcosmt IBM” motk,cob kut ki, @kog Ekog.„ XOFCB Wkrab Movhstnhot rhpkrt, :443.

0. Vmofh :44=, Juruobm ̀ cs hstcjams`hb co movhstnhot prknktmko paco tk hcsh t`h hotry ki ikrhmgo fcpmtca. Mo hsshofh, mt frhcthb c ‑koh-stkps`kp„ ikr movhstnhot moikrnctmko cob prkfhburhs.


16/50

Zcoemogs ikr :438

Fkuotry F k n p k s m t h

V f k r h

Z c o e

H f k o k n m f

I u o b c n h o

t c a s

H c s h k i

B k m o g J u s m o h s s

S u c a m t y k i

Z h g u a c t m k o

s

Z u a h k i A c w

Vmogcpkrh 0.74 3 7.92 0.70 =.:4 =.:4

@kog Ekog VCZ, F`moc 0.27 : 7.09 0.8: 0.64 =.:4

Imoacob 7.00 6 9.4= 0.63 =.64 7.04

Ohw \hcacob 7.03 2 2.=8 0.:3 0.84 =.94

Vwhbho 7.7= 8 9.77 7.90 0.94 0.34

Fcocbc 7.76 9 9.32 0.44 0.44 0.04

Okrwcy 7.92 7 8.92 7.02 0.04 0.64

Xomthb Emogbkn 7.92 7 9.82 7.8: 7.94 0.=4

Mrhacob 7.93 = 9.84 7.=2 7.:4 0.04

Ncacysmc 7.87 34 7.6: 7.90 7.:4 0.34

Oht`hracobs 7.84 33 7.42 7.02 0.24 9.74

Hstkomc 7.27 3: 7.6: 7.87 0.:4 9.04

Auxhnjkurg 7.23 36 7.30 7.:9 0.04 9.24

Mfhacob 7.63 32 9.23 0.2: 9.74 7.74

Custrcamc 7.:7 38 9.8= 7.90 7.64 7.84

Bhoncre 7.:9 39 9.69 9.90 7.=4 0.34

Lcpco 7.:6 37 9.0: 7.34 9.=4 0.34

Ghrncoy 7.32 30 9.30 7.70 7.94 7.44

Xomthb Vtcths 7.32 30 9.28 7.2: 9.64 0.24

F`mah 7.3: :4 9.90 9.90 7.04 7.64

Vwmtzhracob 7.33 :3 9.90 7.:9 0.34 9.24

Custrmc 7.40 :: 9.=3 7.8: 7.34 9.04

Jhagmun 7.49 :6 9.:6 7.34 7.34 7.04

Msrcha 9.=2 :2 9.23 8.=2 7.44 0.24

Knco 9.7= :8 8.82 7.76 7.84 9.24

Sctcr 9.7= :8 9.28 7.2: 7.34 9.:4

Fyprus 9.79 :7 9.32 9.2: 7.44 7.84Ekrhc, Zhp. 9.99 :0 9.84 7.=2 9.44 9.:4

Actvmc 9.82 := 9.:6 7.8: 9.84 8.=4

Xomthb Crcj Hnmrcths 9.82 := 8.84 7.69 7.24 8.=4

Ncurmtmus 9.8: 63 8.:7 7.96 9.24 9.04

Ircofh 9.83 6: 9.:6 9.8: 9.04 9.84

Jc`rcmo 9.29 66 9.6: 9.96 7.64 8.94

Tkrtugca 9.26 62 9.32 7.70 9.64 8.84

Vkut` Cirmfc 9.2: 68 8.:6 9.48 9.64 0.34

Gakjca Kppkrtuomty Mobhx Zcoemog :438

R C J A H < 3


17/503:



V f k r h

Z c o e

H f k o k n m f

I u o b c n h o

t c a s

H c s h k i


S u c a m t y k i

Z h g u a c t m k o

s

Z u a h k i A c w

Vcubm Crcjmc 9.23 69 8.28 9.7= 9.24 7.44

Amt`ucomc 9.63 67 9.:6 0.:3 8.74 8.34

Xrugucy 9.:4 60 2.77 7.8: 7.:4 8.64

Vakvhomc 9.32 6= 9.84 7.:9 8.24 8.24

Vpcmo 9.49 24 9.82 9.34 9.34 8.84

Jktswcoc 9.46 23 6.84 9.96 7.34 9.=4

Fzhf` Zhpujamf 9.46 23 7.44 9.8: 8.94 8.44

Ncatc 9.46 23 8.0: 8.:3 7.34 9.44

R`cmacob 9.4: 22 9.32 9.38 8.04 9.44

Nkothohgrk 9.44 28 2.=8 9.02 9.64 8.=4

@uogcry 8.=0 29 9.77 7.38 8.74 2.64

Eczce`stco 8.=0 29 8.8= 7.8: 8.34 8.74

Euwcmt 8.=7 20 9.82 9.8: 8.64 8.84

Tcocnc 8.=8 2= 9.44 9.:3 7.34 2.84

Crnhomc 8.=2 84 2.90 7.87 9.34 8.24

Tkacob 8.=: 83 8.=8 9.=2 8.44 8.04

F`moc 8.08 8: 9.6: 8.7= 9.64 8.44

Ghkrgmc 8.03 86 2.77 7.:9 8.=4 8.64

Rurehy 8.04 82 2.0: 8.7= 9.04 8.04

Zwcobc 8.8= 88 6.44 9.27 9.94 9.64

Ncfhbkomc, I]Z 8.80 89 8.:7 7.:9 2.04 8.44

Ocnmjmc 8.87 87 2.69 8.63 9.64 9.64

Czhrjcmlco 8.82 80 2.69 7.2: 2.74 8.74

Fkaknjmc 8.2= 8= 8.8= 8.80 8.64 8.84

Mtcay 8.29 93 9.6: 8.02 8.44 2.74

\cnjmc 8.28 9: 6.4= 9.:3 9.74 8.04

Zkncomc 8.26 96 8.28 9.27 2.04 8.44Thru 8.2: 92 8.:6 8.67 8.04 8.64

Lkrbco 8.24 98 2.77 8.76 9.84 2.94

Juagcrmc 8.60 99 9.4= 9.48 8.:4 2.:4

Vrm Acoec 8.67 97 2.23 9.:9 8.:4 8.94

Ruomsmc 8.68 90 2.6: 9.34 8.24 8.94

Nhxmfk 8.62 9= 8.:7 8.0= 8.84 2.74

Nkrkffk 8.6: 74 2.84 9.69 8.74 2.74

Cajcomc 8.63 73 2.88 9.63 8.64 8.34

Gakjca Kppkrtuomty Mobhx Zcoemog :438 (fkot.)

R C J A H < 3


18/50

Zcoemogs ikr :438


V f k r h

Z c o e

H f k o k n m f

I u o b c n h o

t c a s

H c s h k i


S u c a m t y k i

Z h g u a c t m k o

s

Z u a h k i A c w

Jruohm Bcrusscacn 8.:8 7: 8.42 9.:9 2.04 2.=4

Fkstc Zmfc 8.:: 76 2.=8 8.=2 9.44 2.44

Grhhfh 8.:: 76 8.0: 9.48 2.74 2.64

Rrmombcb cob Rkjcgk 8.:: 76 2.8= 2.0= 8.84 8.=4

Vakvce Zhpujamf 8.:3 79 8.8= 9.48 8.34 2.34

G`coc 8.39 77 :.0: 8.8: 9.44 9.64

Nkogkamc 8.36 70 6.09 9.=2 2.=4 2.04

Mobkohsmc 8.33 7= 2.0: 2.63 9.64 8.44

Nkabkvc 8.46 04 2.88 9.90 2.64 2.94

Zussmco Ihbhrctmko 8.43 03 9.:7 9.27 2.64 6.44

Jcrjcbks 2.=9 0: 2.23 8.2: 9.44 2.44

Mobmc 2.=4 06 2.44 2.:3 2.94 9.04

Vhyf`haahs 2.03 02 2.8= 8.38 2.24 8.34

Jrczma 2.04 08 8.30 2.76 8.:4 2.34

Ymhtocn 2.7= 09 8.32 8.:3 8.44 6.04

T`mamppmohs 2.78 07 8.4= 2.8: 8.74 6.74

Xercmoh 2.98 00 8.09 8.02 6.:4 6.74

Jksomc cob @hrzhgkvmoc 2.92 0= 2.69 9.44 2.94 6.94

Lcncmfc 2.92 0= 6.0: 8.8: 2.24 2.04

Jkamvmc 2.80 =3 2.6: 8.44 9.44 6.44

Vhrjmc 2.87 =: 2.90 8.0= 6.24 2.64

Hfucbkr 2.89 =6 2.:7 2.67 9.74 :.=4

Tcrcgucy 2.82 =2 6.09 8.90 8.34 6.84

Gucthncac 2.26 =8 6.0: 2.7= 9.34 6.44

Crghotmoc 2.60 =9 2.76 8.7= 2.34 :.=4

Tcemstco 2.67 =7 6.30 2.2: 2.74 8.:4

Guycoc 2.66 =0 6.44 2.:3 8.74 2.24Ha Vcavcbkr 2.6: == 6.=8 8.2: 8.24 :.84

Omfcrcguc 2.6: == 6.:6 8.67 8.74 6.44

Xgcobc 2.6: == 6.:7 2.34 8.64 2.94

Ncacwm 2.64 34: :.28 6.=8 8.:4 8.94

Ehoyc 2.:8 346 6.32 6.27 8.64 8.34

Ahskt`k 2.:2 342 6.48 2.:3 8.24 2.64

Eyrgyz Zhpujamf 2.:: 348 6.28 8.8: 6.64 2.94

Ahjcoko 2.37 349 2.=8 8.=2 :.84 6.64


R C J A H < 3


19/5032



V f k r h

Z c o e

H f k o k n m f

I u o b c n h o

t c a s

H c s h k i


S u c a m t y k i

Z h g u a c t m k o

s

Z u a h k i A c w

Rcozcomc 2.38 347 :.8= 2.8: 2.64 8.:4

Vhohgca 2.36 340 :.90 2.8: 8.64 2.44

Vmhrrc Ahkoh 2.36 340 :.:6 2.7= 2.24 8.34

Hgypt, Crcj Zhp. 2.34 334 6.=3 8.44 2.=4 :.94

Bknmomfco Zhpujamf 2.4= 333 6.88 8.63 2.24 6.34

Fcnjkbmc 6.=9 33: 6.6: 2.:3 2.44 2.64

@koburcs 6.=9 33: 6.28 2.27 2.04 6.34

Vwczmacob 6.=9 33: :.0: 2.96 2.64 2.34

Gcjko 6.0= 338 6.23 2.27 2.64 6.24

Omghrmc 6.07 339 :.8= 2.:3 2.34 2.94

Nkzcnjmquh 6.02 337 :.09 2.63 2.24 6.04

Fòth b”Mvkmrh 6.0: 330 6.44 2.7= 2.74 :.04

Mrco, Msacnmf Zhp. 6.7= 33= 6.32 8.63 6.64 6.24

Jcogacbhs` 6.77 3:4 :.77 6.0= 6.04 2.94

Amjhrmc 6.78 3:3 :.69 2.76 6.04 2.34

Caghrmc 6.97 3:: 6.76 2.76 :.=4 6.64

J`utco 6.84 3:6 :.92 2.=2 :.04 6.94

Ohpca 6.26 3:2 :.:6 2.44 6.84 2.44

Ack TBZ 6.6= 3:8 :.90 2.80 6.=4 :.24

Ncbcgcsfcr 6.6= 3:8 :.30 2.27 6.24 6.84

Fcnhrkko 6.64 3:7 :.28 6.=8 6.24 6.24

Ht`mkpmc 6.:2 3:0 :.44 8.:9 :.74 6.44

Ncam 6.:2 3:0 :.6: 6.=8 6.94 6.34

Yhohzuhac 6.33 364 2.32 2.44 6.34 3.:4

]hnho, Zhp. 6.4= 363 :.30 2.90 6.64 :.:4

Jhomo 6.40 36: :.69 6.27 6.04 :.74

@cmtm 6.44 366 6.69 6.2: 6.04 3.24Cogkac :.=8 362 :.8= 6.44 6.24 :.04

Juruobm :.0= 368 :.4= 6.:9 :.04 6.24

Gumohc :.00 369 3.09 2.48 6.64 :.64


R C J A H < 3


20/50

Zcoemogs ikr :438

Rcjah : jrhces kut cvhrcgh fknpkohot sfkrhs ikr nhnjhr octmkos ki t`h Krgcomzctmko ikr

Hfkoknmf Fkkphrctmko cob Bhvhakpnhot cob bhvhakpmog fkuotrmhs jcshb ko ghkgrcp`mf

rhgmko. Okt surprmsmogay, KHFB fkuotrmhs‒t`ksh mo t`h wkrab”s whcat`mhr strctun‒ahb mo caa

ikur fknpkohot sfkrhs. Cnkog bhvhakpmog fkuotrmhs, t`h trcosmtmkoca hfkoknmhs ki Hurkph

ahb mo Hfkoknmf Iuobcnhotcas cob Hcsh ki Bkmog Jusmohss, w`mah t`h Cnhrmfcs ahb t`h

wcy, jut koay samg`tay, mo Zhguactkry Sucamty. Csmc sht t`h pcfh mo Zuah ki Acw. Fkosmbhrmog

t`h strhogt` ki prkthftmkos cob t`h ffirn cpprkcf` tk acw cob krbhr mo Ncacysmc, @kog Ekog,

cob Vmogcpkrh, t`ms ms c prhbmftcjah rhsuat.

Fkuotry Grkup F k n

p k s m t h

V f k

r h

H f k

o k n m f

I u o

b c n h o t c a s

H c s

h k i


S u c

a m t y k i

Z h g

u a c t m k o s

Z u a

h k i A c w

KHFB 9.=6 9.24 7.:8 7.47 9.==

Bhv Hurkph 8.87 8.60 9.92 8.64 2.=7

NHOC 8.:0 2.03 9.37 8.6= 2.72

Csmc 8.3: 2.87 8.80 8.34 8.:6

Cnhrmfcs 2.76 2.67 8.:= 8.22 6.06

Vuj-Vc`crco Cirmfc 2.:9 :.=6 2.72 2.7= 2.8=

Fkuotry Grkup Cvhrcghs

R C J A H < :

Rcjah 6 s`kws t`h cvhrcgh sfkrh ki hcf` fknpkohot ki t`h mobhx ikr caa fkuotrmhs cob

sujgrkups jcshb ko t`hmr rcoe. Ki t`h ikur fknpkohots, Hcsh ki Bkmog Jusmohss `cb t`h`mg`hst cvhrcgh sfkrh (8.=8), w`mah Hfkoknmf Iuobcnhotcas `cb t`h akwhst (2.79), prmncrmay

buh tk amnmthb ffiocofmca moircstrufturh mo t`h jkttkn `cai ki t`h rcoemogs. R`h wmbhst gcp

jhtwhho t`h tkp cob jkttkn :4 wcs ikuob mo Zuah ki Acw, `mg`amg`tmog t`h bmvhrghofh mo

ahgca moircstrufturh, movhstkr prkthftmko, cob kvhrcaa acw cob krbhr jhtwhho t`h twk grkups.

.

Zcoemog Grkup F k n p k s m t h

V f k r h

H f k o k n m f

I u o b c n h o t c

a s

H c s h k i B k m o g

J u s m o h s s

S u c a m t y k i

Z h g u a c t m k o s

Z u a h k i A c w

Rkp :4 7.80 9.9: 7.78 7.=6 0.42

Rkp 84% 9.8: 8.00 7.44 9.73 9.20

Caa 8.67 2.79 8.=8 8.93 8.30

Jkttkn 84% 2.:3 6.9: 2.0= 2.20 6.07

Jkttkn :4 6.69 :.98 2.:2 6.2= 6.48

Zcoemog Grkup Cvhrcghs

R C J A H < 6


21/5039


KO R@H WHJ




22/50

Zhgmkoca Csshssnhots

VXJVC@CZCO CIZMFC

Fkuotry Z c o e

F k n p k s m t h

V f k r h

H f k o k n m f

I u o b c n h o t c a s

H c s h k i

B k m o g J u s

m o h s s

S u c a m t y k i


Z u a h k i A c

w

Ncurmtmus 63 9.8: 8.:7 7.96 9.24 9.04

Vkut` Cirmfc 68 9.2: 8.:6 9.48 9.64 0.34

Jktswcoc 23 9.46 6.84 9.96 7.34 9.=4

Zwcobc 88 8.8= 6.44 9.27 9.94 9.64

Ocnmjmc 87 8.87 2.69 8.63 9.64 9.64

\cnjmc 9: 8.28 6.4= 9.:3 9.74 8.04

G`coc 77 8.39 :.0: 8.8: 9.44 9.64

Xgcobc == 2.6: 6.:7 2.34 8.64 2.94

Ncacwm 34: 2.64 :.28 6.=8 8.:4 8.94

Ehoyc 346 2.:8 6.32 6.27 8.64 8.34

Vuj-Vc`crco Cirmfc Rkp 34

R C J A H < 2

R`hrh crh jkt` jrmg`t spkts cob bcre spkts mo t`h fknpksmth sfkrhs/rcoemogs ki t`h

suj-Vc`crco Cirmfco fkuotrmhs t`ct ncbh mt motk t`h GKM. Vmx fkuotrmhs, Ncurmtmus (63),

Vkut` Cirmfc (68), Jktswcoc (23), Zwcobc (88), Ocnmjmc (87), cob \cnjmc (9:) crh mo t`h

tkp 84 phrfhot ki t`h mobhx. Ncurmtmus, w`mah c sncaa msacob octmko, fkotmouhs tk jh koh ki

t`h nkst hfkoknmfcaay suffhssiua cob stcjah fkuotrmhs mo Cirmfc, mo pcrt t`coes tk hfkoknmf

rhikrns t`ct kffurrhb cithr :444. Kur Mobhx s`kws t`ct mt ms koh ki t`h nkst kpho tk ikrhmgo

movhstnhot, wmt` t`h `mg`hst Hcsh ki Bkmog Jusmohss sfkrh ko t`h fkotmohot. Vmofh :436,Ncurmtmus” fknpksmth sfkrh `cs mofrhcshb 6.8 phrfhot, buh tk mnprkvhnhot mo Hfkoknmf

Iuobcnhotcas, Zuah ki Acw, cob, prmncrmay, Hcsh ki Bkmog Jusmohss.

Zwcobc ms cokt`hr mothrhstmog fcsh. Vmofh t`h `krrmffif ghokfmbh ki 3==2, t`h Zwcobco

gkvhronhot `cs uobhrtceho c shrmhs ki prk-movhstnhot pkamfmhs cob rhikrns tk aurh ikrhmgo

movhstkrs. R`h fkuotry rcoes co mnprhssmvh 88 kut ki 368, cob w`mah IBM phr fcpmtc ms

smgomffifcotay akwhr t`co t`h ahvhas ki mts Hcst Cirmfco ohmg`jkrs (shh Imgurh 6), mt `cs mofrhcshb

34-ikab smofh t`h hcray :444s (shh Imgurh 2). Zwcobc mofrhcshb mts fknpksmth sfkrh jy

cankst 8 phrfhot, irkn 8.68 tk 8.8=, smofh t`h acst rhahcsh. Caa fknpkohot sfkrhs s`kwhb


23/5030


mnprkvhnhot, jut t`h acrghst mofrhcsh wcs mo Zhguactkry Sucamty, carhcby mts `mg`hst-phrikrnmog

fknpkohot, cs c rhsuat ki nkrh icvkrcjah frhbmt ncreht rhguactmko. R`hrh crh stmaa jcrrmhrs tk

movhstnhot, `kwhvhr, mofaubmog t`h hxpamfmt cob mnpamfmt fksts ki fkotrcft hoikrfhnhot.

Jhykob Ncurmtmus cob Zwcobc, jkt` Vkut` Cirmfc cob \cnjmc mofrhcshb t`hmr sfkrhs

smofh t`h acst rcoemog‒jy 6 phrfhot cob 8.2 phrfhot, rhsphftmvhay. Fknpksmth sfkrhs ikr

jkt` Jktswcoc cob Ocnmjmc bhfamohb smofh t`h acst rhahcsh, -2.7 phrfhot cob -7.8 phrfhot,rhsphftmvhay. Ikr Jktswcoc, acfeausthr ncfrkhfkoknmf mobmfctkrs cob c tmg`thomog rhguactkry

hovmrkonhot fkotrmjuthb tk t`h bhthrmkrctmko ki mts tktca sfkrh. Ocnmjmc scw bmnmoms`hb sfkrhs

ikr hvhry fknpkohot. Mo pcrtmfuacr, wh shh t`h fkst ki fkotrcft hoikrfhnhot cankst bkujamog

cob grhcthr bmiffifuaty mo f`caahogmog rhguactmko wmt`mo Ocnmjmc”s ahgca ircnhwkre.

-644

-:44

-344

4

344

:44

644

244

844

944

3==4 3==3 3==: 3==6 3==2 3==8 3==9 3==7 3==0 3=== :444 :443 :44: :446 :442 :448 :449 :447 :440 :44= :434 :433 :43: :436

Ncurmtmus Vkut` Cirmfc Jktswcoc Zwcobc Ocnmjmc

XV$ nmaamko

IBM Thr-Fcpmtc Moiakws tk Rkp 8 VVC Fkuotrmhs

Vkurfh< XOFRCB.

I M G X Z H < 6

-:44

4

:44

244

944

044

3,444

3,:44

3,244

3,044

3,944

Ncurmtmus Vkut` Cirmfc Jktswcoc Zwcobc Ocnmjmc

XV$ nmaamko

:444 :443 :44: :446 :442 :448 :449 :447 :440 :44= :434 :433 :43: :436

IBM Thr-Fcpmtc Mobhx ikr Rkp 8 VVC Fkuotrmhs

Vkurfh< XOFRCB.

I M G X Z H < 2


24/50


@kwhvhr, shvho ki t`h jkttkn 34 fkuotrmhs crh irkn VVC< Fcnhrkko (3:7), Ht`mkpmc (3:0),

Ncam (3:0), Jhomo (36:), Cogkac (362), Juruobm (368), cob Gumohc (369). Caa `cvh amoghrmog

prkjahns wmt` mostcjmamty cob whce p`ysmfca cob ffiocofmca moircstrufturh. Mo Ht`mkpmc, IBM tkpphb

$=74 nmaamko mo :43:, up 82 phrfhot kvhr t`h prhvmkus yhcr. W`mah t`ms ms prknmsmog, IBM mokws

`cvh jhho vkactmah, bhfrhcsmog jy 84 phrfhot koh yhcr, w`mah mofrhcsmog 74 phrfhot mo cokt`hr.

R`ms ms prmncrmay c rhspkosh tk uofhrtcmo pkamtmfca cob hfkoknmf fkobmtmkos wmt`mo t`h fkuotry,rhhfthb mo mts akw fknpksmth sfkrh. W`mah Ht`mkpmc `cs mnpahnhothb c shfkob Grkwt` cob

Rrcosikrnctmko Taco cmnhb ct prmvcth-shftkr bhvhakpnhot cob movhstnhot‒cs whaa cs mssuhb

mts ffirst skvhrhmgo jkob, w`mf` wcs kvhrsujsfrmjhb‒rmses cob rhstrmftmkos rhncmo. Mobhhb,

stcth-kwohb hothrprmshs prhvcma, fcpmtca cffhss ms amnmthb, fcpmtca ncrehts crh okohxmsthot,

cob t`hrh crh ounhrkus jcrrmhrs tk hotry ikr ikrhmgo movhstkrs, w`mf` vcry jy mobustry.

ACRMO CNHZMFC

Fkuotry Z c o e

F k n p k s m t h

V f k r h

H f k o k n m f


H c s h k i


S u c a m t y k i


Z u a h k i A c w

F`mah :4 7.3: 9.9= 9.90 7.04 7.64

Xrugucy 60 9.:4 2.77 7.8: 7.:4 8.64

Tcocnc 2= 8.=8 9.44 9.:3 7.34 2.84

Fkaknjmc 8= 8.2= 8.8= 8.80 8.64 8.84

Thru 92 8.2: 8.:6 8.67 8.04 8.64

Fkstc Zmfc 76 8.:: 2.=8 8.=2 9.44 2.44

Jrczma 08 2.04 8.30 2.76 8.:4 2.34

Jkamvmc =3 2.80 2.90 8.44 9.44 6.44

Hfucbkr =6 2.89 2.:7 2.67 9.74 :.=4

Tcrcgucy =2 2.82 6.09 8.90 8.34 6.84

Actmo Cnhrmfc (Fhotrca cob Vkut` Cnhrmfc) Rkp 34 R C J A

H < 8

Mo Actmo Cnhrmfc, fkuotrmhs wmt` mnprkvmog sfkrhs kutounjhrhb t`ksh wmt` bhfamomog sfkrhs

jy c ncrgmo ki cjkut : tk 3. R`h bhthrmkrctmko mo sfkrhs smofh t`h tmnh ki kur acst survhy

tkke pacfh mo shvhrca ki t`h rhgmko”s acrghr hfkoknmhs. Irkn co movhstnhot phrsphftmvh,

akwhr fknnkbmty prmfhs, mofrhcshb gakjca rmse cvhrsmko, cob bknhstmf pkamfy wkhs

`cvh fkotrmjuthb tk c rhbuftmko mo oht prmvcth fcpmtca mokws, cffkrbmog tk t`h Mostmtuth

ki Mothroctmkoca Imocofh. Koay koh fkuotry mo t`h rhgmko, F`mah, ncocghb tk nceh mt motk

t`h tkp :4 mo kur survhy. Xrugucy (60), Tcocnc (2=), Fkaknjmc (8=), cob Hfucbkr (=6)

s`kwhb strkog gcmos mo t`hmr sfkrhs. Whce Zuah ki Acw, ikr t`h nkst pcrt, `hab jcfe iurt`hr

cbvcofhnhot mo Tcocnc cob Hfucbkr.

Okt surprmsmogay, Crghotmoc (=9), Jrczma (08), cob Yhohzuhac (364) scw t`hmr sfkrhs bhfamoh.

R`h Zuah ki Acw fknpkohot ki kur mobhx ms hsphfmca ay whce mo t`h fcsh ki Crghotmoc.


25/50:4


Mo thrns ki pujamf ffiocofh, t`h acfe ki rhskautmko ki t`h `kabkut frhbmtkrs” facmns, bctmog

irkn Crghotmoc”s :443 bhicuat, `cs ehpt t`h fkuotry irkn cffhssmog gakjca fcpmtca ncrehts.

Mt shhns uoamehay t`ct t`ms mssuh wmaa jh rhskavhb uobhr t`h furrhot cbnmomstrctmko, w`mf` wmaa

rhncmo mo kiffifh uotma Bhfhnjhr ki t`ms yhcr.

Jrczma”s sfkrh ihaa irkn 2.== mo :436 tk 2.04 mo :438. Ameh Crghotmoc, cob ncoy kt`hr fkuotrmhs

mo Actmo Cnhrmfc, Jrczma suiihrs irkn whce Zuah ki Acw. Nkrhkvhr, bhspmth t`h cttrcftmkoki c wmbhomog frkss-jkrbhr mothrhst rcth bmiihrhotmca, prmvcth fcpmtca mokws tk Jrczma `cvh

whcehohb cs c stcgocot hfkokny cob acfe ki rhikrns bmnmoms`hb ikrhmgo movhstkrs” cpphtmth.

Yhohzuhac `cs t`h bmstmoftmko ki jhmog mo t`h jkttkn 34 ki kur mobhx rcoemogs cob `cvmog

t`h akwhst sfkrh cnkog caa 369 fkuotrmhs mo thrns ki Zuah ki Acw. Mo t`h icfh ki rcpmbay

s`rmoemog kma rhvhouh, phrvcsmvh ncfrk-pkamfy mnjcacofhs, smzcjah hxthroca bhjt shrvmfh

rhqumrhnhots, cob akw mothroctmkoca furrhofy rhshrvhs, Yhohzuhac cpphcrs ko t`h vhrgh ki

bhicuatmog ko gkvhronhot jkobs. Ikr t`h nknhot, t`h fkuotry ̀ cs jhho cjah tk rhohgktmcth

kjamgctmkos wmt` F`moc cob shaa kii csshts suf` cs Thtrk Fcrmjh. Ohvhrt`hahss, mts cjmamty tk

cffhss iuobmog ms icbmog qumfeay.

VKXR@HCVR CVMC

Fkuotry Z c o e

F k n p k s m t h

V f k r h

H f k o k n m f


H c s h k i


S u c a m t y k i


Z u a h k i A c w

Vmogcpkrh 3 0.74 7.94 0.04 =.:4 =.:4

Ncacysmc 34 7.87 7.64 7.74 7.:4 0.34

R`cmacob 22 9.4: 9.34 9.:4 8.04 9.44

Jruohm 7: 8.:8 8.34 9.64 2.04 2.=4

Mobkohsmc 7= 8.33 2.04 2.64 9.64 8.44

Ymhtocn 09 2.7= 8.34 8.:4 8.44 6.04

T`mamppmohs 07 2.78 8.34 2.84 8.74 6.74

Fcnjkbmc 33: 6.=9 6.64 2.:4 2.44 2.64

Vkut`hcst Csmc

R C J A H < 9

R`h rhgmko turohb mo co mnprhssmvh phrikrncofh mo kur acthst survhy. R`h T`mamppmohs cobNcacysmc s`kwhb t`h nkst mnprkvhnhot mo t`hmr sfkrhs. Ncacysmc lkmos Vmogcpkrh (3) mo t`h

tkp 34 rcoemogs cnkog caa fkuotrmhs. Vmogcpkrh `cs t`h `mg`hst fknpkohot sfkrh mo t`h

mobhx mo Hcsh ki Bkmog Jusmohss cob ms mo t`h tkp t`rhh ki t`h rhncmomog t`rhh fcthgkrmhs.

Ncacysmc ms pcrtmfuacray strkog w`ho mt fknhs tk t`h Zuah ki Acw.

R`h kvhrcaa bmstrmjutmko ki sfkrhs mo t`ms yhcr”s mobhx ms okt surprmsmog cob ms mo amoh wmt`

kt`hr rhshcrf` ko Csmc t`h Mostmtuth rhfhotay fknpahthb (shh ‑Wmaa t`h Ohxt Csmco Rmghr

Tahcsh Vtcob Xp;„ Vhpthnjhr :432). R`h :3st fhotury ms mobhhb s`cpmog up tk jh t`h


26/50


Csmco fhotury, wmt` t̀ h rhgmko `cvmog jhfknh, cob amehay tk rhncmo, c ikrnmbcjah hfkoknmf

ikrfh. Fcpmtca kws tk t`h rhgmko whrh whaa sustcmohb mo :432, `haphb jy strhogt`hohb

iuobcnhotcas. C p`csh ki vkactmamty bmb kffur acth mo t`h yhcr, trmgghrhb jy c rhbuftmko mo

gakjca rmse cpphtmth cob t`h kma prmfh saunp.

W`mah Mobkohsmc hxphrmhofhb koay c sncaa mnprkvhnhot mo mts sfkrh, mts prksphfts cpphcr tk jh

jrmg`thomog, jukyhb jy fkrrhftmvh pkamfmhs cob c ohw rhikrnmst gkvhronhot. R`h gkvhronhotmo Mobkohsmc `cs bmstmogums`hb mtshai jy bmsncotamog t`h iuha sujsmby rhgmnh, cat`kug` t`h

Tcramcnhot fkuab stmaa jhfknh co kjstcfah mo bhcamog wmt` kt`hr prhssmog mssuhs. Rk cbvcofh

iurt`hr mo t`h rcoemogs, Mobkohsmc wmaa ohhb tk ikfus nkrh ko mnprkvmog mts hfkoknmf

iuobcnhotcas cob ncemog t`h fkuotry nkrh cttrcftmvh tk jusmohss.

R`cmacob, w`mf` rcoes 22t` mo kur survhy, s`kuab jh cjah tk rcmsh mts pksmtmko okw t`ct mt

`cs c iuoftmkomog cbnmomstrctmko. Kt`hr fkuotrmhs mo t`h rhgmko fkuab cbvcofh cs whaa mo co

hovmrkonhot ki hiihftmvh pkamfy cob ahss pkamtmfca uofhrtcmoty. Vkamb grkwt` prksphfts shhn

amehay tk uobhrpmo c fkotmouctmko ki strkog fcpmtca kws tk t`h rhgmko. F`moc wmaa rhncmo c

nclkr skurfh ki rhsmbhot kutwcrb movhstnhot cob ahobmog tk Grhcthr Csmc cs whaa cs tk

hnhrgmog ncrehts mo ghohrca.


27/50::


KO R@H WHJ




28/50

Fknpksmth Vfkrh F`cogh< :44= R`rkug` :438

Cat`kug` t`h nht`kbkakgy ki t`h :438 mobhx (jcshb ko :436 bctc, t`h nkst rhfhot

cvcmacjah) `cs jhho cblusthb cob ms t`hrhikrh okt fknpcrcjah tk t`h rhsuats ki kur :436

GKM rhahcsh (usmog :433-3: bctc), wh `cvh fknpmahb fknpksmth sfkrhs cob rcoemogs ikr

t`h prhfhbmog yhcrs (jhgmoomog wmt` :44=, w`mf` ushb :447 bctc) ikr fknpcrmsko.=

Cpphobmx 2 s`kws t`h f`cogh mo fknpksmth sfkrhs irkn :436 tk :438. Mo ghohrca, nkrh

fkuotrmhs rcmshb t`hmr fknpksmth sfkrhs t`co scw bhfrhcshs. Ikr ncoy, t`ms rhhfts

mnprkvhb pkst-frmsms ncfrk-iuobcnhotcas, ikr kt`hrs prk-movhstnhot pkamfy bhfmsmkos.

Rcjah 7 ̀ mg`amg`ts t`h fkuotrmhs wmt` t`h acrghst mofrhcshs cob bhfamohs. Cs nhotmkohb hcramhr,

Juruobm”s fknpksmth sfkrh famnjhb t`h nkst prkpkrtmkocthay, rmsmog cankst 68 phrfhot. Mo t`h

pcst ihw yhcrs, t`h gkvhronhot hstcjams`hb co movhstnhot prknktmko paco tk hcsh t`h

hotry ki ikrhmgo fcpmtca, mofaubmog rhbufmog tcx amcjmamtmhs cob frhctmog c ‑koh-stkp s`kp„ ikr

movhstnhot prkfhburhs cob moikrnctmko. @kwhvhr, t`h fkuotry ms stmaa rhfkvhrmog irkn c fmvma

wcr, pkvhrty ms wmbhsprhcb, cob moircstrufturh ms mosuiffifmhot. R`hrh ms nkrh rkkn ikr f`cogh.

Fkuotry : 4 3 8 F k n p k s m t h

V f k r h

: 4 3 6 F k n p k s m t h

V f k r h

T k m o t F ` c o g h

T h r f h o t F ` c o g h

Fòth b”Mvkmrh 6.0: 6.4: 4.04 :9.8

Juruobm :.0= :.38 4.72 62.2

T`mamppmohs 2.78 2.43 4.72 30.8

Hfucbkr 2.89 6.=0 4.80 32.9

Jksomc cob @hrzhgkvmoc 2.92 2.47 4.87 32.4

Hgypt 2.34 2.=6 -4.06 -39.0

Cajcomc 8.63 8.=9 -4.98 -34.=

Ncam 6.:2 6.72 -4.84 -36.2

Bhoncre 7.:9 7.7: -4.29 -9.4

Ocnmjmc 8.87 9.4: -4.28 -7.8

Rkp 34 Tkmot F`coghs Vmofh :436 (Rkp 8 Mofrhcsh / Rkp 8 Bhfrhcsh)

R C J A H < 7

=. Zhihr tk Cpphobmx 6 ikr fknpksmth sfkrhs cob rcoemogs ikr caa sujshquhot yhcrs (:434-:43:) okt cbbrhsshb mo t`h ncmo rhpkrt.


29/50:2


Hgypt suiihrhb t`h acrghst bhfrhcsh mo fknpksmth sfkrh, brkppmog 37 phrfhot‒okt surprmsmog

gmvho t`h up`hcvca smofh @ksom Nujcrce”s kusthr mo :433. Cs suf`, grkwt` `cs sakwhb cob

ikrhmgo movhstnhot `cs fkotrcfthb trhnhobkusay. Vmofh t`h rhvkautmko, ohw fcpmtca fkotrkas

`cvh jhho mnpahnhothb, mofaubmog rhstrmftmkos ko t`h cnkuot ki nkohy ikrhmgo ffirns crh

phrnmtthb tk trcosihr kutsmbh t`h fkuotry.

Cpphobmx 8 s`kws t`h f`cogh mo fknpksmth sfkrhs irkn :44= (usmog :447 bctc) tk :438.Fknpcrmog sfkrhs prh- cob pkst-frmsms ̀ mg`amg`ts mothrhstmog trhobs cnkog fkuotry grkups.

Wmt` t`h hxfhptmko ki Ncacysmc, w`ksh fknpksmth sfkrh mofrhcshb nkrh t`co 8 phrfhot

burmog t`ms phrmkb, sfkrhs ikr t`h tkp 34 fkuotrmhs bhfrhcshb, cajhmt samg`tay. Ohw \hcacob

brkpphb 8 phrfhot, ikaakwhb jy Mrhacob”s brkp ki 2.9 phrfhot. Mobhhb, t`ms ikaakws c fknnko

trhob t`rkug`kut t`h :44=-38 phrmkb< c ghohrca, jut rhactmvhay sncaa, bhfamoh mo sfkrhs cnkog

bhvhakphb fkuotrmhs cob ghohrcaay pksmtmvh f`coghs mo t`h bhvhakpmog wkrab, `mg`amg`tmog t`h

`mt bhvhakphb ncrehts tkke burmog t`h gakjca ffiocofmca frmsms.

@kwhvhr, t`ms bkhs okt nhco t`ct t`h acrghst bhfamohs whrh fausthrhb mo bhvhakphb fkuotrmhs.

Rurnkma-prkoh fkuotrmhs bhfamohb t`h nkst. Rcjah 0 mbhotmffihs octmkos wmt` t`h tkp 34 pkmot

f`coghs smofh :44=. Fkuotrmhs mo Hcsthro Hurkph tceh t`h tkp ffivh spkts ikr sfkrh mofrhcshs,prmncrmay t`h rhsuat ki amjhrca ikrhmgo movhstnhot rhgmnhs, wmt` Cajcomc ahcbmog t`h f`crgh.34

Hgypt cob Caghrmc `cb t`h acrghst phrfhotcgh brkps mo fknpksmth sfkrhs. Hgypt”s trkujahs

whrh bmsfusshb prhvmkusay. Caghrmc, bhfrhcsmog 37.= phrfhot, scw mts acrghst brkp mo t`h

Bkmog Jusmohss cob Zuah ki Acw sujfknpkohots. Vmofh :44=, c shrmhs ki rhstrmftmkos ko

ikrhmgo bmrhft movhstnhot `cvh jhho mnpkshb, mofaubmog t`h rhqumrhnhot ki ct ahcst 83 phrfhot

Caghrmco kwohrs`mp.

Fkuotry : 4 3 8 F k n p k s m t h

V f k r h

: 4 4 = F k n p k s m t h

V f k r h

T k m o t F ` c o g h

T h r f h o t F ` c o g h

Cajcomc 8.63 2.64 3.43 :6.8

Ncfhbkomc 8.80 2.96 4.=8 :4.8

Ghkrgmc 8.03 2.=3 4.=4 30.6

Czhrjcmlco 8.82 2.73 4.06 37.9

Crnhomc 8.=2 8.3: 4.0: 39.4

Hgypt 2.34 8.40 -4.=0 -3=.6

Vakvce Zhpujamf 8.:3 9.33 -4.=4 -32.7

Caghrmc 6.97 2.27 -4.04 -37.=

Ha Vcavcbkr 2.6: 8.33 -4.7= -38.8

Vkut` Ekrhc 9.99 7.24 -4.72 -34.4

Rkp 34 Tkmot F`coghs Vmofh :44= (Rkp 8 Mofrhcsh / Rkp 8 Bhfrhcsh)

R C J A H < 0

34. Mt s`kuab jh okthb t`ct t`ms f`cogh bkhso”t ohfhsscrmay rhhft c grcbuca, uowcvhrmog mofrhcsh mo sfkrh t`rkug`kut t`h phrmkb.W`mah Cajcomc”s sfkrh ms up sujstcotmcaay smofh :44=, mt `cs bhfrhcshb smofh :436. Fkosmbhrmog t`h f`coghs mo t`h tkp cob jkttknnkvhrs, t`ms ms mobmfctmvh ki t`h kffcsmkocaay vkactmah octurh ki ncfrkhfkoknmf cob mostmtutmkoca fkobmtmkos mo bhvhakpmog octmkos.


30/50

Fkrrhactmog t`h Gakjca Kppkrtuomty Mobhxtk Ikrhmgo Movhstnhot

Cs maaustrcthb mo Imgurh 8, t̀ hrh ms c rkjust rhactmkos`mp jhtwhho t`h Gakjca Kppkrtuomty Mobhx

cob ikrhmgo bmrhft movhstnhot. R`h `mg`hr t`h sfkrh, t`h grhcthr t`h mokws. R`h mobhx fco

hxpacmo nkrh t`co 87 phrfhot ki t`h vcrmctmko mo IBM phr fcpmtc cfrkss cbvcofhb, hnhrgmog,

cob irkotmhr octmkos.

Jcshb ko t`ms hstmncthb rhactmkos`mp, hcf` koh-uomt mofrhcsh mo t`h mobhx ms csskfmcthb

wmt` c 2: phrfhot mofrhcsh mo IBM phr fcpmtc.33 Cpphobmx : s`kws t`h rhactmkos`mp ki t`h

mobmvmbuca fknpkohots cob IBM phr fcpmtc. Caa crh pksmtmvh, mobmfctmog t`h rkah t`ct jhtthr

prcftmfhs pacy mo brcwmog kvhrshcs fcpmtca. @kwhvhr, Sucamty ki Zhguactmkos `cs t`h

strkoghst hxpacoctkry pkwhr cnkog mostmtutmkoca fknpkohots.

4

:

2

9

0

34

3:

: 6 2 8 9 7 0 = 34

a k g

I B M p h r f c p m t c

Fknpksmth Vfkrh

Fkuotrmhs Imtthb Ycauhs

Gakjca Kppkrtuomty Mobhx vs. IBM Thr Fcpmtc

Vkurfh< XOFRCB.

I M G X Z H < 8

33. W`ho fkotrkaamog ikr t`h ahvha ki hfkoknmf bhvhakpnhot cob ncreht smzh.


31/50:9


Tkrtikamk Iakws

Wh hxthob t`ms cocaysms tk ikrhmgo pkrtikamk kws. Imgurh 9 s`kws c rhactmkos`mp jhtwhho t`h

Gakjca Kppkrtuomty Mobhx fknpksmth sfkrh cob mothroctmkoca pkrtikamk movhstnhot. R`h ̀ mg`hr

t`h sfkrh, t`h grhcthr t`h kw motk kur nhcsurh ki cggrhgcth movhstnhot mo hqumtmhs cob bhjt

shfurmtmhs. R`h mobhx, fkupahb wmt` stcobcrb fkotrkas ikr ahvha ki hfkoknmf bhvhakpnhot,

fco hxpacmo 98 phrfhot ki t`h vcrmctmko mo ikrhmgo pkrtikamk movhstnhot cfrkss fkuotrmhs.

Jcshb ko t`ms hstmncthb rhactmkos`mp, hcf` koh-uomt mofrhcsh mo t`h mobhx fknpksmth sfkrh

ms csskfmcthb wmt` c 88 phrfhot mofrhcsh mo mothroctmkoca pkrtikamk kws.3:

38

37

3=

:3

:6

:8

:7

:=

63

: 6 2 8 9 7 0 = 34

a k g I k r h m g o T k r t i k a m k I a k w s

Fknpksmth Vfkrh


Gakjca Kppkrtuomty Mobhx vs. Ikrhmgo Tkrtikamk Iakws

Vkurfh< XOFRCB.

I M G X Z H < 9

3:. W`ho fkotrkaamog ikr t`h ahvha ki hfkoknmf bhvhakpnhot.


32/50

Fkofausmko

R`h hrc mo w`mf` cbvcofhb hfkoknmhs cffkuot ikr t`h acrghst vkaunh ki trcbh cob ikrhmgo

bmrhft movhstnhot ms icbmog icst. Mo mts pacfh, hnhrgmog ncrehts crh cbvcofmog mo trcbh cob

movhstnhot cs t`hy jhfknh smgomffifcot skurfhs ki prkbuftmko cob fkosunptmko cs whaa cs

mookvctmko. Zhgmkoca fhothrs crh hxpcobmog tk icfmamtcth mothroctmkoca fknnhrfh, ghohrctmog

cob cttrcftmog ffiocofh tk jhfknh nkrh fknphtmtmvh.

Mo t`h ohw hrc, fknpcomhs ok akoghr `cvh t`h auxury ki tcemog yhcrs tk bhpaky rhskurfhs ko

c gakjca sfcah. R`h vcauh ki frkss-jkrbhr gkkbs kws cnkog hnhrgmog ncrehts mofrhcshb

irkn 9 phrfhot ki gakjca trcbh mo 3==4 tk :2 phrfhot mo :43:, cffkrbmog tk MNI stctmstmfs.

Ohvhrt`hahss, t`h acrgh nclkrmty ki nuatmoctmkoca fkrpkrctmkos rhfhmvh ahss t`co koh-ffiit` ki

t`hmr rhvhouh irkn hnhrgmog ncrehts. Gkvhronhots cask `cvh acgghb ct tmnhs mo cbkptmog

pkamfmhs tk fcpmtcamzh ko t`h trhob.

R`h Gakjca Kppkrtuomty Mobhx prkvmbhs fknpcomhs wmt` ohhbhb facrmty cjkut t`h movhstnhot

famncths mo `kst fkuotrmhs jcshb ko c systhnmf, bctc-brmvho sfcah, t`us hocjamog t`hn

tk hstcjams` morkcbs tk shfurmog strkog pksmtmkos mo gakjca fknnhrfh. Irkn t`h fkuotry

phrsphftmvh, t`h mobhx gumbhs pkamfyncehrs mo fcrrymog kut rhikrns tk ho`cofh t`hmr prksphfts

mo t`h gakjca hfkokny. Ncoy f`coghs fco jh mnpahnhothb qumfeay cob ct rhactmvhay akw fkst,

icfmamtctmog strcthgmf trcoscftmkos t`ct wmaa jhohffit caa pcrtmhs ikr yhcrs tk fknh.


33/50:0


KO R@H WHJ




34/50

Cpphobmxhs

CTTHOBMP 3< MOBHP NHR@KBKAKG] COB RHF@OMFCA OKRHV

F k n p k o h o t

V u j -

f k n p k o h o t

Y c r m c j a h

V m g o

V k u r f h *

N k s t Z h f h o t

Bhimomtmko

H f k o k n m f I u o b c n h o t c a s ( H

I )

Ncfrk-

phrikrncofh

Zhca GBT grkwt` (%) + WHK

cob WBM

:436 Coouca % grkwt` ct ncreht prmfhs jcshb ko fkostcot akfca

furrhofyGBT phr fcpmtc (XV$) + WBM :43: Grkss bknhstmf prkbuft mo furrhot X.V. bkaacrs bmvmbhb jy

nmbyhcr pkpuactmko

Moiactmko (coouca %) - WBM :436 Cs nhcsurhb jy t h̀ coouca % f c̀ogh mo fkosunhr prmfh mobhx.Bhvmctmko irkn kptmnca moiactmko ahvhas (:-6%)

Zhca mothrhst rcth - WBM :43: R h̀ ahobmog mothrhst rcth cblusthb ikr moiactmko cs nhcsurhb jyt`h GBT bhiactkr

Tujamf bhjt (% GBT) - WHK :43: Ghohrca gkvhronhot grkss bhjt, phrfhot ki GBT

Kphoohss Rrcbh kphoohss + WBM :43: (Hxpkrts + mnpkrts)/GBT

Bmrhft movhstnhot kphoohss + XOFRCB :43: IBM moiakws/GBT

Acjkr ikrfh Xomt acjkr fkst - HMX :43: @kuray wcgh mo X.V. bkaacrs

Amih hxphftcofy ct jmrt̀ (yhcrs) + WBM :436 R`h ounjhr ki yhcrs c ohwjkro wkuab amvh mi prhvcmamog pctthroski nkrtcamty ct tmnh ki jmrt` whrh tk phrsmst t`rkug`kut mts amih

Vhfkobcry hbufctmko(% pkpuactmko)

+ WBM :43: R`h prkpkrtmko ki t`h acjkr ikrfh wmt` c shfkobcry hbufctmko cs% ki tktca acjkr ikrfh

Cgh bhphobhofy rctmk - WBM :43: % ki bhphobhots (phkpah ykuoghr t`co 38 kr kabhr t`co 92)tk t`h wkremog-cgh pkpuactmko (cghs 38-92)

Imocofmcamoircstrufturh

Ncreht fcp ki amsthb fknpcomhs(% GBT)

+ WBM* :43: R`h s`crh prmfh tmnhs s`crhs kutstcobmog cs % ki GBT*Cirmfco Bhvhakpnhot Jcoe ikr Zwcobc

Tujamf jkob ncreht fcp(% ki GBT)

+ JMV :43: Rktca ncreht fcp ki gkvhronhot-mssuhb jkobs cs % ki GBT

Trmvcth jkob ncreht fcp(% ki GBT)

+ JMV :436 Rktca ncreht fcp ki jkobs mssuhb jy imocofmca mostmtutmkos cobfkrpkrctmkos cs % ki GBT

Jcoe csshts (% ki GBT) + MIV :436 Jcoe csshts cs % ki GBT

Bknhstmf frhbmt prkvmbhbtk prmvcth shftkr (% GBT)

+ WBM :43: Imocofmca rhskurfhs prkvmbhb tk t`h prmvcth shftkr

T`ysmfcamoircstrufturh

Zkcb bhosmty + WBM :43: En ki rkcb phr 344 sq. en ki acob

Mothroht ushrs(phr 344 phkpah)

+ WBM :433 Thkpah wmt` cffhss tk t`h wkrabwmbh ohtwkre

Nkjmah p`koh sujsfrmptmkos + WBM :43: Vujsfrmptmkos phr 344 phkpah. Tkst-pcmb cob prhpcmbsujsfrmptmkos crh mofaubhb

CRNs (phr 344,444 cbuats) + WBM :43: Cutkncthb thaahr ncf m̀ohs phr 344,444 cbuats


35/5064


F k n p k o h o t

V u j -

f k n p k o h o t

Y c r m c j a h

V m g o

V k u r f h *

N k s t Z h f h o t

Bhimomtmko

H c s h k i B k m o g J u s m o h s s ( B J )

Vtcrtmog cjusmohss

Trkfhburhs (ounjhr) - WJBJ :436

Vtcrtmog c jusmohss< Rmnh (bcys) - WJBJ :436

Fkst (% mofknh phr fcpmtc) - WJBJ :436

Hoikrfmogfkotrcfts

Rmnh (bcys) - WJBJ :436

Fkst (% ki facmn) - WJBJ :436

Trkfhburhs (ounjhr) - WJBJ :436

Zhskavmogmoskavhofy

Rmnh (yhcrs) - WJBJ :436

Fkst (% ki hstcth) - WJBJ :436

Zhfkvhry rcth (fhots ko t`hbkaacr)

+ WJBJ :436

Cffkuotmog cobbmsfakusurh

Bhpt` ki frhbmt moikrnctmkomobhx

+ WJBJ :436 Nhcsurhs ruahs cob prcftmfhs ciihftmog t`h fkvhrcgh, sfkph,cob cffhssmjmamty ki frhbmt moikrnctmko cvcmacjah t`rkug` hmt`hr

c pujamf frhbmt rhgmstry kr c prmvcth frhbmt jurhcuTujamf frhbmt rhgmstry fkvhrcgh(% ki cbuats)

+ WJBJ :436 Zhpkrts t`h ounjhr ki phkpah cob imrns amsthb mo c pujamffrhbmt rhgmstry wmt` furrhot moikrnctmko ko rhpcynhot `mstkry,uopcmb bhjts, kr frhbmt kutstcobmog

Trmvcth frhbmt jurhcu fkvhrcgh(% ki cbuats)

+ WJBJ :436 Zhpkrts t`h ounjhr ki phkpah kr imrns amsthb jy c prmvcth frhbmtjurhcu wmt` furrhot moikrnctmko ko rhpcynhot `mstkry, uopcmbbhjts, kr frhbmt kutstcobmog

Fksts kithrrkrmsncob frmnh

Jusmohss fksts ki thrrkrmsn(mobhx)

+ GFM :436 Rk w`ct hxthot bkhs t`h t`rhct ki thrrkrmsn mnpksh fksts kojusmohsshs mo ykur fkuotry; U3 > tk c grhct hxthot5 7 > okt ct caa^

Jusmohss fksts ki frmnh cobvmkahofh (GFM)

+ GFM :436 Rk w`ct hxthot bkhs t`h mofmbhofh ki frmnh cob vmkahofhmnpksh fksts ko jusmohsshs mo ykur fkuotry; U3 > tk c grhcthxthot5 7 > okt ct caa^

Krgcomzhb frmnh (mobhx) + GFM :436 Rk w`ct hxthot bkhs krgcomzhb frmnh (Ncimc-krmhothb

rcfehthhrmog, hxtkrtmko) mnpksh fksts ko jusmohsshs mo ykurfkuotry; U3 > tk c grhct hxthot57 > okt ct caa^

Ht òmf thosmkos (mobhx) + MFZG :433 Co csshssnhot ki t h̀ bhgrhh ki thosmko wmt m̀o c fkuotrycttrmjutcjah tk rcfmca, octmkocamty, kr acogucgh bmvmsmkos. Akwhrrctmogs crh gmvho tk fkuotrmhs w`hrh rcfmca cob octmkocamtythosmkos crh ̀ mg`, cob ̀ mg`hr rctmogs crh gmvho tk fkuotrmhsw`hrh thosmkos crh nmomnca.

Rcx jurbho Hiihft ki tcxctmko tk movhst(mobhx)

+ GFM :436 W`ct mnpcft bkhs t`h ahvha ki tcxhs mo ykur fkuotry ̀ cvh komofhotmvhs tk wkre kr movhst; U3 > smgomimfcotay amnmts mofhotmvhs tkwkre kr movhst5 7 > ̀ cs ok mnpcft ko mofhotmvhs tk wkre kr movhst^

Fkrpkrcth tcx (%) - MHI :432 Rkp ncrgmoca fkrpkrcth tcx rcth

Thrskoca tcx (%) - MHI :432 Rkp ncrgmoca phrskoca mofknh tcx rcth


36/50

Cpphobmxhs

F k n p k o h o t

V u j -

f k n p k o h o t

Y c r m c j a h

V m g o

V k u r f h *

N k s t Z h f h o t

Bhimomtmko

S u c a m t y k i Z h g u a c t m k o s / Z h g u a c t k r y J c r r m h r s ( S Z )

Fkotrkas ko irhhiakw ki fcpmtca

Fcpmtca fkotrkas (whmg`thb) - CZHCHZ :436 Whmg`thb cvhrcgh ki t`rhh mobmfctkrs< fkotrkas ko shfurmtmhs,fkotrkas ko nkohy ncrehts, cob fkotrkas ko bmrhft movhstnhot

Zhstrmftmkos komothroctmkocatrcbh

WRK nhnjhrs`mp + WRK :436 Nhnjhrs>3, 4 kt h̀rwmsh

Rcrmii rcth, caa prkbufts (%) - WBM :43: Whmg`thb nhco cppamhb tcrmii ms t`h cvhrcgh ki hiihftmvhaycppamhb rcths whmg`thb jy t`h prkbuft mnpkrt s`crhsfkrrhspkobmog tk hcf` pcrtohr fkuotry

Jurbho kirhguactmko

Jurbho ki gkvhronhotrhguactmko (mobhx)

+ GFM :436 @kw jurbhosknh ms mt ikr jusmohsshs mo ykur fkuotry tk fknpaywmt` gkvhronhotca cbnmomstrctmvh rhqumrhnhots (h.g., phrnmts,rhguactmkos, rhpkrtmog); U3 > hxtrhnhay jurbhosknh57 > okt jurbhosknh ct caa^

Zhguactkryqucamty

Frhbmt ncreht rhguactmko(mobhx)

+ HIW :436 Kwohrs`mp ki jcoes5 ikrhmgo jcoe fknphtmtmko5 prmvcth shftkrfrhbmt5 mothrhst rcth fkotrkas/ohgctmvh mothrhst rcths

Acjkr ncreht rhguactmko(mobhx)

+ HIW :436 @mrmog rhguactmkos cob nmomnun wcgh5 ̀ mrmog cob imrmogrhguactmkos5 fhotrcamzhb fkaahftmvh jcrgcmomog5 `kursrhguactmkos5 ncobcthb fkst ki wkrehr bmsnmssca5 fkosfrmptmko

Zhguactmko ki shfurmtyhxf`coghs (mobhx)

+ GFM :436 @kw wkuab yku csshss t`h rhguactmko cob suphrvmsmko kishfurmtmhs hxf`coghs mo ykur fkuotry; U3 > mohiihftmvh57 > hiihftmvh^

Sucamty kipkamfyncemog

Sucamty ki jurhcufrcfy (mobhx) + MFZG :433 @mg` pkmots crh gmvho tk fkuotrmhs w`hrh t`h jurhcufrcfyfco gkvhro wmt`kut brcstmf pkamfy f`coghs kr mothrruptmkosmo shrvmfhs. Mo t`hsh akw-rmse fkuotrmhs, jurhcufrcfmhs crhrhactmvhay irhh irkn pkamtmfca prhssurh cob `cvh hstcjams`hbnhf`comsns ikr rhfrumtnhot cob trcmomog. Fkuotrmhs t`ctacfe t`h fus`mkomog hiihft ki c strkog jurhcufrcfy rhfhmvhakw pkmots.

Rrcospcrhofy (mobhx) + GFM :436 @kw hcsy ms mt ikr jusmohsshs mo ykur fkuotry tk kjtcmomoikrnctmko cjkut f`coghs mo gkvhronhot pkamfmhs cobrhguactmkos ciihftmog t`hmr cftmvmtmhs; U3 > mnpkssmjah57 > hxtrhnhay hcsy^

Fkrruptmko Fkrruptmko Thrfhptmkos Mobhx + RM :436 Co cggrhgcth mobmfctkr fcafuacthb usmog bctc irkn 37 skurfhst`ct nhcsurhs t`h hxthot ki fkrruptmko (irhquhofy cob/krsmzh ki jrmjhs) mo t`h pujamf cob pkamtmfca shftkrs. Fkuotrmhscrh rcoehb.

Tujamf trust ki pkamtmfmcos(mobhx)

+ GFM :436 @kw wkuab yku rcth t`h ahvha ki pujamf trust mo t`h ht`mfcastcobcrbs ki pkamtmfmcos mo ykur fkuotry; U3 > vhry akw57 > vhry `mg`^


37/506:


F k n p k o h o t

V u j -

f k n p k o h o t

Y c r m c j a h

V m g o

V k u r f h *

N k s t Z h f h o t

Bhimomtmko

Z u a h k i A c w

Ahgcamoircstrufturh

Lubmfmca mobhphobhofh (mobhx) + GFM :436 Rk w`ct hxthot ms t`h lubmfmcry mo ykur fkuotry mobhphobhot kimoiauhofhs irkn nhnjhrs ki gkvhronhot, fmtmzhos, kr imrns;U3 > `hcvmay moiauhofhb5 7 > hotmrhay mobhphobhot^

Hiimfmhofy ki ahgca ircnhwkremo shttamog bmspuths (mobhx)

+ GFM :436 @kw hiimfmhot ms t`h ahgca ircnhwkre mo ykur fkuotry ikr prmvcthjusmohsshs mo shttamog bmspuths; U3 > hxtrhnhay mohiimfmhot5 7 >`mgày hiimfmhot^ Rk w`ct hxthot ms t`h lubmfmcry mo ykur fkuotrymobhphobhot ki moiauhofhs irkn nhnjhrs ki gkvhronhot,fmtmzhos, kr imrns; U3 > `hcvmay moiauhofhb5 7 > hotmrhaymobhphobhot^

Hiimfmhofy ki ahgca ircnhwkremo f`caahogmog rhguactmkos(mobhx)

+ GFM :436 @kw hiimfmhot ms t`h ahgca ircnhwkre mo ykur fkuotry ikr prmvcthjusmohsshs mo f`caahogmog t`h ahgcamty ki gkvhronhot cftmkoscob/kr rhguactmkos; U3 > hxtrhnhay mohiimfmhot5 7 > `mgàyhiimfmhot^

Acw cob krbhr (mobhx) + MFZG :433 R`h acw sujfknpkohot csshsshs t`h strhogt̀ cob mnpcrtmcamtyki t`h ahgca systhn, w`mah t`h krbhr sujfknpkohot csshsshspkpuacr kjshrvcofh ki t`h acw. Rùs, c fkuotry fco holky c

`mg` rctmog ‖ 6 ‖ mo thrns ki mts lubmfmca systhn, jut c akw rctmog‖ 3 ‖ mi mt suiihrs irkn c vhry `mg` frmnh rcth, mobmfctmog t`ctacws crh kitho mgokrhb kr hiihftmvh scoftmkos crh acfemog (ikrhxcnpah, wmbhsprhcb maahgca strmehs)

Trkphrty rmg`ts Trkphrty rmg`ts (mobhx) + MHI :432 Nhcsurhs t`h bhgrhh tk w`mf̀ c fkuotry”s acws prkthft prmvcthprkphrty rmg`ts cob t`h hxthot ki gkvhronhot hoikrfhnhot.Cask csshsshs t`h ameham`kkb t`ct prmvcth prkphrty wmaa jhhxprkprmcthb cob cocayzhs t`h mobhphobhofh ki t`h lubmfmcry,t`h ahvha ki fkrruptmko wmt`mo t`h lubmfmcry, cob t`h cjmamty kimobmvmbucas cob jusmohsshs tk hoikrfh fkotrcfts

Movhstkrprkthftmko

Hcsh ki s`crh`kabhr sumts(mobhx)

+ WJBJ :436 C nhcsurh ki s`crh`kabhrs” cjmamty tk suh fkrpkrcth kiimfhrscob bmrhftkrs ikr nmsfkobuft

Hxthot ki bmsfaksurh (mobhx) WJBJ :436 C nhcsurh ki trcospcrhofy ki rhacthb-pcrty trcoscftmkos

Vtrhogt` ki ahgca rmg`ts (mobhx) + WJBJ :43: Nhcsurhs t`h bhgrhh ki prkthftmko fkaacthrca cob jcoeruptfyacws prkvmbh tk jkrrkwhrs cob ahobhrs, tùs icfmamtctmog ahobmog

Hxthot ki bmrhftkr amcjmamty(mobhx)

+ WJBJ :436 C nhcsurh ki amcjmamty ikr shai-bhcamog

Vtrhogt` ki movhstkr prkthftmko(mobhx)

+ WJBJ :436 R`h cvhrcgh ki mobhxhs gcugmog t`h hxthot ki bmsfaksurh, hxthotki bmrhftkr amcjmamty, cob hcsh ki s`crh`kabhr sumts

*Okth<

CZHCHZ< Coouca Zhpkrt ko Hxf`cogh Crrcoghnhots cob Hxf`cogh Zhstrmftmkos (Mothroctmkoca Nkohtcry Iuob)JMV< Jcoe ikr Mothroctmkoca VhttahnhotsHIW< Hfkoknmf Irhhbkn ki t`h Wkrab (Ircshr Mostmtuth)HMX< Hfkoknmf Mothaamghofh XomtGFM< Gakjca Fknphtmtmvhohss MobhxMFZG< Mothroctmkoca Fkuotry Zmse GumbhMHI< Mobhx ki Hfkoknmf Irhhbkn (@hrmtcgh Ikuobctmko)MIV< Mothroctmkoca Imocofmca Vtctmstmfs (MNI)

M< rcospcrhofy MothroctmkocaXOFCB< Xomthb Octmkos Fkoihrhofh ko rcbh cob BhvhakpnhotWJBJ< Wkrab Jcoe ‑Bkmog Jusmohss„WBM< Wkrab Bhvhakpnhot Mobmfctkrs (Wkrab Jcoe)WHK< Wkrab Hfkoknmf Kutakke (Mothroctmkoca Nkohtcry Iuob)WK< Wkrab rcbh Krgcomzctmko


38/50

Cpphobmxhs

CTTHOBMP :. HFKOKNHRZMF ZHVXARV

IBM phr fcpmtc (akg) c Tkrtikamk iakws (akg) c

Fknpksmth Vfkrh ✖*** ✖***

Hfkoknmf Iuobcnhotcas ✖*** ✖***

Hcsh ki Bkmog Jusmohss ✖** ✖***

Sucamty ki Zhguactmkos ✖** ✖**

Zuah ki Acw ✖* ✖**

Okth


39/5062


4

:

2

9

0

34

3:

3 : 6 2 8 9 7 0 = 34

a k g

I B M p h r f c p m t c

Zhguactkry Sucamty


Zhguactkry Sucamty vs. IBM Thr Fcpmtc

I M G X Z H < =

4

:

2

9

0

34

3:

3 : 6 2 8 9 7 0 = 34

a k g

I B M p h r f

c p m t c

Zuah ki Acw


Zuah ki Acw vs. IBM Thr Fcpmtc

I M G X Z H < 3 4


40/50

Cpphobmxhs

CTTHOBMP 6< MOBHP ZHVXARV :436:44= (ZHAHCVH BCRHV)

:436

Zcoe Fkuotry KM Vfkrh

3 @kog Ekog VCZ, F`moc 0.9

: Vmogcpkrh 0.8

6 Ohw \hcacob 7.02

2 Imoacob 7.7=

8 Vwhbho 7.78

9 Bhoncre 7.7:

7 Okrwcy 7.97

0 Fcocbc 7.80

= Xomthb Emogbkn 7.89

34 Custrcamc 7.83

33 Auxhnjkurg 7.2=

3: Oht`hracobs 7.28

36 Mrhacob 7.60

32 Hstkomc 7.6638 Ncacysmc 7.:=

39 Vwmtzhracob 7.:2

37 Lcpco 7.37

30 Jhagmun 7.39

3= Ghrncoy 7.32

:4 Mfhacob 7.33

:3 Custrmc 7.40

:3 Xomthb Vtcths 7.40

:6 Fyprus 9.=7

:2 F`mah 9.=

:8 Msrcha 9.00

:9 Jc`rcmo 9.72

:7 Ircofh 9.76

:0 Vcubm Crcjmc 9.92

:= Ekrhc, Zhp. 9.80

64 Sctcr 9.89

63 Vakvhomc 9.2=

6: Knco 9.28

66 Tkrtugca 9.67

62 Euwcmt 9.68

68 Jktswcoc 9.66

68 Amt`ucomc 9.66

67 Ncurmtmus 9.660 Actvmc 9.:0

6= Vkut` Cirmfc 9.:8

24 Xomthb Crcj Hnmrcths 9.:

23 Tkacob 9.38

2: Nkothohgrk 9.47

26 R`cmacob 9.46

22 Ocnmjmc 9.4:

28 Fzhf` Zhpujamf 8.=7


28 Vpcmo 8.=7

27 Cajcomc 8.=9

20 Xrugucy 8.=8

2= @uogcry 8.=:

84 F`moc 8.02

83 Ruomsmc 8.78

8: Eczce`stco 8.98

8: Tcocnc 8.98

82 Frkctmc 8.93

88 Juagcrmc 8.9

89 Ghkrgmc 8.8=

89 Rurehy 8.8=

80 Vakvce Zhpujamf 8.2=

8= Nhxmfk 8.2094 Crnhomc 8.29

93 Fkaknjmc 8.6=

9: Czhrjcmlco 8.68

9: Mtcay 8.68

9: Zwcobc 8.68

98 Ncfhbkomc, I]Z 8.6:

99 Lkrbco 8.63

99 Vrm Acoec 8.63

90 Zkncomc 8.:=

9= Thru 8.:7

9= Rrmombcb cob Rkjcgk 8.:7

73 G`coc 8.:6

7: \cnjmc 8.37

76 Nkogkamc 8.3

72 Nkrkffk 8.48

78 Fkstc Zmfc 8.46

79 Grhhfh 8.43

77 Mobkohsmc 8

70 Jrczma 2.==

7= Hgypt, Crcj Zhp. 2.=6

04 Nkabkvc 2.=

03 Mobmc 2.02

0: Ymhtocn 2.7=06 Zussmco Ihbhrctmko 2.73

02 Vhrjmc 2.7

08 Xercmoh 2.90

09 Lcncmfc 2.97

07 Eyrgyz Zhpujamf 2.96

00 Tcemstco 2.8=

0= Crghotmoc 2.8

=4 Xgcobc 2.20


=3 Gucthncac 2.26

=3 Ncacwm 2.26

=3 Tcrcgucy 2.26

=2 Rcozcomc 2.60

=8 @koburcs 2.67

=9 Jkamvmc 2.62

=7 Fcph Yhrbh 2.66

=0 Guycoc 2.:0

== Ha Vcavcbkr 2.:9

344 Gcnjmc, R`h 2.:8

344 Ahjcoko 2.:8

34: Nkzcnjmquh 2.3=

346 Bknmomfco Zhpujamf 2.39

346 Omghrmc 2.39348 Mrco, Msacnmf Zhp. 2.4=

349 Jksomc cob @hrzhgkvmoc 2.47

347 Omfcrcguc 2.46

340 T`mamppmohs 2.43

34= Vhohgca 6.==

334 Hfucbkr 6.=0

333 Jcogacbhs` 6.=:

333 Ehoyc 6.=:

336 Rclmemstco 6.08

332 Ahskt`k 6.0:

338 Fcnjkbmc 6.0

339 Caghrmc 6.78

337 Ncam 6.72

330 Vwczmacob 6.87

33= Jhomo 6.29

3:4 Jhamzh 6.26

3:3 Ncbcgcsfcr 6.2

3:3 Ncurmtcomc 6.2

3:6 Ohpca 6.60

3:2 Cogkac 6.68

3:8 Fcnhrkko 6.62

3:9 Yhohzuhac 6.:

3:7 Fòth b”Mvkmrh 6.4:3:0 @cmtm :.0:

3:= F`cb :.::

364 Juruobm :.38


41/5069



3 Vmogcpkrh 0.7:

: @kog Ekog VCZ, F`moc 0.88

6 Ohw \hcacob 0.38

2 Bhoncre 7.722 Okrwcy 7.72

9 Imoacob 7.76

7 Vwhbho 7.99

0 Fcocbc 7.93

= Custrcamc 7.86

= Auxhnjkurg 7.86

33 Xomthb Emogbkn 7.22

3: Mrhacob 7.67

36 Vwmtzhracob 7.63

32 Oht`hracobs 7.6

38 Hstkomc 7.:0

39 Ghrncoy 7.3=

39 Mfhacob 7.3=

30 Fyprus 7.3:

3= Jhagmun 7.33

:4 Custrmc 7.40

:3 Xomthb Vtcths 7.47

:: Lcpco 7.49

:6 Ncacysmc 7.46

:2 F`mah 9.00

:8 Ircofh 9.0:

:9 Msrcha 9.70

:7 Ekrhc, Zhp. 9.76:0 Sctcr 9.73

:= Jc`rcmo 9.9=

64 Vakvhomc 9.98

63 Knco 9.8=

6: Ncurmtmus 9.8

66 Tkrtugca 9.68

62 Euwcmt 9.66

62 Vcubm Crcjmc 9.66

69 Amt`ucomc 9.:2

67 Jktswcoc 9.39

60 Xomthb Crcj Hnmrcths 9.40

6= R`cmacob 9.4:

24 Fzhf` Zhpujamf 9

23 Ruomsmc 8.==

2: Vkut` Cirmfc 8.=7

2: Vpcmo 8.=7

22 Tkacob 8.=8

22 Xrugucy 8.=8

29 F`moc 8.=3

29 Actvmc 8.=3

:43:


29 Ocnmjmc 8.=3

2= @uogcry 8.02

2= Nkothohgrk 8.02

83 Cajcomc 8.0:8: Tcocnc 8.92

86 Juagcrmc 8.8=

82 Vakvce Zhpujamf 8.82

88 Lkrbco 8.20

89 Zkncomc 8.22

87 Eczce`stco 8.23

80 Crnhomc 8.67

2015 Global Opportunity Index Milken Institute

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Transcript of 2015 Global Opportunity Index Milken Institute